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Determinants of Dividend Payout Ratios: Evidence from United States 股利支付比率的决定因素:来自美国的证据
Pub Date : 2010-05-13 DOI: 10.2174/1874915101003010008
Amarjit Gill, N. Biger, R. Tibrewala
The paper seeks to extend Amidu and Abor (1) and Anil and Kapoor (2) findings regarding the determinants of dividend payout ratios by examining the same for the American service and manufacturing firms. We find that for the entire sample the dividend payout ratio is the function of profit margin, sales growth, debt-to-equity ratio, and tax. For firms in the Services industry the dividend payout ratio is the function of profit margin, sales growth, and debt-to-equity ratio. For manufacturing firms we find that dividend payout ratio is the function of profit margin, tax, and market-to-book ratio. We also found that the results are different when the dividend payout ratio is defined as the ratio between the cash dividend that the after-tax cash flow, not the after tax earnings of the companies.
本文试图通过对美国服务业和制造业公司进行相同的研究,来扩展Amidu和Abor(1)和Anil和Kapoor(2)关于股息支付比率决定因素的发现。我们发现,对于整个样本,股息支付率是利润率、销售增长、债务权益比和税收的函数。对于服务行业的公司来说,股息支付率是利润率、销售增长和债务权益比的函数。对于制造业企业,我们发现股息支付率是利润率、税收和市净率的函数。我们还发现,当股息支付率被定义为现金股息与税后现金流量之比,而不是公司税后收益之比时,结果是不同的。
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引用次数: 213
The Dynamics Towards Multiple Strategic Options: A Conceptual Approach 多战略选择的动态:一种概念方法
Pub Date : 2009-12-04 DOI: 10.2174/1874915100902010108
Marc Logman
Ambidextrous strategies are strategies in which multiple strategic options are combined (for instance innovation and cost leadership). This paper shows that various companies often end up in following an ambidextrous strategy, due to a typical evolution in "contradictions" that characterize their strategic problem context. Often a company starts facing dichotomies in the beginning, while facing paradoxes in a later stage. Such a dynamic trajectory is illustrated, using AMD as a case study. The case study shows that an ambidextrous strategy is often not a choice, but the result of a dynamic process with no other choice left.
双灵巧战略是多种战略选择相结合的战略(例如创新和成本领先)。本文表明,由于“矛盾”的典型演变,各种公司往往最终遵循一种双灵巧战略,这是其战略问题背景的特征。通常,一家公司一开始就面临二分法,而在后期又面临悖论。以AMD为例,说明了这种动态轨迹。案例研究表明,双灵巧策略往往不是一种选择,而是一个没有其他选择的动态过程的结果。
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引用次数: 1
Comparison of Performance of Korean Regional and National Banks: 1992-2004 韩国地方银行与国家银行绩效比较:1992-2004
Pub Date : 2009-12-01 DOI: 10.2174/1874915100902010095
Kang H. Park
This paper compares the performance of regional banks and national banks in Korea for the period of 1992- 2004 by examining how the profitability of these two groups differs, identifying major determinants of profitability for each group, and explaining their similarities and differences. Two competing hypotheses, the market power hypothesis and the efficient structure hypothesis, are tested in an integrated model. The results obtained from the panel data indicate that economic growth, efficiency, and non-performing loans are significant variables in explaining profitability for both regional and national banks. On the other hand, the exchange rate and capital ratio affect bank profitability significantly for national banks, but not for regional banks, while the inflation rate and the net interest margin are important variables only for regional banks. Market concentration has no influence on bank profitability, and the market share is a significant variable for national banks, but it shows inconclusive results for regional banks.
本文比较了1992年至2004年期间韩国地区银行和国家银行的表现,研究了这两个群体的盈利能力是如何不同的,确定了每个群体盈利能力的主要决定因素,并解释了它们的异同。在一个整合模型中,对市场力量假说和有效结构假说这两个相互竞争的假说进行了检验。从面板数据中获得的结果表明,经济增长、效率和不良贷款是解释区域银行和全国性银行盈利能力的重要变量。另一方面,汇率和资本比率对全国性银行的盈利能力有显著影响,而对地区性银行没有显著影响,而通货膨胀率和净息差仅对地区性银行是重要变量。市场集中度对银行盈利能力没有影响,市场份额对全国性银行是显著变量,但对区域性银行影响不明显。
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引用次数: 2
Surviving Through the Global Downturn: Employee Motivation and Performance in Healthcare Industry 在全球经济衰退中生存:医疗保健行业的员工动机和绩效
Pub Date : 2009-10-21 DOI: 10.2174/1874915100902010086
Abubakr Suliman, Nawal Al-Sabri
This paper examines demographic variables, work motivation, job satisfaction and work performance in a government healthcare sector in the Middle East. A self administered questionnaire was developed to randomly survey 300 employees in order to examine the significance, strength and nature of the relationship between the above mentioned variables. Results revealed that some demographic variables play significant role in explaining the variance in motivation, satisfaction and performance. Both satisfaction and motivation found to play important role in predicting work performance, whereas job satisfaction found to be significantly and positively related to work motivation. Implications of the findings for both practitioners and researchers are also discussed in the paper with some recommendations for future research in the field.
本文考察了人口统计变量,工作动机,工作满意度和工作绩效在政府医疗保健部门在中东。为了检验上述变量之间的关系的重要性、强度和性质,我们开发了一份自我管理的问卷,随机调查了300名员工。结果表明,一些人口统计变量在解释动机、满意度和绩效差异方面起着重要作用。满意度和工作动机对预测工作绩效都有重要作用,而工作满意度与工作动机显著正相关。本文还讨论了研究结果对从业人员和研究人员的影响,并对该领域未来的研究提出了一些建议。
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引用次数: 15
The Impact of Adopting an Experiential Service Learning Group Project on Teaching Effectiveness 采用体验式服务学习小组计划对教学效果的影响
Pub Date : 2009-09-18 DOI: 10.2174/1874915100902010069
R. Motameni
It is a well-established fact that learning is facilitated when the student participates completely in the learning process and is confronted with practical problems. "Experiential Learning" occurs when students participate in some activity, reflect upon the activity, use their analytical skills to derive some useful insight from the experience, and then incorporate their new understanding(s) into real business situations. The incorporation of "Service Learning" which is using the "Experiential Learning" conceptual framework has become widespread in numerous colleges and universities. Nevertheless, while there has been a steady increase in the understanding of how service-learning affects students and communities, there remains a dearth of research on how using "Service Learning" pedagogy impacts faculty. Few studies have focused on the faculty side of "Service Learning". The literature review of this paper indicated a significant lack of any evidence that illustrates the impact of adopting a service learning project on a student's perception of an instructor's teaching effectiveness. The overall purpose of this article was to assess such impact. The result of this experimental study strongly suggests that inclusion of a "Service Learning" project in a marketing course, in addition to creating a unique and distinguishable factor in a student's mind regarding civic engagement, will positively change their perception of the instructor's teaching effectiveness too. The second conclusion is that the necessary resources including all relevant information, readings, guidelines, plans, and forms should carefully be created with easy access to them by students(e.g., via a website).
这是一个公认的事实,当学生完全参与学习过程并面对实际问题时,学习是容易的。“体验式学习”发生在学生参与一些活动,反思活动,运用他们的分析技能从经验中获得一些有用的见解,然后将他们的新理解融入到实际的商业环境中。运用“体验式学习”概念框架的“服务学习”在高校中得到广泛应用。然而,尽管对服务学习如何影响学生和社区的理解稳步增长,但关于如何使用“服务学习”教学法影响教师的研究仍然缺乏。很少有研究关注“服务学习”的教师方面。本文的文献回顾表明,明显缺乏任何证据来说明采用服务学习项目对学生对教师教学有效性的看法的影响。本文的总体目的是评估这种影响。本实验研究的结果强烈表明,在市场营销课程中加入“服务学习”项目,除了在学生心中创造一个独特的、可区分的关于公民参与的因素外,还会积极地改变他们对教师教学效果的看法。第二个结论是,必要的资源,包括所有相关的信息、阅读材料、指导方针、计划和表格,应该精心创建,方便学生访问。(通过网站)。
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引用次数: 1
The Alignment of Interests of the “Private Sector” and the Citizens During a Transition Period in Transition Economies 转型期经济中“私营部门”与公民利益的契合
Pub Date : 2009-04-15 DOI: 10.2174/1874915100902010064
James S. Ang, Elli Kraizberg
The ownership of over 1600 firms in the Czechoslovak Socialist Republic has been transferred to the private sector in the early 90’s. Twelve years later, less than 5% of the firms are still public companies and it is estimated that the assets of over 90% of the firms have been stripped and sold to various operators [1-5]. When governments decided to privatize state owned enterprise and distribute shares to the citizens, it needs to solve two problems. The first is how to level the playing field for the disadvantaged citizens, who are less sophisticated and too diverse to organize against expropriation by others. The second is to obtain new financing for the privatized firms. We propose an original scheme in which the less sophisticated citizens make ‘sidecar’ investment along side the sophisticated, but with a right to redeem their shares. The scheme assures the citizens do not misallocate funds to less valuable firms, or pay more than what the sophisticated pay. It also align the interests of the citizens and the sophisticated investors such as investment funds.
捷克斯洛伐克社会主义共和国1600多家公司的所有权已于90年代初转移到私营部门。12年后,只有不到5%的公司仍然是上市公司,据估计,超过90%的公司的资产已被剥离并出售给各种运营商[1-5]。当政府决定将国有企业私有化并将股份分配给公民时,需要解决两个问题。第一个问题是如何为弱势公民创造公平的竞争环境,他们缺乏经验,也太过多样化,无法组织起来反对他人的征用。二是为私有化企业获得新的融资。我们提出了一个原创方案,让不太成熟的公民与成熟的公民一起进行“侧车”投资,但有权赎回他们的股份。该计划确保公民不会将资金错误地分配给价值较低的公司,或者支付比高级公司更多的钱。它还使公民和投资基金等老练投资者的利益保持一致。
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引用次数: 0
The Anomalous Stock Market Behavior of Big and Low Book-to-Market Equity Firms in April: New Evidence from Japan 4月份大、低账面市值比股票公司的异常股市行为:来自日本的新证据
Pub Date : 2009-04-03 DOI: 10.2174/1874915100902010054
Chikashi Tsuji
This paper shows that in Japan, big and low book-to-market equity firms experience higher risk-adjusted re- turns in April. We also reveal that volatility in April is significantly lower than in other months. Furthermore, we demon- strate that several trading strategies using this April effect can produce profitable returns, even after considering transac- tion costs. Moreover, additional analysis using the trading volume of financial institutions implies that the abnormally higher returns of big firms and low book-to-market equity firms appear to be derived not from the tax-loss selling effect but mainly from the dressing-up behavior of Japanese financial institutions at the end of the fiscal year.
本文表明,在日本,大型和低账面市值比的股票公司在4月份经历了更高的风险调整回报率。我们还发现,4月份的波动性明显低于其他月份。此外,我们还发现,即使考虑到交易成本,一些利用四月效应的交易策略也能产生有利可图的回报。此外,使用金融机构交易量的额外分析表明,大公司和低账面市值比股票公司的异常高回报似乎不是来自税收损失抛售效应,而是主要来自日本金融机构在财政年度结束时的伪装行为。
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引用次数: 0
The Determinants of Capital Structure in the Service Industry: Evidence from United States 服务业资本结构的决定因素:来自美国的证据
Pub Date : 2009-04-01 DOI: 10.2174/1874915100902010048
Amarjit Gill, N. Biger, C. Pai, Smita Bhutani
The paper seeks to extend Biger, Nguyen, and Hoang' (2008) findings regarding the determinants of capital structure. Empirical results show that that leverage is negatively related to the firm's profitability. This paper offers useful insights for the service industry owner/operators and managers based on empirical evidence.
本文试图扩展Biger、Nguyen和Hoang(2008)关于资本结构决定因素的发现。实证结果表明,杠杆率与企业盈利能力呈负相关。本文在实证的基础上为服务业所有者/经营者和管理者提供了有益的见解。
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引用次数: 98
The Distribution and Valuation of Corporate Control 公司控制权的分配与价值评估
Pub Date : 2009-03-24 DOI: 10.2174/1874915100902010028
Elli Kraizberg, John L. Teall
Direct empirical valuation of corporate control has been hampered by the absence of systematic observable data and verifiable equilibrium models. This paper provides a new analytical framework for valuing voting rights, linking the value of control to the distribution of shares among shareholders along with corresponding Shapley and Owen Power In- dices. The new framework presented here transforms values generated by power indices into game theory/equilibrium fi- nancial values We illustrate our model using numerical methodologies based on share prices paid by agents seeking to control firms as well as market prices paid by shareholders who simply defer control to other agents. The paper also de- rives a simple version of a demand function for corporate control in a setting similar to Jensen and Meckling (1). Using a unique data set of dual class shares, we compare empirical methodologies estimating the value of control to the analytical methodology provided in this paper. This paper structures a new analytical power-based framework intended to value control of the firm as a function of the distribution of its shares, demand function for corpo- rate control and equilibrium conditions that have not been applied in the literature. The model presented here is able to identify the value of control that is associated with shares that are traded in the market by non-control seekers. Using basic assumptions such as an initial "balance of threat" among various rivals who compete for control, the model generates a game theory/equilibrium solution so that values generated by power indices are transformed into equilibrium financial values. An important implication of the model is that overall corporate equity, net of the value of control, is not a simple product of prevailing share market prices and the number of outstanding shares, since even share prices that are held by non-control seekers include a control pre- mium. Prevailing market prices of shares will reflect the dis- tribution of control and the extent to which the transfer of particular shares might impact the outcome of a corporate election. Hence, the marginal value of control associated with a particular share being transferred is expected to be quite different from the average value of control reflected in the overall value of equity. Furthermore, the identities and characteristics of buyers and sellers of given shares impact the values of those shares without necessarily affecting the value of assets yielding private benefits. This paper contributes to existing models valuing private benefits based on share class price differences (e.g., Lease, McConnell and Mikkelson (2) and (3) and Levy (4)) by in- corporating the important relationship between shares distri- bution and value of corporate control. This paper has several
由于缺乏系统的可观察数据和可验证的均衡模型,公司控制权的直接实证评估一直受到阻碍。本文提出了一个新的分析框架,将控制权的价值与股东之间的股份分配联系起来,并提出了相应的Shapley和Owen Power模型。本文提出的新框架将权力指数产生的价值转化为博弈论/均衡金融价值。我们使用数值方法来说明我们的模型,该方法基于寻求控制公司的代理人支付的股价,以及股东支付的市场价格,这些股东只是将控制权移交给其他代理人。本文还在类似于Jensen和Meckling(1)的设置中给出了公司控制权需求函数的简单版本。使用双类股票的独特数据集,我们将估计控制权价值的经验方法与本文提供的分析方法进行了比较。本文构建了一个新的基于权力的分析框架,旨在将公司控制权作为其股份分配的函数、公司利率控制的需求函数和均衡条件的价值,这些在文献中尚未应用。这里提出的模型能够识别与非控制权寻求者在市场上交易的股票相关的控制权价值。该模型使用基本假设,例如在争夺控制权的各种对手之间初始的“威胁平衡”,生成博弈论/均衡解决方案,从而将权力指数产生的价值转化为均衡的财务价值。该模型的一个重要含义是,除去控制权价值后的公司总股本,并不是现行股价与流通股数量的简单乘积,因为即使是非控制权寻求者持有的股价,也包含了控制权溢价。股票的现行市场价格将反映控制权的分配以及特定股份的转让可能影响公司选举结果的程度。因此,与被转让的某一特定股份有关的控制的边际价值预计将与反映在整体权益价值中的控制的平均价值大不相同。此外,给定股票的买家和卖家的身份和特征会影响这些股票的价值,而不一定会影响产生私人利益的资产的价值。本文通过纳入股份分配与公司控制权价值之间的重要关系,对现有的基于股票类别价格差异的私人利益评估模型(如Lease、McConnell和Mikkelson(2)和(3)以及Levy(4))做出了贡献。这篇论文有几个
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引用次数: 2
The Determinants of Chief Financial Officer’s Compensation in the Service Industry 服务业首席财务官薪酬的决定因素
Pub Date : 2009-03-24 DOI: 10.2174/1874915100902010043
Amarjit Gill, N. Biger, C. Pai, Harvinder S. Mand, Suraj P. Sharma
This study examines the relationship between i) the firm size and the Chief Financial Offer's (CFO) compensa- tion and ii) the corporate performance and the CFO compensation in the service industry. Empirical results show that the CFO compensation is positively related to the firm size, net profit margin, and asset turnover. This paper offers useful in- sights for the service industry owners/operators based on empirical evidence.
本研究考察了服务行业公司规模与首席财务官薪酬、公司绩效与首席财务官薪酬之间的关系。实证结果表明,CFO薪酬与企业规模、净利润率、资产周转率呈正相关。本文在实证的基础上,为服务业经营者提供了有益的启示。
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引用次数: 2
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The Open Business Journal
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