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Abusharbeh, Mohammed, Husni Samara y Noor Aldeen Al-Alawnh. "Does board structure matter firm’s value? The Jordanian evidence". Problems and Perspectives in Management 21, n.º 2 (21 de junio de 2023): 567–77. http://dx.doi.org/10.21511/ppm.21(2).2023.52.
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This study aims to examine the impact of board structure on firms’ value in Jordan. Panel regression estimates were used to analyze the data collected from forty-four non-financial firms that listed on the Amman Stock Exchange for the period 2010–2021. Random effects model was applied using a dependent variable (Tobin’s Q), four independent variables (board size, independent directors, female directors, and CEO duality), and four control variables (firm size, age, leverage, and liquidity). The result provides ample evidence that CEO duality exerts a direct positive effect on firm value in Jordan. However, none of the independent variables used has a significant impact on firm value, conflicting with agency and resources dependence theories. Firms value is significantly influenced only by two control variables, i.e., a positive impact of firm size and leverage at the 5% significance level. The results indicate the imperfection of corporate governance compliance by Jordanian listed firms in the area of ensuring maximum firm value. These results could be helpful to the policymakers in Jordanian listed firms to enhance their leadership qualities and satisfy CEO desires to avoid agency conflict.
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Masood, Omar, Bora Aktan, Seref Turen, Kiran Javaria y Mohamed Sayed Abou ElSeoud. "Which resources matter the most to firm performance? An experimental study on Malaysian listed firms". Problems and Perspectives in Management 15, n.º 2 (7 de junio de 2017): 74–80. http://dx.doi.org/10.21511/ppm.15(2).2017.07.
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This study investigates the impact of various resources, specifically both tangible and intangible ones, together with capabilities of Malaysian listed firms, on their performance. This empirical study attempts to enrich the understanding of the resources-performance relationship, which is one of a business process within the firm, as well as filling the gaps in present knowledge. Firms, which are not able to develop and sustain their performance, are associated with the vulnerability and adverse performance result, especially during various periods of economic crisis (three sub-periods of major shocks, i.e., The Volcker Shock (Commodities Shock) of early 1980s, Asian Financial Crisis of the late 1990s, and the Global Financial Meltdown of 2008). Hence, this research intends to explore which resources matter the most to firm profitability and its success. Drawing upon the combination of Donabedian’s structure process outcome and resource-based theories of the firm a conceptual framework is developed. Data for the study were collected from a sample of 250 publicly traded companies listed on Bursa Malaysia (MYX). In order to achieve the objective and response to the study question, partial least square and regression analysis are applied. Findings indicate that tangible resources have no impact, while intangible resources have positive and significant impact on firm performance. In addition, results show that efficient allocation of intangible resources is crucial to achieving good performance.
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f, f., g. g y f. f. "ESG Performance of Chinese Manufacturing Firms: Does State Ownership Matter?" Korea International Trade Research Institute 19, n.º 5 (31 de octubre de 2023): 55–74. http://dx.doi.org/10.16980/jitc.19.5.202310.55.
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Purpose - This research aimed to delve into the intricate relationship between government ownership and the corporate sustainability of firms operating within emerging economies, with a particular focus on several key firm-level characteristics such as international experience, the foreign backgrounds of top management teams, and capacity in research and development (R&D). By examining these attributes, the research sought to provide insights into the pivotal role that ownership type plays in shaping the sustainable performance of firms in emerging markets.
Design/Methodology/Approach - This study empirically investigated Environmental, Social, and Governance (ESG) performance and firm-level characteristics of Chinese listed manufacturing firms from 2010 to 2018.
Findings - The empirical results showed that government ownership had a significant positive impact on the ESG performance of emerging-market firms, and that the international experience of the firms as well as top manager overseas experience further strengthened this relationship, whereas their inputs in R&D showed no significant influence.
Research Implications - This paper examined the impact of government ownership identity on firm sustainability outcomes. Our findings reveal significant distinctions in ESG performance between state-owned and privately-owned firms. This study contributes to corporate sustainability literature by investigating the influence of organizational ownership identity and firm-specific heterogeneity on ESG outcome within the emerging economy context.
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Mansour, Marwan, Mo’taz Kamel Al Zobi, Ahmad Al-Naimi y Luay Daoud. "The connection between Capital structure and performance: Does firm size matter?" Investment Management and Financial Innovations 20, n.º 1 (23 de febrero de 2023): 195–206. http://dx.doi.org/10.21511/imfi.20(1).2023.17.
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The purpose of this paper is to empirically investigate the impact of capital structure decisions on firm performance in Jordan (2010–2018), as well as the extent to which firm size matters in the capital structure-performance relationship. The dependent variable was market share. The main independent variables were the book value of total debt ratios, and firm-specific factors such as firm size, firm age, firm growth, and market-to-book value of equity served as control variables. This study used a quantitative research method using panel data analysis of 830 firm-year observations. Random effects model was employed to analyze the capital structure-performance nexus. To infer correctly, the main analysis was re-examined using the generalized method of moment estimator to overcome possible endogeneity concerns. After controlling for endogeneity and firm heterogeneity, this study finds that the book value of capital structure has a significantly positive relation to a firm’s market share. Hence, every one unit increase in the book value of total debt ratios will increase market share by 4.77%. The firm size, sales growth, and market-to-book value of equity had a significantly positive association with market share. Hence, every one unit increase in firm size, growth and market-to-book equity ratio will increase a firm’s market share by 8.84%, 2.06%, and 2.15%, respectively, but surprisingly, firm age did not meaningfully contribute to operating performance. Another important finding was that the strength of a positive relationship between the book value of total debt ratios and market share depends on the size of a firm and is mostly higher for larger-sized firms. Hence, every one unit increased in the book value of total debt ratios for large firms will increase market share by 10.58%.
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Du, Hui y Wei Jiang. "Do Social Media Matter? Initial Empirical Evidence". Journal of Information Systems 29, n.º 2 (1 de diciembre de 2014): 51–70. http://dx.doi.org/10.2308/isys-50995.
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ABSTRACT This paper examines the association between firm performance and social media. Based on a sample of S&P 1500 firms, the study finds that firms with a social media presence are more highly valued by the market and have higher future financial performance. Further analysis indicates that the impact of social media on firm performance varies depending on the social media platform involved. Finally, using a restricted sample of Global 100 firms, the study finds some evidence that a higher level of social media engagement is associated with higher firm performance. Overall, these findings provide consistent evidence of the positive impact of social media technologies on firm performance. Data Availability: All data are available from public sources.
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Rauf, Rashid, Abdul Rashid, Muhammad Imran y Muhammad Abdullah. "Volatility and Firm Growth: Do Firm Size and Age Matter?" Journal of Applied Economics and Business Studies 7, n.º 3 (30 de septiembre de 2023): 1–26. http://dx.doi.org/10.34260/jaebs.731.
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The impact of different types of volatility on the growth of Pakistani-listed non-financial firms is examined by using annual unbalanced panel data over the period 1988–2017. The differential effects of volatility conditional on firm size and age are also explored. The results indicate that the influence of firm volatility on firm growth is positive for small firms and negative for medium, large, young, and mature firms. The impact of market volatility is positive (negative) for small, young, and mature (large) firms. Industrial volatility has a negative impact on mature firms’ growth, but the impact on young, small, medium, and large firms is positive. Finally, the results indicate that the impact of macroeconomic volatility is positive for small firms but negative for large, young, and mature firms.
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Chang, Bau-Jung y Yu-Pin Chen. "How Do Groups Matter?" International Journal of Strategic Decision Sciences 5, n.º 3 (julio de 2014): 47–64. http://dx.doi.org/10.4018/ijsds.2014070103.
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The purpose of this study is to examine the relationship between competitive responses and performance, subject to environmental dynamism and strategic action types, to understand competitive responses under moderating effects. This study employed a structured content analysis of coding data from multiple sources and collected competitive actions and responses for the period between 1999 and 2011 in the Taiwanese banking industry. The results show that response likelihood, response imitation and response speed are positively associated with firm performance and that environmental dynamism weakens the relationships among firm performance, response likelihood and response speed. Furthermore, the intensity of strategic action strengthens the relationship between response imitation and firm performance. This study first investigates the roles of environmental dynamism and action types on the relationship between competitive response characteristics and firm performance. This study considers not only the impact of individual firms' responses on their performance but also the impact of collective actions taken by other firms, thus providing new insights in competitive dynamics research.
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Nie, Yu, John Talburt, Serhan Dagtas y Taiwen Feng. "The influence of chief data officer presence on firm performance: does firm size matter?" Industrial Management & Data Systems 119, n.º 3 (8 de abril de 2019): 495–520. http://dx.doi.org/10.1108/imds-03-2018-0101.
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PurposeThe purpose of this paper is to investigate the relationship between the chief data officer’s (CDO) presence and firm performance, and the moderating effect of firm size.Design/methodology/approachThe performance data for 64 treatment firms with CDOs and 64 control firms without CDOs is collected from Compustat database. The Wilcoxon signed-rank test is used to analyze the performance differences between treatment firms and control firms. Hierarchical regression method is used to test the moderating effect of firm size.FindingsThe results indicate that the profit ratios of treatment firms are significantly improved after the appointment of CDOs, and the profit ratios of treatment firms are significantly higher than that of the control firms. For the cost ratios, the findings provide some empirical evidence revealing two of the cost ratios are lower and only one ratio is higher for the treatment firms after CDOs’ appointment. Firm size moderates the relationship between the CDO’s presence and firm performance indicator, ROS, in the same direction. Firm size has no moderating effect on relationships between CDO’s presence and other performance indicators.Practical implicationsThe findings provide practical insights that will help managers to realize the importance of CDOs and their work. CDOs would bring some cost to the firms, but they would bring more profit to firms. In addition, if for large firms, the CDO’s presence would bring more ROS.Originality/valueThe study explores the relationship between the CDO’s presence and firm performance. It is the first attempt to explore the CDO’s presence and the cost performance in the specific time period, and the study is also the first attempt to analyze the moderating effect of the firm size on the relationship between the CDO’s presence and firm performance.
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Yuli Soesetio, Dyah Arini Rudiningtyas y Aulia Claraning Sukmawati. "Factors Affecting Firm Performance: Does Corporate Governance Implementation Matter?" Adpebi International Journal of Multidisciplinary Sciences 2, n.º 1 (29 de enero de 2023): 1–12. http://dx.doi.org/10.54099/aijms.v2i1.487.
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Purpose – This study aims to investigate the impact of corporate governance implementation on the dynamics of firm performance in the non-financial sector firms listed on the Indonesia Stock Exchange (IDX).
Methodology/approach – This study uses secondary data from the financial statements of non-financial sector firms, between 2010 and 2018. The number of samples that met the established criteria was 88 firms, which were further analyzed using panel regression analysis common effect model.
Findings – This study concludes that the implementation of corporate governance (board meeting and board size) in the non-financial sector, has a positive impact on firm performance. Low frequency of board meetings will worsen firm performance, whereas a high frequency of board meetings can improve company performance. In addition, financial information (i.e., leverage, sales growth, and asset turnover), and firm size has a significant impact on firm performance.
Novelty/value – This study contributes to providing more general and robust conclusion regarding the effect of implementing corporate governance mechanisms on firm performance listed on IDX, especially in non-financial sector.
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Untoro, Wisnu y Reza Rahardian. "Firm size and diversification strategies: Does labor intensity matter?" Corporate Ownership and Control 12, n.º 4 (2015): 327–31. http://dx.doi.org/10.22495/cocv12i4c2p8.
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This paper examines the impact of firm size on business and international diversification strategies. Using a novel dataset, we study 294 Indonesian publicly traded firms in a cross-section research. Controlling for past performance, firm age and industry dummies, we do find, as we expect, that large firms tend to diversify their business as well as their geographic segments. We also extend this study by looking at the moderating role of labor intensity in the impact of firm size on diversification strategies. Our results show that large firms could broaden their geographic area of sales more easily when they do not face labor constraint. Less labor intensive firms could be more flexible to bring their business into a wider coverage.
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Alabdullah, Tariq Tawfeeq Yousif, Essia Ries Ahmed y Sofri Yahya. "The determination of firm performance in emerging nations: Do board size and firm size matter?" International Academic Journal of Accounting and Financial Management 05, n.º 02 (28 de diciembre de 2018): 57–66. http://dx.doi.org/10.9756/iajafm/v5i2/1810017.
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Wei, An-Pin, Chi-Lu Peng, Hao-Chen Huang y Shang-Pao Yeh. "Effects of Corporate Social Responsibility on Firm Performance: Does Customer Satisfaction Matter?" Sustainability 12, n.º 18 (13 de septiembre de 2020): 7545. http://dx.doi.org/10.3390/su12187545.
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Academic research has shed light on the empirical relationships among a firm’s corporate social responsibility (CSR), corporate social irresponsibility (CSiR) and firm performance and on the firm’s customer satisfaction–firm performance relationship in different markets. However, little notice has been taken of whether the coexistence of corporate social responsibility, corporate social irresponsibility and customer satisfaction has an interactive effect on firm performance. This study aims to examine the effects of their interaction on firm performance from an investment perspective. Using unbalanced panel regression to test a sample of publicly traded firms from the United States, this study finds that, in general, firms with higher customer satisfaction earn positive changes in abnormal stock returns. For firms that engage in CSR, CSR positively affects corporate performance, whereas firms’ social irresponsibility activities reduce firms’ financial performance. All else equal, a positive interactive effect of CSiR and customer satisfaction on stock return was observed. The results reveal that high customer satisfaction can alleviate the negative effect of corporate social irresponsibility on firms’ financial performance. Our findings will help management executives and investors to understand that the negative effect of a firm’s unforeseen events on firm performance can be weakened by increasing customer satisfaction.
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Amutabi, Cyprian. "Does Investment Climate Matter for Firm Performance? Evidence from Kenyan Manufacturing Firms". European Scientific Journal, ESJ 19, n.º 31 (30 de noviembre de 2023): 79. http://dx.doi.org/10.19044/esj.2023.v19n31p79.
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The productivity of Kenyan manufacturing firms is way lower than that of many developed economies and has generally exhibited a consistent decline over the last decade. While this productivity trend has largely been attributed to the presence of a high distortionary institutional and business regulatory environment, existing studies on the role of the investment climate in determining firm performance are ostensibly scanty. This study, thus, employed the World Bank panel enterprise data for the period 2007-2013- 2018 in assessing whether investment climate mattered for firm performance in Kenyan manufacturing firms. More particularly, the study sought to establish the role of the court system and property rights ownership in determining firm performance; a feat that remains unexplored in the Kenyan context. The random effects model was estimated while controlling for the year, industry, and firm-specific control variables. The findings revealed that while court inefficiencies significantly impeded labor productivity, property rights ownership significantly increased productivity. Further, human capital positively determines labor productivity. Concerning governance and institutional factors, ISO-certified firms were found to be significantly more productive. Conversely, business licenses and permits constrain firm productivity. Therefore, to ensure unrelenting firm productivity, speedy and just delivery of court rulings on firm-related matters is critical. Secondly, the acquisition of patents relating to product or process innovation by firms enhances product competitiveness. Thirdly, manufacturing firms should invest more in human capital. Finally, the imposition of favorable business licenses and permits by the governments globally coupled with the ISO Certification requirement by firms is integral in optimizing labor productivity.
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Weng, Tzu-Ching. "Do the organization types of audit firms matter to earnings conservatism? Evidence from China". Investment Management and Financial Innovations 14, n.º 2 (6 de junio de 2017): 116–27. http://dx.doi.org/10.21511/imfi.14(2).2017.11.
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This study explores whether legal liability of audit firms is associated with client’s earnings conservatism. In China, audit firms are allowed to choose between legal forms of general partnership (GP) and limited liability corporation (LLC). Because partner auditor is personally liable for all partners’ service in general partnership form, that will provide an incentive for audit partners to monitor each other’s audit quality. Conversely, personal assets of individual partner, under LLC, are no longer available to pay a partnership’s liability, thus reducing the incentives for intrafirm monitoring by partners within an audit firm. Using several different methods for identifying earnings conservatism, this study finds that LLC audit firms are associated with reduced conservatism.
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Nikolov, Atanas Nik y Yuan Wen. "Does family involvement matter post IPO? Adding value through advertising in family firms". Journal of Family Business Management 8, n.º 3 (8 de octubre de 2018): 218–34. http://dx.doi.org/10.1108/jfbm-01-2018-0002.
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PurposeThis paper brings together research on advertising, family business, and the resource-based view (RBV) of the firm to examine performance differences between publicly traded US family vs non-family firms. The purpose of this paper is to understand the heterogeneity of family vs non-family firm advertising after such firms become publicly traded.Design/methodology/approachThe authors draw on the RBV of the firm, as well as on extensive empirical literature in family business and advertising research to empirically examine the differences between family and non-family firms in terms of performance.FindingsUsing panel data from over 2,000 companies across ten years, this research demonstrates that family businesses have higher advertising intensity than competitors, and achieve higher performance returns on their advertising investments, relative to non-family competitors. The results suggest that the “familiness” of public family firms is an intangible resource that, when combined with their advertising investments, affords family businesses a relative advantage compared to non-family businesses.Research limitations/implicationsFamily involvement in publicly traded firms may contribute toward a richer resource endowment and result in creating synergistic effects between firm “familiness” and the public status of the firm. The paper contributes toward the RBV of the firm and the advertising literature. Limitations include the lack of qualitative data to ground the findings and potential moderating effects.Practical implicationsUnderstanding how family firms’ advertising spending influences their consequent performance provides new information to family firms’ owners and management, as well as investors. The authors suggest that the “familiness” of public family firms may provide a significant advantage over their non-family-owned competitors.Social implicationsThe implications for society include that the family firm as an organizational form does not need to be relegated to a second-class citizen status in the business world: indeed, combining family firms’ characteristics within a publicly traded platform may provide firm performance benefits which benefit the founding family and other stakeholders.Originality/valueThis study contributes by highlighting the important influence of family involvement on advertising investment in the public family firm, a topic which has received limited attention. Second, it also integrates public ownership in family firms with the family involvement–advertising–firm performance relationship. As such, it uncovers a new pathway through which the family effect is leveraged to increase firm performance. Third, this study also contributes to the advertising and resource building literatures by identifying advertising as an additional resource which magnifies the impact of the bundle of resources available to the public family firm. Fourth, the use of an extensive panel data set allows for a more complex empirical investigation of the inherently dynamic relationships in the data and thus provides a contribution to the empirical stream of research in family business.
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Bergmann, Alexander y Peter Posch. "Mandatory Sustainability Reporting in Germany: Does Size Matter?" Sustainability 10, n.º 11 (26 de octubre de 2018): 3904. http://dx.doi.org/10.3390/su10113904.
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This article studies how German firms evaluate a recent national corporate social responsibility (CSR) law based on a European Union directive and the burden they expect regarding their organizational responsibilities due to mandatory sustainability reporting. One hundred and fifty-one firms of different sizes directly or indirectly affected by the law are included in the survey and their responses empirically analyzed using two-tailed t-tests and simple linear regression. Anchoring the discussion in stakeholder theory and the small and medium-sized enterprise (SME) literature while considering large-firm idiosyncrasies, the results show differing effects on SMEs and large firms as well as firms which are directly and indirectly affected. Findings show that firm size only matters for the evaluation of the law by directly affected firms, while size does not matter in the case of indirectly affected firms. Possible moderators of this evaluation are grounded in the resource-based theory and formalization of CSR. This article contributes to the understanding of when firm size matters in the case of mandatory sustainability reporting and underlines the role of organizational resources and capabilities as well as the special position of SMEs.
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Ha, Van T. C., Mark J. Holmes y Trang M. Le. "Firms and export performance: does size matter?" Journal of Economic Studies 47, n.º 5 (20 de abril de 2020): 985–99. http://dx.doi.org/10.1108/jes-12-2018-0451.
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PurposeThe purpose of this paper is to examine the relationship between export performance and firm size.Design/methodology/approachAnalysing a large sample of firms in the Vietnamese manufacturing sector, the authors employ a quantile regression approach to asses whether or not the relationship between exporting and firm size is dependent upon the extent of exporting that firms already undertake.FindingsThe authors find that increased firm size leads to higher export volumes. However, in sharp contrast to literature that largely focuses on considering a linear relationship between these two variables, the authors further find that the positive relationship becomes weaker as the extent of exporting activity increases.Originality/valueIn contrast to the earlier literature, a key novelty of the approach is that the authors obtain new insights in terms of establishing a nonlinear relationship between firm size and export performance in the case of Vietnamese manufacturing.
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Ni, Yensen, Ting-Hsun Ho, Yulu Liao y Shih-Hui Huang. "Does Overtime Matter for Firm Performance: Evidence from Taiwan?" Technium Social Sciences Journal 53 (9 de enero de 2024): 120–34. http://dx.doi.org/10.47577/tssj.v53i1.10486.
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By employing the unique data related to employee overtime complaints about the firms listed in the financial industry of Taiwan Stock Exchange, we explore whether firm performance would be affected by several overtime complaints issues including complaints of maximum working hours exceeded, overtime without pay, and overtime without records. We then reveal the following essential findings. First, the firms with employee overtime complaints would not enhance firm performance. Second, complaints of maximum working hours exceeded would have significant negative impacts on firm performance as compared with firm performance affected by either complaints of overtime without records or complaints of overtime without pay, indicating that employee’s complaints about overtime should not be neglected by enterprises. Third, we still show that the firm with better financial performance such as higher net profit ratio and well-functioned board structure like small board size would have better firm performance.
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Mohammed Saied Makni, Mohammed Saied Makni. "Does Debt Policy for Capital Structure Matter to Saudi Listed Firms?" journal of King Abdulaziz University Economics and Administration 34, n.º 1 (7 de agosto de 2020): 115–44. http://dx.doi.org/10.4197/eco.34-1.6.
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The research investigates mainly the relevance of capital structure to Saudi listed firms by assuming the endogeneity of debt, ownership structure, and firm value. The empirical results show strong evidence of no relationship between leverage and firm value, hence the irrelevance of capital structure for Saudi listed firms operating in the no tax and no tax benefit regime. Additionally, the results show the moderation effect of equity finance and family control in the relationship between debt and firm value. Moreover, it is indicative that debt is endogenous and that there is a nonlinear (cubic) relationship between debt and firm value. Finally, we find that there is nonlinear relationship (cubic) relationship between executive ownership and firm value.
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Baert, Stijn, Ann-Sofie De Meyer, Yentl Moerman y Eddy Omey. "Does size matter? Hiring discrimination and firm size". International Journal of Manpower 39, n.º 4 (2 de julio de 2018): 550–66. http://dx.doi.org/10.1108/ijm-09-2017-0239.
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Purpose The purpose of this paper is to study the association between firm size and hiring discrimination against women, ethnic minorities and older job candidates. Design/methodology/approach The authors merge field experimental measures on unequal treatment with firm-level data. The resulting data enable the authors to assess whether discrimination varies by indicators of firm size, keeping other firm characteristics constant. Findings In contrast with the theoretical expectations, the authors find no evidence for an association between firm size and hiring discrimination. On the other hand, the authors do find suggestive evidence for hiring discrimination being lower in respect of public or non-profit firms (compared to commercial firms). Social implications To effectively combat hiring discrimination, one needs to understand its driving factors. In other words, to design adequate policy actions, targeted to the right employers in the right way, one has to gain insight into when individuals are discriminated in particular, i.e. into the moderators of labour market discrimination. In this study, the authors focus on firm size as a moderator of hiring discrimination. Originality/value Former contributions investigated this association within the context of ethnic discrimination only and included hardly any controls for other firm-level drivers of discrimination. The authors are the first to study the heterogeneity in discrimination by firm size with respect to multiple discrimination grounds and control for additional firm characteristics.
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Kwan, Jing-Hui y Wee-Yeap Lau. "The Determinants of Corporate Cash Holdings: Do Firm Characteristics and Industry Matter?" Journal of Social Sciences Research, SPI6 (25 de diciembre de 2018): 866–77. http://dx.doi.org/10.32861/jssr.spi6.866.877.
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We join a recent surge of corporate cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms in an emerging market context. Using a sample of public listed hospitality firms in Malaysia firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We also show that industry representation drives the difference in cash holdings between hospitality and non-hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market, such as Malaysia. This paper points to an avenue of investigation for future cash holdings research to include firm characteristics and industry as part of the cash holdings determinants.
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Lee, Namryoung y Jaehong Lee. "External Financing, R&D Intensity, and Firm Value in Biotechnology Companies". Sustainability 11, n.º 15 (31 de julio de 2019): 4141. http://dx.doi.org/10.3390/su11154141.
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Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.
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Asimakopoulos, Ioannis, Athanasios P. Fassas y Dimitris Malliaropulos. "Does earnings quality matter? Evidence from the Athens Exchange". Economic bulletin, n.º 52 (1 de diciembre de 2020): 93–112. http://dx.doi.org/10.52903/econbull20205204.
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The relation between accounting earnings and firm valuation has long been a topic of interest to academics and stock market participants. The study analyses the relationship between earnings quality and firm value using a sample of non-financial firms with shares listed on the Athens Exchange over the period 2004-2019. The empirical findings indicate that investors value earnings quality, and this is reflected in a better valuation for firms having earnings of higher quality. The results are robust to different methodologies and controls for firm-specific factors. The evidence is of particular importance for Greek firms seeking to expand their sources of financing beyond the Greek banking system. Such a development requires constant monitoring and strengthening of the corporate governance framework, with the aim of improving the quality of information conveyed by the firms to investors. In this respect, the provisions of Law 4706/2020 regarding the Greek corporate governance framework and the operation of the Hellenic Capital Market Commission seem to be in the right direction.
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Ketkar, Sonia. "The rules of global engagement for developing country firms". Competitiveness Review 24, n.º 2 (11 de marzo de 2014): 124–46. http://dx.doi.org/10.1108/cr-12-2012-0033.
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Purpose – This study aims to examine how property rights, financial liberalization and the control of corruption at the country level influence the inward and outward global engagement of domestic firms from developing countries. The author also examines whether firms with certain resource endowments such as human capital or technological capabilities are better positioned to globalize as the aforementioned institutional factors evolve. Design/methodology/approach – Using a sample of 18,365 firms from 57 developing countries and multilevel modeling, the author shows that institutional factors are related to inward and outward global engagement. Findings – The author finds that firms with human capital are more likely to move outward in the presence of lower levels of corruption. Domestic firms possessing technological capabilities are more likely to engage inward as financial liberalization eases the access to capital. Originality/value – Many existing studies that have investigated the impact of institutional factors on internationalization by developing country firms have bundled different institutions together therefore sacrificing a focus on the effect of specific institutions on these firm decisions. While the author knows that institutions matter for developing country firm globalization, there is limited research on which institutions matter. There is also a debate on how institutions matter for developing country firms. The study sheds light on these aspects. The author also uses hierarchical linear modelling and uses both country- and firm-level variables.
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Marques, Tânia, Jesús Galende, Pedro Cruz y Manuel Portugal Ferreira. "Surviving downsizing and innovative behaviors: a matter of organizational commitment". International Journal of Manpower 35, n.º 7 (30 de septiembre de 2014): 930–55. http://dx.doi.org/10.1108/ijm-03-2012-0049.
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Purpose – The purpose of this paper is to analyse the simultaneous effects of perceived job insecurity and organizational commitment on the innovative behavior of workers in an announced downsizing environment. Design/methodology/approach – The authors suggest and empirically test a model using the case of a firm, an innovative high technology firm, in a downsizing process. Findings – The results show an indirect effect of job insecurity on innovative behavior, through organizational commitment. Research limitations/implications – First, the paper only examined one firm. Although the firm is a large multinational firm it may have a specific organizational culture and a track record that generates some idiosyncratic feelings in face of downsizing. Second, the context of knowledge-intensive firms limits the scope of the study, although it is reasonable to suggest that these firms are more dependent on employees’ innovative efforts for competitive advantage. Practical implications – This study is a contribution to the HRM practitioners in a tense and delicate worldwide restructuring situation. The outcomes experienced by those who remain – the survivors – are important for the future competitive capabilities of firms post-downsizing. Social implications – Thus, it seems that organizational commitment directly and positively determines workers’ innovative behavior and that organizational commitment is impacted by job insecurity in an announced downsizing environment. It is, essentially, an affective commitment and job insecurity is more affected by a perceived threat to one’s total job. Originality/value – A downsizing strategy warrants that the full impact on firms’ ability to innovate be assessed.
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Zhang, Bo, Jianxun Chen, Amy Tian, Jonathan Morris y Hejun Fan. "Industry capital intensity and firms’ utilization of HCWS: does firm size matter?" Personnel Review 48, n.º 2 (4 de marzo de 2019): 492–510. http://dx.doi.org/10.1108/pr-03-2017-0069.
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Purpose Following industry-based view’s (IBV) isomorphic trend among firms in the same industries, the purpose of this paper is twofold: first, to investigate whether industry capital intensity encourages or inhibits firm’s utilization of strategic HRM systems, particularly, high-commitment work systems (HCWS); and second, to examine the quadratic moderating role of firm size on the relationship between industry capital intensity and firms’ utilization of HCWS, drawing on the interactionist view of IBV and the resource-based view, as well as the interactive perspective in the contextualized HRM field. Design/methodology/approach The research design was time lagged. Firm-level subjectively rated data were collected from 168 large firms with more than 200 employees in Beijing. Industry-level objectively rated data were collected from the statistics yearbooks of Beijing city. Findings The industry capital intensity was positively related to firms’ utilization of HCWS, all else being equal. For large firms in this research, the relationship between industry capital intensity and firms’ utilization of HCWS was moderated by firm size in a quadratic way. Originality/value This research contributes to contextualized HRM literature by empirically examining the complex interactive effects of industry capital intensity and firm’s utilization of HCWS. First, it established the direct cross-level relationship between industry capital intensity and firms’ utilization of strategic HRM systems. Moreover, it explored the boundary conditions of such relationship by investigating the quadratic moderating role of firm size.
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Dar, Atul A. y Sal AmirKhalkhali. "On The Growth Process Of Firms: Does Size Matter?" International Business & Economics Research Journal (IBER) 14, n.º 3 (30 de abril de 2015): 477. http://dx.doi.org/10.19030/iber.v14i3.9217.
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The purpose of this empirical study is to investigate whether the growth process of firms is best explained essentially by a random process as envisaged by Gibrats law, or by identifiable systematic influences such as growth persistence and firm size. A dynamic random coefficients model is applied to data on 260 Canadian firms classified into four groups according to firm size. Gibrats law of proportionate effect is not supported by the empirical results. Specifically, the findings indicate that smaller firms grow faster than larger ones in all cases. However, they also show that the effect of the disadvantage of size on growth is somewhat different for each group.
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Saka-Helmhout, Ayse, Maryse Chappin y Patrick Vermeulen. "Multiple Paths to Firm Innovation in Sub-Saharan Africa: How informal institutions matter". Organization Studies 41, n.º 11 (4 de diciembre de 2019): 1551–75. http://dx.doi.org/10.1177/0170840619882971.
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Although innovation studies in developing countries acknowledge the importance of resources for firm innovation, their emphasis tends to be on bottlenecks created by resource constraints and institutional weaknesses. We address this shortcoming by exploring the relationship among firm resources and formal and informal institutions leading to innovation in these settings. By adopting a crisp-set qualitative comparative analysis of firms in sub-Saharan Africa, we confirm the thesis that informal institutions substitute underdeveloped formal institutions and in combination with firm-level resources afford firm innovation. More importantly, we find that informal institutions also complement more developed formal institutions in the presence or absence of high levels of firm resources or accommodate them in the presence of high levels of firm resources to support firm innovation. Our findings point to multiple paths that firms can take to be innovative that best fit their existing institutional context.
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Alsaid, Loai. "Do consistent CSR activities matter for firm value?" Corporate Ownership and Control 14, n.º 1 (2016): 340–50. http://dx.doi.org/10.22495/cocv14i1c2p6.
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This paper investigates how investments in corporate social responsibility (CSR) activities affect firm value. We categorise firms’ CSR activities as strategic or opportunistic based on consistency, and analyse the differential value relevance effect. We use the Egyptian Economic Justice Index (EEJI) as the most representative measure for firms’ CSR activities in Egypt. To measure valuation effect, we adopt an earnings response coefficient (ERC) model. Our main explanatory variables are interaction variables with unexpected earnings and two dummy variables; one indicating CSR activities, and one indicating their consistency. We document these variables as positively and negatively significant. Our findings show that investing in CSR activities consistently and strategically may increase firm’s profitability and firm value. However, firms that sporadically invest in CSR activities show a smaller relationship between unexpected earnings and stock returns than firms that consistently invest in CSR activities.
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Beaulieu, Marie-Claude y Habiba Mrissa Bouden. "Does idiosyncratic risk matter in IPO long-run performance?" Review of Quantitative Finance and Accounting 55, n.º 3 (17 de diciembre de 2019): 935–81. http://dx.doi.org/10.1007/s11156-019-00864-x.
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AbstractThis paper studies how firm-level idiosyncratic risk varies over time and affects both initial public offering (IPO) and matched non-IPO firms’ long-run performance. It revisits the traditional approach to compute the long-run performance by conditioning aftermarket performance on idiosyncratic risk with a generalized autoregressive conditional heteroskedasticity GARCH-M extension of the standard three-factor Fama and French (3FF) model. Our findings show a positive long-run relationship between idiosyncratic risk and expected returns for almost all IPOs and matched non-IPO firms. We find that, in general, IPOs do not underperform their peers when we adjust long-run abnormal returns for firm-level idiosyncratic risk. We also note that the idiosyncratic risk exposure depends on the IPO profile; it is more important for firms going public in hot-issue markets, undervalued IPOs and high idiosyncratic-risk issues. Thus, this paper suggests that a part of abnormal returns in specific IPOs long-run performance is derived from firm idiosyncratic risk.
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Amato, Stefano, Rodrigo Basco, Silvia Gómez Ansón y Nicola Lattanzi. "Family-managed firms and employment growth during an economic downturn: does their location matter?" Baltic Journal of Management 15, n.º 4 (23 de junio de 2020): 607–30. http://dx.doi.org/10.1108/bjm-07-2019-0260.
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PurposeThis study investigates the relationship between family-managed firms and firm employment growth by considering the effects of location and economic crisis as moderating variables.Design/methodology/approachThe study uses random-effect models on a large panel dataset of Spanish manufacturing firms covering 2003 to 2015 to estimate the joint effects of municipality size and economic crisis on firm employment growth.FindingsThe analysis reveals a positive association between family-managed firms and employment growth. However, this association is not uniform across space and time. When it considers location, the study finds that municipality size positively affects employment growth in family-managed firms but not in non-family firms. Additionally, while the study reveals that both firm types experience negative employment growth during the early stage of the global economic crisis (2007–08), it also finds that family-managed firms located in small municipalities downsize less than their non-family counterparts.Originality/valueThis study provides new evidence on the resilience of family-managed firms during economic crises, particularly those located in geographically bounded settings, such as small municipalities. When an adverse event, such as an economic crisis, jeopardizes employment levels, the embedded and trust-based relationships, between a family firm and its community leads them to prioritize employees' claims. However, family-managed firms' commitment to preserve jobs in small municipalities cannot be maintained over the long term; this effect disappears if the economic crisis is protracted. This study sheds new light on family-managed firms' distinctive behavior toward with local communities.
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Hsieh, Heng-Hsing, Kathleen Hodnett y Paul Van Rensburg. "Fundamental Indexation For Global Equities: Does Firm Size Matter?" Journal of Applied Business Research (JABR) 28, n.º 1 (17 de julio de 2012): 105. http://dx.doi.org/10.19030/jabr.v28i1.7154.
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Market capitalization is often used as the weighting methodology for broad market indexes to reflect the performances of large established firms in the market. The market capitalization of a firm is a price-sensitive measure of firm size that self-adjusts to reflect the firms intrinsic value in an efficient capital market. In the presence of investor overreaction, the price-sensitive cap-weighted indexes cease to be mean-variance efficient in that they overweigh overvalued assets and under weigh undervalued assets. Fundamental indexation, proposed by Arnott, Hsu and Moore (2005), argue that fundamental values of a firm such as book value, revenues and earnings are price-insensitive, and hence are not subject to the systematic overshooting of asset prices through noise trading. The aim of this paper is to test whether fundamental-weighted indexes are more mean-variance efficient proxies for large established firms in the global equity market compared to cap-weighted indexes over an extensive 18-year period from 1991 to 2008. Test results show that fundamental-weighted indexes outperform cap-weighted indexes over two sub-periods as well as the overall examination period, during an expansionary market and in turbulent times. A strong negative relationship between the degree of index concentration and the index performance is detected for cap-weighted indexes while no such relationship is detected for the fundamental-weighted indexes. Our results suggest that price-insensitive fundamental-weighted indexes are more mean-variance efficient proxies for the performances of large firms for global equities relative to cap-weighted indexes. By removing the price-element in measuring firm size, the small firm anomaly is not present in fundamental-weighted indexes.
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Siedschlag, Iulia, Stefano Meneto y Manuel Tong Koecklin. "Enabling Green Innovations for the Circular Economy: What Factors Matter?" Sustainability 14, n.º 19 (28 de septiembre de 2022): 12314. http://dx.doi.org/10.3390/su141912314.
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Recent economic theory and international evidence have established that innovations with environmental benefits (green innovations) are crucially important to increase resource efficiency and accelerate the transition to a circular economy. However, robust empirical evidence on what factors drive green innovations at firm-level is limited and inconclusive. To help fill this evidence gap, we designed and used a unified econometric framework to quantify the impact of a comprehensive set of factors on the propensity of firms to introduce innovations with environmental benefits. Such factors include environmental regulations, innovation-inputs, firm-specific characteristics, spillovers from other green innovators, public funding, and co-operation for innovation activities. We distinguished and examined innovations with environmental benefits obtained within the firm and innovations with environmental benefits obtained during the consumption of goods or services by the end user. In addition to average effects across all firms, we also uncovered specific effects for different groups of firms and industries. The results indicate that environmental regulations, in-house R&D, and acquisition of capital assets are important factors that enable firms to introduce green innovations. These results have implications for designing policies aiming at enabling more firms to introduce green innovations and thus accelerate the transition to a circular economy and a more sustainable long-term growth.
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Wang, Carol y Wei Rowe. "Do changes in managerial ownership matter?" Corporate Ownership and Control 6, n.º 3 (2009): 371–87. http://dx.doi.org/10.22495/cocv6i3c3p3.
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Agency theory predicts that managerial ownership reduces agency cost and increases firm value. However, empirical evidence on the ownership and firm value relation is, at best, mixed. To date, there is no evidence on how exactly managerial ownership affects firm value and through what channel ownership improves value. Our paper fills in the void in the literature by addressing these issues. As a firm’s operating efficiency is an important indicator of its managerial performance, we uses changes in managerial ownership as an argument to evaluate changes in firm value and hypothesizes that changes in managerial ownership affect firm’s operating efficiency, which in turn drives firm value. Using a large panel data set (4,451 observations for 1,162 firms for year 1990-2001), we find significantly positive relation between changes in managerial ownership, operating efficiency and changes in firm value. Larger increase in managerial ownership provides greater alignment of managerial interests with those of shareholders, hence greater improvement in firm value. However, this relation is not monotonic. The positive impact on firm’s value increases at a decreasing rate. Our simultaneous equation tests remove the endogeneity concern between managerial ownership and firm value.
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Hoque, Monzurul y KC Rakow. "Do voluntary cash flow disclosures and forecasts matter to value of the firms?" Managerial Finance 42, n.º 1 (31 de diciembre de 2015): 3–12. http://dx.doi.org/10.1108/mf-09-2015-0253.
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Purpose – Two stylized facts emerge from cash flow literature. One explores the link between free cash flow (FCF) to firm value (Jensen, 1986) and establishes that FCF increases firm value. The other posits FCF may be value decreasing as firms tend to over invest when there is high level of FCF (Richardson, 2006). Two camps have opposing views yet together they establish that FCF is value relevant. If FCF or cash flow, in general, is value relevant then managers will be motivated to present forecasts to investors. The paper aims to discuss these issues. Design/methodology/approach – The authors hand collect data from each firm’s press releases and earnings announcements and perform an event study around this date to see how firm forecast and disclosure policies affect firm value. Findings – The analysis demonstrates that disclosures and forecasts do have significantly positive relation with tech firms suggesting that firms in the technology industries are more forthcoming with cash flow disclosures and forecasts in their earnings announcements. The authors further show that these disclosures and forecasts negatively affect the firm value of tech firms. Originality/value – This paper contributes to the literature that there is empirical evidence that cash flow disclosures and forecasts matter to the value of the firm. Further, it posits that unlike understanding the existing views as opposing each other, may be the authors will be better served if they view both of them as right depending on the optimality of forecasts. The future efforts will be directed toward exploring the optimality of cash flow disclosures.
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Magerakis, Efstathios, Konstantinos Gkillas, Athanasios Tsagkanos y Costas Siriopoulos. "Firm Size Does Matter: New Evidence on the Determinants of Cash Holdings". Journal of Risk and Financial Management 13, n.º 8 (27 de julio de 2020): 163. http://dx.doi.org/10.3390/jrfm13080163.
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We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative analysis of large, medium, and small size firms in terms of cash holdings. Our findings indicate that cash levels are higher for firms with riskier cash flows, more growth opportunities, and higher R&D expenditures. In contrast, the firms’ cash holdings decrease when the substitutes of cash, cash flows, and capital expenditures increase. We show that small-sized firms tend to hold more cash than their larger counterparts due to precautionary motives. Further, we confirm a significant and varying association between managerial ownership and cash holdings. The study is robust to different regression specifications, additional analyses, and endogeneity tests. Overall, we add to the prior literature by identifying the effect of firm-level attributes and governance characteristics on cash policy during the post-crisis period. To the best of the authors’ knowledge, this is the first work that provides insights on the way that firm characteristics impact cash holdings, considering the differences among firm size groupings.
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Almustafa, Hamza, Quang Khai Nguyen, Jia Liu y Van Cuong Dang. "The impact of COVID-19 on firm risk and performance in MENA countries: Does national governance quality matter?" PLOS ONE 18, n.º 2 (6 de febrero de 2023): e0281148. http://dx.doi.org/10.1371/journal.pone.0281148.
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This study investigated the impact of the COVID-19 crisis on firm risk and performance in different country-level governance qualities in the MENA region. Analyzing a sample of 739 non-financial listed firms in 12 MENA countries for the period 2011–2020, we found that the COVID-19 crisis negatively impacted the performance of firms, especially low-performance firms, in most industries, and increased firm risk in general. Moreover, we found that national governance quality plays an important role in mitigating the negative impact of the COVID-19 crisis on firm operations. Specifically, national governance quality reduces the negative impact of the COVID-19 crisis on firm performance and the positive impact of the crisis on firm risk. The results are consistent with our contention that national governance quality contributes to creating a positive environment for businesses activities and reducing economic shocks.
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Mnzava, Bernard. "Does audit committee matter? Evidence from Tanzanian listed firms." Central European Review of Economics and Management 7, n.º 2 (28 de junio de 2023): 15–39. http://dx.doi.org/10.29015/cerem.971.
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Aim: The primary role of audit committees is to provide oversight in the financial reporting, audit process, internal controls and in compliance with regulations and laws. The objective of this paper is to investigate the impact of board audit committees attributes on firm performance. Design/Research methods: Using a sample of firms publicly traded on the Dar es Salaam Stock Exchange (DSE) during 1998–2018; this paper estimated fixed effects regressions to tests the hypotheses developed. Conclusions/findings: The results show that audit committee attributes are positively linked with firm financial performance. Specifically, the findings reveal that audit committee attributes as measured by audit committee meetings, existence of audit committees, audit committee size and audit committee independence have positive impact on corporate performance as measured by return on sales (ROS) and profitability. These findings confirmed that firms having audit committees performed better than those without audit committees. Originality/value of the article: There is scarce research which examines the link between audit committees and firm performance in developing countries. To date, there is no study that has investigated the relationship between audit committee characteristics and firm performance in Tanzania. This paper provides new evidence on the relationship between audit committee attributes and firm performance in Tanzanian environment. Implications of the research: Overall, the findings recommend existence of large independent audit committees which conducts their meetings regularly as it is ideally enhances firm financial performance. Keywords: Audit committee attributes, corporate governance, firm performance, Tanzania JEL: G3, N27
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Tanui, Peninah Jepkogei y Bramwel Murgor Serebemuom. "Corporate Diversification and Financial Performance of Listed Firms in Kenya: Does Firm Size Matter?" Journal of Advanced Research in Economics and Administrative Sciences 2, n.º 2 (29 de abril de 2021): 65–77. http://dx.doi.org/10.47631/jareas.v2i2.235.
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Purpose: The study tested the hypothesis about the relationship between corporate diversification and financial performance. Moreover, moderating effect of firm size on the relationship between corporate diversification and financial performance of listed firms at Nairobi securities exchange (NSE) in Kenya was tested. Methodology/Approach/Design: The study was informed by market power and resource-based view (RBV) theories. To test the hypotheses, secondary panel data were collected from 35 listed firms at NSE from 2003 to 2017. Results: From panel regression analysis output, there was a significant positive (β = 2.225, p value = .000 < .05) relationship between corporate diversification and financial performance. Furthermore, firm size had a negative and significant (β = -.155, p value = .031<.05) moderating effect in the relationship between corporate diversification and financial performance. Practical Implications: The study thus concluded that firm size had a buffering effect in the link between corporate diversification and the financial performance of listed firms in Kenya. The findings of the study could be relevant to policymakers in drafting policies that affect diversification strategies of firms. For further research, the study recommended an increase of scope, other measurement approaches, analysis of corporate diversification from different perspectives other than product, and controlling for board characteristics. Originality/Value: The study while controlling the age of the firm tested the moderation effect of firm size in the relationship between corporate diversification and financial performance.
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Ali Ahmed, Huson Joher y IKM Mokhtarul Wadud. "Market based performance: Do ownership structures, or firm policy choice matter?" Corporate Ownership and Control 8, n.º 2 (2011): 89–95. http://dx.doi.org/10.22495/cocv8i2p8.
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This study examines whether the structure of share ownership or firm’s dividend and debt policies provide explanation for firm performances in Malaysia. Firm performance, measured as Tobin’s Q is modelled in a dynamic panel framework to estimate effects of director ownership, family ownership, foreign ownership, and firm’s dividend and debt policy. The generalised methods of moments (GMM) method is used to estimated the models for 80 CI components companies listed on Main Board of Malaysia observed from 1999 to 2002. The findings reveal strong evidence of positive impact of firm’s dividend and debt policy on firm performance. However, ownership structure seems to be less important for market based performance of Malaysian firms. These results are expected to provide guidelines to the investors regarding the significance of firm dividend policy, leverage policy and market to book value ratio as some of the key sources of value creation for Malaysian listed firms.
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Racela, Olimpia C. y Amonrat Thoumrungroje. "When do customer orientation and innovation capabilities matter? An investigation of contextual impacts". Asia Pacific Journal of Marketing and Logistics 32, n.º 2 (5 de octubre de 2019): 445–72. http://dx.doi.org/10.1108/apjml-03-2019-0143.
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Purpose Grounded on resource-advantage (R-A) theory, the purpose of this paper is to investigate how customer orientation, as a higher-order or interconnected operant resource, enhances firm performance through creativity capability (i.e. idea generation and problem solving) and innovation capability (i.e. the implementation of creative ideas) – among firms of different sizes and within different market contexts. The authors conceptualize customer orientation as a firm’s capacity to create and deliver superior customer value through the processing of market intelligence, as demonstrated by the firm’s composite operant resources of market-sensing, customer-relating and customer-response capabilities. Design/methodology/approach Data were collected via qualitative in-depth interviews for scale development followed by a mail questionnaire survey for quantitative responses. A final sample size of 190 firms based in Thailand participated and the data were analyzed using structural equation modeling and bootstrapping multi-group comparisons to investigate the hypothesized mediation and moderation effects. Findings Customer orientation enhances organizational creativity and innovation capabilities, which improve firm revenue and financial performance. The relationships among customer orientation, creativity capability, innovation capability and firm performance vary depending on firm size, market dynamism and customer type. Practical implications Managers need to consider contextual factors, particularly firm size, market dynamism and the nature of their buyer markets as key contingencies in their resource deployment decisions intended to develop customer orientation and innovation capabilities. Originality/value This study advocates R-A theory by empirically revealing how different hierarchical resources within a firm are intertwined to provide firms with competitive R-A. The findings further highlight a contingent nature of customer orientation–innovation–performance relationships among firms in an emerging economy.
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He, Yugang y Wanting Tian. "Corporate Social Responsibility: Does Religious Community Matter?" Religions 13, n.º 10 (21 de octubre de 2022): 1006. http://dx.doi.org/10.3390/rel13101006.
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Corporate social responsibility is crucial to the sustainability of a firm, yet its motivating forces remain obscure. Therefore, this paper uses 1130 listed firms over the period 2010–2021 as the sample to explore the effect of religious community on corporate social responsibility in China. Using a firm and year-fixed effects model for empirical analysis. The findings reveal that the number of religious communities around a firm within a radius of less than 10, 50, and 100 km all has a favorable influence on corporate social responsibility. Moreover, the results of heterogeneity analysis show that religious community has a smaller positive impact on corporate social responsibility in low-polluting firms than in high-polluting ones. Additionally, using the robustness test, it is conceivable to conclude that the findings presented in this study are reliable and robust. This paper contributes to and broadens the existing body of research on corporate social responsibility and religious community, which has significant ramifications for the importance of religious community in the conduct of business.
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Andries, Petra y Ute Stephan. "Environmental Innovation and Firm Performance: How Firm Size and Motives Matter". Sustainability 11, n.º 13 (29 de junio de 2019): 3585. http://dx.doi.org/10.3390/su11133585.
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There is limited understanding of the precise circumstances under which environmental actions—such as environmental innovation—contribute to firm performance. Building on the resource-based view and on stakeholder theory, this study argues that the general positive effect of environmental innovation on financial performance varies significantly with firm size and the motives underlying a firm’s engagement in environmental innovation. Integrating survey data and lagged annual account data on 1761 Flemish companies, we find that larger firms benefit financially from environmental innovation driven by regulation or industry codes of conduct, while smaller firms benefit from environmental innovation introduced in response to customer demand. While it is increasingly accepted that environmental innovation relates positively with firm performance, the current study highlights important boundary conditions of this relationship.
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Sinha, Pankaj y Shalini Agnihotri. "Does Brownian Risk Matter in Debt or Equity Issuance and Repurchase Decision in Indian Non-Financial Companies?" Journal of International Business and Economy 18, n.º 1 (1 de julio de 2017): 49–69. http://dx.doi.org/10.51240/jibe.2017.1.3.
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External commercial borrowings (ECBs) of Indian non-financial firms have grown by 107 % in past few years. Looking at the high reliance of firms on external debt, this paper investigates the effect of foreign exchange, interest rate and firm specific risk on the debt issuance and retirement decision. It also investigates the factors affecting equity issuance and retirement decision of the firms. Foreign exchange risk and interest rate risk is estimated using stochastic volatility and GARCH (1,1) methods. Firm specific risk is calculated using Black-Scholes Merton model for company valuation. The results highlight that interest rate risk negatively affects the debt issuance and positively affects debt retirement decision of the firms. However, the foreign exchange risk does not affect debt issuance and retirement decision. Firm-specific risk negatively affects propensity of debt issuance of firms but plays no role in debt retirement. Foreign exchange risk, firm-specific risk, and profitability negatively affect propensity of issuance of debt to issuance of equity. This result supports the view that risky firms are more likely to finance their capital needs via new equity issues rather than by new debt issues to avoid the high-risk premium and to limit the likelihood of bankruptcy.
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Barnett, Michael L. "Beyond the Membership Decision: How Do Trade Associations Manage Firm Involvement?" Journal of Management Inquiry 27, n.º 1 (20 de enero de 2017): 10–12. http://dx.doi.org/10.1177/1056492616688854.
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A trade assocation’s effectiveness is more than a matter of attracting and retaining member firms. It must also manage member firm involvement in its activities. Herein, I outline three drivers of firm participation in TA activity – economic self-interest, sociological identity, and meta-organizational management – and call for further research on ways that trade associations can manage firm-level contributions to communal strategy.
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Young Chae, Won, Jinho Byun, Paul Moon Sub Choi y Ruilin Yang. "Do corporate governance and culture matter in cross-border acquisitions? Some Chinese evidence". Investment Management and Financial Innovations 15, n.º 1 (8 de febrero de 2018): 90–105. http://dx.doi.org/10.21511/imfi.15(1).2018.09.
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The Chinese market for corporate control has recently gained much academic attention. This research constructs a sample of 159 cross-border acquisitions made by 123 Chinese firms between 2010 and 2014 and relates the roles of governance and culture to the wealth effects of mergers. First, the shareholders of Chinese bidders experience gains upon the announcement of overseas mergers. Second, country- and firm-level governance notably affects the cumulative abnormal returns of Chinese acquirers. Lastly, and however, the cultural distance per Hofstede’s (1980) four cultural dimensions does not appear to be a significant factor in determining the shareholder wealth of Chinese purchasers.
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Huang, Weihong. "Profitability Analysis of Price-Taking Strategy in Disequilibrium". Discrete Dynamics in Nature and Society 2007 (2007): 1–26. http://dx.doi.org/10.1155/2007/12029.
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Conventional economic assumption that more sophistication in decision making is better than less is challenged with a profitability analysis conducted with an oligopolistic model consisting of a naive firm and a group of sophisticated firms. While the naive firm is assumed to adopt a simple Cobweb strategy by equating its marginal cost of current production to the last period's price, the sophisticated firms can take either individually or collusively any conventional sophisticated strategy such as Cournot and Stackelberg strategies. Contrary to the economic intuition, it is not the sophisticated firms but the naive firm who triumphs in equilibrium as well as during the dynamical transitionary periods, no matter what strategies the sophisticated firms may take. Moreover, when the economy turns cyclic or chaotic, a combination of the Cobweb strategy with a cautious adjustment strategy could also bring relative higher average profits for the naive firm than its rivals.
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Lajmi, Amira y Gilles Paché. "Relevance of voluntary environmental and social reporting in the French context: Does CSR assurance matter?" Environmental Economics 11, n.º 1 (29 de mayo de 2020): 54–64. http://dx.doi.org/10.21511/ee.11(1).2020.05.
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Corporate social responsibility (CSR) reporting is of high importance for firms that wish to communicate their environmental and social actions to stakeholders and society at large. Of course, the credibility of CSR reporting affects considerably the market reaction to the information provided. Although research on environmental and social reporting is important, empirical evidence regarding the relevance of environmental and social disclosure to firms’ market values is scarce. This paper specifically analyzes the moderating role of external CSR assurance on the relationship between voluntary environmental and social reporting and firm market value. A content analysis index is then developed based on disclosure items specified in the Global Reporting Initiative guidelines. Using hand-collected data on a sample of French companies, the authors find that CSR assurance has a negative moderating effect on the relationship between high environmental and social reporting and firms’ market value, raising questions about the role of external assurance in assessing CSR reporting credibility. AcknowledgmentThe authors sincerely thank three anonymous reviewers of Environmental Economics for their insightful comments on a previous version of the paper.
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Wellalage, Nirosha Hewa y Stuart Locke. "Does CEO duality is really matter? Evidence from an emerging market". Corporate Ownership and Control 8, n.º 4 (2011): 112–22. http://dx.doi.org/10.22495/cocv8i4p7.
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The relationship between board leadership, firm financial performance and agency costs is examined on behalf of a sample of multinational company subsidiaries (MNCs) and local public companies (LPCs) in Sri Lanka. Five years of data for 86 MNC subsidiaries and 113 LPCs, are collected and observations are analysed using a dynamic panel GMM estimation. This study provides empirical support for stewardship theory and contingency theory when firms are multinational subsidiaries. Moreover, findings support agency theory when firms are local public companies. Finally, this study indicates that there is no optimal board leadership structure. Hence, when companies commence their exploration of corporate governance practices, firms need to recognize that firm characteristics and contingency perspective boost the impact of board leadership structure on corporate financial performance.
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Xu, Hongmei y Jiang Lin. "Do the Characteristics of Independent Directors and Supervisory Board Members Matter in China?" Business and Management Studies 2, n.º 3 (15 de agosto de 2016): 27. http://dx.doi.org/10.11114/bms.v2i3.1809.
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This paper investigates and compares the characteristics of independent directors and supervisory board members in Chinese listed firms. The occupational backgrounds of independent directors and supervisory board members in listed firms are very different. Besides, different firms have different preferences in employing independent directors and supervisory board members according to their demands. Moreover, the empirical results show that characteristics of independent directors and supervisory board members have no clear relationship with firm performance. No matter their professional backgrounds or age, the independent directors and supervisory board members do not have the authority to affect the decision making process of management. Thus they cannot really contribute to firm performance.