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Article
Publication date: 1 October 2011

Galen. T. Trail and Yu Kyoum Kim

Although the understanding of both positive and negative factors influencing sports consumption is essential, previous research has mainly focused on motivators. The purpose of…

1207

Abstract

Although the understanding of both positive and negative factors influencing sports consumption is essential, previous research has mainly focused on motivators. The purpose of this study was to examine three different models of constraints and motivators that influence attendance: a correlated model, a hierarchical model and a moderated model. Twenty factors were identified and classified into four main categories. The results indicated that 16 out of 20 motivators and constraints had a significant relationship with attendance in the theoretically expected direction.

Details

International Journal of Sports Marketing and Sponsorship, vol. 13 no. 1
Type: Research Article
ISSN: 1464-6668

Keywords

Article
Publication date: 15 September 2020

Kurt C. Mayer and Eric Hungenberg

The purpose of this paper was to explore a new sport attendance behavior spectrum framework where sport consumer behavior is not derived from just a dichotomy of a motivator…

Abstract

Purpose

The purpose of this paper was to explore a new sport attendance behavior spectrum framework where sport consumer behavior is not derived from just a dichotomy of a motivator positively impacting attendance or a constraint negatively impacting attendance. Rather, when accounting for the context of the setting (e.g. sport, playing level, locality, patron type, etc.), some areas belong on a spectrum that fluctuates between positive and negative impacts on attendance that are dependent on the context of the given environment.

Design/methodology/approach

Through factor analysis and structural equation modeling, the proposed model attempted to explain relationships between five second-order factors and game attendance, which expanded to include the new internal contextual and external contextual factors, and ultimately team fandom.

Findings

The results indicated three significant main effects where internal contextual exhibited a positive relationship with attendance, while constraints and external contextual demonstrated a negative relationship. Internal and external motives were not significant. Further, the moderating effect of high and low sport interest groupings largely indicated no significant spectator differences. The model explained 24% of the variance in attendance, and attendance accounted for 41% of the variance in team fandom.

Originality/value

Attendance is intricate, and this study highlighted the importance of considering and adapting to the sporting context as some factors exist on a sport attendance behavior spectrum and differently impact spectators positively or negatively, given the context of the setting. Further, in this lower-level sport setting, consumers viewed minor league hockey more as a leisure commodity than a premier sport contest.

Details

International Journal of Sports Marketing and Sponsorship, vol. 22 no. 3
Type: Research Article
ISSN: 1464-6668

Keywords

Article
Publication date: 20 May 2021

Xiangyuan Meng, Xue Li, Wenyan Xiao and Jie Li

The authors provide firm-level evidence that external financing affects international trade in a way different from internal financing.

Abstract

Purpose

The authors provide firm-level evidence that external financing affects international trade in a way different from internal financing.

Design/methodology/approach

The authors separate new entrants from incumbent exporters and investigate the roles of external and internal financing in export market participation and export quantity.

Findings

The authors find that external financing is of particular importance, as well as internal financing, in helping a firm become a new exporter. By contrast, external financing, unlike internal financing, is not significantly important for an incumbent exporter to stay in the international market. Regarding export quantity, a firm's internal financing is positively associated with more export quantity, whereas external financing is not.

Originality/value

The authors’ findings are consistent with the existence of significant fixed cost for entering the export market and external financing is particularly needed to cover such cost. Meanwhile, the financial need for maintaining the export status is much less and can be satisfied via internal financing.

Details

International Journal of Emerging Markets, vol. 18 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

Open Access
Article
Publication date: 15 December 2022

Daniele Cerrato, Maurizio La Rocca and Todd Alessandri

The purpose of this paper is to examine the financial factors across multiple levels of analysis that influence the performance effects of the unrelated diversification strategy…

4422

Abstract

Purpose

The purpose of this paper is to examine the financial factors across multiple levels of analysis that influence the performance effects of the unrelated diversification strategy, including institutional-, industry- and firm-levels.

Design/methodology/approach

Using a unique panel dataset of Italian firms from 1980 to 2010, the paper tests hypotheses on how industry external financial dependence and the firm's financial constraints both separately and jointly alter the performance benefits of unrelated diversification in contexts with financial market inefficiencies.

Findings

Unrelated diversification increases performance in weak financial contexts and such positive effect is enhanced by greater industry external financial dependence and greater firm financial constraints. However, as financial markets develop, the moderating effects of firm financial constraints shrink.

Practical implications

The study highlights the importance of recognizing the multiple financial contingencies that may alter the benefits of the unrelated diversification strategy, suggesting caution in its pursuit to boost firm performance.

Originality/value

The authors develop a theoretical framework that explains the performance outcomes of unrelated diversification, linking the benefits of an internal capital market (ICM) with the financial context of the firm and offering a fine-grained analysis that moves beyond the advanced/emerging economy dichotomy. Furthermore, leveraging on the unprecedented time frame of the empirical analysis, the paper highlights the crucial role of industry- and firm-level financial contingencies and demonstrates that their effects change at varying levels of development of the financial context.

Open Access
Article
Publication date: 25 September 2019

Daniel Stefan Hain and Jesper Lindgaard Christensen

The purpose of this paper is to investigate how access to financing for incremental as well as radical innovation activities is affected by firm-specific structural and behavioral…

2423

Abstract

Purpose

The purpose of this paper is to investigate how access to financing for incremental as well as radical innovation activities is affected by firm-specific structural and behavioral characteristics.

Design/methodology/approach

Deploying a two-stage Heckman probit model on survey data spanning the period 2000–2013 and covering 1,169 firms, this paper analyzes the effect of a firm’s engagement in incremental and radical innovation on its likelihood to get constrained in their access to external finance, and how this effect is moderated by the firm’s age and size.

Findings

In line with earlier research, it is confirmed that the type of innovation matters for the access to external finance, but in a more nuanced way than generally portrayed. While incremental innovation activities have little negative effect on the access to external finance, radical innovation activities tend to be penalized by capital markets. This effect appears to be particularly strong for small firms.

Originality/value

This paper provides nuanced insights into the interplay between types of firm-level innovation activities, structural characteristic and access to external finance.

Details

European Journal of Innovation Management, vol. 23 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 24 May 2021

Abdul Rashid and Mahir Ahmed Hersi

The paper examines the differential effect of liquidity constraints on corporate growth using unbalanced panel data for 457 Pakistani firms over the period 2010–2017.

Abstract

Purpose

The paper examines the differential effect of liquidity constraints on corporate growth using unbalanced panel data for 457 Pakistani firms over the period 2010–2017.

Design/methodology/approach

The study uses the probability of a financial unconstrained index constructed by estimating the endogenous regression model. This approach provides a time-varying measure of financial position for all firm-year observations and takes into account the different degrees of liquidity constraints that a company faces in attaining funds from external markets. It is derived from a multivariate selection equation that simultaneously accounts for all-important features of the underlying company identified in the literature. The cash flow variable has then interacted with various groups of dummy variables for financial constraint, which allows the coefficient of cash flow to vary across firm-year observations in the different liquidity constraint categories. The two-step system-GMM estimator is applied to estimate the main empirical model.

Findings

The results of the study provide evidence of the heterogeneity in firms' growth sensitivity to internal funds, depending on the degree of liquidity constraints. Financing growth through internal funds is found to be essential for both liquidity unconstrained and constrained corporates. However, it is observed that the coefficient of cash flow is greater for firms that do not have access to external financing and it eventually decreases with reductions in the magnitude of liquidity constraints, making the least constrained corporates' growth less responsive to internal funds. The results further indicate that smaller and younger firms show higher responsiveness of growth to internal funds. This finding is mainly attributed to financial market imperfections that make external funding difficult for them.

Practical implications

The results suggest that financially constrained firms should expand their corporate size more than the magnitude of positive income shocks they encounter. The study also suggests important policy implications for liquidity-constrained firms to carefully concentrate on their financing strategies to enhance their growth. By improving the corporate's capacity for production, corporates can achieve a faster effect of a potential positive income shock on their growth.

Originality/value

This paper contributes to the literature by constructing a financial constraint index by running the endogenous regression model. It also contributes by investigating the differential impact of credit constraints on firms' growth in Pakistan and how corporate size and age affect firm growth when financial constraints and investment opportunities are controlled.

Details

International Journal of Managerial Finance, vol. 18 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 7 March 2019

Fahmida Laghari and Ye Chengang

The purpose of this paper is to investigate the relationship between working capital management and corporate performance with financial constraints.

4660

Abstract

Purpose

The purpose of this paper is to investigate the relationship between working capital management and corporate performance with financial constraints.

Design/methodology/approach

This study uses large panel sample of Chinese listed firms over the period 2005–2015 using system generalized method of moments (GMM) estimator that controls unobserved heterogeneity of individual firms well and GMM methodology is robust to address endogeneity issues.

Findings

Empirical evidence finds inverted U-shaped relationship between working capital and corporate performance and exhibits similar evidence for financially constrained firms. Evidence shows impact of high sales and discounts on early payments at low level of working capital and dominance of opportunity cost and cost of external finance at high level of working capital. The findings of the results show that optimal working capital level of financially constrained firms is relatively lower due to high cost of external capital and debt rationing. The results also indicate that on average NET is significantly lower for firms with Tobin’s Q>1 than firms with Tobin’s Q=1, and suggest that aggressive working capital management is significantly and positively associated with higher corporate values.

Originality/value

This paper is among few that complement the existing literature by providing evidence that inverted U-shaped relationship between working capital management and corporate performance also exists in the context of Chinese listed non-financial firms. Exclusively, the relationship of working capital and corporate performance with linkage of financial constraints is scant in the context of Chinese listed non-financial firms.

Details

International Journal of Managerial Finance, vol. 15 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 10 May 2018

Xiaodong Xu and Huifeng Xu

On the basis of principal-agent and financing constraints theories, the purpose of this paper is to construct a unified research framework via mathematical models and to provide a…

1514

Abstract

Purpose

On the basis of principal-agent and financing constraints theories, the purpose of this paper is to construct a unified research framework via mathematical models and to provide a logical and consistent explanation of the contradictory discovery of the relationship between dividend payment and I-CFO in the previous literature.

Design/methodology/approach

Establishing the economic mathematical models, this paper uses the comparative static analysis to figure out the equilibrium results, to further testify the conclusions, the authors initiate the empirical tests to make the discussion more realistic.

Findings

The authors observe that overinvestment caused by agency problems is the primary reason for I-C sensitivity when the investment expenditure is less than the internal capital; dividend payout suppresses the overinvestment caused by the agency problem, thus alleviating the investment’s dependence on the internal capital. However, underinvestment caused by the financing constraints is the primary cause of I-C sensitivity when the investment expenditure is greater than the internal capital. The payment of cash dividends increases the investment shortage caused by the financing constraints, thus increasing the sensitivity. Further, the authors explore the impact of dividend payments on I-CFO sensitivity. They argue that dividend payment is not an appropriate measure of financing constraints. Both I-CFO sensitivity and I-C sensitivity are functions of agency cost and information cost.

Research limitations/implications

This study provides a logical and consistent explanation of the contradictory discovery of the relationship between dividend payment and I-CFO in the previous literature and provides a clear framework and reference for future studies on the impact of financial constraints, agency cost on the investment’s dependence on the internal capital.

Practical implications

The theoretical model of this paper supports this differentiated mandatory dividend policy and provides reference and evidence for China's financing policies and dividend distribution policies.

Originality/value

This study theoretically and empirically analyzes and verifies the roles of agency cost and financial constraints on the determinants of I-C sensitivity for the first time. First, different from earlier literature, this paper puts forward I-C sensitivity as a new measure of investment’s dependence on internal capital, making the measurement more accurate. In the case of a firm with positive liquidity reserves, using the I-CFO sensitivity as a measure of external financing constraints could overestimate the firm’s financial constraints. Second, by constructing an economic static analysis framework, this study analyzes how I-C and I-CFO sensitivities change with the agency cost, the financing constraints and the dividend payment ratio. The research provides a basic framework and explanation on the contradictions of the earlier literature. The results are supposed to serve as a foundation for estimations of investment’s dependence on internal capital and should be embedded in general empirical tests in future research.

Details

China Finance Review International, vol. 9 no. 2
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 February 1988

Y.L. JACK LAM

With data secured from 256 school principals in Manitoba, the study examined the impact of external environmental constraints upon the various types and sources of job‐related…

Abstract

With data secured from 256 school principals in Manitoba, the study examined the impact of external environmental constraints upon the various types and sources of job‐related stress. Results indicated external pressures triggered extra‐organizational, intra‐organizational as well as the less obvious intrapersonal stress. Constraints from external sources therefore constitute a major dimension that cannot be ignored in understanding the complex phenomenon of school administrators' stress.

Details

Journal of Educational Administration, vol. 26 no. 2
Type: Research Article
ISSN: 0957-8234

Book part
Publication date: 20 March 2023

Basil Oberholzer

This chapter starts from the issue of debt in the context of a national economy by contrasting two opposed views: policy prescriptions based on the Washington Consensus prioritize…

Abstract

This chapter starts from the issue of debt in the context of a national economy by contrasting two opposed views: policy prescriptions based on the Washington Consensus prioritize low public debt and a limited role of the government in the development process whereas a more heterodox view considers debt as logical, necessary, and helpful in order to allow the government to pursue an ambitious growth and development strategy. However, things change when the economy is considered in its international context: foreign debt is different from domestic debt and while the same heterodox analysis still rejects the Washington Consensus' demand for trade and financial liberalization, its own ambitious development strategies for the domestic economy get constrained by trade deficits, the threat of capital flight, and exchange rate instability. The question arises how the government can still significantly contribute to economic development beyond the limits of a purely private sector–driven approach. This is why this chapter reviews proposals to relax or overcome the balance-of-payments constraint. Finally, it considers a reform of international payments, which can be implemented by a single country unilaterally, and which enables it to stabilize its current account, avoid foreign debt accumulation, and support domestic development strategies.

Details

Imperialism and the Political Economy of Global South’s Debt
Type: Book
ISBN: 978-1-80262-483-0

Keywords

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