Search results

1 – 10 of 19
To view the access options for this content please click here
Article
Publication date: 6 August 2018

Ajid ur Rehman

This study aims to apply unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing…

Abstract

Purpose

This study aims to apply unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing theories of capital structure.

Design/methodology/approach

This study applies unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing theories of capital structure. Trade off theory advocates that firms have a target level of leverage ratio and that firms try to achieve that optimal leverage ratio, whereas pecking order theory argues that firms have no target level of leverage and that they follow a specific pattern of leverage. For this purpose, this study applies a Fisher type unit root test to 12,808 firm level observations. The data are unbalanced and cover a period from 1991 to 2014.

Findings

The results reveal the presence of a stationary behavior across short-term, long-term and total leverage policies. For short-term leverage policy, 21 per cent firms show stationary behavior, while for long-term, 20 per cent show a targeting behavior; for the total leverage policy 17 per cent of firms are found to follow a tradeoff model. To make the findings more interesting sample was further classified into profit and loss making firms. The study finds that loss making firms do not follow a target level of leverage in China. Furthermore, unit root is applied to all firms before and after crises-2008. It is revealed that stationary behavior is more prevalent before crises-2008.

Originality/value

This study is highly important from the point of view that it quantifies firms into distinct categories of following specific model of capital structure. To the best of the author’s knowledge, the findings of this study add to current research knowledge about Chinese firms with respect to adjustment behavior toward a target capital structure.

Details

Journal of Asia Business Studies, vol. 12 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

To view the access options for this content please click here
Book part
Publication date: 13 October 2015

James C. Cox and Duncan James

This study first replicates, then perturbs, the centipede game as implemented by McKelvey and Palfrey (1992). It is thus both a replication study and an original research…

Abstract

This study first replicates, then perturbs, the centipede game as implemented by McKelvey and Palfrey (1992). It is thus both a replication study and an original research study. We use controlled laboratory experiments, with computer interfaces for each treatment, anonymous round-robin matching among the subjects across rounds, multiple (10) rounds within each treatment, and incremental changes between adjacent treatments allowing for an assessment of effects at the margin of different game configurations. We find unraveling to the subgame perfect equilibrium somewhat faster than did McKelvey and Palfrey (1992), when using their exact design. Perturbations to that design show that setting non-taker payoffs to zero induces earlier unraveling, as does the use of higher stakes (as in Murphy, Rapoport, and Parco (2006), and Rapoport, Stein, Parco, and Nicholas (2003), respectively). Other, subsequent perturbations show: that there is at most a subtle effect associated with using a 10-second timer with a default move, relative to untimed active moves; and that clock format versus tree format has a minimal effect in common information, unchanging payoff-parameterization environments. We verify the robustness of some key past findings in real-time games. We also explore in a common information environment, the effect of design features previously used in independent private values settings; here we find new evidence that features which might modulate information acquisition and/or processing in an independent private values setting may not restrict behavior in a common information setting.

Details

Replication in Experimental Economics
Type: Book
ISBN: 978-1-78560-350-1

Keywords

To view the access options for this content please click here
Book part
Publication date: 15 April 2020

Yu-Wei Hsieh and Matthew Shum

The authors propose an Markov Chain Monte Carlo (MCMC) method for estimating a class of linear sum assignment problems (LSAP; the discrete case of the optimal transport…

Abstract

The authors propose an Markov Chain Monte Carlo (MCMC) method for estimating a class of linear sum assignment problems (LSAP; the discrete case of the optimal transport problems). Prominent examples include multi-item auctions and mergers in industrial organizations. This contribution is to decompose the joint likelihood of the allocation and prices by exploiting the primal and dual linear programming formulation of the underlying LSAP. Our decomposition, coupled with the data augmentation technique, leads to an MCMC sampler without a repeated model-solving phase.

To view the access options for this content please click here
Article
Publication date: 1 April 1989

Nanda Rangan

The importance of the market for corporate control as a disciplining device has received considerable research interest in recent years. Since the advent of event study…

Abstract

The importance of the market for corporate control as a disciplining device has received considerable research interest in recent years. Since the advent of event study methodology pioneered by Fama, Fisher, Jensen and Roll (1969), and the availability of machine readable returns data from the Center of Research on Security Prices, the effects of various control related corporate events have been well documented. Jensen and Ruback (1983) in their review of the empirical literature on the market for corporate control report that the findings in general support the hypothesis that outside takeover mechanisms do act efficiently to limit managerial departures from the objective of maximising the economic well‐being of its shareholders. They further point out that studies using the event study methodology cannot distinguish between the different sources of gains in the takeover process, namely those due to synergies, or those due to lack of efficient management in the acquired firm.

Details

Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

To view the access options for this content please click here
Article
Publication date: 6 September 2011

Yanqi Wang, Xiangyu Guo and Hongman Liu

The purpose of this paper is to establish a synthetic evaluation index system of new socialist countryside (NSC) development at county level in China, and by which to…

Abstract

Purpose

The purpose of this paper is to establish a synthetic evaluation index system of new socialist countryside (NSC) development at county level in China, and by which to evaluate the level of NSC construction among different regions in China. Then, some problems of rural development can be found and corresponding measures can be proposed, which could provide references for policymaking.

Design/methodology/approach

First, from agricultural, rural and farmers' perspective, a preliminary index system which containing 44 indicators was put forward. Then, combining with a series of subjective and objective indicator screening methods, such as fuzzy synthetic evaluation, clustering analysis, correlation and variation coefficient analysis, the final index system containing 22 indicators was established. Third, combining with factor analysis, the final index system was used to evaluate the level of NSC construction in 28 counties of China in 2007. Finally, we calculated district factor scores by a model and gave an aggregate index ranking of different regions.

Findings

NSC construction at county level is not well developed in China and there are significant geographical differences among different districts. First, NSC construction in Shanghai, Beijing, Nanjing, Guangzhou and Hangzhou is relatively better. Second, NSC construction of East China is better than that of North China and Central China. Northeast of China is better than Southwest and Northwest. Third, NSC construction in municipalities is higher than non‐municipalities. Rural development in Western regions of China needs to be paid special attention.

Originality/value

A final evaluation index system including 22 indicators was designed. These indicators are complete, independent, weakly correlative and stable. The index system can be further applied to evaluate other regions' NSC development. The evaluation results can provide useful references for NSC reform in the whole nation.

Details

China Agricultural Economic Review, vol. 3 no. 3
Type: Research Article
ISSN: 1756-137X

Keywords

To view the access options for this content please click here
Article
Publication date: 1 September 1946

V.M. Falkner

THIS report gives a general solution of the problem of the calculation of the Glauert loading of wings with discontinuities of incidence. The three existing variations of…

Abstract

THIS report gives a general solution of the problem of the calculation of the Glauert loading of wings with discontinuities of incidence. The three existing variations of the original theory, the Glauert solution, the Gates' least squares solution, and the Lotz' solution, are not entirely satisfactory and may involve a considerable amount of labour. The present solution divides the Fourier series representing the circulation into two parts: (a) a standard solution representing the discontinuities, which includes the slowly convergent part of the solution, and which is expressible as a precise infinite series dependent only upon the position of discontinuities along the span, and (b) a secondary solution due to plan form, aspect ratio, slope of section lift curve, and so on, which is the quickly convergent part of the solution and usually requires a terminated scries of only from four to six terms. Once the standard solution has been computed, the remaining work is little more than for the standard Glauert solution for a flat wing.

Details

Aircraft Engineering and Aerospace Technology, vol. 18 no. 9
Type: Research Article
ISSN: 0002-2667

To view the access options for this content please click here
Article
Publication date: 1 January 1995

Marilyn E. Barnes

Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of…

Abstract

Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of applications, but are time‐consuming to create. A model template and macros that can be used in many different types of library data analysis have been developed here. The procedures demonstrated here can build an essential set of tools for meeting fundamental goals of administrative efficiency, effective use of library resources, staff motivation, and rational policy making.

Details

The Bottom Line, vol. 8 no. 1
Type: Research Article
ISSN: 0888-045X

To view the access options for this content please click here
Article
Publication date: 1 March 2005

H Smyth

The agenda for supply management practices on construction projects originated from clients. It is largely procurement driven, the dominant strategy of contractors being…

Abstract

The agenda for supply management practices on construction projects originated from clients. It is largely procurement driven, the dominant strategy of contractors being to emulate the client approach, and hence push the procurement model along the chain. This procurement push along the supply chain translates the intrinsic client interest in value into a contractor interest in repeat business from the same client or through referral markets, the consequence being: (i) loss of interest in adding further value along the chain, (ii) continuous improvement prematurely reaches the law of diminishing returns through a primary cost reduction focus, (iii) supply chains may be rationalised in terms of the number of suppliers for each link in the chain, yet the procurement push increases chain length in order to squeeze the lowest costs possible, hence those doing the work at the bottom of the chain will not have the resources to add value nor necessarily be aware of the strategic principles at the top of the chain. Marketing is the other side of the same “procurement coin” relationship marketing (RM) soliciting a pull in the supply chain, potentially adding value for continuous improvement. Finally, the RM approach will be related to the theoretical and actual decoupling point for construction, with the potential to move the point towards the start of the chain, hence increasing the potential for agile manufacturing

Details

Journal of Financial Management of Property and Construction, vol. 10 no. 1
Type: Research Article
ISSN: 1366-4387

Keywords

To view the access options for this content please click here
Book part
Publication date: 30 March 2006

John Kennes

Abstract

Details

Structural Models of Wage and Employment Dynamics
Type: Book
ISBN: 978-0-44452-089-0

To view the access options for this content please click here
Article
Publication date: 24 August 2012

Chi‐Cheng Chang

The purpose of this study is to explore the dynamic capabilities required of information technology (IT) entrepreneurs for facing globalized challenges.

Abstract

Purpose

The purpose of this study is to explore the dynamic capabilities required of information technology (IT) entrepreneurs for facing globalized challenges.

Design/methodology/approach

Using a methodological approach that combines Q‐technique and questionnaire survey, the author collected 98 statements obtained from interviewing ten IT entrepreneurs. A total of 44 out of 98 critical statements were extracted as Q‐samples based on purposive sampling. Subsequently, 20 experts used Q‐technique in terms of the sample the 44 statements to generate a revised questionnaire to investigate 500 Taiwan IT‐based companies.

Findings

According to the responses of the 281 valid copies of questionnaire received, market‐oriented sensitivity, the ability to absorb knowledge, social‐networking capability, and the integrative ability to communicate and negotiate are the dynamic capabilities required of IT entrepreneurs.

Research limitations/implications

As for the restrictions, the expansive nature of the IT industry prevented the author from addressing any specific sector of the industry, and no minimum capitalisation of IT companies was set for the sample‐collecting process.

Practical implications

The results can be used by IT entrepreneurs of SMEs in the self‐assessment of capabilities and the development of dynamic capabilities during their start‐up and growth phases. They can also be applied to nurturing successors and cultivating new entrepreneurs.

Originality/value

This study clarifies the intrinsic dynamic capabilities of IT entrepreneurs, and identifies the required components of such capabilities and their priorities. The results can be used in managerial decision‐making and personnel training, both of which help entrepreneurs in building competitive advantages.

Details

Industrial Management & Data Systems, vol. 112 no. 8
Type: Research Article
ISSN: 0263-5577

Keywords

1 – 10 of 19