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Article
Publication date: 20 September 2024

Aamer 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.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 18 September 2024

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.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

Keywords

Open Access
Article
Publication date: 23 September 2024

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 β increases, there is an improvement in the velocity profiles in both chord and span orientations, while the gradients Re1/2Cf,Re1/2C¯f reduce for the same variations of β. The velocities of Casson THNF are greater than those of Casson-Williamson THNF. Approximately, a 202% and a 32% ascension are remarked in the magnitudes of Re1/2Cf and Re1/2C¯f for Casson-Williamson THNF than the Casson THNF only. When velocity slip attribute S1 jumps to 1 from 0.5, magnitude of both F(ξ,η) and Re1/2Cf fell down and it is reflected to be 396% at ξ=1, Wi=1 and β=1. An augmentation in thermal jump results in advanced fluid temperature and lower Re1/2Nu. In particular, about 159% of down drift is detected when S2 taking 1.

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.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0961-5539

Keywords

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