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1 – 6 of 6Muhammad Naeem Shahid, Aamir Abbas, Khalid Latif, Ayesha Attique and Safwan Khalid
This study aims to identify the impact of corporate governance on performance of sugar mills. In order to study this relation, a model is constructed in which ownership structure…
Abstract
Purpose
This study aims to identify the impact of corporate governance on performance of sugar mills. In order to study this relation, a model is constructed in which ownership structure and independent directors are taken as independent variables. Whereas firm performance is analyzed by using proxy variables such as return on asset (ROA), return on equity (ROE) and sales growth. Moreover, size of board, working capital management (WCM) and philanthropy are taken as mediating variables between governance variables and firm performance.
Design/methodology/approach
The data of 32 sugar mills listed at Pakistan Stock Exchange for the period of four years (i.e. 2014–2017) is used for this research. Moreover, to investigate the model, generalized least squares statistical method is used to measure the relationship between variables.
Findings
The results revealed that there is significant but positive relationship between independent directors and ROA while ownership structure and ROE have significant but negative relationship. Thus, the board of directors should make it sure that all stakeholders and organizations should increase the nonfamily ownership in firms for better corporate performance. Moreover, philanthropy and WCM mediate the relationship between corporate governance and firms' performance.
Practical/implications
This research work will be helpful in the corporate governance, and further researchers can conduct their study by considering executive/nonexecutive director and institutional owners as governance variables.
Originality/value
This paper fulfills an identified need to study how Corporate Governance effect the performance of firm.
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Chui Zi Ong, Rasidah Mohd-Rashid, Ayesha Anwar and Waqas Mehmood
The main purpose of this study is to examine the disclosure of earnings forecasts in firms' prospectuses to explain investor demands or, in other words, oversubscription rates of…
Abstract
Purpose
The main purpose of this study is to examine the disclosure of earnings forecasts in firms' prospectuses to explain investor demands or, in other words, oversubscription rates of Malaysian initial public offerings (IPOs).
Design/methodology/approach
Ordinary least squares and robust methods were used to examine cross-sectional data comprising 466 fixed-price IPOs reported for the period from January 2000 to February 2020 on Bursa Malaysia.
Findings
The results showed that IPOs with earnings forecasts obtained higher oversubscription rates than those without earnings forecasts. IPOs with earnings forecasts provide value-relevant signals to prospective investors about the good prospects of firms, resulting in an increase in the demand for IPO shares. For the IPO samples listed during the global financial crisis (GFC) period, IPOs with earnings forecasts had negative impacts on the oversubscription rates. These results were robust to quantile methods and the two-stage least squares method.
Research limitations/implications
The research findings provide fresh information for investors regarding the importance of earnings forecasts as a trustworthy signal of a firm’s quality when making share subscription decisions.
Practical implications
The regulator is advised to encourage issuers to include earnings forecasts in their prospectuses since such forecasts help to increase the demand for IPOs.
Originality/value
This study contributes to the literature by offering empirical evidence regarding the signalling impact of earnings forecast disclosures on investor demands for Malaysian IPOs. Moreover, this study provides evidence demonstrating the impact of earnings forecast disclosures on oversubscription rates of Malaysian IPOs during the GFC period.
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The purpose of this paper is to examine the influence of perceived information and entertainment value, perceived credibility and perceived value on Generation Y consumers’ usage…
Abstract
Purpose
The purpose of this paper is to examine the influence of perceived information and entertainment value, perceived credibility and perceived value on Generation Y consumers’ usage frequency of online consumer reviews.
Design/methodology/approach
The paper proposes and tests, with structural equation modelling analysis of moment structures, a research model using data from a large sample of Generation Y consumers.
Findings
The results confirm that Generation Y consumers perceive online reviews to be informative, entertaining, credible and valuable, and that they frequently consult such reviews. More specifically, the empirical analysis confirms that perceived information value, perceived entertainment value and perceived credibility significantly influenced the perceived value that Generation Y attach to online consumer reviews, which, in turn, was a significant predictor of their usage frequency of such reviews.
Practical implications
The results highlight the strategic importance of integrating online consumer reviews into the marketing communication mix when targeting Generation Y, together with the necessity of having filtering mechanisms to ensure that only authentic reviews are published and the need to implement tactics to ensure that such reviews are informative and entertaining and, consequently, of value.
Originality/value
This study contributes to marketers’ comprehension of strategically using online consumer reviews when targeting the Generation Y segment.
Propósito
El objetivo de esta investigación es examinar la influencia del valor de la información, del valor del entretenimiento, la credibilidad y el valor percibido en la frecuencia de uso de las revisiones online de los consumidores por parte de los consumidores de la Generación Y.
Diseño/metodología/enfoque
Este documento propone y contrasta, a través de los modelos de ecuaciones estructurales (AMOS), un modelo de investigación que utiliza datos de una gran muestra de consumidores de la Generación Y.
Resultados
Los resultados ponen de relieve la importancia estratégica de integrar las reseñas de consumidores en línea en la combinación de comunicaciones de comercialización al dirigirse a la Generación Y, junto con la necesidad de disponer de mecanismos de filtrado para garantizar que sólo se publiquen reseñas auténticas y la necesidad de aplicar tácticas para asegurar que dichas reseñas sean informativas y entretenidas y, por consiguiente, de valor.
Implicaciones prácticas
Los resultados destacan la importancia estratégica de integrar las revisiones de los consumidores en línea en el mix de comunicación de marketing cuando se dirigen a la Generación Y, junto con la necesidad de contar con mecanismos de filtrado para garantizar que solo se publiquen revisiones auténticas y también se implementen tácticas para garantizar que las reseñas sean informativas y entretenidas y, en consecuencia, de gran valor.
Originalidad/valor
Este trabajo ayuda a los especialistas de marketing a comprender como pueden utilizar estratégicamente las opiniones de los consumidores online para dirigirse a los consumidores de la Generación Y.
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This paper aims to highlight contrasts between the writing of young people in the UAE and Japan. For comparison, anthologies of 50-word short stories written in English, resulting…
Abstract
This paper aims to highlight contrasts between the writing of young people in the UAE and Japan. For comparison, anthologies of 50-word short stories written in English, resulting from the Extremely Short Story Competition (ESSC) in each country are examined. These two ESSC anthologies were created under similar conditions in 2006. Analysis of the most frequently-appearing topics in each ESSC anthology provides insights into the daily life, general mindsets, behavior, preferences, values and culture of these two groups. These data help us to understand the everyday life and social context of young people in the UAE and Japan. Thematic analysis shows that youth in both countries are often preoccupied with seeking identity, and regard friends to be important. Both groups of young people also appear to appreciate the beauty of nature and feel affection towards living creatures. An identifying characteristic of Emirati youth is that they talk about death more often than do the Japanese writers; in addition, the ESSC anthologies indicate UAE society is remarkably family-oriented, with life being firmly connected to Islam and God. In contrast, Japanese youth show they are keen to engage in various hobbies and also like to express their romantic feelings and thankfulness for their environment. The ESSC was originally designed to develop students’ creative writing in English. This study explains that corpora generated by the ESSC may be used to illuminate the lives and societies of students living in disparate countries, with implications for planning and delivering locally appropriate education.
Ghulam Ayehsa Siddiqua, Ajid ur Rehman and Shahzad Hussain
The purpose of this paper is to investigate the asymmetric adjustment of cash holdings in Pakistani firms for above and below target firms.
Abstract
Purpose
The purpose of this paper is to investigate the asymmetric adjustment of cash holdings in Pakistani firms for above and below target firms.
Design/methodology/approach
The study employs generalized method of moments (GMM) to investigate the adjustment of cash holdings.
Findings
The study found that the firms which hold cash above the optimal level of cash holdings have higher speed of adjustment than the firms which hold cash below the optimal level. Financially constrained (FC) firms also adjust their cash holdings faster than financially unconstrained (FUC) firms but high speed of downward adjustment does not remain persistent after financial constraints are controlled. Findings of this study reveal this asymmetric adjustment in above and below target firms and extend these results in FC and FUC Pakistani listed firms, respectively.
Research limitations/implications
The conclusion of this study has been derived under certain limitations. There is a vast space to extend this study in different dimensions. Firms operating in capital-intensive industries may provide different results for financial constraints because their policy designing would be quite different from other firms.
Originality/value
This study contributes to cash holdings research in Pakistan by exploring the adjustment behavior of cash holdings across Pakistani non-financial firms using econometric modeling. Downward adjustment rate is supposed to be higher than upward adjustment rate and this rate is tested using dynamic panel data model. Similarly, it is inferred that this relationship holds for above target firms even after including the financial constraints in the presented model.
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