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The Paycheck Protection Program: Minority vs. Non-Minority Bank Response 薪水保护计划:少数银行与非少数银行的回应
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.5-18
James R. Barth, R. Cebula, Jiayi Xu
We are the first to empirically analyze whether the "Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns" (Guidance) program was successful. The program was implemented to promote the Paycheck Protection Program (PPP) loans provided by Minority Depository Institutions (MDIs) in the second round compared to the first round of PPP. Using both loan-level data from the Small Business Administration (SBA) and balance-sheet-level data from the Federal Deposit Insurance Corporation (FDIC), we obtain compelling empirical evidence indicating that MDIs issued relatively more PPP loans (scaled by institution assets) than non-MDIs in the second round. This finding is evidence that the goal of dedicated access for MDIs under the Guidance program was successful. It also enhances the understanding of the PPP lending program and the impact of the Federal Reserve PPP Liquidity Facility (PPPLF) in terms of the role played by MDIs.
我们率先对“少数民族、服务不足、退伍军人和妇女拥有的企业获得资金指导”(指导)项目是否成功进行了实证分析。实施该计划是为了促进少数族裔存款机构(mdi)在第二轮提供的工资保障计划(PPP)贷款,与第一轮PPP相比。使用来自小企业管理局(SBA)的贷款水平数据和联邦存款保险公司(FDIC)的资产负债表水平数据,我们获得了令人信服的经验证据,表明在第二轮中,MDIs发放的PPP贷款(按机构资产比例)相对于非MDIs更多。这一发现证明,指导计划下MDIs专用通道的目标是成功的。它还增强了对公私伙伴关系贷款计划和美联储公私伙伴关系流动性工具(PPPLF)在多边投资机构所起作用方面的影响的理解。
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引用次数: 2
The Effect of Traditional and Contemporary Management Accounting Practices on Organisational Outcomes and the Moderating Role of Strategy 传统和现代管理会计实践对组织成果的影响以及战略的调节作用
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.95-121
Nuraddeen Abubakar Nuhu, K. Baird, Lu Jiao
This study examines the association between the use of a package of contemporary and a package of traditional management accounting practices with organisational outcomes (organisational performance and competitive advantage), and the moderating role of Miles and Snow’s (1978) strategic typologies on these relationships. Based on the responses from 505 US based financial managers, the Structural Equation Modelling (SEM) results indicate that the extent of use of both contemporary and traditional management accounting practices is positively associated with organisational performance and competitive advantage. Furthermore, the findings indicate that with the exception of the reactor typology, Miles and Snow’s (1978) strategy typologies (i.e., defender, prospector, and analyser) moderate the association between the use of management accounting practices with the organisational outcomes. In particular, the findings indicate that the defender (prospector) strategy positively (negatively) moderates the association between the use of a package of traditional (contemporary) management accounting practices with organisational performance. In addition, the results indicate that the defender (analyser) strategy positively (negatively) moderates the association between the use of a package of contemporary management accounting practices with competitive advantage, while the defender (analyser) strategy negatively (positively) moderates the association between the use of a package of traditional management accounting practices with competitive advantage.
本研究考察了现代和传统管理会计实践与组织成果(组织绩效和竞争优势)之间的关联,以及Miles和Snow(1978)的战略类型学对这些关系的调节作用。根据505名美国财务经理的回答,结构方程模型(SEM)结果表明,现代和传统管理会计实践的使用程度与组织绩效和竞争优势呈正相关。此外,研究结果表明,除了反应器类型外,Miles和Snow(1978)的战略类型(即防御者、勘探者和分析者)调节了管理会计实践的使用与组织结果之间的关联。特别是,研究结果表明,防御者(探矿者)战略正(负)调节了使用一揽子传统(当代)管理会计实践与组织绩效之间的关联。此外,研究结果表明,防御者(分析者)策略正(负)调节了使用一揽子当代管理会计实践与竞争优势之间的关联,而防御者(分析者)策略负(正)调节了使用一揽子传统管理会计实践与竞争优势之间的关联。
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引用次数: 1
How to Help Solve the Reviewer Problem in Academic Publishing 如何帮助解决学术出版中的审稿人问题
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.1-4
We are delighted to introduce Volume 26 of the ABR, and this editorial is about a problem that journal editors in all academic disciplines face. The situation is a familiar one to Academic Journal Editors. You have a deluge of submissions, and authors vigorously follow up on the status of their submissions while reviewers are reluctant to accept the review request. To the credit of ABR reviewers, they get the review done once they accept the assignment. Our last year’s editorial (Upadhyaya and Roy, 2022) thanked those reviewers. We thought we should explore the “finding reviewer” problem in our 2023 Editorial, given that the problem is so pervasive in academic publishing.
我们很高兴介绍ABR的第26卷,这篇社论是关于所有学科的期刊编辑面临的一个问题。这种情况对学术期刊编辑来说并不陌生。你有大量的提交,作者积极地跟进他们提交的状态,而审稿人却不愿意接受审稿请求。值得赞扬的是,ABR审稿人一旦接受了任务,就完成了审查。我们去年的社论(Upadhyaya和Roy, 2022)感谢这些审稿人。我们认为应该在2023年的社论中探讨“寻找审稿人”的问题,因为这个问题在学术出版中如此普遍。
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引用次数: 0
Nexus Between Travel & Leisure Stocks and Uncertainties: An Extreme Risk Spillover Analysis 旅游和休闲股票与不确定性之间的关系:极端风险溢出分析
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.245-268
Dilip Kumar
The paper examines the presence of risk spillover to the US travel & leisure industry from the extreme changes in the uncertainties. More specifically, using a time-varying copula based conditional Value-at-Risk (CoVaR) framework, we evaluate the dynamic impact of the uncertainties on the extreme risk of the US travel & leisure industry by taking into consideration the uncertainty in economic policy, equity market conditions, and crude oil prices. The findings indicate a significant dynamic inverse relationship between the returns of travel & leisure industry and changes in uncertainty variables. The results further indicate the stronger sensitivity of the travel & leisure industry toward the uncertainties in financial market and crude oil prices. We find significant evidence of extreme upside and downside risk spillover to the US travel & leisure industry from excessive downward and upward changes in uncertainties respectively. The findings also demonstrate the asymmetric effect of extreme movements in uncertainty factors on the tail risk of the US travel & leisure industry. The findings of the study have ramifications for risk managers, portfolio managers and investors.
本文从不确定性的极端变化出发,考察了风险外溢对美国旅游休闲产业的影响。更具体地说,我们使用基于时变copula的条件风险价值(CoVaR)框架,通过考虑经济政策、股票市场条件和原油价格的不确定性,评估了不确定性对美国旅游休闲行业极端风险的动态影响。研究结果表明,旅游休闲产业的收益与不确定性变量的变化呈显著的动态反比关系。研究结果进一步表明,旅游休闲行业对金融市场和原油价格的不确定性具有较强的敏感性。我们发现,美国旅游休闲行业的上行和下行风险溢出分别来自于不确定性的过度下行和上行变化。研究结果还表明,不确定性因素的极端变动对美国旅游休闲行业尾部风险的影响是不对称的。研究结果对风险管理者、投资组合管理者和投资者都有影响。
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引用次数: 0
Demystifying the Effect of High-Performance Work Systems on Job Involvement Based on Dual-Path Mediation Model 基于双路径中介模型的高绩效工作系统对工作投入的影响
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.226-244
Aastha Tripathi, Aalok Kumar
This study investigates the links between high-performance work systems (HPWS) and job involvement (JI) via organizational justice (OJ) and employee well-being (EW) as mediators. The proposed social exchange theory-based research framework is used to demystify the role of HPWS on job involvement. The proposed framework is validated with ten five-star hotels in India through structural equation modelling. The model reliability and robustness of constructs are tested with confirmatory factor analysis. The findings indicate that organizations must pay close attention to the perceptions of organizational justice and employee wellbeing to foster greater job involvement in their workforce. The positive relationship between HPWS and job involvement was found to be partially mediated by organizational justice and employee wellbeing. Further, HPWS showed a positive relationship with job involvement that was both direct and significant. The present research contributes to the existing body of literature by examining organizational justice and employee wellbeing as mediating variables between HPWS and job involvement in the Indian hotel industry.
本研究通过组织公正(OJ)和员工幸福感(EW)作为中介,探讨了高效能工作系统(HPWS)与工作投入(JI)之间的关系。本文采用基于社会交换理论的研究框架,揭示了高绩效员工对工作投入的影响。该框架通过结构方程模型在印度的10家五星级酒店进行了验证。采用验证性因子分析对模型的信度和稳健性进行了检验。研究结果表明,组织必须密切关注组织公正和员工福利的看法,以促进员工更多地参与工作。组织公平感和员工幸福感对员工工作满意度和工作投入之间的正向关系起部分中介作用。此外,HPWS与工作投入呈现直接且显著的正相关。本研究通过考察组织公正和员工幸福感作为印度酒店业员工满意度和工作投入之间的中介变量,为现有文献做出了贡献。
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引用次数: 0
Distinguished Competency and Efficacy of Working Capital Management Ensuing Firm Survival, Liquidity, Solvency and Profitability: A Study on Automotive Industry 营运资金管理对企业生存、流动性、偿付能力和盈利能力的卓越胜任力和效能:基于汽车行业的研究
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.19-64
Suranjan Bhattacheryay
Limited research interest in studying working capital management process, is found in the literature. However, working capital management has been the most crucial determinant factor for any industry’s survival, liquidity, solvency and profitability. Therefore, to tackle efficiently liquidity and profitability trade –off, all industries are compelled to improvise their working capital management strategies. Continuation of working capital management process at optimal level, expedites firm's value creation and also facilitates to design framework in smoothening financial constraints so as to make effective usages of firm’s resources. The paper argues that automotive industry occupies a significant proportion of global economy. Therefore, an effort has been made to undertake an in-depth study on the industry. The study besides identifying the industry leader, explores diverse techniques to advance comparative study on the industry efficiency level in managing working capital process. The research outcome facilitates investors to choose the most commendable automotive companies for investments.
对营运资金管理过程的研究兴趣有限,在文献中发现。然而,营运资金管理一直是任何行业生存、流动性、偿付能力和盈利能力的最关键决定因素。因此,为了有效地解决流动性和盈利能力的权衡,所有行业都被迫即兴发挥其营运资金管理策略。营运资金管理过程在最佳水平上的持续,加速了公司的价值创造,也有助于设计框架,以平滑财务约束,从而有效地利用公司的资源。本文认为,汽车工业在全球经济中占有相当大的比重。因此,我们努力对这个行业进行深入的研究。本研究在确定行业领导者的基础上,探索了多种技术手段,以推进行业营运资金管理效率水平的比较研究。研究结果有助于投资者选择最值得称道的汽车公司进行投资。
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引用次数: 0
Corporate Cash Holdings and Firm Performance in India: An Empirical Investigation of the Effects of Audit Quality and Firm Growth 印度企业现金持有量与企业绩效:审计质量与企业成长影响的实证研究
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.122-147
Nirosha Hewa Wellalagea, Anura De Zoysa, Shiguang Ma
This paper examines the effects of audit quality and firm growth on the relationship between corporate cash holdings and firm performance by using a sample of about 2500 unique non-financial Indian firms from 2000 to 2017, consisting of 51,388 firm-year observations. The results obtained by controlling for potential endogeneity using the dynamic panel generalised method of moment (GMM) approach show that cash holdings have an inverse U-shaped (concave) relationship with firm performance, which is stronger for firms with higher audit quality than firms with lower audit quality. Our findings also show that firm growth affects the cash holdings and firm performance relationship and the moderating effect of audit quality. Our study highlights the need for corporate managers to consider firm performance, audit quality and firm growth levels in policy decisions on cash holdings.
本文通过使用2000年至2017年约2500家独特的非金融印度公司的样本,包括51,388家公司年度观察结果,检验了审计质量和公司成长对公司现金持有量与公司绩效之间关系的影响。利用动态面板广义矩量法(GMM)方法控制潜在内禀性得到的结果表明,现金持有量与企业绩效呈倒u型(凹)关系,审计质量高的企业比审计质量低的企业的这种关系更强。我们的研究结果还表明,企业成长影响现金持有量与企业绩效的关系以及审计质量的调节作用。我们的研究强调了企业管理者在现金持有量决策时考虑公司绩效、审计质量和公司增长水平的必要性。
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引用次数: 0
Relational Job Design Based Cognitive Pathways to Employee Entrepreneurial Behaviour 基于关系型工作设计的员工创业行为认知路径
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.65-82
Roshni Das
Knowledge based work requires that employees know how to deal with ambiguity and to get ahead of it by being innovative, proactive and risk-taking. These three traits together constitute what is known as employee entrepreneurial behavior (EEB) which is a crucial competence in organizations that operate in dynamic environments. There is however a complex combination of cognitions and metacognitions that effective knowledge workers undertake to make sense of their environment; and these cognitive pathways are not yet fully understood. This is the gap that the current study aims to fill. Data were collected from 285 white collar workers and their supervisors across two sectors, manufacturing and services, in India. This data was modeled with structural equation modeling and hierarchical regression techniques. Leader member exchange and diversity belief are a leader related cognition and social structure-oriented metacognition respectively, that directly predict EEB. A robustness analysis is also conducted to lend credence to these findings. There are practical implications of this research for the cognitive re-design of jobs and for effective supervision strategies for knowledge workers. Future research directions and limitations are elucidated.
知识型工作要求员工知道如何处理模糊性,并通过创新、主动和冒险来领先于模糊性。这三个特征共同构成了所谓的员工创业行为(EEB),这是在动态环境中运作的组织中的关键能力。然而,有效的知识工作者需要认知和元认知的复杂组合来理解他们的环境;这些认知途径还没有被完全理解。这是当前研究旨在填补的空白。数据收集自印度制造业和服务业两个部门的285名白领员工及其主管。采用结构方程模型和层次回归技术对数据进行建模。领导成员交换和多样性信念分别是与领导相关的认知和面向社会结构的元认知,直接预测EEB。稳健性分析也进行了借给信任这些发现。本研究对工作的认知再设计和对知识型员工有效的监督策略具有现实意义。指出了未来研究的方向和局限性。
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引用次数: 0
Urban Crime and Its Net Implicit Price to North Carolina Households 城市犯罪及其对北卡罗莱纳州家庭的净隐性代价
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.83-94
Bishwa S. Koirala, R. Chakraborti, Gyan Pradhan
This study investigates the impact of urban crime rates—property and violent—on wages and rents and estimates the net implicit monetary value of crime rates for living in metropolitan areas, using the American Community Survey 2019 data for cities in North Carolina. A seemingly unrelated regression estimation finds that the crime rates are capitalized into both wages and rents, and suggests crime rates affect wages positively and rents negatively. This investigation estimates a negative value of $51.80 per month—the average net marginal implicit price—for living in cities with high city crime rates. This negative value suggests that households are being compensated for living in cities with high crime rates.
本研究调查了城市犯罪率——财产和暴力——对工资和租金的影响,并使用2019年美国社区调查北卡罗来纳州城市的数据,估计了居住在大都市地区的犯罪率的净隐性货币价值。一个看似无关的回归估计发现,犯罪率被资本化为工资和租金,并表明犯罪率对工资和租金的影响是积极的,而对租金的影响是消极的。这项调查估计,在犯罪率高的城市生活,每月的平均净边际隐性价格为51.80美元。这个负值表明,居住在高犯罪率城市的家庭得到了补偿。
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引用次数: 0
Contribution of Exchange Traded Funds in Hedging Crude Oil Price Risk 交易所交易基金在对冲原油价格风险中的贡献
Q4 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.37625/abr.26.1.203-225
Keshab Shrestha, Sheena Sara Suresh Philip, Yessy A. Peranginangin
In this study, we empirically analyze the contributions of three crude oil-based exchange traded funds (ETFs) and the futures contract in hedging crude oil price risk. In order to measure hedging contributions of ETFs, we estimate the usual minimum variance hedge ratios as well as the quantile based minimum variance hedge ratios based on three different methods. We also compute the hedging effectiveness of the futures contract and three ETFs. We find that ETFs can be used as hedging instruments especially for the longer hedging horizons and extreme quantiles. However, overall, we find the futures contract to be the most effective instrument for hedging.
本文实证分析了三种以原油为基础的交易所交易基金(etf)和期货合约在对冲原油价格风险中的贡献。为了衡量etf的对冲贡献,我们基于三种不同的方法估计了通常的最小方差对冲比率以及基于分位数的最小方差对冲比率。我们还计算了期货合约和三只etf的套期保值效果。我们发现etf可以作为对冲工具,特别是对于较长的对冲期限和极端分位数。然而,总的来说,我们发现期货合约是最有效的对冲工具。
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引用次数: 0
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American Business Review
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