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Budgetary control, corporate culture and performance of small and medium enterprises (SMEs) in Malaysia 马来西亚中小企业的预算控制、企业文化和绩效
Q3 Business, Management and Accounting Pub Date : 2018-05-22 DOI: 10.1504/IJGSB.2018.091831
Ruhanita Maelah, Nor Hadza Nor Yadzid
Small and medium enterprises (SMEs) play an important role in the economic development of Malaysia as they represent 99.2% of businesses in this country. This study attempts to determine the relationship between budgetary control tightness and organisational performance with corporate culture as the moderating variable among SMEs in Malaysia. The study found that budgetary control tightness has positive relationship with performance. Further tests found that budgetary control tightness resulted in low performance for consensual, entrepreneurial and competitive cultures. As for bureaucratic culture, budgetary control tightness does not result in high organisational performance. Practically, the study highlights to the management the importance of budgetary control and corporate culture on performance. Theoretically, this study contributes in the areas of accounting and management control system, especially in the scope of SMEs. Limitations of the study include the regional scope of study and its focus on existing corporate culture.
中小型企业(SMEs)在马来西亚的经济发展中发挥着重要作用,因为它们代表了该国99.2%的企业。本研究试图以企业文化为调节变量,确定马来西亚中小企业预算控制严密性与组织绩效之间的关系。研究发现,预算控制的严格程度与绩效呈正相关。进一步的测试发现,严格的预算控制导致了协商一致、创业和竞争文化的低绩效。对于官僚文化而言,严格的预算控制并不会导致高组织绩效。在实践上,本研究向管理层强调了预算控制和企业文化对绩效的重要性。从理论上讲,本研究在会计和管理控制制度方面有一定的贡献,特别是在中小企业范围内。本研究的局限性包括研究的地域范围和对现有企业文化的关注。
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引用次数: 10
Financial structure effects on export intensity and diversification: the case of Portuguese industrial firms 金融结构对出口强度和多样化的影响:以葡萄牙工业企业为例
Q3 Business, Management and Accounting Pub Date : 2017-12-01 DOI: 10.1504/IJGSB.2017.10011016
L. Pacheco
The objective of this paper is to empirically examine the relationship between a set of financial variables and export performance. Although many empirical papers studied the impact of financial structure on firms' performance its effect on firms' export performance has been less studied. The primary objective of our paper is to fill that gap, particularly for the case of Portugal, focusing on small and medium enterprises (SMEs), where agency problems and lack of resources could impact more on export performance. Using a panel data methodology and considering a sample of 3164 Portuguese manufacturing SMEs for the period 2011-2014 our results indicate that SMEs with less debt, higher profitability and of greater size tend to present higher export intensity and diversification. This exploratory paper gives a contribution to clarify which are the main financial determinants of an export-oriented firm, which is an important issue not only for managers but for all the stakeholders, particularly policy makers a...
本文的目的是实证检验一组金融变量与出口绩效之间的关系。尽管许多实证论文研究了金融结构对企业绩效的影响,但对其对企业出口绩效的影响研究较少。我们论文的主要目标是填补这一空白,特别是在葡萄牙的情况下,重点关注中小型企业,这些企业的代理问题和资源缺乏可能会对出口业绩产生更大影响。使用面板数据方法,并考虑2011-2014年期间3164家葡萄牙制造业中小企业的样本,我们的结果表明,债务较少、盈利能力较高、规模较大的中小企业往往表现出更高的出口强度和多样化。这篇探索性的论文有助于澄清出口导向型企业的主要财务决定因素,这不仅是管理者的重要问题,也是所有利益相关者,特别是决策者和企业的重要问题。。。
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引用次数: 11
Asymmetric causality between exchange rate and interest rate differentials: a test of international capital mobility 汇率和利率差异之间的不对称因果关系:对国际资本流动性的检验
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005753
Jauhari Dahalan, Umar Mohammed
The study employs asymmetric causality to reinvestigate international capital mobility. We simulate critical values based on the leverage bootstrapping and asymmetric causality test. The result reveals that positive shocks in exchange rate causes positive shocks in interest rate in Malaysia. This leads to increase capital inflow into Malaysia. The result further indicates that an increase in exchange rate in Malaysia, Nigeria and South Africa during bad time lowers their capital inflow due to low rate of return to the foreign investors. Furthermore, a decrease in the domestic interest rate in Nigeria influences an increase in the exchange rate during the bad time. This causes fall in the demand for domestic currency from foreigners. The policy implication is that Malaysian policymakers can control capital outflow and encourage inflow during both good and bad times. However, the monetary authorities in Nigeria and South Africa can only control the nations' capital mobility during bad time.
本研究采用非对称因果关系对国际资本流动性进行了重新研究。我们基于杠杆自举和非对称因果关系测试来模拟临界值。结果表明,汇率的正向冲击导致马来西亚利率的正向冲击。这导致流入马来西亚的资本增加。研究结果进一步表明,由于外国投资者的回报率较低,马来西亚、尼日利亚和南非在糟糕时期的汇率上涨降低了其资本流入。此外,尼日利亚国内利率的下降影响了糟糕时期汇率的上升。这导致外国人对本国货币的需求下降。政策含义是,马来西亚决策者可以在好的和坏的时期控制资本外流并鼓励资本流入。然而,尼日利亚和南非的货币当局只能在糟糕的时期控制这些国家的资本流动。
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引用次数: 1
Do accrual minimise (maximise) stock risk (return)?: evidence from Indonesia 应计收益是否使股票风险(回报)最小化(最大化)?:来自印度尼西亚的证据
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005751
D. Sulistiawan, F. A. Rudiawarni
This study investigates the ability of accruals as earnings component to explain stock risk and its return. We believe managers use accruals to maximise firms' value through minimising stock risk and maximising stock return. Using Indonesian data, we find a negative relation between total accruals to stock risk, especially for loss and small firms. We also present a positive relation between total accruals to abnormal return, particularly in profit and large firms. Those phenomena indicate that investors use higher accruals to produce lower stock risk and higher abnormal return. This study contributes to market-based accounting research.
本研究探讨应计项目作为盈余成分解释股票风险及其收益的能力。我们认为,管理者利用应计利润,通过最小化股票风险和最大化股票回报,实现公司价值最大化。使用印度尼西亚的数据,我们发现应计总额与股票风险之间存在负相关关系,特别是对于损失和小型公司。我们还提出了应计总额与异常回报之间的正相关关系,特别是在利润和大公司中。这些现象表明,投资者利用较高的应计收益来产生较低的股票风险和较高的异常收益。本研究有助于市场会计研究。
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引用次数: 5
Relationships among intellectual capital, financial performance and market value: a case study from Indonesia 智力资本、财务绩效和市场价值之间的关系——以印度尼西亚为例
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005775
Noorina Hartati, Rini Dwiyani Hadiwidjaja
This paper re-examines the relationships between intellectual capital, financial performance and market value. The exogenous variables examined include human capital efficiency, structural capital efficiency (SCE) and capital employment efficiency - all used as proxies for intellectual capital (IC). Return on assets (ROA) and market value (MV) are the endogenous variables. The following are the main findings. First, intellectual capital (IC) as represented by human capital and capital efficiency significantly affects financial performance that represented by ROA over the long term, whereas IC as represented by structural capital cannot adapt to changes in the business environments. Second, SCE has failed to moderate the relationship between IC with ROA. Third, IC as represented by human capital, structural capital and capital efficiency significantly affects MV. Finally, SCE is being able to moderate the relationships between IC and MV.
本文重新考察了智力资本、财务绩效和市场价值之间的关系。考察的外生变量包括人力资本效率、结构资本效率(SCE)和资本使用效率——所有这些都被用作智力资本(IC)的代理。资产收益率(ROA)和市场价值(MV)是内生变量。以下是主要发现。首先,以人力资本和资本效率为代表的智力资本(IC)在长期内显著影响以ROA为代表的财务绩效,而以结构资本为代表的IC不能适应商业环境的变化。其次,SCE未能调节IC与ROA之间的关系。第三,以人力资本、结构资本和资本效率为代表的集成度显著影响MV。最后,SCE能够调节IC和MV之间的关系。
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引用次数: 1
Clustering Indonesian companies' Annual Reports: preliminary assessment of the implementation of integrated reporting by Indonesian listed companies 印尼公司年度报告集群:对印尼上市公司综合报告实施情况的初步评估
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005754
Arie Pratama
The purpose of this research is to explore and analyse whether Indonesian companies' Annual Reports already disclose matters according to the Integrated Reporting (IR) Framework. This research analyses eight IR components. The research method employed is exploratory descriptive. The population is 493 companies listed on the Indonesian Stock Exchange that issued an Annual Report for the year 2014. The data were collected by browsing reports on the companies' websites and checking for disclosure using a checklist consisting of 55 items. The research uses cluster analysis and shows that, on average, Indonesian companies disclosed 53.81% of the IR components in their Annual Reports. This research also classifies the companies into four clusters, with Cluster 3 having the highest disclosure level, and Cluster 4 the lowest. Clusters 2 and 1 have moderate results, and the majority of companies belong to these clusters.
本研究的目的是探讨和分析印尼公司的年度报告是否已经根据综合报告框架披露了事项。本研究分析了八种红外成分。所采用的研究方法是探索性描述性的。人口为493家在印尼证券交易所上市的公司,该交易所发布了2014年的年度报告。这些数据是通过浏览公司网站上的报告并使用由55项组成的清单检查披露情况来收集的。这项研究使用了聚类分析,表明印尼公司在其年度报告中平均披露了53.81%的IR成分。本研究还将公司分为四个集群,其中集群3的披露水平最高,集群4的披露水平最低。集群2和集群1的结果适中,大多数公司都属于这些集群。
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引用次数: 4
Green Bond and shareholders' wealth: a multi-country event study 绿色债券与股东财富:一个跨国事件研究
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005758
Siti Nurhidayah Mohd Roslen, Lee Sin Yee, Salizatul Aizah Ibrahim
Recently, there has been increasing global interest and concerns towards sustainable and environmental friendly development among firms and investors. In conjunction to this rising demand, Green Bond market was introduced. In providing general overview on how Green Bond is perceived by shareholders, this study attempts to identify the shareholders' wealth reactions towards Green Bond announcements using multi-country samples. Specifically, we find that shareholders generally react positively a day after the Green Bond announcements were made by issuers. Overall, this study would be useful for future researchers who plan to explore the potential of using multi-country event study methodology and to add more evidence on existing literatures in relation to credit risk valuation for international corporate Green Bonds.
最近,全球各公司和投资者对可持续和无害环境的发展越来越感兴趣和关注。针对这一需求的增长,绿色债券市场应运而生。为了概述股东对绿色债券的看法,本研究试图利用多国样本确定股东对绿色债券公告的财富反应。具体而言,我们发现,在发行人发布绿色债券公告的第二天,股东的反应通常是积极的。总体而言,本研究将有助于未来的研究人员探索使用多国事件研究方法的潜力,并为国际公司绿色债券信用风险评估的现有文献提供更多证据。
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引用次数: 14
The contribution of Islamic bank towards the stability of financial system in Indonesia 伊斯兰银行对印尼金融体系稳定的贡献
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005755
M. Ismail, G. Maskie, D. Aini
The objective of this paper is to examine the role of Islamic banks in the stability of financial system in Indonesia. We perform the empirical exercise into two stages. We first employ confirmatory factor analysis to validate the measures of our financial stability. It is found that the performance indicators of Islamic banks have a substantial contribution to the formation of the micro- and macro-prudential dimensions of financial stability together with the institutional Islamic bank dimension itself. Finally, the regression results show that the three aforementioned dimensions of the financial stability play a significant role in determining the stability of the financial system.
本文的目的是研究伊斯兰银行在印尼金融体系稳定中的作用。我们将实证练习分为两个阶段。我们首先采用验证性因子分析来验证我们的金融稳定措施。研究发现,伊斯兰银行绩效指标与伊斯兰银行制度维度本身一起对金融稳定的微观和宏观审慎维度的形成有实质性的贡献。最后,回归结果表明,金融稳定的上述三个维度对金融体系的稳定性起着显著的决定作用。
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引用次数: 1
Factors determining stock returns in property, real estate and construction companies in Indonesia 决定印尼房地产、房地产和建筑公司股票回报的因素
Q3 Business, Management and Accounting Pub Date : 2017-06-26 DOI: 10.1504/IJGSB.2017.10005774
H. Medyawati, M. Yunanto
The main reason for investors or potential investors to invest in stocks is to derive maximum returns at minimum risk. One of the many factors determining stock returns from a company's shares consists of the company's financial ratios. The better the level of financial performance of the company, greater is the expectation of increase in its stock prices, and larger the benefit (return) from its shares to investors. The purpose of this study is to assess the impact of four factors, namely price-to-book value (PBV), the current ratio, debt-to-equity ratio (DER) and total assets turnover (TATO) on the level of stock returns in property, real estate and building construction firms listed in the Indonesian Stock Exchange for the period 2011-2014. The sample used in this study consisted of 18 companies, selected through the purposive sampling method. Regression analysis of panel data is the analytical tool used. The results have shown that TATO, DER and PBV influence the stock returns significantly.
投资者或潜在投资者投资股票的主要原因是以最小的风险获得最大的回报。决定公司股票回报的众多因素之一是公司的财务比率。公司的财务业绩水平越好,其股价上涨的预期越大,其股票给投资者的收益(回报)也越大。本研究的目的是评估四个因素,即市净率(PBV),流动比率,债务权益比(DER)和总资产周转率(TATO)对2011-2014年期间在印度尼西亚证券交易所上市的房地产,房地产和建筑施工公司的股票回报水平的影响。本研究使用的样本包括18家公司,通过有目的抽样方法选择。回归分析是面板数据所使用的分析工具。结果表明,TATO、DER和PBV对股票收益影响显著。
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引用次数: 3
International decision processes within SMEs: the influence of biological sex and stereotypical gender roles 中小企业内部的国际决策过程:生理性别和定型性别角色的影响
Q3 Business, Management and Accounting Pub Date : 2017-01-01 DOI: 10.1504/IJGSB.2017.10010974
B. Francioni, F. Musso, M. Cioppi
This study examines the influence of decision-makers' characteristics, such as biological sex and stereotypical gender roles, on the international decision process within a small- and medium-sized enterprise (SME), with particular attention to the strategic decision-making process (SDMP). We tested our hypotheses on a sample of 188 Italian SMEs using hierarchical multiple regression. The results reveal that women have a greater ability than men to involve the organisation members in making decisions, regardless of the degree of formalisation of the process and the level of decentralisation of the responsibilities within the company. Moreover, as regard stereotypical gender roles, only masculinity showed a relationship with the SDMP dimensions, especially with the levels of formalisation and hierarchical decentralisation of decisions. This paper provides a combination of analyses of biological sex, stereotypical gender roles and SDMP dimensions. It is also one of the few studies of this kind in the field of international strategy.
本研究考察了决策者的特征,如生理性别和定型的性别角色,对中小型企业(SME)内的国际决策过程的影响,特别关注战略决策过程(SDMP)。我们使用分层多元回归对188家意大利中小企业样本进行了假设检验。研究结果显示,女性比男性更有能力让组织成员参与决策,无论决策过程的正规化程度和公司内部责任的分散程度如何。此外,就陈规定型的性别角色而言,只有男性气质与SDMP维度有关,尤其是与决策的正规化水平和层级分散有关。本文结合了生理性别、刻板性别角色和SDMP维度的分析。这也是国际战略领域为数不多的此类研究之一。
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引用次数: 4
期刊
International Journal of Globalisation and Small Business
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