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Article
Publication date: 9 August 2013

Qiao Hu, Wilmar B. Schaufeli and Toon W. Taris

This study aims to investigate the relation between job demands and job resources on the one hand and employee well‐being (burnout and work engagement) on the other. It…

Abstract

Purpose

This study aims to investigate the relation between job demands and job resources on the one hand and employee well‐being (burnout and work engagement) on the other. It was assumed that this relation is mediated by an equity‐based cognitive evaluation process.

Design/methodology/approach

This mediation hypothesis was tested using the Job‐Demands Resources model in two Chinese samples of blue collar workers (n=625) and nurses (n=1,381).

Findings

As expected, structural equation analysis revealed that equity mediated the relation of job demands and job resources with burnout and work engagement among nurses. However, mediation was only partly confirmed among blue collar workers. In addition, and as expected, among nurses equity was non‐linearly related with burnout.

Research limitations/implications

The cross‐sectional design of the present study precludes causal conclusions.

Originality/value

The study extended the JD‐R model with an equity‐based cognitive evaluation process.

Details

Career Development International, vol. 18 no. 4
Type: Research Article
ISSN: 1362-0436

Keywords

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Article
Publication date: 1 April 2003

John F. McDonald

The assumption of variable asset supply is incorporated into the standard capital asset pricing model because of consistent and strong empirical results showing that equity

Abstract

The assumption of variable asset supply is incorporated into the standard capital asset pricing model because of consistent and strong empirical results showing that equity is issued when share prices are high. The results of the model show that the “beta” of the asset is influenced by both its demand and supply functions. Available empirical evidence suggests that the supply of corporate equity, over a time period of a year, is inelastic and that demand is elastic. More empirical research is needed.

Details

Review of Accounting and Finance, vol. 2 no. 4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 30 January 2020

Bruce Dwyer, Keith Duncan and Colette Southam

This paper aims to bridge the gap between theoretical dissertations on the demand and supply for equity by Australian small and medium-sized enterprises (SMEs) and the…

Abstract

Purpose

This paper aims to bridge the gap between theoretical dissertations on the demand and supply for equity by Australian small and medium-sized enterprises (SMEs) and the reality of the capital raising markets.

Design/methodology/approach

The mixed-methods approach includes questions integrated into a survey of 26,000 SMEs paired with semi-structured interviews with the CEOs or Chairs of the 15 Australian small-scale private equity (SSPE) firms.

Findings

Contrary to capital structure theory expectations, 46 per cent of Australian SMEs are interested in equity funding, despite a stated ability to acquire additional debt. The authors reveal a mismatch between supply and demand for SSPE with few SMEs able to meet private equity (PE) firms’ stringent investment criteria.

Research limitations/implications

The population of Australian SSPE firms is small and interviewee responses are qualitative and are not easily replicated.

Practical implications

To improve SSPE market liquidity, SMEs must overcome severe information asymmetry to demonstrate their quality and reduce the cost of due diligence for PE firms. One relatively easy step is for SMEs to voluntarily adopt auditable financial controls on SMEs similar to publicly traded firms.

Originality/value

Few studies focus on small firm equity, which is essential to economic growth and innovation. The authors use a large data set of Australian SMEs and unique informationally rich interview data on the population of Australian firms in SSPE, an industry known for its lack of transparency.

Details

Accounting Research Journal, vol. 33 no. 2
Type: Research Article
ISSN: 1030-9616

Keywords

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Article
Publication date: 4 December 2017

Wilson Li, Tina He, Andrew Marshall and Gordon Tang

The purpose of this paper is to explore the demand for conditional accounting conservatism from equity shareholders in state-controlled firms.

Abstract

Purpose

The purpose of this paper is to explore the demand for conditional accounting conservatism from equity shareholders in state-controlled firms.

Design/methodology/approach

This study presents empirical investigation of firms listed on Hong Kong Stock Exchange from 1997 to 2013.

Findings

The first finding is the extent of conditional conservatism in state-controlled firms increases when the leverage ratio decreases. It is also found that the high control rights held by the government in state-controlled firms are associated with high conditional conservatism. In addition, further analyses document the an offsetting effect between high control rights and firm leverage; a reinforcing effect between high control rights and year of incorporation after 1992; and a substituting effect between high control rights and dividend payments.

Originality/value

These findings suggest that the demand from equity shareholders, in addition to the debt demand, can be an important determinant of conditional conservatism and examination of these differing sources of demand can enhance the understanding on accounting conservatism in state-controlled firms.

Details

Asian Review of Accounting, vol. 25 no. 4
Type: Research Article
ISSN: 1321-7348

Keywords

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Book part
Publication date: 5 February 2019

Les Coleman

Abstract

Details

New Principles of Equity Investment
Type: Book
ISBN: 978-1-78973-063-0

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Book part
Publication date: 1 July 2004

Richard O. Zerbe and Sunny Knott

Merger review policy among countries varies according to the weight given to consumers relative to producers. When both receive their full welfare weight it is said that…

Abstract

Merger review policy among countries varies according to the weight given to consumers relative to producers. When both receive their full welfare weight it is said that the efficiencies defense is fully realized. No well-developed economic rationale has been given for giving more weight to consumers. Such a rationale is given here by considering equity and efficiency both as goods for which there is a willingness to pay. The willingness to pay approach not only provides a rationale for giving consumers greater weight as with, e.g. a price standard, but also shows how in principle the weight is to be derived. The merger of Superior Propane and ICG Propane in Canada raises issues of the tradeoff of equity and efficiency. The willingness to pay approach is applied to this merger as an illustration.

Details

Antitrust Law and Economics
Type: Book
ISBN: 978-0-76231-115-6

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Article
Publication date: 1 January 2006

Rebecca Harding and Marc Cowling

This paper sets out to assess the market for start‐up finance in the UK for high growth potential entrepreneurial firms.

Abstract

Purpose

This paper sets out to assess the market for start‐up finance in the UK for high growth potential entrepreneurial firms.

Design/methodology/approach

The paper uses data from the UK's Global Entrepreneurship Monitor surveys between 2001 and 2003 to assess the scale of equity finance in the UK. It further examines the strengths and weaknesses of the UK financial markets for supporting high growth potential firms on the basis of an additional survey of 60 experts conducted during September and October 2003.

Findings

The paper suggests that there are areas of the market that are strongly served by existing financial mechanisms. However, there is a perception amongst business support agencies, venture capitalists and entrepreneurs alike that the size of investments in the formal venture capital market has been increasing and that companies seeking investments above this level, up as high as £2 million, may be restricted in their access to finance. The paper tests this qualitative finding on a number of empirical data sources and finds that there is indeed an “equity gap” of between £150,000 and £1.5 million. It concludes that lack of finance in this area represents a brake on the expansion of high growth potential businesses in the UK.

Research limitations/implications

The empirical data covered in this paper are from three large‐scale surveys of the adult population in the UK. While this is robust as a reflection of what is happening amongst the whole spectrum of business start‐up activity, the methodology was not originally conceptualised as a mechanism for assessing the scale of the equity gap. This evidence was gained from a qualitative survey of actors in the market. Further research should survey high growth potential firms and financiers themselves in more detail to develop the analysis on a more systematic basis.

Practical implications

The research will be of interest to policy makers who seek appropriate mechanism for developing a funding “ladder” to support businesses through the growth process. It identifies a clear gap in the market for growth finance that is evidence on which to base funding priorities in the future.

Originality/value

Academic and policy attempts to quantify the scale of the equity gap in the UK have been limited by availability of longitudinal and systematic data. As a result, they have tended to be largely qualitative in nature and prone to anecdote. Many of these studies do corroborate the findings reported here, but this does represent a first attempt to provide a quantification of the equity gap and thus should be of interest to policy makers, practitioners and academics alike.

Details

Journal of Small Business and Enterprise Development, vol. 13 no. 1
Type: Research Article
ISSN: 1462-6004

Keywords

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Book part
Publication date: 5 February 2019

Les Coleman

Abstract

Details

New Principles of Equity Investment
Type: Book
ISBN: 978-1-78973-063-0

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Book part
Publication date: 11 June 2009

Mark S. Glynn

This paper focuses on the role of manufacturer brands for resellers within retail channels. This topic is important because of the strategic value of manufacturer brands…

Abstract

This paper focuses on the role of manufacturer brands for resellers within retail channels. This topic is important because of the strategic value of manufacturer brands and the increasing influence of resellers within channels of distribution. Much of the branding research emphasizes a customer-brand knowledge perspective; however, emerging perspectives suggest that brands are also relevant to other stakeholders including resellers. In contrast, channels research recognizes the manufacturer sources of market power, but does not consider the impact of manufacturer “push and pull” strategies within channels. Existing theoretical frameworks, therefore, do not address the reseller perspective of the brand. As a result, the research approach is a multi-method design, consisting of two phases. The first phase involves in-depth interviews, allowing the development of a conceptual framework. In the second phase, a survey of supermarket buyers on brands in several product categories tests this framework. Structural equation modeling analyzes the survey responses and tests the hypotheses. The structural model shows very good fit to the data with good construct validity, reliability, and stability. The findings show that manufacturer support, brand equity, and customer demand reflect the manufacturer brand benefits to resellers. A key contribution of this research is the development of a validated scale on manufacturer brand benefits from the point of view of a reseller. This research shows that the resources that relate to the brand, not just the brand name itself, create value for resellers in channel relationships.

Details

Business-To-Business Brand Management: Theory, Research and Executivecase Study Exercises
Type: Book
ISBN: 978-1-84855-671-3

Abstract

Details

Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels
Type: Book
ISBN: 978-0-44452-122-4

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