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1
Jiménez García, José Luis. "La Fiesta de la Vendimia de Jerez a través de los carteles y sus autores (1948-2019)." RIVAR 8, no. 22 (January 19, 2021): 68–97. http://dx.doi.org/10.35588/rivar.v8i22.4773.
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La Fiesta de la Vendimia de Jerez es considerada la más antigua de las que se celebran en España: su primera edición tuvo lugar del 12 al 13 de septiembre de 1948. Las celebraciones giran en torno al jerez —más conocido con el apelativo de sherry—, un vino que goza de gran prestigio en todo el mundo. Su Fiesta de la Vendimia es un gran escaparate para la promoción turística de la ciudad, declarada de Interés Turístico Internacional en 1965. Los carteles diseñados desde la primera vez que se organizó esta fiesta fueron la carta de presentación para el evento, alcanzado tiradas de hasta veinte mil ejemplares. A este aspecto de la Fiesta de la Vendimia no se le ha prestado la debida atención, pues entre los artistas participantes podemos encontrar la firma de cartelistas de ámbito nacional, regional y local, como Garbayo, Raga, Nike, Bort, Mariscal, Álvarez Gámez, Muñoz Cebrián, Virués, Cervera, Carabante, Valle o Ivison. Tales pósteres transmiten información valiosa que trasciende lo puramente estético. Tal es el objetivo de este trabajo: reconstruir esa parte de la historia de un festejo con implicaciones sociales, culturales, económicas, comerciales, turísticas, y también políticas.
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Daspit, Joshua J., James J. Chrisman, Triss Ashton, and Nicholas Evangelopoulos. "Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward." Family Business Review 34, no. 3 (April 26, 2021): 296–322. http://dx.doi.org/10.1177/08944865211008350.
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While progress has been made in recent years to understand the differences among family firms, insights remain fragmented due, in part, to an incomplete understanding of heterogeneity and the scope of differences that exist among family firms. Given this, we offer a definition of and review the literature on family firm heterogeneity. A latent semantic analysis of 781 articles from 33 journals identified nine common themes of family firm heterogeneity. For each theme, we review scholarly progress made and highlight differences among family firms. Additionally, we offer directions for advancing the study of family firm heterogeneity.
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Wang, Chien-An, Lin Lin, and Ming-Yuan Li. "“Governance” premium? Evidences from the nine emerging markets of Asia." Corporate Ownership and Control 6, Special Issue 1 (2008): 6–14. http://dx.doi.org/10.22495/cocv6i1c1p1.
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This paper hypothesizes the relationships of corporate governance, firm performance, and cost of capital, using the firm-level sample from the nine emerging markets of Asia in 2001 and 2002. Our empirical results confirmed the relationship between the corporate governance and firm performance, measured by the stock return and the rate return on asset, is not significant. Evidence implied that the stock return of emerging markets may be largely influenced by unknown but irrational factors, and their accounting reports of the companies listed in such stock exchange are not trustworthy due to window-dressing. The fundamental value and the value of corporate governance are thus not incorporated into the re-evaluation of the prices of the related stocks. However, empirical evidence also indicated that the firms with better corporate governance can reduce their costs of capital in a defensive manner, realized when a raise of fund is required.
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Strike, Vanessa M. "The Most Trusted Advisor and the Subtle Advice Process in Family Firms." Family Business Review 26, no. 3 (July 17, 2013): 293–313. http://dx.doi.org/10.1177/0894486513492547.
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The literature on advising family firms has primarily focused on providing practical advice through offering explicit intervention phases and advising models to family firm advisors. Yet the underlying implicit processes behind advising are not well understood. This study examines nine most trusted advisors in six family firms to develop a grounded theory model of how advisors capture attention, how they become attuned to family firm members to influence attention, and how they aid family members to collaboratively interrelate and mindfully govern the firm in order to facilitate an environment of collective attention.
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Ocak and Fındık. "The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms." Sustainability 11, no. 19 (September 27, 2019): 5359. http://dx.doi.org/10.3390/su11195359.
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This study explores the effect of intangible assets and sub-components of intangible assets on sustainable growth and firm value in Turkey. The cumulative (i.e., aggregative) value of intangible assets of firms and sub-components of intangible assets were used as test variables in the current study. Further, intangible assets of the firms were divided into three sub-components using the classification of Corrado, Hulten and Sichel, namely computerized information and database, innovative property, and economic competence. Firms listed on Borsa İstanbul were analyzed to test the hypotheses. Two different measures of sustainable growth of firms and unique measure of firm value were used as dependent variables. The final sample includes 1353 observations for nine years between 2005–2013 in Turkey. Ordinary least square (OLS) and Heckman two-stage estimation procedures were employed to test the hypotheses. Estimation results of OLS and Heckman two-stage procedures show that the cumulative value of intangible assets affect the sustainable growth rates of firms and firm value positively. When the cumulative value of intangible assets was classified into three sub-components, both computerized information and database and economic competence impact the sustainable growth rates of firms and firm value.
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Tchuta, Leonard, and Fuji Xie. "AN EXPLORATORY FACTOR ANALYSIS OF FIRMS ENDOGENOUS GROWTH MEASURES." Humanities & Social Sciences Reviews 7, no. 5 (September 28, 2019): 201–8. http://dx.doi.org/10.18510/hssr.2019.7525.
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Purpose: This study attempts to standardize firm endogenous growth measures by performing exploratory factor analysis on nine firm endogenous growth measures (equity book value, equity market value, working capital, stock R&D investments, stock advertisement investment, stock capital asset investment, operating expenses, sales revenue, and the number of employees).
Methodology: Data was generated by pooling a panel dataset of 116 firms and13 years timespan data.
Main Findings: The result of the analysis reveals three underlying firm growth factors (namely firm financials, operations, and capabilities) representing the initial nine growth measures.
Implications/Applications: The results of this research can be used as the bases for further research in firm endogenous growth model analysis.
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Gasiorek, Michael, Alasdair Smith, and Nicolo Tamberi. "VALUE CHAINS AND DOMESTIC COMPETITIVENESS." National Institute Economic Review 252 (April 28, 2020): R45—R51. http://dx.doi.org/10.1017/nie.2020.17.
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With international trade increasingly undertaken within vertically fragmented supply chains, this paper considers the impact of changes in trade costs on domestic output. In the context of the UK’s exit from the EU we show that the negative impact on UK output will depend on changes in both domestic and export competitiveness. Since for many firms the majority of their sales are to the domestic market, the domestic competitiveness impact may be quantitatively more important. The impact on output will be more significant the greater the integration of firms in international supply chains, and the greater the asymmetric impact of leaving the EU on UK firms relative to EU firms.
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Bosworth, William. "Which anti-takeover devices affect firm value?" Corporate Ownership and Control 2, no. 3 (2005): 68–78. http://dx.doi.org/10.22495/cocv2i3p7.
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This research is a two-stage, cross sectional analysis that finds evidence that nine antitakeover defenses (ATDs) are associated with lower firm value in terms of Tobin’s Q. Of the nine, six are limits on shareholder rights such as staggered boards. The other four have the potential of increasing the cost of a takeover such as pension parachutes that prohibit successor firms from using pension surpluses to finance the takeover. Six ATDs, such as anti-greenmail provisions, are associated with higher firm values.
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Otali, Monday, Michael G. Oladokun, and Paul Anih. "Influence of Construction Firm Size on the Level of Adoption of Sustainability Practices in Niger Delta, Nigeria." Baltic Journal of Real Estate Economics and Construction Management 8, no. 1 (January 1, 2020): 102–18. http://dx.doi.org/10.2478/bjreecm-2020-0008.
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AbstractThe need to address the problems facing the natural environment and social economic development cannot be overemphasised. The aim of the study was to assess the influence of firm size on the level of implementation of sustainability practices in Niger Delta, Nigeria. Survey design approach was used in the study. Data were obtained through interviews and one thousand one hundred and seventy-nine copies of structured questionnaire administered to representatives of the firms by researchers and research assistants. The methods of data analysis were simple percentage and Spearman’s rank correlation. The result showed that small firms accounted for 84.7 %, medium-sized firms accounted for 11.61 % and large construction firms accounted for 3.73 %. Thus, a majority of firms are small and medium-sized construction companies in Niger Delta. The study revealed that the firm size influenced the level of implementation of firm sustainability practices in the study area. It was concluded that the size of firms had a significant influence on the level of adoption of sustainability practices among the construction firms operating in Niger Delta. It was also concluded that small and medium-sized construction firms recorded poor capacity building and human capital development. The study recommended that small and medium-sized construction firms operating in Niger Delta should improve their level of capacity building and human capital development.
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Cavazos, David E., and Matthew Rutherford. "Examining the association between government-sponsored product ratings and firm political participation." Journal of Strategy and Management 10, no. 2 (May 15, 2017): 134–47. http://dx.doi.org/10.1108/jsma-01-2016-0005.
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Purpose The purpose of this paper is to apply firm aspiration theory to explore how firms respond to government product ratings. Design/methodology/approach Longitudinal examination of nine automobile manufacturers during National Highway Traffic and Safety Administration crash tests in the USA. Findings Firms take specific external actions to influence the political mechanisms that support ranking schemes when product ratings are below those of rivals and when previously highly rated products decline. In addition, firms receiving rankings above those of their competitors are found to be less likely to take such action, even when their overall ratings declined. Similarly, firms seeing improvements in previously low-rated products will take fewer actions aimed at influencing the political mechanisms that support rating schemes. Originality/value The primary contribution of this research is in establishing when firm product ratings will result in actions to influence external ratings criteria. Previous research has shown that firms respond to organizational ratings by taking action aimed at improving subsequent performance. The current research builds on such work by applying aspiration theory in an effort to predict and explain when and why certain ratings will attract firm attention to the external mechanisms that support such ratings.
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Sridharan, Uma V., W. Royce Caines, and Cheryl C. Patterson. "Implementation of supply chain management and its impact on the value of firms." Supply Chain Management: An International Journal 10, no. 4 (September 1, 2005): 313–18. http://dx.doi.org/10.1108/13598540510612785.
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PurposeThe purpose of this research is to examine the effect of supply chain implementation issues on firm value.Design/methodology/approachUsing case study methodology, this paper outlines the cases of Hershey and Nike and the impact of supply chain implementation issues on these firms’ value.FindingsDifficulties in the implementation of supply chain management software designed to maximize firm value, can result in a disruption of a firm's supply chain, causing losses for the firm and a decline in firm value; thereby creating much disappointment for the firm's shareholders. Hence, great care should be taken with the implementation of new SCM solutions.Research limitations/implicationsFuture research may be directed at extending this work by examining the changes in the market values of a wide sample of client and provider firms following the implementation of new supply chain solutions.Practical implicationsWhen modifying a standard supply chain template to suit a customer's requirements, particular care should be used in implementation and provider firms should insist that clients follow the provider's implementation methodology. Complex SCM systems designed to track a multiplicity of product varieties, may lead to difficulties in implementation. Prior to switching to a new SCM system there should be adequate testing to see if the system meets the client's requirements. Premature switching can have disastrous consequences.Originality/valueThis research demonstrates the impact of implementation issues on the effectiveness of SCM technology.
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Xu, Xiaoyang, Adubofour Isaac, Lizhong Hao, and Dandan Wang. "Investor Sentiment, Innovation Investment and Cash Dividend." International Journal of Economics and Finance 11, no. 7 (June 14, 2019): 97. http://dx.doi.org/10.5539/ijef.v11n7p97.
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Investor sentiment plays a critical role in corporate innovation investment. Firms resort to innovation in their attempts to satisfying the demands of their investors. We argue empirically in our study that investor sentiment has impact on firms’ innovation decisions. We also argue that, strong negative sentiment has higher propensity to foster corporate innovation investment. We analyzed a nine- year panel data ranging from 2009-2017, which consisted of 3,558 Chinese listed firms. A verification of the impact of dividend policy on firms’ innovation investment was conducted. We found that, favorable dividend policy would trigger corporate innovation investment. We also found a statistically significant relationship between innovation investment and firm performance. Our findings showed a positive association between corporate innovation investment and firm performance. We also conducted a series of robustness checks on our empirical models and then discussed the contribution of our study, theoretically and practically.
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Henderson, Dylan, Max Munday, and Annette Roberts. "THE REGIONAL CONSEQUENCES OF NEW DIGITAL INFRASTRUCTURE: CAN WELSH SMES GAIN AN EDGE FROM ACCESS AND ADOPTION OF SUPERFAST BROADBAND?" National Institute Economic Review 255 (February 2021): 42–55. http://dx.doi.org/10.1017/nie.2020.48.
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Across the United Kingdom public (and private) resources have been targeted on improving broadband infrastructure. While this has served to provide new opportunities for households and firms, there has been some debate around the ability of firms to take full advantage of the opportunities that arise through this evolving infrastructure. In this respect, there has been particular debate on how far small- and medium-sized enterprises (SMEs) have taken up the challenge of effectively engaging with the resource. Drawing on the case of Wales, this paper explores the digital maturity of a sample of Welsh SMEs. The paper provides evidence of how far SMEs are successfully engaging with the new opportunities available through broadband, and develops a typology of firms according to their engagement. The paper then explores how these differences produce policy implications.
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Bommaraju, Raghu, Michael Ahearne, Ryan Krause, and Seshadri Tirunillai. "Does a Customer on the Board of Directors Affect Business-to-Business Firm Performance?" Journal of Marketing 83, no. 1 (November 29, 2018): 8–23. http://dx.doi.org/10.1177/0022242918815894.
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The authors hypothesize that customer presence in the boardroom of business-to-business (B2B) firms brings customer orientation and customer knowledge to the board of directors and thereby enhances B2B firm performance. Using an objective measure of customer presence in the boardroom and a sample of 329 B2B firms over a nine-year period, the authors find support for this hypothesis. Moreover, relying on the resource-based view, they hypothesize that the performance benefit of customers in the boardroom is contingent on the value, rarity, inimitability, and organizational fit of customer resources. Specifically, they find that a customer on the board is more effective when demand uncertainty is high but is less effective when the firm is highly diversified. Moreover, a board member who is an independent director of the customer firm is less effective than a board member who is an executive at the customer firm. The authors also find that research and development intensity partially mediates the relationship between customer presence on the board and firm performance.
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Bashir Butt, Muhammad Saqib, and Hasniza Mohd. Taib. "Macroeconomic sensitivity and firm level volatility: the case of New York Stock Exchange." Journal Business, Management and Economics Engineering 19, no. 02 (August 10, 2021): 198–211. http://dx.doi.org/10.3846/bmee.2021.14310.
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Purpose – This paper investigates whether the macroeconomic factors affect the firm stock returns volatility differently depending on their location in different sectors. For this purpose, daily financial time-series data for 683 firms located in nine US sectors for the period of 2000 to 2017 are employed. Research methodology – The GARCH (1,1) model was applied to each firm located in nine US sectors. The four macroeconomic factors, namely, exchange rate, treasury yield spread, oil prices, and market return, are included in both mean and variance equations of GARCH (1,1) model to estimate the effect. Research limitations – This research study is limited to the New York Stock Exchange; therefore, it can be extended to the other economies as well. Further, this study uses one firm feature that is the sectoral location of the firm; it is recommended that some other firm features should be studied to explore the volatility behaviour of firms. In the methodological part, this study does not include the lag effect, since it is recognised in the literature that the investors underreact to public information, so future research can be extended to test the underreaction hypothesis. Practical implications – This study has implications for the investors and policymakers. Since it has emerged from the findings that some sectors are more sensitive than others to macroeconomic changes, so this knowledge will help the investors to diversify their portfolio and policymakers to maintain macroeconomic discipline. Originality/Value – The main contribution of this study is that it undertakes the assumption of heterogeneous nature of firms and conducts a detailed firm level analysis by sector covering a more extended period of time to investigate the impact of four macroeconomic factors, namely, exchange rate, treasury yield spread, oil prices, and market return on firm stock returns, volatility using daily data. Further, this study contributes by including all the macroeconomic factors together as an exogenous variable in mean and conditional variance equations of the GARCH (1,1) model to investigate the effect simultaneously.
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O'Connor, Thomas, and Julie Byrne. "When does corporate governance matter? Evidence from across the corporate life-cycle." Managerial Finance 41, no. 7 (July 13, 2015): 673–91. http://dx.doi.org/10.1108/mf-11-2013-0306.
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Purpose – The purpose of this paper is to explore the relationship between corporate governance and firm value at different stages of the corporate life-cycle. Design/methodology/approach – The authors use two measures, commonly employed in the literature, to differentiate between “immature” and “mature” firms, and estimate separate governance-value regressions for each set of firms. Findings – The findings suggest that it is differences in the resource/strategic governance functions, which manifest in young firms which result in differences in value across firms, all else equal. The authors find no relationship between governance and firm value for older firms. Hence, differences in the monitoring aspect of governance between mature firms are not rewarded with a value premium. Research limitations/implications – The findings imply that the strategic and resource roles of governance are “must haves” for firms since firms that score highly on these fronts are valued more highly. In contrast, differences in the monitoring aspect of governance are not rewarded, suggesting that effective monitoring is not a necessity, but rather a “nice to have”. The analysis is limited to a small sample of emerging market firms, and it would be of interest to extend this analysis to a larger and broader sample of firms. Originality/value – The findings suggest that corporate governance is not valued at all stages of the corporate life-cycle.
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Kansil, Ruchi. "Relation between foreign ownership and firm value – Fixed-effect panel threshold regression analysis." World Journal of Science, Technology and Sustainable Development 18, no. 2 (March 19, 2021): 109–29. http://dx.doi.org/10.1108/wjstsd-11-2020-0095.
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PurposeThe paper examines the differential impact of various firm characteristics on firm value across various threshold levels of foreign ownership.Design/methodology/approachUsing a panel of 408 Indian publicly listed companies for the period during 2010–2018, a fixed-effect panel threshold regression model is adapted to study the threshold effects between foreign ownership and firm value. Tobin's Q is used as a proxy for firm value.FindingsThe study identifies three threshold levels, that is, four threshold regions in which foreign ownership changes its slope considerably. Various firm characteristics impact firm value differently in these four regions.Research limitations/implicationsThe study employs observations of the past nine years on variables identified as firm characteristics impacting firm value. Some variables are dropped due to the problem of multicollinearity. The employed variables may not be exhaustive in nature.Practical implicationsThe present study implies that there exists no impact of foreign ownership on the value of the firm. Foreign investors invest for financial considerations and not with the objective of governing the firms. The governance effect of foreign investments is negligible, so their activism in the firms needs to be encouraged.Originality/valueThe study employs a novel approach to study the impact of foreign ownership on firm value applying fixed effect panel data threshold regression, considering foreign ownership as a proxy of corporate governance.
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Reingewertz, Yaniv. "An economic model of multi-level marketing." PLOS ONE 16, no. 7 (July 20, 2021): e0253700. http://dx.doi.org/10.1371/journal.pone.0253700.
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This paper offers an economic model of the operation of multi-level marketing (MLM) firms in competitive and non-competitive markets. The model takes a recursive approach to analyse decision making at the distributor level in order to understand basic issues in the MLM market and firm structure. Specifically, it is shown that under reasonable assumptions MLM firms will have a limited structure. In cases where commissions increase with the number of levels, MLM firms will include no more than six to nine levels in equilibrium. In cases of fixed commissions, market conditions dictate a cap on the number of distributors. These conditions imply a limited “multi-level” structure. They also imply that the revenues of the median distributor are mainly a result of direct sales and not a result of commissions. The model also suggests that MLM firms will only arise where marketing costs are substantial, and that it is primarily individuals with small outside offers who choose to become distributors. Finally, the model provides a formula that calculates market prices for a monopoly MLM firm.
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Rahman Shaik, Abdul. "Components of working capital and profitability in Saudi Arabian companies." Investment Management and Financial Innovations 18, no. 3 (August 5, 2021): 52–62. http://dx.doi.org/10.21511/imfi.18(3).2021.05.
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The study examines the influence of the cash conversion cycle (one of the components of working capital) on the firm profitability measured in terms of return on equity (ROE), return on assets (ROA), Tobin’s q, and gross operating profit (GROP) in the manufacturing sector of Saudi Arabia. The study selects a sample of 100 companies from nine industrial sectors listed on the Tadawul Stock Exchange starting from 2008 to 2019. A pooled regression is estimated to report the empirical results. The results report a positive and significant association between the components of working capital in terms of cash conversion cycle and the firm profitability in terms of ROA, ROE, and Tobin’s q, except for the GROP, where there is a negative and significant relationship. The study reports that the growth in firm performance is associated with supplier’s financing terms and inventory ordering cost. The results also show that larger firms are more profitable than smaller firms. Hence, the current study confirms the formulated hypothesis of having a significant association between the components of working capital and firm profitability.
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Doran, Justin, and Geraldine Ryan. "Eco-Innovation – does additional engagement lead to additional rewards?" International Journal of Social Economics 41, no. 11 (November 4, 2014): 1110–30. http://dx.doi.org/10.1108/ijse-07-2013-0169.
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Purpose – Eco-innovation is any form of product, process or organisational innovation that contributes towards sustainable development. Firms can eco-innovate in a variety of ways. The purpose of this paper is to identify nine different eco-innovation activities – including such items as reducing material use per unit of output, reducing energy use per unit of output, reducing carbon dioxide (CO2) “footprint” – and the authors ask whether these act as substitutes or complements to one another. Design/methodology/approach – Eco-innovation is any form of product, process or organisational innovation that contributes towards sustainable development. Firms can eco-innovate in a variety of ways. In this paper the authors identify nine different eco-innovation activities – including such items as reducing material use per unit of output, reducing energy use per unit of output, reducing CO2 “footprint” – and the authors ask whether these act as substitutes or complements to one another. Findings – Introducing only one eco-innovation activity has little payoff (in terms of turnover per worker) with only those firms who reduce their CO2 “footprint” having higher levels of turnover per worker. When introducing more than one eco-innovation activity the authors find that certain eco-innovation activities complement one another (e.g. reducing material use within the firm at the same time as improving the ability to recycle the product after use) others act as substitutes (e.g. reducing material use within the firm at the same time as recycling waste, water or materials within the firm). Practical implications – The results suggest that firms can maximise their productive capacity by considering specific combinations of eco-innovation. This suggests that firms should plan to introduce eco-innovation which act as complements, thereby, boosting productivity. It also suggests that eco-innovation stimuli, introduced by policy makers, should be targeted at complementary eco-innovations. Originality/value – The paper analyses whether eco-innovations act as complements or substitutes. While a number of studies have analysed the importance of eco-innovation for firm performance, few have assessed the extent to which diverse types of eco-innovation interact with each other to complement or substitute for one another.
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Mubarik, Muhammad Shujaat, Chandran Govindaraju, and Evelyn S. Devadason. "Human capital development for SMEs in Pakistan: is the “one-size-fits-all” policy adequate?" International Journal of Social Economics 43, no. 8 (August 8, 2016): 804–22. http://dx.doi.org/10.1108/ijse-02-2015-0033.
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Purpose – Pakistan adopted “one-size-fits-all” policy for human capital (HC) development with the assumption that the level of HC is equal across industry and firm size. The purpose of this paper is to test this major assumption on which this policy is based, by comparing the differences in the levels of HC, overall and by dimensions of HC, by industry and firm size. Design/methodology/approach – The study is based on new data set of a sample of 750 manufacturing SME firms in Pakistan, compiled through a survey. Applying the independent sample t-test, one way analysis of variance and multivariate analysis of variance, the hypotheses of differences in levels of overall and dimensions of HC were tested. Findings – The results indicate significant differences in the levels of HC by industry and firm size. The levels of HC were found to be higher in textiles, food, metal and leather industries, and for medium-sized firms. Practical implications – The findings provide supporting evidence on the inadequacy of the current human capital development (HCD) policy in Pakistan. The study therefore recommends customized HCD policies, accounting for differences across industry and firm size. Originality/value – By taking the data on nine major dimensions of HC from 750 manufacturing sector SMEs, the study tests the level of overall HC and its nine dimensions by industry and size. The study also challenges the “one-size-fits-all” policy of the government of Pakistan for developing HC in SMEs.
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Prabowo, Ronny, and Doddy Setiawan. "Female CEOs and corporate innovation." International Journal of Social Economics 48, no. 5 (March 4, 2021): 709–23. http://dx.doi.org/10.1108/ijse-05-2020-0297.
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PurposeWe investigate the effect of female CEOs on corporate innovation using Indonesian companies. More specifically, this paper aims to answer the following research questions. First, do firms led by female CEOs innovate more or less than firms led by male CEOs? Second, does firm size positively moderate the effect of CEO gender on corporate innovation? Our research questions imply that female CEOs' innovative performance likely depends on the size of their firms.Design/methodology/approachBecause the dependent variable is a dummy that equals one if the firm was an innovator and zero otherwise, this study employs probit analysis to test the hypotheses empirically. As an alternative test, we use a different measure of the dependent variable (INNOV-corporate innovation) by summing the firm's responses (yes/no) to nine innovation-related questions. Because this alternative measure of INNOV exhibits a count-data characteristic with non-negative integer values and more than 70% of the total sample did not engage in innovation activities at all, this study relies on the zero-inflated Poisson regression in the robustness test.FindingsWe have shown that firms led by female CEOs exhibit a greater probability of being innovators. Further, firm size increases the positive effect of female CEOs on firms' probability of engaging in innovation activities. Further, we also find that when female CEOs manage women-owned firms, their firms are more likely to engage in innovation activities.Research limitations/implicationsThis study cannot further investigate the causal relationship between CEO gender and corporate innovation (e.g. by analyzing whether CEOs with different gender affects firm innovation) because it relies on the World Bank Enterprise Survey data. Nevertheless, this study suggests that stakeholders, especially in developing countries like Indonesia, need to encourage more women to hold CEO positions, especially in larger firms, because women-led firms perform better in innovation activities.Originality/valueOur study thus highlights that female CEOs outperform their male counterparts in innovation activities. These results support the argument that because of gender-based discrimination that they receive, female CEOs are greatly motivated to exhibit greater innovation performance. Further, it is more difficult for women to hold the CEO positions in larger firms because of these firms' more intense managerial job market.
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Barrett, Rowena. "Small firm training: just meeting the day-to-day needs of the business." Employee Relations 37, no. 5 (August 3, 2015): 547–67. http://dx.doi.org/10.1108/er-05-2014-0048.
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Purpose – The purpose of this paper is to explore what the attitudes of small firm owner-managers are to developing the skills of their key resources and then examine how these and other factors affect owner-managers’ preferences for training these employees. Design/methodology/approach – This study of training in small road transport firms in West Australia is cast in light of the literature on human resource management in small firms underpinned by insights drawn using the resource based view of the firm. Small firms (less than 20 people) dominate this industry, while the increasing freight task, and extreme distances between West Australian ports, towns and mines highlight this sectors’ importance. Survey results from 39 small road transport firms and interviews with nine owner-managers are analysed. Findings – Legislative, regulatory and licensing requirements were shown to be a key determinant of skills development. Employers ensured that basic standards for employee certification and qualification were met, as the penalty for not doing so would be too high. Regulations drove the need for certain types of training – licenses, fatigue management, occupational health and safety, handling dangerous goods, the Maritime Security Identification Card card, forklift license, mine site inductions – while owner-managers knew where to get the training their staff needed. Although regulation appeared most visible in prescribing what happened in relation to training for drivers, the relevance of owner-managers’ attitudes could not be ignored, nor could conditions in the firms external environment as this shaped how these requirements were met. Research limitations/implications – The RBV is useful in showing how skill development enabled similarity in skills across firms, while the attitudes owner-managers and economic and social conditions meant what happened in firms around skill development varied. The importance of small firm owner-managers’ attitudes are clearly highlighted and shown to influence organizational decisions and choices around training, but these were not independent of the regulatory framework and the economic and social conditions within which the firm operated. The small firms in this study did engage workers in formal training when necessary but it was put in the context of the idiosyncratic approach of the owner-manager and the day-to-day needs of the firm. “Training” was essentially about ensuring certain types of skills were held by employees and then passing on knowledge to ensure the behavior of employees was consistent with the owner-manager’s vision for the firm in its current environment. Originality/value – Ways industry and government can encourage training activity that goes beyond the day-to-day firm needs are suggested.
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Owusu, Andrews. "Revisiting the relationship between board practices and firm performance." Corporate Board role duties and composition 17, no. 1 (2021): 60–68. http://dx.doi.org/10.22495/cbv17i1art6.
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This paper examines whether and how firm performance is influenced by board practices in Ghana. The analysis shows that chief executive officer (CEO) duality has a negative impact on firm performance, evidence that supports agency theory’s position. Further analysis shows that the smaller Ghanaian board size appears to be optimal because it has a positive impact on firm performance. However, the larger non-executive director representation on the board has no impact on firm performance. Overall, these results suggest that the Ghanaian firms should be encouraged to separate the role of CEO and the board chair positions, have a board size of between eight and nine, and make good use of non-executive directors’ time in the board decision process if they are to achieve better performance.
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Vroegindewey, Ryan, Robert B. Richardson, Kimberly Chung, Veronique Theriault, and David L. Ortega. "Competitive advantage and processor demand for local and imported food ingredients: analysis from an urban dairy market in West Africa." Journal of Agribusiness in Developing and Emerging Economies 11, no. 2 (February 18, 2021): 140–59. http://dx.doi.org/10.1108/jadee-06-2020-0133.
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PurposeIn Mali, dairy processors mostly use imported powdered milk rather than local fresh milk, constraining the development of a domestic milk sector. We investigate factors motivating a firm's choice of milk input, to identify measures that can encourage demand for fresh milk.Design/methodology/approachWe utilize case study data from nine firms that use fresh and powdered milk to varying degrees, and which are representative of dairy processing in Bamako. To model firm motivations, we assess how each input contributes to or detracts from firm competitive advantage, through its influence on cost and differentiation.FindingsFirms using fresh milk pay a higher input price, incur higher transaction costs and face additional challenges in production and distribution. Firms distinguish themselves from competitors through four potential sources of differentiation: novel product types, quality enhancements, quality-signaling and unique packaging. However, fresh milk firms are less likely to exploit each source of differentiation.Research limitations/implicationsCompetitive advantage is a useful framework for understanding firm behavior in developing markets and can be applied in other contexts to strengthen external validity.Originality/valueThe extant economics literature on African dairy development has been surprisingly silent on the threat of import competition. This research is one of the first to investigate this issue in the under-studied middle segment of food value chains.
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Baig, Umair, Manzoor Anwar Khalidi, Shujaat Mubarak, and Salman Sarwat. "An Empirical Insight into the Theory and Practices of Capital Budgeting in Pakistan." Market Forces 15, no. 2 (December 1, 2020): 18. http://dx.doi.org/10.51153/mf.v15i2.466.
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The study explores the different stages of the capital investment decision process and empirically investigates these stages’ mediating role. We have used firms, managers, and economic attributes as independent variables. Likewise, ROA, ROE, and EPS are used as proxies for measuring firm performance, which is the dependent variable. A survey was conducted through a self-developed questionnaire for non-financial listed firms of the Pakistan Stock Exchange (PSX). The questionnaire comprises of two parts. The first part is related to managers and firm attributes. The second part covers the nine steps of the Capex Appraisal Model (CAM). PLS-SEM was used to investigate the objectives of the study. Moreover, the results support the applicability of CAM in the corporate sector of Pakistan. For this purpose, 27 hypotheses were empirically tested, of which 21 were found to be significant. However, 6 hypotheses were not supported. The findings suggest that the “Capex Appraisal Model” is a useful approach for the corporate sector of Pakistan. Thus, firms should properly evaluate Capex decisions to enhance performance in the long run.
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Zulkafli, Abdul Hadi, Fazilah Abdul Samad, and Izani Ibrahim. "Ownership monitoring mechanism and corporate performance: evidence from banking firms in Asian emerging markets." Corporate Ownership and Control 5, no. 3 (2008): 349–57. http://dx.doi.org/10.22495/cocv5i3c3p3.
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Corporate governance is regarded as a major issue during the post-financial crisis period in Asia. These countries have implemented corporate governance reforms to enhance the protection of their shareholders and stakeholders interests. Such reforms may affect the conduct of business of all corporations in the region as it allows for greater monitoring especially by the shareholders. Unlike earlier studies which focused on non-financial firms, this study analyzes the corporate governance involving ownership monitoring mechanism of listed banking firms in nine Asian emerging markets which are Malaysia, Thailand, Philippines, Indonesia, Korea, Singapore, Hong Kong, Taiwan and India. It is found that ownership monitoring mechanisms of the banking firms in Asian emerging markets are negatively related with firm value measured by Tobin’s Q
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Louw, Elmarie, John Hall, and Leon Brümmer. "Working capital management of South African retail firms." Journal of Economic and Financial Sciences 9, no. 2 (December 18, 2017): 545–60. http://dx.doi.org/10.4102/jef.v9i2.58.
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The way a firm manages its working capital can have a decisive influence on the firm’s profitability and liquidity. In view of the prominent role that the retail industry plays in the South African economy, the purpose of this study was to investigate the effect of working capital management on the profitability of South African retail firms. Eighteen retail firms that were listed on the Johannesburg Securities Exchange for a period of nine years (2004-2012) were analysed. The findings show that a strategy of reducing investment in inventory and trade receivables, while increasing trade payables, appears to improve the profitability of South African retail firms. Inventory management seems to have the strongest statistically significant impact on a firm’s profitability. Hence, it is recommended that retail firms implement advanced inventory management systems in order to optimise inventory levels and enhance profitability.
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Blake, Andrew B., Oleg V. Petrenko, Federico Aime, Theodore Waldron, and Mahbuba Akter. "Keeping nice in check: When a nice CEO is not so nice for the firm." Academy of Management Proceedings 2021, no. 1 (August 2021): 16052. http://dx.doi.org/10.5465/ambpp.2021.16052abstract.
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Uzuegbunam, Ikenna. "Identity and initial structure in inter-firm alliances: a social identity perspective." Management Decision 54, no. 4 (May 16, 2016): 929–45. http://dx.doi.org/10.1108/md-12-2014-0696.
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Purpose – The purpose of this paper is to examine how firms use the identities of their alliance partners in choosing initial governance structures in strategic alliances. It proposes that social identity from the perspective of an established firm participating in an inter-firm alliance can be constructed on the basis of ownership categories and market categories of the firm’s alliance partners. Design/methodology/approach – The study focusses on a sample of 478 alliances involving 36 focal firms in the US semiconductor industry over a nine-year period (1995-2003). The sample is analyzed using logistic regression methods. Findings – The author finds evidence suggesting that joint venture (JV) structures are more likely when an alliance has more partners that identify as privately held firms or subsidiaries of other firms. The results also suggest that JV structures are more likely when an alliance involves strong product market identity with partners and less likely when an alliance involves strong geographic identity with partners. Originality/value – These findings provide some novel insights into potential heuristics that alliance managers use in making initial alliance structure decisions. In particular, this paper contributes to a growing stream of research that considers the optimal alliance structures for different partner configurations by showing the potential influence of partners’ identities in simplifying these important decisions.
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Khan, Sania. "Exploring the firm’s influential determinants pertinent to workplace innovation." Problems and Perspectives in Management 19, no. 1 (March 9, 2021): 272–80. http://dx.doi.org/10.21511/ppm.19(1).2021.23.
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Significant changes in organizations with good human resources (HR) practices can transform the workplace to a great extent. Although there is a fair amount of research on workplace innovation, most firms even now act as barriers to personnel growth and workplace innovation. This study proposed to explore various influential factors of firms from a holistic perspective that affect workplace innovation by adopting the principal component analysis (PCA) method to reduce the dimensionalities and better emphasize firms’ development. The useful data were collected using a survey questionnaire from one hundred and ninety-five (195) respondents from different Indian organizations. Totally forty-six sub-factors were identified and developed into nine significant organizational factors influencing workplace improvement viz., organization culture and environment, innovation process, resources, organization structure, corporate strategy, employee, knowledge management, technology and management, and leadership. The study suggested that any firm must emphasize these core determinants at the workplace to motivate the employees towards innovation and organizations to be competitive in the industry. The study invites firm policymakers, HR managers, and top management to formulate the best organizational strategies to encourage an innovative culture in firms. AcknowledgmentThe author(s) of this study acknowledges all the respondents who contributed their quality opinion and made this study possible and helpful in contributing to the industry.
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Loehde, Ann Sophie K., Andrea Calabrò, Mariateresa Torchia, and Sascha Kraus. "Joint (Ad)ventures—Family firms' international entry mode choices for emerging markets." International Journal of Entrepreneurial Behavior & Research 26, no. 6 (May 23, 2020): 1235–58. http://dx.doi.org/10.1108/ijebr-10-2019-0573.
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PurposeThe aim of this study is to advance knowledge on family firms' entry mode choices by examining the linkage between target market context, especially in the emerging economies of China and India, and the dominant family firm logic of keeping ownership and control in the family.Design/methodology/approachWe use an exploratory multiple case study analysis approach based on nine German family firms' internationalization endeavors. We use both primary and secondary data.FindingsTraditionally, extant research concludes that family principals prefer foreign direct investments (FDIs) in order to exert maximum control when entering international markets. In contrast, our study finds a clear preference for international joint ventures (IJVs) as an initial entry mode of choice into unfamiliar markets. Our findings propose this decision to be rooted in cultural unfamiliarity and the complexity of the target markets' legal environment. The effect of these two factors is amplified by prior IJVs experiences.Originality/valueThis article offers several original insights. First, we identify the triggers of the paradoxical IJVs’ entry mode choice among family firms and thus explain the motivation for breaking with the dominant family firm logic of maximizing control. Second, we account for factors in China's and India's particular emerging market environments. In the light of family control, the unfamiliarity with these markets triggers the decision to compensate for the high level of uncertainty by engaging in an IJV partnership. Third, our study shows that family firms are indeed willing to share control if it serves the long-term survival of the firm.
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T. Lemma, Tesfaye, and Minga Negash. "Determinants of the adjustment speed of capital structure." Journal of Applied Accounting Research 15, no. 1 (May 6, 2014): 64–99. http://dx.doi.org/10.1108/jaar-03-2012-0023.
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Purpose – The purpose of this paper is to examine the role of institutional, macroeconomic, industry, and firm characteristics on the adjustment speed of corporate capital structure within the context of developing countries. Design/methodology/approach – The authors considers a sample of 986 firms drawn from nine developing countries in Africa over a period of ten years (1999-2008). The study develops dynamic partial adjustment models that link capital structure adjustment speed and institutional, macroeconomic, and firm characteristics. The analysis is carried out using system Generalized Method of Moments procedure which is robust to data heterogeneity and endogeneity problems. Findings – The paper finds that firms in developing countries do temporarily deviate from (and partially adjust to) their target capital structures. Our results also indicate that: more profitable firms tend to rapidly adjust their capital structures than less profitable firms; the effects of firm size, growth opportunities, and the gap between observed and target leverage ratios on adjustment speed are functions of how one measures capital structure; and adjustment speed tends to be faster for firms in industries that have relatively higher risk and countries with common law tradition, less developed stock markets, lower income, and weaker creditor rights protection. Research limitations/implications – Future research should focus on examination of the adjustment speed of debt maturity structure. Identification of industry-specific characteristics that affect the pace with which firms adjust their capital structure to the optimum is another possible avenue for future research. Practical implications – Our findings have practical implications for corporate managers, governments, legislators, and policymakers. Originality/value – The study focuses on firms in developing countries for which the literature on adjustment speed of capital structure is virtually non-existent. Furthermore, unlike previous works on capital structure, it explicitly models industry variable as one of the determinants of adjustment speed. Therefore, it contributes to the literature on capital structure and adjustment speed in general and to the literature on developing countries in particular.
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Michal, Jirasek. "The influence of national culture on changes in R&D expenses among agrochemical firms." Agricultural Economics (Zemědělská ekonomika) 63, No. 11 (November 6, 2017): 524–30. http://dx.doi.org/10.17221/230/2016-agricecon.
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Research and development (R&D) represents a significant expenditure and investment into the future competitiveness of a given firm. The behavioural theory of the firm assumes that these expenditures are subject to changes caused by performance feedback. This paper builds upon these assumptions and extends them by considering the possible effect of national cultures on the nature of these responses to the performance feedback. The research follows 119 firms from nine countries over the period 2001–2015 and analyses their behaviour using generalized linear mixed models. The findings mostly support an effect of national cultures, measured by Hofstede’s cultural dimensions, on changes in R&D expenditure and indicate that national culture is one of the factors which needs to be taken into account when utilizing the behavioural theory of the firm.
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Seth, Himanshu, Saurabh Chadha, and Satyendra Sharma. "Redesigning the efficiency process analysis for working capital models." Journal of Global Operations and Strategic Sourcing 13, no. 1 (July 8, 2019): 38–55. http://dx.doi.org/10.1108/jgoss-04-2019-0029.
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Purpose The purpose of this study is to get insights into working capital management (WCM) practices and the determinants of its efficiency prevailing in the Indian manufacturing sector using firm-specific as well as macro-economic variables by examining three efficiency models, i.e. cash conversion cycle (CCC), cash conversion efficiency (CCE) and net working capital level (NWCL). Design/methodology/approach The study uses panel data techniques on 1,207 firms of the Indian manufacturing sector, as well as on its nine key manufacturing industries from 2008 to 2018 for the analysis. Findings Several firm-specific variables such as net fixed asset ratio, size of the firm, profitability, firm’s growth, asset turnover ratio, age of the firm, interest rate and leverage have significant effect on WCM efficiency, whereas total assets growth rate, gross domestic product growth rate and inflation rate have insignificant effect on WCM efficiency. Research limitations/implications The study provides new empirical evidence on the short-term liquidity management of manufacturing firms prevailing in the developing countries such as India. The findings are particularly relevant in the present scenario when the liquidity levels are decelerating and there is a marked slowdown in private credit flows to the manufacturing sector due to the problem of burgeoning non-performing assets. Originality/value This study examines WCM efficiency exhaustively by incorporating both firm-specific and macro-economic variables using three efficiency measures, i.e. CCC, CCE and NWCL, results of which emerged as an answer to an efficient WCM.
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Kleef, Han van, and Donald Ropes. "Waste Management Firms as Catalysts for Developing SME's Circular Business Models: the Possibilities of Industrial Symbiosis." International Journal of Innovation and Economic Development 7, no. 1 (2021): 16–27. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.71.2002.
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The purpose of this research was to explore possibilities for waste management firms (WMFs) to act as lead firms in industrial symbiosis (IS) processes with small and medium enterprise (SME) clients in order to promote circular business models. We were curious to see how willing, and able four local WMFs were regarding the adoption of a firm lead role and under what conditions. We used a case study design because of the lack of research on the topic and the explorative nature of the research itself. First, we interviewed nine representatives from four WMFs using a semi-structured interview protocol. We then presented our results to the representatives as a basis for further discussion. We found that WMFs are open to adopting the various roles associated with a lead firm position in industrial symbiosis but need various kinds of support in order to so, for example, in coordinating the IS – network and for financing the activities. Our research is original in the sense that we look at the concept of IS from the specific context of a WMF-SME symbiotic relationship. We also contribute to both the IS literature as well as that of new business model development. Management implications include understanding why firms are willing to explore new business models with their client partners.
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Rossmannek, Oliver, and Olaf Rank. "Internationalization of exploitation alliance portfolios and firm performance." Management Decision 57, no. 1 (January 14, 2019): 86–99. http://dx.doi.org/10.1108/md-11-2017-1105.
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Purpose The purpose of this paper is to analyze the impact of alliance portfolio internationalization (API) on firm performance in the context of exploitation alliances. Design/methodology/approach The hypothesis is tested by applying a panel regression using a sample of 64 airlines over a nine years period. Findings As a result, the study finds a U-shaped relationship between API and firm performance. Research limitations/implications The results are particularly relevant for firms using many exploitation (e.g. marketing) alliances. Practical implications In the context of exploitation alliances, managers should focus either on local partners or to take advantage of partners with a high degree of foreignness. Stuck in the middle seems to be not advantageous. Originality/value Previous work found an S-shaped relationship between portfolio internationalization and firm performance while concentrating on exploration alliances. In contrast, this study shows that exploitation alliance portfolios do not experience a decline of firm performance at high levels of portfolio internationalization.
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Menéndez Menéndez, María Isabel. "“You’re made of what you do”: impulso del deporte femenino a través de estrategias de femvertising en Nike (“You’re Made of What You Do”: Promotion of Female Sport through ‘Femvertising’ Strategies by Nike)." Retos, no. 38 (February 26, 2020): 425–32. http://dx.doi.org/10.47197/retos.v38i38.76959.
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El acceso de las mujeres al deporte se ha realizado tardíamente y sin eliminar los estereotipos de género que han construido la actividad física como una característica intrínseca de la masculinidad. El abandono temprano por parte de las jóvenes, los mandatos de género que interactúan con la imagen de la feminidad y los obstáculos que deben superar las mujeres en muchas sociedades demuestran la urgente necesidad de trabajar en iniciativas que fomenten el acceso femenino al deporte tanto recreativo como de competición. No solo las políticas públicas deben asumir esta agenda, también las empresas pueden contribuir. Mediante el estudio de caso de la multinacional de equipamiento deportivo Nike, este texto analiza una selección de campañas de publicidad lanzadas bajo el paradigma de la femvertising. El artículo demuestra que más allá de los objetivos comerciales de las firmas, es posible realizar una comunicación comercial que mejore la relación de las mujeres con el deporte y que favorezca su empoderamiento.Abstract. Women’s access to sports has taken place belatedly and without eliminating the gender stereotypes that have built physical activity as an inherently male quality. The early withdrawal form physical activity by young women, the gender mandates interacting with the femininity image, and the obstacles that women must overcome in many societies are proof of the urgent need to work on initiatives to promote female access to recreational and competitive sports. This agenda must not only be incorporated into public policies; private companies can also contribute. Through the study of the multinational sport equipment brand Nike, this paper analyzes a selection of campaigns launched within the ‘femvertising’ paradigm. This demonstrates that, beyond the commercial aims of the firm, it is possible to create a commercial communication strategy that helps improve the relationship between women and sports, promoting female empowerment.
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Bhattacharyya, Som Sekhar. "Explicating firm international corporate social responsibility initiatives." Review of International Business and Strategy 30, no. 4 (October 19, 2020): 515–36. http://dx.doi.org/10.1108/ribs-05-2020-0055.
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Purpose The growth of the international business is a new global reality of emerging economy firms. The increasing international footprint of business firms is transpiring into firms being embedded in the nest of the international business landscape. corporate social responsibility (CSR) initiatives cater to stakeholders. Given this, it is imperative that International CSR (ICSR) initiatives are undertaken for meeting the expectations of international stakeholders. It is important that ICSR is both efficient and effective. The purpose of this paper is to explicate the concept of ICSR in this study. Design/methodology/approach This is an exploratory study and for this, a qualitative research approach is applied. Based upon the inputs from the literature a semi-structured open-ended questionnaire is prepared. Non-probabilistic purposive snowball sampling is used to identify experts on ICSR. Qualitative in-depth personal interviews are conducted. The qualitative data is collected by in-depth personal interviews with 31 Indian ICSR experts by using a semi-structured open-ended questionnaire. Data collection was stopped after reaching thematic saturation post 31 interviews. The data is thematic and relational content analysed for seeking an answer to the research questions posed. Findings The author for explicating ICSR developed a moderated mediation model. The developed moderated mediation model on ICSR is having nine factors, namely – firm ICSR perspective (FICSRP), ICSR practice (ICSRP), CSR planning function (ICSRPF), organisational ICSR commitment (OICSRC), organisational stakeholder inclusivity orientation (OSIO), firm international exposure (FIE), bounded rationality of ICSR practitioners (BRICSRP), ICSR management bounded reliability (ICSRMBR) and nature of ICSR footprint (NICSRF). The author found that “firm outlook”, “CSR planning plus implementation” and “CSR commitment” are the independent variables. While firm “international exposure” and “stakeholder inclusivity orientation” are the mediating variables. CSR bounded “reliability” and “rationality” are moderating variables. The “nature of ICSR” (classified as an island or mixed or extension) is the dependent variable. Research limitations/implications This study is set in the context of internationalisation of the emerging economy firms of India. This qualitative empirical research study developed a moderated mediation model on ICSR. There are nine factors in the model, namely, “firm outlook”, “CSR planning plus implementation” and “CSR commitment” as independent variables, firm “international exposure” and “stakeholder inclusivity orientation” as the mediating variables, CSR bounded “reliability” and “rationality” as moderating variables and the “nature of ICSR” as the dependent variable. Practical implications Managers engaging in planning and implementation of ICSR initiatives in various foreign countries could best upon this study findings improve the ICSR delivery. Managers in their firms could improve the “firm outlook” to enhance ICSR, undertake increased “CSR planning plus implementation” and “CSR commitment”. Managers could base upon this study results to improve the moderating conditions of ICSR that is CSR bounded “reliability” and “rationality”. Better firm managers “international exposure” and “stakeholder inclusivity orientation” will better mediate ICSR action. All these would finally help the ICSR managers to better deliver the more effective “nature of ICSR”. Social implications A better understanding of ICSR will help foreign managers to develop more efficient and effective foreign CSR initiatives. This will help a better quality of CSR work done in foreign countries. This will help the host country communities and society in general. Originality/value This study is one of the first set of studies in the context of ICSR. This qualitative empirical study is also one of the first studies to explicate ICSR through a moderated mediation model consisting of organisational variables such as “firm outlook”, “CSR planning plus implementation” and “CSR commitment” as the independent variables. The ICSR model is composed of the firm “international exposure” and “stakeholder inclusivity orientation” as the mediating variables, CSR bounded “reliability” and “rationality” as moderating variables and the “nature of ICSR” as the dependent variable.
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Lei, Adrian C. H., and Samuel W. K. Lam. "Family Ownership, Auditor Choice and Audit Fees: Evidence from Hong Kong." International Journal of Accounting and Financial Reporting 8, no. 1 (February 27, 2018): 1. http://dx.doi.org/10.5296/ijafr.v8i1.12571.
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Purpose –The primary purpose of this paper is to examine the impact of family control/ownership on auditor choice and audit fees in Hong Kong. Besides, this paper also addresses the impact of multiple directorship of audit committee members on these two external auditing dimensions.Design/methodology/approach –Panel data technique is used to perform analysis. The unbalanced panel data set consists of 2,724 firm-year observations for nine years from year 2001 to 2009.Findings –The results indicate that family firms have a higher likelihood to appoint Big 5 auditors, it supports the signaling hypothesis. Contrasting the perceived higher audit risk, they incur lower audit fees. The results also show the independent audit committee members with multiple directorships are not affected by their busyness. Our results are also robust to the alternative definition of family firms and by using the sub-sample within 2004 - 2009. We also find that the firms controlled by recognized Big family in Hong Kong society incur higher audit fees but no support for family firm incurring higher non audit fee.Originality/value–First, our paper responds to the recent call for research for auditor choice and audit fees within the context of emerging economies. Secondly, this paper also explores other determinants of auditor choice and audit fees in HK such as the characteristics of the audit committee and multiple directorships. Thirdly, our findings contribute to the family firms’ literature by shedding light on family firms do enhance their external auditing function to improve the credibility of financial reporting of the firms which is expected to help investors and public in HK to know more about the effect of family control on the external auditing to protect their interest. The findings in this paper are also valuable to regulators who might concern the corporate governance and informativeness in family firms.
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Huang, Kuo En, Huang Ming Chuang, and Chu Chun Huang. "Information Sharing, Organizational Learning and Competitive Advantage to Supply Chain Management." Applied Mechanics and Materials 543-547 (March 2014): 4428–33. http://dx.doi.org/10.4028/www.scientific.net/amm.543-547.4428.
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We introduce a model to examine factors influencing Competitive Advantage and implementation in inter-firm. The model comprises nine research hypotheses with nine constructs, including Innovation Knowledge, Technology Creation, Quality Management, Resource, Communication, Opportunistic Behavior, Organizational Learning, Information Sharing and Competitive Advantage. The constructs are measured by well-supported measures in the literature. The hypotheses are tested via an empirical study of supply chains. Data used was based on 424 valid responses from Taiwans top manufacturing firms 2013. The results show Innovation Knowledge is the most important factors affecting Competitive Advantage success. Innovation Knowledge, Technology Creation, Quality Management, Resource, Communication, Opportunistic Behavior, Organizational Learning, Information Sharing and Competitive Advantage are integrated into and internalized by the whole organization.
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Tiwari, Sudip K., and Tor Korneliussen. "Exporting by experiential knowledge: a study of emerging market micro firms." International Marketing Review 35, no. 5 (September 10, 2018): 833–49. http://dx.doi.org/10.1108/imr-01-2016-0002.
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Purpose Relying on the theoretical lens of a knowledge-based view, the purpose of this study is to explore the sources and roles of experiential knowledge in the rapid internationalisation of an emerging market-based micro export firms (EMMFs). Design/methodology/approach This is an inductive theory building study, which attempts to understand the “how” and “why” questions. In so doing, the study used nine micro export firms operating in the handicrafts sector of Nepal. Findings The findings suggest that internationalisation of resource-poor EMMFs relies on the entrepreneurs’ experiential knowledge, which is mainly acquired through prior experience, social networks and participation in international trade-fairs. Research limitations/implications This study contributes by formulating a number of propositions on the sources and roles of experiential knowledge, which could be tested in pursuit of theory building on micro firms’ internationalisation based in emerging markets. Originality/value The paper advances an understanding on the patterns of firms’ internationalisation, and discusses EMMFs’ possibilities to emerge as a faster internationalising firm, so-called “born globals”.
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El-Diftar, Doaa. "Firm-level determinants of capital structure in the MENA region." Journal of Research in Emerging Markets 2, no. 3 (April 26, 2020): 1–12. http://dx.doi.org/10.30585/jrems.v2i3.494.
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This paper investigates the behavior of firm characteristics on capital structure in firms in the MENA region. The outcomes of this research are important to bridge the gap between the theory and the practical decisions related to capital structure. The research studies the impact of firm characteristics on levels of debt from three different perspectives; short-term debt, long-term debt, and total debt. The study is applied to 416 firms from nine countries of the MENA region (Bahrain, Qatar, Saudi Arabia, UAE, Oman, Kuwait, Egypt, Jordan, and Tunisia) over some time from 2007-2016. Various econometrics techniques are used to reinforce the generated results. The results show that a firm's profitability and liquidity levels have a significant inverse impact on leverage, whereas; firm's size has a direct impact. The empirical results also show that asset tangibility and market value impact leverage differently depending on the type of debt used. Overall, the results reinforce the importance of both the pecking order theory as well as the trade-off theory in explaining capital structure decisions in the MENA region, with the results being more significant concerning the pecking order theory.
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Adedeji, Afolabi, Raphael Ojelabi, and Opeyemi Oyeyipo. "n analysis of social media marketing of indigenous construction firms in Nigeria: A tool for sustainable growth." International Journal of Construction Supply Chain Management 8, no. 2 (December 31, 2018): 60–72. http://dx.doi.org/10.14424/ijcscm802018-60-72.
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ndigenous construction firms in Nigeria operate in one of the harshest economic climates while competing with their foreign counterparts. ICFs require strategic and innovative marketing skills in selling their products and services to current and prospective clients. The paper examined the use of social media marketing strategies by indigenous construction firms in Nigeria; a tool for sustainable growth. The study used quantitative data through a questionnaire survey instrument at company-level. A total ofseventy-nine (79) questionnaires at firm level were utilised. The data collected were presented using stacked bars, radar charts and matrix correlation. The study identified the social media platforms mostly utilisedby ICFs and the major barriers resisting the adoption of the innovative marketing strategy in Nigeria. The perceived benefits accrued to ICFs in the use of social media as a marketing tool differs across the type of social media platforms in use by the ICFs. ICFs need to be concerned about image and trust building through a concerted effort in client engagement on social media platforms to improve their brand and reputation. Social media marketing strategies should be integrated with the traditional marketing plans of construction firm.
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Rathinasamy, R. S., George C. Philippatos, and Ronald E. Shrieves. "Mergers, Debt Capacity, And Stockholder-Bondholder Wealth Transfers." Journal of Applied Business Research (JABR) 7, no. 3 (October 19, 2011): 92. http://dx.doi.org/10.19030/jabr.v7i3.6231.
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This study presents a framework for determining whether post merger actual debt of a merged firm is higher than its potential debt capacity. Our results show that on the average, actual debt of the merged firm is significantly higher than its potential debt capacity, and that the proportion of firms with actual debt higher than potential debt capacity is higher than expected. This evidence is consistent with the argument that the co-insurance wealth transfer from shareholders to bondholders is negated by increased leverage post merger. The results on abnormal returns to bondholders for the two subgroups with actual debt higher/lower than the potential debt capacity support the neutralization of wealth transfers. Forty-nine industrial mergers during 1970-1984 and the associated debentures comprise the sample. We measure the potential debt capacity after the merger based on a theoretical model using pre-merger correlation of the cash flows of the merging firms and their debt ratios. Our results indicate that post merger actual debt ratios are significantly higher than the potential theoretical ratios providing support for the increased debt capacity as motive for merger. We also find evidence for leverage induced neutralization of wealth transfers to bondholders.
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Ahmed, Muhammad, Mark Pagell, Mehmet Kristal, and Thomas Gattiker. "Micro-Foundations of Supply Chain Integration: An Activity-Based Analysis." Logistics 3, no. 2 (March 28, 2019): 12. http://dx.doi.org/10.3390/logistics3020012.
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A large body of literature has studied supply chain integration (SCI) at the macro (firm or dyad) level. However, the micro-foundations of SCI that highlight the range of different activities and choices firms have in implementing integration have not been studied. This paper identifies and analyzes integrative activities or practices that form the micro-units of firm-level SCI. Qualitative analysis yields nine elements of integration that emerge from the large number of integrative practices. In doing so, the paper maps out the structure of the broad SCI construct and discusses the theoretical repercussions of this new approach. New theoretical insights and research directions are identified based on this new micro-level activity-based view of SCI. This paper shifts the focus from where integration is done (customer vs. supplier integration) to what integration entails. SCI has become a very broad construct over time. This paper is a significant and systematic step in unraveling the structure of this broad conceptual domain. It improves nascent ideas about the multiple dimensions of integration by identifying elements based on a comprehensive list of different integrative activities that firms undertake.
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Azarmi, Davar. "Factors Affecting Technology Innovation and Its Commercialisation in Firms." Modern Applied Science 10, no. 7 (April 28, 2016): 36. http://dx.doi.org/10.5539/mas.v10n7p36.
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<p>This article aims to form a comprehensive list of influential elements on technology innovation and its commercialisation in firms and furthermore categorises and ranks them to assist managers and technology entrepreneurs in their decision making. 46 elements are derived from the literature and are organised under nine major factors. Also, by the opinions of 108 computer science university professors and using Friedman test, they are ranked based on their importance. The results show that the top three factors are about the attitude of a firm toward technology innovation (‘support’, ‘knowledge’ and ‘technology’) while the least influential factor is the firm's ‘ideology’. The results would help managers to assess their firms’ abilities regarding technology innovation and its commercialisation and assist them to determine where and how they should distribute their resources and concentrate their efforts.</p>
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Jaffe, Amy Myers. "STRANDED ASSETS AND SOVEREIGN STATES." National Institute Economic Review 251 (February 2020): R25—R36. http://dx.doi.org/10.1017/nie.2020.4.
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There is evidence that the risk of stranded assets in the oil and gas sector is underpriced in financial markets. Publicly traded Western oil and gas companies are starting to write down assets, opening up the possibility that more rationalisation of value is likely to come. To the extent that large oil companies diversify portfolios to include cleaner energy and carbon sequestration technologies, it could reduce the risk of a sudden cascading change in the stock valuation of these firms and related bond and credit markets. Instead, the vast majority of oil and gas assets that will be stranded are in the control of sovereign states whose national budgets are highly dependent on oil and gas revenues. Thus, the problem of stranded asset risk for the oil and gas sector may be most relevant in markets for sovereign credit as well as risks that go beyond financial losses.
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Akben Selçuk, Elif. "Corporate diversification and firm value: evidence from emerging markets." International Journal of Emerging Markets 10, no. 3 (July 20, 2015): 294–310. http://dx.doi.org/10.1108/ijoem-12-2012-0180.
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Purpose – The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil, Chile, Indonesia, Malaysia, Philippines, Poland, South Africa, Thailand, and Turkey. For the purpose of this study, a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes. Design/methodology/approach – Employing panel data from 1,568 companies for the period 2005-2010, this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm. Findings – Overall, analysis results suggest that, for the period from 2005 to 2010, diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries, providing support for diversification premium. Originality/value – The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich, only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore, most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology.
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Kelleci, Rüveyda, Frank Lambrechts, Wim Voordeckers, and Jolien Huybrechts. "CEO Personality: A Different Perspective on the Nonfamily Versus Family CEO Debate." Family Business Review 32, no. 1 (November 12, 2018): 31–57. http://dx.doi.org/10.1177/0894486518811222.
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Based on a unique, hand-collected data set, we examine the personality traits of nonfamily and family CEOs in privately held Belgian family firms using the Occupational Personality Questionnaire. We find significant differences between nonfamily and family CEOs with regard to nine personality traits: independent minded, democratic, data rational, behavioral, detail conscious, conscientious, relaxed, worrying, and trusting. The findings suggest a very balanced personality profile for nonfamily CEOs and a rather strong-willed personality for family CEOs. Moreover, while the results suggest that the personalities of nonfamily CEOs matter for firm performance, no such indications were revealed for family CEOs.