Search results

This paper aims to investigate the relevance of two groups of valuations models as follows: the accounting models based on the residual income (RIM) and the standard market model, on equity price, return and volatility relevance.

The models are tested on companies traded on Palestine exchange from 2009 to 2018, using panel regression analysis. Two-price and two-return models derived from RIM to compare with the market model and four volatility models.

The standard RIM outperformed other models in equity price modeling. The dividend discount model (DDM) outperformed the rest of the models in terms of return estimation. However, the authors find that the market model can explain equity variance better than RIM and DDM models.

For investors, market beta does not necessarily capture all relevant factors of value and traditional financial statements are still important in providing relevant information and different models are used for different values perspectives (price, return and volatility).

Previous studies focus on comparing the price and return relevance of accounting-based models (RIM and cash flow models). Three aspects differentiate this paper and contribute to its originality, namely, the uniqueness of the context, incorporating the market model into the picture along with the accounting-based models and adding Volatility dimensions of relevance.

This paper aims to investigate the value relevance of the European Emission Allowance (EUA) return and volatility on the equity value of the top listed European Power Generation Firms for the three trading phases of the European Emission Trading Scheme.

The authors use the multifactor financial market model over the period 2005-2016 on daily basis for the return relevance relationship, whereas time series models such as autoregression moving average and generalized autoregressive conditional heteroskedasticity are applied on a weighted average portfolio of the sample firms to test serial correlation and volatility of returns.

The findings are novel in which a positive and significant relevance of EUA return on equity return is shown; however, a vanishing effect is seen as one moves to further trading phases. Another remarkable finding is that the return relationship remains constant until a certain level in EUA price then inverts. Finally, the authors present that EUA is considered a systematic factor as firm and country-specific features are not statistically significant.

At policy level, these findings signal policymakers for an appropriate design of the future trading phases in which they achieve the balance between public interests, as climate risk mitigation by reducing emissions, and the private interests of the market players to support innovative changes.

To the authors’ knowledge, this study would be the first to offer recent and comprehensive findings on the economic and financial implications of the European Emission Trading Scheme for the three trading phases. Additionally, the research offers time series robustness check besides the standard regression analysis and shows that there is an optimal EUA price that triggers polluters’ decision on emission and generation.

There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm's innovation activity in influencing the firm's decision and ability to acquire debt capital.

A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Two analysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are used as leverage measures. The value of patent (as a proxy for innovation) and institutional investor are the explanatory variables.

The results show that institutional investors have no relationship with financial leverage measures except when controlling for an interaction variable (Institutional investors × Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts.

Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value.

Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm's capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms' decision-making.

The purpose of this paper is to provide an analytical overview of the academic output of eminent Italian scholars in the period from the end of the Second World War to the 1970s on the subject of corporate social responsibility (CSR).

Through the use of content analysis, possible logical and conceptual similarities between the theories of the scholars and present-day definition of CSR have been identified.

Concepts as ethical values and stakeholders included in definition of CSR come from the thinking of the Italian Economia Aziendale scholars, so that it is possible to get pioneering aspects in the light of the international debate on CSR today.

The originality of this paper derives from the fact that the theme of CSR has rarely been examined from a historical point of view and that the development of the theme in Italy has rarely been examined through analysis of the ideas of the leading Italian Economia Aziendale Scholars.

This paper aims to undertake an ideal-typical analysis of the implications of overtourism on employment at the level of the destination.

The paper offers a theoretical analysis that uses as a starting point a traditional labour market model to explore the employment implications of a labour demand shock as a result of overtourism at a destination level. Although a theoretical exploration, examples are provided offering empirical support for the theoretical propositions.

Overtourism may lower nominal and real wages, further deepen divisions in an already divided labour market (particularly between local and migrant workers), increase productivity without its benefits accruing to the worker and result in deterioration of working conditions. The study also sets tourism employment within a broader politico-economic framework of neoliberalism.

This study offers scope for further empirical testing of hypothesized relationships. It also provides a platform to adopt and adapt the theoretical propositions to suit different contexts.

This study uses overtourism as an ideal-type, combined with an analysis of the labour market to theorise the impacts of a labour demand shock.

过度旅游以及旅游工作者的就业结果: 对劳动力市场的影响

就过度旅游对当地就业的影响进行理想类型分析。

以传统劳动力市场模型为出发点, 对因过度旅游引起的劳动力需求冲击进而给当地就业带来的影响进行理论探索与分析。虽为理论探索, 本文也提供实证案例以支持有关理论观点。

过度旅游可能会降低名义和实际工资, 造成本已分割的劳动力市场的进一步分割（特别是在当地和外地劳动者之间）, 提高生产力但并不惠及其劳动者, 并导致工作环境恶化。本研究将旅游就业置于广义新自由主义政治经济框架下进行讨论。

将过度旅游作为一种理想类型, 并与劳动力市场分析相结合, 以理论化劳动力需求冲击所带来的影响。

为进一步实证测试假设关系提供机会。为不同背景下采纳和适应有关理论观点提供平台。

El exceso de turismo y las repercusiones en el empleo turístico: Impactos en los mercados laborales

Realizar un análisis típico-ideal sobre cómo la masificación turística de los destinos influye sobre el empleo.

Un análisis teórico que utiliza como punto de partida el modelo de mercado laboral tradicional para explorar las implicaciones que la masificación de los destinos turísticos tiene sobre la demanda de trabajo. La investigación proporciona ejemplos que respaldan empíricamente las proposiciones teóricas.

Los excesos turísticos tienden a reducir los salarios nominales y reales, a profundizar aún más las divisiones de un mercado laboral ya dividido (en particular entre los trabajadores locales y los migrantes), a aumentar la productividad sin que sus beneficios repercutan en el trabajador y a provocar un deterioro de las condiciones de trabajo. El estudio también sitúa el empleo en el sector del turismo dentro del marco político-económico, más amplio, del neoliberalismo.

Utiliza la masificación turística, como “ideal-típico”, junto con un análisis del mercado laboral turístico para teorizar sobre los impactos en la demanda laboral.

Ofrece la posibilidad de realizar más investigaciones empíricas a partir de las relaciones hipotéticas postuladas. Proporciona una plataforma para adoptar y adaptar las proposiciones teóricas para que se adecúen a diferentes contextos.