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Article
Publication date: 31 August 2021

Omar Farooq, Harit Satt and Fatimazahra Bendriouch

This paper aims to document the relationship between advertising expenditures and analyst coverage in a sample of Indian firms during the period between 2000 and 2019.

Abstract

Purpose

This paper aims to document the relationship between advertising expenditures and analyst coverage in a sample of Indian firms during the period between 2000 and 2019.

Design/methodology/approach

In order to test the effect of advertising expenditures on the extent of analyst coverage, the authors estimate various versions of pooled ordinary least squares (OLS) regression. The dependent variable (ANALYST) measures the total number of analysts covering a firm in a given year. The main independent variable of interest in this paper represents the advertising activity. The authors define the extent of advertising activity (ADVERT) as the ratio of total advertising expenditures and total assets.

Findings

The study’s results show that advertising expenditures have a significantly positive impact on the extent of analyst coverage and are robust across various proxies of the key variables and various estimation procedures.

Practical implications

There are a number of key takeaways from our study. First, firms that expend more resources on advertising are more likely to be followed by analysts which is associated with better performance, lower information asymmetries associated and high advertising expenditures. Second, stock prices with more information embedded in them may signify that these firms receive more attention from investors and have lower information asymmetries. And finally the impact of advertising on the decision of an analyst to cover a firm becomes more pronounced for firms with high stock price synchronicity. All these three main conclusions are giving investors a clear insight on analyst coverage, advertising expenditure and the link between the two.

Originality/value

The results are consistent with the argument that advertising expenditures induces analysts to cover firms because firms with high advertising activities are more likely to have better performance, lower information asymmetries and increased attention from investors. All of these factors are supposed to facilitate the analyst coverage.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 25 January 2011

Xianbo Zhou and Fengping Tian

The purpose of this paper is to present a nonparametric comparative study on the HCMS consumption of urban and rural households in China.

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Abstract

Purpose

The purpose of this paper is to present a nonparametric comparative study on the HCMS consumption of urban and rural households in China.

Design/methodology/approach

This paper applies the panel data for China's thirty provinces in 1991‐2007 as a sample and presents a local linear estimation to the nonparametric Working‐Leser panel data models on the HCMS consumption of the rural and urban households in China. The nonparametric Hausman test is applied to test the random effects specification against the fixed effects.

Findings

Both the parametric and nonparametric estimation of the Working‐Leser panel data models give us a similar result: that the HCMS commodity is quite elastic in both the rural and urban China. Nonparametric estimate also shows that the urban‐rural difference of the HCMS expenditure share in the total expenditure is mainly due to the large urban‐rural difference of total expenditure. Under the same total expenditure, the HCMS is more elastic in the urban than in the rural regions.

Practical implications

To decrease the urban‐rural difference in the HCMS consumption, the government should enhance the income or total expenditure level of the rural households, especially in the impoverished and remote areas in China. Urbanization plays a critical role in access to health care and can help make substantial changes in rural health care in China.

Originality/value

Compared to the parametric estimation, the nonparametric estimation gives us the added information that the expenditure elasticity of the HCMS consumption in China gradually declines as one moves up the per capita total expenditure distribution. The paper could make a contribution to the relatively thin literature on the Chinese medical and health consumption market.

Details

Journal of Economic Studies, vol. 38 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 April 1988

Colin Mair, Arthur Midwinter and John Moxen

Trends in Scottish public library expenditure in the 1980s are examined, and resource allocation procedures and national trends are discussed. The index used to calculate…

Abstract

Trends in Scottish public library expenditure in the 1980s are examined, and resource allocation procedures and national trends are discussed. The index used to calculate library material inflation rates are criticised and it is demonstrated that this leads to a misrepresentation of the basic expenditure pattern. The interpretation and implications of variations in spending between authorities are discussed.

Details

Library Review, vol. 37 no. 4
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 22 April 1990

Jayne Fuglister and William Paxton

Financial reporting standards require that many future‐oriented expenditures for intangibles, such as development costs and personnel training, be expensed in the current…

Abstract

Financial reporting standards require that many future‐oriented expenditures for intangibles, such as development costs and personnel training, be expensed in the current period. These standards cause such expenditures to be indistinguishable from expenditures for current revenues, and penalize the earnings of firms making future‐oriented expenditures for intangibles. The current focus on earnings encourages firms to sacrifice long‐term economic objectives for higher reported earnings. This paper analyzes the need for improved reporting for future oriented expenditures. Improved accounting for future‐oriented expenditures would enhance the market’s ability to value stocks, improve company performance, and benefit investors and creditors.

Details

American Journal of Business, vol. 5 no. 1
Type: Research Article
ISSN: 1935-5181

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Article
Publication date: 1 January 1999

Pamela Norum

The accessories, footwear and hosiery industries have always been important complements to the apparel industry. While the demand for apparel has been studied fairly…

Abstract

The accessories, footwear and hosiery industries have always been important complements to the apparel industry. While the demand for apparel has been studied fairly extensively, the demand for accessory items has been overlooked. To gain a better understanding of the demand for accessories, footwear, and hosiery, it is the purpose of this research to estimate expenditure equations for accessories, footwear and hosiery; and to profile the consumer characteristics of the purchasers and non‐purchasers of these items. An economic model of demand provides the theoretical framework. Expenditure equations are estimated using data from the 1990–91 Consumer Expenditure Survey. The results indicate that income, family size and education positively affect expenditures on accessories, footwear and hosiery while the results for age, occupation and region vary among the categories. The results have implications for producers and marketers of accessories, footwear and hosiery.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. 3 no. 1
Type: Research Article
ISSN: 1361-2026

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Article
Publication date: 21 September 2015

Ali Kazemi Karyani, Enayatollah Homaie Rad, Abolghasem Pourreza and Faramarz Shaahmadi

Health can be influenced by many factors. One of the factors is the political context of the country and democracy. The purpose of this paper is to examine the effects of…

Abstract

Purpose

Health can be influenced by many factors. One of the factors is the political context of the country and democracy. The purpose of this paper is to examine the effects of freedom in press and polity index in overall, public, private and out of pocket health expenditures.

Design/methodology/approach

A long-term panel data approach has been used to examine the relationship between democracy and health expenditures. The authors inserted polity and freedom into press indexes in the health expenditure model.

Findings

Increase in freedom of the press and democracy will increase the overall, public and private health expenditures while they decrease out of pocket health expenditures.

Originality/value

Polity and freedom index has a significant impact on all the health expenditure models.

Details

International Journal of Human Rights in Healthcare, vol. 8 no. 3
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 16 August 2021

Mattias Haraldsson

The aim of this paper is to explore whether and how external, political, financial and governance factors influence capital expenditure deviations in the Swedish municipal…

Abstract

Purpose

The aim of this paper is to explore whether and how external, political, financial and governance factors influence capital expenditure deviations in the Swedish municipal water and sewerage sector and to capture the consequences of municipal organisational fragmentation.

Design/methodology/approach

Panel data analysis of 238 municipalities and 1,190 observations of capital expenditure deviations over five years (2013–2017).

Findings

Apart from a low overall on average execution rate of 69%, the Swedish municipal water and sewerage sector seems generally sensitive to external stakeholder pressure for budget compliance, but not to the political power situation. Further, political signalling incentives generally do not influence capital expenditure deviations in the contexts of municipal corporations and cooperations, which supports the idea that these governance forms insulate the organisation from general stakeholder pressure and political control.

Practical implications

The practical implication is that large and constant capital expenditure deviations call for change in regulation and governance of the municipal sector. However, in countries such as Sweden, where externalising services to municipal corporations and cooperations is significant, this discussion needs to address the consolidated level of the municipality. Otherwise, a large share of the investment budget will be unscrutinised. More closely related to the Swedish water and sewerage sector, the risks associated with a constantly low execution rate should be analysed and addressed.

Originality/value

First, this paper contributes to the knowledge of aggregated capital expenditure deviations in general and specifically within the municipal water and sewerage sector. Second, analysing the municipal governance landscape adds further insights and suggestions on why budget performance varies. The results especially highlight that the governance forms of corporations and cooperations change the relation to political signalling incentives.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 17 August 2021

Mehmet Hilmi Özkaya, Naib Alakbarov and Murat Gündüz

When the factors affecting health expenditures are examined in the literature, it is seen that one of the most important factors is income. In this context, the purpose of…

Abstract

Purpose

When the factors affecting health expenditures are examined in the literature, it is seen that one of the most important factors is income. In this context, the purpose of this study is to investigate the relationship between out-of-pocket health expenditures and disposable personal income and revealing the income elasticity of health expenditures.

Design/methodology/approach

Therefore, short/long-term coefficients were obtained by analyzing Westerlund (2007) co-integration analysis and pooled mean group (PMG) regression methods for 22 European Union (EU) member states during the period 2003–2017. In addition, a comparison of the long-term coefficients for each country was obtained with augmented mean group (AMG) estimator.

Findings

The results of the AMG and PMG tests show that the long-term coefficients between disposable personal income and health expenditures are 0.83 and 0.97, respectively. These results imply that there is a significant relationship between the variables, and that health care should be categorized in the group of normal goods. However, the fact that the long-term coefficient is very close to 1, despite being classified in the category of necessity goods, requires more care to be taken in evaluating whether health services are luxury goods or necessity goods.

Originality/value

The use of second generation econometric tests on both cross-sectional dependence and heterogeneity demonstrates the value of the study. On the other hand, obtaining similar results by investigating the relationship between variables using different appropriate econometric models reveals the importance of the methodology used in this study. It reveals important details in terms of the literature regarding the long-term and short-term results obtained in this study.

Details

International Journal of Human Rights in Healthcare, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 26 July 2021

Tahmina Sultana, Faroque Ahmed and Mohammad Tareque

Bangladesh is applauded for its achievement in various health and social outcomes though criticized for its failure in properly dealing with governance issues. The purpose…

Abstract

Purpose

Bangladesh is applauded for its achievement in various health and social outcomes though criticized for its failure in properly dealing with governance issues. The purpose of this paper is intends to see how the health outcomes (in case of life expectancy, under-five mortality and adolescent fertility) are impacted by health expenditure (both public and private), per capita income in presence of overall governance and female education. This paper assumes that rapid progress in female education reflects the Bangladeshis’ social responsiveness to change.

Design/methodology/approach

This paper uses autoregressive distributed lag technique to estimate the models with data ranges from 1990 to 2016 under two different scenarios.

Findings

This study has found that all the explanatory variables exert significant impact on health outcomes. Furthermore, public health expenditure is augmented with a composite governance issue, and this enhances robustness as well as statistical significance of the models. These suggest that the governance issues play a very crucial role to achieve the expected health outcomes. Female secondary enrolment ratio appears with improved coefficients in terms of sign and magnitude for all the health indicators.

Originality/value

This paper contributes to the existing literature showing econometric evidence that highlights the importance of governance and female education in improving health outcomes of Bangladesh apart from health expenditure and per capita gross domestic product.

Details

International Journal of Human Rights in Healthcare, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 19 August 2021

Timothy Maholi Sinamo and Dewi Hanggraeni

In examining an economic fluctuation, researchers often refer to the theories of impaired access to capital which mostly explain, from the perspective of bank lending…

Abstract

Purpose

In examining an economic fluctuation, researchers often refer to the theories of impaired access to capital which mostly explain, from the perspective of bank lending supplies, a shock in firm’s access to investment would decrease its capital expenditures and net debt issuance during crisis period. However, some studies show that this is not always the case. A demand shock theory can explain the decrease in firm’s capital expenditures and net debt issuance during crisis period, but there should be no causal link between the two. This is because firms naturally do not invest during crisis period because of a decrease in investment wealth during crisis period. This paper aims to examine these theories with respect to the Covid-19 crisis in Indonesia.

Design/methodology/approach

The change in firms’ capital expenditure and net debt issuance is analyzed using a non-parametric difference-in-difference and matching estimator across four firm-dimensions to see whether the implications of the supply shock theory apply to the current crisis or if that firms naturally do not invest during the crisis. In addition, this paper provides the result of panel regression to confirm the causal link between firms’ investment funds and capital expenditure, with an addition of consumer confidence index to accommodate the implications of the demand shock theory.

Findings

The results of this paper show that the implications of the supply shock theory cannot explain the economic fluctuation during the Covid-19 crisis. Rather, the results suggest that firms naturally do not want to invest during the crisis and that the demand shock can better explain the economic fluctuation during the Covid-19 crisis. This is confirmed by the result of panel regression which shows that only consumer confidence index has a significant positive relationship with firms’ capital expenditure.

Originality/value

This is the first study to examine the theory of impaired access to capital with respect to the Covid-19 crisis in Indonesia.

Details

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

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