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Schivardi, Fabiano, Enrico Sette, and Guido Tabellini. "Identifying the Real Effects of Zombie Lending." Review of Corporate Finance Studies 9, no. 3 (July 7, 2020): 569–92. http://dx.doi.org/10.1093/rcfs/cfaa010.
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Abstract The policy response to COVID-19 includes the provision of credit guarantees to firms, a provision that may generate zombie lending. According to the recent literature, the relative performance of healthy firms deteriorates as the fraction of zombies increases. We argue that this literature faces a serious identification problem, because firm performance is often used to define zombies (sometimes implicitly). We show that, under general conditions for the distribution of firm performance, the correlation between healthy firm performance and zombies is a mechanical consequence of an increase in the fraction of zombies with no causal meaning. (JEL E44, G21) Received June 2, 2020; editorial decision June 23, 2020 by Editor Uday Rajan.
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Wagner, Joachim. "Website Premia for Extensive Margins of International Firm Activities: Evidence for SMEs from 34 Countries." Economies 10, no. 10 (October 11, 2022): 250. http://dx.doi.org/10.3390/economies10100250.
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This paper uses firm-level data from the Flash Eurobarometer 421 survey conducted in June 2015 in 34 European countries to investigate the link between having a website and international firm activities in small- and medium-sized enterprises (SMEs). We find that firms that are present on the web more often export, import, engage in research and development cooperation with international partners, work as subcontractors for firms from other countries, use firms in other countries as subcontractors, and perform foreign direct investments—both inside and outside the European Union. The estimated website premia are statistically highly significant after controlling for firm size, country, and sector of economic activity. Furthermore, the size of these premia can be considered to be large. Internationally active firms tend to have a website.
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Bouillon, Marvin L., B. Michael Doran, and Peter F. Orazem. "Human Capital Investment Effects On Firm Returns." Journal of Applied Business Research (JABR) 12, no. 1 (September 12, 2011): 30. http://dx.doi.org/10.19030/jabr.v12i1.5834.
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This paper demonstrates that two measures of firm investment in specific human capital are significantly and positively correlated with long-term rates of return on investment. The final sample of 260 firms is a subset of the 805 firms included in the June 1984 edition of Forbes survey of executive compensation. We utilize two proxies for firm return-net income and cash flow. The return measures are scaled by both book value of total assets and market value of common stock yielding four alternative specifications of the rate of return measure. The firm investment in specific human capital measures are generally found to be significant explanatory variables in the regressions that have returns scaled by book value of assets. These measures of investment are insignificant when market value of common stock outstanding is used to scale the return measures. We interpret these findings to imply that a public or regulatory policy needs to be established to require firms to include at least some basic rudimentary information regarding their human capital investment, such as turnover rates and training cots, in their annual reports.
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de Jong, Bas, Steven Hijink, and Lars in ’t Veld. "Mandatory Audit Firm Rotation for Listed Companies: The Effects in the Netherlands." European Business Organization Law Review 21, no. 4 (August 3, 2020): 937–66. http://dx.doi.org/10.1007/s40804-020-00193-w.
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AbstractThe Audit Regulation was adopted in 2014 to address many of the perceived failings in the market for statutory audits. It introduced mandatory audit firm rotation for public-interest entities, including listed companies, as of 17 June 2020/2023. Mandatory audit firm rotation was also considered by the Dutch legislator in 2012. Therefore, many Dutch listed companies had already switched audit firm in anticipation of the national requirement. In this article, we investigate the effects of mandatory audit firm rotation in the Netherlands by examining the financial reports of Dutch listed firms over the financial years 2012–2016 and by conducting a survey among stakeholders. We conclude that there is broad support for mandatory audit firm rotation in the Netherlands. Although mandatory audit firm rotation was seen as controversial at the time of adoption, it is now considered desirable by various stakeholders, including auditors themselves. However, mandatory audit firm rotation appears to have had some adverse effects. Most notably, our study shows a higher probability of errors in first year audits. The discount in audit fees provided by audit firms to lucrative larger public-interest entities for first year audits—the trophy client effect—may exacerbate the negative effect on audit quality. The Audit Regulation’s goals to improve the market for statutory audits have not been met so far.
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Ihsan, Hajra, Abdul Rashid, and Anam Naz. "Exchange Rate Exposure and Firm Value: An Assessment of Domestic Versus Multinational Firms." LAHORE JOURNAL OF ECONOMICS 23, no. 1 (June 1, 2018): 51–77. http://dx.doi.org/10.35536/lje.2018.v23.i1.a3.
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This paper examines the impact of exchange rate changes on the stock returns of 232 nonfinancial firms listed on the Pakistan Stock Exchange, for the period January 2000 to June 2014. To mitigate the problem of heteroskedasticity, we use a generalized least squares estimator. The estimated regression models indicate that exchange rate variations have a significant effect on firm value and that firms are exposed significantly to one-period lagged variation in the exchange rate. Our results suggest that, in addition to exchange rate dynamics, increased exchange rate volatility appears to have significant and negative effects on firms’ stock returns. Compared to domestic firms, multinational firms experience greater exchange rate exposure. Finally, we show that exchange rate depreciation and appreciation have significant differential effects on firms’ stock returns. These effects vary significantly across domestic and multinational firms.
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Eforis, Chermian. "Pengaruh Kepemilikan Negara Dan Kepemilikan Publik Terhadap Kinerja Keuangan BUMN." Jurnal ULTIMA Accounting 9, no. 1 (June 1, 2017): 18–31. http://dx.doi.org/10.31937/akuntansi.v9i1.585.
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Law on State Owned Enterprises (No.19/2003) define one of the purpose of privatization to increase the firm performance and firm value. However, until June 2017, from 119 State Owned Enterprises (BUMN) in Indonesia, only 19 firms have go public. The aim of the research is to examine the effect of state ownership and public ownership towards firm performance proxied based on Return on Equity (ROE) partially and simultaneously. Multiple regression analysis is performed on the data which are collected by using purposive sampling technique for the Indonesia’s State Owned Enterprise (BUMN) listed in the Indonesia Stock Exchange during 2012-2015. We find that state ownership has no effect towards ROE. However, public ownership proxied based on percentage of public ownership has significant effect towards ROE.
Keywords: BUMN, Public Ownership, ROE, State Ownership
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Hanks, Tammy, and Renae Wright. "Clinical Issues — June 2024." AORN Journal 119, no. 6 (May 28, 2024): 452–58. http://dx.doi.org/10.1002/aorn.14150.
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THIS MONTH Addressing pediatric perioperative anxiety Key words: pediatric patient, anxiety, parental presence, stress‐diversion activities, anxiolytic medications. Using acupressure to reduce perioperative anxiety in children Key words: acupressure, anxiety, pediatric patient, complementary care interventions, acupressure wristband. Screening for obstructive sleep apnea in pediatric surgical patients Key words: obstructive sleep apnea (OSA), pediatric patient, adenotonsillectomy, screening tool, polysomnography. Assessing fire risk Key words: fire risk assessment, fire prevention, algorithm, cognitive aid, fire triangle.
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Zeng, Shouzhen, Joaquin Gonzalez, and Clemente Lobato. "The effect of organizational learning and Web 2.0 on innovation." Management Decision 53, no. 9 (October 19, 2015): 2060–72. http://dx.doi.org/10.1108/md-06-2014-0388.
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Purpose – The purpose of this paper is to analyse the relationships between Web 2.0 adoption, innovation, organizational learning and organizational performance in the hotel industry. Design/methodology/approach – A sample of four and five-star hotels provides the data. The fieldwork took place between February and June 2013. The questionnaire was sent to top managers of Chinese hospitality firms that provide their e-mail addresses on the main Chinese tourism web pages. The final sample comprises 278 hotels. This percentage of responses yields a sample error of 6.9 per cent for a 95 per cent confidence level. The authors followed a two-step approach for structural equation modelling, using EQS 5.7 software to conduct the tests. Findings – Results suggest that competitive advantage in the hotel industry requires firm strategies focusing on Web 2.0, innovation capacity and organizational learning. This finding contributes to the strategic management field by offering an explanation of the differences in firm performance within a particular industry. Therefore, the findings mark an important contribution to the literature, introducing a new variable that mediates the relationship between Web 2.0 and firm performance. Originality/value – The results hold that Web 2.0 adoption is crucial for enhancing innovativeness, which is a fundamental source of sustainable competitive advantage. In addition, organizational learning also has a positive effect on innovativeness. Innovation, which is the essence of competitive advantage, is a key concept for firms nowadays.
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Panda, Manoj, Pankaj Sharma, Vasa László, Manohar Kapse, Vinod Sharma, and Yogesh Mahajan. "ESG factors in M&A in India: Performance and market insights from 2010 to 2023." Investment Management and Financial Innovations 21, no. 2 (May 28, 2024): 310–22. http://dx.doi.org/10.21511/imfi.21(2).2024.25.
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This study assesses the impact of mergers and acquisitions on Environmental, Social, and Governance (ESG) performance and market value of acquiring companies operating in India. Data were collected and analyzed from 69 M&A announcements from January 2010 to June 2023, sourced from the Bloomberg database. The analysis reveals a positive correlation between the post-merger market value of acquiring firms and their ESG performance, indicating that an improvement in ESG factors is associated with increased market value after mergers. Additionally, a positive correlation was identified between acquiring companies’ post-merger ESG performance and their target firms’ pre-merger ESG performance. This finding suggests that when acquiring a target firm with high ESG performance, the acquirer is likely to experience an improvement in its own post-merger ESG performance. Moreover, both the post-merger market value and ESG performance of the acquirer are likely to improve with the profitability and size of firms but will have a negative impact based on the leverage components of the acquiring firms. 
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Alenezi, Mariam, Ahmad Alqatan, and Obby Phiri. "The sensitivity of GCC firms’ stock returns to exchange rate, interest rate, and oil price volatility." Corporate Ownership and Control 17, no. 4 (2020): 35–50. http://dx.doi.org/10.22495/cocv17i4art3.
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This study seeks to investigate the sensitivity of stock returns to exchange rate, interest rate and oil price volatility in the Gulf Cooperation Council (GCC) countries. It employs both the multivariate ordinary least square (OLS) regression and the exponential generalized autoregressive conditional heteroscedastic in mean (EGARCH-M) models to analyse the data collected from Bloomberg and DataStream on the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) for the period January 2007 to June 2012. The study shows that stock returns in GCC countries are influenced by the exchange rate risk, interest rate risk and oil price risk. However, the exposure is highest for exchange rate risk and lowest for interest rate risk. While the effects of these risks were mixed, overall, exchange rate risk and oil price risk showed a positive and significant relationship as compared to the interest rate risk that showed a negative significant effect on firm values. The level of the effect of these risks also differed from country to country. Further, foreign operations and firm size had a significant influence on the extent of the firms’ exposure to all three risks. The study findings suggest that the volatility of stock returns affected by changes in the risk factors could indicate non-prioritisation of risk management by firms. This has implications in terms of consideration of the long-term exposure of firms to these three risks and thus, the need for effective risk management strategies.
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Hartini, Hartini. "AGENCY PROBLEM PADA SAAT RIGHT ISSUE." Media Riset Bisnis & Manajemen 1, no. 2 (October 25, 2020): 171–86. http://dx.doi.org/10.25105/mrbm.v1i2.8063.
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Agency Problem is a potential confict interest between shareholders and manag- ers. Managers are agents of shareholders, they will take corporate actions that maximize their own utility, such as right issue, they made a right issue announce- ment because they require much money to make an investment or to expand the firm. These actions will not necessarily be consistent with firm value maximization. The shareholders want the fund to be paid as dividends. Theoretically, right issue announcement will be met with a negative shareholders reaction, which mean the stock price will decrease after the announcement of rightissue. The objective of this research is to verify empirically the existence of agency problem when right issue announcement. This research examines 63 firms that made right issue announce- ment. In the other hand, this research also examines 20 firms from banking sector made right issue announcement in Jakarta Stock Exchange during 1998 to June 2001. The analysis method is using Market Model, that apply to estimate the stock performances are market return, stock return, beta, alpha, abnormal retum and cumulative abnormal retum. Overall, the results of this research indicate that agency problem haven't happened when right issue announcement, because there are no significant differences statistically among cumulative abnomal retum before and after right issue announcement.
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Naz, Farah, Tooba Lutfullah, and Kanwal Zahra. "COVID-19 and Seasonality in Monthly Returns: a Firm Level Analysis of PSX." Zagreb International Review of Economics and Business 27, no. 1 (May 1, 2024): 201–30. http://dx.doi.org/10.2478/zireb-2024-0010.
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Abstract The current study scrutinizes the calendar anomalies in the context of the local market by analyzing the Pakistan Stock Exchange (PSX). For this purpose, closing prices of KSE-100, KSE-30 and KSE-All share Index from January, 2009 to June, 2021 have been used as well as a thorough individual firm level analysis is done, taking average log-returns of selected sample firms returns using OLS regression, general GARCH (1,1), asymmetric TGARCH and PGARCH models. The results indicate monthly seasonality, with significant April, July, and September effect in PSX indices returns. The findings of the study reveal that weak form inefficiency exists in Pakistan Stock Market, which implies the possibility of earning abnormal returns by investors using timing strategies. Due to global pandemic conditions, investor psychology investors turned circumspect. Consequently, the individual firms’ trading has also reduced.
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Ghaffar, Abdul, and Syed Shabib – Ul - Hassan. "Corporate Capital Structure Practices and Shareholder’s Wealth of Shariah Compliant Firms of Pakistan." International Journal of Social Science & Entrepreneurship 3, no. 1 (January 30, 2023): 294–316. http://dx.doi.org/10.58661/ijsse.v3i1.96.
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Main objective of the research is to investigate the impact of corporate capital structure practice on the shareholders wealth of sharia-compliant companies that are quoted in the Pakistan Stock Exchange. For the purpose of determining the impact, the company’s shareholders wealth has been used as the dependent variable, represented by return on assets. The capital structure is used as the independent variable, and its proxies are the debt-to-equity ratio for long-term financing and the current asset to current liability ratio for short-term financing, respectively. Size, tangibility and growth were taken as control variables and determined by the sales-to-assets ratio, fixed asset to total asset ratio, and percentage change in sales respectively. Panel data of 22 shariah complaint firms according to screening criteria established by Al Meezan investment limited for the period of June 30,2008 to June 30, 2020, has been taken from listed firms in Pakistan stock exchange. All descriptive analysis, diagnostics tests and regression were applied for comprehensive data analysis. This study reveals that, for sharia-compliant businesses, sales growth is more important than tangibility or size when it comes to firm shareholders wealth. Due to the type of research that has been conducted, firms which are not shariah compliant, excluded from the panel and focus has only been given on the shariah compliant firms specifically listed in Pakistan stock exchange. The findings of this study may be applicable only shariah compliant firms as per criteria established by Pakistani shariah board. This study is explicitly completed about the capital constructure of shariah consistent firms since shariah agreeable firms are confined by interest bearing debt up to a specific cutoff, so it is consuming contemporary corporate finance issue to investigate explicitly the effect of corporate capital structure of shariah agreeable companies’ shareholders wealth in Pakistani capital market.
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Huang, Wenchuan, Shouming Chen, and Luu Thi Nguyen. "Corporate Social Responsibility and Organizational Resilience to COVID-19 Crisis: An Empirical Study of Chinese Firms." Sustainability 12, no. 21 (October 28, 2020): 8970. http://dx.doi.org/10.3390/su12218970.
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Resilience captures firm capability to adjust to and recover from unexpected shocks in the environment. Being latent and path-dependent, the manifestation of organizational resilience is hard to be directly measured. This article assesses organizational resilience of firms in the context of the COVID-19 pandemic with pre-shock corporate social responsibility (CSR) performance as a predictor that positively influences the level of organizational resilience to the external shock caused by the pandemic. We develop three theoretical mechanisms based on stakeholder theory, resource-based theory, reputation perspective and means-end chain theory to explain how CSR fulfillment in the past could help firms maintain stability to adapt to and react flexibly to recover from the crisis. We examine the relationship in the context of the systemic shock caused by COVID-19, using a sample of 1597 listed firms in China during the time window from 20 January 2020 to 10 June 2020. We find that companies with higher CSR performance before the shock will experience fewer losses and will take a shorter time to recover from the attack.
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Choi, Inmyung, David Cantor, Kunsoo Han, and Joey George. "Dual Pathways of Value Creation from Digital Strategic Posture: Contingent Effects of Competitive Actions and Environmental Uncertainty." MIS Quarterly 48, no. 1 (March 1, 2024): 409–26. http://dx.doi.org/10.25300/misq/2023/16470.
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Dual Pathways of Value Creation from Digital Strategic Posture: Contingent Effects of Competitive Actions and Environmental Uncertainty IN STOCK SKU 48.1.15 Publication History Received: October 9, 2019 Revised: December 20, 2020; February 23, 2022; November 7, 2022; June 7, 2023 Accepted: August 3, 2023 Published Online in Issue: March 1, 2024 https://doi.org/ Downloadable File Article PDF $15.00 Add to Cart Abstract Digital strategic posture (DSP) is defined as a firm’s overall strategic stance toward investing in information technology (IT) initiatives relative to that of rival firms. This study examines how a firm’s DSP affects firm performance. Drawing on the competitive dynamics perspective and contingency view, we demonstrate that DSP influences competitive actions through dual pathways. First, DSP enables firms to take competitive actions that are more appropriate given the level of environmental uncertainty (captured by industry dynamism). In particular, our findings suggest that a proactive DSP enables relatively more innovation-oriented actions in dynamic industries while enabling relatively more operations-oriented actions in less dynamic industries. Second, DSP plays a facilitating role in firms’ execution of competitive actions such that a firm’s value from its proactive DSP is enhanced when there is a fit between the type of the firm’s competitive actions and its level of environmental uncertainty. Specifically, we find that firms with a more proactive DSP achieve superior firm performance from innovation-oriented actions in dynamic industries and from operations-oriented actions in less dynamic industries. Taken together, our findings suggest that a proactive DSP not only allows firms to take appropriate competitive actions that fit their environmental conditions but also contributes to firms’ performance by facilitating the execution of these appropriate actions, thus enhancing their efficacy. Additional Details Author , , , and Year 2024 Volume 48 Issue 1 Keywords Digital strategic posture, competitive actions, innovation-oriented actions, operations-oriented actions, competitive dynamics, contingency view, business value of IT, IT strategy, industry dynamism Page Numbers 409-426
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Metzkera, Zdenko, Belasb Jr, Roman Ondrejkac, and Jan Dvorskyd. "The level of business ethics of small and medium-sized enterprises in the Visegrad Group." Serbian Journal of Management 18, no. 2 (2023): 285–94. http://dx.doi.org/10.5937/sjm18-44958.
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The aim of the paper is to define and compare the significant attributes in the field of business ethics according to the size of the firm, gender and education of entrepreneurs in the SME segment in sum in the V4 countries. The empirical research, which was aimed at identifying the attitudes of small and medium-sized firms, was conducted in June 2022 in the Visegrad Four countries (Czech Republic, Slovakia, Poland and Hungary). The data collection was carried out by the external firm. Statistical hypotheses were tested through descriptive statistics, chi-square and Z-score at a = 5% significance level. The attitudes of SMEs towards the following statements were examined: ST1: I consider ethics in business important; ST2: I consider the ethical implications of my decisions when managing my business; ST3: I feel good when I behave ethically in business; and ST4: Our company enforces rules of ethical conduct in business. We find that the level of agreement with these statements is high. We did not find statistically significant differences in responses based on defined demographic characteristics.
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Palacios-Marqués, Daniel, José M. Merigó, and Pedro Soto-Acosta. "Online social networks as an enabler of innovation in organizations." Management Decision 53, no. 9 (October 19, 2015): 1906–20. http://dx.doi.org/10.1108/md-06-2014-0406.
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Purpose – The purpose of this paper is to study the effect of online social networks on firm performance and how this technology can help to create value. The authors approach the problem from the Resource-Based View in order to analyze if online social networks can be considered source of competitive advantage and how it can enhance or complement essential marketing competences. Design/methodology/approach – The data were obtained from a survey based on the Spanish hospitality firms. This sector was chosen because Web 2.0 is becoming an important marketing channel in the tourism industry, and especially in hospitality firms. In addition, Spain is the one of the largest tourist destination in the world and has a strong presence of social media and Web 2.0 use by the population and hospitality enterprises. Between February and June 2012, the questionnaire was sent to all top managers of four-star and five-star Spanish hospitality firms. The authors received 197 questionnaires, but four of them were eliminated due to errors or because they were received too late. Findings – Results show that there is a statistically significant positive relationship between online social networks and innovation capacity and that the relationship between online social networks and firm performance is fully mediated by innovation capacity. In turn, the authors find a statistically significant positive relationship between innovation capacity and performance in the hotel industry. Originality/value – The authors discuss the importance of online social networks in the development of innovation competences through business intelligence and knowledge management that result in higher performance. The authors also consider the ways in which online social networks enhance knowledge management.
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Baker, H. Kent, and Imad Jabbouri. "How Moroccan managers view dividend policy." Managerial Finance 42, no. 3 (March 14, 2016): 270–88. http://dx.doi.org/10.1108/mf-07-2015-0211.
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Purpose – The purpose of this paper is to survey managers of firms listed on the Casablanca Stock Exchange (CSE) to learn their views about the factors influencing dividend policy, dividend issues, and explanations for paying dividends. It compares the results to similar dividend surveys in the USA, Canada, Indonesia, and India. Design/methodology/approach – The study uses a mail survey of CSE listed firms that paid one or more cash dividends to common stock holders between June 1, 2010 and September 30, 2014 as the primary means of collecting data. Findings – The evidence shows that the most important determinants of a firm’s dividend policy are the level of current earnings, stability of earnings, and needs of current shareholders. A significant correlation exists between the overall rankings of the 25 factors influencing dividend policy between managers of Moroccan firms and those of USA, Canadian, Indonesian, and Indian firms. Managers of Moroccan firms perceive that dividend policy affects firm value. Managers view multiple theories including signaling, agency, catering, and life cycle explanations as credible and contribute in explaining why their firms pay dividends. Research limitations/implications – Despite a high response rate of almost 55 percent, the number of responses limits the ability to divide the sample firms by size, industry, and other characteristics and to test for statistically significant differences between various groups. Originality/value – This is the first survey-based research designed to document how Moroccan managers view dividends. Although evidence suggests that some factors are consistently more important than others, no universal set of factors is likely to be applicable to all firms.
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Martin, Matthew. "Ancestors, Goddesses, Ritual and Politics." Fieldwork in Religion 17, no. 2 (September 28, 2022): 225–41. http://dx.doi.org/10.1558/firn.23786.
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This article will recount the author’s fieldwork in Bhaktapur, Nepal, between 2015 and 2016, during two separate stints, which coincided with the aftermath of an earthquake that occurred in April 2015. The author conducted his research with a family of dancer-mediums in Bhaktapur—known locally as the Banmalas—in an area known as Kamalvin?yak. Annually, from October to June, the Banmalas perform a series of ritual performances in and around Bhaktapur. During these rites, each medium embodies a member of a goddess-family (Navadurg?) whose respective shrines encircle Bhaktapur’s borders. Broadly, this article will introduce the family’s traditions, rituals and political affinities, whilst also highlighting the importance of combining group-centred fieldwork with a cross-sectional study for scholars of contemporary religion.
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Ahmed, Quratulain Nazeer, and Saqib Sharif. "Who Gets Believed? Trust and Investor Reaction to Earnings Announcements in Sharīʿah-Compliant vs. Sharīʿah Non-Compliant Firms." ISRA International Journal of Islamic Finance 15, no. 1 (March 6, 2023): 4–21. http://dx.doi.org/10.55188/ijif.v15i1.482.
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Purpose ‒ Considering the proclamations of trustworthiness within the Islamic financial system and the positive relationship between stock market reaction and earnings announcement of the trustworthy firm, this paper aims to empirically test the presence of trust in Sharīʿah-compliant listed firms in Pakistan.
Design/Methodology/Approach ‒ The research question has been addressed by investigating firms listed on the Pakistan Stock Exchange (PSX) from 1 July 2019 to 30 June 2020. Event study method has been used by taking Abnormal Return Variance (ARV) and Abnormal Trading Volume (ATV) as proxies to measure the investors’ reaction following earnings announcements.
Findings ‒ The results suggest that stock price variations around earnings announcements are negatively related to trustworthy firms compared to less-trusted firms (i.e., Sharīʿah non-compliant firms). For ATV, it was found that traders react to annual earnings announcements for both types of firms in a similar way.
Originality/Value ‒ This research is an attempt to evaluate the Islamic financial system from its trustworthiness perspective. Sufficient literature has already documented that being trustworthy is obligatory for Sharīʿah-compliant firms. This study contributes to the literature by examining whether the market/investors trust such firms or not.
Research Limitations/Implications ‒ This research is based on a single-country analysis with a research span of one year. Cross-country analysis with a broader time horizon may give further clarity.
Practical Implications ‒ This paper has made a valuable contribution to the literature by providing the guideline on how investors’ reactions to Sharīʿah-compliant firms differ from their reactions to Sharīʿah non-compliant firms. It also indicates how religious elements may subdue other social factors such as trust. This paper has also explored the market reaction by assessing both the liquidity and volatility of the stock market in Pakistan.
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G. Kimiti, Paul, Stephen M. A. Muathe, and Elishiba M. Murigi. "COST LEADERSHIP STRATEGY, COMPETITIVE ADVANTAGE, AND PERFORMANCE: A CROSS-SECTIONAL STUDY IN THE CONTEXT OF MILK PROCESSING FIRMS IN KENYA." International Journal of Management, Innovation & Entrepreneurial Research 6, no. 2 (October 3, 2020): 64–76. http://dx.doi.org/10.18510/ijmier.2020.627.
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Purpose of the study: Cost leadership strategy is driven by economies of scale, economies of scope, and operational efficiency is a remedy to a performance where firms are facing high costs. This study sought to investigate the influence of cost leadership strategy on the performance of milk processing firms in Kenya through the lens of competitive advantage as a mediator.
Methodology: The study adopted descriptive and explanatory non-experimental research designs. It was a census of all 29 milk processing firms registered with Kenya Dairy Board as of June 2019. Sampling was done using proportionate stratified random sampling technique and data was collected using self-administered semi-structured questionnaires. The analysis was done using means, standard deviations, and regression.
Main Findings: The findings showed that a cost leadership strategy had a positive and significant effect on the performance of milk processing firms in Kenya with a competitive advantage partially mediating the relationship. The constituent measures of cost leadership strategy namely economies of scale, economies of scope, and operational efficiency accounted for 40.1% of the variation in firm performance.
Applications of this study: This study provides suggestions for firms to manage costs and therefore improve performance. This is by increasing the size of operations, expanding into related business areas, and improving operational processes.
Novelty/originality of this study: The study examines the influence of cost leadership strategy in a new context of milk processing firms in Kenya. It also incorporates a competitive advantage as a significant variable affecting the relationship between costs and performance.
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Bria, Gianfranco, and Maria Chiara Giorda. "“They are all here to see and touch”." Fieldwork in Religion 19, no. 1 (June 24, 2024): 144–68. http://dx.doi.org/10.1558/firn.29319.
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The sanctuary of St Anthony of Padua (Kisha e Shna Ndout) in Laç, northern Albania, is one of the most visited religious places in Albania. The small church, built there and ministered by Franciscans, is now an impressive place of worship frequented by Catholics, Muslims and Christian Orthodox. Throughout the year, pilgrims from across the country, but also from Kosovo, visit the sanctuary. On the 12th and 13th of June of each year, an official pilgrimage is held, which reaches its climax on the night of the 12th when many thousands of Albanians sleep in the shrine seeking blessings and healing. This article aims to explore pilgrimage-related practices, wherein arises materiality as a privileged means of reaching out to the divine and as a reaction to silencing during the communist era (1945–1991). Such practices are overshadowed by nationalist discourse, in which ethnic-linguistic membership outweighs the religious one, even undermining procedural and terminological normativity.
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Bylander, Cindy. "The Mass Song Seminar at Nieborów, June 1950." Musicology Today 19, no. 1 (December 1, 2022): 39–54. http://dx.doi.org/10.2478/muso-2022-0003.
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Abstract The seminar on mass songs held in Nieborów, Poland in June 1950 is notable for what it did not accomplish: Amid a diversity of opinions voiced by poets, composers, and cultural officials, no firm guidelines for this seemingly new type of song emerged. What we can draw from examining the proceedings of this three-day session are an enhanced understanding of mass song as an evolving, not a static phenomenon and fresh insights into the political and logistical complexities that faced composers at this time.
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Berglind, Natalie. "Jade Fire Gold by June CL Tan." Bulletin of the Center for Children's Books 75, no. 3 (2021): 108. http://dx.doi.org/10.1353/bcc.2021.0617.
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Morellec, Erwan, and Alexei Zhdanov. "Product Market Competition and Option Prices." Review of Financial Studies 32, no. 11 (March 4, 2019): 4343–86. http://dx.doi.org/10.1093/rfs/hhz027.
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Abstract Most firms face some form of competition in product markets. The degree of competition a firm faces feeds back into its cash flows and affects the values of the securities it issues. Through its effects on stock prices, product market competition affects the prices of options on equity and leads to an inverse relationship between equity returns and volatility, generating a negative volatility skew in option prices. Using a large sample of U.S. equity options, we provide empirical support for this finding and demonstrate the importance of accounting for product market competition when explaining the cross-sectional variation in option skew. Received June 28, 2017; editorial decision October 23, 2018 by Editor Andrew Karolyi. Authors have furnished supplementary Internet Appendices, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Huang, Can. "Dynamic and Ordinary Capabilities in Industry Transformation: The Case of the Electric Vehicle Industry." Management and Organization Review 19, no. 1 (February 2023): 138–40. http://dx.doi.org/10.1017/mor.2022.59.
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In 2018, in the Dialogue, Debate, and Discussion section of MOR 14.3, an interesting series of articles was published in the ‘Forum on Tesla and the Global Automotive Industry’, where researchers discussed the future dynamics of the global automotive sector. In their work, Perkins and Murmann (2018) contended that, based on Tesla's success, a well-funded company could develop a new electric vehicle (EV) from scratch and move it into production within three to five years if it would invest one to two billion USD in design, development, and manufacturing. Expressing a contrasting view, MacDuffie (2018) questioned this possibility, arguing that EV product architecture is unlikely to become substantially more modular and any new entrant would therefore have to develop the ordinary capabilities that current automotive original equipment manufacturers possess, and there is no guarantee that a firm can develop such capabilities. Teece (2018) joined the debate by proposing a capability-based framework within which to analyze four paradigm shifts that have marked progress in the global automotive industry: EVs, autonomous vehicles, connected cars, and personal mobility services. He argues that these paradigm shifts have created opportunities for new entrants while posing challenges to incumbent firms. To navigate through the uncertainty associated with these paradigm shifts, incumbent firms need to enhance and refine their dynamic capabilities and leverage their integration skills. Jiang and Lu (2018) based their contribution to this debate on the development of the Chinese EV market. In MOR 15.1, published in 2019, Teece (2019) further elaborated his framework to facilitate analysis of the prospects for Chinese firms seeking a stronger foothold in the global automobile market. All these articles have been well received by MOR readers and were ranked among the top 20 articles in full-text view times between June 2021 and June 2022.
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Bondi, Hermann. "Thomas Gold. 22 May 1920 — 22 June 2004." Biographical Memoirs of Fellows of the Royal Society 52 (January 2006): 117–35. http://dx.doi.org/10.1098/rsbm.2006.0009.
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Tommy (as he was invariably called by his numerous friends) Gold was a most unusual scientist in several respects. One of these is that at school and even as an undergraduate it never crossed his mind that he might become a professional scientist. Only a remarkable chain of events brought this about. He came from a very well–to–do family in Vienna. His father (who was Jewish, while his mother was not) was a hard–working senior director in a major industrial firm. Tommy admired him greatly. It seemed natural to Tommy that he would follow his father in business.
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Ramelli, Stefano, and Alexander F. Wagner. "Feverish Stock Price Reactions to COVID-19*." Review of Corporate Finance Studies 9, no. 3 (July 7, 2020): 622–55. http://dx.doi.org/10.1093/rcfs/cfaa012.
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Abstract Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels. (JEL G01, G12, G14, G32, F14) Received: May 27, 2020; editorial decision June 16, 2020 by Editor Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Ha Nhu Thao, Le, Doan Ngoc Phi Anh, Vo Hung Cuong, Nguyen Thi Kim Ngoc, and Vo Van Cuong. "The effect of corporate social responsibility on firm performance: Evidence from Vietnam." Problems and Perspectives in Management 21, no. 3 (September 8, 2023): 528–42. http://dx.doi.org/10.21511/ppm.21(3).2023.42.
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The vitality of corporate social responsibility (CSR) toward sustainability has been rising rapidly in business activities. Good CSR practices are one of the most critical instruments to satisfy stakeholders’ interests and improve business performance. This study explores the nexus between economic, social, and environmental dimensions of CSR and firm performance based on a balanced scorecard. The sample includes 336 Vietnamese enterprises, excluding financial firms. The survey was conducted from March to June 2021. The empirical results of the partial least squares structural equation modeling (PLS-SEM) demonstrate that CSR significantly affects company performance. The economic dimensions of CSR have the strongest impact on financial performance (p < 0.01; t > 2.57; sample mean is 0.362). However, the environmental dimensions of CSR have not been found to influence customer performance. This study also finds that the three dimensions of CSR positively impact learning and growth, which lead to higher internal business processes and then better customer performance, eventually positively influencing profitable results. Consequently, the firm’s leaders should have strategies for effective CSR implementation to increase financial performance and achieve sustainable development goals. Furthermore, the government and other organizations should actively improve legal policies and regulations related to CSR in order to ensure organizational and national sustainability. AcknowledgmentThis study is funded by Funds for Science and Technology Development of the University of Danang under project number B2020-DN07-08.
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Mammarella, Massimo. "Carrying the Cross of Discord." Fieldwork in Religion 19, no. 1 (June 24, 2024): 120–43. http://dx.doi.org/10.1558/firn.29317.
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This article investigates the traditional procession of the cross of Vladimir of Dioclea, known as Jovan Vladimir among the Serbians. The ritual is annually held on Trinity Day in June near the city of Bar in Montenegro. Vladimir ruled over the Principality of Dioclea at the beginning of the eleventh century and is venerated as the first Serbian as well as the first Montenegrin saint. Orthodox pilgrims had been carrying the cross up to Mount Rumija for centuries alongside the Catholic and Muslim communities of southern coastal Montenegro, where the saint’s relic has been equally respected by all confessions. After being discouraged by socialist Jugoslav authorities, the ritual was fully restored in the 1990s. However, in 2005 a metal church was erected on the peak of the mountain by the Serbian Orthodox Church, recalling the myth of an old church demolished by the Ottomans in the sixteenth century. This unilateral action induced the other groups to give up the ritual. The dispute over the legitimacy of the metal church in Rumija reveals forms of conflict, negotiation and interaction that redefine the inter-religious and political landscape of Montenegro. Based on fieldwork conducted in 2022 and in 2023, this article pays specific attention to the nationalistic discourse pervading the cult, the myth, and the ritual of Saint Vladimir. It reflects on the attitude of both Serbian Orthodox clerics and believers towards this important procession, but also the volatile degree of inter-religious (in)tolerance.
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Pontoh, Winston, and Novi Swandari Budiarso. "The idiosyncratic risk during the Covid-19 pandemic in Indonesia." Investment Management and Financial Innovations 18, no. 4 (October 13, 2021): 57–66. http://dx.doi.org/10.21511/imfi.18(4).2021.06.
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Conservatism in the CAPM and L-CAPM standards often emphasizes systematic risk to explain the phenomenon of the risk-return relationship and ignores idiosyncratic risk with the assumption that the risk can be diversified. The effect of the Covid-19 outbreak raises the question of whether the idiosyncratic risk can still be ignored considering that the risk has a close relationship to firm-specific risk. This study sets a portfolio consisting of 177 active public firms in the Indonesia Stock Exchange before and after the Covid-19 pandemic. On portfolio set, idiosyncratic risk is estimated by the standard CAPM and L-CAPM in the observation range from January 2, 2019, to June 30, 2021. The results of the analysis show that L-CAPM and CAPM produce significantly different idiosyncratic risks. Empirical evidence shows that the highest firm-specific risk is in the third period and has a stable condition since the fourth period. This condition is confirmed by regression results that idiosyncratic risk together with systematic risk positively affects stock returns in the fourth period as suggested by the efficient market hypothesis. Uniquely, both systematic risk and idiosyncratic risk based on L-CAPM do not show a significant effect on stock returns in the fifth period, so it is a strong indication that liquidity is an important factor that must be considered in making investments.
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Stephens, Mobolaji, and Wilfred Isioma Ukpere. "Analysis of determinant factors in the choice of freight services provider." Corporate Ownership and Control 13, no. 1 (2015): 786–96. http://dx.doi.org/10.22495/cocv13i1c7p6.
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Choice making in freight demand is critical to any firm as transportation cost can reach as much as 75% of the total cost of finished and shipped goods. The knowledge of the factors that influences the choice decision making for shippers will be of particular interest to carriers and the shippers alike. The study therefore set out to determine the factors that influence the choice of carriers for companies; evaluate the factors and degree of influence or level of significance of these factors or attributes. Five (5) firms’ decision-making processes were studied for a combined total of 508 road trucking choice decision for what type or who does the shipment of their products and raw materials to and away from their respective manufacturing plants between January and June 2014. The firms were given a set of attributes or factors so that they are ranked using Likert scale of 1 to 5 to identify their level of significance. Multiple regression technique was used to establish the relationship between the factors and the choice of carriers. Regression analyses using analysis of variance, variance inflation factors and t-Test was done at 95% confidence level. The results showed that freight charges, quality of service, trust, price elasticity of freight demand and customer relations were the most significant factors/attributes that influenced the choice of a carrier in the five hundred and eighty shipments recorded for all firms in the study
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McBride, Stephanie. "Archive Films, Irish Film Institute Dublin, May - June." Circa, no. 47 (1989): 33. http://dx.doi.org/10.2307/25557457.
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Hsia, Chi-Cheng, and Beverly R. Fuller. "An Investigation into the Firm Size Effect: A Security Market Plane Approach." Journal of Accounting, Auditing & Finance 11, no. 1 (January 1996): 131–52. http://dx.doi.org/10.1177/0148558x9601100106.
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This paper tests the firm size effect with two different approaches. First, the “messy” and “clean” methods of Fama and French are used; the firm size effect is found to remain but only after the regression residuals are analyzed. Then a security market plane and a proxy of it are defined and the proxy security market plane is used for testing. The results indicate that the firm size effect is reliably detected and statistically “explained” by a proxy security market plane for the sample period from July 1963 to June 1986.
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Dokholyan, S. V., and A. R. Makaryan. "Impact Assessment of the Ban on Turkish Imports on the Growth of Wearing Apparel Manufacturing in Armenia." Economy of Regions 19, no. 4 (2023): 1237–50. http://dx.doi.org/10.17059/ekon.reg.2023-4-21.
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Armenia imposed a temporary ban on imports of Turkish apparel in 2021, and lifted it on January 1, 2022. The government gave manufacturers a chance to capture that market share. In this article, the role of domestic and foreign sales of various groups of firms in explaining real changes in industry output for various periods in the short run was estimated based on industry-level monthly data for June 2011-September 2021 and using the least squares estimation method. The study identified the priorities of various groups of manufacturers and revealed that industry domestic and foreign sales (mainly exports to Russia) are complements. It was determined that large firms engaged in cut-make-trim (CMT) manufacturing were not and would not be interested in capturing that market share, while large own-brand manufacturers are and will be interested in doing so; however, exports to Russia could be preferred to domestic sales. Micro and small-sized firms managed to capture the market segment of items included in Category 6114 of Harmonised System (HS) codes. However, the firms will meet tougher competition in the future than in 2020, with importers re-switching to Turkish suppliers and Russia emerging as a key player. Hence, the exports will drive the industry growth, regardless of a possible decline in domestic sales. The research results can be used by the Ministry of Economy of Armenia, and the Eurasian Economic Commission in creating various industry development strategies, and implementing import substitution strategies for member-states of the Eurasian Economic Union. Further research on firm-level upgrading strategies will be required to reinforce the obtained results.
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Boamah, Nicholas Addai. "Robustness of the Carhart four-factor and the Fama-French three-factor models on the South African stock market." Review of Accounting and Finance 14, no. 4 (November 9, 2015): 413–30. http://dx.doi.org/10.1108/raf-01-2015-0009.
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Purpose – The purpose of this study is to explore the applicability of the Fama–French and Carhart models on the South African stock market (SASM). It examines the ability of the models to capture size, book-to-market (BM) and momentum effects on the SASM. The paper, additionally, explores the ability of the Fama–French–Carhart factors to predict the future growth of the South African economy. Design/methodology/approach – The paper relies on data of 848 firms from January 1996 to April 2012 to examine the size, BM and momentum effects on the SASM. The paper constructs the test assets from a 3 × 3 sort on size and BM and a 3 × 3 sort on size and momentum. The paper estimates momentum as the past six-months’ cumulative return. The momentum portfolios are monthly rebalanced. Additionally, the size and BM portfolios are formed annually at the end of each June. Findings – Evidence is provided that size, BM and momentum effects exist on the SASM; also, the small- and high-BM firm portfolios, respectively, appear riskier than the big- and low-BM firm portfolios. The paper provides evidence of past winners outperforming past losers aside from the small-firm group. Additionally, the models only partially capture the size and value effects on the SASM. The Carhart model partly captures the momentum effects, but the Fama–French model is unable to describe the returns to the momentum-sorted portfolios. The evidence shows that the models’ factors predict future gross domestic product growth. Originality/value – The models do not fully describe returns on the SASM; any application of the models on the SASM should be done with caution. The Carhart model better describes returns than the Fama–French model on the SASM. The Fama–French–Carhart factors may relate to the underlying economic risk of the South African economy.
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Adhi Yudha, Wiga, Mukti Widayati, and Nurnaningsih Nurnaningsih. "Nilai Pendidikan Karakter Tokoh Sarwono Film Hujan Bulan Juni dan Aplikasinya sebagai Alternatif Materi Ajar Sastra." Journal on Education 6, no. 1 (July 6, 2023): 6675–86. http://dx.doi.org/10.31004/joe.v6i1.3881.
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Abstract: This study aims to describe (1) aspects of the character of Sarwono's character in the film Rain of the Month of June, (2) the educational value of the character of Sarwono in the film Rain of the Month of June, (3) the application of the educational value of the character of Sarwono in the film Rain of the Month of June as an alternative literary material. This type of research is a descriptive qualitative research with a research approach using embedded and case studies. The research data are in the form of the speech and actions of Sarwono's character in the film Rain of the Month of June, and the results of interviews with teacher sources. Sources of data in the form of learning device documents, teacher resource persons, the film Rain of the Month of June. Data collection techniques by observation, in-depth interviews, document analysis, listen and record. The data validation technique uses source triangulation and method triangulation. The interactive data analysis technique starts from data collection, data reduction, data presentation, and drawing conclusions. The results of this study indicate that the educational value of Sarwono's character in the film Rain Month June obtained 18 values of character education, namely (1) Religious, (2) Honesty, (3) Tolerance, (4) Hard work, (5) Discipline, (6) Creative, (7) Independence, (8) Awareness of the rights and obligations of others, (9) Curiosity, (10) National Spirit, (11) Love for the country, (12) Appreciating Achievements, (13) Communicative, ( 14) Love of peace, (15) Loves to read, (16) Cares for the environment, (17) Cares for social, (18) Responsibility. The results of the application of the educational value of the character of Sarwono's character in the film Rain of the Month of June as an alternative material for teaching literature on the practice of applying learning are adapted to the condition of students and imitate every behavior that is carried out by the character of Sarwono in the film Rain of the Month of June.
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Cirne, Paulo, and Heloisa Sinátora Miranda. "Effects of prescribed fires on the survival and release of seeds of Kielmeyera coriacea (Spr.) Mart. (Clusiaceae) in savannas of Central Brazil." Brazilian Journal of Plant Physiology 20, no. 3 (September 2008): 197–204. http://dx.doi.org/10.1590/s1677-04202008000300004.
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Effects of prescribed fires on survival and release of seeds of the woody species Kielmeyera coriacea (Clusiaceae) were investigated in two plots of cerrado sensu stricto, a savanna vegetation of Central Brazil. The first plot was burnt in June, at the beginning of the dry season, and the second in August, in the middle of the dry season. Seed survival was measured after fire in both areas and related to internal and external fruit temperatures measured during the June fire. The proportion of open fruits per individual of K. coriacea was also assessed at two-week intervals. Maximum external temperatures during fire (393 to 734ºC) were strongly reduced inside the fruits (61 to 63ºC). Before the June fire, the majority of the fruits were closed in both plots. Most fruits in the June plot opened within two weeks following the burning while, in the same period, most fruits remained closed in the August plot. Fifteen days after the prescribed fire in the August plot most fruits opened, as observed in the June plot. No germination was observed in seeds from closed fruits collected before the fire, while those from fruits that were closed during the burning showed a high mean germination rate (June = 79 ± 12%; August = 69 ± 14%). The results indicate that fruits of K. coriacea are good insulators for seeds during fires and that seed release is anticipated independently of the burning season.
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Matasororo, Emily. "Standoff in Papua New Guinea: Students take issue over corruption." Pacific Journalism Review 22, no. 2 (December 31, 2016): 13. http://dx.doi.org/10.24135/pjr.v22i2.71.
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Commentary: A widespread student national boycott of classes and protests against the government of Peter O’Neill in Papua New Guinea during May and June 2016, supported by many civil society groups and activists. The epicentre of these protests was the University of Papua New Guinea (UPNG) in the nation's capital, Port Moresby. Demonstrations stirred by allegations of corruption against Prime Minister O'Neill grew in intensity until police opened fire on peaceful protesters on June 8. The protests were largely organised by the elected UPNG Student Representative Council, which entered into alliances with other tertiary student bodies, especially at the University of Technology in Lae, and civil society groups such as UPNG Focus and the Community Coalition Against Corruption. The essential argument of the students was that instead of thwarting investigations into allegations that $30 million of fraudulent legal bills were paid to the legal firm Paraka Lawyers, O’Neill should resign from office and present himself to the police investigators for questioning as they had demanded. This article focuses on the student leadership’s role and critiques the coverage of two major national press outlets, the PNG Post-Courier and The National, leading to the temporary shutdown of the university. It argues that there were issues of ethics and integrity at stake with both students and the news media.
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Naib, Sudhir, and Swati Singh. "Mindtree: hostile takeover bid by Larsen and Toubro." Emerald Emerging Markets Case Studies 9, no. 3 (November 15, 2019): 1–33. http://dx.doi.org/10.1108/eemcs-08-2019-0223.
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Learning outcomes The case explores information technology (IT) company Mindtree’s journey of 20 years from the time it was founded in 1999 to be different from others, and how it became a target for acquisition by an Indian diversified conglomerate in 2019. It offers insights into developing organizational culture and values in an organization, threats faced by a company when promoters dilute their shareholding, and the strategies followed by the acquirer and the target firm. It also deals with the challenges in the acquisition of a knowledge service digital firm. After working through the case and assignment questions, students will be able to: identify the circumstances under which a company can become a target for hostile takeover; describe motivations of the acquirer firm in an acquisition; distinguish between acquisition and hostile takeover, and discuss salient features of Securities and Exchange Board of India (substantial acquisition of shares and takeover) regulations, 2011; list the defenses a target firm can adopt to ward off hostile acquirer; explore strategies followed by acquirer and target firms; analyze important ingredients of organization culture, and importance of cultural congruence in an acquisition; and discuss challenges faced by an acquirer in India, namely, legal, retention of clients and key people in the target firm particularly in hostile environment. Case overview/synopsis The case explores how ten IT professionals founded mid-tier IT services company Mindtree in 1999 in Bengaluru, India (home to Infosys and Wipro) to be different from others – by inserting themselves at a higher level in the value chain, being philanthropic as a part of broader business strategy to attract a certain kind of employee and customer. It developed a culture of equality, consideration and respect. Its attrition rate of 12 to 13 per cent was significantly lower than the Industries. Mindtree crossed annual revenue of US$1bn for FY 2019 and was growing at twice the industry’s growth rate. The most attractive part was that its proportion of revenue from digital services was about 50 per cent as compared to 25-35 per cent of other services vendors. With time, the share of promoters/founders declined and increased one investor’s shareholding of V. G. Siddhartha and his related entities. In early March 2019, the promoters’ stake was 13.32 per cent while Siddhartha had 20.32 per cent. Larsen and Toubro (L&T) one of India’s conglomerate entered into a share purchase agreement on March 18, 2019 with Siddhartha to acquire his 20.32 per cent stake. Immediately, L&T asked its broker to purchase up to 15 per cent of share capital of Mindtree at a price not exceeding INR 980 per share (each share of face value INR 10). This would trigger an open offer by L&T to purchase additional 31 per cent shares of Mindtree. The action of hostile takeover bid by L&T evoked emotional criticism from Mindtree founders. Mindtree efforts to defend itself could not materialize. L&T’s stake crossed 26 per cent on May 16, 2019. After Indian regulator SEBI’s approval, L&T’s open offer to buy shares from Mindtree shareholders commenced on June 17, 2019. The case examines motivation of the acquirer firm particularly when it is a conglomerate, and how a well-performing company became a target for hostile takeover. It looks at vulnerabilities of a target firm, and defensive steps a firm can take to fence itself against such takeover. The case also explores how organizational culture is built in a people-oriented business, namely, digital services, and what role it plays in a merger of two firms. Complexity academic level The case is suited for postgraduate students of management, as well as those undergoing executive courses in management. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 11: Strategy.
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Lee, Seung-Min. "Korean Independent Documentary Film in Democracy: June Democracy Movement." Journal of Memory & Vision 37 (December 31, 2017): 52–98. http://dx.doi.org/10.31008/mv.37.2.
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Odita Anthony Ogomegbunam. "EXPLORING THE EFFECT OF SUPPLY CHAIN MANAGEMENT PRACTICES ON MANUFACTURING FIRMS’ PERFORMANCE IN DELTA STATE, NIGERIA." International Journal of Management & Entrepreneurship Research 5, no. 1 (January 29, 2023): 68–84. http://dx.doi.org/10.51594/ijmer.v5i1.438.
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This study considered supply chain management (SCM) practices and manufacturing firms’ performance in Delta State, Nigeria. Specifically, it investigated the relationship between strategic purchasing practices, strategic supplier partnership, customer relationship, and Just-In-Time capability as dimensions of SCM on non-financial performance of manufacturing firms. The descriptive survey research design was employed. Data were elicited from the employees of the thirty (30) manufacturing firms registered under the Manufacturing Association of Nigeria (M.A.N.), Delta State Chapter as at 30th June 2021 and are also registered with the Corporate Affairs Commission (CAC). The population of the study is 150 employees comprising only the managers, heads of: production department, logistics department, customer service department, and accounting department and the total enumeration sampling technique were used. The instrument for data collection is the questionnaire. It was designed to elicit information concerning the subject matter. The data retrieved from the respondents were analyzed using descriptive statistics while Pearson Product Moment Correlation was used to test the hypotheses in order to determine the extent to which the independent variables were related to the dependent variable at an alpha level of 0.05. Results showed that there exists a significant relationship between strategic purchasing practices and manufacturing firms’ performance; a statistically significant relationship exists between strategic supplier partnership and manufacturing firms’ non-financial performance; there is a significant positive relationship between customer relationship and manufacturing firms’ performance; and a statistically significant relationship exists between Just-In-Time (JIT) capability of a manufacturing firm and its non-financial performance. The study concluded that a significant relationship exists between all the studied dimensions of SCM (strategic purchasing practices, strategic supplier partnership, customer relationship, and Just-In-Time capability) and the non-financial performance of manufacturing firms in Delta State, Nigeria, which implies that an increase in the practice of these SCM dimensions would lead to a corresponding increase in their non-financial performance. Based on the findings, the researcher recommended that manufacturing firms in Delta State no doubt, recognize the essence of valuable SCM practices in their operations. Based on this, the Manufacturing Association of Nigeria should continually encourage these firms to uphold these practices by using them as benchmark for raising the standard of manufacturing firms across Nigeria.
Keywords: Supply Chain, Management Practices, JIT, Strategic Supplier Partnership,
Customer Relationship.
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Crowley, Meredith A., Oliver Exton, and Lu Han. "The Looming Threat of Tariff Hikes: Entry into Exporting under Trade Agreement Renegotiation." AEA Papers and Proceedings 110 (May 1, 2020): 547–51. http://dx.doi.org/10.1257/pandp.20201020.
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We examine how the looming threat of tariff hikes under a trade agreement renegotiation impacts firm entry into a trading partner's market by exploiting uncertainty over the future UK-EU trade relationship brought about by the June 2016 Brexit referendum. Using the universe of UK export transactions at the firm and product level, we find that uncertainty over future market access to the EU deterred entry modestly in the months immediately after the Brexit vote, but the deterrent effect increased over time.
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Kumar, Manoj, L. M. Bhole, and Shahrokh M. Saudagaran. "Investment-Cash Flow Sensitivity and Access to Foreign Capital of Overseas Listed Indian Firms." Vikalpa: The Journal for Decision Makers 28, no. 1 (January 2003): 47–60. http://dx.doi.org/10.1177/0256090920030104.
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Between May 1992 and June 2001, 72 Indian firms listed their 85 Depositary Receipt (DR) programmes on the foreign capital markets. Most Indian DR programmes are listed on the European exchanges rather than on the US exchanges. This paper studies firm-level financial data of foreign listed Indian firms to see whether the ‘improved access to external capital markets’ is an important consideration for Indian firms listing on the foreign markets. The results of the study can be interpreted in terms of informational disclosure requirements of the foreign markets (in our case the Global Depositary Receipts– GDR markets) where sample Indian firms have listed their securities. The firms listed on the US exchanges have to necessarily follow US GAAP in casting of their accounts and disclose more. Hence, US listing acts as a signal about the firm's level of transparency and disclosures which, in turn, reduces informational asymmetry between managers and external investors. Thus, listing of emerging markets' firms on the US exchanges improves their access to the external capital markets and hence reduces their investment-to-cash flow sensitivity. Also, till recently, two-way fungibility in the Indian DRs was not allowed. Foreign institutional investors (FIIs), investing in the Indian GDRs, are restricted from owning and trading in Indian shares listed on the Indian stock exchanges. Besides, Indian citizens were prohibited from owning and trading in Indian DRs listed on the foreign markets. These factors impede the free flow of information between the GDR markets and Indian markets. Thus, GDR listings by the Indian firms are rendered ineffective in removing the information asymmetry about the listing firms and in improving Indian firms' access to the external markets. The results of the study have the following implications: The policy makers should adopt a regulatory framework so that firms are encouraged to disclose more and thus become transparent. Managers should prefer listing firms' securities only on stringent and transparent foreign markets with listing requirements. The measures proposed will reduce the informational asymmetry for the Indian firms and hence improve their access to the external capital markets. But if these markets do not improve their transparency and disclosure levels, they will lose out to the US markets. Naturally, firms contemplating fresh listing on foreign markets will list their securities on the more transparent US markets to improve their access to the external capital markets. Corporate decision makers should realize that the listings on the US markets send strong signals about the firms' level of transparency and disclosures to the investing community. This signalling effect is rather less in case of listing on the GDR markets. This could be the reason for US exchanges becoming more successful in attracting foreign listings by the Indian firms compared to the London and the Luxembourg exchanges in recent years.
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Kılıç, Funda. "Effect of Competitive Strategies on Firm Performance and Mediating Role of Product Innovation." International Journal of Business and Management 17, no. 3 (February 17, 2022): 93. http://dx.doi.org/10.5539/ijbm.v17n3p93.
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The aim of the study is to investigate the effect of competition strategies and product innovation on firm performance and to examine the mediating role of product innovation in relation between competitive strategies and firm performance. One of quantitative methods questionnaire technique was used to test the proposed theoretical model. The research sample 225 enterprises which was listed in Istanbul Chamber of Industry (ISO) The data collection process was completed in June-July-August 2021. In this study, data were collected by questionnaire method. The obtained data were analyzed using regression analysis. The hypothesis that the idea of competitive strategies affects firm performance level was tested with simple linear regression and it was found that the hypothesis was significantly supported. According to the regression results are examined, in simple regression models in which competitive strategies and product innovation are the independent variables and firm performance is the dependent variable, it is seen that competitive strategies (β=0.654; t=16.543) and product innovation (β=0.632; t=8.043) have been seen that it has a positive and statistically significant effect on performance. Thus, in the multiple regression model product innovation variable has mediating role, between competitive strategies and firm performance. In addition, as for relationship of firm performance with the sub factors of competitive strategies, the correlation is found to be the highest between focus strategy and firm performance.
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Johnson, Richard H., Russ S. Schumacher, James H. Ruppert, Daniel T. Lindsey, Julia E. Ruthford, and Lisa Kriederman. "The Role of Convective Outflow in the Waldo Canyon Fire." Monthly Weather Review 142, no. 9 (September 2014): 3061–80. http://dx.doi.org/10.1175/mwr-d-13-00361.1.
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The meteorological conditions associated with the rapid intensification and spread of the catastrophic Waldo Canyon fire on 26 June 2012 are studied. The fire caused two fatalities, destroyed 347 homes in Colorado Springs, and resulted in insurance losses of nearly $0.5 billion (U.S. dollars), making it the most economically destructive fire in Colorado’s history. While the fire was first discovered on 23 June, the paper focuses on 26 June, when it grew explosively and rapidly advanced eastward into a heavily populated area on the west side of Colorado Springs. Near-record hot and dry conditions prevailed over the Intermountain West prior to the fire, along with a persistent upper-level ridge. On 26 June, a narrow tongue of moist air aloft originating over the Southwest shifted from Utah into Colorado. Dry conditions at low levels and moisture aloft set the stage for strong microburst-producing thunderstorms to develop over Colorado. Convective cells first formed at midday over the San Juan Mountains, later consolidating into a thunderstorm complex that produced an organized convective outflow with strong, gusty winds at the surface. The leading gust front associated with the outflow moved past the Waldo Canyon fire at the hottest time of the day with recorded wind gusts up to 26 m s−1. The rapid eastward advance of the fire, as well as an onset of pyrocumulonimbus and lightning activity, was timed with the passage of the gust front. A numerical simulation, initiated one day earlier, produced mesoscale features closely resembling those observed, including the gust front passage at the fire and the vertical structure of the convective outflow.
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Kusumawati, Dyah, and Graciela Nathania. "Realitas Interaksi Antara Manusia dengan Anjing dalam Film June dan Kopi." Jurnal Komunikasi, Sains dan Teknologi 2, no. 1 (June 30, 2023): 96–109. http://dx.doi.org/10.61098/jkst.v2i1.17.
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Interaksi merupakan suatu kegiatan yang sangat diperlukan dengan baik dalam kehidupan makhluk hidup agar dapat terjalin dalam suatu hubungan setiap individu atau seseorang baik secara langsung ataupun tidak langsung. Interaksi ini muncul dalam film June dan Kopi. Tujuan dari penelitian ini adalah untuk mengetahui realitas interaksi antara manusia dengan hewan anjing dalam film June dan Kopi. Penelitian ini menggunakan pendekatan kualitatif dengan metode analisis semiotika Charles Sanders Peirce dengan tiga elemen yang membahas mengenai tanda (sign), acuan tanda (object), dan penggunaan tanda (interpretant). Hasil penelitian menunjukkan bahwa interaksi terlihat dalam Sentuhan dan pelukan ketenangan penuh makna, bantuan June kepada Aya ketika mengurus bayi, rasa tidak nyaman saat Karin sakit, dan pertolongan yang diberikan June kepada Ale.
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Fellnhofer, Katharina. "Entrepreneurially oriented employees and firm performance: mediating effects." Management Research Review 42, no. 1 (January 21, 2019): 25–48. http://dx.doi.org/10.1108/mrr-01-2017-0009.
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PurposeThis paper aims to contribute to the literature on entrepreneurial orientation (EO) with a focus on the interplay between the individual and firm level for embedding EO pervasively within organisations.Design/methodology/approachComprising 356 individual employees from five companies collected from June to September 2015, this investigation uses structural equation modelling.FindingsThe results show significant indirect effects from individuals’ EO on firm’s performance, mediated by both individuals’ performance and firm’s EO.Research limitations/implicationsWhile the construct of EO is strengthened with a multi-level approach, the authors also stress the organisational homogeneity of EO.Practical implicationsConsequently, the EO instrument can be used as a strategic tool to evaluate an individual’s orientation towards entrepreneurship to facilitate firm performance.Originality/valueFinally, the EO instrument can be used as a strategic tool to evaluate an individual’s orientation towards entrepreneurship to facilitate firm performance.
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Makowska, Marta. "Koncepcja odpowiedzialności społecznej firm farmaceutycznych." Annales. Etyka w Życiu Gospodarczym 13, no. 2 (May 15, 2010): 95–104. http://dx.doi.org/10.18778/1899-2226.13.2.09.
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The burden of social responsibility is on the pharmaceutical industry. It is producing drugs and medical equipment which have to fulfill high quality standards, because they are very important from society point of view. The main business activity of pharmaceutical companies can be assessed as doing something good. However, a lot of drug producers are also involved in other ways of working for public wellness. There are using a great range of the instruments and programs to manage the corporate social responsibility. The article describes the results of 31 in-depth interviews with the pharmaceutical sales representatives conducted between the June – November 2007. It shows what problems can be created during organizing: charity action, white Sundays, conferences for physicians and other pro bono events. It explains how such actions can meet with public opinion accusations. The main aim of this paper is to answer the questions: What are the advantages of realizing CSR for pharmaceutical companies? Is it true that this conception is used as a marketing tool by drug producers? What the pharmaceutical sales representatives think about charity actions that are conducted in their companies?
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Shukla, Sudhir Krishna, Rashi Srivastava, and Kum Kum Ray. "Translating Land into Stage: Observations on the Patterns and Presentations in Girish Karnad’s ‘Hayavadana’ and ‘Nagamandala’." International Journal of English Literature and Social Sciences 9, no. 2 (2024): 218–26. http://dx.doi.org/10.22161/ijels.92.32.
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This research paper examines the patterns and presentations in Girish Karnad’s major plays. Girish Raghunath Karnad (19 May 1938-10 June 2019) was the foremost Kannada playwright of India. In addition to writing plays, he was also an actor, film director, and a Jnanpith awardee, who dominated in the fields of Hindi, Kannada, Tamil, Malayalam, Telugu, and Marathi films. His ascent to prominence as a playwright in the 1960s signaled the advent of contemporary Indian playwriting in Kannada as Badal Sarkar, Vijay Tendulkar, and Mohan Rakesh did in Bengali, Marathi, and Hindi respectively. He used his intellectual power to use distilled themes from history, folktales, and myths. He is able to give identity to Indian art and culture in other countries. Tughlaq(1964), Yayati(1961), Hayavadana(1971), Hittina Hunja(1980), Nagamandala(1988), Tale-Danda(1990), Fire and the Rain(1995)