Search results
1 – 10 of 393The purpose of this study is to investigate the motives for granting additional remuneration to majority managers in Tunisian limited liability companies. The theoretical…
Abstract
Purpose
The purpose of this study is to investigate the motives for granting additional remuneration to majority managers in Tunisian limited liability companies. The theoretical explanation is based on the tax avoidance hypothesis on the one hand and on the conflict of interests hypothesis on the other hand.
Design/methodology/approach
The sample used consists of 48 Tunisian limited liability companies throughout the period ranging from 2015 to 2020. The authors use the panel data with the generalized method of moments (GMM) estimate in first difference.
Findings
The results provide evidence of a positive relationship between the accounting performance of the company and the granting of additional remuneration to majority managers, alongside their share in profits. What is more, there is a positive relationship between the change in the company's accounting results and the granting of additional remuneration to majority managers, alongside their share in profits. Likewise, the tax avoidance carried out by the firm is positively and significantly correlated with the granting of additional remuneration to majority managers, alongside their share in profits.
Practical implications
The results may help corporations consider their future growth opportunities. This is in a context where the approach to tax avoidance and conflict of interests occupies a central place in the assessment of the granting of additional remuneration to majority managers, alongside their share in profits.
Originality/value
This article is motivated by the low number of works in the context of granting additional remuneration to majority managers, alongside their share in profits. It makes a substantial contribution to the academic literature through adding to the limited body of research on tax avoidance and conflict of interests in a corporate context.
Details
Keywords
Mohammad Rezaur Razzak and Said Al Riyami
Drawing on the socioemotional selectivity theory and the volunteerism literature, this study aims to examine the influence of empathy, altruism and opportunity recognition, on…
Abstract
Purpose
Drawing on the socioemotional selectivity theory and the volunteerism literature, this study aims to examine the influence of empathy, altruism and opportunity recognition, on social entrepreneurial intentions (SEI) of people who have retired from a full-time career. Furthermore, the study examines whether the above-mentioned relationships are mediated by moral obligation.
Design/methodology/approach
A set of hypotheses is tested by applying partial least squares structural equation modelling on a survey sample of 227 retirees in Oman, who had participated in an entrepreneurial leadership training after retirement. Using SmartPLS software, the path model is tested through bootstrapping.
Findings
The findings suggest that altruism and opportunity recognition do not have a direct relationship with SEI, however, they are significant only when mediated through moral obligation. Nevertheless, empathy has a significant direct association with SEI, and an indirect relationship through moral obligation.
Practical implications
The findings of this study demonstrate that to develop intentions to indulge in social entrepreneurship, among retirees who are approaching their senior years, the focus should be on driving their sense of moral obligation to society. Hence, policymakers and authorities connected to social wellbeing goals can fine-tune their initiatives, such as training, by emphasizing on moral obligation to address social issues through social entrepreneurship.
Originality/value
The novelty of this study is twofold. Firstly, to the best of the authors’ knowledge, it seems to be among the first empirical study that is at the crossroads of the senior entrepreneurship and the social entrepreneurship literature. Secondly, this study fills a gap in the extant literature by deploying the socioemotional selectivity theory to examine the antecedents of SEI of people who have retired from full-time employment in their early to late senior years.
Details
Keywords
K. Sandar Kyaw, Yun Luo and Glauco De Vita
This study empirically examines the moderating role of geopolitical risk on the tourism–economic growth nexus by applying a recent geopolitical risk indicator developed by…
Abstract
Purpose
This study empirically examines the moderating role of geopolitical risk on the tourism–economic growth nexus by applying a recent geopolitical risk indicator developed by Caldara and Iacoviello (2022) in a cross-country panel data growth model context for a sample of 24 countries.
Design/methodology/approach
A Dummy Variable Least Squares panel data model, nonparametric covariance matrix estimator and SYS-GMM estimation techniques are employed for the analysis. The authors capture the GPR moderating effect by disaggregating the cross-country sample according to low versus high country GPR score and through a GPR interaction coefficient. Several controls are included in the models such as gross fixed capital formation and—consistent with Barro (1990)—government consumption. Trade openness is used to account for the export-led growth effect. In line with neoclassical growth theory (e.g. Barro, 1991), the authors also include the real interest rate, to account for policy makers' commitment to macroeconomic stability, financial depth, as a proxy for financial development, population growth and the level of secondary school education. The authors also control for unobserved country-specific and time-invariant effects.
Findings
The research finds that the interaction term of geopolitical risk significantly contributes to the predictive ability of the regression and provides empirical evidence that confirms that only in low geopolitical risk countries international tourism positively and significantly contributes to economic growth. Important theoretical and policy implications flow from these findings.
Originality/value
The study not only contributes to advancing academic knowledge on the tourism–growth nexus, it also has impact beyond academia. Many countries have in the past pursued and many continue to pursue, tourism specialization and/or tourism-led growth strategies based on the theoretically well-established and empirically validated positive link between inbound tourism and economic growth. The findings alert policy makers in such countries to the significant moderating role that geopolitical risk plays in affecting the above-mentioned relationship and to the importance of prioritizing geopolitical stability as a policy precursor for the successful implementation of such strategies.
Details
Keywords
Joseph David, Awadh Ahmed Mohammed Gamal, Mohd Asri Mohd Noor and Zainizam Zakariya
Despite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil…
Abstract
Purpose
Despite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil rent influence Nigeria’s economic performance during the 1996–2021 period.
Design/methodology/approach
Various estimation techniques were used. These include the bootstrap autoregressive distributed lag (ARDL) bounds-testing, dynamic ordinary least squares (DOLS), the fully modified OLS (FMOLS) and the canonical cointegration regression (CCR) estimators and the Toda–Yamamoto causality.
Findings
The bounds testing results provide evidence of a cointegrating relationship between the variables. In addition, the results of the ARDL, DOLS, CCR and FMOLS estimators demonstrate that oil rent and corruption have a significant positive impact on growth. Further, the results indicate that human capital and financial development enhance economic growth, whereas domestic investment and unemployment rates slow down long-term growth. Additionally, the causality test results illustrate the presence of a one-way causality from oil rent to economic growth and a bi-directional causal relationship between corruption and economic growth.
Originality/value
Existing studies focused on the effects of either oil rent or corruption on growth in Nigeria. Little attention has been paid to the exploration of how the rent from oil and the pervasiveness of corruption contribute to the performance of the Nigerian economy. Based on the outcome of this study, strategies and policies geared towards reducing oil dependence and the pervasiveness of corruption, enhancing human capital and financial development and reducing unemployment are recommended.
Details
Keywords
Moustafa Haj Youssef, Steve Nolan and Hiba Hussein
This study examines the dynamic relationship between UK entrepreneurs' engagement with society and the economic climate surrounding the 2008 financial crisis – before, during and…
Abstract
Purpose
This study examines the dynamic relationship between UK entrepreneurs' engagement with society and the economic climate surrounding the 2008 financial crisis – before, during and after it. We investigate whether such crises strengthen or weaken the connections between entrepreneurship and society, considering gender differences.
Design/methodology/approach
We employ individual-level data from the British Household Panel Survey (BHPS) and the UK Longitudinal Study (UKLS) to assess changes in entrepreneurs' social engagement during crises. We use panel logit and Poisson regressions to estimate trends in social engagement over time and in response to economic turmoil.
Findings
We discover that entrepreneurs are more likely to join social organisations during economic turmoil. This engagement varies by gender, with female entrepreneurs more inclined to engage with social organisations than males. This suggests that female entrepreneurs perceive crisis risks differently, seeking support to navigate uncertainty. Additionally, we find evidence supporting the idea that female entrepreneurs take longer to recover from major economic shocks than their male counterparts.
Originality/value
Entrepreneur behaviour during crises remains understudied. The role of social ties and networks in aiding entrepreneurs during systemic crises is particularly unexplored. This study addresses this gap, highlighting gender-based behavioural differences during crises and paving the way for further research. It represents a crucial step in integrating crisis literature into entrepreneurship studies.
Details
Keywords
Erica Poma and Barbara Pistoresi
This paper aims to appraise the effectiveness of gender quotas in breaking the glass ceiling for women on boards (WoBs) in companies that are legally obliged to comply with quotas…
Abstract
Purpose
This paper aims to appraise the effectiveness of gender quotas in breaking the glass ceiling for women on boards (WoBs) in companies that are legally obliged to comply with quotas (listed companies and state-owned companies, LP) and in those that are not (unlisted companies and nonstate-owned companies, NLNP). Furthermore, it investigates the glass cliff phenomenon, according to which women are more likely to be appointed to apical positions in underperforming companies.
Design/methodology/approach
A balanced panel data of the top 116 Italian companies by total assets, which are present in both 2010 and 2017, is used for estimating ANOVA tests across sectors and fixed-effects panel regression models.
Findings
WoBs significantly increased in both the LP and the NLNP companies, and this increase was greater in the financial sector. Furthermore, the relationship between the percentage of WoBs and firm performance is not linear but depends on the financial corporate health. Specifically, the situation in which a woman ascends to a leadership position in challenging circumstances where the risk of failure is high (glass cliff phenomenon) is only present in companies with the lowest performance in the sample, in other words, when negative values of Roe and negative or zero values of Roa occur together.
Practical implications
These findings have relevant policy implications that encourage the adoption of gender quotas even in specific top positions, such as CEO or president, as this could lead to a “double spillover effect” both vertically, that is, in other job positions, and horizontally, toward other companies not targeted by quotas. Practical interventions to support women in glass cliff positions, on the other hand, relate to the extent of supervisor mentoring and support to prevent women from leaving director roles and strengthen their chances for career advancement.
Originality/value
The authors explore the ability of gender quotas to break through the glass ceiling in companies that are not legally obliged to do so, and to the best of the authors’ knowledge, for the first time, the glass cliff phenomenon in the Italian context.
Details
Keywords
Lisa Bellmann, Lutz Bellmann and Olaf Hübler
We enquire whether short-time work (STW) avoids firings as intended by policymakers and is associated with unintended side effects by subsidising some establishments and locking…
Abstract
Purpose
We enquire whether short-time work (STW) avoids firings as intended by policymakers and is associated with unintended side effects by subsidising some establishments and locking in some employees. Additionally, where it was feasible, establishments used working from home (WFH) to continue working without risking an increase in COVID-19 infections and allowing employed parents to care for children attending closed schools.
Design/methodology/approach
Using 21 waves of German high-frequency establishment panel data collected during the COVID-19 crisis, we investigate how STW and WFH are associated with hirings, firings, resignations and excess labour turnover (or churning).
Findings
Our results show the important influences of STW and working from home on employment dynamics during the pandemic. By means of STW, establishments are able to avoid an increase in involuntary layoffs and hiring decreases significantly. In contrast, WFH is associated with a rise in resignations, as can be expected from a theoretical perspective.
Originality/value
While most of the literature on STW and WFH is unrelated and remains descriptive, we consider them in conjunction and conduct panel data analyses. We apply data and methods that allow for the dynamic pattern of STW and working from home during the pandemic. Furthermore, our data include relevant establishment-level variables, such as the existence of a works council, employee qualifications, establishment size, the degree to which the establishment was affected by the COVID-19 crisis, industry affiliation and a wave indicator for the period the survey was conducted.
Details
Keywords
Cristian Barra and Pasquale Marcello Falcone
The paper aims at addressing the following research questions: does institutional quality improve countries' environmental efficiency? And which pillars of institutional quality…
Abstract
Purpose
The paper aims at addressing the following research questions: does institutional quality improve countries' environmental efficiency? And which pillars of institutional quality improve countries' environmental efficiency?
Design/methodology/approach
By specifying a directional distance function in the context of stochastic frontier method where GHG emissions are considered as the bad output and the GDP is referred as the desirable one, the work computes the environmental efficiency into the appraisal of a production function for the European countries over three decades.
Findings
According to the countries' performance, the findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries. In this environmental context, the role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries.
Originality/value
This article attempts to analyze the role of different dimensions of institutional quality in different European countries' performance – in terms of mitigating GHGs (undesirable output) – while trying to raise their economic performance through their GDP (desirable output).
Highlights
The paper aims at addressing the following research question: does institutional quality improve countries' environmental efficiency?
We adopt a directional distance function in the context of stochastic frontier method, considering 40 European economies over a 30-year time interval.
The findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries.
The role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries, while the performance decreases for the low middle-income countries.
The paper aims at addressing the following research question: does institutional quality improve countries' environmental efficiency?
We adopt a directional distance function in the context of stochastic frontier method, considering 40 European economies over a 30-year time interval.
The findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries.
The role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries, while the performance decreases for the low middle-income countries.
Details
Keywords
To investigate the mechanical properties of geopolymer concrete at elevated temperatures.
Abstract
Purpose
To investigate the mechanical properties of geopolymer concrete at elevated temperatures.
Design/methodology/approach
The investigation involved studying the influence of partially replacing fly ash with ground granulated blast furnace slag (GGBS) at different proportions (5%, 10%, 15%, 20% and 25%) on the composition of the geopolymer. This approach aimed to examine how the addition of GGBS impacts the properties of the geopolymer material. The chemical NaOH was purchased from the local supplier of Jamshedpur. The alkali solution was prepared with a concentration of 12 M NaOH to produce the concrete. After several trials, the alkaline-to-binder ratio was determined to be 0.43.
Findings
The compressive strength values at 28 days for specimens FG1, FG2, FG3, FG4 and FG5 are 35.42 MPa, 41.26 MPa, 44.79 MPa, 50.51 MPa and 46.33 MPa, respectively. The flexural strength values at 28 days for specimens FG1, FG2, FG3, FG4 and FG5 are 5.31 MPa, 5.64 MPa, 6.12 MPa, 7.15 MPa and 6.48 MPa, respectively. The split tensile strength values at 28 days for specimens FG1, FG2, FG3, FG4 and FG5 are 2.82 MPa, 2.95 MPa, 3.14 MPa, 3.52 MPa and 3.31 MPa, respectively.
Originality/value
This approach allows for the examination of how the addition of GGBS affects the properties of the geopolymer material. Four different temperature levels were chosen for analysis: 100 °C, 300 °C, 500 °C and 700 °C. By subjecting the geopolymer samples to these elevated temperatures, the study aimed to observe any changes in their mechanical.
Details
Keywords
Samira Joudi, Gholamreza Mansourfar, Saeid Homayoun and Zabihollah Rezaee
Considering the standards developed by the Sustainability Accounting Standards Board (SASB), this study aims to examine whether the link between material sustainability and…
Abstract
Purpose
Considering the standards developed by the Sustainability Accounting Standards Board (SASB), this study aims to examine whether the link between material sustainability and financial performance depends on the extent to which the company is oriented toward stakeholders.
Design/methodology/approach
To test the predictions, 13,942 firm-year observations from 43 different countries are used, covering the period from 2010 to 2019. Using a hand-mapping approach to match the indicators suggested by the SASB with those of the ASSET4, the authors realize that there are 170 material sustainability indicators among 466 indicators of the ASSET4. The authors use three different methods to verify if the materiality matters, including the alphas obtained from the Fama and French factor models, comparing the average abnormal returns of the portfolios and the bootstrapped Cramer technique.
Findings
The findings show that companies investing in material sustainability activities perform better than those investing in immaterial activities. Also, consistent with the theoretical foundations, the authors find that the effect of investing in material sustainability activities is more pronounced in stakeholder-oriented countries than that in shareholder-oriented countries. The results are robust to a battery of sensitivity tests.
Research limitations/implications
Owing to COVID-19 in late 2019, data from 2020 to 2022 have not been used to obtain reliable results.
Practical implications
The results obtained in the current research provide valuable guidance for investors to make investments considering the degree of materiality of sustainability activities in different industries. It also helps managers to increase the company’s financial performance, make efficient decisions related to investment in sustainability activities and find investment strategies on the material sustainability issues in their industries.
Social implications
This study provides a clearer understanding of investment in sustainability activities in different industries by separating material and immaterial sustainability activities in stakeholder and shareholder-oriented countries, and the results obtained can change the perspective of investors and company managers regarding investing in such activities in different countries. Investing in more materiality sustainability activities than the immateriality dimension can be new opportunities for companies to achieve predetermined goals, help retain and attract business partners or be a source of innovation for new product lines or services. Internal morale and employee engagement may increase while increasing productivity and firm performance. This discussion opens the way for future research.
Originality/value
This study provides insight into the effect of investing in material and immaterial sustainability activities in different industries on the company’s performance in shareholder and stakeholder-oriented countries.
Details