首页 > 最新文献

Global Business Review最新文献

英文 中文
Wealth Effects of Share Repurchase Decision of IPO Firms: Evidence from India IPO公司股票回购决策的财富效应:来自印度的证据
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-09 DOI: 10.1177/09721509231184571
Aafreen Khan, Ashu Khanna
The present study shades light on the short-term wealth effects of the share repurchase decision of Indian IPO firms on their stock prices. For the years 2000–2019, the sample considers the IPO companies who announce buybacks within 5 years after their listing. By evaluating short-term fluctuations in stock prices around the buyback announcement date, wealth effects have been quantified using the event study approach. According to our empirical investigation, investors responded favourably to the news and produced positive 1.13% nonsignificant abnormal returns on the event day. Further investigation finds that these companies likewise endure erratic stock performance in the days that follow the announcement, with the exception of the day when they actually purchase back their shares, which produced positive and significant abnormal returns to investors of 0.92%. Also, over the event window, the results are positive at 10.69% and significant. Our results show that investors favourably view share repurchase by IPO firms and can regard it as a sound investment strategy. This study also adds to the scanty literature about newly listed firms’ payout preferences.
本研究揭示了印度IPO公司股票回购决策对其股价的短期财富效应。对于2000-2019年,样本考虑上市后5年内宣布回购的IPO公司。通过评估股票价格在回购公告日期前后的短期波动,使用事件研究方法量化了财富效应。根据我们的实证调查,投资者对这一消息反应积极,并在事件当天产生了1.13%的正非显著异常回报。进一步调查发现,这些公司在公告发布后的几天里,除了实际回购股票的那一天,股价表现同样不稳定,为投资者带来了0.92%的显著正异常回报。此外,在事件窗口中,10.69%的结果是正的,并且是显著的。我们的研究结果表明,投资者对IPO公司的股票回购持积极态度,可以将其视为一种良好的投资策略。这项研究也增加了关于新上市公司支付偏好的文献。
{"title":"Wealth Effects of Share Repurchase Decision of IPO Firms: Evidence from India","authors":"Aafreen Khan, Ashu Khanna","doi":"10.1177/09721509231184571","DOIUrl":"https://doi.org/10.1177/09721509231184571","url":null,"abstract":"The present study shades light on the short-term wealth effects of the share repurchase decision of Indian IPO firms on their stock prices. For the years 2000–2019, the sample considers the IPO companies who announce buybacks within 5 years after their listing. By evaluating short-term fluctuations in stock prices around the buyback announcement date, wealth effects have been quantified using the event study approach. According to our empirical investigation, investors responded favourably to the news and produced positive 1.13% nonsignificant abnormal returns on the event day. Further investigation finds that these companies likewise endure erratic stock performance in the days that follow the announcement, with the exception of the day when they actually purchase back their shares, which produced positive and significant abnormal returns to investors of 0.92%. Also, over the event window, the results are positive at 10.69% and significant. Our results show that investors favourably view share repurchase by IPO firms and can regard it as a sound investment strategy. This study also adds to the scanty literature about newly listed firms’ payout preferences.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65335115","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}
引用次数: 0
Major Determinants of Bank Profitability in India: A Machine Learning Approach 印度银行盈利能力的主要决定因素:机器学习方法
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-09 DOI: 10.1177/09721509231184763
P. Rai, B. B. Mohapatra, A. J. Meitei, Vanita Jain
From reforms and fin-tech revolutions to macro-economic shocks, the Indian banking sector has witnessed rapid changes over the last two decades, which has significant implications for banks’ profitability. Viewing bank profitability from three different dimensions, Net Interest Margins (NIM), Return on Assets (RoA) and Return on Equity (RoE), this study has explored the key determinants with the help of machine learning algorithms. It has used a pooled data set of domestic and commercial banks covering 2005–2021. As a dependent variable, profitability by each measure (NIM, RoA and RoE) is reclassified into three categories, above average, average and below average, based on their quartiles. Twenty-one explanatory variables comprising bank-specific, macroeconomic and policy variables are chosen after due validation using feature selection methodology and multicollinearity check. The random forest (RF) classification algorithm is executed using the CARET package in R. The results obtained from feature selection are corroborated with the RF classification findings. The results are robust and give clear-cut visibility of unique and common factors influencing three profitability measures at varying levels. The classification estimates suggest that the bank-specific variables are major determinants of NIM, while macroeconomic and policy variables are the key determinants of RoA and RoE. Further, the results also suggest that the ratio of non-performing assets to total assets and business per employee are two such bank-specific determinants that play an important role in all three dimensions of profitability. Thus, recapitalization and automation will play an important role in bank profitability.
从改革和金融科技革命到宏观经济冲击,印度银行业在过去二十年中经历了快速变化,这对银行的盈利能力产生了重大影响。本研究从净息差(NIM)、资产回报率(RoA)和股本回报率(RoE)三个不同的维度考察银行盈利能力,并在机器学习算法的帮助下探索了关键决定因素。它使用了2005年至2021年期间国内和商业银行的汇总数据集。作为一个因变量,每个衡量指标(NIM, RoA和RoE)的盈利能力根据其四分位数重新划分为高于平均水平,平均水平和低于平均水平三类。在使用特征选择方法和多重共线性检查进行适当验证后,选择了21个解释变量,包括银行特定的,宏观经济和政策变量。随机森林(RF)分类算法使用r中的CARET包执行,从特征选择中获得的结果与RF分类结果一致。结果是稳健的,并给出了在不同水平上影响三个盈利能力措施的独特和共同因素的清晰可见性。分类估计表明,银行特定变量是NIM的主要决定因素,而宏观经济和政策变量是RoA和RoE的关键决定因素。此外,研究结果还表明,不良资产占总资产的比例和每个员工的业务是两个银行特定的决定因素,在盈利能力的所有三个维度中都起着重要作用。因此,资本重组和自动化将在银行盈利能力中发挥重要作用。
{"title":"Major Determinants of Bank Profitability in India: A Machine Learning Approach","authors":"P. Rai, B. B. Mohapatra, A. J. Meitei, Vanita Jain","doi":"10.1177/09721509231184763","DOIUrl":"https://doi.org/10.1177/09721509231184763","url":null,"abstract":"From reforms and fin-tech revolutions to macro-economic shocks, the Indian banking sector has witnessed rapid changes over the last two decades, which has significant implications for banks’ profitability. Viewing bank profitability from three different dimensions, Net Interest Margins (NIM), Return on Assets (RoA) and Return on Equity (RoE), this study has explored the key determinants with the help of machine learning algorithms. It has used a pooled data set of domestic and commercial banks covering 2005–2021. As a dependent variable, profitability by each measure (NIM, RoA and RoE) is reclassified into three categories, above average, average and below average, based on their quartiles. Twenty-one explanatory variables comprising bank-specific, macroeconomic and policy variables are chosen after due validation using feature selection methodology and multicollinearity check. The random forest (RF) classification algorithm is executed using the CARET package in R. The results obtained from feature selection are corroborated with the RF classification findings. The results are robust and give clear-cut visibility of unique and common factors influencing three profitability measures at varying levels. The classification estimates suggest that the bank-specific variables are major determinants of NIM, while macroeconomic and policy variables are the key determinants of RoA and RoE. Further, the results also suggest that the ratio of non-performing assets to total assets and business per employee are two such bank-specific determinants that play an important role in all three dimensions of profitability. Thus, recapitalization and automation will play an important role in bank profitability.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44956494","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}
引用次数: 0
Multiscale Price Discovery in the Global Futures Markets: Evidence from Wavelet Analysis 全球期货市场的多尺度价格发现:来自小波分析的证据
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-08 DOI: 10.1177/09721509231185832
A. Zainudin, Azhar Mohamad
The sharp increase in liquidity has exacerbated volatility in futures markets. The shocks in volatility patterns have triggered the urgent need to re-examine the efficiency of futures markets, but this time on a time scale. In this study, we examine the effectiveness of global futures markets as a reference for future prices. We perform spectrogram analysis to determine the signal sensitivity of both markets, as expressed by the association between the spot and futures markets. We also observe the correlation pattern of spot and futures co-movements in the time-frequency domain. Our study shows that agricultural and energy markets are inefficient in the short term. The low short-term positive correlation leads to a temporary divergence in spot and futures prices, which provides a profit opportunity for futures contract speculators.
流动性的急剧增加加剧了期货市场的波动。波动模式的冲击引发了重新审视期货市场效率的迫切需要,但这一次是在时间尺度上。在这项研究中,我们检验了全球期货市场的有效性,作为未来价格的参考。我们进行频谱图分析,以确定现货和期货市场之间的关联所表示的两个市场的信号敏感性。我们还观察到了现货和期货共同运动在时间-频率域中的相关性模式。我们的研究表明,农业和能源市场在短期内效率低下。短期正相关性较低,导致现货和期货价格出现暂时性差异,这为期货合约投机者提供了盈利机会。
{"title":"Multiscale Price Discovery in the Global Futures Markets: Evidence from Wavelet Analysis","authors":"A. Zainudin, Azhar Mohamad","doi":"10.1177/09721509231185832","DOIUrl":"https://doi.org/10.1177/09721509231185832","url":null,"abstract":"The sharp increase in liquidity has exacerbated volatility in futures markets. The shocks in volatility patterns have triggered the urgent need to re-examine the efficiency of futures markets, but this time on a time scale. In this study, we examine the effectiveness of global futures markets as a reference for future prices. We perform spectrogram analysis to determine the signal sensitivity of both markets, as expressed by the association between the spot and futures markets. We also observe the correlation pattern of spot and futures co-movements in the time-frequency domain. Our study shows that agricultural and energy markets are inefficient in the short term. The low short-term positive correlation leads to a temporary divergence in spot and futures prices, which provides a profit opportunity for futures contract speculators.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43071983","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}
引用次数: 0
Analysing the Impact of Perceived Risk, Trust and Past Purchase Satisfaction on Repurchase Intentions in Case of Online Grocery Shopping in India 印度网上杂货购物中感知风险、信任和过去购买满意度对回购意愿的影响分析
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-06 DOI: 10.1177/09721509231178989
Upasana Gupta, N. Kumar
The Indian online grocery market has been propelling since last few years. The size of online grocery market in 2020 was estimated as $2.9 billion and it is further anticipated to reach at the compound annual growth rate (CAGR) of 37.1% during 2021 to 2028. Companies such as Amazon, Flipkart grocery, BigBasket, Grofers and Jiomart have been coming up with new attractions for consumers such as providing timely no contact delivery, accepting various digital modes of payment and offering several discounts which have fascinated consumers towards buying their regular grocery from various online platforms. Corona virus has also fuelled up the safety concerns of people; due to which a large section of the citizens are working from home and are dependent on the online platform for various purposes including grocery shopping. This has provided several growth opportunities to the online grocery market. This research investigates about the purchase behaviour of customers towards online grocery shopping. The study aims to understand the purchase behaviour of e-grocery shoppers of India and to examine the association between satisfactions with online purchase, trust on online grocers, perceived risk and online repurchase intention of grocery items. The study uses primary data collected from 555 online grocery buyers. The findings of the study indicate that online customer satisfaction is a significant factor that influences repurchase intentions of online grocery shopping. Perceived risk negatively influence trust as well as repurchase intentions. Trust is found to be a mediating factor between shopping satisfaction and repurchase intentions. The study also builds and tests an online customer behavioural model with actual purchasing behaviour and identifies the continued presence of perceived risk, shopping satisfaction and trust in grocery e-retailing.
自过去几年以来,印度在线食品杂货市场一直在发展。2020年在线杂货市场的规模估计为29亿美元,预计2021年至2028年将以37.1%的复合年增长率增长。亚马逊、Flipkart杂货店、BigBasket、Grofers和Jiomart等公司一直在为消费者提供新的吸引力,例如提供及时的无接触配送、接受各种数字支付模式以及提供多种折扣,这些都吸引了消费者从各种在线平台购买普通杂货。冠状病毒也加剧了人们对安全的担忧;因此,很大一部分公民在家工作,并依赖在线平台进行包括杂货购物在内的各种用途。这为在线杂货市场提供了几个增长机会。本研究调查消费者对网上杂货购物的购买行为。该研究旨在了解印度电子杂货购物者的购买行为,并检验对在线购物的满意度、对在线杂货商的信任、感知风险和杂货的在线回购意愿之间的关系。这项研究使用了从555名在线杂货买家那里收集的主要数据。研究结果表明,网上顾客满意度是影响网上杂货购物复购意愿的重要因素。感知到的风险会对信任和回购意愿产生负面影响。信任被发现是购物满意度和回购意愿之间的中介因素。该研究还建立并测试了一个具有实际购买行为的在线客户行为模型,并确定了食品杂货电子零售中感知风险、购物满意度和信任的持续存在。
{"title":"Analysing the Impact of Perceived Risk, Trust and Past Purchase Satisfaction on Repurchase Intentions in Case of Online Grocery Shopping in India","authors":"Upasana Gupta, N. Kumar","doi":"10.1177/09721509231178989","DOIUrl":"https://doi.org/10.1177/09721509231178989","url":null,"abstract":"The Indian online grocery market has been propelling since last few years. The size of online grocery market in 2020 was estimated as $2.9 billion and it is further anticipated to reach at the compound annual growth rate (CAGR) of 37.1% during 2021 to 2028. Companies such as Amazon, Flipkart grocery, BigBasket, Grofers and Jiomart have been coming up with new attractions for consumers such as providing timely no contact delivery, accepting various digital modes of payment and offering several discounts which have fascinated consumers towards buying their regular grocery from various online platforms. Corona virus has also fuelled up the safety concerns of people; due to which a large section of the citizens are working from home and are dependent on the online platform for various purposes including grocery shopping. This has provided several growth opportunities to the online grocery market. This research investigates about the purchase behaviour of customers towards online grocery shopping. The study aims to understand the purchase behaviour of e-grocery shoppers of India and to examine the association between satisfactions with online purchase, trust on online grocers, perceived risk and online repurchase intention of grocery items. The study uses primary data collected from 555 online grocery buyers. The findings of the study indicate that online customer satisfaction is a significant factor that influences repurchase intentions of online grocery shopping. Perceived risk negatively influence trust as well as repurchase intentions. Trust is found to be a mediating factor between shopping satisfaction and repurchase intentions. The study also builds and tests an online customer behavioural model with actual purchasing behaviour and identifies the continued presence of perceived risk, shopping satisfaction and trust in grocery e-retailing.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47070449","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}
引用次数: 0
Constructing the ‘Public Interest’: (De)legitimizing the Acquisition of Aer Lingus by IAG 构建“公共利益”:国际航空集团收购爱尔兰航空的合法化
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-02 DOI: 10.1177/09721509231182529
Joseph K. Fitzgerald
This article assesses how the ‘Public Interest’ was used to (de)legitimize the acquisition of a national airline. It does this by adopting a case study approach that analyses the acquisition of Aer Lingus by International Consolidated Airlines Group (IAG). This acquisition is part of a broader trend of international consolidation that the aviation industry has experienced in recent years. The article also critiques whether the ‘Public Interest’ was constructed on valid grounds. Its analysis found that the public interest was constructed as the continuance of routes between Irish airports and London Heathrow as a means for Ireland to maintain international connectivity. However, this article questions the validity of how the ‘Public Interest’ was constructed, suggesting that although the Public Interest does appear to be served by maintaining international connectivity, it is less clear whether connectivity with London Heathrow serves the interests of the public. Notwithstanding this critique, IAG was able to successfully use the maintenance of the Public Interest to successfully execute its acquisition of Aer Lingus.
本文评估了“公共利益”是如何被用来使收购一家国家航空公司合法化的。它通过采用案例研究方法来分析国际联合航空集团(IAG)对爱尔兰航空的收购。此次收购是航空业近年来经历的更广泛的国际整合趋势的一部分。文章还批评了“公共利益”的构建是否有正当理由。其分析发现,公众利益是爱尔兰机场和伦敦希思罗机场之间航线的延续,以此作为爱尔兰保持国际连通性的一种手段。然而,这篇文章质疑“公共利益”是如何构建的,表明尽管维持国际连通性似乎确实符合公共利益,但与伦敦希思罗机场的连通性是否符合公众利益尚不清楚。尽管有这种批评,国际航空集团还是能够成功地利用公共利益的维护成功地完成对爱尔兰航空的收购。
{"title":"Constructing the ‘Public Interest’: (De)legitimizing the Acquisition of Aer Lingus by IAG","authors":"Joseph K. Fitzgerald","doi":"10.1177/09721509231182529","DOIUrl":"https://doi.org/10.1177/09721509231182529","url":null,"abstract":"This article assesses how the ‘Public Interest’ was used to (de)legitimize the acquisition of a national airline. It does this by adopting a case study approach that analyses the acquisition of Aer Lingus by International Consolidated Airlines Group (IAG). This acquisition is part of a broader trend of international consolidation that the aviation industry has experienced in recent years. The article also critiques whether the ‘Public Interest’ was constructed on valid grounds. Its analysis found that the public interest was constructed as the continuance of routes between Irish airports and London Heathrow as a means for Ireland to maintain international connectivity. However, this article questions the validity of how the ‘Public Interest’ was constructed, suggesting that although the Public Interest does appear to be served by maintaining international connectivity, it is less clear whether connectivity with London Heathrow serves the interests of the public. Notwithstanding this critique, IAG was able to successfully use the maintenance of the Public Interest to successfully execute its acquisition of Aer Lingus.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48314889","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}
引用次数: 0
FDI Inflows and Urbanization: A Cross-country Comparison from Asia, Africa and Latin America 外国直接投资流入与城市化:来自亚洲、非洲和拉丁美洲的跨国比较
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-02 DOI: 10.1177/09721509231185829
Mita Bhattacharya, S. Behera, D. Dash, N. Apergis
Since the last three decades, urbanization has been considered an engine of economic development and attracting foreign investment, particularly for developing countries. We explore the role of urbanization upon inward foreign direct investment (FDI) for a panel of 58 developing economies from Asia, Africa and Latin America. Empirical results reveal a complementary relationship between urbanization and FDI. Moreover, empirical findings suggest that urbanization in developing economies reaps positive benefits from FDI, provides MNCs with a safe investment climate and facilitates FDI inflows. Further, empirical results reflect the role of sociopolitical openness and infrastructure (in particular, energy and transport) in fostering FDI inflows. We suggest fostering appropriate infrastructure and sociopolitical openness will accelerate urban development and create a conducive environment for FDI inflows. Governments and policy practitioners should implement policies to mobilize foreign capital to accelerate urbanization.
自过去三十年以来,城市化一直被认为是经济发展和吸引外国投资的引擎,特别是对发展中国家而言。我们为来自亚洲、非洲和拉丁美洲的58个发展中经济体小组探讨了城市化对外来直接投资的作用。实证结果表明,城市化与外国直接投资之间存在互补关系。此外,实证结果表明,发展中经济体的城市化从外国直接投资中获得了积极的好处,为跨国公司提供了安全的投资环境,并促进了外国直接投资的流入。此外,实证结果反映了社会政治开放和基础设施(特别是能源和运输)在促进外国直接投资流入方面的作用。我们建议,促进适当的基础设施和社会政治开放将加速城市发展,并为外国直接投资流入创造有利的环境。各国政府和政策执行者应执行政策,动员外国资本加速城市化。
{"title":"FDI Inflows and Urbanization: A Cross-country Comparison from Asia, Africa and Latin America","authors":"Mita Bhattacharya, S. Behera, D. Dash, N. Apergis","doi":"10.1177/09721509231185829","DOIUrl":"https://doi.org/10.1177/09721509231185829","url":null,"abstract":"Since the last three decades, urbanization has been considered an engine of economic development and attracting foreign investment, particularly for developing countries. We explore the role of urbanization upon inward foreign direct investment (FDI) for a panel of 58 developing economies from Asia, Africa and Latin America. Empirical results reveal a complementary relationship between urbanization and FDI. Moreover, empirical findings suggest that urbanization in developing economies reaps positive benefits from FDI, provides MNCs with a safe investment climate and facilitates FDI inflows. Further, empirical results reflect the role of sociopolitical openness and infrastructure (in particular, energy and transport) in fostering FDI inflows. We suggest fostering appropriate infrastructure and sociopolitical openness will accelerate urban development and create a conducive environment for FDI inflows. Governments and policy practitioners should implement policies to mobilize foreign capital to accelerate urbanization.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47515874","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}
引用次数: 0
The Impact of Top Management Education from Reputable Universities on Corporate Capital Structure: Evidence from Indonesia 名牌大学高层管理教育对公司资本结构的影响:来自印尼的证据
IF 2.4 Q3 BUSINESS Pub Date : 2023-08-01 DOI: 10.1177/09721509231182525
Muhammad Madyan, I. Harymawan, Adib Minanurohman, Wulan Rahmadani Setiawan
This article aims to analyse the relationship between the chief executive and financial officer (CEO and CFO) from reputable universities and capital structure. We use least-square regression using 3,003 firm-year observations of companies listed in Indonesia from all industries except the financial sector from 2010 to 2019. Consistent with the hypothesis development, the results show that CEOs and CFO from reputable universities have a significant positive relation to the debt-equity ratio. The same result is also shown in the robust test using coarsened exact matching (CEM) and Heckman’s two-stage model. We also document that in a high-growth industry, CEO reputation plays an important effect on capital structure, meanwhile in a low growth industry, CFO does. Interestingly, only the company who has low-tech industry shows a significant education reputation on capital structure. We also separate the sample using education levels, undergraduate and postgraduate. These findings will interest policymakers and companies when recruiting top managers to consider their educational background because it influences capital structure decisions. This study provides a theoretical contribution to the literature on the relationship between top management educational background and capital structure in Indonesia.
本文旨在分析知名大学首席执行官和财务官(CEO和CFO)与资本结构的关系。我们使用最小二乘回归,对印度尼西亚除金融部门以外的所有行业的3003家公司进行了2010年至2019年的年度观察。与假设的发展相一致,结果表明,来自知名大学的ceo和CFO与债务-权益比率存在显著的正相关关系。使用粗化精确匹配(CEM)和Heckman的两阶段模型进行鲁棒性测试也显示了相同的结果。我们还发现,在高增长行业中,CEO声誉对资本结构有重要影响,而在低增长行业中,CFO对资本结构有重要影响。有趣的是,只有低技术产业的公司在资本结构上表现出显著的教育声誉。我们还使用教育水平,本科和研究生分开样本。这些发现将引起政策制定者和公司在招聘高层管理人员时考虑他们的教育背景的兴趣,因为它会影响资本结构决策。本研究为印尼高层管理人员教育背景与资本结构关系的文献提供理论贡献。
{"title":"The Impact of Top Management Education from Reputable Universities on Corporate Capital Structure: Evidence from Indonesia","authors":"Muhammad Madyan, I. Harymawan, Adib Minanurohman, Wulan Rahmadani Setiawan","doi":"10.1177/09721509231182525","DOIUrl":"https://doi.org/10.1177/09721509231182525","url":null,"abstract":"This article aims to analyse the relationship between the chief executive and financial officer (CEO and CFO) from reputable universities and capital structure. We use least-square regression using 3,003 firm-year observations of companies listed in Indonesia from all industries except the financial sector from 2010 to 2019. Consistent with the hypothesis development, the results show that CEOs and CFO from reputable universities have a significant positive relation to the debt-equity ratio. The same result is also shown in the robust test using coarsened exact matching (CEM) and Heckman’s two-stage model. We also document that in a high-growth industry, CEO reputation plays an important effect on capital structure, meanwhile in a low growth industry, CFO does. Interestingly, only the company who has low-tech industry shows a significant education reputation on capital structure. We also separate the sample using education levels, undergraduate and postgraduate. These findings will interest policymakers and companies when recruiting top managers to consider their educational background because it influences capital structure decisions. This study provides a theoretical contribution to the literature on the relationship between top management educational background and capital structure in Indonesia.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46216385","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}
引用次数: 0
The Effect of Workplace Loneliness on Employee Wellbeing: Role of Organizational Support and Resilience 工作场所孤独感对员工幸福感的影响:组织支持和弹性的作用
IF 2.4 Q3 BUSINESS Pub Date : 2023-07-30 DOI: 10.1177/09721509231174738
Swati Dhir, Mamta Mohapatra, Shalini Srivastava
Workplace loneliness is the perception of relationship deficit in any organization which hampers the employee’s psychological well-being, which is an essential attribute for overall organizational performance. The objective of this study is to understand the effect of workplace loneliness and perceived organizational support on psychological well-being and the moderating effect of resilience on psychological well-being. The study has gathered 391 data points from various working executives in different organizations in India. The data have been analysed by using Partial Least Square Structural Equation Modelling (PLS-SEM). The results have shown a negative association between workplace loneliness and a positive association with perceived organizational support for psychological well-being. It has also been exhibited that resilient employees discount the perception of loneliness in the workplace. The results of this study will certainly help organizations design their policies for supporting employees and develop resilient employees through necessary interventions. The study is unique in highlighting the effect of one of the negative workplace attributes and the essential ways to overcome the same in a single study.
工作场所孤独感是任何组织中对关系缺陷的感知,它阻碍了员工的心理健康,而心理健康是组织整体绩效的一个重要属性。本研究的目的是了解工作场所孤独感和感知的组织支持对心理幸福感的影响,以及韧性对心理幸福的调节作用。这项研究从印度不同组织的不同在职高管那里收集了391个数据点。采用偏最小二乘结构方程模型(PLS-SEM)对数据进行了分析。研究结果表明,工作场所的孤独感与组织对心理健康的支持呈负相关,而与组织对精神健康的支持呈正相关。研究还表明,有韧性的员工会忽视工作场所的孤独感。这项研究的结果肯定会帮助组织设计支持员工的政策,并通过必要的干预措施培养有韧性的员工。这项研究的独特之处在于,在一项研究中强调了一种消极工作场所属性的影响,以及克服这种影响的基本方法。
{"title":"The Effect of Workplace Loneliness on Employee Wellbeing: Role of Organizational Support and Resilience","authors":"Swati Dhir, Mamta Mohapatra, Shalini Srivastava","doi":"10.1177/09721509231174738","DOIUrl":"https://doi.org/10.1177/09721509231174738","url":null,"abstract":"Workplace loneliness is the perception of relationship deficit in any organization which hampers the employee’s psychological well-being, which is an essential attribute for overall organizational performance. The objective of this study is to understand the effect of workplace loneliness and perceived organizational support on psychological well-being and the moderating effect of resilience on psychological well-being. The study has gathered 391 data points from various working executives in different organizations in India. The data have been analysed by using Partial Least Square Structural Equation Modelling (PLS-SEM). The results have shown a negative association between workplace loneliness and a positive association with perceived organizational support for psychological well-being. It has also been exhibited that resilient employees discount the perception of loneliness in the workplace. The results of this study will certainly help organizations design their policies for supporting employees and develop resilient employees through necessary interventions. The study is unique in highlighting the effect of one of the negative workplace attributes and the essential ways to overcome the same in a single study.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43178831","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}
引用次数: 0
Digital Orientation and Practices Adopted by the New Startups: Antecedents and Influences on Firm’s Performance 新创业公司的数字化取向与实践:对公司绩效的影响
IF 2.4 Q3 BUSINESS Pub Date : 2023-07-26 DOI: 10.1177/09721509231163015
Bhavika Bali, R. Joshi
The digital orientation of startups represents a set of distinct behavioural dimensions emphasizing on planned adoption of digital technology. However, how startups become digitally oriented is unclear. Analysing the factors leading to adopting digital orientation can help startups learn the facets of strategy most influential in driving performance through digital technology use. The study uses the technique of structural equation modelling to establish entrepreneurial, market, technology and learning orientations as the antecedents of digital orientation. Survey data from 350 startup owners in India were collected by operationalizing the theoretical constructs using established scales. Subsequently, the direct impact of digital orientation on financial performance is examined. Further, the research provides implications for practitioners and policymakers.
创业公司的数字化取向代表了一组不同的行为维度,强调有计划地采用数字技术。然而,创业公司如何以数字化为导向尚不清楚。分析导致采用数字导向的因素可以帮助初创公司了解通过使用数字技术驱动绩效的最具影响力的战略方面。本研究运用结构方程建模的方法,建立创业导向、市场导向、技术导向和学习导向作为数字化导向的前因变量。通过使用已建立的量表对理论结构进行操作,收集了来自印度350家初创企业所有者的调查数据。随后,研究了数字化导向对财务绩效的直接影响。此外,该研究为实践者和决策者提供了启示。
{"title":"Digital Orientation and Practices Adopted by the New Startups: Antecedents and Influences on Firm’s Performance","authors":"Bhavika Bali, R. Joshi","doi":"10.1177/09721509231163015","DOIUrl":"https://doi.org/10.1177/09721509231163015","url":null,"abstract":"The digital orientation of startups represents a set of distinct behavioural dimensions emphasizing on planned adoption of digital technology. However, how startups become digitally oriented is unclear. Analysing the factors leading to adopting digital orientation can help startups learn the facets of strategy most influential in driving performance through digital technology use. The study uses the technique of structural equation modelling to establish entrepreneurial, market, technology and learning orientations as the antecedents of digital orientation. Survey data from 350 startup owners in India were collected by operationalizing the theoretical constructs using established scales. Subsequently, the direct impact of digital orientation on financial performance is examined. Further, the research provides implications for practitioners and policymakers.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44186850","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}
引用次数: 0
Silo Effects and Financial Performance: Evidence from an Emerging Market 筒仓效应与财务绩效:来自新兴市场的证据
IF 2.4 Q3 BUSINESS Pub Date : 2023-07-25 DOI: 10.1177/09721509231166192
Naseem Al Rahahleh, Mohammad Altawili, Tameem Al Bassam
Focusing on identifying the impact of silos, this article addresses a gap in the literature in terms of the mediating role of collaboration between silo-busting techniques and the productivity and financial performance of Saudi firms. Through an investigation of multiple hypotheses tested via partial least-squares structural equation modelling, the relationship between silo-busting techniques and productivity and financial performance is tested in quantitative terms, thereby providing the first evidence for this relationship in the focal context. On the basis of this modelling approach, silo-busting techniques are shown to be a significant predictor of productivity and financial performance. Further, the results show that silo-busting techniques play an additional related role in shaping productivity and financial performance—that is, these techniques foster collaboration within a given firm. In fact, practicing silo-busting techniques can help improve firm performance. In relation to the present business environment, the results indicate that firms should make significant investments in all five silo-busting factors—values, leadership, collaborative environment, collaborative operating model and people reward and development—in order to improve collaboration results and, therefore, productivity and financial performance. However, particular emphasis should be placed on collaborative operating model and people reward and development as the only two factors shown to strongly support firm performance.
本文侧重于确定筒仓的影响,解决了文献中关于筒仓破坏技术与沙特公司生产力和财务绩效之间合作的中介作用的空白。通过对通过偏最小二乘结构方程模型检验的多个假设的调查,从定量的角度检验了筒仓拆除技术与生产力和财务绩效之间的关系,从而为焦点背景下的这种关系提供了第一个证据。在这种建模方法的基础上,筒仓破碎技术被证明是生产力和财务业绩的重要预测指标。此外,研究结果表明,打破筒仓的技术在塑造生产力和财务绩效方面发挥着额外的相关作用——也就是说,这些技术促进了特定公司内部的合作。事实上,练习打破筒仓的技术可以帮助提高公司的业绩。就目前的商业环境而言,研究结果表明,企业应该在价值观、领导力、协作环境、协作运营模式以及人员奖励和发展这五个打破筒仓的因素上进行重大投资,以提高协作结果,从而提高生产力和财务绩效。然而,应该特别强调合作经营模式和人员奖励与发展,这是唯一两个有力支持公司业绩的因素。
{"title":"Silo Effects and Financial Performance: Evidence from an Emerging Market","authors":"Naseem Al Rahahleh, Mohammad Altawili, Tameem Al Bassam","doi":"10.1177/09721509231166192","DOIUrl":"https://doi.org/10.1177/09721509231166192","url":null,"abstract":"Focusing on identifying the impact of silos, this article addresses a gap in the literature in terms of the mediating role of collaboration between silo-busting techniques and the productivity and financial performance of Saudi firms. Through an investigation of multiple hypotheses tested via partial least-squares structural equation modelling, the relationship between silo-busting techniques and productivity and financial performance is tested in quantitative terms, thereby providing the first evidence for this relationship in the focal context. On the basis of this modelling approach, silo-busting techniques are shown to be a significant predictor of productivity and financial performance. Further, the results show that silo-busting techniques play an additional related role in shaping productivity and financial performance—that is, these techniques foster collaboration within a given firm. In fact, practicing silo-busting techniques can help improve firm performance. In relation to the present business environment, the results indicate that firms should make significant investments in all five silo-busting factors—values, leadership, collaborative environment, collaborative operating model and people reward and development—in order to improve collaboration results and, therefore, productivity and financial performance. However, particular emphasis should be placed on collaborative operating model and people reward and development as the only two factors shown to strongly support firm performance.","PeriodicalId":47569,"journal":{"name":"Global Business Review","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42350690","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}
引用次数: 0
期刊
Global Business Review
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1