The purpose of this paper is to identify the relation between cash flow volatility and trade credit offered by firms in developing Asian economies.
The study conducts country fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is then examined with all firms separated into two groups based on firm size, and then again comparing the relation before and after the 2008 finasncial crisis.
Higher levels of cash flow volatility are negatively related to the amount of trade credit offered. The negative relationship with cash flow volatility is greater amongst smaller firms that may have less access to external sources of capital. Additionally, the negative relationship is greater following the 2008 financial crisis.
Trade credit plays an important role in the business process, particularly in developing economies. However, these firms may not be able to maintain their investment in trade credit when experiencing greater levels of cash flow volatility. These results are especially pronounced after the 2008 financial crisis and for small firms.
This study identifies an important connection between cash flow volatility and firm investment in trade credit among firms in developing Asian economies.
The purpose of this paper is to identify three factors leading to the observed decline in trade credit offered from publicly traded firms.
The study conducts firm fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is further examined with all firms separated into two groups, based on SIC codes, designating if they are in industries that traditionally offer higher amounts of trade credit.
The proportion of US firms that has traditionally extended the most trade credit has been decreasing over time, contributing to part of the decline in trade credit offered. Increases in cash flow volatility have also contributed to decreasing investment in trade credit. The negative relationship with cash flow volatility is greatest amongst firms that traditionally place the highest value on trade credit. Firms with access to credit, proxied by investment grade debt ratings, do not experience the same decline in trade credit offered.
Firms that value the ability to extend trade credit may maintain their level of investment in trade credit, even with increased risk of cash flow volatility, by maintaining a comparative advantage in access to credit.
This study extends prior findings by providing three previously unexplored explanations for the decline in offered trade credit seen in the USA. The changing make-up of publicly traded firms, a market-wide increase in cash flow volatility, and access to credit all play an important role in observed declines of trade credit investment.
Examines how one of Britain′s largest bingo companies, Top Rank put in place a major training programme in 90 clubs across Britain to improve customer service. Shows the process of identifying the need for training, finding a suitable programme (actually customizing an existing one) and measuring the results. Particularly stresses the growing importance of trainer training in industry – i.e. companies training their own people to become trainers. The training programme, customised to Top Rank′s needs by the Hotel and Catering Training Company, proved highly effective in achieving the desired goals. Craft Trainer Awards were given to 250 managers who were trained in the art of training their staff.
Text book theories of motivation are abundant. Content theories such as Maslow's hierarchy of needs and Herzberg's two factor theory or process theories such as expectancy…
Text book theories of motivation are abundant. Content theories such as Maslow's hierarchy of needs and Herzberg's two factor theory or process theories such as expectancy theory and reinforcement theory are practiced in most American companies. The key difference between the best managed companies and other companies is their methods of implementation in their particular environment. Black and Decker, Lincoln Electric, Honeywell, Walmart, Dupont and Phillip Van Heusen are seven of America's best managed companies who use creativity and innovation to motivate employees.
The sociology of childhood is fraught with problems, not least those centred on the idea, notion or concept of ‘childhood’, and in particular, the issue of how to define, distinguish and identify ‘childhood’ for sociological purposes. The study, analysis and understanding of childhood hinge upon how ‘childhood’ is defined, either explicitly or implicitly, one problem being the plethora of quite diverse approaches in both popular and sociological discourses. While there cannot be a correct definition of ‘childhood’, there can be a best definition, such as for sociological purposes, those of making sense of ‘childhood’ in particular and of social life, relationships and experience in general.
Introduction Within the food industry today, there is an increasing trend towards the production of higher quality products. There are two major motivating factors behind this trend. First, growing public interest in the safety and wholesomeness of foodstuffs has led to increasingly stringent regulations in the EC, the USA and Japan. Second, more and more food companies are realising the financial benefits to be gained from better quality assurance and process control on the production line. By producing quality products through an efficient and controlled process, companies can increase their market share and reduce costs. The penalties to be paid for not paying sufficient attention to quality control can be very high — from a costly recall of a batch of a product to a long‐term fall in market share due to the loss of customer confidence in a brand name.
This chapter pulls together the main strands of Child Labour in Global Society, and addresses their implications for the sociological study of children’s lives, schooling…
This chapter pulls together the main strands of Child Labour in Global Society, and addresses their implications for the sociological study of children’s lives, schooling and slavery.
In popular and scholarly discourses there is a tendency to emphasize the differences between the social lives of children and those of adults rather than the similarities and continuities; to misrepresent children’s social activities in comparison with those of adults; to rationalize the differential way in which children’s social activities and participation are assessed and rewarded relative to those of adults; and to fortify children’s actual and/or assumed marginal situation in modern society.
There are sociological gains to be had from emphasizing the comparable features and structural links between ‘childhood’ and ‘adulthood’ due especially to the common participation of children and adults in productive labour.
The way in which children’s social activities are differentially assessed and rewarded is reflected in how children are denied full citizenship rights, and so are non-citizens.
In particular, children are denied the right to freely exchange their labour power on the labour market.
While viewing educational labour as forced labour does not sit well with ideas about children and childhood in modern society, doing so is consistent with the element of compulsion in for instance the Convention on the Rights of the Child (CRC).
Being compulsorily required to perform educational labour is indicative of how in modern societies children are owned and in slavery, not just of the de facto kind, but also of the de jure kind.