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Journal articles on the topic 'Firm Size'
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Alabdullah, Tariq Tawfeeq Yousif, Essia Ries Ahmed, and Sofri Yahya. "The determination of firm performance in emerging nations: Do board size and firm size matter?" International Academic Journal of Accounting and Financial Management 05, no. 02 (December 28, 2018): 57–66. http://dx.doi.org/10.9756/iajafm/v5i2/1810017.
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Baert, Stijn, Ann-Sofie De Meyer, Yentl Moerman, and Eddy Omey. "Does size matter? Hiring discrimination and firm size." International Journal of Manpower 39, no. 4 (July 2, 2018): 550–66. http://dx.doi.org/10.1108/ijm-09-2017-0239.
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Purpose The purpose of this paper is to study the association between firm size and hiring discrimination against women, ethnic minorities and older job candidates. Design/methodology/approach The authors merge field experimental measures on unequal treatment with firm-level data. The resulting data enable the authors to assess whether discrimination varies by indicators of firm size, keeping other firm characteristics constant. Findings In contrast with the theoretical expectations, the authors find no evidence for an association between firm size and hiring discrimination. On the other hand, the authors do find suggestive evidence for hiring discrimination being lower in respect of public or non-profit firms (compared to commercial firms). Social implications To effectively combat hiring discrimination, one needs to understand its driving factors. In other words, to design adequate policy actions, targeted to the right employers in the right way, one has to gain insight into when individuals are discriminated in particular, i.e. into the moderators of labour market discrimination. In this study, the authors focus on firm size as a moderator of hiring discrimination. Originality/value Former contributions investigated this association within the context of ethnic discrimination only and included hardly any controls for other firm-level drivers of discrimination. The authors are the first to study the heterogeneity in discrimination by firm size with respect to multiple discrimination grounds and control for additional firm characteristics.
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Nnajieze, Elizabeth Ifeyinwa, Alex Onyeji Igwe, and Anthony Okorie Nwabuisi. "Responsiveness of Biological Assets to Board size, Firm size, and Firms’ age of Agricultural Firms in Nigeria." European Journal of Accounting, Auditing and Finance Research 10, no. 11 (November 15, 2022): 36–51. http://dx.doi.org/10.37745/ejaafr.2013/vol10n113651.
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This study examined the responsiveness of biological assets to board size, firm size and firm age of quoted Agricultural firms in Nigeria. The specific objectives were to examine the effect of board size, firm size, and firm age on the biological assets of quoted Agricultural firms in Nigeria. An ex-post facto research design was used which made use of secondary panel data drawn from annual reports and accounts of the sampled firms for a period of ten (10) years, 2011-2020. Panel least squares were applied in the test of hypotheses. The result of the analysis showed that board size, firm size and firm age have an insignificant effect on biological assets. The implication is that none of the three variables can predict the increase or decrease in biological assets of agricultural firms in Nigeria. The study recommends that agricultural firms should maintain a robust board size so that they can continue to reap the benefits of the two good heads theory. Efforts should be made to ensure continuous firm growth because of the positive link it has with biological assets. Firms are encouraged to continuously effect changes in both assets and other activities that may be affected by the age of the firm. Management should maintain current innovations in the industry to attract new investors, boost productivity and enhance shareholders’ funds.
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Haltiwanger, John C., Henry R. Hyatt, Lisa B. Kahn, and Erika McEntarfer. "Cyclical Job Ladders by Firm Size and Firm Wage." American Economic Journal: Macroeconomics 10, no. 2 (April 1, 2018): 52–85. http://dx.doi.org/10.1257/mac.20150245.
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We study whether workers progress up firm wage and size job ladders, and the cyclicality of this movement. Search theory predicts that workers should flow toward larger, higher paying firms. However, we see little evidence of a firm size ladder, partly because small, young firms poach workers from all other businesses. In contrast, we find strong evidence of a firm wage ladder that is highly procyclical. During the Great Recession, this firm wage ladder collapsed, with net worker reallocation to higher wage firms falling to zero. The earnings consequences from this lack of upward progression are sizable. (JEL D22, E24, E32, J31, J63, J64, L25)
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Kurshev, Alexander, and Ilya A. Strebulaev. "Firm Size and Capital Structure." Quarterly Journal of Finance 05, no. 03 (September 2015): 1550008. http://dx.doi.org/10.1142/s2010139215500081.
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Firm size has been empirically found to be strongly positively related to capital structure. This paper investigates whether a dynamic capital structure model can explain the cross-sectional size–leverage relationship. The driving force that we consider is the presence of fixed costs of external financing that lead to infrequent restructuring and create a wedge between small and large firms. We find four firm-size effects on leverage. Small firms choose higher leverage at the moment of refinancing to compensate for less frequent rebalancings. Their longer waiting times between refinancings lead to lower levels of leverage at the end of restructuring periods. Within one refinancing cycle, the intertemporal relationship between leverage and firm size is negative. Finally, there is a mass of firms opting for no leverage. The analysis of dynamic economy demonstrates that in cross-section, the relationship between leverage and size is positive and thus fixed costs of financing contribute to the explanation of the stylized size–leverage relationship. However, the relationship changes sign when we control for the presence of unlevered firms.
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Mansour, Marwan, Mo’taz Kamel Al Zobi, Ahmad Al-Naimi, and Luay Daoud. "The connection between Capital structure and performance: Does firm size matter?" Investment Management and Financial Innovations 20, no. 1 (February 23, 2023): 195–206. http://dx.doi.org/10.21511/imfi.20(1).2023.17.
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The purpose of this paper is to empirically investigate the impact of capital structure decisions on firm performance in Jordan (2010–2018), as well as the extent to which firm size matters in the capital structure-performance relationship. The dependent variable was market share. The main independent variables were the book value of total debt ratios, and firm-specific factors such as firm size, firm age, firm growth, and market-to-book value of equity served as control variables. This study used a quantitative research method using panel data analysis of 830 firm-year observations. Random effects model was employed to analyze the capital structure-performance nexus. To infer correctly, the main analysis was re-examined using the generalized method of moment estimator to overcome possible endogeneity concerns. After controlling for endogeneity and firm heterogeneity, this study finds that the book value of capital structure has a significantly positive relation to a firm’s market share. Hence, every one unit increase in the book value of total debt ratios will increase market share by 4.77%. The firm size, sales growth, and market-to-book value of equity had a significantly positive association with market share. Hence, every one unit increase in firm size, growth and market-to-book equity ratio will increase a firm’s market share by 8.84%, 2.06%, and 2.15%, respectively, but surprisingly, firm age did not meaningfully contribute to operating performance. Another important finding was that the strength of a positive relationship between the book value of total debt ratios and market share depends on the size of a firm and is mostly higher for larger-sized firms. Hence, every one unit increased in the book value of total debt ratios for large firms will increase market share by 10.58%.
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Ferrer, Ana, and Stéphanie Lluis. "Should Workers Care about Firm Size?" ILR Review 62, no. 1 (October 2008): 104–25. http://dx.doi.org/10.1177/001979390806200106.
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The authors analyze how firms of different sizes reward measured skills and unmeasured ability. The empirical methodology, based on nonlinear instrumental variable estimation, permits direct estimation of the returns to unmeasured ability by firm size. An analysis of panel data from the Canadian Survey of Labour and Income Dynamics for two periods, 1993–1998 and 1996–2001, reveals statistically significant differences between firms of different sizes. In particular, returns to unmeasured ability are higher in medium-sized firms than in either small firms or large firms. The authors find that the firm-size wage gap and the differential in returns to unmeasured ability between small and medium-sized firms is mainly explained by ability sorting. The fact that larger firms reward ability less than medium-sized firms is consistent with an explanation based on monitoring costs. When firms become “too large,” monitoring costs may prevent them from rewarding ability directly through wages.
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Corsi, Christian, Antonio Prencipe, and Athos Capriotti. "Linking organizational innovation, firm growth and firm size." Management Research: Journal of the Iberoamerican Academy of Management 17, no. 1 (April 8, 2019): 24–49. http://dx.doi.org/10.1108/mrjiam-06-2017-0760.
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PurposeThe purpose of this research is to study the effect of organizational innovation, in terms of the introduction of both new business practices and new methods of organizing workplaces, on firm growth, along with the moderating role of the firm size in this relationship.Design/methodology/approachA panel sample of 4,125 Spanish innovative firms taken from the Technological Innovation Panel for the period 2009 to 2014 was analyzed. Two-Step System-Generalized method of moments approach and instrumental variables approach with two-stage least squares have been used.FindingsThe findings remark the positive effect of organizational innovation on firm growth in case firms introduce both new business practices and new methods of organizing workplaces. Furthermore, the empirical evidences show that the firm size has a role, although partial, in moderating negatively the effect of introducing both new business practices and new methods of organizing workplaces on firm growth.Originality/valueThe study adds some new theoretical insights and empirical evidences into the literature related to the inertia theory in the perspective of the population ecology, incorporating it with the effect of firm size. Furthermore, the study may represent a further part of the complex literature puzzle that links organizational innovation to firm growth, and the inclusion of the moderating role of the firm size will partially provide a deeper understanding of this link.
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GONON, LUKAS, and L. C. G. ROGERS. "EVOLUTION OF FIRM SIZE." International Journal of Theoretical and Applied Finance 17, no. 05 (July 28, 2014): 1450031. http://dx.doi.org/10.1142/s0219024914500319.
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In this paper, we develop the idea that firm sizes evolve as log Brownian motions dSt = St(σdWt + μdt) where the constants μ, σ are characteristics of the firm, chosen from some distribution, and that the firms are wound up at some random time. At any given time, we see a firm of a given size. What can we say about its characteristics given its size? How would we invest in such a market? What do these assumptions imply about the distribution of sizes? By making simple and well-chosen modeling assumptions, we are able to develop quite concrete forms of the dependence of firm characteristics on size, from which we are able to deduce optimal investment weights as a function of size alone. As in the approach of Fernholz [2002, Stochastic Portfolio Theory. Springer], this avoids the need to estimate growth rates of stocks in order to decide on investment strategy.
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Rogers, Mark, Christian Helmers, and Christoffer Koch. "Firm growth and firm size." Applied Economics Letters 17, no. 16 (October 28, 2010): 1547–50. http://dx.doi.org/10.1080/13504850903085043.
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Altuwaijri, Basmah, and Lakshmi Kalyanaraman. "Top management team pay, firm size and performance relationship in Saudi Arabian firms." Corporate Board role duties and composition 13, no. 1 (2017): 21–27. http://dx.doi.org/10.22495/cbv13i1p2.
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We study the relationship of top management team’s (TMT) pay with firm performance with a sample of 80 firms listed on Saudi stock market. We find that firm performance and firm size emerge as significant variables in explaining TMT compensation. This is in line with many of the earlier studies which proxy the firm performance as the ability of the firm to pay higher compensation and firm size as a proxy for complexity of operations. We find that large firms and firms with better financial performance pay higher compensation to their TMT. When we group the firms into large firms and small firms, we find that firm size and firm performance are significant variables that influence TMT pay only in case of large firms. Our results show that firm size does not influence TMT pay and only firm performance impacts TMT pay.
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Zhou, Helper, and Victor Gumbo. "The Role of Size and Age on Firm Growth: Evidence from Manufacturing SMMEs in KwaZulu-Natal Province, South Africa." African Journal of Inter/Multidisciplinary Studies 3, no. 1 (2021): 144–60. http://dx.doi.org/10.51415/ajims.v3i1.903.
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Previous studies in both developed and developing economies have reported that firm growth declines with firm age and size. However, review of literature showed that there are limited studies to empirically assess the validity of this fact on firm growth in developing countries. As such, this paper assesses the role of firm size and age on firm growth in KwaZulu Natal, South Africa. The study employed a unique balanced three-year panel dataset of 191 manufacturing Small Medium and Micro Enterprises (SMMEs) in the province. As expected, the results showed a negative relationship between firm growth and size especially in the short term. However, contrary to the wider body of literature, the study established a positive relationship between firm age and growth. The study also established that older firms grow faster than their younger counterparts despite their size. On the other hand, small sized firms despite their age grow faster than large firms when employment and total assets were used as measures of firm size. It was recommended that the government should be cognisant of the complexity of SMMEs when crafting various sector policies.
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Rahman, Md Jahidur, and Liu Yilun. "Firm Size, Firm Age, and Firm Profitability: Evidence from China." Journal of Accounting, Business and Management (JABM) 28, no. 1 (April 30, 2021): 101. http://dx.doi.org/10.31966/jabminternational.v28i1.829.
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This study aims to investigate the relationship among firm size, firm age, and firm profitability in China’s stock market. We use data from all the public firms in China’s stock market from 2008 to 2018 and adopt a fixed effects model to examine these relationships. We find a positive relationship between firm size and profitability and a negative relationship between firm age and profitability, which is consistent with existing studies conducted in other countries. The findings of our study can contribute to future research in China by offering a sound basis and appropriate reference point, given that no previous research has been conducted in China on this exact topic. This study also offers a comprehensive model for use in future studies.
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Wei, Peihwang, Li Xu, and Bei Zeng. "Corporate hedging, firm focus and firm size: the case of REITs." Managerial Finance 43, no. 3 (March 13, 2017): 313–30. http://dx.doi.org/10.1108/mf-05-2016-0134.
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Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation.
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Fan, Xiaojun, Chang Chen, and Leping Yuan. "Centralization and Firm Performance: New Evidence on the Role of Firm Size." Wireless Communications and Mobile Computing 2022 (March 2, 2022): 1–17. http://dx.doi.org/10.1155/2022/2233484.
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Centralization has been regarded as an important factor in corporate governance in the academic and business communities. Although several studies have examined the relationship between centralization and firm performance, the conclusions remain mixed. We extend existing research by introducing firm size as a threshold variable into our model to explicate the complicated effects of centralization on firm performance. We found that a high degree of centralization can promote firm performance significantly in small- and medium-scale firms while inhibiting firm performance in large-scale firms. Using heterogeneity analysis, we found that centralization has a more significant positive impact on firm performance in private firms, family firms, and manufacturing firms than others. Furthermore, we explored the factors influencing the nexus between centralization and firm performance and found that centralization can improve the level of cost allocation management and technology innovation, driving firm performance but possibly resulting in overinvestment, which is harmful to firm performance. Our research provides guidance for companies to establish a decision-making power allocation that meets their scale-appropriate development needs.
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Wagner, Joachim. "Exports, firm size, and firm dynamics." Small Business Economics 7, no. 1 (February 1995): 29–39. http://dx.doi.org/10.1007/bf01074314.
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Hansen, John A. "Innovation, firm size, and firm age." Small Business Economics 4, no. 1 (March 1992): 37–44. http://dx.doi.org/10.1007/bf00402214.
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de Wit, Gerrit. "Firm size distributions." International Journal of Industrial Organization 23, no. 5-6 (June 2005): 423–50. http://dx.doi.org/10.1016/j.ijindorg.2005.01.012.
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Kalyanaraman, Lakshmi, and Basmah Altuwaijri. "Firm-size elasticity of top management team compensation in Saudi Arabian listed firms." Corporate Ownership and Control 14, no. 1 (2016): 656–62. http://dx.doi.org/10.22495/cocv14i1c4art12.
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We evaluate the firm-size elasticity of top management team (TMT) compensation with a sample of 80 firms listed in Saudi Arabian stock market. We find that the TMT compensation increases with firm size. The results are found to be robust when the total assets as the firm size measure is altered with other proxies, sales and market value of the firm. We show that the firm size and TMT compensation relationship is same as in the case of all firms sample when the firms are grouped into family firms and nonfamily firms. This finding is in line with the results of the previous studies that analyze the link between CEO compensation and firm size. We conclude that the large firms are willing to pay high compensation not just to their CEOs but also to the entire team at the top
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Juliot Mpabe Bodjongo, Mathieu, Moustapha Fofana, and Fanny Kabwe Omoyi epse Essomme. "Firm size and pro-environmental behavior in Cameroon." Environmental Economics 14, no. 1 (May 10, 2023): 47–60. http://dx.doi.org/10.21511/ee.14(1).2023.05.
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Previous studies indicate a lack of analysis of pro-environmental behavior adoption in enterprises of various sizes. Very small enterprises, especially in the informal sector, have always been overlooked in the literature, although they are in the majority in most countries. This paper aims to examine the effects of firm size on pro-environmental behavior adoption in Cameroon. The analysis focuses on a sample of 141,926 firms drawn from the Second General Census of Enterprises (RGE-2) in Cameroon (NIS, 2018). The study adopted a statistical and econometrical approach based on the logit model. The results showed that the adoption of pro-environmental behavior increases with firm size. The probability of having a health, safety, and environment system increases by 16.70 points in large enterprises compared to 8.40 points in small enterprises. The probability of having a wastewater management system increases by 5.30 points in large enterprises compared to 2.30 points in small enterprises. The probability of having an air pollution management system increases by 2.20 points in large enterprises compared to 1.50 points in small enterprises. However, company size does not significantly influence the adoption of a solid waste management system. It is recommended to (i) raise awareness among large companies of the challenges of environmental protection and to strengthen controls on compliance with environmental standards, and (ii) to implement actions aimed at the migration of companies from the informal to the formal sector.
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Satpathy, Lopamudra D., and Bikash Ranjan Mishra. "Size-Competition-Productivity Nexus: Evidence from Indian Manufacturing Firms." South Asia Economic Journal 20, no. 2 (July 31, 2019): 303–21. http://dx.doi.org/10.1177/1391561419859185.
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Over the years, researches have witnessed incongruence nature and direction of relationship among product market competition and firm size with the growth of firms’ productivity across the globe. Considering these gaps, this study aims to establish both short- and long-run relationships among these three characteristics of Indian manufacturing firms and intends to find their directions of causalities. This study uses firm-level data over a period of 1998–1999 to 2012–2013. Using Panel ARDL-PMG method, the results reveal the existence of a long-run association among product market competition, firm size and productivity growth for the full sample and for subsamples, categorizing relatively efficient and inefficient firms, and innovative and non-innovative firms. From the panel VECM Granger causality test, it has been observed that there is the long-run feedback relationship among these three variables. The empirical evidence suggests that as the intensity of competition becomes stronger and the firm-specific capabilities expand, they impart improved productivity via within and between firm effects. This draws some major implications for policymakers to embrace more competitive prone policies along with encouragement to firm specificities to realise value-added productivity. JEL: C33, D24, L11, L60
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Achyarsyah, Padri, and Molina Molina. "Audit Firm Tenure, Audit Firm Size and Audit Quality." Global Journal of Business and Social Science Review Vol. 2(4) 2014 2, no. 4 (October 12, 2014): 69–76. http://dx.doi.org/10.35609/gjbssr.2014.2.4(8).
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Objective - The objective of this paper is to examine the effect of audit firm tenure and audit firm size on audit quality. This study applies explanatory research in which questionnaire and interviews serve as the primary data. The population of this study is public accounting firms which are registered in the Indonesian capital market. Methodology/Technique - The study presents a survey using professional auditors. The multiple regression methode is used to conduct an hypothesis test of the effect of audit firm tenure and audit firm size on audit quality. Findings - The result of study depicted that audit firm tenure has no significant influence on the audit quality, while the audit firm size has significant influence on the audit quality. Audit quality deteriorate, when the length of the audit firm client engagement is longer. No particular concern to audit firm size since the big audit firm size has extensive training for their staffs and sufficient system in place. Novelty - The study contributes to auditing literature in the areas of audit quality. The length of the audit firm client relationship and audit firm size always rise the contradiction to the audit quality. The audit firm tenure and audit firm size support previous study, additional insight are gained toward in the elections of the audit firm that serves professional services in capital markets. Type of Paper - Empirical Keywords: Audit Firm Tenure; Audit Firm Size; Audit Quality; Auditor
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Sevil, Angel, Alfonso Cruz, Tomas Reyes, and Roberto Vassolo. "When Being Large Is Not an Advantage: How Innovation Impacts the Sustainability of Firm Performance in Natural Resource Industries." Sustainability 14, no. 23 (December 2, 2022): 16149. http://dx.doi.org/10.3390/su142316149.
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This paper provides an in-depth study of how incremental innovation, a ubiquitous factor, affects the sustainability of performance of small- and large-sized firms differently. Specifically, this work examines the sustainability of firm growth in natural resource industries. In these industries, innovation is mainly based on processes in the form of incremental changes, and the adoption of innovations has significant sunk costs. We argue that, before incremental process innovation, firm performance is directly proportional to firm size. However, in the presence of incremental innovation events, firm performance is inversely proportional to firm size since smaller firms pose higher strategic flexibility and can adopt innovations faster. Our empirical findings highlight the relevance of incremental innovation as an inflection point of firm performance, creating a competitive opportunity window for small firms and a sustainability threat for large firms.
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Kilenthong, Pitsamorn, Claes M. Hultman, and Gerald E. Hills. "Entrepreneurial marketing behaviours: impact of firm age, firm size and firm’s founder." Journal of Research in Marketing and Entrepreneurship 18, no. 1 (July 11, 2016): 127–45. http://dx.doi.org/10.1108/jrme-05-2015-0029.
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Purpose The purpose of this paper is to empirically test whether a systematic relationship exists between firms’ level of entrepreneurial marketing (EM) behaviours and firms’ characteristics, including firm age, firm size and firm’s founder. Design/methodology/approach This paper quantitatively investigates EM behaviours from data collected from 752 business owners through structured interviews. The data analysis applied was multi-group confirmatory factor analysis (multi-group CFA). Findings Results from the analysis show that not all of the firms’ characteristics determine firms’ level of EM practice. The level of EM behaviours has a systematic relationship with firms’ age but not with the founding status of the firms’ manager. The impact of firm size on the level of EM behaviours is evident only when the firms’ age is taken into account. Research limitations/implications This paper concludes that relationships between EM behaviours and firm characteristics are more complicated than anticipated. Firms’ characteristics alone may not be a good measure for identifying the level of a firm’s EM. EM cannot be conceptualized solely in relation to the activities of small firms, young firms or founder-operated firms. Originality/value This paper examines EM behaviours in a large survey and uses multi-group CFA to examine firms’ EM practice through latent variables, instead of observed variables. The findings should complement knowledge regarding the EM concept generated from existing literature.
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Ha, Van T. C., Mark J. Holmes, and Trang M. Le. "Firms and export performance: does size matter?" Journal of Economic Studies 47, no. 5 (April 20, 2020): 985–99. http://dx.doi.org/10.1108/jes-12-2018-0451.
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PurposeThe purpose of this paper is to examine the relationship between export performance and firm size.Design/methodology/approachAnalysing a large sample of firms in the Vietnamese manufacturing sector, the authors employ a quantile regression approach to asses whether or not the relationship between exporting and firm size is dependent upon the extent of exporting that firms already undertake.FindingsThe authors find that increased firm size leads to higher export volumes. However, in sharp contrast to literature that largely focuses on considering a linear relationship between these two variables, the authors further find that the positive relationship becomes weaker as the extent of exporting activity increases.Originality/valueIn contrast to the earlier literature, a key novelty of the approach is that the authors obtain new insights in terms of establishing a nonlinear relationship between firm size and export performance in the case of Vietnamese manufacturing.
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Zhang, Wei, Yan-Chun Zhu, Jian-Bo Wen, and Yi-Jie Zhuang. "Growth and Firm Size Distribution." Journal of Electronic Commerce in Organizations 14, no. 2 (April 2016): 61–73. http://dx.doi.org/10.4018/jeco.2016040105.
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Studies on the firm's size distribution (FSD) can set a good foundation to know about the growth path and mechanism of e-commerce firms. The purpose of this paper is to understand features of the China's listed e-commerce firms by testing Gibrat's law and Zipf's law within the Internet sectors. From a macroscopic perspective, with the approach of OLS estimation, Zipf's coefficient of the FSD is calculated to test whether Zipf's law holds. From a microscopic perspective, the relationship between e-commerce firm size and growth is explored by quantile regression method. The results indicate that from 2005 to 2014, Zipf's law cannot be rejected, with the relationship changing over time, Gibrat's law holds partly. It implies that competition status among China's e-commerce firms becomes more stable.
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Raja, J., and A. Suresh Kumar. "Influence of Age and Size on Firm Performance-A Comparative Study of Manufacturing and Service Sectors." Asia Pacific Business Review 1, no. 2 (July 2005): 91–103. http://dx.doi.org/10.1177/097324700500100211.
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This paper addresses the issue of firm age and asset (Size) impact on firm performance. The main purpose of this paper is to find, whether firms age and asset can behave in similar fashion across industries particularly in manufacturing and service industries. The results show that manufacturing firms are older and slightly better profitable than services firms. The age of the firm is significant but negatively related to services firms The firm age does not produce any result for many facturing firms. Interestiingly, the total asset of the manufacturing firms’ is significantly related to firm performance, but it produces negative relationship between firm asset and firm perfprmance. The firm asset does not yield any results for service firms. Finally, it is concluded that the age and asset of the firm behaves differntly according to the industry charcterstics.
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Suriawinata, Iman Sofian, and Denty Melatijati Nurmalita. "OWNERSHIP STRUCTURE, FIRM VALUE AND THE MODERATING EFFECTS OF FIRM SIZE: EMPIRICAL EVIDENCE FROM INDONESIAN CONSUMER GOODS INDUSTRY." Jurnal Manajemen dan Kewirausahaan 24, no. 1 (March 2, 2022): 91–104. http://dx.doi.org/10.9744/jmk.24.1.91-104.
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Employing a panel data from a sample of Indonesia listed consumer goods companies covering the period of 2015-2019, the present study examines the effect of share ownership structure on firm value with firm size acting as a moderating variable. The estimation results show that while the control hypothesis of institutional ownership is supported, the alignment hypothesis of managerial ownership does not hold. However, the present study finds that firm size moderates the effect of share ownership structure on firm value. As firm size increases, managerial conducts are more inclined to conform with shareholders’ interest. But on the other hand, as firm size increases, institutional investors tend to side with managers in extracting more value at the expense of other shareholders. These findings corroborate anecdotal evidence in empirical corporate finance that size does matter, and provides insights for policy makers relating to corporate governance implications of institutional ownership in large firms.
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Ou, Xu, and Haiwei Jiang. "The Impact of Environmental Regulation on Firm Performance: Evidence from the Pulp and Paper Industry in China." International Journal of Environmental Research and Public Health 20, no. 4 (February 8, 2023): 2982. http://dx.doi.org/10.3390/ijerph20042982.
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In areas with serious pollution problems, the government designates a special emission limit (SEL) for pollution control and environmental protection in China. This paper examines the effects of chemical oxygen demand (COD) SEL on firms’ production activity and market performance in the pulp and paper industry in the Lake Tai area in China. Using firm-level data, we employ a difference-in-differences strategy and find that SEL has a negative impact on the production scale, profitability, and market size of the regulated firms, while showing no significant impact on firm exports. The heterogeneity tests suggest that the impact of SEL on production and market performance varies with firm ownership, firm size, and target market. The reallocation effect of production shifts extra production from exited firms to existing firms, which explains the expansion of production scale and market size for SOEs and large-sized regulated firms. Compared with the decline of production scale, the inventory alleviation effect reduces the negative impact of stricter environmental regulation on firm performance.
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Khan, Asif, Sughra Bibi, Jiaying Lyu, Achille Claudio Garavelli, Pierpaolo Pontrandolfo, and Maria de Angeles Perez Sanchez. "Uncovering Innovativeness in Spanish Tourism Firms: The Role of Transformational Leadership, OCB, Firm Size, and Age." Sustainability 12, no. 10 (May 13, 2020): 3989. http://dx.doi.org/10.3390/su12103989.
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Innovativeness in the tourism and hospitality sector is essential for competitiveness and survival. Leadership plays a key role in promoting (or hampering) firm innovativeness. This article intended to examine the role of transformational leadership (TL) and organization citizenship behavior (OCB) on Spanish tourism firms’ innovativeness (OI). It also investigated whether firm size and age moderate the relationship between TL, OI, and OCB. The cross-sectional survey method was used to collect data from 329 middle-level managers in Spanish tourism firms. The findings of the data revealed that TL and OCB have significant impacts on firm innovativeness; also, OCB mediates the relationship between TL and firm innovativeness. Firm size and age moderate the relationship between TL and firm innovativeness; also, firm size moderates the relationship between TL and OCB. It was found that large firms were more innovative than small ones; also, younger firms showed a higher level of innovativeness than old firms. Managerial and specific firm size and age implications were provided.
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Malone, Chris B., Hamish Anderson, and Peng Cheng. "Firm size and the political cycle premium." Managerial Finance 41, no. 10 (October 12, 2015): 1077–95. http://dx.doi.org/10.1108/mf-03-2014-0083.
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Purpose – The purpose of this paper is to use firm-level data to examine whether the political cycle differentially relates to small vs large firms in New Zealand; a country that operates a unicameral political system has a short three-year political term and a right-of-centre stock market premium exists. Design/methodology/approach – Using firm-level data from 1972 to 2010, the authors examine monthly returns during right-of-centre National governments and left-of-centre Labour governments. The authors apply Santa Clara and Valkanov (2003) regression analysis approach to examine the political cycle impact on firm returns. Findings – Like in the USA, New Zealand’s political cycle premium is driven by small firms; however, the results are opposite. In New Zealand, periods governed by the right of the political spectrum produce significantly higher stock returns than those from the left and this finding is primarily driven by small firms who perform particularly poorly under left-of-centre governments. Research limitations/implications – Small firms were relatively heavily affected by the move to an open, deregulated economy; they were also less able to cope with tight monetary conditions, and periods of sharply falling inflation. New Zealand’s three-year political term may encourage newly formed governments to implement relatively fast moving shifts in policy where a more reasoned and steady approach would be warranted. Originality/value – This is the first paper to use firm-level data outside of the USA to examine the political cycle impact.
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K Ghani, Erlane, Nur Afifah Mohd Azemi, and Evita Puspitasari. "THE EFFECT OF FIRM CHARACTERISTICS ON EARNINGS MANAGEMENT PRACTICES AMONG MALAYSIAN PUBLIC LISTED COMPANIES IN TECHNOLOGY INDUSTRY." Management and Accounting Review (MAR) 18, no. 1 (April 30, 2019): 41. http://dx.doi.org/10.24191/mar.v18i1.686.
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This study examines the effect of firm characteristics on earnings management practices among technology-based public listed firms in Malaysia. Specifically, this study examines the effect of firm size, firm profitability and firm leverage on earnings management practices. Using 83 technology-based firms listed in FTSE Bursa Malaysia KLCI Index for 2014 and 2015, this study shows a statistically positive relationship between firm size and earnings management practices. Such finding indicates larger firms tend to use earnings management incentives to enhance their performance. However, firm profitability and firm leverage have no significant relationship to the occurrences of earnings management practices. This study provides evidence that firm size influences the occurrences of earnings management among Malaysian public listed firms in the technology industry.
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Yahaya, Onipe Adabenege, and Bilyaminu Tijjani. "SIZE, AGE AND LEVERAGE OF NIGERIA QUOTED OIL AND GAS CORPORATIONS." Advanced International Journal of Banking, Accounting and Finance 3, no. 6 (March 16, 2021): 51–60. http://dx.doi.org/10.35631/aijbaf.36005.
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Firm size and age influence firm-level leverage. The extent of such influence on the oil and gas industry is not known in Nigeria. There are very few empirical studies that interrogate the effects of firm size and listing age on leverage in Nigeria. This study examines the impacts of firm size and listing age on firm-level financial leverage of listed oil and gas companies in Nigeria. It was non-experimental research and correlational in nature. Data were extracted from annuals and accounts of 8 firms over a period of 13 years (2007-2019) and subjected to descriptive statistics (number of observations, mean, standard deviations, mean, minimum and maximum means) and inferential statistics (multiple regression analysis). The findings show that firm size has a negative and significant impact on firm-level financial leverage. Firm age has a positive and significant effect on firm-level leverage. In this paper, we contribute to the literature by examining the presence and direction of firm size and listing age to financial leverage user data from listed oil and gas firms in Nigeria. Our study is the first to address the adverse implications of Modeling with firm size and listing age on firm-level financial leverage.
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Nie, Yu, John Talburt, Serhan Dagtas, and Taiwen Feng. "The influence of chief data officer presence on firm performance: does firm size matter?" Industrial Management & Data Systems 119, no. 3 (April 8, 2019): 495–520. http://dx.doi.org/10.1108/imds-03-2018-0101.
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PurposeThe purpose of this paper is to investigate the relationship between the chief data officer’s (CDO) presence and firm performance, and the moderating effect of firm size.Design/methodology/approachThe performance data for 64 treatment firms with CDOs and 64 control firms without CDOs is collected from Compustat database. The Wilcoxon signed-rank test is used to analyze the performance differences between treatment firms and control firms. Hierarchical regression method is used to test the moderating effect of firm size.FindingsThe results indicate that the profit ratios of treatment firms are significantly improved after the appointment of CDOs, and the profit ratios of treatment firms are significantly higher than that of the control firms. For the cost ratios, the findings provide some empirical evidence revealing two of the cost ratios are lower and only one ratio is higher for the treatment firms after CDOs’ appointment. Firm size moderates the relationship between the CDO’s presence and firm performance indicator, ROS, in the same direction. Firm size has no moderating effect on relationships between CDO’s presence and other performance indicators.Practical implicationsThe findings provide practical insights that will help managers to realize the importance of CDOs and their work. CDOs would bring some cost to the firms, but they would bring more profit to firms. In addition, if for large firms, the CDO’s presence would bring more ROS.Originality/valueThe study explores the relationship between the CDO’s presence and firm performance. It is the first attempt to explore the CDO’s presence and the cost performance in the specific time period, and the study is also the first attempt to analyze the moderating effect of the firm size on the relationship between the CDO’s presence and firm performance.
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Ajuzie, Emmanuel, Adam Bouras, Felix Edoho, David Bouras, Aloyce Kaliba, Roberto Ike, and Abhirjun Dutta. "Productive Efficiency And Optimal Firm Size: The Case Of US Health Services Industry." American Journal of Health Sciences (AJHS) 2, no. 2 (November 23, 2011): 75–86. http://dx.doi.org/10.19030/ajhs.v2i2.6632.
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This paper examines the link between firm size and productive efficiency. In so doing, it attempts to determine optimal firm sizes in terms of market capitalization and total asset thereby allowing firms to achieve higher level of productive efficiency. The results indicate that the optimal firm size in terms of market capitalization is $13.1 billion. In terms of total asset, the optimal firm size is $10.3 billion. The results also suggest that there is a threshold above which an increase in firm size adversely affects the level of productive efficiency. The results have important implications for managerial policies regarding firm restructuring. To achieve higher productive efficiency, smaller firms have to pursue expansion strategies through mergers and acquisitions. Larger firms, on the other hand, have to pursue divestment strategies to reduce the size of their assets, particularly by refocusing on core competencies.
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Andries, Petra, and Ute Stephan. "Environmental Innovation and Firm Performance: How Firm Size and Motives Matter." Sustainability 11, no. 13 (June 29, 2019): 3585. http://dx.doi.org/10.3390/su11133585.
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There is limited understanding of the precise circumstances under which environmental actions—such as environmental innovation—contribute to firm performance. Building on the resource-based view and on stakeholder theory, this study argues that the general positive effect of environmental innovation on financial performance varies significantly with firm size and the motives underlying a firm’s engagement in environmental innovation. Integrating survey data and lagged annual account data on 1761 Flemish companies, we find that larger firms benefit financially from environmental innovation driven by regulation or industry codes of conduct, while smaller firms benefit from environmental innovation introduced in response to customer demand. While it is increasingly accepted that environmental innovation relates positively with firm performance, the current study highlights important boundary conditions of this relationship.
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Tansel, Aysit, and Şaziye Gazîoğlu. "Management-employee relations, firm size and job satisfaction." International Journal of Manpower 35, no. 8 (October 28, 2014): 1260–75. http://dx.doi.org/10.1108/ijm-09-2014-0179.
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Purpose – The purpose of this paper is to investigate the job satisfaction in relation to managerial attitudes towards employees and firm size using the linked employer-employee survey results in Britain. Design/methodology/approach – The authors first investigate the management-employee relationships and the firm size using maximum likelihood probit estimation. Next various measures of job satisfaction are related to the management-employee relations via maximum likelihood ordered probit estimates. Four measures of job satisfaction that have not been used often are considered. They are satisfaction with influence over job; satisfaction with amount of pay; satisfaction with sense of achievement and satisfaction with respect from supervisors. Findings – Main findings indicate that management-employee relationships are less satisfactory in the large firms than in the small firms. Job satisfaction levels are lower in large firms. Less satisfactory management-employee relationships in the large firms may be a major source of the observed lower level of job satisfaction in them. Practical implications – These results have important policy implications from the point of view of the firm management while achieving the aims of their organizations in particular in the large firms in the area of management-employee relationships. Improving the management-employee relations in large firms will increase employee satisfaction in many respects as well as increase productivity and reduce turnover. Originality/value – The nature of the management-employee relations with firm size and job satisfaction has not been investigated before.
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OKEREKE, Livinus C., Hyginus C. ANYANWU, and Kingsley O. NWAIGBURU. "Influence of Firm size on Audit Quality and Earnings Management Relationship: Evidence from Listed Manufacturing Firms in Nigeria." Journal of Accounting and Financial Management 8, no. 7 (August 29, 2023): 163–79. http://dx.doi.org/10.56201/jafm.v8.no7.2022.pg163.179.
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The study investigated the influence of Firm size on the relationship between Audit quality and Earnings Management of listed Consumer Goods Manufacturing firms in Nigeria. This study tested a number of audit quality indicators (auditor’s tenure, Audit firm size and joint audit) and earnings management proxies that is (earnings restatement and discretionary accruals), using 26 listed consumer-goods manufacturing firms as the study population. Secondary data were extracted from the annual report of 13 listed consumer-goods manufacturing firms while judgmental sample from the population, covering the study period from 2012 to 2018 using historical data were adopted. The data were tested through the use of Univariate, Bivariate and Multivariate analysis. Univariate/descriptive, Bivariate, Pearson Product Moment Correlation (PPMC) techniques by use of E-view 10 Econometric software and Multivariate – regression model. The findings of the study showed that firm size variability does not influence every aspect of the Firm's attributes. Some aspects of Firms' characteristics are influenced by the size of the Firm whereas some other aspects do not respond to size variability. As was indicated by the Firm size analyses, earnings restatement of consumer-goods manufacturing firms does not respond to Firm size attribute while their discretionary accrual practices significantly depend on their size attributes. The study concludes that firm size is a significant moderator between the use of audit quality and earnings management, however it depends of the variable of earnings management used. In the light of these, it is the recommendation of this study that to ensure positive significant relationship with earnings management, the firms should voluntary engage two audit firms in all to other to allow for effective comparison, so that hidden information in financial statement could be dictated or revealed; the total assets as a dimension of firm size should be r
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MORDI Justin Ugo and Dr. EBIAGHAN, Orits Frank. "EARNING MANAGEMENT, FIRM SIZE AND INSTITUTIONAL OWNERSHIP: EVIDENCE FROM NIGERIAN MANUFACTURING FIRMS." Finance & Accounting Research Journal 4, no. 5 (December 18, 2022): 310–23. http://dx.doi.org/10.51594/farj.v4i5.424.
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This paper is an empirical investigation of the role of firm size and institutional ownership on earnings management: Evidence from Nigerian quoted Firms for the period of 2000-2021. The quoted firms used in the study are thirty (30) in number out of which a sample of Twenty (22) were used for the study. Firm attributes as the independent variable was proxy with firm size, leverage, Institutional ownership, profitability, liquidity and firm growth), While the residuals from the modified Jones model by Dechow et ‘al (1995) was used to proxy earnings quality. The study adopts multiple panel regression techniques and data were collected from secondary source through the annual reports and accounts of the firms. The findings reveal that leverage, liquidity and firm growth has a significant positive impact on earnings quality while firm size, institutional ownership and profitability have a significant but negative influence on earnings quality of listed oil and gas companies in Nigeria. The study contribute to knowledge by including external firms attribute and cover all quoted firms in Nigerian stock exchange. It is recommended among others that specific sector and selected companies may be used for better result, also interest rate is need to be considerably low and there is need for firms to increase their liquidity asset and turnover as it has been found empirically to enhance the quality of the firms reported earnings.
Keywords: Earning, Management, Firm Size, Ownership.
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Untoro, Wisnu, and Reza Rahardian. "Firm size and diversification strategies: Does labor intensity matter?" Corporate Ownership and Control 12, no. 4 (2015): 327–31. http://dx.doi.org/10.22495/cocv12i4c2p8.
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This paper examines the impact of firm size on business and international diversification strategies. Using a novel dataset, we study 294 Indonesian publicly traded firms in a cross-section research. Controlling for past performance, firm age and industry dummies, we do find, as we expect, that large firms tend to diversify their business as well as their geographic segments. We also extend this study by looking at the moderating role of labor intensity in the impact of firm size on diversification strategies. Our results show that large firms could broaden their geographic area of sales more easily when they do not face labor constraint. Less labor intensive firms could be more flexible to bring their business into a wider coverage.
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Olaniyi, Clement Olalekan, Olayemi O. Simon-Oke, Olufemi Bodunde Obembe, and Segun Thompson Bolarinwa. "Re-examining Firm Size-profitability Nexus: Empirical Evidence from Non-financial Listed Firms in Nigeria." Global Business Review 18, no. 3 (April 4, 2017): 543–58. http://dx.doi.org/10.1177/0972150917692064.
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The bulk of extant studies on the relationship between firm size and profitability focus on the effect of former on the latter, neglecting the possibility of feedback effect. This research work re-examines the direction of causality between firm size and profitability for 63 listed non-financial Nigerian firms for the period 1998–2010, using an innovative econometric methodology of a dynamic panel generalized method of moments to resolve the problem of endogeneity inherent in the relationship. The results establish a bidirectional relationship between firm size and profitability of firms in Nigeria. While firm size positively Granger-causes profitability, profitability, on the other hand, negatively Granger-causes firm size. This study therefore rebuts the popular assumption that causation only runs from firm size to profitability and not vice versa. The emerging conclusion drawn from this study is that profitability might be a vital tool to make firms grow faster if well managed as the economies of scale could also be induced.
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Madugba, Joseph U., E. Ben-Caleb, Adedoyin I. Lawal, and Uche T. Agburuga. "Firm Size and Tax Saving Behaviour of Listed Companies in Nigeria." Academic Journal of Interdisciplinary Studies 9, no. 3 (May 10, 2020): 184. http://dx.doi.org/10.36941/ajis-2020-0054.
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In this paper has been investigated tax savings behaviour of firms in Nigeria with the objective of finding out how it affects firm size. The ex-post facto research design was employed, and secondary data obtained from the annual reports of firms listed on the Nigeria Stock Exchange was used. Descriptive statistics and panel data regression tests were conducted. The data were further subjected to unit root test to establish the stationarity of the data. The result revealed that interest tax savings behaviour and depreciation savings behaviour have negative but significant relationship with firm size while effective tax rate has negative and insignificant relationship with firm size. The study concluded that the lower the firm size the higher the tax savings behaviour and vice versa of quoted companies in Nigeria. The paper recommended that tax regulatory authorities should focus their searchlight on tax aggressiveness of small sized companies as a strategy to reduce tax evasion while encouraging appropriate tax savings strategies to ensure tax compliance.
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Chunyan Chen, and Huobao Xie. "Firm Size, Pay Gap and Firm Performance." Journal of Convergence Information Technology 8, no. 5 (March 15, 2013): 38–45. http://dx.doi.org/10.4156/jcit.vol8.issue5.5.
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Pradipta, Arya, and Yulius Kurnia Susanto. "Firm Value, Firm Size and Income Smoothing." Journal of Finance and Banking Review Vol. 4 (1) Jan-Mar 2019 4, no. 1 (March 16, 2019): 01–07. http://dx.doi.org/10.35609/jfbr.2019.4.1(1).
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Objective - Income smoothing is a form of earnings manipulation to show that the company's performance is good. Income smoothing can be detrimental to investors, because investors do not know the real financial position and fluctuations of the company. Management of the company engage in income smoothing because investors tend to focus only on the amount of profit reported without regard to the process of generating profits. The purpose of this research is to obtain empirical evidence about the effect of firm value and size on income smoothing. Methodology/Technique - The sample of the research includes manufacturing companies listed on the Indonesian Stock Exchange from 2014-2016. The samples were determined using a purposive sampling method and there are 51 companies that meet the criteria used. This research uses a logistic regression method for data analysis. Findings - The results of the research show that the effect of firm value on income smoothing is positive and significant. Meanwhile, the effect of firm size on income smoothing is negative and significant. Companies that create value in the eyes of investors will try to retain their investors by engaging in income smoothing. Income smoothing will convince investors to invest in the company. Meanwhile, large companies that are convinced that investors will continue to invest do not typically engage in income smoothing. Novelty – This study proves that, in the context of agency theory, the principal's desires are not often aligned with the wishes of management which can give rise to agency costs, one of which occurs as a result of income smoothing. Further, firm size can minimize opportunist income smoothing actions. Type of Paper - Empirical. Keywords: Income Smoothing; Firm Value; Firm Size; Agency Theory. JEL Classification: G32, M41, M49. DOI: https://doi.org/10.35609/jfbr.2019.4.1(1)
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Cabral, Luis. "Sunk Costs, Firm Size and Firm Growth." Journal of Industrial Economics 43, no. 2 (June 1995): 161. http://dx.doi.org/10.2307/2950479.
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Wagner, Joachim. "Firm size, firm age and job duration." Review of Industrial Organization 11, no. 2 (April 1996): 201–10. http://dx.doi.org/10.1007/bf00157667.
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Burton, M. Diane, Michael S. Dahl, and Olav Sorenson. "Do Start-ups Pay Less?" ILR Review 71, no. 5 (December 13, 2017): 1179–200. http://dx.doi.org/10.1177/0019793917747240.
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The authors analyze Danish registry data from 1991 to 2006 to determine how firm age and firm size influence wages. Unadjusted statistics suggest that smaller firms paid less than larger firms paid, and that firm age had little or no bearing on wages. After adjusting for differences in the characteristics of employees hired by these firms, however, they observe both firm age and firm size effects. Larger firms paid more than did smaller firms for observationally equivalent individuals but, contrary to conventional wisdom, younger firms paid more than older firms. The size effect, however, dominates the age effect. Thus, although the typical start-up—being both young and small—paid less than a more established employer, the largest start-ups paid a wage premium.
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Ahmed, Hamna, and Mahreen Mahmud. "What Determines Innovation in the Manufacturing Sector? Evidence from Pakistan." Pakistan Development Review 50, no. 4II (December 1, 2011): 365–76. http://dx.doi.org/10.30541/v50i4iipp.365-376.
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This study analysed the behaviour of a sample of manufacturing firms in Pakistan in order to understand what determines innovative activity employing a panel data set for the years 2002 and 2006-07. Probit estimation results reveal that size of the firm and human resource quality are important internal factors that increase the likelihood of a firm innovating. Interestingly, whether a firm is exporting or not has no bearing. However, post innovating there is a large increase in number of firms who export. Externally, presence in a geographic cluster is important though further analysis reveals that the impact varies according to firm size. Size per se does not increase likelihood of innovating for medium sized firm who only have an advantage over small sized firms when present in a cluster. Large firms on the other hand continue to have an advantage and the advantage further increases with presence in a cluster. Finally, analysis by product and process innovators reveals that the characteristics of firms undertaking the two types of innovative activity are similar. The only noteworthy difference being that process innovation does not benefit from presence of a firm in a cluster which might be attributable to the more visible nature of product innovation which benefits from technological spillovers that are a characteristic of presence in a cluster. JEL classifications: O14, O31, O33, L6 Keywords: Innovation and Invention: Processes and Incentive, Developing Countries, Industry Study
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Vu, Nguyen, Ho, and Vuong. "Determinants of Vietnamese Listed Firm Performance: Competition, Wage, CEO, Firm Size, Age, and International Trade." Journal of Risk and Financial Management 12, no. 2 (April 11, 2019): 62. http://dx.doi.org/10.3390/jrfm12020062.
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This study investigates the relationship between firms’ competition, wage, CEOs’ characteristics, and firm performance (measured by net income per employee, return on assets (ROA) and return on equity (ROE)) of Vietnam’s 693 listed firms in 2015 using both the ordinary-least-square (OLS) and quantile regression methods. Triangulating the results coming from the analysis of three different measures of firm performance, this study consistently confirms that the sex of CEOs and chairman turns out to be insignificant in explaining firm performance and there is a negative association between capital intensity and firm performance. For financial firms, the age of a firm and average wage per employee are negatively associated with all types of firm performance. The quantile regression method shows that the age of a firm is negatively correlated with its net income per employee for small firms, while it is insignificant for medium-sized firms. Meanwhile, firm size is positively associated with firm performance. These results indicate Vietnam’s business activities are still concentrating on low labor cost, labor intensive, and low-tech production, thus, policies that promote innovation and high-tech applications should be encouraged.
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Ahmad, Hassan, Nasreen Akhter, Tariq Siddiq, and Zahid Iqbal. "Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan." Information Management and Business Review 10, no. 1 (April 10, 2018): 31–46. http://dx.doi.org/10.22610/imbr.v10i1.2146.
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This study is undertaken with the purpose of investigating the impact of ownership structure and corporate governance on the capital structure of Pakistani listed firms from 2011-2014, feasible general least square is used to investigate the impact of ownership structure and corporate governance on capital structure of KSE 100 index firms. Explanatory variables include ownership concentration, managerial ownership, foreign ownership, institutional ownership, board size, board independence and CEO duality along with the three control variables namely firm size, firm profitability and liquidity. There is insignificant positive relationship between ownership concentration and capital structure, managerial ownership has a significant negative impact on debt ratio. Foreign ownership has also a significant negative impact on firm capital structure and institutional ownership has significant positive impact on capital structure. Board size is positively related to capital structure, board independence also positively related to firm’s debt ratio but CEO duality negatively related to the dependent variable, all these variables have significant impact on capital structure of Pakistani firms.