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1
Tumen, Semih. "A theory of intra-firm group design." Journal of Productivity Analysis 45, no. 1 (June 23, 2015): 89–102. http://dx.doi.org/10.1007/s11123-015-0452-0.
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Ogunkoya, Olufemi, and Olugbenga Abatan. "Product knowledge and firm performance: A study of Dangote Group." Global Journal of Business, Economics and Management: Current Issues 12, no. 1 (March 31, 2022): 61–74. http://dx.doi.org/10.18844/gjbem.v12i1.5755.
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Knowledge, according to researchers, is significant for competitive advantage. This study aimed to investigate the impact of product knowledge on firm performance in Nigeria. This study employed a survey research design. Primary data was employed for this study and 532 copies of the questionnaire were administered to the respondents of the study. Regression analysis was employed to verify the hypotheses formulated for this study. Results revealed that product experience knowledge is the most significant measure of product knowledge driving firm performance. The study concluded that the relationship between product knowledge and how efficient the salesperson will be in driving the firm's revenue reveals the process by which salesperson knowledge influences firm performance. The study, therefore, recommends that to increase their performance, firms should improve the salespersons' knowledge of their product and motivate them to seek creative ways to drive revenue. Keywords: Firm Performance; Objective Product Knowledge; Subjected Product Knowledge.
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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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Farías, Pablo. "Business group characteristics and firm operating performance: evidence from Chile." Academia Revista Latinoamericana de Administración 27, no. 2 (July 29, 2014): 226–35. http://dx.doi.org/10.1108/arla-08-2013-0115.
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Purpose The purpose of this paper is to examine the impact of business group characteristics on firm‐operating performance in Chile. Design/methodology/approach Using a multiple regression model, this study examines the effect of business group characteristics (interlocking of directors, management concentration, and business group specialization) on operating performance (ROA growth) in a sample of 104 publicly traded Chilean firms. Findings It is documented that, except for interlocking of directors, the two other business group characteristics (management concentration and business group specialization) are significantly related to the operating performance of firms belonging to Chilean business groups. These findings suggest that Chilean business groups would improve or deteriorate the performance of their affiliated firms modifying its characteristics. Originality/value Too little is known about the effect of business group characteristics on firm‐operating performance in Latin American countries such as Chile because there is no research that analyses its impact on firm‐operating performance in the region.
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Purkayastha, Anish. "Performance of business group affiliated firms in emerging markets." International Journal of Emerging Markets 13, no. 6 (November 29, 2018): 1538–58. http://dx.doi.org/10.1108/ijoem-09-2016-0243.
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Purpose The purpose of this paper is to explore the existing mechanism through which business group affiliated firms in emerging markets (EMs) continue to generate superior performance. Design/methodology/approach The authors build our argument on the basis of how business group affiliation in EM facilitates internationalization and investment into innovation in affiliated firms compared to un-affiliated firm, resulting in higher firm performance. The authors use advance statistical modeling – causal mediation analysis to separate direct effect and indirect effect of business group affiliation in EM on performance through internationalization and investment into innovation of business group affiliated firms as mediating variables. Findings Based on 122,479 observations (firm year) from 17,235 Indian business group affiliated and un-affiliated firms, the findings help to identify that internationalization and investment into innovation of business group affiliated firms do have a mediating role in affiliation–performance relationship for EM business groups. Originality/value This study unravels the existing causal chain between business group affiliation in EMs and subsequent performance of affiliated firms. The authors complement institutional argument for superior performance of business group affiliation and focus on the performance implication of mediating strategic decisions in affiliated firms.
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Khosa, Amrinder. "Independent directors and firm value of group-affiliated firms." International Journal of Accounting & Information Management 25, no. 2 (May 2, 2017): 217–36. http://dx.doi.org/10.1108/ijaim-08-2016-0076.
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Purpose This study aims to examine the effect of board independence on firm valuation of group-affiliated firms in distinct Indian setting. Design/methodology/approach This study uses a sample of 317 listed firms comprising 1,350 firm-year observations for the period 2008-2012. The value-relevance model is used to examine the effect of board independence on market value of equity. Findings The distinct finding of an inverse relationship between board independence and firm value of group-affiliated firms in India illustrates that effective monitoring by outside directors is largely influenced by the institutional setting and ownership structure. This study does not find any evidence of different valuation when comparing non-family CEOs and family CEOs. Practical implications Independent directors play an important role to stop abusive use of related-party transactions in an environment where principal–principal conflict exists. The study’s findings will prove useful in determining whether one should rely merely on the independent status of outside directors or the influence of institutional setting on effective governance. Originality/value This paper contributes to the existing literature in the following ways: it helps to gain a better understanding of business groups which are characterised by unique governance structures and the dominance of controlling families on the board, which makes the external governance mechanisms (i.e. independent directors and non-family CEOs) ineffective and it illustrates that effective monitoring by outside directors is largely influenced by the institutional setting and ownership structure.
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Sibony, Olivier, Dan Lovallo, and Thomas C. Powell. "Behavioral Strategy and the Strategic Decision Architecture of the Firm." California Management Review 59, no. 3 (May 2017): 5–21. http://dx.doi.org/10.1177/0008125617712256.
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This special issue explores the impacts of behavioral strategy on management practice. Behavioral strategy can best contribute to management practice by shifting its focus from individual decision biases to the design of behaviorally informed decision processes at the level of the firm. This introduction identifies three types of organizational decision processes, shows how they interact with individual and group biases, and proposes a model showing how managers can design and deploy these processes to shape the strategy of the firm. It then introduces the articles in this special issue and discusses their contributions to the future of behavioral strategy.
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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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Fuad, Mohammad, and Mohammad Akbar. "International new ventures and firm performance: evidence from India." European Business Review 30, no. 6 (October 8, 2018): 645–59. http://dx.doi.org/10.1108/ebr-07-2016-0099.
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Purpose This study aims to explore the role of liberalization, business group affiliation and degree of internationalization (DOI) on the performance of Indian international new ventures (INVs). Design/methodology/approach The study identifies Indian INVs incorporated between 1991 and 2010 against the backdrop of liberalization. To test various hypotheses, a random effects panel regression analysis was conducted for publicly listed Indian INVs. Findings The results highlight that business group affiliation and DOI are positively related to INV performance. Further, liberalization negatively moderates the relationship between group affiliation and INV performance. The authors’ findings indicate that as institutions improve, the positive effect of business group affiliation on firm performance decreases in emerging markets. Research limitations/implications This paper highlights the benefits accruing to business group affiliated INVs and the moderating role of liberalization on firm performance. Future studies may augment the authors’ understanding of INV performance by testing heterogeneity within business groups and their impact on INV performance across other emerging economies. Practical implications As institutional reforms strengthen over time, the positive effect of group affiliation on INV performance declines. Hence, managers of group affiliates need to adapt to the changing institutions faster and develop their fit with the institutional environment earlier than standalone firms, to mitigate their profitability issues. Originality/value To the best of the authors’ knowledge, this is the first paper to discuss the role of business group affiliation and the moderating role of liberalization on INV performance with theoretical and managerial implications.
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Chen, I.-Fen, and Shao-Chi Chang. "The intra business group effects of alliance network extensions." Management Decision 54, no. 6 (July 11, 2016): 1420–42. http://dx.doi.org/10.1108/md-06-2015-0223.
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Purpose – The purpose of this paper is to better understand the influence of business group membership by exploring how actions by a member firm influence other firms in the business group. Specifically, the authors ask two questions in this study: when a member firm forms strategic alliances with partners outside of the business group, how does the alliance influence other members in the business group? Moreover, which types of member firms are more affected than others? Design/methodology/approach – The authors employ standard event-study methodology to examine the stock price responses for the focal and member firms on the announcement of an alliance. Moreover, the authors employ the cross-sectional regression analyses to test hypotheses concerning the impact of alliance, group, and firm characteristics on the cumulative abnormal returns of non-announcing members. All regressions are estimated using ordinary least squares. Findings – The results show that, on average, alliance-announcing member firms experience significantly positive share price responses to announcements of strategic alliances. Moreover, the impact of alliance formation spillover to other non-announcing members in the business group. The authors also find that the influences on the non-announcing members are dissimilar. The non-announcing members are more strongly affected when they are in different industries from the non-member partner, and when the ownership of the business group is more concentrated. Originality/value – This study is to extend the resource complementarities perspective, which may help firms to more effectively configure their network portfolios in order to develop synergies among related network resources. The study thus extends the alliance portfolio literature to the literature on business groups. Since the inter-firm networks within business groups are more complex than those in alliance portfolios, the authors are able to study how the structure of a business, such as ownership concentration, can influence the intra-network effect.
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Nakauchi, Motohiro, Mark Washburn, and Kenji Klein. "Differences between inter- and intra-group dynamics in knowledge transfer processes." Management Decision 55, no. 4 (May 15, 2017): 766–82. http://dx.doi.org/10.1108/md-08-2016-0537.
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Purpose Knowledge transfer (KT) processes are important for building and sustaining competitive advantages and dynamic capabilities. Prior research often treats KT processes as a firm-level capability, assuming knowledge flows uniformly within a firm. The purpose of this paper is to examine whether such a view is too simplistic because it ignores potential differences between inter-group and intra-group KT processes within a firm. Design/methodology/approach The authors surveyed 137 software development professionals in a large Japanese electronics firm regarding co-workers who acted as critical sources of useful knowledge and the factors that affected KT within and across internal organizational boundaries. Using regression analysis, the authors test the extent to which factors such as the characteristics of the knowledge, the characteristics of the tie, and the characteristics of the network differentially affect KT within internal organizational boundaries vs across them. Findings The authors find that factors such as the accessibility of the knowledge source, network density, and collective teaching all help in transferring knowledge, while knowledge tacitness inhibit such transfers, but that the effect of these properties varies significantly depending on whether KT occurs across group boundaries. Originality/value Existing research on KT within firms tends to treat all such transfers as uniform, with little difference between the dynamics of within-group transfer and between-group transfer. This study establishes key differences in KT between and within organizational groups, demonstrating that managers need to consider internal boundaries when deploying tools and strategies for facilitating knowledge flows.
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Duan, Xiao, and Zhan-ming Jin. "Positioning decisions within strategic groups." Management Decision 52, no. 10 (November 11, 2014): 1858–87. http://dx.doi.org/10.1108/md-08-2013-0415.
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Purpose – Strategic group has been intensively studied since this term emerged in 1970s, but previous studies have been limited to the comparisons between groups such as performance comparison. The purpose of this paper is to explore the internal structure of strategic groups by examining the effect of strategic distance from a firm to the center of its strategic group on firm performance. Design/methodology/approach – The research is based on data acquired from the annual reports of listed companies and some Chinese domestic databases, including CSMAR Solution, WIND financial database, and China Core Newspapers Full-text Database. After grouping listed pharmaceutical companies in China over the period 2010-2011, the authors test three hypotheses by using fixed effect regressions. Findings – The paper finds that the strategic distance from a firm to the center of its strategic group has a significant negative effect on the firm's financial performance. Two factors are discovered to influence that effect: corporate diversification strengthens the negative effect of strategic distance on performance, while firm's media visibility weakens that negative effect. Originality/value – The findings reveal the relationship between intra-group strategic positioning and firm performance, and specify how firms can gain competitive advantage through positioning choices and strategic actions. This study promotes the establishment of a more comprehensive strategic group theory by revealing the structure within strategic groups.
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Emeka, Omaliko, and Mordi Kelvin A. "Effect of bankruptcy risk on value of conglomerate firms in Nigeria." International Journal of Economics, Business and Management Studies 10, no. 1 (January 19, 2023): 10–19. http://dx.doi.org/10.55284/ijebms.v10i1.837.
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The study examined the effect of bankruptcy risk on value of conglomerate firms in Nigeria. Ex post facto design was used and data for the study was collected from the Nigerian Exchange Group (NGX Group) Factbook covering from 2017-2021. The design was used since the data is secondary in nature which cannot be manipulated. The study used key proxy variables of leverage (LEV), liquidity (LIQ), profitability (PROF) and firm size (FS) as a measurement for bankruptcy risk while firm value on the other hand, was proxy using net assets per share (NAPS). Four hypotheses were used in the study while regression model was employed in the data analysis. The results of the study indicate that profitability, liquidity, leverage and company size significantly impacted firm value in Nigeria at 1-5% significant level. The study concludes that bankruptcy risk has influenced firms’ value over the years. Hence, the study is crucial as it exposits the influence of bankruptcy risk on firms value in Nigeria. The study's outcome should be considered as a signal to company managers when considering their liquidity position, leverage, profitability and company size, as it could be an indication for corporate bankruptcy risk.
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Chatty, Tejaswini, Will Harrison, Hana H. Ba-Sabaa, Jeremy Faludi, and Elizabeth L. Murnane. "Co-Creating a Framework to Integrate Sustainable Design into Product Development Practice: Case Study at an Engineering Consultancy Firm." Sustainability 14, no. 15 (August 8, 2022): 9740. http://dx.doi.org/10.3390/su14159740.
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There is a growing recognition of the need to incorporate sustainability considerations early-on in the product development (PD) process (PDP). As part of a case study at an engineering consultancy firm, this paper identifies considerations that influence the integration of sustainable design practices into real-world PD practices. This is informed by the first author becoming embedded in the firm as an intern, and closely observing the PD workflow across various projects, conducting interviews and group discussions with a wide range of practitioners, and iteratively designing and testing various potential interventions. From the literature and observations, we find that designers and engineers often struggle to identify and apply the right sustainable design methods and tools (SDMTs) to tackle the environmental impacts associated with their products. Through a human-centered design process, we co-created a reusable, modular framework of practices that aids the selection of relevant strategies, based on the environmental hotspots, stage of the PD process, and the client’s sustainability priorities. Our prominent findings highlight the importance of: (a) co-creation in enhancing receptivity and retention, (b) the use of LCA iteratively to inform design decisions throughout PD, and (c) sharing case studies of successful application of the framework to promote sustainable design among employees and clients, alongside several other takeaways. The paper further presents insights related to the framework’s real-world application and impacts in the firm, based on results of longitudinal engagement with the firm.
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Calabrò, Andrea, Giovanna Campopiano, and Rodrigo Basco. "Principal-principal conflicts and family firm growth." Journal of Family Business Management 7, no. 3 (October 9, 2017): 291–308. http://dx.doi.org/10.1108/jfbm-02-2017-0005.
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Purpose Drawing on the principal-principal conflict and identity literatures, the purpose of this paper is to investigate the Agency Problem Type II-bis in the context of family business. Specifically, the authors hypothesize that the size of the family owner group is related to firm growth and that this relationship is moderated by the extent to which the family identifies with the firm. Design/methodology/approach The hypotheses are tested on a sample of 265 medium and large German family firms (FFs) via moderated hierarchical regression analysis. Findings The main findings suggest that business family identity moderates the inverted U-shaped relationship between the size of the family owner group and firm growth in such a way that FFs with medium-sized family owner groups and high levels of business family identity reach higher firm growth. Practical implications In the context of FFs fully owned by one family, family owners might have different strategic preferences, goals, and identities, thus potentially making them subject to the conflict that could arise among the different family owners in relation to growth expectations. Recognizing this problem could help family owners find potential solutions to ensure the well-being of both the family and the business. Originality/value The combination of family ownership structure and family ownership dynamics affects firm growth. Challenging the homogeneity of the family owner group, the authors highlight the role of Agency Problem Type II-bis in hindering growth of FFs. A finer-grained view of principal-principal conflicts in FFs is thus discussed.
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Solomon, AZA, M., DANIEL, Emmanuel Kayode, and AUDU, Ilemona Omonu. "Institutional Ownership and Ownership Concentration and Tax Aggressiveness of Listed Consumer Goods Firms in Nigeria." International Journal of Research and Innovation in Social Science VII, no. V (2023): 1813–32. http://dx.doi.org/10.47772/ijriss.2023.70641.
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Poor corporate governance practice have been cited as one of the causes of the corporate collapses noticed among firms in Nigeria. This study examined institutional ownership, ownership concentration and tax aggressiveness of listed consumer goods firm in Nigeria covering the period of twelve (12) year 2010-2021. The study adopted ex-post facto research design and secondary data was used for analysis which was obtained from Nigerian Exchange Group. Panel regression analysis technique was used to analyse research data. The result showed that institutional ownership and ownership concentration has a negative significant effect on tax aggressiveness of consumer goods firm in Nigeria. The study therefore concludes that study institutional ownership and ownership concentration has insignificant effect on tax aggressiveness of consumer good firm in Nigeria. Therefore the study recommend that Management of consumer goods firm should not give more attention to the institutional shareholders due to negative influence effect it has on the firm tax aggressiveness.
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Appah, Ebimobowei, and Godspower Duoduo. "Firm Attributes and Corporate Financial Distress of Listed Manufacturing Firms at The Nigeria Exchange Group." British Journal of Multidisciplinary and Advanced Studies 5, no. 1 (January 8, 2024): 16–40. http://dx.doi.org/10.37745/bjmas.2022.0391.
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This study investigated the effect of firm attributes on corporate financial distress of listed manufacturing firms in Nigeria. The specific objectives of this study was to investigate the relationship between six dimensions of firm characteristics (profitability, financial leverage, tangibility, liquidity, operating capacity and firms size) and corporate financial distress of manufacturing firms in Nigeria. Ex-post facto research design and a cross sectional time series secondary data covering the period of one hundred and fifty observations (2018-2022) was extracted from the audited financial statement of thrifty (30) manufacturing firms listed on the floor of Nigerian exchange group. The data collected was analysed using descriptive statistics, correlation analysis and Generalized Method of Moments (GMM) of regression analysis. The result from the regression analysis indicated that profitability does positively and significantly affect corporate financial distress; financial leverage does negatively and significantly affect corporate financial distress; tangibility does positively and insignificantly affect corporate financial distress; liquidity does positively and insignificantly affect corporate financial distress; firm size does positively and insignificantly affect corporate financial distress and operating capacity does positively and insignificantly affect corporate financial distress of listed manufacturing firms in Nigeria. Based on the findings, the study generally concluded that firm attributes impact on corporate financial distress of listed manufacturing firms in Nigeria. Hence, it was suggested that corporate managers need to determine and maintain the appropriate level of profitability to ensure smooth operation and continual survival of the organization in term of short run but should be careful in evaluating the long term profitability.
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Zona, Fabio, Brian Keane Boyd, and Katalin Takacs Haynes. "Coordination, control, or charade? The role of board interlocks among business group members." Management Decision 57, no. 10 (November 11, 2019): 2630–52. http://dx.doi.org/10.1108/md-11-2017-1200.
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Purpose How do business groups manage their internal processes? The purpose of this paper is to explore how board interlocks between members serve as control and coordination mechanisms within business groups. The authors propose that centrality of groups’ affiliates in the group network of interlocking directorates is shaped by agency and resource dependence forces. In particular, the authors examine the role of international board ties as a resource and information conduit. Design/methodology/approach This study leverages proprietary information on firm-to-firm transaction ties among all 155 affiliates belonging to a large Italian business group. The authors use network analysis to develop multiple measures of the centrality of each group member, and link these to resource transactions, ownership patterns and geographic distributions. The authors test the hypotheses in a structural equation model using LISREL. Findings The results demonstrate that both resource exchanges and the presence of cross-national relations increase an affiliate’s central position in the group’s network of board ties. In contrast, ownership ties between members were unrelated to affiliate centrality. Originality/value Internal governance mechanisms of business groups are rarely studied. While groups are often portrayed as inefficient or value-destroying, the analysis of proprietary firm data suggests a very different scenario: inter-unit ties are much more supportive of a model of business groups as strategic portfolios, using internal ties to share information and resources.
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Colma, Ebiye, and Lyndon M. Etale. "Firm Characteristics and Corporate Social Responsibility of Listed Consumer Goods Sector Firms in Nigeria." Global Journal of Arts, Humanities and Social Sciences 12, no. 3 (March 15, 2024): 63–76. http://dx.doi.org/10.37745/gjahss.2013/vol12n36376.
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This study assessed the impact of firm characteristics on corporate social responsibility (CSR) of listed consumer goods firms in Nigeria for the period of eleven years covering 2013 to 2023. The study adopted firm size and firm age as proxies for firm characteristics with the addition of firm growth (explanatory variables), while corporate social responsibility served as the response variable. Based on the ex post facto study design, secondary data collected from published financial statements of sampled five companies listed on the Nigerian Exchange Group were evaluated using Pearson correlation coefficient and multiple regression analysis based on OLS technique assisted by E-Views statistical software. The findings revealed that that firm size and firm growth had positive but insignificant impact on CSR, while firm age had negative insignificant effect on CSR practices of listed consumer goods firms in Nigeria. The study recommended that larger firms should dedicate specific departments or teams to CSR, while smaller firms can designate responsible individuals to CSR or outsource CSR functions if needed before implementing any CSR initiatives. Also, firms should conduct a thorough assessment of their competitive advantages and competencies in order to develop a comprehensive and sustainable CSR strategy that aligns with their business objectives, enhances their reputation, to satisfy the interest of all stakeholders in order to enjoy stable operations to enhance firm growth and sustainability.
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Confidence, Joel Ihenyen, and Roseline Igoniderigha. "Liquidity and Firm Value." Journal of Accounting and Financial Management 9, no. 5 (September 13, 2023): 120–35. http://dx.doi.org/10.56201/jafm.v9.no5.2023.pg120.135.
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Between 2015 and 2021, the research project examined the effect of liquidity on firm value across a few Nigerian consumer goods industries. business value served as the independent variable with dimensions of liquidity ratio, acid test ratio, and stock multiplier ratio, whilst business value served as the explanatory variable and was proxied by market share price. The goal was to determine if the explanatory and dependent variables have a meaningful connection. The study's methodology was ex-post-facto research design. Twenty-six consumer products businesses listed on the Nigerian Exchange Group make up the population, and five of those companies were chosen as the study's sample. The investigation used a secondary source to gather data. The audited financial statements of the chosen companies between 2015 and 2021 were used to collect data for both the dependent and independent variables. The statistical method for multiple regression was used to examine the given data. The results of the investigation's studies have unmistakably demonstrated that in Nigerian consumer goods businesses, there is a weak link between stock multiplier ratio and market share price and a strong relationship between firm liquidity ratio, acid test ratio, and market share price. Therefore, the study draws the following conclusions: consumer goods companies should maintain a reasonable level of liquidity in order to encourage demand and supply in the stock market; the acid level of the companies should be frequently checked by stakeholders to detect any potential problems; and stock multiplier ratio has immaterial influence on firm market share price in the studied organizations in the country. Because doing so helps investors understand the company's worth. In other words, the P/E ratio depicts market expectations as well as the price that must be paid per unit of either current or future profits, depending on the situation.
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Pujadi, Tri. "Aplikasi Sewa Mobil Berbasis Web pada PT Indomobil Car Rental." ComTech: Computer, Mathematics and Engineering Applications 2, no. 1 (June 1, 2011): 580. http://dx.doi.org/10.21512/comtech.v2i1.2807.
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Indomobil Car Rental (IndoRent) is a rental firm providing service to customer by provides vehicle and qualified drivers. Firm has extensive network by utilizes all network from Indomobil Group. Besides it also have care service network that exists at several big cities in Indonesia. Common service problems for customer is limitation of the number of drivers to service customer, particularly at the busy days where it is difficult for customers to do reservation and get information to rent a car. Company website does not provide rent price and car amount information. This application design is developed from a financial application system therefore making it easy for users to conduct activity or transactions and service that progressively increases. Method for modelling by use of Rational Rose, meanwhile design web application utilizes Macromedia Dreamweaver, and Macromedia Flash MX and Swishmax for its animation.This application utilizes PHP and MySQL. The website of Indomobil Rental Car is expected to be more dynamic and can pull more visitors its, so increases firm performance.
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Sumesta, I. Gede Adhipramana Putra, and I. Wayan Wahyu Gedas Adi Satyawan. "Optimising Tropical Group Bali's Food Processing Business Process using a Web-Based Information System." TECHNOVATE: Journal of Information Technology and Strategic Innovation Management 1, no. 1 (January 30, 2024): 9–20. http://dx.doi.org/10.52432/technovate.1.1.2024.9-20.
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The food ordering information system serves as a viable solution for managing the food ordering procedure within the firm. The company faces challenges in its food ordering process, which is currently conducted manually using paper notes. This manual approach leads to errors, particularly during busy periods at the restaurant. These errors include the accumulation of notes, unsorted orders, and incorrect deliveries. As a result, employees are required to exert more effort and concentration to address these issues. The system design commences with the initial step of scrutinizing the accumulated data. Moreover, the design phase, also known as system design, employs a systematic approach that begins with the creation of an Event List, Use Case Diagram, and User Interface. Subsequently, the system is designed and tested using the black box testing method.
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Igwe, Alex Onyeji. "Effect of Debt Financing on Firm Value of Listed ICT Firms in Nigeria Exchange Group (NGX)." International Journal of Management Technology 11, no. 2 (February 15, 2024): 52–68. http://dx.doi.org/10.37745/ijmt.2013/vol11n25268.
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The study investigated effect of debt financing on the firm value of listed ICT firms in Nigeria Exchange Group (NGX). The specific objectives of the study were to examine effect of debt ratio, debt to equity ratio, and debt-to-capital ratio on firm value of listed ICT firms in Nigeria. The study adopted ex-post facto research design and secondary data were extracted from the annual reports of sampled ICT firms in Nigeria for the period 2013 – 2022. The panel regression analysis was used for data analysis. Findings showed that, the debt ratio demonstrated a statistically non-significant negative effect on market capitalization, evidenced by a p-value of 0.2643 and a t-statistic of -1.131372. In contrast, the debt-to-equity ratio exhibited a statistically significant positive effect on market capitalization, supported by a p-value of 0.0000 and a t-statistic of 5.157177. Similarly, the debt-to-capital ratio demonstrated a statistically significant positive effect on market capitalization, with a p-value of 0.0153 and a t-statistic of 2.527323. These results imply that a balanced mix of debt and equity in the capital structure contributes to higher firm value. The study therefore concluded that debt financing has a significant effect on firm value of ICT firms in Nigeria.The study recommends that Nigerian ICT firms, recognizing the non-significant negative impact on market capitalization attributed to the debt ratio, critically assess their debt levels for alignment with industry standards and investor expectations. Emphasizing the significant positive effect on market capitalization associated with the debt-to-equity ratio, it suggests strategic management of this ratio, utilizing debt for growth while transparently communicating its benefits to investors. Additionally, the study encourages ICT firms to explore a balanced debt-to-capital structure, recognizing the potential benefits of a strategic mix of debt and equity. Prudent debt management is emphasized to mitigate risks and ensure sustained enhancement of firm value in the dynamic Nigerian ICT sector.
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Malik, Qamar Uz Zaman, and Talat Afza. "Do group affiliated firms specialize in debt? Evidence from Pakistan." Journal of Economic and Administrative Sciences 32, no. 1 (May 16, 2016): 46–62. http://dx.doi.org/10.1108/jeas-07-2015-0020.
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Purpose – The purpose of this paper is to examine the debt structure of group affiliated firms in Pakistan for the period of 2009-2011. The study seeks to know the level of debt specialization in group affiliated firms. If they do; then how are they different from stand-alone firms? Design/methodology/approach – The study primarily uses Herfindahl-Hirschman Index and Excl90 as measures of debt specialization, which are further used in cluster, threshold and conditional analysis. Corporate groups are characterized to subsidize their affiliates through internal debt market and loan guarantee. Logistic regression model is used to analyze association among the measures of debt specialization and firm-specific characteristics for group affiliated and stand-alone firms. Findings – The results show that about 85 percent firms use more than 50 percent of debt from one debt type. However, group affiliated firms are more inclined toward debt specialization than stand-alone firms. Tangibility and book leverage are negatively and significantly associated to the measures of debt specialization. Moreover, internal debt market and loan guarantee are suggestive reasons of debt specialization in group affiliated firms. Practical implications – This study highlights the issue of group affiliation and its significance on firm’s debt structure. It has implications for determination of the optimal financing strategy. In the context of emerging economies, group affiliated firms can create market imperfections as a protection shield. In case of emerging markets, it is recommended to strengthen regulatory mechanism to avoid such market imperfections. Originality/value – Prior studies have explored the phenomenon of debt specialization for rated and unrated firms. However, firm group affiliation is widely studied in the context of capital structure. This is a pioneer study to establish and analyze a link between firm group affiliation and debt specialization.
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Omaliko, Emeka, and Ngozi Okpala. "Moderating Effect of Corporate Governance Mechanism on the Relationship between Firm Attributes and Corporate Performance in Emerging Economy." Journal of Social Sciences and Management Studies 2, no. 2 (May 29, 2023): 23–33. http://dx.doi.org/10.56556/jssms.v2i2.500.
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The study examined the moderating effect of corporate governance mechanism on the relationship between firm attributes and corporate performance in emerging economy. Firm attributes was proxy using firm assets tangibility (FAT) and firm foreign listing (FFL); corporate performance was measured using Tobin's Q while the moderating variable of corporate governance mechanism was proxy using board size. The ex post facto design was adopted and the data for the study was collected from the annual reports and accounts of the 66 manufacturing companies listed under consumer goods sector, industrial goods sector oil & gas sector, ICT sector, healthcare sector and conglomerate sector of the Nigeria Exchange Group (NGX) as of December 31, 2022 for the period of 2016-2022. Panel Least squares model was used in the data analysis and the results of the study show a significant and positive association between firm assets tangibility, firm foreign listing and performance of listed manufacturing firms in Nigeria at 1% significant level. Corporate governance mechanism was also found to moderate the relationship between the firm assets tangibility, firm foreign listing and corporate performance at 1%-5% level of significance. The study therefore concludes that firm attributes ensure corporate performance. The study recommends that firms should find a way to ensure an optimal use of their tangible assets and also have a foreign stock listing as it ensures corporate performance. In addition, firms should ensure that they have effective corporate governance mechanism in place as it moderates the relationship between firm attributes and corporate performance.
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Singla, Monika, and Shveta Singh. "Board monitoring, product market competition and firm performance." International Journal of Organizational Analysis 27, no. 4 (September 2, 2019): 1036–52. http://dx.doi.org/10.1108/ijoa-07-2018-1482.
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Purpose This paper aims to analyze the monitoring role of board and product market competition in relation to firm performance. Further, this paper analyzes the moderating role of product market competition in influencing the board monitoring and firm value relationship in the context of an emerging economy, India. Design/methodology/approach A large sample of 3,854 firm-year observations has been used over a period of 10 years (2007-2016). Industry and year-fixed effect regression methodology has been used to test the hypothesized relationships. Findings The empirical findings indicate that board monitoring adds negatively to the firm value. The results also indicate that product market competition bears an insignificant moderating effect on the effectiveness of board monitoring in India. However, a more in-depth analysis reveals that product market competition complements the weak board monitoring of business-group firms. Further, the effectiveness of the board monitoring (which is relatively stronger in business-group firms) is weakened by the increased level of product market competition for stand-alone firms. Research limitations/implications A significant negative effect of board independence on the firm value raises the effectiveness of various policies advocating the board independence to strengthen the governance structure of the firms. The findings relating to the moderating role of product market competition for the business-group and stand-alone firms are helpful in understanding the governance behavior of the firms in relation to the external product market competition. Originality/value External governance mechanisms such as the market for corporate control and product market competition have been described as significant corporate governance mechanisms. However, the empirical efficacy of these governance mechanisms has not been explored in a greater detail in the context of the emerging markets. This study aims to address this research gap.
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Lin, Chinho, Hoang Cong Nguyen, and Ha Hoang Tran. "Comparative review of business group affiliates and firms’ performance." Baltic Journal of Management 14, no. 4 (November 11, 2019): 616–40. http://dx.doi.org/10.1108/bjm-03-2018-0105.
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Purpose The purpose of this paper is to synthesize empirical results relating to antecedents influencing differences in performance between business group (BG) affiliated firms and independent firms in emerging economies. Design/methodology/approach A metanalysis was conducted in this research in which samples were collected, and a continuous data set for figuring the differentiation between group and non-group variables was selected and analyzed. These variables included performance, diversification, ownership characteristics, firm characteristics and group characteristics. Findings The research presents a set of hypotheses from a model that shows the influences of factors moderating the differences between the performance of BG affiliates and independent firms, including governance and the kinds of strategic choices which these firms make. Four of the five hypotheses were totally supported, showing the importance of differentiating affiliates’ and independent firms’ performance in terms of ownership concentration, dividend payout, leverage, R&D, as well as diversification and a firm’s age and size. Originality/value The study focused its research on an examination of pyramid and cross-holding groups in order to reveal the role of the core firms. It also examines ownership concentration, as well as internal relationships with capital structure, and the effect which these have on firm performance, in order to further understand the relationship among BGs, corporate governance and performance in emerging-market economies.
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Mishra, Supriti, and Pitabas Mohanty. "Corporate governance as a value driver for firm performance: evidence from India." Corporate Governance 14, no. 2 (April 1, 2014): 265–80. http://dx.doi.org/10.1108/cg-12-2012-0089.
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Purpose – The study aims to examine corporate governance issues in India and establish the relationship between corporate governance and financial performance. Design/methodology/approach – The sample comprises 141 companies belonging to the “A” group stocks listed in the Mumbai Stock Exchange of India. Considering the institutional uniqueness in India, a composite measure of corporate governance is developed comprising three indicators – legal, board and proactive indicators. Data on the three indicators and financial performance were procured from secondary sources. In the step-wise multiple regression analysis, the influence of these three indicators and the composite measure of corporate governance was examined on firm performance after controlling the confounding effects of firm size. Findings – The board and the proactive indicators influence the firm performance significantly whereas legal compliance indicator does not do so. The composite corporate governance measure is a good predictor of firm performance. Originality/value – This study has two contributions: one, it proposes a composite measure of corporate governance considering the unique institutional characteristics of the Indian economy. Two, the study establishes the predictability of the new measure of corporate governance on firm performance as a tool to boost investors' confidence and financial health of firms.
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Cil, Deniz, and Alyssa K. Prorok. "Selling Out or Standing Firm? Explaining the Design of Civil War Peace Agreements." International Studies Quarterly 64, no. 2 (March 2, 2020): 329–42. http://dx.doi.org/10.1093/isq/sqaa010.
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Abstract When do rebel leaders “sell out” their constituents in the terms of peace by signing agreements that benefit group elites over the rebel constituency, and when do they instead “stand firm,” pushing for settlement terms that benefit the public they claim to represent? This article examines variation in the design of civil war settlement agreements. It argues that constituents, fighters, and rebel elites have different preferences over the terms of peace, and that rebel leaders will push for settlements that reflect the preferences of whichever audience they are most reliant on and accountable to. In particular, leaders of groups that are more civilian-reliant for their military and political power are more likely to sign agreements that favor broad benefits for civilian constituents, while leaders who do not depend on civilian support for their political and military power will sign agreements with fewer public benefits. We test this argument using original data on the design of all final peace agreements reached between 1989 and 2009, and several proxies for the group's level of reliance on civilian supporters. Using a variety of statistical tests and accounting for nonrandom selection into peace agreements, we find strong support for our hypothesis.
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Gupta, Gaurav, and Jitendra Mahakud. "The impact of macroeconomic condition on investment-cash flow sensitivity of Indian firms." South Asian Journal of Business Studies 9, no. 1 (November 28, 2019): 19–42. http://dx.doi.org/10.1108/sajbs-06-2018-0073.
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Purpose The purpose of this paper is to investigate the impact of the macroeconomic condition on investment-cash flow sensitivity (ICFS) of Indian firms and examine whether the effect of macroeconomic condition on ICFS depends on the size and group affiliation of the firm. Design/methodology/approach An empirical investigation is conducted using a dynamic panel data model or more specifically system generalized method of moments (GMM) estimation technique. Findings Empirical findings postulate that the availability of cash flow influences the investment decisions which depicts that Indian manufacturing firms are internally as well as externally financially constrained. This study finds that good economic condition (period of high GDP growth rate) reduces the ICFS, although this effect is stronger for small-sized and standalone firms than the large-sized and business group affiliated firms. The authors find that macroeconomic condition has a positive and significant effect on investment decisions. Research limitations/implications This study has considered only the non-financial sector. The future research could explore the effect of macroeconomic condition on ICFS might be affected by firm other characteristics such as firm age and firm capital structure. Social implications The government should provide loan on the low rate to the small-sized firms and standalone firms because it is very difficult for these firms to finance their investment during the bad economic condition (period of low high GDP growth rate). Originality/value This study contributes to the existing literature by analyzing the impact of the macroeconomic condition on ICFS as well as investment decisions of the Indian manufacturing firms, which is an unexplored issue from an emerging market perspective. To the best of my knowledge, this is a first-ever study which explores the effect of macroeconomic condition on investment decisions with respect to business group affiliation and firm size.
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Joni, Joni, Kamran Ahmed, and Jane Hamilton. "Politically connected boards, family business groups and firm performance." Journal of Accounting & Organizational Change 16, no. 1 (April 10, 2020): 93–121. http://dx.doi.org/10.1108/jaoc-09-2019-0091.
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Purpose The purpose of this paper is to examine the association between politically connected boards (both supervisory boards [SBs] and boards of directors [BODs]) and firm performance. Design/methodology/approach We focus on the political connections of SBs and BODs separately and estimate a quadratic model based on 1,099 Indonesian listed firm-year observations. Additionally, we address endogeneity problem by using sample selection model, generalized method of moments (GMM), propensity score matching\ and lagged variables regression. Findings We find that political connections of SBs are more significantly associated with firm performance than that of BODs. Furthermore, such an association is not monotonic, in that the relationship declines after a certain level of political connections. We also find that stand-alone firms with political connections perform better than firms belonging to family business groups. Our results are robust to alternative measures and to tests for endogeneity. Research limitations/implications This study contributes to the literature by proposing non-linear model to incorporate the rent-seeking and resource dependence arguments. Although previous studies use regression analysis (linear model) and find mixed results on the association between political connections and firm performance, our non-linear model extends our understanding of the relationship between political connections and firm performance. We extend corporate governance literature by examining the role of political supervisory boards in the dual board system and the role of family business group in Indonesia. Several limitations are addressed to interpret all the findings. We use one period of the presidency (SBY-Susilo Bambang Yudhoyono) in Indonesia as our sample, but other regimes are not considered. We collect political connection and family business group information based on publicly data available. For politically connected firms, we do not have information whether they obtain connections through ruling parties or not. Practical implications Practitioners (such as companies and policymakers) can use our models to consider the level of political connections that can improve corporate’s performance. Additionally, they can use our findings to design corporate governance policies. Originality/value The paper identifies the use of the non-linear model on the association between political connections and firm performance in Indonesian dual board system.
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Karimi, James Mark Ngari, and Enid Busolo. "Influence of age diversity on organizational performance: A case study of AAR group." University Journal 1, no. 3 (December 21, 2021): XX. http://dx.doi.org/10.59952/tuj.v1i3.23.
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The purpose of the study was to determine the influence of age diversity on organizational performancea case study of AAR group. The study adopted a descriptive research design as it permitted theresearcher to describe the influence of organizational performance and age diversity. The populationfor this study comprised of 90 employees of an insurance company in Nairobi. The study found that therespondents were age diverse, aged between 20 and 55 years. The study also established that themajority of the respondents were males. The study found that the Pearson correlation co-efficient valuefor age diversity and organizational performance was a significant and positive though weak at value;r =0 .041, p <0.05. The variables under investigation meet the Cronbach’s threshold since thecoefficients were above 0.7 as follows creativity and innovation 0.826, decision making 0.765,perception of quality 0.745, intra organization communication 0.815 and organizational performance0.812. The study concluded that, age diversity is a very crucial resource for firms that intend to havesustainable workforce. It recommends that managers should perceive age diversity as a source ofcompetitive advantage within the firm. They should embrace age diversity for the potential influencethat it has for creativity and innovativeness in the firm.
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David Johnson, Ememobong, Uwem Etim Uwah, and Emmanuel Solomon Udoh. "Firm Attributes and Earnings Predictability of Listed Manufacturing Companies in Nigeria." AKSU Journal of Administration and Corporate Governance 3, no. 2 (August 15, 2023): 177–93. http://dx.doi.org/10.61090/aksujacog.2023.015.
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Earnings predictability is a measure of how well the past earnings of a firm can explain its current earnings. Earnings measurement is very important in accounting since the performance of the firm can be seen by a wide range of users. The primary role of the financial statement is to disclose the financial statement information to internal and external users in a timely and reliable manner. This study was to ascertain the relationship between firm attributes and earnings predictability of quoted manufacturing companies in Nigeria. The population of the study consisted of all the listed manufacturing companies in Nigeria for the year ending 2021. Purposive sampling was used to sample 12 manufacturing firms that were continuously listed and actively trading on the floor of the Nigerian Exchange Group (NXG) Ltd. during the period 2017 to 2021 and whose financial statements are available and have been consistently submitted to NXG for the period under study. The ex post facto research design was used to establish the effect of firm attributes on earnings predictability. The firm attributes reviewed were firm size, age, leverage and liquidity, while earnings predictability was measured by operational cash flows on total assets. Panel regression data using a pooled estimate of ordinary least squares method was used for data analysis. The result revealed that firm age, firm size, firm leverage and firm liquidity all have weak effects on the dependent variable. Based on the findings, it was concluded that firm attributes have weak but positive effects on earnings predictability. It was recommended that manufacturing companies should provide quality earnings reports stating the earnings per share, operational cash flow, and total assets. This will showcase the accrual quality which could assist investors in estimating future earnings thereby making decisions to avoid security mispricing.
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Mutegi, Brian, Susan Wasike, and Abraham Kiflemariam. "Corporate Social Responsibility and Firms Brand Development: A Case of Equity Group." Journal of Strategic Management 6, no. 3 (June 2, 2022): 50–61. http://dx.doi.org/10.53819/81018102t2072.
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Firms are continuously seeking to enhance their brand development through adopting all possible strategies with the main focus being Corporate Social Responsibility (CSR). The study sought to establish the impact of CSR on firm’ brand development. The objectives of the study were; to establish the effect of economic responsibility on Equity Group brand development, to investigate the effect of legal responsibility on Equity Group brand development, to determine the influence of ethical responsibility on Equity Group brand development and to determine the effect of Philanthropic responsibility on Equity Group brand development. The study adopted a descriptive survey design to establish the relationship between independent and dependent variables. The target population of the study was Corporate Social Responsibility activities in the 23 Equity Group branches in Nairobi Count. The study used secondary data which was collected using the bank records. Data was collected covering 10 years from 2010 to 2020. The published statements are reliable because all listed companies are required by law to report their audited statements as well as stating their compliance with performance principles. The collected data was analyzed using SPSS. Data was analyzed using both descriptive and inferential statistics. The results indicated that economic responsibility, legal responsibility, ethical responsibility and philanthropic responsibility have a positive and significant effect on firm`s brand development. The study concluded that there is a significantly positive relationship between corporate social responsibility activities of firms on their brand development. This study recommends firms to build collaborative partnerships with other stakeholders to impact positively to society through Corporate Social Responsibility. The study further recommends on firms to integrate Corporate Social Responsibility with their vision, mission, core competencies, values, strategic goals and objectives to benefit both the firm and the society. Keywords: Economic Responsibility, Ethical Responsibility, Legal Responsibility, Philanthropic Responsibility & Brand Development
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Looser, Stéphanie, and Walter Wehrmeyer. "Ethics of the firm, for the firm or in the firm? Purpose of extrinsic and intrinsic CSR in Switzerland." Social Responsibility Journal 12, no. 3 (August 1, 2016): 545–70. http://dx.doi.org/10.1108/srj-07-2015-0097.
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Purpose Despite the increased recognition and emphasis on corporate social responsibility (CSR) as a topic and highly formalised CSR control systems, numerous well-publicised problems and scandals often involving multinational enterprises (MNEs) continue to emerge. These companies are mostly extrinsically motivated in CSR. They operate with highly formalised CSR systems that, in many cases, miss the prevention of anti-social and illegal behaviour. This might reflect the failure of extrinsic CSR to integrate the ethical dimension and/or the failure of intrinsic CSR to formalise and thus benefit from economies of scale. Currently, the conviction is growing that if CSR is to have a meaningful impact, it should be a matter of intrinsic motives, morale and ethical values rather than a formalised management tool. This research aims to focus on a sample of small and large companies in Switzerland, aiming at a comparison of key motives for CSR related to actual CSR implementation, performance and company size. Design/methodology/approach The study examined two groups: seven owner-managers of small- and medium-sized enterprises (SMEs) and seven managers of MNEs. Each group met for two focus group discussions that were qualitatively and visually analysed using MAXQDA. Findings The results show that CSR implementation in the examined Swiss SMEs is more related to moral commitment than to profit maximisation. These companies are often driven by soft assets, such as networks, by the nexus of mission and value set; by a system of initiatives and integrated behaviour; by proximity and informal, flat organisational structures; by the aspiration and ambition of craftsmanship or excellent service (instead of profit); by community involvement; by recruiting from the local community; by the willingness to grow slowly and steadily; by the avoidance of atomic markets; and finally, by the mental set up and sociological tradition of the stewardship concept. This contrasts with the extrinsically motivated approach of the MNEs under research. While MNEs follow their approach of “ethics for the firm that must pay”, the findings here identified potential transition cases of “ethics in the firm” and “ethics of the firm” within Swiss SMEs. This is consistent with others, resembling the need of this dichotomy to be revised. Research limitations/implications The cross-sectorial approach limits the degree to which motives can clearly be attributed to actual CSR performance or company size. Practical implications The results imply that policymakers, public institutions, scientific community, etc. should be careful when establishing systems that favour financial returns from CSR engagement, because, first, other research showed that a behaviour attributed to extrinsic motives is mostly perceived as dishonest and misleading, for instance, consumers. Second, extrinsic motivation might crowd out morale and paying lead actors for behaving altruistically or philanthropically might decline their intrinsic motivation. Notably, the crowding out of intrinsic motivation by extrinsic incentives is a phenomenon well-researched not only in regard to CSR but in various other areas linked to human behaviour. This has important implications for nearly every business operation, especially for mergers and acquisitions, as well as for the growth of businesses. Social implications It seems unsuitable to support social goods in intrinsic CSR by the implementation of a system of financial incentives (or consequences). Thus, an economic cost-benefit is inappropriate where CSR needs an ethical stand. The difference between extrinsic and intrinsic CSR is very difficult to bridge – both have powerful incentives and drivers preventing a potential cross-over. Originality/value In sum, this study showed that CSR is meaningful and justifiable even if it is not profitable in the first place or implemented in and managed through formalised systems. This leads to two conclusions: first, care should be taken when emphasising the extrinsic approach in relation to social goods and second, the cost of a possible mismatch in a climate of ethical principles might be substantial for societies’ moral inclination.
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Mitchell, Melissa, and Christopher D. Zatzick. "Skill underutilization and collective turnover in a professional service firm." Journal of Management Development 34, no. 7 (July 13, 2015): 787–802. http://dx.doi.org/10.1108/jmd-09-2013-0112.
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Purpose – The purpose of this paper is to examine skill underutilization and collective turnover in a large professional service firm (PSF). The authors hypothesize that skill underutilization is positively related to collective turnover, that skill underutilization is greater among professionals than nonprofessionals, and that the positive relationship between skill underutilization and collective turnover is stronger for professionals than for nonprofessionals. Design/methodology/approach – Using survey data from a large PSF, the authors test these predictions across 191 groups (professional and nonprofessional) in 80 offices. Collective turnover rates were taken from company records one year after the survey was administered. Findings – The authors find support for the prediction that skill underutilization is positively related to collective turnover. In addition, skill underutilization is greater among professionals than nonprofessionals within a PSF. However, the relationship between skill underutilization and collective turnover did not differ between professionals and nonprofessionals. Research limitations/implications – While the authors find that skill underutilization is positively related to collective turnover, future research is needed to measure the group processes that occur among group members and lead to collective turnover. Limitations of this study include the inability to validate the aggregation of data from the individual level to the group level, and the generalizability of findings to other PSFs or to involuntary turnover situations. Practical implications – Understanding the antecedents of collective turnover is of particular concern to PSFs, as they are composed of highly skilled, intrinsically motivated professionals, who generate value for the firm. These findings are particularly timely, given the significant levels of underemployment in countries throughout the world. Originality/value – In addition to extending skill underutilization and collective turnover research to the occupational group level, the findings highlight the importance of providing development opportunities for employees during difficult economic conditions in order to minimize collective turnover.
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Victor, Oshiole, Blessing, Assoc Prof Orbunde Bemshima, and Prof Ame Jacob. "Employee Health & Safety Cost and Effluent Disclosure on Market Value of Listed Consumer and Industrial Firms in Nigeria." International Journal of Research and Innovation in Social Science VIII, no. VI (2024): 2976–3001. http://dx.doi.org/10.47772/ijriss.2024.806226.
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The Current environmental trends couple the challenges of lack of adequate disclosures among pollution prone companies in Nigeria in their annual reports today is of serious concerned to stakeholders for sound decision making. Therefore, the study examined effect of employee health and safety cost and effluent disclosure on market value of listed consumer and industrial goods firm in Nigeria covering the period of ten (10) years 2013-2022. The study adopted ex-post facto with focus on longitudinal Panel Series design and secondary data were used for analysis which were obtained from Nigerian Exchange Group. While panel regression analysis technique was used to analyse the research data. The result revealed that employee health and safety cost have a positive and significant effect on market value while effluent disclosure has a positive and insignificant effect on market value of listed consumer and industrial goods firm in Nigeria. The study therefore concludes that employee health and safety cost have significant effect on market value of consumer and industrial goods firm in Nigeria. The study recommend that management of consumer and industrial goods firm should continue to increase employee health and safety cost because the wellbeing of employee sustainable optimal productivity that will lead to enhanced market value of the firm
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Sajtos, Laszlo, and Yit Sean Chong. "Activating multiple roles of customer-firm relationships in service failures." Journal of Service Theory and Practice 28, no. 2 (March 12, 2018): 250–70. http://dx.doi.org/10.1108/jstp-07-2017-0105.
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Purpose Scholars have proposed that the negative effects of service failures can be countered by developing and maintaining high quality customer-company relationships or by providing excellent service recovery to customers. While both strategies have been proposed as ways to overcome the negative effects of service failures, there are only a limited number of studies that have examined their joint effects. The purpose of this paper is to fill this gap by investigating the impact of these two strategies jointly on rumination (brooding and reflection), anger and customer forgiveness (revenge, avoidance and benevolence). Design/methodology/approach The experimental design used in this study is an adaptation of Mattila’s (2001) research design, which manipulated both the level of service recovery and relationship. A total of 677 respondents were assigned randomly to one of the six experimental conditions. Multi-group structural equation modeling was employed to estimate the proposed model across three relational conditions. Findings This study suggests that the buffering effects are directly triggered by the impact of relationships, whereas, the magnifying effects are primarily related to the customer’s cognitive processes. This study reveals multiple forms of concurrent buffering and magnifying effects in service failures. Originality/value The findings of the study led to a classification system of the various forms of buffering and magnifying effects of relationships in the event of service failures. The four active roles of relationships are identified as damage control, benefit catalyst, benefit attenuator and damage catalyst. This proposed typology breaks new ground for theorizing about relationship utilization in negative incidents.
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Ayalew, Misraku Molla, and Zhang Xianzhi. "The effect of financial constraints on innovation in developing countries." Asian Review of Accounting 28, no. 3 (October 22, 2019): 273–308. http://dx.doi.org/10.1108/ara-02-2019-0036.
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Purpose The purpose of this paper is to investigate the effect of financial constraints on innovation in developing countries. It also examines how the effect of financial constraints varies by sector and with main firm characteristics such as size and age. Design/methodology/approach The study utilizes matched firm-level data from two sources; the World Bank Enterprise Survey and the Innovation Follow-Up Survey. From 11 African countries, 4,720 firms have been included in the sample. A recursive bivariate probit model is used. Findings The result shows that financial constraints adversely affect a firm’s decision to engage in innovative activities and the likelihood to have product innovation and process innovation. The results point out that the extent of the adverse effect of financial constraints on innovation differs across the sectors, firm size and age groups. A firm’s innovation is also explained by firm size, R&D, cooperation/alliance, the human capital of the firm, staff training, public financial support and export. At last, the probability of encountering financial constraints is explained by firms’ ex ante financing structure, amount of collateral, accounting and auditing practices and group membership. Practical implications Managers should strengthen the internal and external financing capacity to reduce financing constraints and their adverse effect on innovation. Social implications A pending policy task for African leaders is to design and evaluate reforms that reduce the adverse effects of financial constraints on innovation. Originality/value This study contributes to the existing literature on financing of innovation by examining how and to what extent financial constraints affect innovation across various sectors, size and age groups.
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Ranajee, Ranajee, and Rajesh Pathak. "Corporate cash holding during crisis and beyond: what matters the most." International Journal of Managerial Finance 15, no. 4 (August 5, 2019): 492–510. http://dx.doi.org/10.1108/ijmf-03-2018-0085.
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Purpose The purpose of this paper is to examine the cash holding of firms during a crisis and test the widely accepted determinants of corporate cash holding (CCH) for their consistency across periods of crisis, stability and recovery, and across firm categories, in the emerging market context of India. Design/methodology/approach The study employs panel data and Fama–Macbeth regression techniques on publicly listed firms during 2001–2015, amid controls for idiosyncratic factors. Further empirical analysis is carried out through the disaggregation of firms based on group affiliation, controlling stake of promoters, financial constraints and firm size. Findings The study reports that cash levels are significantly higher during crisis periods for Indian firms. Moreover, promoter holding is observed to be a strong predictor of CCH, which is an addition to the list of predictors in existing literature. Additionally, most of the predictors of cash holding turn out to be consistent through periods of financial crisis, stability and recovery. A firm’s age and growth prospects do not determine cash levels for Indian firms; however, cash-flow volatility, firm size, leverage and non-cash working capital requirements help to determine the cash levels of the firm consistently through different periods. Group-affiliated firms are less likely to engage in cash accumulation as opposed to firms that are large and financially constrained and have high promoter stakes. Originality/value The study is unique because it examines the consistency of determinants of cash holding across good and turbulent times and across firm classifications. Moreover, the study uses a broad sample of firms and investigates the topic for a relatively long period in an emerging market setup.
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Zubaida Masood, Fauzia Ali, Rahilla Imtiaz, Aisha Khatoon, Mehwish Fatima, and Jarry Masood. "An assessment of cervical ripening with evening primrose oil: An obstetrical review." Professional Medical Journal 29, no. 09 (September 1, 2022): 1332–37. http://dx.doi.org/10.29309/tpmj/2022.29.09.6894.
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Objective: To compare cervical ripening in women having evening primrose oil with those not taking it. Study Design: Retrospective Cohort study. Setting: Department of Obs & Gynae, Abbasi Shaheed Hospital, Karachi. Period: July 2018 to April 2021. Material & Method: Patients were divided into 2 groups, one having evening primrose oil (EPO) 1gm twice daily from 37 weeks till labor, given by her previous birth attendant. Another group was without using evening primrose oil. Both were examined for cervical ripening by bishop score, length of labour and then for need for cesarean section. Statistical plan: SPSS 20. Results: BISHOP score for EPO group (6.1) vs non-EPO group (4.3) was statistically significant (p-value < 0.001). EPO have soft cervical consistency (73.5%), followed by medium (10.2%) and firm (16.3%) while non EPO have firm consistency (41.2%) followed by soft (37.3%) and medium (21.6%). The differences was statistically significant (p-value=0.001). The average length of labor for EPO group was 7.7 hours (±2.5 SD) and Non-EPO was 8.4 hours (±2.4 SD), statistically insignificant. The mode of delivery wasn’t statistically significantly different between two groups. Conclusion: EPO tend to have soft cervical consistency. However mode of delivery between EPO group and Non-EPO group did not have any significant difference.
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Farooq, Rayees, Sandeep Vij, and Jaspreet Kaur. "Innovation orientation and its relationship with business performance: moderating role of firm size." Measuring Business Excellence 25, no. 3 (March 5, 2021): 328–45. http://dx.doi.org/10.1108/mbe-08-2020-0117.
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Purpose The study aims to test the relationship between innovation orientation (INO) and business performance. It also explores the moderating effect of firm size on the relationship between INO and business performance. Design/methodology/approach A purposive sample of 278 firms (manufacturing and service) was taken from the National Capital Region and the Punjab state of India. The survey questionnaire was administered to two to three managerial-level employees from each of the 278 firms. Exploratory and confirmatory factor analyses were used to validate the INO and business performance scales. The hypotheses were tested using multi-group moderation analysis and structural equation modeling. Findings The study shows that INO has a significant positive effect on business performance. The results have indicated that firm size (based on the number of employees) moderates the relationship between INO and business performance. However, firm size (based on investment) does not moderate the relationship between INO and business performance. Originality/value The study is an attempt to synthesize the fragmented results testing innovation–performance relationship using firm size as a moderator on the relationship between INO and business performance and provides insights for both academicians and practitioners.
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Lin, Chan-Jane, Hsiao-Lun Lin, and Ai-Ru Yen. "Dual audit, audit firm independence, and auditor conservatism." Review of Accounting and Finance 13, no. 1 (February 4, 2014): 65–87. http://dx.doi.org/10.1108/raf-06-2012-0053.
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Purpose – This study aims to examine whether China's unique dual audit policy affects one specific aspect of audit quality: auditor conservatism. In China, listed companies issuing B/H-shares in addition to A-shares must release two financial reports – one based on Chinese accounting standards and the other based on international accounting standards (ISA). The China Securities Regulatory Commission (CSRC) further requires that the financial reports following Chinese accounting standards should be audited by a domestic CPA firm, and the financial reports following ISA should be audited by an approved overseas CPA firm. This study investigates whether the dual audit requirement induces more auditor conservatism. Design/methodology/approach – Based on a sample of 7,046 firm-year observations that issue A-shares from 2001 to 2006, the authors empirically test whether the dual audit requirement induces more auditor conservatism, measured by the level of discretionary accruals. Findings – The authors find the dual audit requirement significantly restricts the use of income-increasing discretionary accruals but not income-decreasing discretionary accruals. Moreover, financial reporting becomes most conservative when two auditors are from two un-affiliated audit firms. Nevertheless, the difference-in-difference analysis fails to show a significant decrease in auditor conservatism after the revocation of the dual audit rule for the treatment group with dual audit before but no dual audit after 2007 comparing to the control group that experience no change in 2007. Originality/value – First, the previous studies examine issues regarding the effects of supervision pressure through experimental setting. The authors extend the literature by examining empirically the impact of perceived peer pressure on auditor conservatism. Second, the findings from China regarding the effect of the dual audit system on auditor conservatism serve as a reference for other emerging markets that have not yet established sound audit systems.
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Panicker, Vidya Sukumara. "Ownership and corporate social responsibility in Indian firms." Social Responsibility Journal 13, no. 4 (October 2, 2017): 714–27. http://dx.doi.org/10.1108/srj-02-2017-0030.
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Purpose The purpose of this paper is to look at the association between different ownership categories and corporate social responsibility (CSR) spending of selected Indian firms. Design/methodology/approach Random-effects Tobit panel regression is performed on a panel of 4,388 firm years of 1,722 unique firms over a three-year period (2014-2016). Findings Different categories of institutional investors have different preferences for CSR spending of a firm. Promoters of business-group affiliated and unaffiliated firms also behave differently towards CSR activities of their firms. Research limitations/implications Heterogeneous behavior of institutional investors is revealed through the study. Foreign institutions and domestic banks are supportive of CSR investments of a firm. Promoters of family firms and group affiliates also diligently plan CSR activities. Practical implications Managers cannot ignore the heterogeneities of institutional investors in their investment decisions. Individual investors can align their philanthropic preferences with those of different types of institutional investors or firms. Social implications Family-owned firms play a significant role in CSR activities of emerging economies, while individual promoters are not as attracted by the reputational prospects of CSR. Originality/value This paper considers the role of heterogeneities of institutional investors in influencing CSR spending of emerging-economy firms. This heterogeneity has not been previously studied in this context.
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Walker, Kent, and Andre Laplume. "Sustainability fellowships: the potential for collective stakeholder influence." European Business Review 26, no. 2 (March 4, 2014): 149–68. http://dx.doi.org/10.1108/ebr-09-2013-0119.
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Purpose – Given the current ecological state of the planet organizations now need to develop their sustainability to a significantly greater extent and at a faster pace. This paper aims to propose stakeholder collectives as a means for rapid and comprehensive sustainability, while also examining the moderating influence of firm size and change potential. Design/methodology/approach – A theoretical analysis leads to the development of multiple propositions. The work concentrates on one research question: how can the authors bring about rapid and comprehensive organizational sustainability? Findings – Arguments for the inability of individual stakeholders to drive the level of sustainability now required are presented. Propositions suggesting that sustainability can be obtained through stakeholder collectives, moderated by firm size and the change potential of the firm are developed. Research limitations/implications – Research using stakeholder theory has examined intra-stakeholder group collective action, but arguably the more important, inter-stakeholder group collective action, has received little attention. The authors elaborate the prospects for collective stakeholder influence strategies as useful for increasing sustainability. Originality/value – The main contribution is the nexus between stakeholder influence strategies and the collective goal of sustainability. By examining an underdeveloped component of stakeholder theory, the authors answer the question how stakeholders can drive the extensive and rapid organizational sustainability now required.
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Ayeni-Agbaje, A. R., I. A. Adebayo, and B. O. Owoniya. "Corporate Governance and Performance of Listed Firms in Nigerian Exchange Group." Asian Journal of Economics, Business and Accounting 24, no. 5 (March 19, 2024): 73–85. http://dx.doi.org/10.9734/ajeba/2024/v24i51294.
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The performance of listed firms in Nigeria is a topic of significant concern and interest among stakeholders, including investors, regulators, and policymakers. Despite the considerable growth and development of the Nigerian economy in recent years, some persistent challenges and issues affect the performance of listed firms, hindering their ability to achieve optimal results and contribute effectively to economic prosperity. There is a growing need to explore the relationship between corporate governance mechanisms and firm performance in Nigerian firms.The study adopted an ex-post facto research design, extracting secondary data from the annual reports of 153 companies listed on the Nigerian Exchange Group (NGX) that made up the study's population. Using a purposive sampling approach, 10 firms were chosen across different industries as the sample size. The scope spanned from 2013 to 2021, a period of nine years, and data underwent descriptive and inferential statistical analyses. The empirical investigations found that board size had a positive significant effect on return on assets, while the number of non-executive directors had a negative significant effect on return on assets. The overall results demonstrated that corporate governance had a significant effect on the firm performance. The findings suggest that companies adhering to robust corporate governance standards tend to excel across various performance metrics compared to those with weaker governance practices. This study recommends that Policymakers of Nigerian firms should consider optimizing board size to enhance performance, ensuring a balance between diversity and efficiency.
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Majumdar, Sumit K., and Arnab Bhattacharjee. "Institutional regimes and profitability transitions: the case of Indian manufacturing firms." Indian Growth and Development Review 11, no. 2 (November 12, 2018): 58–89. http://dx.doi.org/10.1108/igdr-10-2017-0081.
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Purpose Literature, spanning industrial organization and strategic management disciplines, uses variance decomposition to understand the relative importance of firm, industry and business group effects in shaping profitability variations. Some literature analyzes firm profitability under transition to liberalization. Previous research has taken a static before-and-after view on institutional change. This paper aims to focus on the dynamic process of liberalization in India, analyzing how different institutional regime changes alter firm behavior leading to changes in profitability patterns. Design/methodology/approach Based on a panel data set of several thousand Indian firms, spanning the 26-year period between 1980-1981 and 2005-2006, the authors determine the relative importance of firm, industry and business group effects in explaining manufacturing firms’ profitability variances across different institutional phases. The authors evaluate three propositions that help assess transition dynamics between phases. They determine the quantum of catch-up or falling behind by firms. Findings Different industries emerge as profitability leaders, as the economy progresses through different liberalization phases. Business groups that have been more effective in resource appropriation, rent-seeking, politician management and non-market activities in a controlled regime are replaced as profit leaders by those that, in a free-market economy, can be capable of intra-business resource allocation tasks and leveraging corporate capabilities. Originality/value The approach demonstrates how to analyze the underlying detailed structure of firm-level data, and performance outcomes, to derive nuanced interpretation of factors giving rise to the effects that explain profitability variances, and how to assess the way these effects behave over time. The dynamic evidence-based approach highlights what factors matter, where, when and why, in influencing profitability variances, which are a key dimension of industrial and economic performance.
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Akpadaka, Ovbe Simon. "OWNERSHIP CONCENTRATION’S MODERATING EFFECT ON DIVIDEND PAYOUT AND TOBIN’S Q OF LISTED CONSUMER GOODS FIRMS IN NIGERIA." Gusau Journal of Accounting and Finance 4, no. 2 (June 6, 2024): 149–66. http://dx.doi.org/10.57233/gujaf.v4i2.9.
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This paper examines the direct effectof ownership concentration (OWNC), dividend policy as proxied by dividend payout (DPAY) and firm size proxied by log of total assets (FS) on firm value which is proxied by Tobin’s Q. Also,the moderating effect of OWNC on the relationship between DPAY and Tobin’s Q was examined. 16 out of the 18 listed consumers goods sector of the Nigerian Exchange Group (NGX)were purposively selected for this study and the study period 2013 to 2022 and 160 statistical observations per variable were employed for the study. Utilizing a ex-post facto research design, and fixed effects regression for the statistical model to control for unobserved heterogeneity withing firms over time, ensuring a robust examination of the relationships under study. Also, an interaction term (OWNC*DPAY) was introduced to capture the joint effects of ownership concentration and dividend policy on Firm value. At the end of the analysis, DPAY was found to have a statistically insignificant impact on firm value. Secondly, OWNC exhibited a significantnegative relationship with firm value, suggesting that higher levels of OWNC could adversely affect firm value. Thirdly, the moderating effect of OWNC on DPAY-firm value relationship yielded a negative and insignificant effect, suggesting that the influence of dividend policy on firm value is not significantly enhanced by variation in ownership concentration. These findings contribute, in a nuanced manner, to literature on dividend policy and ownership concentration in corporate governance in the context of an emerging markets like Nigeria. It is recommended that managers of firms in the sector should look beyond dividend policy for value enhancement strategies and managers should ensure a balancing act between ownership concentration and dispersed ownership because of possible negative impact that concentrated ownership portend.
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Li, Rui, Jiahui Li, and Jinjian Yuan. "Short-sale prohibitions, firm characteristics and stock returns: evidence from Chinese market." China Finance Review International 7, no. 4 (November 20, 2017): 407–28. http://dx.doi.org/10.1108/cfri-11-2016-0122.
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Purpose The purpose of this paper is to empirically analyze the impacts of short prohibitions on stock prices. Design/methodology/approach The authors adopt event study in this paper. First, the authors match each shortable stocks with one unshortable stocks by the propensity score matching method. Second, the authors check the performance difference between treatment group and control group after the event date. Third, the authors check the performance difference among sub-groups sorted by other factors associated with stock returns. Findings The authors find that stocks do not decline necessarily after removal of short prohibitions; only those heavily overpriced stocks, such as small stocks, lower B/M or P/E stocks and higher turnover stocks, decline significantly. Research limitations/implications The media falsely stated that short selling lead to market crash; otherwise, short selling is beneficial for improving market efficiency as it is helpful for keeping overpriced stocks in line with the fundamental value. Originality/value This is the first paper showing that removal of short prohibitions only impacts heavily overpriced stocks significantly, which is valuable for policy making.
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Raj, Alok, and Samir K. Srivastava. "Sustainability performance assessment of an aircraft manufacturing firm." Benchmarking: An International Journal 25, no. 5 (July 2, 2018): 1500–1527. http://dx.doi.org/10.1108/bij-01-2017-0001.
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Purpose The purpose of this paper is to develop a composite index (CI) to evaluate the sustainability performance of an aircraft manufacturing firm using Fuzzy Best Worst Multi Criteria (FBWM) decision-making approach. It identifies a wide range of sub-dimensions and their attributes to measure sustainability in a multi-echelon supply chain. Design/methodology/approach FBWM, a hybrid multi-criteria decision making method, relies on multiple sub-dimensions and attributes for assessment of sustainability. Sub-dimensions and attributes are identified from a detailed literature review and inputs from 17 experts. The weights are evaluated using best worst method (BWM). Quantitative measurements are very difficult for attributes like living conditions, noise emission, etc., so the performance of attributes are assessed using Fuzzy logic. The proposed methodology is validated with the case study of a single unit of an Indian aircraft manufacturing firm. Findings Economic concerns emerge as the most influential dimension of sustainability in the aerospace sector. The results reveal that the firm considered in the case study is “Very Sustainable.” Firm’s performance ratings are excellent in three out of 79 attributes considered for the study. Further, 24 weaker (least performing) attributes are identified with the help of fuzzy performance index. These require managerial action for improvements. Research limitations/implications The present study is based on inputs from a small group of managers in a single firm in India. It can be extended to a large group of executives in other firms like Boeing, Airbus, etc. for testing the validity of the proposed methodology and generalization of the findings. Practical implications Managers, consultants and audit agencies can use the proposed CI developed in this paper for evaluating the sustainability performance of a firm. It assists managers to identify weaker attributes for which they may plan and prioritize their activities for improvements. Originality/value To the best of the authors’ knowledge, this is the first paper to measure sustainability in an aircraft manufacturing firm. The paper proposes a novel framework based on fuzzy BWM, for assessing sustainability performance.