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Article
Publication date: 19 April 2011

Tho D. Nguyen and Trang T.M. Nguyen

Based on the resource‐based view of the firm, this study aims to examine antecedents and outcomes of firm‐specific marketing capital pool invested by marketers in a…

11667

Abstract

Purpose

Based on the resource‐based view of the firm, this study aims to examine antecedents and outcomes of firm‐specific marketing capital pool invested by marketers in a transition market, Vietnam.

Design/methodology/approach

A sample of 528 marketers in Ho Chi Minh City was surveyed to test the theoretical model. Structural equation modelling was used to analyze the data.

Findings

It was found that firm‐specific marketing capital pool had positive impacts on both job attractiveness and job satisfaction. The impacts of human marketing capital and relational marketing capital pools on firm‐specific marketing capital were significant. Finally, the relationship between job attractiveness and job satisfaction, and the relationship between human marketing capital pool and relational marketing capital pool were also significant.

Research limitations/implications

A key limitation of this study is the examination of only two antecedents of firm‐specific marketing capital pool: human and relational marketing capital pools.

Practical implications

The results of this study suggest that firms should establish people management policies and practices that motivate marketers to invest more in firm‐specific marketing capital to enhance job attractiveness and job satisfaction of marketers. Also, in order to improve firm‐specific marketing capital, recruiting marketers with high levels of human and relational marketing capital pools is a priority.

Originality/value

The study investigates the role of human resources at the marketing professional level in job attractiveness and job satisfaction in a transition market.

Details

The Learning Organization, vol. 18 no. 3
Type: Research Article
ISSN: 0969-6474

Keywords

Book part
Publication date: 8 November 2021

Dito Rinaldo and Vina Anggilia Puspita

Low capital market literacy in Indonesian society is the cause of the low investment value in the capital market. It led to the establishment of the Indonesia Stock…

Abstract

Low capital market literacy in Indonesian society is the cause of the low investment value in the capital market. It led to the establishment of the Indonesia Stock Exchange (IDX) investment gallery (IG). Its existence as a means of education and socialization is expected to increase capital market inclusion. This study analyzes the impact of the IG’s existence on investment interest in the capital market by taking a sample of West Java as the province with Indonesia’s largest population. The authors find that the public interest in visiting IG increases every year by an average of 38%, this is accompanied by an increase in opening new accounts in the capital market, with an average increase of 48% each year. The statistical tests results show that the greater the number of IGs, the greater the number of transactions in the capital market (p < 0.05). The results of this research can certainly be an input for the IDX to increase the number and activities of IG throughout Indonesia to increase Indonesia’s economy through capital market literacy and inclusion, besides that this research also produces a structured and systematic capital market education model. The research results can also reference countries with developing capital markets to adopt the IDX policies in attracting investors, especially domestic investors.

Details

Environmental, Social, and Governance Perspectives on Economic Development in Asia
Type: Book
ISBN: 978-1-80117-594-4

Keywords

Article
Publication date: 1 March 2003

UIf Johanson

An increasing body of literature is documenting a high pay‐off from human capital investment. However, different studies of the interest from capital market actors to take…

2299

Abstract

An increasing body of literature is documenting a high pay‐off from human capital investment. However, different studies of the interest from capital market actors to take information about intangibles into account reveal contradictory findings. The interest with respect to intellectual capital indicators is ambivalent. Why? In the present article five reasons for this ambivalent interest are discussed; capital market actors may first, not understand the importance of intangibles (the knowledge problem); second, not trust the indicators with respect to validity and reliability (the uncertainty problem); third, exaggerate the risk of losing the intangible resource (the ownership problem); fourth, not feel secure about the management’s capability of taking action upon data (the management problem). However, the most important deterrent to account for is maybe the fifth, the mentality of capital market actors as a group.

Details

Accounting, Auditing & Accountability Journal, vol. 16 no. 1
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 5 April 2022

Mercedes Villanueva-Flores, Dara Hernández-Roque, Mariluz Fernández-Alles and Mirta Diaz-Fernandez

Scholars have emphasized intellectual capital’s importance for universities in obtaining competitive advantages and creating value. The purpose of this paper is to…

Abstract

Purpose

Scholars have emphasized intellectual capital’s importance for universities in obtaining competitive advantages and creating value. The purpose of this paper is to identify the influences of two components of intellectual capital, relational and human capital at the international level, and psychological capital on international orientation of academic entrepreneurs, and the mediating effects of international relational and human capital.

Design/methodology/approach

On the basis of a literature review, a theoretical model is proposed to explain the relationship between the studied variables. Our hypotheses are tested on a sample of 173 academic spin-offs of Spanish universities using bootstrapping methodology.

Findings

The results show that the international market relational capital and international human capital of academic entrepreneurs influence their international orientation, and that their psychological capital is directly, and indirectly, related to international orientation through international human capital and international market relational capital.

Practical implications

This study provides a better understanding of the antecedents of the international orientation of academic entrepreneurs, which would provide an important contribution to the literature on intellectual capital, academic entrepreneurship and internationalization. The achieved results highlight important implications for training of academic entrepreneurs and for managers and management teams of companies willing to enter, or even those already operating in, international markets.

Originality/value

In this study, the international orientation of academic entrepreneurs is explained through the psychological capital that is studied jointly with two components of intellectual capital, relational and human capital at the international level. Although some recent work has focused on the study of the internationalization of academic spin-off, this line of research is still incipient.

Details

Journal of Intellectual Capital, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1469-1930

Keywords

Article
Publication date: 12 July 2021

Uchechukwu Nwoke and Ibenaku Harford Onoh

The purpose of this paper is to critically analyse the correlation between the rule of law and the efficient functioning of capital markets. It attempts to examine the…

Abstract

Purpose

The purpose of this paper is to critically analyse the correlation between the rule of law and the efficient functioning of capital markets. It attempts to examine the Nigerian capital market and how the rule of law can be used to prevent fraud and promote the proper functioning of the market.

Design/methodology/approach

The paper adopts the doctrinal approach through a critical evaluation of concepts. Using existing literature in the subject area, it evaluates the inter-connectedness between law and the capital market and how the rule of law is an important instrument in capital market development.

Findings

The paper finds that there have been numerous infractions of the rule of law by capital market actors, leading to stultification in the growth and development of this sector of the Nigerian economy.

Originality/value

The paper offers a fresh insight into the correlation between the rule of law and capital markets. By critically assessing the inter-connectivity between the two concepts, it extends the body of knowledge in this area by showing how the operations of the Nigerian capital market could be improved through the proper application of the rule of law.

Details

Journal of Financial Crime, vol. 29 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 December 2005

Jarunee Wonglimpiyarat

Given that the stock market is essential for the venture capitalists to exit through an initial public offering (IPO), this study explores how the laws and regulations…

1267

Abstract

Given that the stock market is essential for the venture capitalists to exit through an initial public offering (IPO), this study explores how the laws and regulations governing the capital markets affect the venture capital industry. The paper discusses the impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new‐growth businesses. The impact of Sarbanes‐Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested.

Details

Journal of Financial Regulation and Compliance, vol. 13 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 1 December 2003

John Holland and Ulf Johanson

The article reveals a need for greater understanding and use of corporate intellectual capital (IC) information within two connected capital market areas. Firstly with…

2621

Abstract

The article reveals a need for greater understanding and use of corporate intellectual capital (IC) information within two connected capital market areas. Firstly with regard to the conceptualisation and valuation process these capital market agents (analysts and fund managers) conduct. Secondly, within the capital market agents' own value creation chain. The concept of the value creation chain is combined with an analysis of the barriers faced by capital market agents represented by fund managers and analysts. These barriers are proposed to comprise knowledge, uncertainty, ownership and management problems. In addition, cultural pressures within analyst and fund manager communities are viewed as contributors to information barriers. Such problems are exacerbated by additional market induced problems of severe time constraints and conflicts of interest.

Details

Journal of Intellectual Capital, vol. 4 no. 4
Type: Research Article
ISSN: 1469-1930

Keywords

Article
Publication date: 1 February 1997

Stanley C.W. Salvaiy

Several tests have been conducted to determine which valuation model best fits stock price data. Given very little success, those studies suggest the need for a clear…

Abstract

Several tests have been conducted to determine which valuation model best fits stock price data. Given very little success, those studies suggest the need for a clear understanding of the market process of stock price determination. This paper advances the concepts of product costing and product pricing, which pertain to financial accounting valuation and the stock market price determination, respectively. This research effort presents a workable hypothesis of stock price determination.

Details

Studies in Economics and Finance, vol. 18 no. 1
Type: Research Article
ISSN: 1086-7376

Article
Publication date: 24 August 2020

Luh Gede Sri Artini and Ni Luh Putu Sri Sandhi

The purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian…

Abstract

Purpose

The purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian, Chinese and Indian capital markets by the Sharpe Index and the significance of differences in average performance in the capital market.

Design/methodology/approach

This is comparative research that compared the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. The hypothesis examination of comparative test used one-way ANOVA technique on the performance of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. One-way ANOVA test was used in the analysis to test the average difference of performance indices of SME and manufacturing company stock portfolios is in Indonesian, Chinese and Indian capital markets.

Findings

The performance of SME and manufacturing company stock portfolios in Indonesian capital market was not better than the performances of IHSG and LQ45 Index, the performance of SME and manufacturing company stock portfolios in Chinese capital market (SZSE) was better than the performance of Shenzhen Composite Index and the performance of Shenzhen A-Share Stock Price Index. The comparison of the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets showed that the performance of SME and manufacturing company stock portfolios in Chinese capital market was the best and the performance of SME and manufacturing company stock portfolios in Indonesian capital market was the lowest.

Practical implications

The implication of this study was that SME and manufacturing company stock portfolios had relatively better performances in China and India, so investors should consider investing in SME and manufacturing company stocks. The performance of SME and manufacturing company stock portfolios in Indonesia was not able to exceed market and LQ45 portfolios, so the authority in Indonesia financial market should consider developing a special market for SME and manufacturing company to support the development of SME and manufacturing company in Indonesia and solve the problem of lack of funding source for SME and manufacturing company.

Originality/value

The originality of the present study is in the measurement of the performance of SME and manufacturing company stock portfolio by risk-adjusted return which returns per risk unit measured by Sharpe Index as a more beneficial measurement in measuring stock portfolio performance than average return. Comparative study of the stock portfolio performances of small medium enterprises and manufacturing company In Indonesian, Chinese and Indian stock markets, and object studies conducted in Indonesia, China and India.

Details

Journal of Economic and Administrative Sciences, vol. 37 no. 2
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 21 July 2020

Olawumi Fadeyi, Stanley McGreal, Michael McCord and Jim Berry

Office markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the…

Abstract

Purpose

Office markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the post-global financial crisis (GFC) landscape. Importantly, the volume and types of international capital flows have witnessed more foreign actors and vehicles entering into the investment landscape with the concentration of investment intensifying within key financial centres. This paper examines the interaction of international real estate capital flows in the London, New York and Tokyo office markets between 2007 and 2017.

Design/methodology/approach

Using Real Capital Analytics (RCA) data comprising over 5,700 office property transactions equating to $563bn between 2007 and 2017, the direct global capital flows into the London, New York and Tokyo office markets are assessed using an autoregressive distributed lag (ARDL) approach. Further, Granger causality tests are examined to analyse the short-run interaction of international real estate capital flows into these three major office markets.

Findings

By assessing the relativity of internal to external investments in these three central business district (CBD) office markets, differences in market dynamics are highlighted. The London office market is shown to be highly dependent on international flows and the USA, the foremost source of cross-border investment on the global stage. The cointegration and causality analysis indicate that cross-border real estate investment flows in these markets (and financial centres) show both long- and short-run relationships and suggest that the London office market remains more distinct and the most reliant on international capital flows with a wider geographical spread of investment activities and investor types. In the case of New York and Tokyo, these markets appear to be driven by more domestic investment activity and capital seemingly due to subtle factors pertaining to investor home bias, risk aversion and diversification strategies between the markets in the aftermath of the GFC.

Originality/value

Given the importance of the CBD offices in London, New York and Tokyo as an asset class for institutional investors, this paper provides some insights as to their level of connection and the interaction of the international capital flows into these three major cities.

Details

Journal of Property Investment & Finance, vol. 39 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

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