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Open Access
Article
Publication date: 7 November 2023

Md. Atiqur Rahman, Tanjila Hossain and Kanon Kumar Sen

This study aims to measure impact of several firm-specific factors on alternative measures of leverage. The authors also aim to study impact of the subprime crisis on such…

Abstract

Purpose

This study aims to measure impact of several firm-specific factors on alternative measures of leverage. The authors also aim to study impact of the subprime crisis on such associations.

Design/methodology/approach

The authors utilized an unbalanced panel data of 973 firm-year observations on 47 UK listed non-financial firms for the years 1990–2019. Book-based and market-based long-term and total leverage measures have been used as explained variables. The explanatory variables are profitability, size, two measures of growth, asset tangibility, non-debt tax shields, firm age and product uniqueness. Fixed effect and random effect models with clustered robust standard errors have been utilized for data analysis. To find the effect of subprime crisis, original dataset was split to create pre-crisis and post-crisis datasets.

Findings

The authors find that profitability significantly reduces leverage while firms having more tangible assets use significantly more debt in capital structure. Firm size and non-debt tax shield have statistically insignificant positive impact on leverage. Having more unique products reduces use of external debt, albeit insignificantly. Growth, when measured as market-to-book ratio, has inconsistent impact, whereas capital expenditure insignificantly reduces leverage. Age is found to be an insignificant predictor of leverage. After the subprime crisis, firms started relying more on internal fund instead of external debt, more particularly short-term debt. Having more collateral is gradually becoming more important for availing external debt.

Research limitations/implications

Data limitations restrict generalization of the findings.

Originality/value

This is one of the pioneering attempts to show how subprime crisis altered the theoretical domain of capital structure research in the UK.

Details

Arab Gulf Journal of Scientific Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-9899

Keywords

Open Access
Article
Publication date: 13 December 2023

Oli Ahad Thakur, Matemilola Bolaji Tunde, Bany-Ariffin Amin Noordin, Md. Kausar Alam and Muhammad Agung Prabowo

This study empirically investigates the relationship between goodwill assets and capital structure (i.e. debt ratio) of firms and the moderating effect of financial market…

Abstract

Purpose

This study empirically investigates the relationship between goodwill assets and capital structure (i.e. debt ratio) of firms and the moderating effect of financial market development on the relationship between goodwill assets and capital structure.

Design/methodology/approach

This research applied a quantitative method. The article collects large samples of listed firms from 23 developing and nine developed countries and applied the panel data techniques. This research used firm-level data from the DataStream database for both developed and developing countries. The study uses 4,912 firm-level data from 23 developing countries and 4,303 firm-level data from nine developed countries.

Findings

The findings reveal a significant positive relationship between goodwill assets and capital structure in developing countries, but goodwill assets have a significant negative relationship with capital structure in developed countries. Moreover, financial market development positively moderates the relationship between goodwill assets and the capital structure of firms in developing countries. The results inform firm managers that goodwill assets serve as additional collateral to secure debt financing. Moreover, policymakers should formulate a debt market policy that recognizes goodwill assets as additional collateral for the purpose of obtaining debt capital.

Research limitations/implications

The study has several implications. First, goodwill assets are identified as a factor of capital structure in this study. Fixed assets have been identified as one of the drivers of capital structure in previous research, although goodwill assets are seldom included. Second, this article shows that along with demand-side determinants, supply-side determinants also play an important role in terms of the firms' choice about the capital structure. Therefore, firms should take both the demand-side and supply-side factors into consideration when sourcing for external financing (i.e. debt capital).

Originality/value

The study considered goodwill as a component of capital structure. The study analysis includes a large sample of enterprises, including 4,912 big firms from 23 developing countries and 4,303 large firms from nine industrialized or developed countries, which adds to the current capital structure information. Furthermore, a large sample size increases the results' robustness and generalizability.

Details

Journal of Economics, Finance and Administrative Science, vol. 29 no. 57
Type: Research Article
ISSN: 2077-1886

Keywords

Open Access
Article
Publication date: 1 February 2024

Frank Nana Kweku Otoo and Nissar Ahmed Rather

Highly committed, motivated and engaged employees assure organizational success and competitiveness. The study aims to examine the association between human resource development…

1314

Abstract

Purpose

Highly committed, motivated and engaged employees assure organizational success and competitiveness. The study aims to examine the association between human resource development (HRD) practices and employee engagement with organizational commitment as a mediating variable.

Design/methodology/approach

Data were collected from 760 employees of 13 star-rated hotels comprising 5 (five-star) and 8 (four-star). The data supported the hypothesized relationships. Structural equation modeling was used to evaluate the proposed model and hypotheses. Construct validity and reliability were established through confirmatory factor analysis.

Findings

The results indicate that HRD practices and affective commitment are significantly associated. HRD practices and continuance commitment were shown to be non-significantly associated. HRD practices and normative commitment were shown to be non-significantly associated. Employee engagement and organizational commitment are significantly associated. The results further show that organizational commitment mediates the association between HRD practices and employee engagement.

Research limitations/implications

The generalizability of the findings will be constrained due to the research's hotel industry focus and cross sectional data.

Practical implications

The study's findings will serve as valuable pointers for stakeholders and policymakers of the hotel industry in the adoption, design and implementation of proactive HRD interventions to keep highly engaged and committed employees for organizational competitiveness and sustainability.

Originality/value

By evidencing empirically that organizational commitment mediates the nexus between HRD practices and employee engagement, the study extends the literature.

Details

Rajagiri Management Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0972-9968

Keywords

Open Access
Article
Publication date: 9 December 2021

Patrick Sven Ulrich, Alice Timmermann and Vanessa Frank

The starting point for the considerations the authors make in this paper are the special features of family businesses in the area of management discussed in the literature. It…

1323

Abstract

Purpose

The starting point for the considerations the authors make in this paper are the special features of family businesses in the area of management discussed in the literature. It has been established here that family businesses sometimes choose different organizational setups than nonfamily businesses. This has not yet been investigated for cybersecurity. In the context of cybersecurity, there has been little theoretical or empirical work addressing the question of whether the qualitative characteristics of family businesses have an impact on the understanding of cybersecurity and the organization of cyber risk defense in the companies. Based on theoretically founded hypotheses, a quantitative empirical study was conducted in German companies.

Design/methodology/approach

The article is based on a quantitative-empirical survey of 184 companies, the results of which were analyzed using statistical-empirical methods.

Findings

The article asked – based on the subjective perception of cybersecurity and cyber risks – to what extent family businesses are sensitized to the topic and what conclusions they draw from it. An interesting tension emerges: family businesses see their employees more as a security risk, but do less than nonfamily businesses in terms of both training and organizational establishment. Whether this is due to a lack of technical or managerial expertise, or whether family businesses simply think they can prevent cybersecurity with less formal methods such as trust, is open to conjecture, but cannot be demonstrated with the research approach taken here. Qualitative follow-up studies are needed here.

Originality/value

This paper represents the first quantitative survey on cybersecurity with a specific focus on family businesses. It shows tension between awareness, especially of risks emanating from employees, and organizational routines that have not been implemented or established.

Details

Organizational Cybersecurity Journal: Practice, Process and People, vol. 2 no. 1
Type: Research Article
ISSN: 2635-0270

Keywords

Open Access
Article
Publication date: 26 May 2023

Eline Punt, Jochen Monstadt, Sybille Frank and Patrick Witte

Cyber resilience has emerged as an approach for seaports to deal with cyberattacks; it emphasizes ports’ ability to prepare for an attack and to keep operating and recover…

1481

Abstract

Purpose

Cyber resilience has emerged as an approach for seaports to deal with cyberattacks; it emphasizes ports’ ability to prepare for an attack and to keep operating and recover quickly. However, little research has been undertaken on the challenges of governing cyber risks in seaports. This study aims to address this gap.

Design/methodology/approach

Governing cyber resilience is shaped by distributed responsibilities, uncertainties and ambiguities. The authors use this conceptualization to explore the governance of cyber risks in seaports, taking the Port of Rotterdam as a case study and analyzing semistructured interviews with stakeholders, participatory observation and policy documents and legislation.

Findings

The authors found that many strategies for governing cyber risks remain dedicated to protecting computer systems against cyberattacks. Nevertheless, port stakeholders have also developed strategies in anticipation of disruptions. However, these strategies appear informal and uncoordinated due to a lack of information exchange, insufficient knowledge regarding cyber risks and disagreement about how to make the Port of Rotterdam cyber resilient. What mainly hampers the cyber resilience of the port is the lack of a comprehensive regulatory framework and economic incentives. The authors conclude that resilience is merely an ideal at the Port of Rotterdam, meaning related governance strategies remain incremental and await institutionalization.

Originality/value

This paper offers insights into the cyber resilience of critical socio-technical systems, which have been underexposed in cyber resilience debates, but, when exploited, can manifest in large-scale disruptions.

Details

Digital Policy, Regulation and Governance, vol. 25 no. 4
Type: Research Article
ISSN: 2398-5038

Keywords

Open Access
Article
Publication date: 25 October 2022

Marco Arraya

This paper conceptualised the distinctive capabilities system and tested its relationship between small and medium enterprise (SME) non-financial and financial performance…

2127

Abstract

Purpose

This paper conceptualised the distinctive capabilities system and tested its relationship between small and medium enterprise (SME) non-financial and financial performance, encompassing leadership and learning orientation as mediators, moderators and moderators’ mediators.

Design/methodology/approach

The research design is exploratory, quantitative and cross-sectional. The study employed partial least squares path modelling for testing the direct, mediation and moderation effects, and, for testing moderated mediation, the author adopted PROCESS analysis. Before testing the hypotheses, a confirmatory factor analysis procedure was applied to the measurement model validity test.

Findings

Our empirical findings confirm that (1) learning orientation has a positive and significant implication as a moderator between the distinctive capabilities system and SME performance; (2) the distinctive capabilities system has a significant relationship with leadership and learning orientation, and leadership has a significant relationship with learning orientation and (3) the distinctive capabilities system has no direct impact on performance. These findings suggest that, by nature, the distinctive capabilities system has an indirect impact on SME performance, which must be understood as a consequence of living “far-from-equilibrium” and being forced to learn and adapt to come up with better market configurations.

Originality/value

This study intends to contribute to the existing literature in three ways: (1) it proposes the distinctive capabilities system definition; (2) it highlights the system’s features and benefits that make it a core construct for SMEs surviving and thriving and (3) it shows the causal relationship between the leadership capability and learning orientation and the distinctive capabilities system and performance.

Details

European Journal of Management Studies, vol. 27 no. 2
Type: Research Article
ISSN: 2183-4172

Keywords

Open Access
Article
Publication date: 24 September 2021

Cecilia Woon Chien Teng, Raymond Boon Tar Lim, Dana Wai Shin Chow, Suganthi Narayanasamy, Chee Hsiang Liow and Jeannette Jen-Mai Lee

The COVID-19 pandemic has brought about a contingent shift to remote working and learning worldwide. However, little is known regarding the impact of this shift on internships…

18510

Abstract

Purpose

The COVID-19 pandemic has brought about a contingent shift to remote working and learning worldwide. However, little is known regarding the impact of this shift on internships. Moreover, much of the available literature studies on internships are focused largely on perceptions by students, less so by supervisors. This paper describes the impact of COVID-19 on public health (PH) internships and examines interns' and supervisors' perspectives on their experiences in internships before and during the pandemic.

Design/methodology/approach

A cross-sectional study design was conducted on two cohorts of undergraduate students and their supervisors in Singapore. Participants were surveyed using questionnaires with both close-ended and open-ended questions about various aspects of the internship experience. Data were triangulated from these surveys and module evaluation reports, and analyzed quantitatively and qualitatively.

Findings

COVID-19 disrupted internships significantly, with a reduction in the number of placements offered and necessary changes to the internship scope. Overall, the internship experience has been positive. Supervisors and e-interns reported high levels of satisfaction and documented learning gains such as the development of technical skills and soft skills unique to remote work.

Originality/value

The study findings fill current gaps in the literature on supervisor perceptions and internship experiences during COVID-19. Recommendations are proposed to optimize e-internships, a potentially authentic workplace in the post-COVID era.

Details

Higher Education, Skills and Work-Based Learning, vol. 12 no. 3
Type: Research Article
ISSN: 2042-3896

Keywords

Open Access
Article
Publication date: 13 February 2023

Rose Onyeali, Benjamin A. Howell, D. Keith McInnes, Amanda Emerson and Monica E. Williams

Older adults who are or have been incarcerated constitute a growing population in the USA. The complex health needs of this group are often inadequately addressed during…

1184

Abstract

Purpose

Older adults who are or have been incarcerated constitute a growing population in the USA. The complex health needs of this group are often inadequately addressed during incarceration and equally so when transitioning back to the community. The purpose of this paper is to discuss the literature on challenges older adults (age 50 and over) face in maintaining health and accessing social services to support health after an incarceration and to outline recommendations to address the most urgent of these needs.

Design/methodology/approach

This study conducted a narrative literature review to identify the complex health conditions and health services needs of incarcerated older adults in the USA and outline three primary barriers they face in accessing health care and social services during reentry.

Findings

Challenges to healthy reentry of older adults include continuity of health care; housing availability; and access to health insurance, disability and other support. The authors recommend policy changes to improve uniformity of care, development of support networks and increased funding to ensure that older adults reentering communities have access to resources necessary to safeguard their health and safety.

Originality/value

This review presents a broad perspective of the current literature on barriers to healthy reentry for older adults in the USA and offers valuable system, program and policy recommendations to address those barriers.

Details

International Journal of Prisoner Health, vol. 19 no. 1
Type: Research Article
ISSN: 1744-9200

Keywords

Open Access
Article
Publication date: 8 April 2022

Christo Boshoff, Ogechi Adeola, Robert E. Hinson and Kristina Heinonen

This study aims to critically evaluate and reflect on the current state of service research in Africa. The purpose is to develop a roadmap to guide future service research in and…

1032

Abstract

Purpose

This study aims to critically evaluate and reflect on the current state of service research in Africa. The purpose is to develop a roadmap to guide future service research in and out of Africa.

Design/methodology/approach

This study is a conceptual reflection and in situ observation of service research and practice in Africa.

Findings

This study delineates scholarly, policy and managerial pathways for further service research in the African context. Service research in Africa is often experience-based rather than concept-based, and such research is often conducted in close collaboration with the local business community. Theoretical development and empirical exploration through collaboration initiatives among institutions with mutual research interests are encouraged.

Research limitations/implications

This study is a theoretical analysis of service research in Africa. Further empirical exploration is needed to delineate service research priorities and methodological directions so as to balance local needs and global relevance.

Practical implications

Africa represents fertile terrain for experience-based insights regarding financial behavior, ecosystem services and nation branding. Grassroots-level involvement in research represents a key component of managerial relevance.

Social implications

This study highlights the role of service research in and about Africa. The discussion demonstrates that the African Ubuntu values of community involvement and a collectivist orientation can expand the relevance of research from the academic business field to broader society.

Originality/value

This study represents a unique perspective on service research in the African context. In doing so, this paper lays the groundwork for more meaningful participation on the part of African-based researchers in the global service research domain. Experience-based research projects focusing on the empirical starting point complement theory development and serve as useful anchors for theory implementation in practice.

Details

Journal of Services Marketing, vol. 36 no. 4
Type: Research Article
ISSN: 0887-6045

Keywords

Open Access
Article
Publication date: 19 August 2021

Giovanna Gavana, Pietro Gottardo and Anna Maria Moisello

This paper aims to investigate the effect of the nature of ownership and board characteristics on the investment choices in joint ventures (JVs) from the dimensional point of…

1177

Abstract

Purpose

This paper aims to investigate the effect of the nature of ownership and board characteristics on the investment choices in joint ventures (JVs) from the dimensional point of view, controlling for the effect of JV type and other components of intellectual capital.

Design/methodology/approach

The authors study a sample of Italian, Spanish, German and French nonfinancial listed firms over the 2010–2018 period, controlling for the fixed effects of the company's sector of operation and the year. The authors also analyze the effect of family control and influence on JV investment size, taking into consideration certain board characteristics, the type of JV, human capital efficiency, structural capital efficiency and capital employed efficiency while also controlling for a firm's profitability and size. To test the hypotheses, GLS panel data was used.

Findings

The results indicate that the size of the investment in JVs is smaller for family firms than for nonfamily businesses. The presence of CEO duality has an opposing effect on the size of the investment in joint ventures as it has a lowering effect in family businesses while it exerts an amplifier influence in nonfamily businesses. Moreover, the type of joint venture has a significant effect for family firms: the choice of a link joint venture reduces the size of the investment. The authors find that human capital efficiency increases JV investment size for all firms.

Originality/value

This study is the first to analyze the effect of the main dimension of socioemotional wealth – family control and influence – on a firm's JV investment size. It controls for the effect of JV type – link or scale – and the interplay of the other IC components.

Details

Journal of Intellectual Capital, vol. 22 no. 7
Type: Research Article
ISSN: 1469-1930

Keywords

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