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Article
Publication date: 26 June 2009

William DiPietro

The purpose of the paper is to investigate whether, and, if so, to what extent, the valuation that nations place on individual personality traits change with economic…

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Abstract

Purpose

The purpose of the paper is to investigate whether, and, if so, to what extent, the valuation that nations place on individual personality traits change with economic growth and development.

Design/methodology/approach

The paper compares the averages of the cross‐country valuations of eight different personality characteristics for various levels of development, and, in addition, employs cross‐country regression analysis to assess the impact of economic growth on the value placed on these characteristics.

Findings

In general, the findings of both the comparative analysis and the cross‐country regression analysis indicate that the valuation counties place on individual personality characteristics change with economic growth and development, and for certain characteristics, rather dramatically.

Research limitations/implications

A major implication of the findings of the paper is that economic growth may not just act in a neutral fashion by merely providing additional material goods, but may have profound effect on future national identity, on the definition of the type of individual that a nation values.

Practical implications

Since economic growth changes the way personality characteristics are valued by a nation, it is possible that the growth process itself can alter the future growth prospects of a nation, because some personality characterizes are apt to be growth fostering, while others are likely to be growth inhibiting.

Originality/value

The paper should be of interest to anyone interested in the changes brought about by growth and development.

Details

International Journal of Development Issues, vol. 8 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

Open Access
Article
Publication date: 20 November 2020

Viet Anh Hoang, Man Dang, Ngoc Vu Nguyen, Ngoc Thang Nguyen and Darren Henry

The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across…

Abstract

Purpose

The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging markets.

Design/methodology/approach

The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.

Findings

This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.

Originality/value

Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.

Details

Journal of Economics and Development, vol. 23 no. 2
Type: Research Article
ISSN: 1859-0020

Keywords

Article
Publication date: 4 February 2021

Dario Salerno

The purpose of this paper is to investigate which cross-country characteristics influence the going-public decisions and how the cultural values of the countries affect…

Abstract

Purpose

The purpose of this paper is to investigate which cross-country characteristics influence the going-public decisions and how the cultural values of the countries affect initial public offering (IPO) firms’ profitability and risk of financial distress.

Design/methodology/approach

Using a sample of privately held and firms that went public on the European and Asian Stock Exchanges between 2007 and 2011, this paper applies probit model and ordinary least squares regression to examine which cross-country characteristics could affect the decision to go public and how cultural values affect the profitability and risk of IPO firms.[AQ1] In addition, to overcome multicollinearity concerns caused by the use of Global Leadership and Organizational Behavioural Effectiveness culture dimensions, this paper factor analyses the dimensions using principal component analysis.

Findings

The results are as follows. First, this paper finds that firms in tradition-oriented countries are less likely to go public, while firms in result-oriented countries are more likely to hold an IPO. Second, this paper finds that country characteristics (i.e. financial deepening and taxation) affect the going-public decision. Third, this paper documents that IPO firms in traditionally and result-oriented countries have positive profitability and less risk of financial distress.

Practical implications

This study is intended for all those European and Asian policymakers and managers who want to improve their knowledge about what different indicators can establish the decision of firms that going-public facing different stages of their lifecycle. Specifically, policymakers wishing to promote IPO-activity in their countries may find it useful to strengthen the set of formal-institutions both to reduce corporate-taxation and to reduce the uncertainty associated with first-time share issuance and investment in such initiatives. This study is also intended for managers of companies that are not yet publicly-traded on their national stock-markets to be helpful to their decision-making processes.

Originality/value

This paper aims to extend the growing literature on the effects of cross-country factors on economic decision-making in finance and particularly adds to research that investigates the influence of these factors on the IPO decision of European and Asian firms.

Details

Journal of Asia Business Studies, vol. 15 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 28 October 2013

Tesfaye Taddese Lemma and Minga Negash

The study aims to investigate the role of institutions, macroeconomic conditions, industry and firm characteristics on firm's capital structure decision within the context…

3087

Abstract

Purpose

The study aims to investigate the role of institutions, macroeconomic conditions, industry and firm characteristics on firm's capital structure decision within the context of nine African countries.

Design/methodology/approach

A sample of 986 firms over the period 1999-2008 were analysed using a series of models that link institutional, macroeconomic, industry and firm-specific characteristics, on the one hand, and measures of capital structure, on the other. The paper used system generalized method of moments and seemingly unrelated regression which are robust to data heterogeneity and endogeneity problems to estimate the relationships between variables. Furthermore, the paper checked the robustness of findings using various estimation procedures.

Findings

The paper found evidence that the legal and financial institutions, income level of the country in which a firm operates, growth rate of the economy and inflation matter in capital structure choices of firms in the sample countries. Furthermore, capital structure choice of firms in the sample countries was affected by industry and firm-specific characteristics. These findings signify the role that probability of bankruptcy, agency costs, transaction costs, tax issues, information asymmetry problems, access to finance and market timing play in capital structure decisions of firms in Africa.

Research limitations/implications

As in most empirical studies, this study focused on listed firms. Nonetheless, future studies that focus on non-listed firms could add additional insights to the extant literature.

Practical implications

The findings have practical implications for corporate managers, governments, legislators and policymakers in the African continent.

Originality/value

The study focuses on firms in African countries for which cross-country studies such as this are rare. It also explicitly models industry variable as one of the determinants of capital structure, a marked departure from previous studies on capital structure decision of firms.

Details

Management Research Review, vol. 36 no. 11
Type: Research Article
ISSN: 2040-8269

Keywords

Article
Publication date: 1 May 2000

Asunción Soro‐Bonmatí

Compares labour market transitions of young people in Germany and Italy using panel data from the GSOEP and the SHIW. The aim is to investigate whether there are…

Abstract

Compares labour market transitions of young people in Germany and Italy using panel data from the GSOEP and the SHIW. The aim is to investigate whether there are significant cross‐country differences in the patterns of labour market entrance and whether explanatory factors can be identified. The analysis shows that Germans have a significantly higher probability of moving from school to work and from unemployment to employment. They are also more likely to move back to studies if already in the labour force. Further investigation suggests that cross‐country differences in the educational and labour market systems are responsible for the differences found.

Details

International Journal of Manpower, vol. 21 no. 3/4
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 10 October 2016

Antonio Rodríguez Andrés and Simplice Asongu

The purpose of this paper is to examine global trajectories, dynamics, and tendencies of software piracy to ease the benchmarking of current efforts toward harmonizing the…

Abstract

Purpose

The purpose of this paper is to examine global trajectories, dynamics, and tendencies of software piracy to ease the benchmarking of current efforts toward harmonizing the standards and enforcements of intellectual property rights (henceforth IPRs) protection worldwide.

Design/methodology/approach

For that purpose, the authors estimate dynamic panel data models for 99 countries over the period 1994-2010.

Findings

The main finding suggest that, a genuine timeframe for standardizing IPRs laws in the fight against software piracy is most feasible within a horizon of 4.3-10.4 years. In other words, full (100 percent) convergence within the specified timeframe will mean the enforcements of IPRs regimes without distinction of nationality or locality within identified fundamental characteristics of software piracy. The absence of convergence (in absolute and conditional terms) for the World panel indicates that, blanket policies may not be effective unless they are contingent on the prevailing trajectories, dynamics and tendencies of software piracy. Policy implications and caveats are also discussed.

Originality/value

It is the first attempt to empirically assess the convergence of IPRs systems across countries.

Details

Journal of Economic Studies, vol. 43 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 6 June 2018

Simplice Asongu

The purpose of this paper is to assess how incarcerations persist across the world. The focus is on 163 countries for the period 2010-2015.

Abstract

Purpose

The purpose of this paper is to assess how incarcerations persist across the world. The focus is on 163 countries for the period 2010-2015.

Design/methodology/approach

The empirical evidence is based on generalized method of moments. In order to increase room for policy implications, the data set is decomposed into sub-samples based on income levels, religious domination, openness to the sea, regional proximity and legal origins.

Findings

The following main findings are established. Incarcerations are more persistent in low income, Christian-protestant and Latin American countries while comparative evidence is not feasible on the basis of landlockedness and legal origins owing to unfavorable post-estimation diagnostic tests. Justifications for the comparative advantages and relevance of findings to theory building in public economics are discussed.

Practical implications

First, income levels matter in the persistence of incarcerations because low-income nations vis-à-vis their high-income counterparts have less financial resources with which to prevent and deal with events like terrorism, political instability and violence that lead to incarcerations. Second, the intuition for religious domination builds on the fact that liberal societies can be more associated with incarcerations compared to conservative societies. The main theoretical contribution of this study to the literature is that the authors have built on empirical validity to provide theoretical justification as to why categorizing countries on the basis of selected fundamental characteristics determine cross-country variations in incarcerations. Such evidence is important for theory building in public economics.

Originality/value

It is important for policy makers to understand the persistence of incarcerations across nations because resources could be allocated to regions and countries, contingent on the relative importance of future incarceration tendencies.

Details

Journal of Criminological Research, Policy and Practice, vol. 4 no. 2
Type: Research Article
ISSN: 2056-3841

Keywords

Open Access
Article
Publication date: 31 March 2022

Rogério Serrasqueiro and Jonas Oliveira

The study aims to analyse annual reports of the non-financial European firms listed at the EURO STOXX 50 index over the period of 2007 and 2011.

Abstract

Purpose

The study aims to analyse annual reports of the non-financial European firms listed at the EURO STOXX 50 index over the period of 2007 and 2011.

Design/methodology/approach

This study intends to address two main issues: to what extent the country-level institutional forces compel (directly) firm's risk reporting (RR) behaviour and in which way these country-level institutional forces moderate the relationship between RR and firm-level characteristics.

Findings

Main findings indicate that, during this period, the European listed companies disclosed more risk information on a voluntary basis (such as operational and strategic risks) and with better informative content (more forward-looking and focused on positive news). Consistent with institutional theory, findings confirm that the country-level institutional forces explain variations on RR. Additionally, it also indicates that the relationship between RR and leveraged firms is weaker among countries with stronger institutional forces. These findings have several implications for investors and regulators in Europe basically in helping achieve efficiency in investment decisions and to stimulate further efforts to improve RR regulations.

Originality/value

This study makes two major contributions. First, it extends Elshandidy's et al. (2015) work by using other country-level institutional forces that capture the efficacy of corporate boards, the protection of minority shareholders' interests, country's level of democracy, law enforcement mechanisms and press freedom. Second, it uses firms that are considered as a blue-chip representation of super-sector leaders in the Eurozone (but from different institutional contexts). This research setting can be more insightful in shedding some light towards our understanding on how these leading firms can promote innovative and high quality level of RR and how country-level driving forces influence these variables.

Details

Asian Review of Accounting, vol. 30 no. 2
Type: Research Article
ISSN: 1321-7348

Keywords

Article
Publication date: 23 August 2021

Jurgita Bruneckienė, Jonas Rapsikevičius, Mantas Lukauskas, Ineta Zykienė and Robertas Jucevičius

This paper aims to investigate the smart economic development (SED) patterns in Europe in relation to competitiveness. Motivational focus corresponds to global events: the…

Abstract

Purpose

This paper aims to investigate the smart economic development (SED) patterns in Europe in relation to competitiveness. Motivational focus corresponds to global events: the fourth industrial revolution, transition to a low-carbon economy, economic shocks (such as the 2008 financial crisis, Brexit or the coronavirus pandemic), which requires rethinking development policies, targeting competitiveness increase and reducing imbalances in economic development.

Design/methodology/approach

The analysis includes self-organising neural networks cluster analysis and correlations, comparative analysis of SED indicators structure and cumulative index estimation with World Economic Forum (WEF) global competitiveness index. The panel data set of 19 years from 2000 to 2018 for 30 European countries.

Findings

Overall, cross-country examination suggests that European countries of higher competitiveness illustrate higher estimates in SED. The key determinants are juridical fairness, social responsibility, competence building, intelligence and welfare employment to develop smart patterns for reaching higher competitiveness.

Research limitations/implications

The limitations relate to the particular sample of European countries and gathering statistical data and a methodology of the SED index calculation. In addition, the paper contains a macroeconomic environment focus on competitiveness estimation. Further research may be improved with micro and mezzo environment incorporation at a cross-country analysis level.

Practical implications

By linking well-known terms of competitiveness and economic development with a concept of smartness, new approaches to policymaking emerged. The methodology presented in this paper has implications for territorial cohesion policies, competitiveness and branching strategies. The combination of SED sub-indexes and WEF GCI might aid a more accurate ex ante measurement.

Social implications

The findings are essential for fostering a smart approach in economic development for long-term competitiveness.

Originality/value

This paper provides original empirical evidence about the relationship between SED and competitiveness and adds new knowledge that smartness becomes a way for building countries’ competitiveness by identified two profiles of SED patterns by development stages, namely, integrated to economic development and institutional-based which is divided to focus and balanced.

Details

Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1059-5422

Keywords

Article
Publication date: 12 October 2018

Gary Alexander Parung, Achmad Nizar Hidayanto, Puspa Indahati Sandhyaduhita, Karina Lia Meirita Ulo and Kongkiti Phusavat

This study aims to propose strategies to address the identified major barriers for giving the public open access to government data. The study adopts fuzzy analytical…

Abstract

Purpose

This study aims to propose strategies to address the identified major barriers for giving the public open access to government data. The study adopts fuzzy analytical hierarchy process and technique for order performance by similarity to ideal solution (AHP-TOPSIS) to weigh the barriers and strategies, and it subsequently involves experts to identify and weigh the barriers and strategies. A case of Indonesia is used to contextualize the study.

Design/methodology/approach

The data were collected using fuzzy AHP-TOPSIS-based questionnaires given to several government representatives who had been working with data and information. The respondents were given sets of pairwise comparisons of which they were asked to compare the level of importance using one to nine fuzzy numbers between barriers and strategies. The data were then calculated using the fuzzy AHP-TOPSIS formula to obtain each weight of the barriers and strategies. The weight is used to prioritize the barrier and strategies.

Findings

In total, five barrier categories in the order of importance, namely, legal and privacy; government culture; social; technical; and economic, were identified from 27 barriers. In total, ten strategies of open government data (OGD) adoption were identified and ranked in the order of importance, and they can be grouped into five priorities. Priority 1 is to involve stakeholders in OGD planning and establish an OGD competence center. Priority 2 is to develop a legal compliance framework. Priority 3 is to adopt OGD gradually. Priority 4 is to create a collaboration feature on the portal for stakeholder communication and raise public awareness of OGD. Priority 5, finally, is to conduct training for government officials, develop standard operating practice for OGD management, use standard data formats and provide metadata.

Research limitations/implications

This study provides a perspective from the government’s view. One suggestion for future research is to conduct a study from the public’s perspective to formulate strategies based on the identified citizens’ barriers in using OGD. In addition, cross-country (of different characteristics) studies were required to generalize the findings.

Practical implications

The first strategy of the first priority implies that government institutions should be able to develop a preliminary plan to involve relevant stakeholders in OGD planning, which includes identifying relevant stakeholders and continuously engaging them to participate in the planning phase of OGD. The second strategy in the first priority entails that government institutions should realize an OGD competence center by creating a virtual team whose members are from various backgrounds and who are very knowledgeable about OGD and how to manage OGD in government institutions.

Originality/value

This research provides key strategies to address the main barriers to giving the public open access to government data.

Details

Transforming Government: People, Process and Policy, vol. 12 no. 3/4
Type: Research Article
ISSN: 1750-6166

Keywords

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