Pub Date : 2019-06-28DOI: 10.17265/1548-6583/2019.06.001
Sarah ALmuaither, M. Marzouk
This study investigates the determinants of capital structure of UK firms by using the ordinary least squares (OLS) estimation with six independent variables including company size, profitability, tangibility, growth opportunities, tax, and volatility, as well as four industry classification dummy variables and with financial leverage as the dependent variable. The data set for the research includes all FTSE 100 companies in 2016. The findings reveal (i) a positive but insignificant relationship between company size and leverage; (ii) a negative but insignificant association between profitability and leverage; (iii) level of tangible assets and leverage are negatively related but such negative relationship is not significant; (iv) growth opportunities and leverage are negatively correlated and the negative relationship is highly statistically significant; (v) tax and leverage are positively related but the relationship is not statistically significant; and (vi) volatility and leverage are negatively related but the relationship is not statistically significant. The significant negative relationship between industry dummies and leverage is related to companies in the mining industry that did not use much debt to finance their business compared to those in other industries. Among five different capital structures, the pecking order theory indicates that companies prefer employing internal fund such as retained earnings or excess liquid assets to external finance investment opportunities, which seems to be suitable for UK companies. Static trade off theory which addresses the existence of optimal capital structures of firms affected by the trade-off between costs and benefits when using debt and equity is only applicable in particular cases in the UK. Dynamic trade off theory that argues that the appropriate financing choice typically relies on the financing margin that is estimated in the coming period, and market timing theory which demonstrates that stock price fluctuations in the market influence companies’ capital structure, are not supported by the findings of this study.
{"title":"Determinants of Capital Structure: Evidence from the UK","authors":"Sarah ALmuaither, M. Marzouk","doi":"10.17265/1548-6583/2019.06.001","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.06.001","url":null,"abstract":"This study investigates the determinants of capital structure of UK firms by using the ordinary least squares (OLS)\u0000estimation with six independent variables including company size, profitability, tangibility, growth opportunities,\u0000tax, and volatility, as well as four industry classification dummy variables and with financial leverage as the\u0000dependent variable. The data set for the research includes all FTSE 100 companies in 2016. The findings reveal (i)\u0000a positive but insignificant relationship between company size and leverage; (ii) a negative but insignificant\u0000association between profitability and leverage; (iii) level of tangible assets and leverage are negatively related but\u0000such negative relationship is not significant; (iv) growth opportunities and leverage are negatively correlated and\u0000the negative relationship is highly statistically significant; (v) tax and leverage are positively related but the\u0000relationship is not statistically significant; and (vi) volatility and leverage are negatively related but the relationship\u0000is not statistically significant. The significant negative relationship between industry dummies and leverage is\u0000related to companies in the mining industry that did not use much debt to finance their business compared to those\u0000in other industries. Among five different capital structures, the pecking order theory indicates that companies prefer\u0000employing internal fund such as retained earnings or excess liquid assets to external finance investment\u0000opportunities, which seems to be suitable for UK companies. Static trade off theory which addresses the existence\u0000of optimal capital structures of firms affected by the trade-off between costs and benefits when using debt and\u0000equity is only applicable in particular cases in the UK. Dynamic trade off theory that argues that the appropriate\u0000financing choice typically relies on the financing margin that is estimated in the coming period, and market timing\u0000theory which demonstrates that stock price fluctuations in the market influence companies’ capital structure, are not\u0000supported by the findings of this study.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42232429","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 : 2019-06-28DOI: 10.17265/1548-6583/2019.06.003
Refat Alfaouri, Hamza Tubaishat
This research is examining the degree of implementation of the attributes of exponential organization by Jordanian services companies listed on Amman Stock Exchange (ASE); around 68 companies will be examined, through their annual changes of their increase on their budget over the last 11 years. The change and increase of their annual budgets or the total value of these companies will be a great indicator for exponential trend and behaviour of these companies. The study is an attempt to examine the degree that companies listed in ASE follow internal characteristics of EXOs developed by Ismail Salim and do the capital structure of EXOs differed from the capital structure listed in ASE.
{"title":"Implementation of the Attributes of Exponential Organization by Jordanian Services Companies","authors":"Refat Alfaouri, Hamza Tubaishat","doi":"10.17265/1548-6583/2019.06.003","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.06.003","url":null,"abstract":"This research is examining the degree of implementation of the attributes of exponential organization by Jordanian services companies listed on Amman Stock Exchange (ASE); around 68 companies will be examined, through their annual changes of their increase on their budget over the last 11 years. The change and increase of their annual budgets or the total value of these companies will be a great indicator for exponential trend and behaviour of these companies. The study is an attempt to examine the degree that companies listed in ASE follow internal characteristics of EXOs developed by Ismail Salim and do the capital structure of EXOs differed from the capital structure listed in ASE.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41436041","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 : 2019-06-28DOI: 10.17265/1548-6583/2019.06.004
C. Mallawaarachchi
This research was conducted in qualitative approach. The researcher has worked with developing a framework based on the concept of artificial intelligence (AI) to introduce a new model. On that purpose, primary data were collected from hundred customers who enjoyed in services of interactive voice recognition (IVR) in the Banking Industry in Sri Lanka based on interviews with an open-ended question. The researcher has coded the collected data to spot the patterns to identify and analyze the core relationship in between AI and IVR; to discuss and to revise the developed model. The samples are selected in accordance with the intention to extract relevant information, and thus, the researcher has used non-probability sampling aimed to find respondents that had some experiences with any types of services in IVR. Data were analyzed by labeling them as “codes” and the researcher went through all the labels that were constructed in the previous stage; these were then categorized once more into themes. These themes and labels were then used to spot indications and patterns in the data that the researchers used when analyzing their primary data. The findings of this study suggest that customers are skeptical towards in interactive voice recognition in telephone customer services and believe that the service quality would be lower than regular telephone service. The findings did however reflect that customers are willing to cope or adjust to new technology as long as there are alternatives them to be
{"title":"The Application of Artificial Intelligence and the Interactive Voice Recognition in the Banking Industry in Sri Lanka","authors":"C. Mallawaarachchi","doi":"10.17265/1548-6583/2019.06.004","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.06.004","url":null,"abstract":" This research was conducted in qualitative approach. The researcher has worked with developing a framework based on the concept of artificial intelligence (AI) to introduce a new model. On that purpose, primary data were collected from hundred customers who enjoyed in services of interactive voice recognition (IVR) in the Banking Industry in Sri Lanka based on interviews with an open-ended question. The researcher has coded the collected data to spot the patterns to identify and analyze the core relationship in between AI and IVR; to discuss and to revise the developed model. The samples are selected in accordance with the intention to extract relevant information, and thus, the researcher has used non-probability sampling aimed to find respondents that had some experiences with any types of services in IVR. Data were analyzed by labeling them as “codes” and the researcher went through all the labels that were constructed in the previous stage; these were then categorized once more into themes. These themes and labels were then used to spot indications and patterns in the data that the researchers used when analyzing their primary data. The findings of this study suggest that customers are skeptical towards in interactive voice recognition in telephone customer services and believe that the service quality would be lower than regular telephone service. The findings did however reflect that customers are willing to cope or adjust to new technology as long as there are alternatives them to be","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45611523","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 : 2019-05-28DOI: 10.17265/1548-6583/2019.05.004
Ferry Barineka Gberegbe
{"title":"Book-Tax Ratio and Earnings Quality of Listed Firms in Nigeria","authors":"Ferry Barineka Gberegbe","doi":"10.17265/1548-6583/2019.05.004","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.05.004","url":null,"abstract":"","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43509463","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 : 2019-05-28DOI: 10.17265/1548-6583/2019.05.002
Kavita Singh, Sarthak Sengupta, Anurika Vaish
{"title":"Overreaction and Availability Bias: Analysis of Real Estate Sector’s Stock Prices and Investors’ Reaction during Demonetisation in India","authors":"Kavita Singh, Sarthak Sengupta, Anurika Vaish","doi":"10.17265/1548-6583/2019.05.002","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.05.002","url":null,"abstract":"","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44012681","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 : 2019-05-28DOI: 10.17265/1548-6583/2019.05.003
Intan Salwani Mohamed, Nabilah Rozzani, Noor Hidayah Ab Aziz, Richard Hicks
{"title":"Ethical Ideologies, Personality Traits, and Whistleblowing Intention in Public Sector: Mediating Role of Whistleblowing Judgment","authors":"Intan Salwani Mohamed, Nabilah Rozzani, Noor Hidayah Ab Aziz, Richard Hicks","doi":"10.17265/1548-6583/2019.05.003","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.05.003","url":null,"abstract":"","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43631403","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 : 2019-05-01DOI: 10.17265/1548-6583/2019.05.001
S. Turnbull
The research question of this article is how should the International Accounting Standards Board establish standard units of value? Economic value is a social construct that has no use if humans do not exist. The ability for humans to sustain themselves in perpetuity on our planet depends upon how well renewable and recyclable resources in each bioregion can support humanity. As each bioregion has different capacities different units of value are required if prices are to be useful for guiding the size and distribution of the global population between regions. As energy is fundamental for modern human wellbeing, and renewable sources vary by regions this provides a basis for creating sustainability indexes in each bioregion to tether bioregional currencies to promote circular economies. The Internet of Things provides a way to collect and calculate indexes automatically to establish a creditable stable and predicable relative index of value for all goods and services to remove the need for money to be a store of value or unit of account. Self-liquidating money would simplify money to only being a medium of exchange that could be created on a decentralised basis by users. Carbon trading and/or taxing could reduce, or be avoided.
{"title":"How Might Standard Units of Value Be Defined?","authors":"S. Turnbull","doi":"10.17265/1548-6583/2019.05.001","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.05.001","url":null,"abstract":"The research question of this article is how should the International Accounting Standards Board establish standard units of value? Economic value is a social construct that has no use if humans do not exist. The ability for humans to sustain themselves in perpetuity on our planet depends upon how well renewable and recyclable resources in each bioregion can support humanity. As each bioregion has different capacities different units of value are required if prices are to be useful for guiding the size and distribution of the global population between regions. As energy is fundamental for modern human wellbeing, and renewable sources vary by regions this provides a basis for creating sustainability indexes in each bioregion to tether bioregional currencies to promote circular economies. The Internet of Things provides a way to collect and calculate indexes automatically to establish a creditable stable and predicable relative index of value for all goods and services to remove the need for money to be a store of value or unit of account. Self-liquidating money would simplify money to only being a medium of exchange that could be created on a decentralised basis by users. Carbon trading and/or taxing could reduce, or be avoided.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44437653","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 : 2019-04-28DOI: 10.17265/1548-6583/2019.04.004
Joyeeta Chatterjee
One of the significant marketing changes in the past decade involves the dramatic increase in the variety of ways in which consumers can express their identities. A key driver of this change has been the growth of one-to-one marketing and mass customization. This trend has led many companies to rebrand and reposition their products or services focusing on functional attributes to focusing on how they fit into a consumer’s lifestyle. In the recent years, we have seen a growing trend of rebranding in India such as Vodafone, Airtel, Hero MotoCorp (erstwhile Hero Honda) to media channels to across different industries. This trend has compelled several business conglomerates to rebrand and get a makeover of their products and services. These organizations, while conducting the rebranding exercise, emphasize on concentrating on the functional attributes to how they fit into a consumer’s lifestyle which are received very well by business houses. By revitalizing their brands, business houses are ready to face a tough challenge in the marketplace and earn a respectable market share too. The rebranding exercise of Hero MotoCorp provides fascinating insights. The drivers and methodology adopted by the two-wheeler manufacturer which includes the makeover of the brand architecture, brand name, brand logo and the positioning with the theme of creation, renewal and re-energizing the brand are worth mentioning.
{"title":"An Analysis of Consumers’ Perception Towards Rebranding: A Study of Hero MotoCorp","authors":"Joyeeta Chatterjee","doi":"10.17265/1548-6583/2019.04.004","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.04.004","url":null,"abstract":"One of the significant marketing changes in the past decade involves the dramatic increase in the variety of ways in which consumers can express their identities. A key driver of this change has been the growth of one-to-one marketing and mass customization. This trend has led many companies to rebrand and reposition their products or services focusing on functional attributes to focusing on how they fit into a consumer’s lifestyle. In the recent years, we have seen a growing trend of rebranding in India such as Vodafone, Airtel, Hero MotoCorp (erstwhile Hero Honda) to media channels to across different industries. This trend has compelled several business conglomerates to rebrand and get a makeover of their products and services. These organizations, while conducting the rebranding exercise, emphasize on concentrating on the functional attributes to how they fit into a consumer’s lifestyle which are received very well by business houses. By revitalizing their brands, business houses are ready to face a tough challenge in the marketplace and earn a respectable market share too. The rebranding exercise of Hero MotoCorp provides fascinating insights. The drivers and methodology adopted by the two-wheeler manufacturer which includes the makeover of the brand architecture, brand name, brand logo and the positioning with the theme of creation, renewal and re-energizing the brand are worth mentioning.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43125122","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 : 2019-04-28DOI: 10.17265/1548-6583/2019.04.002
M. Leone, A. Manelli, Roberta Pace
Over the past decade, agricultural commodity prices underwent wild swings. Periods of high growth in 2008 were followed by periods of sudden decrease in 2009. The excessive increase in food price volatility is a subject of great interest because it has to do with the survival of mankind. Recent academic studies and policy makers have reached sharply different conclusions about the dynamics of such fluctuations. Also, some of them have indicated the main cause in speculative transactions and in the little regulation of futures markets. This paper intends to verify if there exists a co-implication between wheat futures price and some financial “speculative” variables. The results of cointegration analysis show that there is no evidence that financial derivative instruments determine the fluctuations of wheat futures price.
{"title":"Commodity Market and Financial Derivative Instruments: Is There a Cointegration","authors":"M. Leone, A. Manelli, Roberta Pace","doi":"10.17265/1548-6583/2019.04.002","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.04.002","url":null,"abstract":"Over the past decade, agricultural commodity prices underwent wild swings. Periods of high growth in 2008 were followed by periods of sudden decrease in 2009. The excessive increase in food price volatility is a subject of great interest because it has to do with the survival of mankind. Recent academic studies and policy makers have reached sharply different conclusions about the dynamics of such fluctuations. Also, some of them have indicated the main cause in speculative transactions and in the little regulation of futures markets. This paper intends to verify if there exists a co-implication between wheat futures price and some financial “speculative” variables. The results of cointegration analysis show that there is no evidence that financial derivative instruments determine the fluctuations of wheat futures price.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48337417","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 : 2019-04-28DOI: 10.17265/1548-6583/2019.04.003
Riaheen Farzana
This research investivates the moderating effects of employees gender diversity and uncertainty on the relationship between supply chain practices and the performance of the firm which have a supply chain. Current supply chain management has become a possibly valuable way of improving firm performance. Gender plays an important role in the performance of an organization, but it has not get emphasize in research so far. This study provides a conceptual justification for a proposed model that identifies the relationships between supply chain practices and firm performance and describes the moderating effect of gender diversity and uncertainty. The higher levels of supply chain practice can lead to enhance firm performance. Also, gender diversity and uncertainty has an interaction effect on this relationship.
{"title":"The Moderating Effects of Gender Diversity on Supply Chain Practice and Firm Performance","authors":"Riaheen Farzana","doi":"10.17265/1548-6583/2019.04.003","DOIUrl":"https://doi.org/10.17265/1548-6583/2019.04.003","url":null,"abstract":"This research investivates the moderating effects of employees gender diversity and uncertainty on the relationship between supply chain practices and the performance of the firm which have a supply chain. Current supply chain management has become a possibly valuable way of improving firm performance. Gender plays an important role in the performance of an organization, but it has not get emphasize in research so far. This study provides a conceptual justification for a proposed model that identifies the relationships between supply chain practices and firm performance and describes the moderating effect of gender diversity and uncertainty. The higher levels of supply chain practice can lead to enhance firm performance. Also, gender diversity and uncertainty has an interaction effect on this relationship.","PeriodicalId":71220,"journal":{"name":"现代会计与审计:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45821785","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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