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We expand the recent literature on the dynamics of capital structure decisions by investigating the impact of national culture on firms' optimal debt ratios and their dynamic re-adjustment process. To this end, we aim at estimating firm-specific speeds of leverage adjustment, allowing for heterogeneous dynamics in firms' capital structure.

We use dynamic panel data estimators to analyze the impact of cultural factors on the dynamics of debt ratios.

We show that national culture affects the optimal level of leverage and the dynamic rebalancing of debt ratios, both directly and indirectly, by altering the effect of firm characteristics and macroeconomic factors on firms' financing behavior. Firms converge faster towards the optimal leverage in countries with a stronger attitude to conform with the norm, while they are slower where there is a higher propensity to intellectual autonomy. A higher risk aversion and long-run propensity induce over-levered firms to reduce leverage faster, making the adjustment process strongly asymmetric. Moreover, national culture also produces indirect effects by mitigating the impact of asymmetric information on capital structure decisions. Indeed, firms in more individualistic countries display a lower speed of adjustment and a stronger effect of firm characteristics associated with higher agency costs. On the contrary, firms in countries with a higher tendency to conform to social norms, less individualistic and more long-term oriented have a higher adjustment speed and appear to suffer less from agency issues. Our results therefore highlight how national culture affects agency problems within firms, thus suggesting the adoption of country-specific corporate governance provisions accounting for the effects of local cultural traits on managers' behavior.

We expand the capital structure and governance literature by showing how cultural traits impact on the dynamics of debt ratios. In particular, we show how cultural traits may mitigate or exacerbate the role of agency issues on firms' behavior, hence suggesting that cultural factors may interact with governance rules in shaping firms' decisions. Therefore, our work highlights how policy-makers should include cultural aspects when defining regulation concerning corporate governance.

This paper aims to examine the effect of push and pull factors motivating international students to study abroad as two pre-departure factors to their mobility decision; and the effect of two post-departure factors – cultural distance and academic/university environment – on international students’ adjustment.

Data were collected from 339 international students studying in Egypt. Structural equation modeling (SEM) was used to assess the effect of the independent variables on two facets of adjustment, the cultural adjustment and the academic adjustment.

The descriptive studies showed differences in level of adjustments, where the academic adjustment was higher than the cultural adjustment. Moreover, the SEM results have confirmed the significant role of all studied variables on general cultural adjustment; and all variables except for the push factors, on interaction cultural adjustment; and the effect of only push and academic environment on academic adjustment.

This paper is an attempt to extend the work on international students’ mobility via identifying the main pre-departure and the post-departure factors affecting their decision to study in Egypt and the interplay of those factors in shaping their level of adjustment. This study is among a relatively limited attempts in the field that would link push and pull motivational factors to level of adjustment and via detecting the effects on two different adjustments dimensions: the cultural and the academic dimensions; and within an under researched context as Egypt.

IHRM identifies career adaptability and cross-cultural adjustment as the central tenants for expatriate career. The present study focuses on; (1) it employs the theoretical framework of career construction theory (CCT) to examine the relationship between adaptive readiness, resources and responses by examining the relationship between protean career orientation, career adaptability and cross-cultural adjustment of self-initiated expatriates (SIE) and (2) it explores the moderating role of frequency of interaction that SIEs possess with HCN.

A total of 278 Indian SIEs engaged in different occupational roles in different sectors, working in six different countries, i.e. United Arab Emirates, Canada, Germany, Singapore, the United Kingdom and the USA responded through primary survey.

Consistent with CCT conceptualization, the study illustrates a positive partial mediating effect of career adaptability on the direct relationship between protean career orientation and cross-cultural adjustment. Furthermore, the findings of the moderation analysis suggest that frequent interaction of the SIE facilitates the enhancing of cross-cultural adjustment.

The study suggests that lack of protean career orientation might result in lowering employee interest in the job or assignment, and affect effectiveness, satisfaction, productivity and cross-cultural adjustment. The study also recommends systematically increasing the interaction frequency with the HCNs to facilitate SIEs employees for facilitating cross-cultural adjustments (CCA).

The study theoretically and empirically contributes to protean career orientation and career adaptability in the context of expatriates, which is an enabling factor for CCA in job contexts. The relevance of interaction frequency is acknowledged for the adaptability and adjustments for the international workforce perspective.

This study investigates the extent to which support facilities are available, accessible and satisfactory and the relationship between support facilities and academic adjustment among first-year university undergraduates.

This research adopted a survey research design. A simple random sampling technique was used to select six faculties at the Federal University Oye-Ekiti, Nigeria. Six hundred first-year students took part in the study. The Support Facilities and Academic Adjustment Questionnaire (SSAAQ) was adapted and used for data collection. Descriptive statistics, Pearson product-moment correlation and the t-test were used to analyse the data.

The study revealed that the extent of the availability of support facilities is low, accessibility is moderate while the extent of satisfaction is high in the study context. Significant positive relationship exist between support facilities and academic adjustment, in favour of female first-year undergraduates. The challenges faced by first-year undergraduates were highlighted.

Nigerian students are confronted with accessing important components of support facilities at tertiary institutions. These student face additional hurdles in accessing support facilities at universities because of their socioeconomic status but were not explicit in identifying the exact nature of the challenges they experience. There is dearth of literature regarding the extent of availability, accessibility, as well as the challenges encountered by first-year students and their satisfaction in accessing the university’s support facilities, vis-à-vis its relationship to their academic adjustment in the university amidst gender differences. This current study fills this gap in the literature.

Building upon the framework of the tradeoff model of capital structure and motivated by the equity market timing theory, we examine whether equity misvaluation is a source of adjustment “costs” that will affect a firm’s leverage adjustment speed toward target. We also investigate whether the quality of a firm’s long-term growth options will influence the decisions of managers to exploit the mispriced equity to converge to the optimum. Using a sample of listed Taiwanese firms during 1992–2014 and employing the market-to-book decomposition as developed by Rhodes-Kropf, Robinson, and Viswanathan (2005), we find that overleveraged and overvalued firms demonstrate faster adjustment speed than overleveraged but undervalued firms. Furthermore, controlling for the misvaluation status, high-growth firms converge to target faster than their low-growth counterparts. The effect of growth options on the relation between equity mispricing and adjustment speed does not mirror the effect of financing deficits. With the detailed financial information of the local companies across a rather long time series, this study provides incremental inputs to the literature of capital structure from the determinants of target leverage, the estimation of leverage adjustment speeds, to the identification of the sources of adjustment costs in an emerging market where institutional environment is strikingly different from the US.

This study aims to contribute to the enrichment of the literature by examining the impact of cross-cultural training on expatriates’ adjustment of Nigerian bankers on expatriate assignments in other African countries.

Data on cross-cultural adjustment from expatriate employees in five banks that collectively accounted for over 80 per cent of Nigerian banks with subsidiaries in other African were systematically selected for the investigation. This data was collected quantitatively via a survey instrument. Independent sample t-test, analysis of variance (ANOVA) and regression analysis were deployed in analyzing the data.

The study found that cross-cultural adjustment varied significantly across the different categories of gender, age, marital status, previous expatriate training, previous expatriate experience, and duration of expatriation. The study concludes that in order to attain higher levels of adjustment African banks and other organizations should provide a more comprehensive cross-cultural training program that mirrors the needs of employees following a detailed needs analysis. Also, the training must be sequential and not a one-off approach.

The literature though still nascent is largely focused on expatriate preparation and adjustment for expatriates moving from Western-to-western contexts and very little exists in the literature on how multinationals from Non-Western contexts like Africa prepare their staff for expatriation and its consequent impact on their adjustment. This study aims to enrich the literature by examining the impact of cross-cultural training on expatriates’ adjustment of Nigerian bankers on expatriate assignments in other African countries.

This paper reports on findings from an ethnographic study of international student adjustment. The paper recommends the use of ethnography as a way to research the experiences of tourists and migrants to build up a body of knowledge on the outcome of cross-cultural contact for these two groups. The aim of my ethnographic study was to capture the adjustment journey of a group of international postgraduate students at a university in the South of England. The ethnographic approach involved regular in-depth individual interviews with 13 students of different nationalities and overt participant observation of the entire postgraduate cohort of 150 students. Research began on the first day of induction in September 2003 and ended upon completion and submission of the Masters dissertation in October 2004. Students' experience of adjustment to academic and socio-cultural life was therefore captured from arrival in the new country to the return home one full year later. This study finds that stress was at its height in the initial stage of the academic sojourn; the struggle to cope with the challenges of foreign language use and an unfamiliar academic and the socio-cultural environment at a time when students were beset with homesickness and loneliness are the causes of this stress. An association was made between the passage of time and a gradual decrease in acculturative stress; however, this was not a generalisable process; there was fluctuation not only in experience across the student body but also in the individual's subjective sense of success across different aspects of life in the new country. This led to the conceptualisation of the adjustment journey as an unpredictable and dynamic process that is experienced differently among sojourners and fluctuates throughout the sojourn as a result of a host of individual, cultural and external factors. The relevance of this study to tourism scholars comes from drawing parallels between the long-stay tourist and the international student who represents an important segment of international travel. However, a gap in the literature exists on the impact of tourism on the tourist that this study helps to fill.

We review 25 years of research on expatriate experiences concentrating on expatriate adjustment as a central construct, and relying on a general stressor-stress-strain framework. First, we consider who expatriates are, why their experiences differ from domestic employees, and what adjustment is. Conceptualizing (mal)adjustment in terms of stress, we next review the stressors and strains associated with it. Consolidating the wide range of antecedents (anticipatory and in-country) that have been studied to date, we note major patterns of effects and their implications for how HR managers can facilitate adjustment. Although relatively less research has focused on the consequences of adjustment, enough evidence exists to establish a bottom-line impact of poor adjustment on performance. To stimulate future efforts to understand the experiences of expatriates, we discuss the challenges and opportunities of continuing down this road of research.