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1
Song, Xiaoxiao. "How Are Foreign Firms Valued in U.S. Markets? Evidence from Firm and Country Characteristics". Accounting and Finance Research 8, nr 4 (12.10.2019): 101. http://dx.doi.org/10.5430/afr.v8n4p101.
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This paper investigates the determinants of foreign firms’ value in U.S. markets by examining both firm and country characteristics. Prior studies have agreed on foreign firms’ value premium when they cross-list stocks in U.S. exchanges. However, little research has pursued evidence regarding how these foreign firms are valued after the cross-listing. I attempt to answer this question by comparing the determinants of firm value for both foreign cross-listing firms and U.S. domestic firms. The results from regression models show that, although foreign firms share similar firm-level determinants with U.S. firms (firm size, firm leverage, and firm growth), they are on average undervalued by U.S. investors. Furthermore, the home countries’ characteristics, such as the rule of law, play an important role in foreign firms’ market value. In fact, the undervaluation is only observed in foreign firms from the weak rule of law countries, but not from strong rule of law countries. Overall, foreign firms’ market value is determined by both firm-level and country-level characteristics after they cross-list in the U.S. markets.
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Setia-Atmaja, Lukas, i Yane Chandera. "Impact of family ownership, management, and generations on IPO underpricing and long-run performance". Investment Management and Financial Innovations 18, nr 4 (1.12.2021): 266–79. http://dx.doi.org/10.21511/imfi.18(4).2021.23.
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This paper examines the impact of family ownership, management, and generations on IPO underpricing and the long-run performance of publicly listed firms in Indonesia from 2004 to 2015. This study is based on agency theory, which discusses the relationship between shareholders and management, as well as controlling and non-controlling shareholders. Study results show that IPO underpricing was 28% higher for family firms than non-family firms. Among family firms, a family member’s presence as a Chief Executive Officer (CEO) significantly reduced the level of IPO underpricing. A negative relationship between family CEO and IPO underpricing was only observed if a CEO at the time of IPO was the founder instead of family descendants. A long-run return of family-firm IPOs was more likely to underperform their non-family-firm counterparts. The findings in the primary market suggest that investors predict bigger issues of agency conflicts between controlling and non-controlling shareholders in family firms than the issues of agency conflicts between shareholders and management in non-family firms. Since investors consider family-firm IPOs to be riskier than non-family firms, they demand a higher level of IPO underpricing to compensate for such risks. The results in the secondary market confirm the findings in the primary market.
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Carvalhal da Silva, Andre Luiz, i Julia Nicolau. "Does the mandatory bid rule increase valuation, liquidity, and decrease risk?" Corporate Ownership and Control 7, nr 2 (2009): 66–70. http://dx.doi.org/10.22495/cocv7i2p5.
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This study analyzes whether the mandatory bid rule has an impact on firm valuation, liquidity and volatility. Using data from Brazilian firms that have voluntarily granted the bid rule, we provide evidence of a positive relation between bid rule, firm valuation and liquidity. In contrast, the bid rule does not decrease firm volatility. Our results support the hypotheses that the bid rule strengthens the protection for minority shareholders.
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Zhang, Cyndi Man, i Henrich R. Greve. "Delayed Adoption of Rules: A Relational Theory of Firm Exposure and State Cooptation". Journal of Management 44, nr 8 (28.10.2016): 3336–63. http://dx.doi.org/10.1177/0149206316673719.
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The state creates and changes rules that coerce firms, but firms can delay or decouple responses to rule changes to manage the cost of demands. Theory of compliance to the state has not yet considered the degree to which the firm can delay adoption because of low exposure to rules and state links that allow cooptation, but both of these relations between state power and firm ability to counteract it can affect the adoption decision. This makes the response to state rule changes a more strategic outcome than the theory of coercive isomorphism implies. We develop a relational theory of delayed firm compliance to a state rule change that considers firm exposure due to discrepancy from the rule and firm cooptation of the state due to state links, and we test the theory by examining the adoption of the split-share structure reform, a state-mandated corporate governance reform among listed firms in China. We find that exposure and cooptation influenced the speed of adoption and the decoupling from reform intentions. We also found that their effects on firm response to coercion weaken when the new rule becomes institutionalized. Our theory of delayed compliance is also likely to apply to coercive pressure from other powerful organizations than the state.
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Montenegro, Tânia Menezes, Pedro Meira i Sónia Silva. "The investors' prospects on mandatory auditor rotation: evidence from Euronext Lisbon". Quantitative Finance and Economics 7, nr 3 (2023): 440–62. http://dx.doi.org/10.3934/qfe.2023022.
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<abstract> <p>The costs and benefits of mandatory auditor rotation (audit firm rotation and partner rotation) are far from being conclusive. This paper helps fill this gap in the literature by examining the relationship between mandatory auditor rotation and firms' stock market performance in the Portuguese context. Using a sample of listed companies in Portugal from 2009 to 2020, the main finding indicates that mandatory audit firm rotation is positively and significantly related to the firm's market performance. The evidence gathered suggests investors perceive mandatory audit firm rotation as a mechanism for improving audit quality. Controlling for the engagement partner rotation, we do not find that the rotation rule has a positive effect on firms' market performance. The net benefits of the mandatory audit rotation rule seem to be driven by the mandatory change of the audit firm, with improvements in market perceptions of earnings. Robustness tests suggest that the signal and significance of the association of firms' market performance and mandatory audit firm rotation holds in the presence of corporate governance mechanisms. Also, the audit experience of the departing and incoming partners does not interact with the relationship between mandatory partner rotation and firms' market performance.</p> </abstract>
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Brown, Brant K., James E. Anderson, P. Georgia Bullitt i Amelia A. Cottrell. "New FINRA rules aim to protect seniors and other vulnerable market participants". Journal of Investment Compliance 19, nr 4 (5.11.2018): 17–21. http://dx.doi.org/10.1108/joic-06-2018-0043.
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Purpose To explain two new Financial Industry Regulatory Authority (FINRA) rule provisions, effective February 5, 2018, that were designed to provide firms with more effective tools to address suspected financial exploitation of seniors and other vulnerable adults, a new Rule 2165, Financial Exploitation of Specified Adults, and an amended Rule 4512, the “Trusted Contact Person” amendment. Design/methodology/approach Mentions FINRA’s and US Securities and Exchange Commission’s (SEC’s) longstanding concern about schemes targeting the financial assets of seniors. Provides an overview of the rule changes, including the safe harbor under Rule 2165, which specifies the conditions under which it is permissible for a firm to place a temporary hold on a disbursement, the obligations generated by the decision to place such a temporary hold, and the requirement under amended Rule 4512 for a firm to make reasonable efforts to obtain the name and contact information of a Trusted Contact Person (TCP) for each non-institutional customer’s account. Findings The new FINRA rule provisions create obligations for firms and also provide firms with optional additional tools to address potential financial exploitation of certain customers. Practical implications Firms should be mindful that they must develop appropriate procedures, controls, and training around the authority to place a temporary hold on a customer disbursement. Originality/value This article contains valuable information about recent FINRA rule changes and practical guidance from experienced securities lawyers.
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Bonaimé, Alice, Jarrad Harford i David Moore. "Payout Policy Trade-Offs and the Rise of 10b5-1 Preset Repurchase Plans". Management Science 66, nr 6 (czerwiec 2020): 2762–86. http://dx.doi.org/10.1287/mnsc.2019.3322.
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We are the first to document and study the use of Rule 10b5-1 preset repurchase plans. Though the rule’s original intent was to clarify conditions for enforcing insider trading laws, generally thought to apply to individuals classified as firm insiders, we find strong use of the rule at the firm level to repurchase company stock. We exploit this new and widespread form of payout to examine an issue at the core of payout decisions—the trade-off between commitment and financial flexibility. Relative to open market repurchases, preset plans provide an expanded repurchase window and increased legal cover, albeit at the cost of reducing repurchase flexibility and the option to time repurchases. These costs and benefits are significantly associated with Rule 10b5-1 adoption: Firms with alternative sources of financial flexibility are more likely to precommit to a repurchase plan, as are firms with a history of poor repurchase timing and firms constrained by blackout windows. Consistent with preset plans signaling commitment, Rule 10b5-1 repurchase announcements are associated with greater and faster completion rates, with more positive market reactions, and with more dividend substitution than open market repurchases. Lastly, we find that preset repurchase plans represent a unique payout tool whose introduction encouraged a different set of firms to buy back stock and significantly altered the payout landscape. This paper was accepted by David Simchi-Levi, Editor-in-Chief.
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Krishnamurti, Chandrasekhar, i M. S. Narasimhan. "Dividend taxation, ownership structure and payout policy: Evidence from India". Corporate Ownership and Control 4, nr 3 (2007): 287–302. http://dx.doi.org/10.22495/cocv4i3c2p6.
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Despite the widespread criticism against double taxation of dividends, most countries follow the policy of taxing the same income twice – once when the corporations earn it and a second time when shareholders receive it. Critics of the double taxation policy clamor for its abolition citing the economic inefficiencies it engenders. In 1997, the Indian government eliminated double taxation of dividends by exempting dividend income from personal taxes but requiring the firms to pay a 10% tax on the amount of dividend distributed. Using this rule change as a natural experiment, we examine the impact of this rule change on firm valuation. We show that elimination of double taxation on dividends is not unambiguously beneficial to the stockholders of the firm. We find that tax status and ownership structure play a significant role in explaining the direction of observed changes in valuation. An interesting finding of this paper is that shareholders seem to value visibility. Visible firms are subject to the disciplining effect of more stringent disclosures in the financial press. We do find pervasive evidence that firms increased their dividends subsequent to rule change. We however, do not find any association between the change in dividends and ownership structure
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Yim, Hyung Rok, Jiangyong Lu i Seong-jin Choi. "Different role of lobbying and bribery on the firm performance in emerging markets". Multinational Business Review 25, nr 3 (18.09.2017): 222–38. http://dx.doi.org/10.1108/mbr-07-2017-0050.
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Purpose Firms influence a government to their advantage in one of two ways: either through lobbying a government to change the rule, or through bribing bureaucrats to circumvent the rule. The purpose of this paper is to investigate whether and under what conditions do corporate political activities facilitate firm growth in a multinational context, especially in developing economies. Design/methodology/approach This study is based on the data of the World Bank’s Enterprise Survey, conducted by the World Bank in the 2002 to 2006 period in 12 countries. To deal with a multilevel structure, the authors applied multilevel regression as the main analysis method. Findings The analysis reveals that both political activities are prevalent in emerging markets, but they play very different roles on firm growth. The authors also find that the effect of lobbying is more pronounced in politically durable countries where firms can secure their vested benefits by lobbying. Originality/value The paper contributes to the corporate political activities literature by investigating the distinguishing and contingent role of bribery and lobbying on firm performance.
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KUO, CHII-SHYAN, i SHIH-TI YU. "THE EFFECTS OF FIRM CHARACTERISTICS AND RECOGNITION POLICY ON EMPLOYEE STOCK OPTIONS PRICES AFTER CONTROLLING FOR SELF-SELECTION". Annals of Financial Economics 09, nr 02 (wrzesień 2014): 1440003. http://dx.doi.org/10.1142/s201049521440003x.
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We examine whether and how firm characteristics, including firm size and liquidity, affect the relation between employee stock option (ESO) grants (as proxied by disclosed ESO expenses) and firm value. We also investigate how the implementation of a new share-based compensation recognition rule affects the pricing effect of ESOs. Prior studies have provided mixed results concerning how ESOs affect firm value. We argue that their findings could be attributable to self-selection and a non-uniform ESO-share price relation. We use the threshold model to address our research questions after controlling for self-selection bias. We find that markets tend to positively price ESOs in the case of firms characterized by large size and low liquidity. In addition, we find that after the new rule came into effect, ESOs became positively associated with firm value. These results are congruent with ownership and symbolic value theories, the lifecycle stages hypothesis and the contention that an ESO expensing policy enhances the quality of financial statements.
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Shelegia, Sandro, i Chris M. Wilson. "A Generalized Model of Advertised Sales". American Economic Journal: Microeconomics 13, nr 1 (1.02.2021): 195–223. http://dx.doi.org/10.1257/mic.20170152.
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To better understand temporary price reductions or “sales,” this paper presents a generalized “clearinghouse” framework of advertised sales and explores some applications. By viewing the firms as competing in utility and amending the conventional tiebreak rule, we allow for multiple dimensions of firm heterogeneity in complex market environments. Moreover, we (i) provide original insights into the number and types of firms that use sales, (ii) offer new results on how firm heterogeneity affects market outcomes, (iii) extend a common empirical “cleaning” procedure, and (iv) analyze a family of activities in sales markets, including persuasive advertising and obfuscation. (JEL D21, D43, L13, L25, M37)
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Bagadeem, Salim, Ayesha Siddiqui, Sapna Arora Narula, Najib H. S. Farhan i Muneer Ahmad Magry. "Impact of Firm-Specific and Macroeconomic Determinants on Environmental Expenditures: Empirical Evidence from Manufacturing Firms". Economies 12, nr 7 (25.06.2024): 159. http://dx.doi.org/10.3390/economies12070159.
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This research aims to examine the association between firm-specific and macroeconomic determinants and environmental expenditures in the Indian manufacturing sector. Furthermore, it seeks to investigate the moderation effect of country-level governance and economic development on the association between macroeconomic, firm-specific, and environmental expenditures. The current study is based on 70 manufacturing firms for the period of 2011 to 2021. The dependent variable is environmental expenditures and the independent variables are firm-specific and microeconomic determinants. The results revealed that market capitalization and firm size have a positive and significant impact on environmental expenditures. On the other hand, inflation and the rule of law negatively and significantly affect environmental expenditures. Regarding the moderation effect, the results revealed that the rule of law and GDP positively moderate the association between inflation and environmental expenditures. Hence, this research has significant implications for corporate executives, financial experts, regulators, and other interested parties.
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Tirmizi, Syed Muhammad Ali, Muhammad Jawad Haider i Shahab Ud Din. "The Risk of Foreign Exchange Exposure of Stock Returns Concerning Non-Financial Listed Firms". Global Economics Review VI, nr I (30.03.2021): 105–25. http://dx.doi.org/10.31703/ger.2021(vi-i).09.
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The foreign exchange rate fluctuations do create an impact on stock returns, which has been investigated for non-financial listed Pakistani firms. The real effective exchange rate has been used as the true measure of foreign exchange exposure. The modelled econometric equation includes; firm size, firm liquidity, money supply and inflation as predictors of stock returns. Twenty-five non-financial listed firms have been evaluated for the study period 2004 to 2013, which signifies the military regime era proceeded by peoples party rule in Pakistan. Financial data analysis, including; ADF unit root and Johansen Co-integration tests, have been applied to evaluate financial data, which further led to correlation, descriptive stats and panel data regression analysis. The results have suggested a very weak relationship between stock returns and foreign exchange exposure. Therefore, sample non-financial listed firms have not been foreign exchange exposed; however, firm size, liquidity, money supply and inflation rates have definitely created an impact on stock returns.
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Savio, Riccardo. "Organizational behaviour and firm performance: A study of Italian retail industry". Risk Governance and Control: Financial Markets and Institutions 11, nr 1 (2021): 49–60. http://dx.doi.org/10.22495/rgcv11i1p4.
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There is a growing consensus among scholars that the liberalization of shop opening hours increases revenues and creates jobs. While this is probably true, prior literature does not provide evidence on the risks of this kind of liberalization on the reduction of firm performance, and how firms in the retail industry manage the risk of underperformance. In fact, although theory establishes a direct link between increasing of shop opening hours with revenues and employment, it is challenging to rule out how firms react to this and if there are effects on firm performance. While several studies on firms’ strategic choices on opening hours have recently been released, no empirical studies provide evidence on firm performance following a change in the regulation of shop opening hours. The study contributes to the literature adding evidence on consequences on firm performance, an aspect generally not analysed by prior scholars in this field. We explore the effects of extended shopping hours on performance faced by firms operating in retail industries. To this purpose, we collected data about a large sample of limited liability companies in Italy, where a reform was issued in 2012 to boost the economy even through liberalization of shop opening hours. Using data of Italian firms operating in the retail industries, we find that reducing restrictions on shopping hours increases revenues and personnel costs. Interestingly, our model predicts that the deregulation of shopping hours involves firm lower performance.
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Sacks, Russell D., Steven R. Blau i Taro Nishide. "FINRA regulation: new fixed-income research rule, modifications to equity research rule, and FAQ on conflicts of interest in offering process". Journal of Investment Compliance 17, nr 1 (3.05.2016): 1–38. http://dx.doi.org/10.1108/joic-02-2016-0006.
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Purpose To address practical issues broker-dealers may face in reviewing and revising their policies and procedures in response to FINRA’s new fixed-income research rule, modifications to its equity research rule, and its FAQs regarding conflicts of interest in the offering process. Design/methodology/approach Reviews FINRA’s new fixed-income research rule, modifications to its equity research rule, and its FAQs regarding the its equity research rule, and provides detailed comparisons between current rules and new rules to help firms consider how to review and revise their policies and procedures. Findings Although significant exemptions may apply depending on firm structure, under FINRA’s new fixed-income research rule, firms producing fixed-income research reports will now be subject to regulation similar to that FINRA has imposed on firms producing equity research reports, including with respect to information barriers, other policies and procedures, and certain disclosures. The modified FINRA equity research rule retains the core provisions of the existing NASD and NYSE equity research rules and adds a “principles-based procedures” approach to potential conflicts of interest, shortens or eliminates quiet periods, and imposes some of the Global Settlement prohibitions on all firms. Firms will need to review and revise their policies and procedures for research in response to these rule changes. Firms should also take note of FINRA’s guidance in its FAQs regarding conflicts of interest in the offering process. Originality/value Overview of recent FINRA enforcement activity, rule modifications, and practical guidance from experienced securities and financial services lawyers.
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Jain, Archana, i Chinmay Jain. "Fails-to-Deliver before and after the Implementation of Rule 203 and Rule 204". Financial Review 50, nr 4 (23.10.2015): 611–36. http://dx.doi.org/10.1111/fire.12093.
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Duong, Hong K., Helen Kang i Stephen B. Salter. "National Culture and Corporate Governance". Journal of International Accounting Research 15, nr 3 (1.11.2015): 67–96. http://dx.doi.org/10.2308/jiar-51346.
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ABSTRACT This paper examines the influence of national culture on corporate governance. We postulate that national culture can shape the contracting environments by serving as an informal constraint that affects incentives and choices in corporate governance. We hypothesize that national culture can explain cross-country variations in corporate governance after controlling for legal, political, financial, and economic institutions. We develop a Rule Preference Index as a proxy of national culture for a sample of 12,909 firm-year observations from 41 countries. Employing a hierarchical linear modeling approach to isolate the effects of firm-level and country-level variables, we find robust evidence that firms (and countries) with a higher Rule Preference Index tend to have better corporate governance.
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LATIF, AYESHA, IMRAN AKBAR SAIFI i MUHAMMAD MOBEEN AJMAL. "INSPECTING THE EFFECTS OF NATURAL RESOURCES, ECONOMIC GROWTH AND TRADE OPENNESS ON FIRM PERFORMANCE: A CASE OF DANISH ECONOMY". Bulletin of Business and Economics (BBE) 12, nr 3 (18.10.2023): 185–91. http://dx.doi.org/10.61506/01.00017.
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The performance of the firms is effected bythe changes in the macroeconomic environment in any economy. Considering this perspective, the research study explores the role of economic growth, foreign assets, trade openness, natural resourcesand the rule of law while targetingtheperformance of 36 multi-sector Danish firms. After considering fully modified and dynamic ordinary least square methods from 2015 to 2022, this research provides evidence of the significantly accelerating role of economic growth, foreign assets, natural resources and the rule of law in promoting the performance of selected firms in Denmark. The results further reveal that trade liberalization is, in fact, significantly discouraging the firm performance. Based on these results, we propose that promoting natural resources and domestic production may help expand Denmark's firms' return on assets and equity.The administrative authorities may also need to look into the trade openness factor that is not increasing the performance of the firms in Denmark.
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Dbouk, Wassim, Dawei Jin, Haizhi Wang i Jianrong Wang. "Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence". International Journal of Financial Studies 6, nr 4 (20.11.2018): 94. http://dx.doi.org/10.3390/ijfs6040094.
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Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.
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Chu, Angus C., i Lei Ji. "MONETARY POLICY AND ENDOGENOUS MARKET STRUCTURE IN A SCHUMPETERIAN ECONOMY". Macroeconomic Dynamics 20, nr 5 (29.12.2014): 1127–45. http://dx.doi.org/10.1017/s1365100514000765.
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This study develops a monetary Schumpeterian model with endogenous market structure (EMS) to explore the effects of monetary policy on the number of firms, firm size, economic growth, and social welfare. EMS leads to different results from previous studies in which market structure is exogenous. In the short run, a higher nominal interest rate reduces the growth rates of innovation, output, and consumption and decreases firm size through reduction in labor supply. In the long run, a higher nominal interest rate reduces the equilibrium number of firms but has no steady-state effect on economic growth and firm size because of EMS. Although monetary policy has no long-run growth effect, increasing the nominal interest rate permanently reduces the levels of output, consumption, and employment. Taking transition dynamics into account, we find that welfare is decreasing in the nominal interest rate and the Friedman rule is optimal in this economy.
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Tao, Yong, i Xiangjun Wu. "Golden-Rule Level of the Employment". Reports in Advances of Physical Sciences 01, nr 01 (marzec 2017): 1740005. http://dx.doi.org/10.1142/s2424942417400059.
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The competitive economy, over a long time scale, would produce a large number of general equilibria, each of which can be regarded as a possible microstate of this economy. Then by the principle of maximum entropy, we can obtain the most probable macrostate which in the case of perfect competition involving a single industry will lead to a Solow-type aggregate production function. By this aggregate production function, one can make clear how labors match firms on the balanced growth path. Here, we prove that when the capital stock of a society arrives at the golden-rule level on the balanced growth path, the social employment will reach the best level at which every firm on average employs an optimal amount of workers.
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MUNKAILA, Aminu, Bomi Cyril NOMLALA, Kiran BALDAVOO i Jean Damascene MVUNABANDI. "The Implementation of Mandatory Audit Firm Rotation as tool to enhance Audit Reform in South Africa: A Case of KwaZulu-Natal". International Journal of Environmental, Sustainability, and Social Science 4, nr 4 (31.07.2023): 1003–14. http://dx.doi.org/10.38142/ijesss.v4i4.606.
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Using a quantitative research method, this article examined the perceptions of audit experts concerning the influence of mandatory audit firm rotation on audit reform (AR) in the province of KwaZulu-Natal. Data was gathered from 102 audit experts knowledgeable in the field of accounting and auditing from Tier 2 audit firms and two public institutions and used for data analysis. The empirical results of this study were two-fold. Firstly, the descriptive statistics provided a general overview of the respondents’ opinions. The majority of respondents agreed that MAFR implementation would strengthen audit reform, thereby validating the initial position of the Independent Regulatory Board of Auditors. In addition, most participants agreed that the ramification of the imposition of additional costs could not be ignored. Moreover, the utilization of SPSS on ordinal logistic regression also found that the probability of a decrease in the progress of audit reforms is significantly higher when mandatory audit firm rotation is in place, and a non-significant positive predictor of mandatory audit firm rotation would increase audit independence. This article contributes to existing knowledge and the continuous discourse on mandatory audit firm rotation rule in South Africa. Conclusively, the study, therefore, recommends that since the research was limited to Kwazulu-Natal, future studies should broadly include registered auditors and academics from institutions and firms in different South African provinces to obtain diverse views about pre-and post-implementation of the rule in 2023 to compare the effects of the policy on audit independence.
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Burunciuc, Corina, i Halit Gonenc. "Reforms Protecting Minority Shareholders and Firm Performance: International Evidence". Journal of Risk and Financial Management 14, nr 1 (24.12.2020): 5. http://dx.doi.org/10.3390/jrfm14010005.
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This study investigates the effect of corporate governance reforms protecting minority shareholders on the firm value measured by Tobin’s Q. Using the difference-in-differences estimation and a large international sample from 65 countries for the period 2005–2018, the results show that the firm values increase more in the reform countries than non-reform countries relative to pre-reform levels. This positive effect changes for firms with high and low levels of debt. Moreover, the values after reforms increase more for firms located in civil countries and in countries with rule-based reform approaches and low debt enforcement because the reforms strengthening minority shareholder protection are more efficient in those countries. The evidence is robust to accounting-based performance as well.
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Chipeta, Chimwemwe, i Chera Deressa. "Firm and country specific determinants of capital structure in Sub Saharan Africa". International Journal of Emerging Markets 11, nr 4 (19.09.2016): 649–73. http://dx.doi.org/10.1108/ijoem-04-2015-0082.
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Purpose The purpose of this paper is to examine the effects of firm- and country-specific factors on the dynamics of capital structure for a new data set of firms in Sub-Saharan Africa. Design/methodology/approach Panel data estimation techniques are carried out on a set of 412 firms from 12 countries within Sub-Saharan Africa. Findings The results show that firm- and country-specific factors play an important role in the choice of debt for firms in Sub-Saharan Africa. First, firm profitability is the most common significant predictor of capital structure for firms in Sub-Saharan Africa. The significance and magnitude of profitability coefficients is more pronounced in countries with the least developed banking and stock markets and the weakest legal systems. Second, the rule of law in Nigeria and Zimbabwe provides avenues for firms in these countries to increase their debt maturity structures. The choice of debt for firms in Ghana is significantly influenced by the strength of the legal rights, the time to enforce a contract and the cost of contract enforcement. Third, capital structure adjustment speeds in all the sampled countries are relatively slow, possibly due to the market imperfections associated with the underdeveloped financial markets of Sub-Saharan Africa. Lastly, firms in the most developed stock markets of Sub-Saharan Africa tend to have lower mean debt ratios and faster capital structure adjustment speeds. Similarly, firms in countries with strong legal mechanisms tend to have higher mean long-term debt ratios and faster capital structure adjustment speeds. Originality/value This paper explores the influence of firm-level and country-specific factors on the dynamics of capital structure for a new data set that was previously ignored in the literature.
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Itoh, Ryo, i Zonghui Li. "Effects of dual networks on tax strategies: geography and transaction". Japanese Economic Review 72, nr 1 (8.12.2020): 97–128. http://dx.doi.org/10.1007/s42973-020-00060-w.
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AbstractThis study investigates how a revenue-maximizing tax strategy of local and central governments incorporates dual networks, namely, an inter-firm transaction network and an inter-country geography network. We assume a two-stage game in which governments propose discriminatory tax levels for firms, whereas each firm has an incentive to invest in a country near the foreign branch office of its transaction partner. In our model, the centrality index of the Kronecker product of the two networks describes the interplay among the location choices and tax strategies in the equilibrium. A stronger linkage within each network generally increases demand for investment and in turn raises overall tax levels to exploit the high demand. Although more central firms in the inter-firm network are likely to be levied higher taxes because of their high demand for investment, firms in the highest tax bracket differ among countries depending on their geographical location. Finally, we show that a uniform tax in which firms are not discriminated and networks do not matter is the socially optimal tax, which incorporates all inter-country externalities. We also investigate decentralized tax strategies based on the rule of non-discriminatory (uniform) taxation and show, by comparing social welfare under discriminatory and uniform tax regimes, that restricting tax discrimination improves social welfare.
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Haveman, Heather A., Nan Jia, Jing Shi i Yongxiang Wang. "The Dynamics of Political Embeddedness in China". Administrative Science Quarterly 62, nr 1 (8.07.2016): 67–104. http://dx.doi.org/10.1177/0001839216657311.
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Economic transitions in countries that move from state planning and redistribution to market exchange create business opportunities but also uncertainty, because many interdependent factors—modes of exchange, types of products, and forms of organizations—are in flux. Uncertainty is even greater when the country’s political institutions remain authoritarian because the rule of law is weak and state bureaucrats retain power over the economy. This study of listed firms in China, which has recently seen economic transition but persistent authoritarianism, shows that in such contexts, firms can reduce uncertainty by developing relationships with state bureaucrats, which help firms learn how state bureaucracies operate and engender trust between firms and bureaucrats. Together, knowledge and trust stabilize operations and help persuade bureaucrats to lighten regulatory burdens, grant firms access to state-controlled resources, and improve government oversight. Our results show that as economic transitions proceed and uncertainty increases, business–state ties increasingly improve firm performance. We also investigate two likely contingencies, industry and firm size, and two important causal mechanisms, access to bank loans and protection from related-party loans, and show that the value of business–state relations varies over time, depending on the trajectory of both economic and political institutions.
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Wilde, Alexandra. "Considerations for Private Equity Firms When Utilizing Chapter 11 New Value Deals". Michigan Business & Entrepreneurial Law Review, nr 1.1 (2012): 197. http://dx.doi.org/10.36639/mbelr.1.1.considerations.
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The new value exception to the Chapter 11 absolute priority rule provides a narrow avenue for equity holders to retain an equity interest in a reorganized company over the objections of senior creditors and interest holders. With the increasing number of Chapter 11 reorganization filings by private equity owned companies, private equity firms may be interested in exploring ways to retain their equity ownership in the debtor company. This Note explores the unique implications a private equity firm may encounter when attempting to utilize the new value exception as a last resort to maintain ownership in a debtor company. Part II of this Note briefly explains how the absolute priority rule functions. Furthermore, this section discusses the case law development of the new value exception. Part III then analyzes the particular challenges and considerations a private equity firm may face when attempting to meet each of the new value exception requirements. Ultimately, this section demonstrates that private equity firms hold a unique position among debtor-reorganized companies, which may aid them in obtaining new equity ownership through the new value exception. Part IV therefore concludes that private equity firms may be able to take advantage of this exception, but they must tread cautiously in light of an absence of case law guidance and the ambiguous legislation surrounding the new value exception.
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Tsai, Shoou-Rong, Pan-Long Tsai i Yungho Weng. "Cournot-Bertrand competition: a revisit of strategic trade policy in the third-market model". Journal of Economic Studies 43, nr 3 (8.08.2016): 475–87. http://dx.doi.org/10.1108/jes-02-2015-0028.
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Purpose – The purpose of this paper is to discuss the optimal policy settings of the home government for any combination of strategic variables adopted by home and foreign firms under Brander and Spencer’s third-market model framework. Design/methodology/approach – This paper follows all the assumptions of Brander and Spencer with only two modifications: firms produce differentiated products, and firms choose different strategic variables. A two-stage game is set and the subgame-perfect Nash equilibrium is deduced following backward induction. Findings – The authors arrive at a general, simple rule to determine the optimal policy of the home government for any combination of strategic variables: regardless of the strategic variable of the domestic firm, the optimal policy of the home country is an export subsidy (tax) as long as the foreign firm’s strategic variable is output (price). The optimal subsidy or tax of the home country is shown to move the equilibrium to the Stackelberg equilibrium where the domestic firm behaves as the leader while the foreign firm behaves as a follower under free trade. With appropriate interpretations and a suitable caveat, the above results still hold in the case with multiple foreign firms which may choose different strategic variables. Originality/value – This paper fills the gap in the literature, and provides some more general results not easily detected in the original model of Brander and Spencer or Eaton and Grossman.
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Brown, David P., i Miguel A. Ferreira. "Idiosyncratic Volatility of Small Public Firms and Entrepreneurial Risk". Quarterly Journal of Finance 06, nr 01 (15.02.2016): 1650002. http://dx.doi.org/10.1142/s2010139216500026.
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The average idiosyncratic volatility of small public firms is a positive predictor of future stock returns. This is true for returns of both large and small firms. We consider several economic arguments for this result, including a liquidity premium, and we rule out all but one of them. Our evidence supports the entrepreneurial risk hypothesis, which states that small firms’ idiosyncratic risk is a proxy for risk faced by private business owners, who also happen to be significant shareholders of stock. Expected returns are increasing functions of entrepreneurial risk, and therefore returns are predictable using proxies for this risk, which include small-firm idiosyncratic volatility.
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Kohpaiboon, Archanun, i Juthathip Jongwanich. "Global Production Sharing and Wage Premiums: Evidence from the Thai Manufacturing Sector". Asian Development Review 31, nr 2 (wrzesień 2014): 141–64. http://dx.doi.org/10.1162/adev_a_00034.
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The paper aims to promote a better understanding of the determinants of wage skill premiums in developing countries, with emphasis on the role of firm heterogeneity as well as global production sharing. An interplant, cross-sectional analysis of the Thai manufacturing sector is undertaken. Our key finding is in line with the theoretical postulation of the established firm heterogeneity literature—i.e., tariff cuts have different effects on firms depending on the mode by which firms are globally integrated. We also find that outsourced economic activities to developing countries are skills intensive. Our finding has implications for the management of economic globalization. First, reluctance to continue trade policy reform could inflate demand for unskilled workers and eventually jeopardize the competitiveness of exporting firms. Second, participation in global production sharing provides not only lucrative business opportunities, but also the chance to move up to a higher rung on the technology ladder. In addition, increasing economic globalization by participating in global production sharing could bring adverse effects to unskilled workers. Social safety net programs must be put in place to mitigate such adverse effects.
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Kajüter, Peter, Florian Klassmann i Martin Nienhaus. "The Effect of Mandatory Quarterly Reporting on Firm Value". Accounting Review 94, nr 3 (1.07.2018): 251–77. http://dx.doi.org/10.2308/accr-52212.
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ABSTRACT We exploit a regulatory change in Singapore to analyze the capital market effects of mandatory quarterly reporting. The listing rule implemented in 2003 has required firms with a market capitalization above S$75 million—but not firms with a market capitalization below this threshold—to publish quarterly financial statements. Using regression discontinuity analysis for our identification, we provide novel evidence of the causal effects of mandatory quarterly reporting on small firms. We find a 5 percent decrease in firm value, consistent with the notion that mandatory quarterly reporting is perceived as a net burden for small firms. Contrary to popular belief, we cannot find evidence of informational benefits or myopic investment for firms around the threshold. Additional tests suggest positive information spillover effects from large mandatory quarterly reporters to non-quarterly reporting firms. JEL Classifications: M41; M48.
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Wu, Chiu-Hui. "On the Moderating Effects of Country Governance on the Relationships between Corporate Governance and Firm Performance". Journal of Risk and Financial Management 14, nr 3 (23.03.2021): 140. http://dx.doi.org/10.3390/jrfm14030140.
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This study further empirically examines the influence of board independence on financial performance by using the world’s top 1000 firms. CEO duality and the percentage of independent directors are used as the indicators of board independence. Moreover, this study re-addresses the findings in the literature by giving supplement in theory and conducting tests for the influence of board independence on firm performance as well as the moderating effects of country governance, focusing on regulatory quality and rule of law, with multi-level modeling, a more sophisticated statistical approach. Four hypotheses, based on agency theory and compensation theory, were developed. The results indicated that CEO duality and the percentage of independent directors exerted, respectively, negative and positive influence on Return on Assets (ROA), a firm performance indicator. Furthermore, regulatory quality and the rule of law positively moderated the negative effects of the former and negatively moderated the positive effects of the latter. Some practical implications were discussed based on the results obtained.
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Yousaf, Muhammad, i Sandeep Kumar Dey. "Best proxy to determine firm performance using financial ratios: A CHAID approach". Review of Economic Perspectives 22, nr 3 (1.09.2022): 219–39. http://dx.doi.org/10.2478/revecp-2022-0010.
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Abstract The main purpose of this study is to investigate the best predictor of firm performance among different proxies. A sample of 287 Czech firms was taken from automobile, construction, and manufacturing sectors. Panel data of the firms was acquired from the Albertina database for the time period from 2016 to 2020. Three different proxies of firm performance, return of assets (RoA), return of equity (RoE), and return of capital employed (RoCE) were used as dependent variables. Including three proxies of firm’s performance, 16 financial ratios were measured based on the previous literature. A machine learning-based decision tree algorithm, Chi-squared Automatic Interaction Detector (CHAID), was deployed to gauge each proxy’s efficacy and examine the best proxy of the firm performance. A partitioning rule of 70:30 was maintained, which implied that 70% of the dataset was used for training and the remaining 30% for testing. The results revealed that return on assets (RoA) was detected to be a robust proxy to predict financial performance among the targeted indicators. The results and the methodology will be useful for policy-makers, stakeholders, academics and managers to take strategic business decisions and forecast financial performance.
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Duncan, Leah. "The Proxy Problem: Using Nonprofits to Solve Misaligned Incentives in the Proxy Voting Process". Michigan Business & Entrepreneurial Law Review, nr 9.2 (2020): 235. http://dx.doi.org/10.36639/mbelr.9.2.proxy.
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Proxy advisory firms and their influence on the proxy voting process have recently become the subject of great attention for the Securities and Exchange Commission (“SEC”) among other constituencies. A glance at recent proxy season recaps and reports, many of which devote space to discussing proxy advisory firm recommendations, reveal the significance of this influence on institutional voting. As Sagiv Edelman puts it, “proxy advisory firms exist at the nexus of some of the most high-profile corporate law discussions—most notably, the shareholder voting process, which has recently been the subject of much scholarly and legal debate.” The SEC has responded by announcing that it intends to reform the regulations, or lack thereof, surrounding proxy advisory firms. Recently, the SEC issued proposed amendments to Exchange Act Rule 14(a)-1 which would effectively codify their earlier interpretation of solicitation under this rule. The proposed amendment would “condition the availability of certain existing exemptions from the information and filing requirements . . . for proxy voting advice businesses upon compliance with additional disclosures and procedural requirements.” Furthermore, the amendments would clarify when a lack of disclosure of certain information in proxy voting advice compromises the accuracy of the advice and misleads within the meaning of the rule. The SEC believes that these extra requirements will “help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which to make their voting decisions.” Based on this proposal, it is apparent that the SEC is intent on rectifying some of the problems of transparency and conflicts of interest associated with proxy advisory firms. Given the increasing influence of proxy advisory firms, the misalignment of incentives between proxy firms and the institutional shareholders who use proxy firm services is troubling. This Note identifies inherent problems and concerns with proxy advisory firms and offers solutions to these issues with a focus on eliminating conflicts of interest. Using Henry Hansmann’s theory of ownership, this Note argues that nonprofit ownership of proxy advisory firms eliminates both information asymmetry and conflicts of interest inherent to the current ownership structure. Part I provides a brief overview of the problems and concerns associated with proxy advisory firms. Part II suggests two potential solutions: that Rule 206(4)-6 of the Investment Adviser Act of 1940 should be repealed or alternatively, that nonprofit ownership through investment company associations is a more effective way for investment management companies to comply with their fiduciary duties. Because profit incentive has created conflicts of interest that lead to proxy advice that may not always be in the best interest of investment manager clients, nonprofit ownership promotes transparency that allows parties who rely on the advice to make more independent decisions. Part III argues that nonprofit ownership is the most viable alternative to the status quo.
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Bolton, Jonathan. "Mendacity, Rule Consequentialist Ethics and The Ploughman's Lunch". Film-Philosophy 26, nr 1 (luty 2022): 26–43. http://dx.doi.org/10.3366/film.2022.0188.
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This article examines Ian McEwan's script for director Richard Eyre's film, The Ploughman's Lunch (1983), the title of which alludes to a deceptive, post-World War II advertising campaign that promulgated a false narrative about British tradition. McEwan's script, and Eyre's film adaptation of it, offer a prescient exposé of Britain's culture of mendacity in the 1980s in ways that draw on rule-consequentialist ethics to maintain that lying on the personal, professional, and political level has a pernicious effect on society. McEwan's work on the film also marks a crucial turning point in the author's career, one in which he first begins to explore complex ethical and moral conundrums that would figure prominently in his major fiction.
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Xu, Peiyuan, i Yongzhong Wang. "Investment Experience, Bilateral Investment Treaty and China’s ODI: A New Angle to Explain Risk Preference". International Journal of Business and Management 15, nr 1 (14.12.2019): 109. http://dx.doi.org/10.5539/ijbm.v15n1p109.
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This paper investigates the role of investment experience in Chinese outward direct investment based on deal-level data from FDI Intelligence and Dealogic data. We use gravity model to test the Chinese firm’s risk attitude and how this attitude is adjusted by firm’s previous investment experience and Bilateral Investment Treaty (BIT). The results show that, first, investment experience has a stimulating effect on s (next) investment scale. This stimulating effect is positively correlated with the concreteness of the investment experience; Second, China’s ODI still has an appetite. Firms tend to investing in countries of high corruption risk, government efficiency risk, political stability risk, regulation quality risk and rule of law risk, but not voice and accountability risk; Third, previous investment experience has a moderating effect on risk preference. That is to say, firms with richer experience tend to be more risk averse; Finally, the existence of investing partner does have a positive moderating effect on firms’ risk preference making firms more risk averse, while the BIT has a stronger but negative moderating effect on risk preference, making firms more aggressive, especially for resource industry. It is inferred that BIT provides a solid safety net for Chinese resource companies since they’re mostly state-owned and have keen relationship with Chinese government.
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Widding, A. S. "Rune Waldekranz: Swedish pioneering film historian". Screen 47, nr 1 (1.01.2006): 113–17. http://dx.doi.org/10.1093/screen/hjl008.
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Walsh, Aidan, i Malcolm Brady. "Intra-Firm Coordination through Rule-Following and the Emergence of Hierarchy". Quarterly Journal of Austrian Economics 22, nr 3 (31.12.2019): 357–82. http://dx.doi.org/10.35297/qjae.010026.
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Rules and rule-following are becoming better understood as decision-making and coordination mechanisms. Further, that hierarchy is an under-appreciated element of natural spontaneous, rule-based, orders has caused confusion. The article argues firstly that the ability to meld rule-following and hierarchy in one theory of the firm presents an opportunity for a possible consistent Austrian theory of the firm. The paper then proceeds to discuss how rule-following is embedded in conventional theories of the firm and how a rule-based firm can create value in the larger spontaneous order of the extended market. The paper concludes by arguing that even though conventional views around hierarchy and the giving of orders within a firm may have a role, the conventional view may be under-privileging the role of rules, rule-following and the consequent natural emergence of hierarchy.
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Balsam, Steven, i Wonsun Paek. "Insider Holding Requirements, Stock Options, and Stock Appreciation Rights". Journal of Accounting, Auditing & Finance 16, nr 3 (lipiec 2001): 227–48. http://dx.doi.org/10.1177/0148558x0101600305.
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This study examines how a Securities and Exchange Commission rule change affected the design of executive compensation contracts. It shows that a change in insider holding requirements for employee stock options led to a widespread decrease in the use of stock appreciation rights. Further, we find firms that decrease their use of stock appreciation rights compensate employees by increasing their use of employee stock options. The Securities and Exchange Commission rule change provides a unique opportunity to examine the use of compensation methods as it caused firms to examine their policies and make an active decision to modify their practices. Cross-sectionally, we find the likelihood a firm decreases its use of stock appreciation rights positively associated with the magnitude of expense associated with stock appreciation rights, the firm's use of income-increasing accounting methods, leverage, and the ratio of market to book value of assets. We also find a significant interaction effect for the magnitude of expense when interacted with profitability.
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Sheng, Dachen, Huijun Cheng i Minmin Yin. "Housing Developers’ Heterogeneous Decision-Making under Negative Shock after the High-Growth Era: Evidence from the Chinese Real Estate Economy". Mathematics 12, nr 12 (8.06.2024): 1798. http://dx.doi.org/10.3390/math12121798.
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This research uses difference-in-difference (DID) and other empirical methods to analyze firm-level real estate data to discover how heterogeneous firm characteristics affect managers’ decision-making about development expansion when a firm faces a temporary negative sales shock in the Chinese housing market. The manager’s decision is a utility maximization problem under uncertainty, determined by their risk aversion levels, which managers choose to optimize by considering other factors of interest, including career risk and personal wealth. Also, the advance payment rule encourages real estate developers to maintain high turnover, since new projects allow developers to collect cash first. The results show that state-owned enterprises (SOEs) are much more conservative than other types of developers. SOEs tend to focus on current developing projects. Firms with more concentrated management pursue expansion and seek to use new project sales to compensate for their slower growth. Larger developers with headquarters in large cities tend to slow their development speed when they observe negative signals, as they can quickly engage in new projects given these firms’ easy access to financial resources such as bank loans. This study makes a novel contribution to the literature since previous research has tended to focus on the macro market level rather than the firm level. The findings also have strong policy and regulation value. The results indicate that higher cashflow monitoring needs, especially to monitor family-owned developers, to prevent misuse and excessive project expansion.
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Malhotra, Naresh K., i Can Uslay. "Make, buy, borrow or crowdsource? The evolution and future of outsourcing". Journal of Business Strategy 39, nr 5 (17.09.2018): 14–21. http://dx.doi.org/10.1108/jbs-03-2018-0038.
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Purpose The purpose of this paper is to provide a conceptual and historical overview of the evolution of outsourcing. The authors then focus and prognosticate on the future of outsourcing and develop several compelling ideas based on extant insights and the rule of three axioms. Design/methodology/approach The insights are developed based on a review of the extant literature and evolution of trends. Findings The paper generates several insights. First, there is a need to carefully differentiate between core and non-core functions when deciding on whether/what to outsource. Some outsourcing options may boost financial performance in the short run but undermine the long-term viability of the firm. Public firms outsource more than private firms after controlling for size. In many cases, the optimal number of primary suppliers for a critical function/process/stock keeping unit (SKU) is three (while also allowing for a number of secondary suppliers). The optimal share distribution between the suppliers for the same SKU is rank ordinal (i.e. not equal). The complexity and the maturity of the supply chain as well as industry life cycle, regulation and technology influence the optimal number of primary suppliers. Research limitations/implications The insights have significant implications for outsourcing decisions and for improving their impact on firm performance. The emergence of the shared economy, subscription-based business models and crowdsourcing will lead to consumers, business and society that increasingly borrows rather than one that makes or buys. Originality/value The paper represents the first attempt to integrate the axioms of the rule of three with the outsourcing literature and the theory of the firm. It emphasizes the need to align (long-term) performance objectives with managerial incentives as businesses manage their outsourcing efforts.
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Huang, Haiying. "How independent should the board be? Corporate board structure from a voting perspective". Corporate Ownership and Control 3, nr 3 (2006): 148–56. http://dx.doi.org/10.22495/cocv3i3p12.
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This paper proposes a model of corporate voting in which private information and individual preferences of board directors drive the board decisions. The optimal board structure and optimal firm value are solved numerically and their dependence on director and firm characteristics are studied. The optimal board structure is determined by outside and inside directors’ relative unforcedness about the firm, insiders’ bias, outsiders’ advisory ability as well as the characteristics of the projects that the firm have. Voting rules other than the majority voting rule are considered. It is found that the majority rule often is not the optimal rule and it is optimal for a firm to have more inside directors while adopting a tougher voting rule. By studying strategic voting equilibria theoretically, insights about how board directors vote strategically are also provided
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Zinkle, Austin. "How Fire Runs". Journal of Appalachian Studies 28, nr 1 (1.04.2022): 105–7. http://dx.doi.org/10.5406/23288612.28.1.10.
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GANS-MORSE, JORDAN. "Demand for Law and the Security of Property Rights: The Case of Post-Soviet Russia". American Political Science Review 111, nr 2 (20.02.2017): 338–59. http://dx.doi.org/10.1017/s0003055416000691.
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Studies of property rights overwhelmingly focus on whether states expropriate or protect property, overlooking the crucial issue of whether private sector actors willusestate institutions. By contrast, I argue that the “supply” of formal legal institutions often fails to ensure firms will rely on the state for property rights protection. Instead, firms frequently avoid formal legal institutions and turn to illegal strategies based on violence or corruption. Whether firms adopt legal strategies depends on: (1) firm-level practices and beliefs that impede the use of law, (2) the effectiveness of illegal strategies, and (3) coordination problems resulting from firms’ expectations about each other’s strategies. Drawing on interviews with firms, lawyers, and private security agencies, as well as an original survey of Russian enterprises, I illustrate how “demand-side” factors led to a surprising increase in Russian firms’ reliance on formal legal institutions over the past two decades. The findings suggest that comprehensive understanding of property rights and the rule of law requires not only attention to state institutions’ effectiveness, but also to private actors’ strategies.
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Beccarello, Massimo, i Giacomo Di Foggia. "Defining the Organization of Municipal Solid Waste Management Based on Production Costs". Urban Science 7, nr 2 (28.03.2023): 34. http://dx.doi.org/10.3390/urbansci7020034.
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A long-lasting dilemma on the efficient provision of services of general economic interest has become increasingly important in the waste management industry: competition or monopoly in municipal solid waste management. Previous literature has primarily examined the economics of scale and scope to provide an adequate response. Here, we contribute by investigating subadditivity in municipal solid waste management service costs. Subadditivity is a critical concept used to justify imperfect competition, which encourages natural monopolies where one producer will function more effectively than more firms. To test the hypothesis that a subadditivity in costs in waste management exists, we design a simulation based on empirical data for Milan, Italy. We compared the total production cost of the incumbent firm with the alternative hypothesis built by dividing the city into four areas and assigning each area to a different hypothetical firm. The results suggest that the existence of subadditivity results in 6% lower production costs, primarily stemming from business synergies, lower transactional costs, and optimization of productive resources and facilities. The evidence justifies, ceteris paribus, that the provision by a single firm is preferable to multiple firms in the analysis case. Implications for policies are straightforward. The one-fit rule approach fails to set the best condition for policymakers to create a level playing field transparently and efficiently for industry operators to perform efficiently.
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Bonatti, Alessandro, i Gonzalo Cisternas. "Consumer Scores and Price Discrimination". Review of Economic Studies 87, nr 2 (12.09.2019): 750–91. http://dx.doi.org/10.1093/restud/rdz046.
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Abstract We study the implications of aggregating consumers’ purchase histories into scores that proxy for unobserved willingness to pay. A long-lived consumer interacts with a sequence of firms. Each firm relies on the consumer’s current score–a linear aggregate of noisy purchase signals—to learn about her preferences and to set prices. If the consumer is strategic, she reduces her demand to manipulate her score, which reduces the average equilibrium price. Firms in turn prefer scores that overweigh past signals relative to applying Bayes’ rule with disaggregated data, as this mitigates the ratchet effect and maximizes the firms’ ability to price discriminate. Consumers with high average willingness to pay benefit from data collection, because the gains from low average prices dominate the losses from price discrimination. Finally, hidden scores—those only observed by the firms—reduce demand sensitivity, increase average prices, and reduce consumer surplus, sometimes below the naive-consumer level.
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Schillaci, William C. "Training Engineers to Write: Old Assumptions and New Directions". Journal of Technical Writing and Communication 26, nr 3 (lipiec 1996): 325–33. http://dx.doi.org/10.2190/4l3t-yaxc-q0gv-wthu.
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Consulting engineering firms that produce reports for clients benefit from having engineers who can write clear, well-organized, grammatically correct descriptions of the work they perform. Despite the obvious value gained through engineers who can write well, universities and the firms themselves do not as a rule train engineers in business technical writing. A typical program a firm can institute to promote writing skills would include developing a house style guide as well as concise examples of writing engineers should emulate and screening and practice exercises. The ability to first organize material in an outline is critical to efficient composition. Engineers with limited English skills can be instructed in building clear, logical lists that can be efficiently converted into narrative form by an editor.
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Dahmer, Adam. "Pagans, Nazis, Gaels, and the Algiz Rune". Temenos - Nordic Journal of Comparative Religion 55, nr 1 (29.06.2019): 137–55. http://dx.doi.org/10.33356/temenos.83429.
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Although Beltaners – members of Edinburgh’s Beltane Fire Society (BFS) – can trace the immediate origins of their society’s festivals to the collaborative efforts of anarchist performance artists and folklorists reacting against the Thatcherite government policies of the late 1980s, the ritual celebrations they routinely re-enact in the present ultimately derive from much older traditions associated with Scotland’s highly minoritised Gaelic-speaking population, a cohort to which few modern Beltaners belong. Performers at today’s festivals often incorporate runes into their regalia – a practice which does not reflect Gaelic tradition, but which is not unknown among ideologues of the far right. This paper interrogates rune use at BFS festivals, asking whether the employment of Germanic cultural elements in Celtic festivals by non-Celtic-speakers represents a distortion of history and debasement of an embattled ethnic minority, and whether it is ethically acceptable for an explicitly anti-racist organisation to share a symbolic repertoire with representatives of known hate groups. Based on data derived from fieldwork consisting chiefly of participant observation and on the consultation of relevant academic literature, this paper evaluates the potentially problematic nature of BFS ritual performers’ rune use and related behaviours by analysing the intentions that underlie their actions, the consequences that have resulted from them, and the historical interaction of runes, ethnonationalism, and the occult that has shaped perceptions of runic meaning among those who use runes in modern times.
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Goldstein, Michael A. "Circuit Breakers, Trading Collars, and Volatility Transmission Across Markets: Evidence from NYSE Rule 80A". Financial Review 50, nr 3 (16.07.2015): 459–79. http://dx.doi.org/10.1111/fire.12074.
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Kerimov, Pavlo. "Cost of credit and profitability of large industrial firms in Ukraine". Ekonomìka ì prognozuvannâ 2022, nr 2 (30.06.2022): 53–73. http://dx.doi.org/10.15407/eip2022.02.053.
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Lending in Ukraine is usually studied from the creditor’s perspective, and based on the macroeconomic-level data, due to statistics availability. This potentially leaves out the problems that exist on microeconomic level, and leads to one-sided conclusions regarding, for instance, justification for certain levels of cost of credit based exclusively on minimal required profitability. In order to complement these conclusions, it is expedient to use microeconomic data-based analysis performed on a representative selection of firms, and thus the aim of this study is to evaluate credit availability for large firms in Ukraine in 2006-2020. Within the framework of the designated aim, liabilities structure, expected costs of financial resources, both credit and equity-based, have been analyzed for a selection of firms, and then compared to their respective profitability ratios. The main conclusion is that an average large industrial firm in Ukraine in 2006-2020 was not profitable enough to attract either loans or investments on market terms, and it is unlikely the situation has changed now. Individual firms, mainly of agricultural, mining, mechanical engineering, food and trade industries, are the exception to this rule. The reason for this is abnormally high profitability volatility, and in many cases – loss-making of large industrial firms, which in turn raise their risks (and thus the cost of financial resources for them); in other words, an average industrial firm has to pay elevated cost for credit due to its low creditworthiness. The practical conclusion is that the average large industrial firm in Ukraine is maladapted to market-based economy, and thus they should not be the centerpiece for planning of an economic development policy. Due to the tendency of such firms to bias any form of aggregated statistics in their favor, it is advisable to exclude them altogether, and aim to use representative selections based on medium and small firms instead. In particular, such approach must be used for aggregation of industry-specific capital structure, as well as for evaluation of costs of credit, equity and of their underlying risks. This would allow for setting a better scale in estimation of costs of financial resources.