Pub Date : 2019-12-04DOI: 10.1504/ijmfa.2019.10025665
M. Naji, A. Mousrij, Valentina Cillo, R. Chierici
The paper presents an innovative maintenance performance measurement system that organisations can adopt to identify those predictors that better contribute to achieve higher maintenance standards. Adopting a multi-level, multi-criteria decomposition technique designed to identify and classify key indicators, the study aims to support firms in their decision-making process. Using the fuzzy logic technique, the elementary performance measurement is quantified. Afterwards, by implementing the analytical hierarchy process (AHP) and the weighted arithmetic mean, these measures are aggregated to a holistic measure that quantifies the overall maintenance performance and identifies precisely the requirements to improve continuously and effectively the maintenance performance. Finally, the proposed model was applied to a Moroccan company leader in the chemical sector. The results show that the model effectively allows maintenance managers to properly measure and improve their maintenance performance and support managers in identifying the key actions to enhance their organisations' performance.
{"title":"Measuring the maintenance performance through fuzzy logic and analytical hierarchy process","authors":"M. Naji, A. Mousrij, Valentina Cillo, R. Chierici","doi":"10.1504/ijmfa.2019.10025665","DOIUrl":"https://doi.org/10.1504/ijmfa.2019.10025665","url":null,"abstract":"The paper presents an innovative maintenance performance measurement system that organisations can adopt to identify those predictors that better contribute to achieve higher maintenance standards. Adopting a multi-level, multi-criteria decomposition technique designed to identify and classify key indicators, the study aims to support firms in their decision-making process. Using the fuzzy logic technique, the elementary performance measurement is quantified. Afterwards, by implementing the analytical hierarchy process (AHP) and the weighted arithmetic mean, these measures are aggregated to a holistic measure that quantifies the overall maintenance performance and identifies precisely the requirements to improve continuously and effectively the maintenance performance. Finally, the proposed model was applied to a Moroccan company leader in the chemical sector. The results show that the model effectively allows maintenance managers to properly measure and improve their maintenance performance and support managers in identifying the key actions to enhance their organisations' performance.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47115937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-12-04DOI: 10.1504/ijmfa.2019.10025663
M. Gauvin, G. Power
IPO underpricing is a well-documented stylised fact in financial markets. Although many explanations have been considered, the role of size offering is under-studied. This paper investigates US IPO underpricing in a setting that allows for size offering, leverage, and Fama-French risk factors. We find that, across specifications, size offering is economically and statistically significant. IPO underpricing is decreasing in the size offering, controlling for other variables. Implications for investors and firms are discussed and related to firm ex ante uncertainty.
{"title":"The effect of size offering and leverage on IPO underpricing","authors":"M. Gauvin, G. Power","doi":"10.1504/ijmfa.2019.10025663","DOIUrl":"https://doi.org/10.1504/ijmfa.2019.10025663","url":null,"abstract":"IPO underpricing is a well-documented stylised fact in financial markets. Although many explanations have been considered, the role of size offering is under-studied. This paper investigates US IPO underpricing in a setting that allows for size offering, leverage, and Fama-French risk factors. We find that, across specifications, size offering is economically and statistically significant. IPO underpricing is decreasing in the size offering, controlling for other variables. Implications for investors and firms are discussed and related to firm ex ante uncertainty.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46003222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-07DOI: 10.1504/IJMFA.2019.10021095
Siti Aisyah Kamaruzaman, MazurinaMohd Ali, E. Ghani, A. Gunardi
This study examines the ownership structure, corporate risk disclosure and firm value of public listed companies in Malaysia. Specifically, this study examines the relationship between ownership structure namely, managerial ownership, institutional ownership, family ownership and corporate risk disclosure. This study also examines the relationship between corporate risk disclosure and firm value. Using content analysis on the annual reports of 200 top public listed firms over a two year period, this study shows that institutional ownership influences corporate risk disclosure. This study also shows that corporate risk disclosure influences firm value but in a negative way. One possible reason could be due to reporting cost which outweighs the benefits in preparing the information. The findings in this study provide some understanding for the supervisory bodies in evaluating the level of compliance related to corporate risk reporting practices. In addition, the findings in this study could also assist investors to consider ownership structure of a prospect firm as one of the criteria in making investment decision.
{"title":"Ownership structure, corporate risk disclosure and firm value: a Malaysian perspective","authors":"Siti Aisyah Kamaruzaman, MazurinaMohd Ali, E. Ghani, A. Gunardi","doi":"10.1504/IJMFA.2019.10021095","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10021095","url":null,"abstract":"This study examines the ownership structure, corporate risk disclosure and firm value of public listed companies in Malaysia. Specifically, this study examines the relationship between ownership structure namely, managerial ownership, institutional ownership, family ownership and corporate risk disclosure. This study also examines the relationship between corporate risk disclosure and firm value. Using content analysis on the annual reports of 200 top public listed firms over a two year period, this study shows that institutional ownership influences corporate risk disclosure. This study also shows that corporate risk disclosure influences firm value but in a negative way. One possible reason could be due to reporting cost which outweighs the benefits in preparing the information. The findings in this study provide some understanding for the supervisory bodies in evaluating the level of compliance related to corporate risk reporting practices. In addition, the findings in this study could also assist investors to consider ownership structure of a prospect firm as one of the criteria in making investment decision.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41406892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-07DOI: 10.1504/IJMFA.2019.10021099
K. Vu, T. Pratoomsuwan
This paper investigates the association between board characteristics and firm performance and examine whether such relationship is moderated by different levels of ownership concentration among Vietnamese listed firms from 2008 to 2014. A series of fixed effect panel regressions was employed to test the impact of ownership concentration on corporate governance-firm performance relationship. The results indicate that the impact of an effectiveness of corporate governance mechanism on firm performance is influenced by the different levels state ownership. The evidence of this study suggests that corporate governance system that is beneficial for other developed markets may not be a good fit for emerging markets. Corporate governance policies in Vietnam are in the process of being reformed, and the results, thus, will provide insights for regulatory bodies by helping them better understand corporate governance practices.
{"title":"Board characteristics, state ownership and firm performance: evidence from Vietnam","authors":"K. Vu, T. Pratoomsuwan","doi":"10.1504/IJMFA.2019.10021099","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10021099","url":null,"abstract":"This paper investigates the association between board characteristics and firm performance and examine whether such relationship is moderated by different levels of ownership concentration among Vietnamese listed firms from 2008 to 2014. A series of fixed effect panel regressions was employed to test the impact of ownership concentration on corporate governance-firm performance relationship. The results indicate that the impact of an effectiveness of corporate governance mechanism on firm performance is influenced by the different levels state ownership. The evidence of this study suggests that corporate governance system that is beneficial for other developed markets may not be a good fit for emerging markets. Corporate governance policies in Vietnam are in the process of being reformed, and the results, thus, will provide insights for regulatory bodies by helping them better understand corporate governance practices.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44710561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-07DOI: 10.1504/IJMFA.2019.099772
N. Rachmawati, S. Utama, Dwi Martani, R. Wardhani
This study aims to examine the factors affecting the complementary level of financial and tax aggressiveness. This research considers the diversity of cost and benefit faced by firms when presenting financial and tax reporting aggressively at the same time. Our proxies for cost (the level of detection risk) are country-level variables, namely book-tax conformity and law enforcement. Meanwhile, our proxy for benefit is the financial constraint of a firm. In this study, we develop a new measure of financial constraint which is more comprehensive. Using a sample of listed firms in East Asia and Europe from 2014 to 2016, we find that firms with a higher level of detection risk (such as higher book-tax conformity or stronger law enforcement) tend to engage in a lower complementary level of financial and tax aggressiveness, in accordance with the developed hypothesis. We also find that firms tend to engage in a higher complementary level of financial and tax aggressiveness if they will derive significant benefit from aggressive financial and tax reporting activities. These results suggest that firm and country characteristics influence managers' decisions to present financial statements and tax reporting aggressively at the same time or not.
{"title":"Determinants of the complementary level of financial and tax aggressiveness: a cross-country study","authors":"N. Rachmawati, S. Utama, Dwi Martani, R. Wardhani","doi":"10.1504/IJMFA.2019.099772","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.099772","url":null,"abstract":"This study aims to examine the factors affecting the complementary level of financial and tax aggressiveness. This research considers the diversity of cost and benefit faced by firms when presenting financial and tax reporting aggressively at the same time. Our proxies for cost (the level of detection risk) are country-level variables, namely book-tax conformity and law enforcement. Meanwhile, our proxy for benefit is the financial constraint of a firm. In this study, we develop a new measure of financial constraint which is more comprehensive. Using a sample of listed firms in East Asia and Europe from 2014 to 2016, we find that firms with a higher level of detection risk (such as higher book-tax conformity or stronger law enforcement) tend to engage in a lower complementary level of financial and tax aggressiveness, in accordance with the developed hypothesis. We also find that firms tend to engage in a higher complementary level of financial and tax aggressiveness if they will derive significant benefit from aggressive financial and tax reporting activities. These results suggest that firm and country characteristics influence managers' decisions to present financial statements and tax reporting aggressively at the same time or not.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJMFA.2019.099772","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42367636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-07DOI: 10.1504/IJMFA.2019.10021097
Ines Hakim Hbaieb, Mohamed Ali Brahim Omri
There are many evidences and competing arguments on whether firms that exhibit more or less tax management and tax fraud in their financial reporting. Our study contributes to resolving this issue by analysing the relationship between management tax reporting and the tax fraud. The research is based upon a sample of 51 companies, 31 are considered non-compliance tax and 20 companies' compliance tax during the 2004-2012 period. We find that tax management Tunisian companies are less likely to commit tax fraud. This negative effect is a manner consistent with a non-complementary relationship between tax management and tax fraud.
{"title":"Tax management and tax fraud: evidence from Tunisian companies","authors":"Ines Hakim Hbaieb, Mohamed Ali Brahim Omri","doi":"10.1504/IJMFA.2019.10021097","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10021097","url":null,"abstract":"There are many evidences and competing arguments on whether firms that exhibit more or less tax management and tax fraud in their financial reporting. Our study contributes to resolving this issue by analysing the relationship between management tax reporting and the tax fraud. The research is based upon a sample of 51 companies, 31 are considered non-compliance tax and 20 companies' compliance tax during the 2004-2012 period. We find that tax management Tunisian companies are less likely to commit tax fraud. This negative effect is a manner consistent with a non-complementary relationship between tax management and tax fraud.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43494127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-07DOI: 10.1504/IJMFA.2019.10021094
B. Agyei-Mensah, Michael Yeboah
The purpose of this paper is to investigate the influence of audit committee effectiveness and audit quality (auditor size) on earnings management by firms listed on the Ghana Stock Exchange (GSE). The study uses 180 firm-year observations for the period 2013-2017 for firms listed on the Ghana Stock Exchange. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which forms the main data analysis. The results of multivariate regression analysis indicated that audit committee financial expertise, audit committee prior experience, audit committee size and audit quality have significant negative relationship with discretionary accruals (DACC) as a proxy for earnings management. On the other hand, no significant relationship was found between audit committee independence and audit committee meeting (ACMT) and the level of discretionary accruals. This paper is important because it offers useful information that is of great value to policy makers, academics and other stakeholders. This study is one of the few to measure the influence of audit committee effectiveness and audit quality (auditor size) on earnings management.
{"title":"Effective audit committee, audit quality and earnings management: evidence from the Ghana Stock Exchange","authors":"B. Agyei-Mensah, Michael Yeboah","doi":"10.1504/IJMFA.2019.10021094","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10021094","url":null,"abstract":"The purpose of this paper is to investigate the influence of audit committee effectiveness and audit quality (auditor size) on earnings management by firms listed on the Ghana Stock Exchange (GSE). The study uses 180 firm-year observations for the period 2013-2017 for firms listed on the Ghana Stock Exchange. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which forms the main data analysis. The results of multivariate regression analysis indicated that audit committee financial expertise, audit committee prior experience, audit committee size and audit quality have significant negative relationship with discretionary accruals (DACC) as a proxy for earnings management. On the other hand, no significant relationship was found between audit committee independence and audit committee meeting (ACMT) and the level of discretionary accruals. This paper is important because it offers useful information that is of great value to policy makers, academics and other stakeholders. This study is one of the few to measure the influence of audit committee effectiveness and audit quality (auditor size) on earnings management.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42141502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-14DOI: 10.1504/IJMFA.2019.10019094
Abdelmohsen Desoky, G. Mousa
This empirical study aims primarily to examine determinants of the firm dividend payouts (FDP). A number of independent variables namely ownership concentration, institutional shareholding, firm cash flows, investment opportunity, firm growth and firm risk are used as determinants of the FDP of the most active firms listed on the Egyptian Exchange (EGX) after statistically controlling for four control variables which are firm profitability, firm leverage, firm industry and firm size. This investigation uses a sample of 408 firm-year observations during a three-year period (2015-2017). Pearson correlation and hierarchical multiple regression are employed to investigate the impact of the independent variables on FDP. Descriptive statistics shows that across the sampled firms over the three years, the average FDP is 7.6%. Further, excessive variation in the FDP is found across sampled firms over the time period. A number of significant relations between FDP and three independent variables (ownership concentration, institutional shareholding and firm growth) are found. HMR finding support results obtained from Pearson correlation.
{"title":"An empirical investigation of determinants of firm dividend payouts in Egypt: an agency perspective","authors":"Abdelmohsen Desoky, G. Mousa","doi":"10.1504/IJMFA.2019.10019094","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10019094","url":null,"abstract":"This empirical study aims primarily to examine determinants of the firm dividend payouts (FDP). A number of independent variables namely ownership concentration, institutional shareholding, firm cash flows, investment opportunity, firm growth and firm risk are used as determinants of the FDP of the most active firms listed on the Egyptian Exchange (EGX) after statistically controlling for four control variables which are firm profitability, firm leverage, firm industry and firm size. This investigation uses a sample of 408 firm-year observations during a three-year period (2015-2017). Pearson correlation and hierarchical multiple regression are employed to investigate the impact of the independent variables on FDP. Descriptive statistics shows that across the sampled firms over the three years, the average FDP is 7.6%. Further, excessive variation in the FDP is found across sampled firms over the time period. A number of significant relations between FDP and three independent variables (ownership concentration, institutional shareholding and firm growth) are found. HMR finding support results obtained from Pearson correlation.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47310286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-14DOI: 10.1504/IJMFA.2019.10019097
Mohammad Aladwan, Yasar Shatnawi
The main aim of the study is to provide empirical evidence about the association between accounting disclosures and market value of stock price. The study uses a sample of the accounting disclosures for a number of commercial banks listed in Amman Stock Exchange (ASE). These disclosures include; the market value of stock price (MVP) that represents the dependent variable, whereas other disclosures, return on assets (ROA), debt ratio (DR), dividends yield (DY), price earnings ratio (PER), trading volume (TV), and change in customers deposits (CD) represent the independent variables. The study's methodology follows a quantitative approach using multiple regression method. The data were collected from the annual reports of the selected banks from 2012 to 2015. The results show that ROE, PER, and CD are positively correlated to market value of stock price, while the other variables; DR, DY and TV were found negatively correlated to market value of stock price. However, these findings generally indicate that accounting disclosures have a significant impact and associated with market value of stock price for Jordanian financial sector particularly the commercial banks.
{"title":"The association between accounting disclosures and stock market price: an empirical study on Jordanian commercial banks","authors":"Mohammad Aladwan, Yasar Shatnawi","doi":"10.1504/IJMFA.2019.10019097","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10019097","url":null,"abstract":"The main aim of the study is to provide empirical evidence about the association between accounting disclosures and market value of stock price. The study uses a sample of the accounting disclosures for a number of commercial banks listed in Amman Stock Exchange (ASE). These disclosures include; the market value of stock price (MVP) that represents the dependent variable, whereas other disclosures, return on assets (ROA), debt ratio (DR), dividends yield (DY), price earnings ratio (PER), trading volume (TV), and change in customers deposits (CD) represent the independent variables. The study's methodology follows a quantitative approach using multiple regression method. The data were collected from the annual reports of the selected banks from 2012 to 2015. The results show that ROE, PER, and CD are positively correlated to market value of stock price, while the other variables; DR, DY and TV were found negatively correlated to market value of stock price. However, these findings generally indicate that accounting disclosures have a significant impact and associated with market value of stock price for Jordanian financial sector particularly the commercial banks.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49178966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-14DOI: 10.1504/IJMFA.2019.10019091
M. Ashrafi
The main objective of this study is to examine how institutional investors and different types of them influence the firms' capital structure. Using a panel data including 240 the main market Iranian firms from 2012 to 2016, the results of this study show that there is a nonlinear relationship between institutional ownership and capital structure. First, we look for a quadratic relationship but we did not find any evidence to support it. Further, we test for a cubic association in the next stage. The results reveal a cubic relationship between institutional ownership and capital structure but this association is different for different types of institutional investors. Pressure-sensitive institutions have positive, negative and again positive influence; while inversely pressure-insensitive institutions have a negative, positive and again negative impact on debt ratio in different levels of their ownership.
{"title":"Nonlinear relationship between institutional investors' ownership and capital structure: evidence from Iranian firms","authors":"M. Ashrafi","doi":"10.1504/IJMFA.2019.10019091","DOIUrl":"https://doi.org/10.1504/IJMFA.2019.10019091","url":null,"abstract":"The main objective of this study is to examine how institutional investors and different types of them influence the firms' capital structure. Using a panel data including 240 the main market Iranian firms from 2012 to 2016, the results of this study show that there is a nonlinear relationship between institutional ownership and capital structure. First, we look for a quadratic relationship but we did not find any evidence to support it. Further, we test for a cubic association in the next stage. The results reveal a cubic relationship between institutional ownership and capital structure but this association is different for different types of institutional investors. Pressure-sensitive institutions have positive, negative and again positive influence; while inversely pressure-insensitive institutions have a negative, positive and again negative impact on debt ratio in different levels of their ownership.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46154865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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