Future Business Journal最新文献

This article covers the topic of the relationship between the growth of companies and their financial condition when different business profiles are surveyed, such as high-tech, growth potential companies included in the NASDAQ Composite Index and traditional, matured companies included in the Dow Jones Industrial Average (DJIA), commonly known as blue-chip stocks. The hypothesis that the relationship between the Altman Z-score and the growth of enterprises as measured by assets, equity, sales, and earnings per share is positive was tested with Granger and VAR models. The main difference was found to be related to the size of the companies size and dynamics of growth. It was also shown that between NASDAQ enterprises there was no relationship between their growth and Altman Z-score, whereas when the DJIA blue chips were taken into account, a positive relationship was identified. It can be concluded that high-tech enterprises grow in a less predictable way not related to their economic condition, but mature enterprises focused on the growth and their condition. The value added of the article is finding that high-tech companies with growth potential and blue chips are managed in a different way due to their strategies of development.

Achieving exceptional financial performance is a primary goal for every management team due to its importance in establishing a solid firm structure and facilitating growth. However, several factors consistently hinder the attainment of this objective, resulting in adverse effects on a firm’s performance and financial success. Therefore, this study aims to analyze scholarly publications to understand relevant factors influencing the financial performance of firms in the manufacturing industry. Using keywords in the Scopus database, we identified a total of 808 papers published between 1987 and 2022, and ultimately selected 289 for further analysis based on predetermined criteria. The selected literature was then analyzed in two different ways. First, we discerned the crucial factors affecting the financial performance of manufacturing firms. Our systematic review revealed that organizational characteristics (e.g., CSR practices, strategy, board characteristics, innovation & technology, information, decision-making and communication, and environmental and sustainability practices) play a more significant role in determining the financial performance of a firm than external factors (e.g., market economic parameters, government policies & support, and competition). Second, we employed VOSViewer software to dissect the selected publications, including the creation of bibliometric co-word maps and the examination of bibliographic coupling among journals. The results yielded valuable insights into leading nations, notable journals, noteworthy studies, trending keywords, and prominent publications in this field. Moreover, our research emphasizes the multifaceted nature of financial performance-related factors, offering useful insights for future studies exploring the interplay between factors and the performance of manufacturing firms.

This study investigates the influence of social capital, market orientation, and technological readiness levels (TRLs) on the intensity of collaboration between researchers from a public research institution in Brazil and companies, and how TRLs moderate this relationship. Using a quantitative approach, we applied structural equation modeling (PLS-SEM) to analyze responses from researchers at this institution. The analysis highlights the critical roles of social capital and market orientation in fostering effective R&D interactions. Social capital enhances collaboration through trust and network strength, while market orientation aligns R&D efforts with market needs, ensuring that innovations are both relevant and timely. Importantly, this study explores how technological readiness levels (TRLs) moderate these relationships, offering insights into the varying impact of social capital and market orientation across different stages of technological development. Findings reveal that participation in projects with TRLs 4 to 6, known as the Valley of Death, significantly moderates the impact of market orientation on researchers' interaction intensity with companies, underscoring the importance of considering technological maturity in R&D collaborations. The study is framed within the open innovation approach, emphasizing the importance of leveraging external knowledge and collaborative networks to enhance innovation outcomes. Theoretically, this research extends the existing models of R&D collaboration by illustrating how TRLs modify the effects of social capital and market orientation. Practically, it offers actionable insights for R&D managers and policymakers on structuring environments that foster robust academic–industry partnerships, facilitating the successful transition of innovations from conceptualization to market readiness.

In 2020, the world experienced several significant events, including the coronavirus (COVID-19) pandemic and the collapse of international crude oil prices. The rapid spread of this pandemic has dramatic impacts on financial markets all over the world, thereby increasing market risk aversion in an unprecedented way since the subprime financial crisis. The decline in stock markets implied volatilities of equity and oil prices, thereby heightening turmoil in global financial markets despite comprehensive and substantial financial reforms. To this end, we investigated the likely effects of this pandemic on the Saudi stock market while controlling for oil prices based on daily data for a period from 1/1/2020 to 19/9/2022. To ascertain the existence of a long-run equilibrium relationship between the variables, we applied autoregressive distributed lag (ARDL) modeling and the error correction model, with this ultimately revealing the existence of strong cointegration in the long run. The ARDL bounds test was found to be robust by combined cointegration tests, thus providing further evidence of a strong relationship in the long run. Granger causality tests also yielded evidence of causality between the variables in both directions. The total COVID-19 confirmed cases and oil prices also caused movements in stock returns in the short run. Our findings have some prominent implications for asset managers and policymakers to improve stock market efficiency and boost global economic activity. Saudi authorities can consequently remove the regulatory and legal obstacles to develop their stock market and better improve the risk management, which will allow to make quick decisions in response to any oil price volatilities. Policymakers should also adopt proactive strategies that can comfort stock investors’ anxieties over the increasing oil price volatilities. Finally, the findings should be treated with some cautions because of the limited sample size and the tests’ statistical inference. Nevertheless, they do open opportunities for further studies to look in more detail at how the COVID-19 pandemic affected, over the short and long run, monetary and fiscal policy coordination, financial stability, and various other macroeconomic indicators in Saudi Arabia.

This study examines whether the type of financial structure in the GCC influences the relationship between liquidity risk and banks’ performance from 2007 to 2021. By employing fixed effects and fully modified ordinary least squares (FMOLS), we find that the impact of liquidity risk on bank profitability differs among bank-based and market-based systems. Specifically, the results show that the profitability of banks operating in bank-based countries is positively influenced by the liquidity risk compared to their counterparts. The study also demonstrates that the global financial crisis increases banks’ profitability in the bank-based financial system. Furthermore, the results show that gross domestic product growth (GDPG) determines banks’ financial profitability in the banks-based market. This study offers some important implications for policymakers to consider the type of financial system to stimulate bank stability.

This study examines the determinants of bank profitability using a quantile regression approach, offering insights into factors affecting banks across different percentiles of profitability. Utilizing a comprehensive database from Orbis covering 1200 top-market institutions across 101 countries, the research uniquely employs dynamic panel quantile regression while addressing sample survival bias. Our findings highlight that bank size and capital adequacy negatively impact profitability, whereas market value exerts a positive influence on higher profitability banks. Credit risk affects profitability differently across levels of profitability, and inflation rate shows significance only for higher profitability banks. The study contributes to the existing literature by offering valuable insights into the factors determining bank profitability and how they behave at different percentiles in the sample, suggesting the importance of bank efficiency and competition in promoting economic growth.

Our study verified the implications of the spillover of geopolitical risk (GPR) shocks to the economic crisis in Ghana. Our analysis employed the VAR-based spillover models by Diebold and Yilmaz (Int J Forecast 28:57–66, 2012; J Econ 182:119–134, 2014) and the Time-Varying Parameter Vector Autoregressive (TVP-VAR) connectedness approach by Gabauer and Antonakakis (Munich personal RePEc archive refined measures of dynamic connectedness based on TVP-VAR refined measures of dynamic connectedness based on TVP-VAR*, 2017). We scrutinized the interconnections and transmission mechanisms among key macro-financial variables spanning from 2000 to 2022. Our findings indicate that GPR is a fundamental source of shocks to the foreign exchange reserve (FXI), real exchange rate (REER), consumer price index (CPI), and debt. Other significant contributors include export (EXP) and import (IMP), with EXP standing out as the main shock transmitter. On the receiving end, CPI is most impacted by transmissions from IMP and GPR. Our study demonstrates that EXP and IMP are the top shock contributors, while FXI and CPI are the major recipients of these shocks. Such findings provide policymakers with valuable insights into the ramifications of geopolitical risk on the macroeconomic environment. Hence, policymakers are expected to provide necessary buffers to curb the influence of geopolitical risks on the economy.

Due to their strong emotional interest and ownership control, family firm owners significantly influence their firm’s strategies and governance, which has consequences for their business sustainability practices. The failure to establish or maintain formal organizational structures, and adopt good governance principles, may hinder family firms in their pursuit of long-term sustainability. This study empirically investigated the impact of corporate governance on family firms’ sustainability, with women’s empowerment and culture as moderating and mediating factors, respectively. Data for the study were obtained from a sample of 126 family firms from Saudi Arabia. The study adopted the partial least squares structural equation modelling (PLS-SEM) method. The study results empirically confirmed that corporate governance is positively associated with women’s empowerment, which also assists in achieving business sustainability in family-controlled firms. The adoption of good corporate governance policies, and empowerment of women through their appointment on corporate boards operating in a supportive culture, can reinforce an organization’s mission, purpose and strategies, which can create an enabling environment for family business sustainability.

Purpose

The purpose of this study is to examine the mediating role of the quality-based knowledge management systems (KMSs) in explaining the relationships between AMO-based high-performance work systems (HPWSs) and organizational ambidexterity (OA).

Design/methodology/approach

Using cross-sectional survey, the authors collected data from 277 employees working at the Egyptian public-telecommunication sector and analyzed the hypothesized model using the partial least square structural equation modeling technique. Interviews were conducted with 39 key positions and mirrored against the quantitative data. The qualitative data were analyzed using the thematic analysis technique.

Findings

The authors found that the HPWSs dimensions (i.e., ability and opportunity-enhancing practices) explain the OA level. The HPWSs dimensions (i.e., ability, motivation, and opportunity-enhancing practices) have a significant positive effect on the KMSs quality. The KMSs (i.e., system, service, and information quality) have a significant positive effect on OA and mediate the relationship between HPWSs and OA.

Originality/value

This study is among the first to add significant information on how the quality-based KMSs (as mediator) explain the complex relationship between HPWSs dimensions and OA.

Research limitations/implications

Limited attention was paid to investigating the OA enablers. This study bridges the aforementioned research gap by providing in-depth explanations on how the working systems atmosphere emphasizing ability, motivation, and opportunity-enhancing practices alongside the quality-based KMSs enable OA.

Practical/managerial implication

The findings provide the decision makers in public-telecom sector with a clear guideline for achieving ambidexterity in turbulent business environment.

This paper investigates the mechanisms that lead organizations to impose unnecessary burdens on their actors. The prevailing narrative in the literature is that unnecessary organizational burden (UOB) is created either on purpose—as a way for an organizational actor to assert control—or inadvertently through the passage of time as layers of policies, rules, and processes accumulate. Based on a wide review of relevant literature, we propose a different explanation: in our conceptual framework, the onset and mitigation of unnecessary burdens are explained, respectively, by organizational decision-makers’ weaknesses and strengths. Our framework combines (1) a typology of unnecessary burdens with (2) a typology of factors influencing the likelihood of UOB mitigation, and (3) a typology of managerial mitigation responses to such burdens. The conceptual framework, and a series of 12 propositions, aim to offer researchers and practitioners a shared language to empirically investigate unnecessary organizational burden, and implement effective solutions.