Journal articles: 'Capitalization effects'

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Hendershott, Patric H., and Bengt Turner. "Estimating constant-quality capitalization rates and capitalization effects of below market financing." Journal of Property Research 16, no. 2 (1999): 109–22. http://dx.doi.org/10.1080/095999199368175.

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Triki Damak, Sana. "Research and development accounting treatment: effects of CEO characteristics and corporate governance mechanisms." International Journal of Accounting and Economics Studies 5, no. 2 (2017): 124. http://dx.doi.org/10.14419/ijaes.v5i2.8091.

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This study aims to examine empirically the influence of Chief Executive Officer (CEO) characteristics and corporate governance mechanisms on Research and Development (R&D) capitalization in France.Using data drawn from a sample of non-financial firms listed in SBF 120, this study provides empirical evidence for the influence of CEO characteristics and audit quality on R&D capitalization. As results, we find that R&D capitalization is likely to be increased in firms managed by younger managers, CEOs with higher ownership, shorter tenure and higher educational level. Also, R&D capitalization is likely to be increased in firms with lower audit quality, in higher leveraged firms, in less performed and larger firms.This study offers insights to investors and accounting standard setters interested about the subject of R&D capitalization determinants. Importantly, it confirms that some CEO characteristics and corporate governance mechanisms are likely to affect the CEO’s behavior regarding the R&D accounting treatment.

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Lee, Sang, Matthew Alford, John Cresson, and Lara Gardner. "The Effects of Information Communication Technology on Stock Market Capitalization: A Panel Data Analysis." Business and Economic Research 7, no. 1 (2017): 261. http://dx.doi.org/10.5296/ber.v7i1.10936.

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The level of investment in information communication technologies (ICT) that may affect stock market capitalization varies substantially across countries. Using data on 81 countries from 1998 to 2014, we use a country-fixed effects model to estimate the relationship between ICTs and stock market capitalization. Our empirical model is built on the premise that (1) increased deployment of ICT allows financial market participants to make more informed decisions at reduced inherent risks associated with deficient information or uncertainty in financial markets; and (2) increased access to and use of information communication technologies is expected to improve a country's economic fundamentals. The empirical results support our hypothesis that ICT expansions are positively associated with stock market capitalization.

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Ruf, Martin, and Dirk Schindler. "Debt Shifting and Thin-Capitalization Rules – German Experience and Alternative Approaches." Nordic Tax Journal 2015, no. 1 (2015): 17–33. http://dx.doi.org/10.1515/ntaxj-2015-0002.

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Abstract This paper presents the general design of thin-capitalization rules and summarizes the economic effects of such rules as identified in theoretical models. We review empirical studies providing evidence on the experience with (German) thin-capitalization rules as well as on the adjustment of German multinationals to foreign thin-capitalization rules. Special emphasis is given to the development in Germany, because Germany went a long way in limiting interest deductibility by enacting a drastic change in its thin-capitalization rules in 2008, and because superb German data on multinational finance allows for testing several aspects consistently. We then discuss the experience of the Nordic countries with thin-capitalization rules. Briefly reviewing potential alternatives as well, we believe that the arm’s-length principle is administratively too costly and impracticable, whereas we argue that controlled-foreign-company rules might be another promising avenue for limiting internal debt shifting. Fundamental tax reforms towards a system with either "allowance for corporate equity" (ACE) or a "comprehensive business income tax" (CBIT) should also eliminate any thin-capitalization incentive.

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Vallée, Boris. "Contingent Capital Trigger Effects: Evidence from Liability Management Exercises." Review of Corporate Finance Studies 8, no. 2 (2019): 235–59. http://dx.doi.org/10.1093/rcfs/cfz004.

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AbstractThis paper studies liability management exercises (LME) by banks, which have comparable regulatory capital effects than contingent capital triggers. LMEs are concentrated on low capitalization situations, both in the cross-section and in the time series and are frequently associated with equity issuances. These exercises prove effective at improving bank capitalization levels. The market reaction to LMEs is positive and mostly accrues to debt holders. These findings strengthen the case for innovative liabilities securities as a tool to improve bank resilience.Received February 8, 2019; editorial decision May 16, 2019 by Editor Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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Witchel, Harry J., Georgina A. Thompson, Christopher I. Jones, et al. "Spelling Errors and Shouting Capitalization Lead to Additive Penalties to Trustworthiness of Online Health Information: Randomized Experiment With Laypersons." Journal of Medical Internet Research 22, no. 6 (2020): e15171. http://dx.doi.org/10.2196/15171.

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Background The written format and literacy competence of screen-based texts can interfere with the perceived trustworthiness of health information in online forums, independent of the semantic content. Unlike in professional content, the format in unmoderated forums can regularly hint at incivility, perceived as deliberate rudeness or casual disregard toward the reader, for example, through spelling errors and unnecessary emphatic capitalization of whole words (online shouting). Objective This study aimed to quantify the comparative effects of spelling errors and inappropriate capitalization on ratings of trustworthiness independently of lay insight and to determine whether these changes act synergistically or additively on the ratings. Methods In web-based experiments, 301 UK-recruited participants rated 36 randomized short stimulus excerpts (in the format of information from an unmoderated health forum about multiple sclerosis) for trustworthiness using a semantic differential slider. A total of 9 control excerpts were compared with matching error-containing excerpts. Each matching error-containing excerpt included 5 instances of misspelling, or 5 instances of inappropriate capitalization (shouting), or a combination of 5 misspelling plus 5 inappropriate capitalization errors. Data were analyzed in a linear mixed effects model. Results The mean trustworthiness ratings of the control excerpts ranged from 32.59 to 62.31 (rating scale 0-100). Compared with the control excerpts, excerpts containing only misspellings were rated as being 8.86 points less trustworthy, those containing inappropriate capitalization were rated as 6.41 points less trustworthy, and those containing the combination of misspelling and capitalization were rated as 14.33 points less trustworthy (P<.001 for all). Misspelling and inappropriate capitalization show an additive effect. Conclusions Distinct indicators of incivility independently and additively penalize the perceived trustworthiness of online text independently of lay insight, eliciting a medium effect size.

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Durbach, I., D. Katshunga, and H. Parker. "Community structure and centrality effects in the South African company network." South African Journal of Business Management 44, no. 2 (2013): 35–43. http://dx.doi.org/10.4102/sajbm.v44i2.154.

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This paper conducts a search for community structure in the South African company network, a social network whose elements are South African companies listed on the Johannesburg Stock Exchange. Companies are connected in this network if they share one or more directors on their respective boards. Discovered clusters, called communities, can be considered to be compartments of the network working relatively independently of one another, making their distribution and composition of some interest. We test whether the discovered communities of companies are (a) statistically significant, and (b) related to other attributes such as sector membership or market capitalization. We also investigate the relationship between the centrality of a company’s position in the network and its market capitalization.

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Gouin, Jean-Philippe, Warren C. Caldwell, Sasha L. MacNeil, and Charlotte M. Roddick. "Respiratory sinus arrhythmia reactivity moderates within-person associations of daily capitalization with positive affect and relationship quality." Journal of Social and Personal Relationships 36, no. 9 (2018): 2896–917. http://dx.doi.org/10.1177/0265407518804669.

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Respiratory sinus arrhythmia (RSA) has been conceptualized as a biomarker of a neurophysiological system supporting social behaviors. Capitalization, the interpersonal process of sharing positive experiences with close others, has been associated with improved intrapersonal and interpersonal functioning. The present study examined whether RSA moderated the within-person associations of daily capitalization with positive affect and relationship quality. Participants ( N = 149) completed an electrocardiogram recording during a resting baseline and a worry induction period, as well as a 14-day daily diary assessment of capitalization, positive affect, and relationship quality. Results indicated that RSA reactivity moderated the within-person effects of daily capitalization on positive affect and relationship quality. On days when they did not capitalize, individuals with higher RSA reactivity experienced lower positive affect and poorer relationship quality than their counterparts with lower RSA reactivity. In contrast, no significant differences were observed between participants with lower and higher RSA reactivity on days when they capitalized. These results provide further evidence that RSA reactivity shapes sensitivity to social context, including one’s responses to the lack of usual capitalization interactions.

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Garvey, Philip M., Martin T. Pietrucha, and Donald Meeker. "Effects of Font and Capitalization on Legibility of Guide Signs." Transportation Research Record: Journal of the Transportation Research Board 1605, no. 1 (1997): 73–79. http://dx.doi.org/10.3141/1605-09.

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The research objective was to improve highway guide sign legibility by replacing the 40-year-old guide sign font with a new font called Clearview. It was believed that the current guide sign font’s thick stroke design, made with high-brightness materials and displayed to older vehicle operators, exhibited a phenomenon known as irradiation or halation. Irradiation becomes a problem if a stroke is so bright that it visually bleeds into the character’s open spaces, creating a blobbing effect that reduces legibility. The Clearview font’s wider open spaces allow irradiation without decreasing the distance at which the alphabet is legible. Results are presented of two daytime and two nighttime controlled field experiments that exposed 48 older drivers to high-brightness guide signs displaying either the current or the Clearview font. The Clearview font allowed nighttime recognition distances 16 percent greater than those allowed by the Standard Highway Series E(M) font, without increasing overall sign dimensions.

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Golub, Aaron, Subhrajit Guhathakurta, and Bharath Sollapuram. "Spatial and Temporal Capitalization Effects of Light Rail in Phoenix." Journal of Planning Education and Research 32, no. 4 (2012): 415–29. http://dx.doi.org/10.1177/0739456x12455523.

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Wu, Wenjie, Guanpeng Dong, and Wenzhong Zhang. "The puzzling heterogeneity of amenity capitalization effects on land markets." Papers in Regional Science 96 (November 10, 2015): S135—S153. http://dx.doi.org/10.1111/pirs.12186.

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de Mooij, Ruud, and Li Liu. "At a cost: The real effects of thin capitalization rules." Economics Letters 200 (March 2021): 109745. http://dx.doi.org/10.1016/j.econlet.2021.109745.

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Dinh, Tami, Wolfgang Schultze, Thomas List, and Nadine Zbiegly. "R&D Disclosures and Capitalization under IAS 38—Evidence on the Interplay between National Institutional Regulations and IFRS Adoption." Journal of International Accounting Research 19, no. 1 (2020): 29–55. http://dx.doi.org/10.2308/jiar-17-522.

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ABSTRACT Based on the notion that the effects of IFRS adoption are dependent on changes in the institutional environment, this paper analyzes the effects of one prominent feature of IFRS: the accounting for research and development (R&D) under IAS 38. In our setting, IFRS adoption is accompanied by a change in the national institutional environment of R&D disclosure in the management commentary. National disclosure regulations can make R&D capitalization more informative when investors are skeptical of capitalization due to reliability concerns. We find that firms with higher levels of R&D disclosures that are not suspect of earnings management generally have lower cost of capital and higher market values. Their cost of capital increase and market values decrease with higher R&D capitalization, indicating that capitalization introduces information uncertainty that cannot be resolved by better disclosure. The findings imply that the institutional effect of disclosure has a strong influence on IFRS informativeness. Data Availability: All data used in this paper are publicly available and retrieved from companies' annual reports, the Thomson Datastream database, Thomson Reuters I/B/E/S Estimates database, and Hoppenstedt stock guide database.

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Zhao, Yajie. "Research on the Correlation between Capitalized R&D Expenditure and Enterprise Performance ——Research Based on Statistical Analysis Tools." E3S Web of Conferences 292 (2021): 02042. http://dx.doi.org/10.1051/e3sconf/202129202042.

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Innovation is the source of power for the development of an enterprise. The enterprise aims to increase investment in research and development to maintain technological innovation capabilities, thereby enhancing its own competitive advantage. In order to explore the impact of capitalization intensity on corporate performance, this paper selects 2,829 Chinese non-financial listed companies from 2008 to 2020 as research samples, establishes a regression model of R&D expenditure capitalization intensity and corporate performance, and conducts multiple linear regression analysis. The research in this paper finds that the capitalization of R&D expenditure has both a value depreciation effect and a value appreciation effect. From the direct impact point of view, the accounting treatment of capitalization of R&D expenditure reduces the company’s “tax-saving” cash flow and affects the company’s internal resource allocation, thereby reducing the current financial performance; and from the perspective of future effects, capitalized R&D expenditure has passed to the market The signal of R&D “success”, the higher the degree of capitalization of R&D expenditure, the stronger the value-added ability of R&D expenditure in the current period and in the future period.

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Brehm, Margaret, Scott A. Imberman, and Michael Naretta. "Capitalization of Charter Schools into Residential Property Values." Education Finance and Policy 12, no. 1 (2017): 1–27. http://dx.doi.org/10.1162/edfp_a_00192.

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Although prior research has found clear impacts of schools and school quality on property values, little is known about whether charter schools have similar effects. Using sale price data for residential properties in Los Angeles County from 2008 to 2011 we estimate the neighborhood level impact of charter schools on housing prices. Using an identification strategy that relies on census-block fixed effects and variation in charter penetration over time, we find little evidence that the availability of a charter school affects housing prices on average. We do find, however, that when restricting to districts other than Los Angeles Unified and counting only charter schools located in the same school district as the household, housing prices fall in response to an increase in nearby charter penetration.

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Salwah, Siti, and Eva Herianti. "Pengaruh Aktivitas Thin Capitalization Terhadap Penghindaran Pajak." JRB-Jurnal Riset Bisnis 3, no. 1 (2019): 30–36. http://dx.doi.org/10.35592/jrb.v3i1.978.

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The purpose of this study is to estimate the effect of thin capitalization activities on tax avoidance. The study sample used the consumer goods industry listed on the Indonesia Stock Exchange (IDX) for the period 2015-2017 through purposive sampling and obtained 24 companies, so that 72 observations were obtained. The results showed that thin capitalization had a negative and significant effect on tax avoidance using both the common effect, fixed effect and random effects methods. The implications of this study prove that after the regulation of the finance minister about the ratio of debt to capital affects the value of the debt to capital ratio (DER) to be lower, thereby reducing tax avoidance (book tax gap).

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Fitó, M. Ángels, Soledad Moya, and Neus Orgaz. "Considering the effects of operating lease capitalization on key financial ratios." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 42, no. 159 (2013): 341–69. http://dx.doi.org/10.1080/02102412.2013.10779750.

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Holmang, A., Z. Brzezinska, and P. Bjorntorp. "Effects of hyperinsulinemia on muscle fiber composition and capitalization in rats." Diabetes 42, no. 7 (1993): 1073–81. http://dx.doi.org/10.2337/diabetes.42.7.1073.

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Dahl, Drew, and Michael F. Spivey. "The effects of declining capitalization on equity acquisition by commercial banks." Journal of Banking & Finance 20, no. 5 (1996): 901–15. http://dx.doi.org/10.1016/0378-4266(95)00031-3.

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Etudaiye-Muhtar, Oyebola Fatima, Rubi Ahmad, Taiwo Azeez Olaniyi, and Bilqees Ayoola Abdulmumin. "Financial Market Development and Bank Capitalization Ratio." Paradigm 21, no. 2 (2017): 126–38. http://dx.doi.org/10.1177/0971890717736211.

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Financial sector liberalization in many African countries, set in a series of financial sector reforms, aimed at developing the system. Theoretically, reforms that develop the banking sector are expected to improve banks’ performance and reduce excessive bank-risk taking by enhancing bank capital ratio in addition to maintain the stability in the system. Nonetheless, literature also shows that the health of the financial system may be at risk following a liberalization process in the form of contagion effects of financial markets integration. A recent example is the global 2007/2008 global financial crisis. Against this background, this article examines the extent to which banking sector development in selected African countries affect the commercial banks’ capitalization ratio. Employing a dynamic panel regression technique for the examination while controlling for bank-specific and macroeconomic factors over the period 2000–2014, this article finds that banking sector development in the selected countries improves bank capital ratio consistent with the aims of banking sector reforms and the maintenance of stable financial system.

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Tung, Vincent Wing Sun, Catherine Cheung, and Rob Law. "Does the Listener Matter? The Effects of Capitalization on Storytellers’ Evaluations of Travel Memories." Journal of Travel Research 57, no. 8 (2017): 1133–45. http://dx.doi.org/10.1177/0047287517729759.

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Despite existing studies on memorable tourism experiences that often involve interpersonal sharing, the broader question of how a listener could influence tourists’ memories, including their evaluations of posttravel experiences and destination image, remains relatively unexplored. Interpersonal sharing with a listener could elicit a process called capitalization in which an individual (re)constructs details of an experience to make it more memorable. To address this gap, this research examines the effects of capitalization on travel memories (study 1), and the influence of listener responsiveness on tourists’ destination image (study 2). This research reinforces the notion that separating the act of remembering from the act of sharing is difficult and contributes to research on the malleability of travel memories by highlighting the influence of the listener’s feedback in shaping tourists’ memorable experiences. This research also provides relevant implications for tourism practitioners involved in service experiences and tourist relationship building.

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Du, Xuejun, and Zhonghua Huang. "HOW DOES THE G20 SUMMIT AFFECT LAND MARKET? EVIDENCE FROM CHINA." International Journal of Strategic Property Management 25, no. 6 (2021): 432–45. http://dx.doi.org/10.3846/ijspm.2021.15470.

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We employ the difference-in-difference and synthetic control methods to investigate the capitalization effect of hosting the G20 Summit on land market, based on China’s land transaction dataset from 2011 to 2019. We find that hosting the G20 Summit has a significant positive effect on land prices in the host city, increasing land prices by over 22.6% compared to comparable cities. The impact of hosting the G20 Summit on land prices is larger in the post-G20 period than in the preparation period. Further, hosting the G20 Summit has heterogeneous and distributional effects on land prices. The capitalization effects of venue construction and transportation infrastructure upgrading on land prices are the main channels.

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Amano, Yoshiaki. "Real Effects of Intangibles Capitalization—Empirical Evidence from Voluntary IFRS Adoption in Japan." Journal of International Accounting Research 19, no. 3 (2020): 19–36. http://dx.doi.org/10.2308/jiar-19-539.

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ABSTRACT This study examines how firm behaviors are affected by the voluntary adoption of International Financial Reporting Standards (IFRS) in Japan, which has expanded the scope for the capitalization of intangible assets compared with the Japanese Generally Accepted Accounting Principles. Prior research suggests that capitalization of intangibles is preferred by firms with larger intangibles and that it enables them to increase intangible investments. Using empirical data from Japanese IFRS adopters, this study analyzes the relationship between firms' intangible asset amounts and their voluntary adoption of IFRS. The results show that (1) the more intangibles firms possess, the more likely they are to adopt IFRS, and (2) once firms decide to adopt IFRS, their intangible assets increase compared with matched non-adopters. Additional analysis shows that this increase is partly attributable to an increased volume and value of mergers and acquisitions after IFRS adoption, suggesting that the real actions of the adopters changed.

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Rodríguez, Daniel A., and Carlos H. Mojica. "Capitalization of BRT network expansions effects into prices of non-expansion areas." Transportation Research Part A: Policy and Practice 43, no. 5 (2009): 560–71. http://dx.doi.org/10.1016/j.tra.2009.02.003.

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Abdulrahman Anam, Ousama, Abdul Hamid Fatima, and Abdul Rashid Hafiz Majdi. "Effects of intellectual capital information disclosed in annual reports on market capitalization." Journal of Human Resource Costing & Accounting 15, no. 2 (2011): 85–101. http://dx.doi.org/10.1108/14013381111157328.

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Kuminoff, Nicolai V., and Jaren C. Pope. "DO “CAPITALIZATION EFFECTS” FOR PUBLIC GOODS REVEAL THE PUBLIC'S WILLINGNESS TO PAY?" International Economic Review 55, no. 4 (2014): 1227–50. http://dx.doi.org/10.1111/iere.12088.

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Dronyk-Trosper, Trey. "Searching for Goldilocks: The Distance-Based Capitalization Effects of Local Public Services." Real Estate Economics 45, no. 3 (2016): 650–78. http://dx.doi.org/10.1111/1540-6229.12171.

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Kajüter, Peter, Florian Klassmann, and Martin Nienhaus. "The Effect of Mandatory Quarterly Reporting on Firm Value." Accounting Review 94, no. 3 (2018): 251–77. http://dx.doi.org/10.2308/accr-52212.

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ABSTRACT We exploit a regulatory change in Singapore to analyze the capital market effects of mandatory quarterly reporting. The listing rule implemented in 2003 has required firms with a market capitalization above S$75 million—but not firms with a market capitalization below this threshold—to publish quarterly financial statements. Using regression discontinuity analysis for our identification, we provide novel evidence of the causal effects of mandatory quarterly reporting on small firms. We find a 5 percent decrease in firm value, consistent with the notion that mandatory quarterly reporting is perceived as a net burden for small firms. Contrary to popular belief, we cannot find evidence of informational benefits or myopic investment for firms around the threshold. Additional tests suggest positive information spillover effects from large mandatory quarterly reporters to non-quarterly reporting firms. JEL Classifications: M41; M48.

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Arin, Kerim Peren, Guglielmo Maria Caporale, Kyriacos Kyriacou, and Nicola Spagnolo. "Financial Integration in the GCC Region: Market Size Versus National Effects." Open Economies Review 31, no. 2 (2019): 309–16. http://dx.doi.org/10.1007/s11079-019-09554-6.

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AbstractThis paper examines financial spillovers between the four largest equity markets (by market capitalization) in the GCC region using a VAR-GARCH (1,1) framework that sheds light on interdependence as well as the effects of the 2014 oil crisis. Since the UAE is a federation including two stock exchanges (Abu Dhabi and Dubai), it is possible to test whether being part of a federal union matters more than market size in terms of financial integration. Our results suggest that the latter is more important, since we could not find evidence of stronger linkages between the Abu Dhabi and Dubai markets compared to those between other markets in the region. By contrast, there are significant spillover effects, both in the mean and in the volatility, from the largest market of Saudi Arabia to Qatar and the two markets in the UAE, which confirms that market capitalization is a more important determinant of financial integration than belonging to a federal union. Further, spillovers from the larger markets have become stronger as a result of the 2014 oil crisis. Finally, there is also evidence of spillovers from the smaller to the larger markets.

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Olea, Julio, Juan Ramón Barrada, Francisco J. Abad, Vicente Ponsoda, and Lara Cuevas. "Computerized Adaptive Testing: The Capitalization on Chance Problem." Spanish journal of psychology 15, no. 1 (2012): 424–41. http://dx.doi.org/10.5209/rev_sjop.2012.v15.n1.37348.

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This paper describes several simulation studies that examine the effects of capitalization on chance in the selection of items and the ability estimation in CAT, employing the 3-parameter logistic model. In order to generate different estimation errors for the item parameters, the calibration sample size was manipulated (N = 500, 1000 and 2000 subjects) as was the ratio of item bank size to test length (banks of 197 and 788 items, test lengths of 20 and 40 items), both in a CAT and in a random test. Results show that capitalization on chance is particularly serious in CAT, as revealed by the large positive bias found in the small sample calibration conditions. For broad ranges of θ, the overestimation of the precision (asymptotic Se) reaches levels of 40%, something that does not occur with the RMSE (θ). The problem is greater as the item bank size to test length ratio increases. Potential solutions were tested in a second study, where two exposure control methods were incorporated into the item selection algorithm. Some alternative solutions are discussed.

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Ali, Md Arphan, Md Khaled Saifullah, and Fatimah Binti Kari. "The Impact of key Macroeconomic factors on Economic Growth of Bangladesh: a VAR Co-integration Analysis." International Journal of Management Excellence 6, no. 1 (2015): 667–73. http://dx.doi.org/10.17722/ijme.v6i1.820.

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This study analyzes the impact of key macroeconomic factors on economic growth of Bangladesh from the period of 1988 to 2012.The key macroeconomic factors studied are market capitalization, foreign direct investment and real interest rate. This study also examines the long run and short run relationship between the economic growth and capital market, foreign direct investment, and real interest rate by using vector autoregressive (VAR) model. The VAR results suggest that the market capitalization, foreign direct investment and real interest rate have impact on economic growth in the long run, but in short run it does not have any predictable behavior. The variance decomposition results also conclude the same result as VAR model. All variables have the long run effects on economic growth but it does not have in short run, and the effects increases with time. Based on the finding, this study suggests that the government should come out with the appropriate macroeconomic plan and policy to draw more inward foreign direct investment, increase market capitalization and stabilize real interest rate in order to faster the economic growth in future. As finding of this study shows that these factors do not have significant impact on economic growth in Bangladesh in the short run

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Al Mubarak, Muneer Mohamed Saeed, and Allam Mohammed Mousa Hamdan. "The impact of corporate governance on market capitalization: evidence from Bahrain bourse." Corporate Ownership and Control 13, no. 3 (2016): 121–30. http://dx.doi.org/10.22495/cocv13i3p11.

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Our study is based on the “Agency Theory”, as it interprets the relationship between corporate governance and market capitalization of firms listed in Bahrain Bourse (BB). Longitudinal data is used in this study from 36 listed firms in Bahrain Bourse during the period of 2009-2013. A set of econometric methods, including the fixed effects method, is used to overcome different measurement problems of such relationship. The study findings include a set of results that are related to effect of ownership structure and board of directors’ characteristics on market capitalization of firms. Based on these findings, a set of recommendations, along with study limitations and future research, are put forward.

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Krause, David S. "Ownership Control And Small Firm Anomalities." Journal of Applied Business Research (JABR) 3, no. 1 (2011): 48. http://dx.doi.org/10.19030/jabr.v3i1.6547.

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Tests using the Capital Asset Pricing Model show that during the 1981 through 1983 period, a portfolio of common stocks composed of owner-controlled firms significantly outperformed a group of manager-controlled firms, even after adjusting for systematic risk. Small capitalization stocks were also shown to have generated large abnormal returns compared to large firm stock during this period. Interestingly, the statistical significance of both the ownership control and small firm effects was not reduced when the other effect was controller. The implications of these results for investors are that large excess returns may be earned by tilting stock portfolios towards owner-controlled, small capitalization firms.

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Othman, Anwar Hasan Abdullah, Syed Musa Alhabshi, Salina Kassim, and Ashurov Sharofiddin. "The impact of cryptocurrencies market development on banks’ deposits variability in the GCC region." Journal of Financial Economic Policy 12, no. 2 (2019): 161–84. http://dx.doi.org/10.1108/jfep-02-2019-0036.

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Purpose With the continuing development of the financial technology revolution, a better understanding of bank deposits variability has become necessary for bank management and policymakers, especially central banks. This is because the novel innovations of cryptocurrencies operate beyond the realm of the banking system, which may impact the performance of banks and their deposits variability. This study aims to investigate the long- and short-run effects of cryptocurrencies’ market capitalization development on the banks’ deposit variability in the Gulf Cooperation Council (GCC) region. Design/methodology/approach In this study, the Johansen–Juselius (1990) cointegration test with vector error correction model was applied to examine the long-run relationships, while the Engle and Granger (1987) and the Granger (1969) causality tests were used to detect causal relationships in the short term. Findings The findings of Johansen–Juselius cointegration test indicate that the banks’ deposits variability in all six states of the Gulf region share negative long-run equilibrium association with the development of global cryptocurrencies market capitalization, but with different statistically significant levels. For the short-run analysis, the study found that the development of cryptocurrencies market capitalization has significant unidirectional causal effects on bank deposits variabilities in only four states, namely, UAE, Qatar, Kuwait and Bahrain. The findings of the study therefore suggest that to eradicate the effects of cryptocurrencies industry and its threats to the banking industry, banks in GCC region are encouraged to either consider cryptocurrencies as an alternative investment asset for their portfolio investment diversification strategies or adopt the blockchain technology in their operation system to facilitate their customers with low transaction cost, high level of security and ease of use and real-time settlement. Research limitations/implications The empirical findings of the study will provide valuable input for policymakers, especially central banks and bank managements, to evaluate the current situation and the threats of the cryptocurrencies market growth and its effect on the banking industry’s performance, future survival and their deposits variability for better regulation and policy planning and investment strategies. Originality/value This is a pioneering study that empirically explores the phenomenon of bank deposits variability as a consequence of expansion in cryptocurrencies market capitalization, where the findings proved evidence of a drastic decline in banks’ deposits size due to the substantial growth in cryptocurrencies market capitalization.

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Nelson, Mark W., and William B. Tayler. "Information Pursuit in Financial Statement Analysis: Effects of Choice, Effort, and Reconciliation." Accounting Review 82, no. 3 (2007): 731–58. http://dx.doi.org/10.2308/accr.2007.82.3.731.

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Prior research provides evidence that information affects financial statement users' judgments less when that information is provided in a less accessible format (e.g., information disclosed in a footnote or less prominent financial statement rather than being recognized on the income statement [Maines and McDaniel 2000]). We provide evidence that, conditional on users performing the analysis necessary to transform the financial statements to appear as if disclosed information had been recognized, that information may affect users' judgments more than it would have if it had been recognized initially. Our experiments are set in the context of constructive capitalization of operating leases. The first experiment manipulates three variables that we hypothesize will contribute to this effect: choice to use transformed financial statements, effort spent on the transformation process, and reconciliation of pre- and post-transformation numbers. We provide evidence that, in the constructive-capitalization setting we operationalize, information has a greater effect on judgments when effort was expended to obtain the information and the information is displayed in a reconciled format. The second experiment focuses on the effort effect and replicates it with additional controls. These results have implications for standard-setters who consider the relative benefits of recognition and disclosure, and for financial statement users who transform financial statements as part of their analyses.

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Raza, Syed Ali, Syed Tehseen Jawaid, Sahar Afshan, and Mohd Zaini Abd Karim. "Is stock market sensitive to foreign capital inflows and economic growth?" Journal of Chinese Economic and Foreign Trade Studies 8, no. 3 (2015): 142–64. http://dx.doi.org/10.1108/jcefts-03-2015-0012.

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Purpose – The purpose of this study is to investigate the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time series data from the period of 1976 to 2011. Design/methodology/approach – The autoregressive distributed lag bound testing cointegration approach, the error correction model and the rolling window estimation procedures have been performed to analyze the long run, short run and behavior of coefficients, respectively. Findings – Results indicate that foreign direct investment (FDI), workers’ remittances and economic growth have significant positive relationship with the stock market capitalization in long run as well as in short run. Results of the dynamic ordinary least square and the fully modified ordinary least square suggest that the initial results of long-run coefficients are robust. Results of variance decomposition test show the bidirectional causal relationship of FDI and economic growth with stock market capitalization. However, unidirectional causal relationship is found in between workers’ remittances and stock market capitalization. Practical implications – It is suggested that in Pakistan, investors can make their investment decisions through keeping an eye on the direction of the considered foreign capital inflows and economic growth. Originality/value – This paper makes a unique contribution to the literature with reference to Pakistan, being a pioneering attempt to investigate the effects of foreign capital inflows and economic growth on stock market by using long time series data and applying more rigorous techniques.

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Sanchez, Otavio Prospero, Elmo Tambosi Filho, and Luis Carlos Domingos. "Econometric analysis of the effects of equity capitalization strategies on Brazilian companies performance." Corporate Ownership and Control 8, no. 1 (2010): 583–89. http://dx.doi.org/10.22495/cocv8i1c6p1.

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This article explores the effect in performance of two types of firm financing strategies in Brazilian market, IPO and debentures. We use a fixed effects panel data analysis of 264 firms during the period from 2002 to 2008 to analyze how firms that performed IPO and issued debentures differentiate from others, in terms of Tobin Q. We found that firm that performed IPO have shown a negative effect on Tobin Q while firms that performed debentures, a popular financing strategy in Brazil, showed superior performance. These findings, while consistent with previous literature, make important contributions to the understanding of local market conditions given that Brazilian IPO have being very attention grabbing for international investors.

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Wihler, Andreas, Rachel Elizabeth Frieder, and Gerhard Blickle. "The Effects of Networking Ability and Apparent Sincerity on Voice Recognition and Capitalization." Academy of Management Proceedings 2018, no. 1 (2018): 11062. http://dx.doi.org/10.5465/ambpp.2018.11062abstract.

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Kluzek, Marta. "The Effects of Changes in Tax Rules Relating to Interest in Thin Capitalization." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 50, no. 1 (2016): 497. http://dx.doi.org/10.17951/h.2016.50.1.497.

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IMBIEROWICZ, BJÖRN, JONAS KRAGH, and JESPER RANGVID. "Time-Varying Capital Requirements and Disclosure Rules: Effects on Capitalization and Lending Decisions." Journal of Money, Credit and Banking 50, no. 4 (2018): 573–602. http://dx.doi.org/10.1111/jmcb.12506.

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Andreyeva, Elena, and Carlianne Patrick. "Paying for priority in school choice: Capitalization effects of charter school admission zones." Journal of Urban Economics 100 (July 2017): 19–32. http://dx.doi.org/10.1016/j.jue.2017.04.002.

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FLOREA, Iacob. "The Actual Situation of Sheep’s Wool Capitalization in Romania." Bulletin of University of Agricultural Sciences and Veterinary Medicine Cluj-Napoca. Animal Science and Biotechnologies 75, no. 2 (2018): 139. http://dx.doi.org/10.15835/buasvmcn-asb:2018.0024.

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Sheep farming always made a special contribution to the development of practicing people, improving the standard of living, effects also known by Romanians, even if the number of sheep and implicitly the amount of wool had fluctuations over time. After the 90s, demand for wool in the textile industry began to decline and the wool has not been widely capitalized in Romania, being abandoned by farmers, even burned. The aim of this study is to provide solutions for wool collection in an organized manner and as profitable as possible for Romanians at national level, avoiding wool waste and chaotic export. The collection centers are unevenly distributed accros the country and there are some counties where sheep wool is not collected. With the proposed solution of locating other collection centers or distributing the authorized ones, it is possible to capitalize the entire wool resource available in Romania.

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Li, Lei, Jiabao Lin, Ofir Turel, Peng Liu, and Xin (Robert) Luo. "The impact of e-commerce capabilities on agricultural firms’ performance gains: the mediating role of organizational agility." Industrial Management & Data Systems 120, no. 7 (2020): 1265–86. http://dx.doi.org/10.1108/imds-08-2019-0421.

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PurposeThis study aimed to investigate the impact of e-commerce capabilities on agricultural firms’ performance gains through organizational agility.Design/methodology/approachA survey was used to collect data from 280 managers of agricultural firms. The proposed model was tested via structural equation modeling.FindingsThe empirical results indicated that organizational agility plays a mediating role in conveying the positive influences of e-commerce capabilities on agricultural firms’ performance gains. Specifically, managerial, talent and technical capabilities have different effects on market capitalization and operational adjustment agility, with talent capability performing the most important role. Market capitalization and operational adjustment agility have positive impacts on financial and nonfinancial performance gains, respectively.Originality/valueThis study provides a new framework to understand the relationships between e-commerce capabilities, organizational agility and agricultural firms’ performance gains.

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Ziaei, Sayyed Mahdi. "Effects of Financial Soundness and Openness on Financial Development." Review of Pacific Basin Financial Markets and Policies 20, no. 04 (2017): 1750028. http://dx.doi.org/10.1142/s021909151750028x.

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Using panel data estimation, we evaluate the effects of financial soundness indicators, financial openness and bank liquidity on financial development across 40 countries. According to our dynamic panel estimates, the following variables are found to significantly affect financial development: capital to asset ratio, nonperforming loans and direct foreign investment. Our result indicated that the change in capitalization ratio was the main driver of financial development. Moreover, nonperforming loan shock has a negative and significant influence on financial development. This study emphasizes the important role of financial soundness and financial openness in maintaining financial stability and development of banking system.

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MINH, Ngo Ngoc. "Export Spillover Effects: Evidence from Vietnam." Journal of Advanced Research in Law and Economics 10, no. 4 (2019): 1213. http://dx.doi.org/10.14505//jarle.v10.4(42).21.

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The purpose of this paper is to examine export spillover effects from foreign invested enterprises (FIEs) to domestic manufacturing and processing firms in the North of Vietnam. The paper extracted panel data from comprehensive surveys on manufacturing and processing enterprises in the North of Vietnam conducted by the General Statistics Office in 2016-2018 period including 14,664 observations. The two export equations of the Heckman model were estimated simultaneously by the Maximum Likelihood Estimator method (MLE) and used strong standard errors (Robust Standard Errors). The empirical results showed that the presence of FIEs created a spillover effect on Vietnam’s decision to export goods. Moreover, the export spillover effect depends on the characteristics of domestic enterprises. Particularly, private enterprises with old ages or owns a high level of capitalization will benefit from export spillover effects.

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Bai, Jing, and Kuk-Hyun Choe. "Analyses of the Effects of Capitalization of Environmental Costs on Chinese Companies’ Financial Performances." International Area Studies Review 23, no. 4 (2019): 169–86. http://dx.doi.org/10.21212/iasr.23.4.8.

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Burge, Gregory. "The capitalization effects of school, residential, and commercial impact fees on undeveloped land values." Regional Science and Urban Economics 44 (January 2014): 1–13. http://dx.doi.org/10.1016/j.regsciurbeco.2013.10.003.

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Akabom, Ita Asuquo, and Fidelis Enya Ejabu. "Effects of Thin Capitalization and International Law on Performance of Multinational Companies in Nigeria." International Journal of Accounting Research 3, no. 5 (2018): 13–22. http://dx.doi.org/10.12816/0048647.

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Valenti, Daniele, Danilo Bertoni, Daniele Cavicchioli, and Alessandro Olper. "The capitalization of CAP payments into land rental prices: a grouped fixed-effects estimator." Applied Economics Letters 28, no. 3 (2020): 231–36. http://dx.doi.org/10.1080/13504851.2020.1749227.

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Campbell, Beverly J., Michael P. Brady, and Sharon Linehan. "Effects of Peer-Mediated Instruction on the Acquisition and Generalization of Written Capitalization Skills." Journal of Learning Disabilities 24, no. 1 (1991): 6–14. http://dx.doi.org/10.1177/002221949102400103.

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Journal articles on the topic 'Capitalization effects'

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