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Article
Publication date: 14 September 2022

Muhammad Arsalan Hashmi, Abdullah and Rayenda Khresna Brahmana

This study aims to investigate the impact of family ownership on firm performance. The authors examine whether family ownership in a firm reduces the adverse consequences…

Abstract

Purpose

This study aims to investigate the impact of family ownership on firm performance. The authors examine whether family ownership in a firm reduces the adverse consequences of political connections on firm performance. Further, the authors analyze whether monitoring benefits of family ownership vary over family generations.

Design/methodology/approach

This study examines the financial data from 229 active nonfinancial firms listed on the Pakistan Stock Exchange between 2011 and 2019. First, the authors estimated several panel data regression models after incorporating control variables in the full sample. Second, the authors estimated models in the subsample of family firms for investigating whether the results vary among different generations of family firms. Further, for checking the robustness of the authors’ statistical results, the authors have used two proxies of family ownership and revalidated the findings in several subsamples of the data.

Findings

This study finds that family firms financially outperform nonfamily firms. Further, the results suggest that boards with family members tend to enhance monitoring and governance mechanisms which reduce the harmful effects of political connections. Finally, this study finds that the monitoring benefits of family ownership which reduce the adverse effects of political connections on family firm performance diminishes over generations.

Originality/value

First, this study provides evidence of whether the monitoring benefits of family ownership reduce the adverse effects of political connections on firm performance. Second, to the best of the authors’ knowledge, no prior study provides evidence whether first-generation family firms are superior in monitoring and ultimately reducing the negative effects of political connections.

Details

Management Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8269

Keywords

Open Access
Article
Publication date: 18 August 2022

Hong Fan and Liqiang Chen

The purpose of this paper is to investigate the effects of political connections on the association between firms' business strategy and their tax aggressiveness in an…

Abstract

Purpose

The purpose of this paper is to investigate the effects of political connections on the association between firms' business strategy and their tax aggressiveness in an emerging economy such as China.

Design/methodology/approach

The authors study a large sample of Chinese public firms from 2011 to 2017 using a panel regression model. In addition, a change analysis, an instrument variable test and alternative measures/samples are implemented as robustness tests.

Findings

Firms adopting innovative business strategy are more tax aggressive overall. However, innovative firms with political connections are less tax aggressive compared to those without political connections.

Originality/value

This paper contributes to the understanding of firms' tax behaviors in an emerging economy setting. It suggests that there are costs associated with political connections, such as foregone tax saving opportunities, which are understudies in the prior literature.

Details

China Accounting and Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1029-807X

Keywords

Article
Publication date: 22 July 2022

Feng Xu, Xueru Yang and Xiaogang He

Political connections are widely acknowledged as an effective political strategy for achieving firm value. However, surprisingly little is known about the association…

Abstract

Purpose

Political connections are widely acknowledged as an effective political strategy for achieving firm value. However, surprisingly little is known about the association between political connections and individual-level outcomes (e.g. subjective well-being) and the underlying mechanism for this link.

Design/methodology/approach

Drawing on the schematic model of social capital and entrepreneurship and utilizing a sample of rural Chinese entrepreneurs, the authors developed and tested a multilevel model delineating the impact of political connections on entrepreneur well-being (job and life satisfaction) via the mediating roles of bribing behavior and institutional trust at individual and provincial levels.

Findings

Multilevel analyses revealed that at the individual level, political connections were positively associated with job and life satisfaction; bribing behavior and institutional trust served as partial mediators of these associations. These effects were deviated when examining them at the provincial level.

Research limitations/implications

The theoretical implications concerning the political connections and subjective well-being effects as well as comparative entrepreneurship were discussed.

Practical implications

Further, the authors provide guidance for both entrepreneurs and policymakers.

Originality/value

The study linked political connections to entrepreneurs' subjective well-being which is increasingly seen as an important ingredient of personal success via distinguishing the individual-level effects from the provincial-level effects. Thus, the study further contributes to the contextualized understanding of the entrepreneurship literature.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 8 August 2022

Kok Keong Choong, Fatimah De’nan, Seen Hooi Chew and Nor Salwani Hashim

Recently, the utilization of cold-formed steel (CFS) roof truss systems and different types of other combination structural support systems, such as concrete or hot-rolled…

Abstract

Purpose

Recently, the utilization of cold-formed steel (CFS) roof truss systems and different types of other combination structural support systems, such as concrete or hot-rolled steel support, becomes more frequently used. This paper aims to identify the load transfer characteristics of three different design details for cold-formed truss to supporting system connections and to propose simplified modelling approach for practices.

Design/methodology/approach

Simplification modelling of connection design could be proposed for practical purpose based on the load transfer characteristics obtained from detailed study using finite element method. A cold-formed roof truss system with connection is modelled using line elements. However, the supporting system is not modelled in this work. Three types of connection involve, which are five pieces of CFS L-angle brackets, one-piece of CFS L-angle brackets and three types of bolts connection are modelled.

Findings

The results of analysis show that the connections located on the loaded side experienced higher reactions than those far from loaded side. From the result, it is also found that the option of “Fixed But” support condition in STAAD.Pro with translational degree of freedom being restrained is the most suitable way to represent the CFS L-angle brackets design for Type 1 connection for use in truss modelled using line elements.

Originality/value

Such increase in usage necessitates an appropriate connection detailing depending on the behaviour of the connection.

Details

World Journal of Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1708-5284

Keywords

Article
Publication date: 2 July 2020

Yihua Dou, Yufei Li, Yinping Cao, Yang Yu, Jiantao Zhang and Lin Zhang

To maintain the well integrity, the strength and sealing ability of premium connection should be in the safe scope. ISO 13679 is widely used for evaluating the ability of…

Abstract

Purpose

To maintain the well integrity, the strength and sealing ability of premium connection should be in the safe scope. ISO 13679 is widely used for evaluating the ability of tubing and casing connection all over the world. FE is adopted to simulate the ISO 13679 tests.

Design/methodology/approach

Because of the disadvantage of experiment such as long period, high cost and high requirement on the facility, considering the convenience and universality of finite element method, as well as the contacting nonlinearity and material nonlinearity, three-dimensional finite element model of a certain type of premium connection is established with the consideration of helix angle. The loads exerted on the premium connection are the loads in series B test and thermal cycle test of ISO 13679. The distributions of Von Mises stress and contact pressure in various cases were studied.

Findings

The results showed that the bending load has a great influence on the distribution of Von Mises stress and contact pressure for premium connection. The Von Mises stress and contact pressures on the sealing surface are smaller on the tension side and greater on the compression side. With increasing axial compression load, the contact pressures on the tension side are too small, which may lead to sealing failure. The influence of temperature on the performance of premium connection cannot be ignored when choosing or designing premium connections. Both the Von Mises stress and contact pressure decrease slightly during a period of thermal cycle. Although the performance of the premium connection is good in a period of thermal cycle, its performance in a long period should be evaluated. Finite element simulation can effectively simulate the ISO 13679 test procedure and obtain the stress and contact pressure distribution. It can be used as a reference for evaluating the performance of premium connections.

Originality/value

Considering the convenience and universality of finite element method, as well as the contacting nonlinearity and material nonlinearity, three-dimensional finite element model of a certain type of premium connection is established with the consideration of helix angle.

Details

International Journal of Structural Integrity, vol. 12 no. 1
Type: Research Article
ISSN: 1757-9864

Keywords

Article
Publication date: 13 June 2016

Xuhong Qiang, Xu Jiang, Frans Bijlaard and Henk Kolstein

This paper aims to investigate and assess a perspective of combining high-strength-steel endplate with mild-steel beam and column in endplate connections.

Abstract

Purpose

This paper aims to investigate and assess a perspective of combining high-strength-steel endplate with mild-steel beam and column in endplate connections.

Design/methodology/approach

First, experimental tests on high strength steel endplate connections were conducted at fire temperature 550°C and at an ambient temperature for reference.

Findings

The moment-rotation characteristic, rotation capacity and failure mode of high-strength-steel endplate connections in fire and at an ambient temperature were obtained through tests and compared with those of mild-steel endplate connections. Further, the provisions of Eurocode 3 were validated with test results. Moreover, the numerical study was carried out via ABAQUS and verified against the experimental results.

Originality/value

It is found that a thinner high-strength-steel endplate can enhance the connection’s rotation capacity both at an ambient temperature and in fire (which guarantees the safety of an entire structure) and simultaneously achieve almost the same moment resistance with a mild steel endplate connection.

Details

Journal of Structural Fire Engineering, vol. 7 no. 2
Type: Research Article
ISSN: 2040-2317

Keywords

Book part
Publication date: 1 October 2015

Reza Houston and Stephen P. Ferris

In this study, we examine the relationship between political connections of private firms and the initial public offering process. Using registration statement…

Abstract

In this study, we examine the relationship between political connections of private firms and the initial public offering process. Using registration statement information, we create a unique database of politically connected IPO firms. We find that political connections are substitutes to high-quality underwriters and big four auditors. Politically connected firms manage earnings more highly upward than non-connected firms prior to the public offering. Politically connected firms also exhibit less underpricing than non-connected firms. Finally, politically connected IPO firms have superior post-IPO returns relative to non-connected IPO firms.

Details

International Corporate Governance
Type: Book
ISBN: 978-1-78560-355-6

Keywords

Book part
Publication date: 21 December 2010

Hsi-Mei Chung and Hung-Bin Ding

Personal political connections with politicians have positive contribution to the abnormal returns of firms (Hillman, Zardkoohi, & Bierman, 1999; Chung, 2006; Dinc, 2005;…

Abstract

Personal political connections with politicians have positive contribution to the abnormal returns of firms (Hillman, Zardkoohi, & Bierman, 1999; Chung, 2006; Dinc, 2005; Faccio, 2006; Morck, Wolfenzon, & Yeung, 2005; Imai, 2006). Business owners and executives have incentives to invest in political connections because such relationship may enable their firms to gain access to key information not available to the competitors. However, the impact of political connections on the behaviors of firms has only received scant interest in the literature (Hillman, Withers, & Collins, 2009).

The objective of this research is to examine the impact of formal and informal political connections on the scope of family business diversification. We focus on family business because of their unique access to family ties or family social capital to achieve business objectives (Sharma, 2004; Steier, 2003). We test our hypotheses using panel data from 35 Taiwan-based family business groups from 1988 to 2002. Our analysis shows that the informal political connections possessed by the parent generation owners of family business groups are better predictors of family business diversification than the informal political connections established by the children generations owners. This result complements the resource dependence theory by suggesting that durable and non-transferable political connections possessed by family leaders have a unique effect in the corporate decision to diversify. Additionally, the personal ties between politicians and parent generation family leaders are “sticky.” They cannot be easily succeeded by the younger generations.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-0-85724-465-9

Article
Publication date: 15 June 2022

Mohamed A. Shaheen, Lee S. Cunningham and Andrew S.J. Foster

The effect of bolt stripping failure on the ductility of steel end plate beam-column connections has received relatively little investigation to date. The objective with…

Abstract

Purpose

The effect of bolt stripping failure on the ductility of steel end plate beam-column connections has received relatively little investigation to date. The objective with the present work is to establish a validated numerical model of end plate connections at elevated temperatures, which predicts the mechanical behaviour and failure modes observed in the experimental tests including the bolt stripping failure. Furthermore, the validated FE model was used to investigate the effect of stripping failure on both the rotational and load-bearing capacity of end plate connection.

Design/methodology/approach

The analysis was conducted on a validated numerical model of end plate connections at elevated temperatures, which predicts the mechanical behaviour and failure modes observed in the experimental tests including the bolt stripping failure. The material was modelled considering ductile damage initiation and evolution featured in ABAQUS/Standard.

Findings

This study demonstrates that thick end plates can prevent stripping failure which significantly improves the rotational capacity of the connection. This failure mode can develop readily with thin end plates; however the effect is often unrealistically mitigated through idealised experimental tests. The rotational capacity of a connection can be 5.0 times higher if stripping failure is avoided, particularly at elevated temperatures. Eurocode 3 part 1.8 does not consider the possibility of stripping failure when discussing the requirements for plastic analysis. It is concluded in the present study that by allowing for the possibility of bolt stripping, the mode of failure can often shift from end plate failure to bolt stripping, this in turn significantly reduces the connection rotational capacity.

Originality/value

The effect of bolt stripping failure on the ductility of steel end plate beam-column connections has received relatively little investigation to date.

Details

Journal of Structural Fire Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-2317

Keywords

Book part
Publication date: 21 October 2019

Richard Klophaus and Frank Fichert

There is a strong academic and professional interest in the changing business model of LCCs in Europe. Recently, even Ryanair which is often considered a European LCC role…

Abstract

There is a strong academic and professional interest in the changing business model of LCCs in Europe. Recently, even Ryanair which is often considered a European LCC role model has departed from the point-to-point paradigm by offering transfers within its own network. We first provide a general overview of recent changes in the business model of airlines that used to be categorized as LCCs. We then add to existing studies on LCC network strategies toward building connections. While we distinguish different approaches to accommodate transfer passengers, our analysis focuses on mesh networks as an airline network topology other than hub-and-spoke networks to provide online connections. A schedule analysis of Ryanair’s direct and indirect services at its base at Porto airport exemplifies that a mesh network might allow LCCs to go beyond stand-alone operations to become network carriers without requiring a complete transition of the generic LCC business strategy.

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