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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

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Article
Publication date: 3 April 2018

Dario Salerno

The purpose of this paper is to explore the relation between family involvement in ownership and the performance of private equity (PE)-backed SMEs.

Abstract

Purpose

The purpose of this paper is to explore the relation between family involvement in ownership and the performance of private equity (PE)-backed SMEs.

Design/methodology/approach

Using a sample of 533 European PE-backed SMEs (i.e. 107 PE-backed family SMEs and 426 PE backed non-family SMEs), the author estimate the OLS model where a firms operating performance is a function of the presence or not of family shareholders, various other firm-specific characteristics, the experience of PE investor and a dummy for the financial crisis. To control the robustness of results, the author restrict the analysis to those firms that are incorporated in one of the 15 old member states of the European Union and the author include among the independent variables the one-year lagged values of the dependent variable.

Findings

The results show that PE-backed family SMEs outperform non-family PE-backed SMEs over the post-investment period.

Originality/value

This paper aims to extend literature about the link between PE backing and the involvement of family in ownership, considering European countries.

Details

Journal of Family Business Management, vol. 9 no. 1
Type: Research Article
ISSN: 2043-6238

Keywords

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Article
Publication date: 12 July 2013

Claudia Cennamo and Marco Di Fiore

The purpose of this paper is to show the importance of a total understanding of the manufacture, before approaching any structural intervention.

Abstract

Purpose

The purpose of this paper is to show the importance of a total understanding of the manufacture, before approaching any structural intervention.

Design/methodology/approach

The adopted methodology consists of a non‐invasive kind of structural retrofit, in accordance with the history of the manufacture and, at the same time, giving effective respect to seismic solicitations.

Findings

The results are very important for demonstration purposes, and they may be taken as examples in many similar problems.

Research limitations/implications

The limitation of this research principally consists in the old datation of the study case, because it could be approached more easily with the help of modern concepts.

Practical implications

Many applications can be carried out from the study case: first, the respectful approach to the cultural heritage, in the sense of knowledge and understanding of the “art rule” belonging to the ancient constructors.

Social implications

The paper has implications for the safety and conservation of historical heritage.

Originality/value

The originality consists in showing the almost unknown work of a master: he reasoned anticipating the technological progress.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 4 no. 2
Type: Research Article
ISSN: 1759-5908

Keywords

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Article
Publication date: 1 August 2016

Antonino Galati, Dario Siggia, Maria Crescimanno, Enrique Martín-Alcalde , Sergi Saurí Marchán and Pau Morales-Fusco

The purpose of this paper is to analyse the economic benefits of short sea shipping (SSS) in the shape of Motorways of the Sea (MoS) compared to road transport. The study…

Abstract

Purpose

The purpose of this paper is to analyse the economic benefits of short sea shipping (SSS) in the shape of Motorways of the Sea (MoS) compared to road transport. The study cover a gap in agro-food economics and analyses the economic benefits of sea transport mode compared to road transport in the food trade between Spain and Italy for a specific product: olive oils.

Design/methodology/approach

Three different transportation scenarios are considered (road only, road combined with accompanied SSS and road combined with unaccompanied SSS) linking the main olive oil production and consumption areas in Spain and Italy. In each scenario the cost per unit shipped have been calculated.

Findings

The results show the road option is about 30 and 34 per cent more costly than the best SSS option available for the exportations from Jaén and Southern Catalonia, respectively.

Research limitations/implications

The need of further research is identified, mainly focused in two directions: first, the need for inclusion of new variables to the model (e.g. value of time, seasonality, complexity of the transport chain, potential demand, etc.) to better assess the competitiveness of the sea connection and, second, a study of the environmental impact and socio-economic benefits of SSS implementation for the agri-food sector.

Originality/value

The research enriches the current literature on this field and provides a basis for future studies. In particular, it corroborates the strategic decisions taken in the framework of European transport policy demonstrating a greater economic sustainability of SSS, and more specifically MoS, compared to the road transport.

Details

British Food Journal, vol. 118 no. 8
Type: Research Article
ISSN: 0007-070X

Keywords

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Article
Publication date: 28 June 2018

Haibo Feng, Yanwu Zhai and Yili Fu

Surgical robot systems have been used in single-port laparoscopy (SPL) surgery to improve patient outcomes. This study aims to develop a vision robot system for SPL…

Abstract

Purpose

Surgical robot systems have been used in single-port laparoscopy (SPL) surgery to improve patient outcomes. This study aims to develop a vision robot system for SPL surgery to effectively improve the visualization of surgical robot systems for relatively complex surgical procedures.

Design/methodology/approach

In this paper, a new master-slave magnetic anchoring vision robotic system for SPL surgery was proposed. A lighting distribution analysis for the imaging unit of the vision robot was carried out to guarantee illumination uniformity in the workspace during SPL surgery. Moreover, cleaning force for the lens of the camera was measured to assess safety for an abdominal wall, and performance assessment of the system was performed.

Findings

Extensive experimental results for illumination, control, cleaning force and functionality test have indicated that the proposed system has an excellent performance in providing the visual feedback.

Originality/value

The main contribution of this paper lies in the development of a magnetic anchoring vision robot system that successfully improves the ability of cleaning the lens and avoiding the blind area in a field of view.

Details

Industrial Robot: An International Journal, vol. 45 no. 4
Type: Research Article
ISSN: 0143-991X

Keywords

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