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This study aims to investigate the motivations behind the issuance of financial instruments with characteristics of equity (FICE), economic consequences associated with their issuance and accounting classifications based on a value-relevance approach.

Using a sample of 169 financial and nonfinancial firms from 10 jurisdictions that adopted International Financial Reporting Standards, the authors use a difference-in-differences econometric approach.

The findings reveal that FICE issuers are more leveraged companies with higher costs of equity and, in some cases, lower effective tax rates. This evidence corroborates the hypothesis that issuers of FICEs seek to increase their book values of equity (accounting treatment as equity) and, simultaneously, generate deductible expenses for tax purposes (tax treatment as liability).

This finding suggests that market participants do not treat these instruments as regular equity but rather as quasi-equity. The findings suggest that a binary classification of FICE as debt or equity may not be the accounting treatment that best represents the underlying economic substance of these contracts. Furthermore, this study reinforces the IASB indication regarding to increase the FICE disclosure to allow stakeholders to better understand the economic essence of these bonds.

This study assesses the economic outcomes and market evaluation of a specific type of FICE that has not been previously studied, which is similar to the examples provided by the IASB in their materials on the subject.

This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

Historically, governments have favoured the economic benefits associated with tourism development resulting in many tourism destinations being confronted with overdevelopment, crowding, environmental degradation as well as damage to the social and cultural fabric, especially pronounced in high attractivity destinations. The devastating consequences of the SARS-CoV-2 pandemic for tourism have led to a realisation that actors participating in tourism are especially susceptible to major health and security crises or natural disasters, mainly because their services are location bound and cannot be sold elsewhere. The involuntary ‘pause’ in travel worldwide has led many governments to realise that tourism policies must be placed in a broader context and that stakeholders, including residents and the environment where the brunt of the negative consequences are most deeply felt, must be an intrinsic part in determining the outcomes to be achieved. To Snowclone John F. Kennedy: ‘Ask not what your destination can do for tourism, ask what tourism can do for your destination’. Indeed, the visitation process involves the demand-driven co-creation or co-production between visitors (resident, day and overnight) and hosts, mostly based on the use of public goods. The complexity of this visitation system with its myriad stakeholders means that there cannot be a single tourism or visitation policy, but that there must be different policies that intervene at different points in the system and create an impact. Thus, policy formulation must be context-specific, individualised and take into account the interdependence among policies to achieve the desired outcomes.

We are the first to investigate the relationship between seasoned equity offerings (SEOs) and anchoring on historical high prices in China.

We use the ratio of the recent closing price to its historical high in the previous 12–60 months (anchoring-high-price ratio) to study its impact on the market timing of SEOs.

Empirical results show that the anchoring-high-price ratio significantly and positively affects the probability of additional stock issuances. Contrary to the USA market, the Chinese stock market reacts negatively to the SEOs at historical highs. Moreover, the anchoring-high-price ratio exacerbates the negative effect of announcements and leads to long-term underperformance. Finally, we investigate the impact of the anchoring-high-price ratio on a company’s capital structure, showing that the additional issuance anchoring on historical highs reduces the company’s leverage ratio in the long run. Overall, our findings support the anchoring theory and can help understand better the anchoring behavior of managers and the company’s decision on additional stock issuances.

We are the first to use the anchoring-high-price ratio to study the timing of SEOs. We find that the anchoring-high-price ratio positively affects the probability of SEOs. Unlike the USA, the Chinese stock market reacts negatively to SEOs at high prices. SEOs anchoring on historical highs reduce a firm’s leverage ratio in the long run. Finally, our results support the anchoring theory.

This study aims to develop a methodology that extracts an architectural concept from a biological analogy that integrates forms and kinetic behavior to identify whether complex forms work better or simple forms with proper kinetic behavior for improving visual comfort and daylight performance.

The research employs a transdisciplinary approach using several methods consisting of a biomimetic functional-morphological approach, kinetic design strategy, case study comparison using algorithmic workflow and parametric simulation and inverse design, to develop an interactive kinetic façade with optimized daylight performance.

A key development is the introduction of a periodic interactive region (PIR), which draws inspiration from the butterfly wings' nanostructure. These findings challenge conventional perspectives on façade complexity, highlighting the efficacy of simpler shapes paired with appropriate kinetic behavior for improving visual comfort. The results show the façade with a simpler “Bookshelf” shape integrated with a tapered shape of the periodic interactive region, outperforms its more complex counterpart (Hyperbolic Paraboloid component) in terms of daylight performance and glare control, especially in southern orientations, ensuring occupant visual comfort by keeping cases in the imperceptible range while also delivering sufficient average spatial Daylight Autonomy of 89.07%, Useful Daylight Illuminance of 94.53% and Exceeded Useful Daylight Illuminance of 5.11%.

The investigation of kinetic façade studies reveals that precedent literature mostly focused on engineering and building physics aspects, leaving the architectural aspect underutilized during the development phase. Recent studies applied a biomimetic approach for involving the architectural elements besides the other aspects. While the biomimetic method has proven effective in meeting occupants' visual comfort needs, its emphasis has been primarily on the complex form which is difficult to apply within the kinetic façade development. This study can address two gaps: (1) the lack of an architectural aspect in the kinetic façade design specifically in the development of conceptual form and kinetic behavior dimensions and (2) exchanging the superficial biomimetic considerations with an in-depth investigation.

This study aims to present a model for detecting and predicting creative accounting in companies listed on the Tehran Stock Exchange (TSE).

The authors conduct this research in three stages. First, the authors review the literature to determine the dimensions, components, indicators and techniques of creative accounting. Second, the authors conduct semi-structured interviews with experts using the fuzzy Delphi technique to obtain screening and reach a consensus. Finally, the authors develop a model to predict creative accounting by classifying the financial statements of the sample companies into two groups based on the use or non-use of creative accounting techniques, measuring the indicators determined in the previous stage, running various machine learning algorithms and choosing the superior algorithm.

The results indicate the usefulness of accounting information for detecting and predicting creative accounting and the relevance of several financial attributes as important predictors. The results also indicate the superiority of extremely randomized trees over other algorithms in predicting creative accounting and suggest that the primary purpose of creative accounting in Iran is earnings management. Contrary to the political cost hypothesis, large Iranian companies use creative accounting to inflate profits.

The present research also has several limitations that must be considered, and caution must be exercised in interpreting and generalizing the findings as specified in the revised manuscript.

This study’s implications are significant for policymakers, standard-setters and practitioners. By recognizing the detrimental effects of creative accounting on financial transparency within companies, policymakers can address existing gaps in accounting standards to minimize the potential for earnings manipulation. Consequently, strengthening internal and external mechanisms related to a firm’s financial performance becomes achievable. The study provides evidence of the need for audit firms to recognize the importance of creative accounting and consider creative accounting in their audit plans to prevent insufficient or even misleading disclosure by companies that extensively use creative accounting practices in their financial reporting. Moreover, knowledge of creative accounting techniques can help auditors assess audit and detection risks and serve as a valuable guide for reducing audit costs and improving audit quality.

Given that creative accounting practices distort the true or real accounting results, curbing creative accounting practices reduces corporate failures and could lead to the reduction of job losses and other social consequences.

This study uses a unique database in Iran to determine a model for predicting creative accounting using a mixed-method methodology, qualitative and quantitative, to identify creative accounting techniques and run various machine learning algorithms.

This study aims to identify how the use of digital technology for performance and commercial aspects of action sports can both create and destruct value.

Exploratory research based on 30 interviews with coaches, athletes, judges, federations, fans and sponsoring organizations from Europe, across five action sport disciplines that are included in the Olympic program.

Value creation of digital technology use related to the performance aspect of action sports fall into two categories: performance enhancement and performance evaluation. Value creation related to the commercialization aspect of action sports relate to specific technologies, in particular a video streaming and a centralized data and engagement platform, as well as to possibilities for betting and making sponsoring more measurable. Notably, such value creation opportunities are also accompanied by possible value destruction, as they interfere with the ethos of action sports (i.e. the unique nature and special culture).

Drawing from service-dominant logic and adopting the value creation/destruction lens, this paper is the first to study how digitalization in the areas of performance and commercialization may further intensify tensions related to the ethos of action sports. Our approach is inclusive in terms of the types of digital technologies, action sport disciplines and stakeholders considered.

Drawing from social exchange theory and a collectivist cultural framework, this study explores the relationship between ethical work climate and organizational citizenship behavior, considering power distance as a potential moderator.

The study used standard scales to obtain data from 244 employees working in various private companies in India. Structural equation modeling was adopted to test the hypotheses using Analysis of Moment Structures (AMOS).

The study results show a significant relationship between ethical climate and organizational citizenship behavior. Ethical work climate influences power distance negatively. However, the results also show that power distance does not serve as a moderator between ethical work climate and organizational citizenship behavior.

Corporate leaders often expect employees to demonstrate organizational citizenship behavior, which is aimed at advancing the organization’s interests and outcomes. This study underscores the necessity for expanding the organizational vision to enhance the ethical work climate. Such an initiative not only promotes improved organizational citizenship behavior but also helps to reduce employees' perceptions of power distance within the organization.

Amid extensive literature rooted in individualistic cultures, our study explores the relationship between ethical work climate and organizational citizenship behavior within a collectivist context. This research uniquely introduces the moderating role of power distance, offering new and distinct insights into this dynamic.

The purpose of this paper is to challenge the older perspective on the nature of workplace politics and its disruptive role in organizations. In particular, this paper references the positive aspect of meaningful relationship building that is promoted by workplace politics and how the very politicking becomes a necessary tool for generating and maintaining social capital within the organizational boundaries.

The paper relies on presenting author’s viewpoint on positive workplace politics and its intertwined relationship with social capital.

In the process of politicking, the relationships built, the networks established and maintained and the social capital acquired are of immense value. To thwart the negative effects of organizational politics such as disengagement from work, intentions to quit, low job satisfaction, etc., we must look into the multidimensional nature of politics and the value that social capital adds to it.

The positive side of politics has long been in the shadows of its pronounced negative side. The paper presents the ground work for exploring the many colours of organizational politics and also delve into the factors that can thwart the negative effects of politics that may be experienced by the employees.

The paper contends that workplace politics is not just responsible for the disruptive and unwanted behaviours but is rather an important source of the positive and productive interpersonal relationships that are often useful in accomplishing individual and organizational goals.