Artículos de revistas sobre el tema "Downs (Firm)"
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Kizildag, Murat y Ozgur Ozdemir. "Underlying factors of ups and downs in financial leverage overtime". Tourism Economics 23, n.º 6 (21 de diciembre de 2016): 1321–42. http://dx.doi.org/10.1177/1354816616683579.
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We present new stylized facts on the underlying reasons of US hospitality and tourism firms’ fluctuating levels of financial leverage during the period 1990–2015 using comprehensive micro- and macro-level accounting data overtime. To characterize this puzzling phenomenon, we quantified firm-specific and macroeconomic parameters and a diverse set of leverage proxies at various time frames with various structures. We further took account of the recent economic upheaval in our analyses so that we can compare firms’ leverage behavior as “before” and “after” the major economic turmoil in 2007–2009 periods. The primary themes of our arguments were that firm-specific leverage factors significantly influenced short-term leverage, while long-term leverage was mostly determined by macroeconomic indicators. Beyond that, book leverage was more favorable across firms than market leverage. Last, hospitality and tourism firms substantially extended their borrowing capacities, aggressively grew their leverage ratios, and dramatically increased collateral values leading to lower cost of borrowing due to relaxed lending standards in the aftermath of the recent upheaval. Our article complements previous work by examining whether leverage factors demonstrate discrepancies from the prior findings and by proposing rigorous industry-specific outlook and solution for the financial leverage literature.
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Davis, Steven J. y John Haltiwanger. "Dynamism Diminished: The Role of Housing Markets and Credit Conditions". American Economic Journal: Macroeconomics 16, n.º 2 (1 de abril de 2024): 29–61. http://dx.doi.org/10.1257/mac.20190007.
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We estimate the effects of house price changes on young-firm employment shares and industry-level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth, liquidity, and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level, our estimates imply that housing market ups and downs play a major role—as transmission channel and driving force—in medium-run fluctuations in young-firm employment shares in recent decades. We also find a distinct and smaller role for locally exogenous loan-supply shifts. (JEL D22, E24, E32, G21, L25, R11, R31)
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Trifu, Alexandru. "The CEO‟s Managerial Skills, Ups and Downs of a Firm and Crisis". Management and Organizational Studies 4, n.º 4 (28 de octubre de 2017): 23. http://dx.doi.org/10.5430/mos.v4n4p23.
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We are dealing in this paper with the general issue of management crisis, crisis as inflection and disturbing point for the economic entity. There many causes for the appearance and ongoing of crisis within socio-economic systems. We chose the most important cause: that of the action and decision-making of the outstanding human resource and propeller for the entire activity, the CEO.Starting from Peter Drucker‟s allegation that the CEO is the power-link between the organization and the business/natural environment, we want to highlight that the plans, the ideas, and intentions of a CEO dedicated and efficient lead to efforts and costs inside the entity and results (bad or good) outside, into society and markets. The CEO is main person to see, to predict, the opportunities for the performance of the company. BUT, the results can be favorable on medium run, or only on short run, involving possible subsequent crisis, consisting on undulating movements of the entity activity.Specifically, we propose the situation of John Reed, former CEO of Citicorp (then Citigroup), in fact the architect of the complex mega-financial structure which became Citigroup and negative repercussions occurred from factual financial activity of the corporation.
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Setiawanta, Yulita, Dwiarso Utomo, Imam Ghozali y Jumanto Jumanto. "Financial Performance, Exchange Rate, and Firm Value: The Indonesian Public Companies Case". Organizations and Markets in Emerging Economies 11, n.º 22 (30 de diciembre de 2020): 348–66. http://dx.doi.org/10.15388/omee.2020.11.37.
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Transactions between countries require a stable exchange rate. When the exchange rate of the country experiences uncertainty, then this will influence the company’s financial performance and even affect the company’s market value. This study aims to look for the direct influence of the company’s financial performance as an independent variable and the firm value as a dependent variable within the investor perspective, also including the exchange rate factor as a moderating variable. Investors could probably learn about information on the ups-and-downs of the Indonesian rupiah against foreign currencies before their investment decisions, even though financial performance substantially influences the company’s market value. The sample in this study was 50 companies within four years of observation. Data processing was carried out by the Eviews statistical application. The results showed that the financial performance, which is proxied by the capital structure, affects firm value, but not profitability. The impact of exchange rate moderation also occurs in the relationship of capital structure and firm value, while the moderation effect on profitability and firm value is not proven. This study provides information that exchange rates influence investment interests upon investors’ analysis of the financial performance of the capital structure, but not profitability.
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Nagar, Neerav y Kaustav Sen. "Do financially distressed firms misclassify core expenses?" Accounting Research Journal 30, n.º 2 (3 de julio de 2017): 205–23. http://dx.doi.org/10.1108/arj-04-2015-0054.
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Purpose This paper aims to examine whether financially distressed firms manipulate core or operating income through the misclassification of operating expenses as income-decreasing special items. Design/methodology/approach This sample comprises firms in the USA with data from 1989 to 2010. The authors used the methodology given in McVay (2006) and multiple regressions. Findings Managers of financially distressed firms are more likely to inflate core or operating income as compared to the healthy firms to meet or beat earnings benchmarks. They do so by misclassifying core or operating expenses as income-decreasing special items. Specifically, core expenses are shifted to income-decreasing special items like goodwill impairments, settlement costs, restructuring costs and write downs. Practical implications The paper sheds light on an important firm characteristic, financial distress that intensifies classification shifting – an earnings management tool which auditors, investors and regulators find tough to detect. The findings have implications for investors, as they fail to comprehend such shifting (McVay, 2006); analysts, who issue forecasts based on street earnings; lenders, as distressed firms may be concealing their true performance; and regulators, as the misclassification of income statement items is a violation of accounting principles. Originality/value The authors extend the literature on accruals and real earnings management by the financially troubled firms and present first evidence that the managers of such firms also manipulate core or operating income through classification shifting.
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Ossa, Henry y Ana Cristina Gonzalez. "Hacienda Flandes: the ups and downs of a Colombian coffee farm". Emerald Emerging Markets Case Studies 6, n.º 1 (2 de mayo de 2016): 1–23. http://dx.doi.org/10.1108/eemcs-06-2015-0117.
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Subject area Strategic Planning for family businesses. Study level/applicability MBA family businesses courses and/or executive education courses that focus on family businesses. The case can be used in introductory sessions related to family business strategy. Case overview This case tells the story of two generations of coffee plant growers at Hacienda Flandes in Colombia’s coffee region. It describes external and internal factors that affected the family business from 1970 to 2013. The case presents antecedents and consequences of environmental circumstances and family members’ decisions that drive this business from boom to decline and later on to its potential reinvention. Through an analysis of this family-owned coffee plantation across generations, students are expected to understand the importance of strategic planning in family businesses, in a changing and competitive environment. Family businesses in emerging economies are the most common type of businesses. In Latin America, most of family businesses might be younger than those in Europe and even in North America. Therefore, family businesses in these economies can be going through or will soon go through a succession. Succession success rate is low, regardless of the culture or country in which the family business develops. This case deals with the preparation (or lack of preparation) of the next generation in family businesses management and its consequences and helps students suggest alternatives and better decisions to run family businesses in an emerging economy. Expected learning outcomes Students will be able to know and explain the concept of a family business as a dynamic system: firm, family and individuals, each one with actions and outcomes; analyze opportunities for and threats to family businesses across generations; and formulate strategies that balance business and family demands. Supplementary materials The teaching note has specific reading materials to support class discussion.
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Gibson, Sheree, Richard Kelly, SD Miller y Tom Albin. "Human Factors Consulting: The Ins & Outs, Ups & Downs, Pros & Cons". Proceedings of the Human Factors and Ergonomics Society Annual Meeting 62, n.º 1 (septiembre de 2018): 878. http://dx.doi.org/10.1177/1541931218621200.
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The objective of this panel is to provide attendees with the opportunity to learn about what they always wanted to know about the wide world of human factors consulting, but were afraid to ask (or didn’t know to ask). This session should be of interest to meeting attendees at any stage of their career, including students and those who might be considering a career change or branching out. These panelists, together, have experience over a wide range of consulting domains, as well as being individuals who are at different stages in their consulting careers. As such, the panel session will provide attendees with multiple perspectives on select topics and on responses to attendees’ questions. Sheree Gibson, PE, CPE is President of Ergonomic Applications, a small industrial ergonomics consulting firm in South Carolina. She has been a consultant for most of her professional life, working for a forensic consulting firm as well as an in-house ergonomics consultant for Michelin Tire before setting out on her own. She has a B.S. in Mechanical Engineering and a M.S.E. in Applied Ergonomics, both from West Virginia University. She is active in the American Industrial Hygiene Association, the American Society of Safety Engineers and HFES. Sheree is also Vice-President of the Foundation for Professional Ergonomics. Richard Kelly, PhD earned his doctorate in Engineering Psychology from New Mexico State University and went on to work as an engineering psychologist for the Army at White Sands and then for the Navy at SPAWAR in San Diego. After about 10 years supporting large and small RDT&E programs and leading teams of scientists and engineers, he left the government to start Pacific Science & Engineering (PSE). Over the past 34 years, PSE has grown steadily from 2 to 50 employees and has been a prime contractor, subcontractor, and consultant on hundreds of projects in many different domains, including military, intelligence, industrial process, commercial, medical, education, autonomous vehicles, and more. PSE remains an independent, employee-owned company entirely focused on human performance in complex systems. The technical staff have received numerous recognitions from clients and professional groups for their outstanding work that makes a real difference for our users. Dee Miller, PhD works at Dell, Inc. in the Business Transformation Office as the Senior Principal UX & Service Design Engineer building relationships and appropriately influencing relevant internal teams and direct business contacts in the adoption of a human-centered approach to designing internal systems and processes and delivering services related to Order Experience Life Cycle. She recently started an independent consultancy called Dawn Specialty Consulting. One of the first projects of the new consultancy is consulting with a local non-profit and a police department on applying design thinking to community policing initiatives. Dee has prior experience consulting with state and federal government agencies on matters pertaining to transportation and healthcare. Tom Albin, PE, CPE, PhD is a licensed professional engineer and a certified professional ergonomist. He holds a PhD from the Technical University of Delft in the Netherlands. Currently the principal of High Plains Ergonomics Service, Tom has been engaged in ergonomics consulting since 2001. He has extensive experience as a researcher, a corporate ergonomist and as a product developer. He is active in the US and International Standards community, chairing the ANSI/HFES 100 computer workstation standard and serving as an accredited US expert on several ISO committees. He was Executive Director of the Office Ergonomics Research Committee from 2007 until retiring in 2018. Tom’s consulting work has been principally concerned with physical ergonomics issues in office and industrial settings. Current projects deal with evaluation of injury risk during push and pull tasks and with applied anthropometry. Topics Panelists will each be given time to introduce themselves at the beginning of the session. Each will speak for 7-10 minutes about their career path, ‘what I like best about consulting’, and ‘3-5 things I wish I had known before I started consulting’. The panel will also address the following topics: ethics, running a business (business plans, financing, insurance, legalities, managing employees, marketing, building relationships with clients, and writing contracts), and work/life balance. These topics will be introduced, in the form of questions from the moderator if/when questions from the audience are exhausted.
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Ma'rifah, Nurul. "Positivisasi Hukum Keluarga Islam sebagai Langkah Pembaharuan Hukum Islam di Indonesia: Kajian Sejarah Politik Hukum Islam". Al-Manahij: Jurnal Kajian Hukum Islam 13, n.º 2 (28 de noviembre de 2019): 243–57. http://dx.doi.org/10.24090/mnh.v13i2.2692.
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This paper discusses the making Islamic family law a formal law in the perspective of the political history of Islamic law in Indonesia, which cannot be separated from the role of the regime since the beginning of the Old Order era. In this era, the regime showed its alignment with the renewal of Islamic law. However, when the regime was not as firm and tended to be democratic, as it was during the Reformation era, Islamic family law reform tended to be stagnant. On the other hand, the history of Islamic family law renewal also experienced ups and downs because it is affected by political configurations, in which Indonesian Muslims attitudes could be classified into progressive and Islamist groups. Progressive groups try to fight for the renewal of Islamic family law contextually; whereas Islamist groups are more textual in responding to Islamic family law reform.
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Hanafi, Muhammad Riza y Mely Noviryani. "Securitization, Desecuritization, and Resecuritization of Labor Issues in Saudi Arabia". Politicos: Jurnal Politik Dan Pemerintahan 4, n.º 1 (15 de marzo de 2024): 45–55. http://dx.doi.org/10.22225/politicos.4.1.2024.45-55.
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The presence of Indonesian Workers (TKI) abroad, especially in the Middle East Region, is between the devil and the deep sea. Apart from reducing the government's responsibility to improve the economy by providing job opportunities, their presence also adds to the country's foreign exchange. However, on the other hand, the presence of TKI also adds to the problems caused by the lack of adequate legal protection, inadequate security and welfare guarantees, as well as the ups and downs of Indonesia's bilateral relations with the countries where they work as a result of the problems caused by the TKI themselves. Several policies related to sending migrant workers to the Middle East have been adopted since the time of President Susilo Bambang Yudhoyono. However, a firm policy was only taken during the administration of President Joko Widodo with the issuance of Minister of Manpower Decree number 260 of 2015 which stopped and prohibited the placement of Indonesian workers with individual users in Middle Eastern countries. This policy can also be seen as a policy that is outside the norm considering that the Middle East is the most popular region for migrant workers. This research attempts to explain how the ups and downs of the TKI issue are seen from a security perspective using a constructivist approach. This process, which the Copenhagen School calls securitization, attempts to place threats and objects that must be secured as products of the process of social interaction. This research will also look at how securitization occurs which is then followed by desecuritization and in its development becomes resecuritization.
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Pingali, Srinivas, Grishma Shah y Janet Rovenpor. "Rethinking Quatrro’s execution strategy: capturing the small and medium-sized enterprise market". Emerald Emerging Markets Case Studies 9, n.º 4 (12 de diciembre de 2019): 1–29. http://dx.doi.org/10.1108/eemcs-09-2019-0227.
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Learning outcomes The learning outcomes of this paper are to understand the supply side of the Business Process Outsourcing (BPO) model and how a firm can develop and capture a new market using Blue Ocean Strategy principles; understand how to use the four actions framework and eliminate/reduce/raise/create (ERRC) grid to develop a Blue Ocean market; evaluate three strategic alternatives available to a firm along with the benefits and challenges of each; map out the current strategy to inform possible future strategies and envision how one can use the BMC to re-invent the execution strategies of a disruptor; and discuss the opportunities for growth and the challenges therein in a dynamic global business environment. Case overview/synopsis Sri Rao, President of Market Development and Strategy of Quatrro Business Support Services (Quatrro), a BPO firm, weaved through the bustling streets of Gurgaon, India, to get to work early on a blistering summer day. It was the beginning of the new 2017 fiscal year and there was a sense of anticipation and uncertainty in the office to which he was headed. Quatrro offered outsourced finance, accounting and payroll solutions to small and medium-sized enterprises across the world, but mainly the USA. Arriving at his desk, Rao gazed out the window and reflected on Quatrro’s journey so far, the ups and the downs and the strategy for moving forward. Growth had been moderate with small deals. Local and regional Certified Public Accountant firms continued to provide stiff competition and the cost of acquiring new clients was high. There was a need to rethink Quatrro target markets and business development strategy. Quatrro’s annual board meeting was coming up in three weeks and Rao wanted to present a credible plan to accelerate Quatrro’s growth. He was worried that if the plan was not accepted by the board, any further investments in the business would be challenging and could even lead to the board directing Quatrro to divest. He believed they had run out of patience with a business that had a lot of potential but was not growing. He had one last opportunity to get Quatrro’s strategy right before his planned departure from the company in just a year’s time. Rao waited for his team to discuss their recommendations based on a presentation he had made to them two days ago. Complexity academic level Undergrad/MBAs. While most growth strategy cases focus on firms seeking to outsource services for efficiency and concentrate on value added to the core functions and competences, this case centers on the supply side and examines the BPO firm itself. It focuses on the technology service industry (as opposed to product/manufacturing), which while growing and significant is not often written about in cases, and finally, the case integrates an understanding of the Blue Ocean Strategy along with the Business Model Canvas allowing students to envision how one can use the BMC to re-invent a business strategy. It does so with a traditional Ansoff Matrix as the backdrop. 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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Chaudhary, Mohammad Irfan y Mohammed Nishat. "Key Fundamental Factors and Long-run Price Changes in an Emerging Market—A Case Study of Karachi Stock Exchange (KSE)". Pakistan Development Review 41, n.º 4II (1 de diciembre de 2002): 517–33. http://dx.doi.org/10.30541/v41i4iipp.517-533.
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Share prices are the most important indicator readily available to the investors for their decision to invest or not in a particular share. Theories suggest that share price changes are associated with changes in fundamental variables which are relevant for share valuation like payout ratio, dividend yield, capital structure, earnings size of the firm and its growth, [Wilcox (1984); Rappoport (1986); Downs (1991)]. Linter (1956) linked dividend changes to earnings while Shapiro valuation model (1962) showed dividend streams discounted by the difference in discount rate and growth in dividend should be equal to share price. This predicts direct relation between pay out ratio and the price-earning multiple. Conversely it means that there is an inverse relation between pay out ratio and share price changes. Several eventbased studies established direct relation between share price changes and either earnings or dividend changes [Ball and Brown (1968); Baskin (1989)]. Sharpe (1964) and Hamada (1972) suggested direct relation between share price changes and capital structure. Beaver, Kettler and Sholes (1970) showed that firms appear to pay less of their earnings if they have higher earning volatility. This suggests payout ratio as relevant factor for share price changes. Investigations of share price changes appear to yield evidence that changes in fundamental variable(s) should jointly bring about changes in share prices both in developed and emerging markets. However, the actual fundamental factors found to be relevant may vary from market to market. For example, changes in asset growth of firms are significant in the case of Japanese shares while earnings appear to be universally a relevant factor [Ariff, et al. (1994)]. However, it is widely agreed that a set of fundamental variables as suggested by individual theories is no doubt relevant as possible factors affecting share price changes in the short and the long-run [Ariff and Khan (2000)].
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Huysmans, Eva, Lynn Leemans, David Beckwée, Jo Nijs, Kelly Ickmans, Maarten Moens, Lisa Goudman, Ronald Buyl, Koen Putman y Iris Coppieters. "The Relationship between Cognitive and Emotional Factors and Healthcare and Medication Use in People Experiencing Pain: A Systematic Review". Journal of Clinical Medicine 9, n.º 8 (3 de agosto de 2020): 2486. http://dx.doi.org/10.3390/jcm9082486.
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Pain conditions are among the leading causes of global disability, impacting on global healthcare utilization (HCU). Health seeking behavior might be influenced by cognitive and emotional factors (CEF), which can be tackled by specific therapies. The purpose of this study was to systematically review the evidence concerning associations between CEF and HCU in people experiencing pain. Three databases were consulted: PubMed, Web of Science and EconLit. Risk of bias was assessed using the Downs and Black Checklist (modified). A total of 90 publications (total sample n = 59,719) was included after double-blind screening. In people experiencing pain, positive associations between general anxiety symptoms, depressive symptoms and catastrophizing and pain medication use were found. Additionally, there appears to be a relationship between general anxiety and depressive symptoms and opioid use. Symptom-related anxiety and psychological distress were found to be positively related with consulting behavior. Last, a positive association between use of complementary and alternative medicine and level of perceived symptom control was confirmed in people with pain. For other relationships no evidence or inconsistent findings were found, or they were insufficiently studied to draw firm conclusions, indicating that more research on this topic is needed.
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Valente, Roberto, Gregorio Santori, Lorna Stanton, Ajit Abraham y Mohamed Adhnan Thaha. "Introducing a structured daily multidisciplinary board round to safely enhance surgical ward patient flow in the bed shortage era: a quality improvement research report". BMJ Open Quality 12, n.º 1 (marzo de 2023): e001669. http://dx.doi.org/10.1136/bmjoq-2021-001669.
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Hospital bed shortage is a worldwide concern. Their unavailability has caused elective surgery cancellations at our hospital peaking in spring 2016 at over 50%. This is often due to difficult patient step-down from intensive care (ICU) and high-dependency units (HDU). In our general/digestive surgery service admitting approximately 1000 patients yearly, ward rounds were run on a consultant firm basis.We report quality improvement (ISRCTN13976096) after we introduced a structured daily multidisciplinary board round framework (SAFER Surgery R2G) adapted from the ‘SAFER patient flow bundle’ and the ‘Red to Green days’ approaches to enhance flow. We compare 2016–2017, when our framework was applied for 12 months.We used a Plan–Do–Study–Act (PDSA) methodology. Our intervention consisted in (1) systematically communicating the key care plan after the afternoon ward rounds to the nurse in charge; (2) 30’ 10:00 hours Monday-to-Friday multidisciplinary board rounds, attended daily by the senior team and weekly by hospital and site managers, revising the key care plan to aim at safe, early discharges, assessing the appropriateness of each inpatient day and tackling any cause of delay. We measured patient flow by average length of stay (LOS), ICU/HDU step-downs and operation cancellations count, monitoring safety through early 30-day readmissions. Compliance was assessed by board round attendance and staff satisfaction rate surveys.After 12 months of intervention (PDSA-1-2, N=1032), compared with baseline (PDSA-0, N=954) average LOS significantly decreased from 7.2 (8.9) to 6.3 (7.4) days (p=0.003); ICU/HDU bed step-down flow increased by 9.3% from 345 to 375 (p=0.197), surgery cancellations dropped from 38 to 15 (p=0.100). 30-day readmissions increased from 0.9% (N=9) to 1.3% (N=14)(p=0.390). Average cross-specialty attendance was 80%. Satisfaction rates were >75%, regarding enhanced teamwork and faster decisions.The SAFER Surgery R2G framework has increased patient flow in the context of an enhanced multidisciplinary approach, requiring senior staff commitment to remain sustainable.
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Gubanov, Nikolay N. "Parity of technical and humanitarian potentials of society as a factor of its sustainable development". Alma mater. Vestnik Vysshey Shkoly, n.º 8 (agosto de 2023): 15–23. http://dx.doi.org/10.20339/am.08-23.015.
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A thoughtful study of the historical process with all its ups and downs allows us to argue that at all turning points in the development of mankind such a characteristic feature of social consciousness as its humanitarian-instrumental dualism has clearly manifested itself. The subject of this study is interdependent and mutually complementary evolution of the two parameters of social intelligence — technical and humanitarian. Substantively the article is divided into two parts. The first discusses the possibilities of using reason in the field of morality. One of the main trump cards of ethical skeptics (non-cognitivists), D. Hume’s guillotine, is presented, and the conclusion is made that it only limits ways of justification of moral norms, but does not exclude this perspective in principle. Some of the foundations of ethical cognitivism are discussed, and a firm belief is expressed that this is the approach that needs to be cultivated by the educational system to provide a justificatory sentence to reason in the field of morality. The second part of the article is devoted to a description of various aspects of the techno-humanitarian balance model. It is shown that modernity is marked by a painful process of cultural-psychological adjustment to new information and communication technologies. Two levels of this process — global and existential — are distinguished. The role of education in mitigating the lapping and increasing its efficiency at each of these levels is assessed.
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Audag, Nicolas, Christophe Goubau, Michel Toussaint y Gregory Reychler. "Screening and evaluation tools of dysphagia in adults with neuromuscular diseases: a systematic review". Therapeutic Advances in Chronic Disease 10 (enero de 2019): 204062231882162. http://dx.doi.org/10.1177/2040622318821622.
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Background: The purpose of this systematic review was to summarize the different dysphagia screening and evaluation tools, and to identify their measurement properties in adults with neuromuscular diseases (NMDs). Methods: A systematic review was performed based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. The search strategy was conducted across three databases ( PubMed, CINAHL and ScienceDirect). Measurement properties of each tools and the Quality Index, developed by Downs and Black, were considered for the different investigated studies. Results: The search strategy produced 2221 articles. After removal of duplicates and full-text analysis, 19 studies were included. Most of the publications focused on amyotrophic lateral sclerosis (ALS; n = 10) and Duchenne muscular dystrophy (DMD; n = 4). A total of 12 tools, listed as instrumental and noninstrumental examinations, were retrieved. A total of five of them used videofluoroscopic swallow study (VFSS). Measurement properties of the tools are not completely described in detail in many studies. The neuromuscular disease swallowing status scale, a noninstrumental tool, is the only one that assessed all measurement properties in ALS patients. The median score reported for the Quality Index was 16. Conclusions: This systematic review identified 12 different tools for the screening and evaluation of dysphagia in adults with NMD. Majority of the studies presented VFSS as a valid and reliable examination to assess dysphagia in ALS and DMD. Other tools were mainly evaluated in ALS patients, but further studies are needed to complete their measurement properties. In other NMDs, no firm conclusion can be made because of insufficient data and heterogeneity of NMDs.
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Tarigan, Vitryani, Djuli Sjafei Purba y Sri Martina. "Pengaruh Ukuran Perusahaan, Likuiditas dan Profitabilitas terhadap Kebijakan Hutang pada Perusahaan Pertambangan". Owner 6, n.º 4 (25 de octubre de 2022): 4291–300. http://dx.doi.org/10.33395/owner.v6i4.1199.
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The increasingly competitive business world presents many challenges for the business world, one of which is financing. Most companies choose loans because they use them to get tax savings on company profits. So far, mining companies in Indonesia have continued to experience a decline in the development phase. Due to the ups and downs of mining, mining companies often carry out debt policies as a way to finance company operations in the hope of increasing profits or otherwise providing risk. Debt can also increase the value of the company if used properly. This study aims to determine the effect of company size, liquidity and profitability on debt policy in mining companies listed on the Indonesia Stock Exchange in 2018-2020. Several previous studies on debt policy have different results. Therefore, other research needs to be done to retest the theory of debt policy. The population of this research is 46 mining companies. The sampling method used was purposive sampling method, so that 18 sample companies were obtained for 3 years of observation (2018-2020) with 54 observations (observations). The research data was obtained from a sample of companies downloaded from the Indonesia Stock Exchange website. The data analysis technique used is multiple regression analysis. The process of data analysis that is carried out first is the classical assumption test, multiple analysis and then hypothesis testing. The results of the study that profitability has a negative and significant effect on debt policy, liquidity has a negative and significant effect on debt policy and firm size has a negative and insignificant effect on debt policy.
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Lerebourg, Lucie, Maxime L'Hermette, Charlotte Menez y Jeremy Coquart. "The effects of shoe type on lower limb venous status during gait or exercise: A systematic review". PLOS ONE 15, n.º 11 (25 de noviembre de 2020): e0239787. http://dx.doi.org/10.1371/journal.pone.0239787.
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This systematic review evaluated the literature pertaining to the effect of shoes on lower limb venous status in asymptomatic populations during gait or exercise. The review was conducted in accordance with PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines. The PubMed-NCBI, EBSCO Host, Cochrane Library and Science Direct databases were searched (March 2019) for words around two concepts: shoes and venous parameters. The inclusion criteria were as follows: (1) the manuscript had to be published in an English-language peer-reviewed journal and the study had to be observational or experimental and (2) the study had to suggest the analysis of many types of shoes or orthotics on venous parameters before, during and/or after exercise. Out of 366 articles, 60 duplications were identified, 306 articles were analyzed, and 13 articles met the eligibility criteria after screening and were included. This review including approximately 211 participants. The methodological rigor of these studies was evaluated with the modified Downs and Black quality index. Nine studies investigated the effect of shoes on blood flow parameters, two on venous pressure and two on lower limb circumferences with exercise. Evidence was found that unstable shoes or shoes with similar technology, sandals, athletic or soft shoes, and customized foot orthotics elicited more improvement in venous variables than high-heeled shoes, firm shoes, ankle joint immobilization and barefoot condition. These venous changes are probably related to the efficiency of muscle pumps in the lower limbs, which in turn seem to be dependent on shoe features associated with changes in the kinetics, kinematics and muscle activity variables in lower limbs during gait and exercise.
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Peljhan, Darja, Katja Zajc Kejzar y Nina Ponikvar. "The Importance Of Performance Management Tools Usage For Surviving The Economic Crisis". International Business & Economics Research Journal (IBER) 11, n.º 12 (29 de noviembre de 2012): 1299. http://dx.doi.org/10.19030/iber.v11i12.7410.
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The main objective of our research is to explore how using performance management (PM) tools impact the exit hazard of firms by considering a sample of Slovenian firms during the recent economic crisis. The paper finds that, when firm and industry characteristics are not accounted for, the firms that used PM tools in 2007 experienced around a 6 percentage points lower hazard of shutting down during the current economic crisis. Further, our study supports the view that firm size and age are more important determinants of a firms survival probability than the influence of using PM tools (and other firm characteristics) due to a strong and significant correlation between the use of PM tools and firm size and age.
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COLEMAN, SUSAN. "THE USE OF DEBT BY BLACK-OWNED FIRMS: RECENT EVIDENCE FROM THE 2003 SURVEY OF SMALL BUSINESS FINANCES". Journal of Developmental Entrepreneurship 13, n.º 01 (marzo de 2008): 39–57. http://dx.doi.org/10.1142/s1084946708000843.
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Black-owned firms are growing in terms of both number and economic importance. They play an important role in providing jobs as well as products and services, particularly in urban communities. In spite of this, prior research indicates that black-owned firms experience greater difficulty in securing sources of external capital. This study revisits this issue using newly released data from the 2003 Survey of Small Business Finances. Results reveal that black-owned firms were no less likely to have loans than white-owned firms controlling for firm and owner characteristics. Nevertheless, black-owned firms were still significantly more likely to be turned down for loans and more likely to refrain from applying because they assumed they would be turned down. Further, black firm owners who were approved for loans paid significantly higher rates of interest.
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Backman, Charles A., Alain Verbeke y Robert A. Schulz. "The Drivers of Corporate Climate Change Strategies and Public Policy". Business & Society 56, n.º 4 (27 de julio de 2016): 545–75. http://dx.doi.org/10.1177/0007650315578450.
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Effective public policy to mitigate climate change footprints should build on data-driven analysis of firm-level strategies. This article’s conceptual approach augments the resource-based view (RBV) of the firm and identifies investments in four firm-level resource domains (Governance, Information management, Systems, and Technology [ GISTe]) to develop capabilities in climate change impact mitigation. The authors denote the resulting framework as the GISTe model, which frames their analysis and public policy recommendations. This research uses the 2008 Carbon Disclosure Project (CDP) database, with high-quality information on firm-level climate change strategies for 552 companies from North America and Europe. In contrast to the widely accepted myth that European firms are performing better than North American ones, the authors find a different result. Many firms, whether European or North American, do not just “talk” about climate change impact mitigation, but actually do “walk the talk.” European firms appear to be better than their North American counterparts in “walk I,” denoting attention to governance, information management, and systems. But when it comes down to “walk II,” meaning actual Technology-related investments, North American firms’ performance is equal or superior to that of the European companies. The authors formulate public policy recommendations to accelerate firm-level, sector-level, and cluster-level implementation of climate change strategies.
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Rashid, Abdul y Muhammad Saeed. "Firms’ investment decisions – explaining the role of uncertainty". Journal of Economic Studies 44, n.º 5 (9 de octubre de 2017): 833–60. http://dx.doi.org/10.1108/jes-02-2016-0041.
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Purpose The purpose of this paper is twofold. First, based on the value optimization problem of the firm, the authors proposed a theoretical model for firms’ investment decisions, which incorporates the effects of both idiosyncratic (firm specific) and macroeconomic uncertainty/risk. Second, the authors empirically estimate the proposed model for Pakistan. Design/methodology/approach The authors utilize an unbalanced firm-level panel data covering the period 1988-2013. To generate time-variant firm-specific uncertainty, the authors estimate the autoregressive model on firm sales for each firm included in the sample over the examined period. Firm-specific risk is also measured based on the square of the residuals of firms’ sales. Two measures of macroeconomic uncertainty are computed using the conditional variance obtained by estimating the ARCH model for consumer price index and industrial production index. Several alternative measures of both types of uncertainties are used to ensure the robustness of uncertainty effects. To mitigate the problem of endogeneity, the robust two-step system-generalized method of moments estimator is used to estimate the empirical model. Findings The results indicate that firms are likely to cut down their level of investment spending when either type of uncertainty increases. The results also reveal that the sensitivity of firms’ investment decisions to macroeconomic (aggregate) uncertainty is higher as compared to the firm-specific uncertainty. The authors show that these findings are robust to different uncertainty measures used in the analysis. The results related to firm characteristics suggest that the firm-specific variables namely the debt to assets ratio, the costs of debt to assets ratio, and the sales to assets ratio are also equally important in the determination of investment decisions of corporate manufacturing firms. Practical implications The empirical findings of the paper are useful for firm managers, investors, and government authority. Specifically, the results help firm managers and investors to understand how firm-specific and macroeconomic uncertainty affects firms’ investment decisions. The finding that firms cut their investment spending in times of macroeconomic instability implies that declines in firms’ investment spending during the periods of macroeconomic turmoil may delay the process of recovery. Therefore, the policy makers should design such policies that encourage firms to invest more in economic crisis periods, which, in turn, would enhance the growth of the economy and help to overcome the problem of downturn/recession. Originality/value The authors first propose a theoretical model for firms’ investment decisions based on the value optimization problem of the firm by incorporating the role of both firm-specific and macroeconomic uncertainty. Next, unlike most of previous studies, they estimate the proposed model for non-financial firms operating in Pakistan. The authors predict that a higher exposure to both idiosyncratic and macroeconomic uncertainties leads to lower investment in Pakistani manufacturing firms. Further, the authors hypothesize that both types of uncertainties have differential effects on firms’ investment decisions.
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He, Guojun, Shaoda Wang y Bing Zhang. "Watering Down Environmental Regulation in China*". Quarterly Journal of Economics 135, n.º 4 (22 de junio de 2020): 2135–85. http://dx.doi.org/10.1093/qje/qjaa024.
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Abstract This article estimates the effect of environmental regulation on firm productivity using a spatial regression discontinuity design implicit in China's water quality monitoring system. Because water quality readings are important for political evaluations and the monitoring stations only capture emissions from their upstream regions, local government officials are incentivized to enforce tighter environmental standards on firms immediately upstream of a monitoring station, rather than those immediately downstream. Exploiting this discontinuity in regulation stringency with novel firm-level geocoded emission and production data sets, we find that immediate upstream polluters face a more than 24% reduction in total factor productivity (TFP), and a more than 57% reduction in chemical oxygen demand emissions, as compared with their immediate downstream counterparts. We find that the discontinuity in TFP does not exist in nonpolluting industries, only emerged after the government explicitly linked political promotion to water quality readings, and was predominantly driven by prefectural cities with career-driven leaders. Linking the TFP estimate with the emission estimate, a back-of-the-envelope calculation indicates that China's water regulation efforts between 2000 and 2007 were associated with an economic cost of more than 800 billion Chinese yuan.
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Johnson, Richard A. "Antecedents and Outcomes of Corporate Refocusing". Journal of Management 22, n.º 3 (junio de 1996): 439–83. http://dx.doi.org/10.1177/014920639602200304.
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During the 1980s a large number of firms refocused or down-scoped using multiple divestitures. This paper reviews recent empirical research (1983-1996) to isolate and identify the antecedent conditions that lead to downscoping and its outcomes. Antecedent conditions include changing environmental conditions, firm governance, ineffective strategy, poor performance, and financial restructuring. Outcomes of the process examine how firm strategy has changed and its effect on employees and firm performance. I develop a model to classify research into topic areas and discuss future research directions and related issues.
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Jackowicz, Krzysztof y Łukasz Kozłowski. "Are SMEs locked in relationships with their banks?" Journal of East European Management Studies 27, n.º 1 (2022): 11–30. http://dx.doi.org/10.5771/0949-6181-2022-1-11.
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In this study, we investigate whether SMEs are locked in relationships with their banks. We combine data concerning Polish SMEs, including a survey about relationships with main banks. After estimating dynamic panel models, we find that the length of a bank-firm relationship increases firms’ interest costs, slows down investments and sales growth but is irrelevant for firms’ profitability. Therefore, our evidence supports the view that the collection of private data by a bank may “lock” a firm in the existing relationship with the bank, permit this lender to extract information monopoly rents, and force the SME to incur the so-called hold-up costs.
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Kolawole, Joseph Seun, Oluyinka Isaiah Oluwagbade y Adeyemi Wasiu Alabi. "Employee Benefits and Firm Value of Listed Nigerian Consumer Goods Manufacturing Firms". European Journal of Business and Management Research 8, n.º 6 (28 de diciembre de 2023): 189–97. http://dx.doi.org/10.24018/ejbmr.2023.8.6.2185.
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The practice of rejigging the firm value of manufacturing companies by considering employee benefits after the adverse effect of the global lockdown of COVID-19 formed the crux of this study. The study investigated the influence of employee benefits on the firm value of listed manufacturing firms in Nigeria. Specifically, it examined the influence of incentives, health, safety, life insurance, and retirement benefits on firm value. The study adopted ex-post facto and longitudinal research designs. 22 consumer goods manufacturing firms listed on the Nigeria Exchange (NGX) formed the study population as of December 31, 2021. A census sampling technique was used, automatically making the 22 listed firms the study’s sample size. Data were obtained from published annual reports of the firms covering ten years, starting from 2012 to 2021 financial year. The data were analysed using descriptive statistics and panel regression. Findings revealed that incentives, health, safety, life insurance, and retirement benefits negatively and significantly affect Tobin’s list of consumer goods manufacturing firms in Nigeria. The study concluded that re-strategising incentives, health, safety, life insurance, and retirement benefits as policies would make firms perform better and increase their value. The study recommends that employee benefit policy and system be reviewed to reduce cost, staff population be cut down, and the firms adopt more non-monetary benefits to improve their wealth.
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Mindak, Mary P., Pradyot K. Sen y Jens Stephan. "Beating threshold targets with earnings management". Review of Accounting and Finance 15, n.º 2 (9 de mayo de 2016): 198–221. http://dx.doi.org/10.1108/raf-04-2015-0057.
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Purpose The purpose of this paper is to document at the firm-specific level whether firms manage earnings up or down to barely miss or meet/beat three common earnings threshold targets, namely, analysts’ forecasts (AFs), last year’s earnings and zero earnings, and whether the market rewards or punishes up versus down earnings management. Design/methodology/approach The authors assign each firm to its most likely earnings target using an algorithm that reflects management’s economic incentives to manage earnings. The authors place reported (managed) earnings in standard width intervals surrounding the earnings target. Jacob and Jorgensen’s (2007) proxy for unmanaged earnings is also placed into the intervals. Thus, a firm with unmanaged earnings in the interval just below the target and reported earnings in the interval just above the target would be deemed to have managed earnings up. The authors also document whether the market rewarded or punished the earnings management strategy with three-day cumulative abnormal returns. Findings The authors find that most firms which barely meet/beat their target did so by managing earnings up. The market rewarded this earnings management strategy. The market did not, however, reward firms that managed earnings down (i.e. created a cookie jar of reserves) to barely meet/beat their target. Thus, the meet/beat premium does not apply to all firms. The authors’ explanation is that most earnings targets are set by AFs; that these are usually the highest of the three targets; and that these are, therefore, considered to be “good” firms by the market because they have the ability to find that extra penny to meet/beat the target. Firms that were assigned to the last year’s earnings and/or zero earnings thresholds are not as “good” because they usually do not target the highest threshold and must manage earnings down, as they are more likely to have to reverse income-increasing accruals booked during interim quarters. Research limitations/implications The primary limitation in this study is the algorithm used to assign firms to their threshold target. It is ad hoc in nature, but relies on reasonable assumptions about the management’s incentives to manage earnings. Practical implications This study has practical implications because investors and regulators can adopt this methodology to identify potential candidates for earnings management that would allow further insight into accounting and reporting practices. This methodology may also be useful to the auditor who wants to understand the tendencies of a new client. It may also be a useful tool for framing auditing hypotheses in a way that would be appropriate for clients who manage earnings. Originality/value This paper documents for the first time at the firm-specific level the market reaction to upward versus downward earnings management designed to barely meet/beat the earnings threshold. It also documents the frequency with which firms target the three earnings thresholds and the frequency with which firms miss or meet/beat their threshold.
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Wang, Minghu y Hongjing Zhou. "Does Working Capital Financing Structure Affect Firm Value? --- An Empirical Research Based on Data of China’s A-Share Listed Companies". International Journal of Economics and Finance 14, n.º 9 (15 de agosto de 2022): 9. http://dx.doi.org/10.5539/ijef.v14n9p9.
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In this paper, we use financial data of Chinese listed companies from 2010 to 2020 to explore the relation between working capital financing structure and firm value under certain monetary policy and macro economy situation. We find that when monetary policy expands, the use of aggressive working capital financing structure is conducive to value maximization; when the macroeconomic situation is good, the aggressive working capital financing structure helps to improve firm value. Further study finds that monetary policy expansion urges firms to use more short-term debt to cut capital cost, and better macroeconomic situation can cut firm’s bankrupt cost to bring down working capital financing structure and improve firm value.
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Sen, Pradyot K. "Reported Earnings Quality Under Conservative Accounting and Auditing". Journal of Accounting, Auditing & Finance 20, n.º 3 (julio de 2005): 229–56. http://dx.doi.org/10.1177/0148558x0502000303.
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While conservatism may lead to a reduction of the current period's income, a consistent use of conservative accounting builds a hidden reserve that can inflate future earnings when investment growth slows down. For the same reason, reported earnings may be of a lower quality in terms of predictability of future cash flow when investments are growing. Managers of a growing firm, therefore, must choose to report a conservative but lower quality number or to undo the effects of conservatism by less conservative current-period cost estimates to improve the quality of reported earnings. Such departure from conservatism in the current period may lead to a conflict with the auditor, which may affect firm value as well as the manager's own wealth. Managers of a steady-state investment firm, on the other hand, have an opportunity either to report conservative and high quality earnings or to slow down its investments and/or choose less conservative current period cost estimates to report higher earnings in order to effectively mimic the (high quality) report of the growing firm. In this environment, an increase in auditor's conservatism may improve the informational efficiency of the market by reducing the incentives of the nongrowing firms to mimic a growing firm's disclosure. An increase in incentives that are based on firm value tends to increase a growing firm manager's propensity to report higher quality earnings while increasing the nongrowing firm's manager's propensity to cut back investment. Thus, we are faced with a situation where improving incentives for reporting higher quality earnings may be associated with an incentive to reduce investments by some firms.
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Ong, Eu Chin, Cheng Ling Tan y Azlan Amran. "The key is ownership of agility". Strategic Direction 35, n.º 1 (14 de enero de 2019): 9–12. http://dx.doi.org/10.1108/sd-03-2018-0055.
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Purpose This paper aims to highlight a limitation of the understanding of agility within organizations, while providing the reasoning and anecdotal example of an effective setting where agility exists, and how this affects firms’ productivity through focusing on the principle of ownership motivation. Design/methodology/approach The contemporary thoughts and historical research with anecdotal evidence are gathered from small business owners in the insurance industry. Findings Agility implementation in firms today is mainly top-down team focused. While bottom-up input approaches are prescribed for firm organizational agility implementation, the mantle of ownership and drive are not imparted to employees. The example of a service industry highlights the possibilities of having agility within the organization implemented by direct ownership of most if not all the operations and functions. Practical implications This paper shares a working example of implemented agility and proposes the application within the broader scope of firm operations, particularly for smaller firms looking for sustainable advantages. Originality/value It re-looks at actual implementable agile practices by re-imaging the role of employees into functional business units from the bottom-up, rather than from the top-down, as a different perspective of agility.
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Rego, Lopo, Matthew T. Billett y Neil A. Morgan. "The “Risky” Side of Brand Equity: How Brands Reduce Capital Costs". GfK Marketing Intelligence Review 3, n.º 2 (1 de noviembre de 2011): 8–15. http://dx.doi.org/10.2478/gfkmir-2014-0044.
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Abstract Whereas it is widely accepted that strong brands are associated with superior productmarketplace and firm financial performance, their influence on firm risk is less clear. However, recent studies from the marketing-finance interface have started to unveil the impact that marketing activities have on the firm’s financial risk, above and beyond ist impact on financial returns. In this study, the association between brand equity and firm risk are investigated. The findings indicate that a firm’s consumer-based brand equity (i.e., strong brands) is associated with decreased debtholder and shareholder risk and also reduces the capital costs for the company. Furthermore, brand equity is particularly relevant in protecting firms’ equity holders during down-market periods. As a consequence, firms should consider brand management within the firm’s risk management strategy and maintain or even increase consumer-based brand equity investments during periods of economic uncertainty.
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Desai, Sameeksha, Johan E. Eklund y Emma Lappi. "Entry Regulation and Persistence of Profits in Incumbent Firms". Review of Industrial Organization 57, n.º 3 (26 de septiembre de 2020): 537–58. http://dx.doi.org/10.1007/s11151-020-09787-7.
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Abstract In line with the theory of creative destruction, industries where incumbent firms generate high profits will attract entry, which should drive down profits. This disciplinary effect of entry implies that profits above the norm should not exist in the long run. Factors that affect entry—such as entry regulations—could affect this profits convergence process. Using an unbalanced panel of firm- and country-level data for approximately 13,000 firms in 33 countries between 2005 and 2013, we examine the profit dynamics of incumbent firms in the context of entry and entry regulations.
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Atkeson, Andrew, Christian Hellwig y Guillermo Ordoñez. "Optimal Regulation in the Presence of Reputation Concerns *". Quarterly Journal of Economics 130, n.º 1 (25 de noviembre de 2014): 415–64. http://dx.doi.org/10.1093/qje/qju034.
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Abstract In all markets, firms go through a process of creative destruction: entry, random growth, and exit. In many of these markets there are also regulations that restrict entry, possibly distorting this process. We study the public interest rationale for entry taxes in a general equilibrium model with free entry and exit of firms in which firm dynamics are driven by reputation concerns. In our model firms can produce high-quality output by making a costly but efficient initial unobservable investment. If buyers never learn about this investment, an extreme “lemons problem” develops, no firm invests, and the market shuts down. Learning introduces reputation incentives such that a fraction of entrants do invest. We show that if the market operates with spot prices, entry taxes always enhance the role of reputation to induce investment, improving welfare despite the impact of these taxes on equilibrium prices and total production.
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Jungherr, Joachim y Immo Schott. "Slow Debt, Deep Recessions". American Economic Journal: Macroeconomics 14, n.º 1 (1 de enero de 2022): 224–59. http://dx.doi.org/10.1257/mac.20190306.
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Business credit lags GDP growth by about one year. This contributes to high leverage during recessions and slow deleveraging. We show that a model in which firms use risky long-term debt replicates this slow adjustment of firm debt. In the model, slow-moving debt has important effects for real activity. High levels of firm debt issued during expansions are only gradually reduced during recessions. This generates an adverse feedback loop between high default rates and low investment and thereby amplifies the downturn. Sluggish deleveraging slows down the recovery. (JEL E23, E32, E44, G31, G32)
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Butt, Atif Saleem y Ahmad Bayiz Ahmad. "Are there any antecedents of top-down knowledge hiding in firms? Evidence from the United Arab Emirates". Journal of Knowledge Management 23, n.º 8 (14 de octubre de 2019): 1605–27. http://dx.doi.org/10.1108/jkm-04-2019-0204.
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Purpose The purpose of this paper is to explore the antecedents of top-down knowledge hiding in buying and supplying firms. Design/methodology/approach This study uses a multiple case study methodology by considering four UAE-based firms and further employing 20 semi-structured interviews with managers of buying and supplying firms having a local and foreign nationality. Findings Based on the qualitative interviews, senior managers were found to be intentionally hiding knowledge from their managers based on five individual, three interpersonal and two firm-level reasons. Research limitations/implications This study has some limitations. First, the results of this study are not generalizable to a broader population. Second, this study explores behavioural patterns with respect to United Arab Emirates culture only. Practical implications Firms can use the findings of this study to understand what really motivates senior managers to intentionally hide knowledge from their subordinates. Also, this study provides some constructive guidelines to firms/senior management, which can discourage the culture of knowledge hiding in firms. Originality/value This study contributes to knowledge management literature by revealing multi-level and multi-faceted antecedents of top-down knowledge hiding in buying and supplying firms in the supply chain context.
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Ng, Yee Ling, Wei Theng Lau, Wei Ni Soh y Nazrul Hisyam Ab Razak. "Financial constraints of ASEAN firms: Impact alleviation by ESG pillars". Economics and Finance Letters 11, n.º 2 (26 de abril de 2024): 126–45. http://dx.doi.org/10.18488/29.v11i2.3738.
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The purpose of this study is to examine whether ESG plays a positive moderating role in the negative relationship between financial constraint, the Kaplan-Zingales (KZ) and Whited and Wu (WW) indexes, and firm performance: Return of Asset (ROA) and Return of Equity (ROE). This study uses information from the Thomas Refinitiv database, which covers the Association of Southeast Asian Nations (ASEAN-5): Indonesia, Malaysia, Singapore, Thailand, and the Philippines non-financial firms from 2011 to 2019. Fixed-effects (FE) are used as the baseline model, and random-effects (RE) act as the robustness of methods. The results show that the main effect of financial constraints is to act as an obstacle to firm performance. However, the marginal effects of financial constraints can be improved in the presence of ESG. Firms with a high ESG score are better at alleviating the adverse impact of financial constraints as compared to those with a low ESG score. When the ESG score is further broken down into three sub-pillar dimensions, the S-score is of the greatest magnitude in its moderating role in the ESG breakdown. The findings have important implications: effective financial support and the source of funding from the government are crucial to supporting firm performance. ESG-compliant strategies should also be formulated to encourage ESG disclosure, which leads to increased capital allocation efficiency. The firms should be stringent on S-score, which helps drive the company as employees respond by giving their best. Governments and firms need to deploy ESG guidelines in order to succeed in thriving competitive firm performances.
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COLEMAN, SUSAN. "IS THERE A LIQUIDITY CRISIS FOR SMALL, BLACK-OWNED FIRMS?" Journal of Developmental Entrepreneurship 10, n.º 01 (abril de 2005): 29–47. http://dx.doi.org/10.1142/s1084946705000045.
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Loans and trade credit are major sources of short-term debt and liquidity for small firms. This article uses data from the 1998 Survey of Small Business Finances to compare the borrowing experience of small firms owned by black men to those owned by white men. Results reveal that black firm owners were more dependent on loans from non-bank sources than white owners. Black men were significantly more likely to have been turned down for their most recent loan and were more likely to be discouraged from applying for loans. Results also reveal that black men were more likely to be turned down for trade credit. Overall, these findings seem to suggest that firms owned by black men have a more difficult time securing sources of short term debt than those owned by white men.
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SAMANIEGO, ROBERTO M. "DO FIRING COSTS AFFECT THE INCIDENCE OF FIRM BANKRUPTCY?" Macroeconomic Dynamics 10, n.º 4 (23 de agosto de 2006): 467–501. http://dx.doi.org/10.1017/s1365100506050358.
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An overlooked topic is the treatment of worker claims when firms are shutting down. In fact, when firms close, worker claims such as severance pay often go unfulfilled. To evaluate the quantitative importance of this observation, this paper develops a general equilibrium model with close attention to the exit margin, and examines how macroeconomic outcomes vary with the treatment of firing costs on exit. In the model, the impact of firing costs on employment weakens by a third when closing plants do not have to pay them, even though closure accounts for considerably less than one-third of total job destruction. Thus, the distribution of firm characteristics is a new channel for labor market rigidities to affect aggregates. The model also accounts for cross-country differences in the relationship between the structure of job flows and firm turnover.
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Ezeoha, Abel E. "Financial leverage decisions in an era of corporate earnings down-turn and financial market instability: The Nigerian experience". Journal of Economic and Financial Sciences 4, n.º 2 (31 de octubre de 2011): 333–50. http://dx.doi.org/10.4102/jef.v4i2.324.
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This paper examines the impact of profitability on the financial leverage of firms operating in an unstable macroeconomic environment such as Nigeria. Using fixed and dynamic panel models, it finds consistent evidence that the profitability of a firm significantly and negatively affects its short-term debt, but not its long-term debt capital. It attributes this to the unstable nature of the Nigerian business environment and the relative inefficiency of its financial markets. It signals that Nigerian firms could be over-relying on short-term debt and external equity to fund long-term investments – a trend that is capable of increasing cost of capital to a level above any plausible limit.
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Balachander, Subramanian, Esther Gal-Or, Tansev Geylani y Alex Jiyoung Kim. "Provision of Optional versus Standard Product Features in Competition". Journal of Marketing 81, n.º 3 (mayo de 2017): 80–95. http://dx.doi.org/10.1509/jm.15.0208.
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Competing brands differ in the extent to which they offer a given feature as standard or optional in their product lines. In this article, the authors study the competitive basis for this difference in brands’ product line strategies. Specifically, they analyze the relationship between a brand's quality image and its propensity to offer a wider product line, from a relatively stripped-down base model to a more feature-rich model. They develop a conceptual framework and hypotheses by considering an analytical model with two vertically differentiated firms: They show that a low-quality firm would offer a feature as optional—that is, it would offer both a feature-added product and a stripped-down base product—if it chose to add the feature to its product. In contrast, a high-quality firm would offer the feature as a standard component unless the cost of the feature was high. This asymmetry in the propensity of high- and low-quality firms to offer optional and standard features with their products is tested using data from the U.S. passenger car market; the authors find empirical support for their model.
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Bardhan, Ashok Deo. "Managing globalization of R&D: Organizing for offshoring innovation". Human Systems Management 25, n.º 2 (16 de mayo de 2006): 103–14. http://dx.doi.org/10.3233/hsm-2006-25203.
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This article analyzes the challenges brought about by the globalization of innovative activity to the science and practice of management. The task of matching organization structure and management practices to the needs of R&D offshoring is analyzed through a set of dichotomous pairs of concepts: (1) Drastic vs. Gradual and Systemic vs. Autonomous Innovation, (2) High vs. Low Skill Specificity, (3) Input Markets vs. Output Markets, (4) Intra-Firm vs. Arms Length Offshoring. In the trade-off between markets and hierarchies, the firms often come down on the side of the latter when it comes to the setting up of R&D facilities abroad. Organizational directives and internalization, i.e., intra-firm offshoring can trump market incentives and foreign outsourcing, when it comes to the uncertain returns from innovative activity, particularly in the case of drastic innovations and high skill specificity. Globalization has led to dispersed markets and firms have responded with dispersed locations of core assets, creating competence clusters all over the world, and the innovative firm of the future will restructure each individual cell, the basic building block of the firm consisting of an occupation devoted to a product, and redeploy and relocate them globally, where it is most advantageous.
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Son, Insung y Sihyun Kim. "Mobile Payment Service and the Firm Value: Focusing on both Up- and Down-Stream Alliance". Sustainability 10, n.º 7 (23 de julio de 2018): 2583. http://dx.doi.org/10.3390/su10072583.
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The Fintech business, which was initially focused on the payment sector, is becoming a global issue due to the entry of nonfinancial firms into the banking business. With the advent of the “mobile age in your hand”, global ICT companies are actively entering the banking business through alliances and competitions with existing financial companies. Classifying the alliance companies of Apple Pay and Samsung Pay into the downstream alliance and the upstream alliance, this study analyzed the signaling effect of service opening and its impact on the firm value. To analyze the effect of a specific event on firm value, this study adopted the event study. Additionally, ordinary least squares regression analysis was carried out to examine the influence of up- and downstream alliance on the firm value. The result shows that Apple Pay’s service launch in the USA. has a positive impact on stock prices of up- and downstream alliance companies, providing new experience and satisfaction to users through active alliance with credit card companies. On the other hand, downstream alliance companies that showed a negative response to the launch of Korean services turned to a positive response to USA service launch because to the difference in the specificity of credit card penetration rate and the portion of premium smartphones. Analyzing the impact of the expansion of the service area toward the payment platform on the firm value, research results provide important implications for establishing technology management strategies to ensure the sustainability in rapidly changing technical advances by comparing the different market response of Apple Pay and Samsung Pay.
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Badoiu, Georgiana-Alexandra, Mercedes Segarra-Ciprés y Ana B. Escrig-Tena. "Understanding employees’ intrapreneurial behavior: a case study". Personnel Review 49, n.º 8 (2 de enero de 2020): 1677–94. http://dx.doi.org/10.1108/pr-04-2019-0201.
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Purpose The purpose of this paper is to provide a deeper insight into the organizational factors and personal motivations of intrapreneurs that may foster intrapreneurial behaviors of employees in a new technology-based firm (NTBF). Design/methodology/approach The paper takes a qualitative approach to explore organizational and individual antecedents of employees’ intrapreneurial behavior. A single case study was conducted on the basis of semi-structured interviews with the founders and top managers of the firm and with intrapreneurial employees. Findings Results show that intrapreneurial projects may arise in firms whose top managers support corporate entrepreneurship (CE) in a non-active manner. Intrapreneurial behaviors of employees can emerge despite the lack of time and limited resources available for undertaking projects. Moreover, work discretion and mutual confidence and the quality of the relationship between employees and top managers are the most valued factors for intrapreneurs. Practical implications Based on the intrapreneurial projects studied, this paper helps to contextualize intrapreneurs’ perception of organizational support and the personal motivations for leading projects within an NTBF. Originality/value Traditionally, the literature has mainly focused on the top-down implementation of entrepreneurial projects within large firms. This paper contributes to the understanding of the combination of firm- and individual-level factors that facilitate intrapreneurial behaviors of employees. It also illustrates the contextual conditions and the firms’ orientation on CE within an NTBF.
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Claver, Enrique, Laura Rienda y Diego Quer. "The Internationalisation Process in Family Firms: Choice of Market Entry Strategies". Journal of General Management 33, n.º 1 (septiembre de 2007): 1–14. http://dx.doi.org/10.1177/030630700703300101.
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One of the most important issues in the study of the internationalisation process is the choice of market entry strategy, which can be linked to the degree of international commitment. We have chosen to address this aspect in this paper by undertaking case studies of family firms, located in the province of Alicante (Spain), that belong to the most internationalised sectors in the region. The results obtained show that this group of firms follow the propositions laid down by the Uppsala model and that the age, size and generation of the family firm significantly influence the establishment of international, strategic alliances.
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Klein, Michael W., Joe Peek y Eric S. Rosengren. "Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit". American Economic Review 92, n.º 3 (1 de mayo de 2002): 664–82. http://dx.doi.org/10.1257/00028280260136309.
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During the 1980's, theories were developed to explain the striking correlation between real exchange rates and foreign direct investment (FDI). However, this relationship broke down for Japanese FDI in the 1990's, as the real exchange rate appreciated while FDI plummeted. We propose the relative access to credit hypothesis and show that unequal access to credit by Japanese firms contributes to the explanation of declining Japanese FDI. Using bank-level and firm-level data sets, we find that financial difficulties at banks were economically and statistically important in reducing the number of FDI projects by Japanese firms into the United States.
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Chen, James K. C. "Adopting De Novo Programming Approach on IC Design Service Firms Resources Integration". Mathematical Problems in Engineering 2014 (2014): 1–13. http://dx.doi.org/10.1155/2014/903056.
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The semiconductor industry has very important position in computer industry, ICT field, and new electronic technology developing. The IC design service is one of key factor of semiconductor industry development. There are more than 365 IC design service firms have been established around Hsinchu Science Park in Taiwan. Building an efficient planning model for IC design service firm resources integrating is very interest issue. This study aims to construct a planning model for IC design service firm implementation resources integration. This study uses the De Novo programming as an approach of criteria alternative to achieve optimal resource allocation on IC design firm. Results show the IC design service firm should conduct open innovation concept and utilizes design outsourcing obtains cost down and enhance IC design service business performance. This plan model of De Novo programming is not only for IC design service firm and also can apply to the other industrial implementation strategic alliance/integrating resource. This plan model is a universal model for the others industries field.
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Seo, Hwan-Joo, Han Sung Kim y Joonil Kim. "Does Shareholder Value Orientation or Financial Market Liberalization Slow Down Korean Real Investment?" Review of Radical Political Economics 48, n.º 4 (3 de agosto de 2016): 633–60. http://dx.doi.org/10.1177/0486613415603159.
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This study empirically tests whether the growing importance of shareholder value orientation and financial market liberalization can explain the decline in Korean real investment since the Asian financial crisis. First, the results indicate no negative relationship between increased payments to financial markets and the slowdown in Korean real investment. Second, the estimation results do not support the assertion that financial investment earnings crowd out Korean real investment. Third, an increase in the level of uncertainty from financial market liberalization reduces real investment by Korean firms. These results suggest that financial market liberalization explains the slowdown in Korean firm real investment for the 1990-2010 period better than shareholder value orientation does.
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Acharya, Viral V. y Sascha Steffen. "The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID". Review of Corporate Finance Studies 9, n.º 3 (31 de julio de 2020): 430–71. http://dx.doi.org/10.1093/rcfs/cfaa013.
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Abstract Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate “dash for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings. (JEL G01, G14, G32, G35) Received July 13, 2020; editorial decision July 17, 2020 by Editor Andrew Ellul
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Atkin, David, Azam Chaudhry, Shamyla Chaudry, Amit K. Khandelwal y Eric Verhoogen. "Organizational Barriers to Technology Adoption: Evidence from Soccer-Ball Producers in Pakistan*". Quarterly Journal of Economics 132, n.º 3 (9 de marzo de 2017): 1101–64. http://dx.doi.org/10.1093/qje/qjx010.
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Abstract This article studies technology adoption in a cluster of soccer-ball producers in Sialkot, Pakistan. We invented a new cutting technology that reduces waste of the primary raw material and gave the technology to a random subset of producers. Despite the clear net benefits for nearly all firms, after 15 months take-up remained puzzlingly low. We hypothesize that an important reason for the lack of adoption is a misalignment of incentives within firms: the key employees (cutters and printers) are typically paid piece rates, with no incentive to reduce waste, and the new technology slows them down, at least initially. Fearing reductions in their effective wage, employees resist adoption in various ways, including by misinforming owners about the value of the technology. To investigate this hypothesis, we implemented a second experiment among the firms that originally received the technology: we offered one cutter and one printer per firm a lump-sum payment, approximately a month’s earnings, conditional on demonstrating competence in using the technology in the presence of the owner. This incentive payment, small from the point of view of the firm, had a significant positive effect on adoption. The results suggest that misalignment of incentives within firms is an important barrier to technology adoption in our setting.
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Blazquez, Desamparados, Josep Domenech y Ana Debón. "Do corporate websites’ changes reflect firms’ survival?" Online Information Review 42, n.º 6 (8 de octubre de 2018): 956–70. http://dx.doi.org/10.1108/oir-11-2016-0321.
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Purpose The purpose of this paper is to analyze to what extent changes in corporate websites reflect firms’ survival. Since keeping a website online involves some costs, it is likely that firms would invest resources on it only when they are active and healthy. Therefore, when a firm dies, this event is likely to be manifested on its website as lacking updates or being down. Design/methodology/approach Changes in the corporate websites of a panel of Spanish firms were tracked between 2008 and 2014 in order to evaluate the approach. The status of websites, classified according to the type of change undergone, was used to infer firms’ activity status (active or inactive). Multi-period logistic regressions and a duration model were applied to study the relationship among the website status and the firm’s status. Findings Results showed that changes in website contents clearly reflect the firm’s status. Active firms were mainly associated with updated corporate websites, while inactive firms were more associated with down websites. In fact, results confirmed that the firms’ death hazard increases when the website activity lowers. Originality/value Although online information is increasingly being used to monitor the economy, this is the first study to connect online data to firms’ survival. The results revealed a new source of information about business demography and evidenced corporate websites as a fresh source of high granularity business data.
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Warganegara, Dezie L., Michael W. Hadipoespito y Jesica Indah. "The Relationship Between Intellectual Capital and Operating Performance of Indonesian Companies in the Hospitality Industry". Advanced Science Letters 21, n.º 4 (1 de abril de 2015): 781–84. http://dx.doi.org/10.1166/asl.2015.5875.
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The objective of this study is to test the relationship between intellectual capital (IC) and the profitability. IC is an intangible asset that has been acknowledged by various researchers to be the most important asset of a firm and its roles are to shape and integrate tangible assets into value creation processes. In this study, IC was proxied by VAIC and the operating performance was represented by ROA, OPM, and ATO. The sample in this study consists of Indonesian firms in the hospitality industry between the year of 2007 and 2011. This study found out that IC had limited role in driving profitability of a firm. When VAIC was broken down into tangible assets (VACA) and intangible assets (VAHU and STVA), the most dominant which is pushing the profitability of companies is still tangible assets. VACA is even comparable with size and leverage in getting firms profitable. Human capital (VAHU) is the weakest link in value creation of the firms at the hospitality industry in Indonesia. Finally, structural capital (STVA) increases productivity only through reduction of the costs in doing businesses not in revenue increases.