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1 – 3 of 3Aamer Shahzad, Mian Sajid Nazir, Flávio Morais and Affaf Asghar Butt
The role played by corporate governance mechanisms on corporate deleveraging policies has not been clarified. Empirical evidence is confined to developed economies, even with…
Abstract
Purpose
The role played by corporate governance mechanisms on corporate deleveraging policies has not been clarified. Empirical evidence is confined to developed economies, even with conflicting and inconclusive results. This paper aims to examine the role of corporate governance mechanisms, such as ownership structure, board composition and CEO dominance, in explaining corporate deleveraging policies.
Design/methodology/approach
Using a sample of listed Pakistani firms between 2010 and 2022, this study resorts to binary response models to examine the effects of governance mechanisms on firms’ decision to go debt-free.
Findings
A greater ownership concentration, institutional ownership and family ownership increase the propensity for zero leverage. Board gender diversity decreases the propensity for deleveraging policies, which seems to indicate that the presence of females reinforces the monitoring function of the board. Finally, lower managerial ownership or CEO dominance decreases the propensity toward zero leverage (interest convergence hypothesis), but higher managerial ownership or CEO dominance increases the propensity toward zero leverage (managerial entrenchment hypothesis).
Practical implications
Risk-averse managers who prefer to control a firm using little or no debt will find it easier to implement these financing policies in firms with greater ownership concentration and where institutional holders have a substantial stake. For shareholders, this study suggests that investing in firms with females on board reduces the risk of corporate deleveraging policies being adopted for entrenched reasons.
Social implications
The presence of females on board seems to decrease the propensity of managers to adopt opportunistic actions and may also contribute to enhancing human welfare and society in developing countries.
Originality/value
To the best of the authors’ knowledge, this is the first study considering the effect of board diversity on zero leverage. Another singularity is that this study exhibits a nonlinear relationship between managerial ownership and corporate deleveraging policy.
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Balraj Verma, Mandeep Bhardwaj, Sugandh Arora and Sumit Oberoi
The present study reviews the theoretical and empirical literature about the significance of international migrants' remittance to empirically analyse the effect of remittance on…
Abstract
Purpose
The present study reviews the theoretical and empirical literature about the significance of international migrants' remittance to empirically analyse the effect of remittance on the productivity growth of developing countries using a panel dataset from 1991 to 2021.
Design/methodology/approach
The study utilised the data envelopment analysis (DEA)-based Malmquist Productivity Index (MPI) to measure nationwide production efficiencies. It first performed a unit root test, cointegration test and pool mean group autoregressive distributed lag (PMG-ARDL) technique. To assess the robustness of the findings, the study also uses dynamic ordinary least squares (DOLS) and fully modified OLS (FMOLS) estimators.
Findings
The results demonstrated that remittances are a significant source of funding that promotes innovation [i.e. technological progress (TEC)] and hastens the country's total factor productivity (TFP) growth. However, the study needed to have established the effect of inward remittances on the nation's technical efficiency (EFF).
Research limitations/implications
As remittances encourage innovation and TFP growth (TFPG), the concerned governments must create favourable and enabling economic environments to increase remittance inflows, which will have far-reaching growth repercussions.
Originality/value
The present study emphasises the connection between remittances and productivity growth, the disintegration of TFP, advanced econometric techniques and contribution to research policy. Despite prior literature exploring the effect of remittances on economic growth, a dearth of literature exists on how remittances affect a country's productivity. The output-based MPI methodology used in this study offered a nuanced understanding of how remittances affect many facets of productivity growth in developing nations.
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Prabhugouda Mallanagouda Patil, Bharath Goudar and Ebrahim Momoniat
Many industries use non-Newtonian ternary hybrid nanofluids (THNF) because of how well they control rheological and heat transport. This being the case, this paper aims to…
Abstract
Purpose
Many industries use non-Newtonian ternary hybrid nanofluids (THNF) because of how well they control rheological and heat transport. This being the case, this paper aims to numerically study the Casson-Williamson THNF flow over a yawed cylinder, considering the effects of several slips and an inclined magnetic field. The THNF comprises Al2O3-TiO2-SiO2 nanoparticles because they improve heat transmission due to large thermal conductivity.
Design/methodology/approach
Applying suitable nonsimilarity variables transforms the coupled highly dimensional nonlinear partial differential equations (PDEs) into a system of nondimensional PDEs. To accomplish the goal of achieving the solution, an implicit finite difference approach is used in conjunction with Quasilinearization. With the assistance of a script written in MATLAB, the numerical results and the graphical representation of those solutions were ascertained.
Findings
As the Casson parameter
Originality/value
There is no existing research on the effects of Casson-Williamson THNF flow over a yawed cylinder with multiple slips and an angled magnetic field, according to the literature.
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