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Article

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article

Macarena Sacristán-Díaz, Pedro Garrido-Vega and José Moyano-Fuentes

The purpose of this paper is to analyse the relationships between the different dimensions of supply chain integration (SCI). First, the sequence in which these dimensions…

Abstract

Purpose

The purpose of this paper is to analyse the relationships between the different dimensions of supply chain integration (SCI). First, the sequence in which these dimensions should be implemented and some possible mediating effects are investigated. Then, relationships are examined more closely to observe whether they present more complex non-linear forms than those usually analysed.

Design/methodology/approach

Required information was gathered from a sample of 477 Spanish industrial companies (23.4 per cent response rate). PLS structural equation modelling was applied to capture non-linear relationships between SCI dimensions.

Findings

The results indicate that internal integration leads to external integration and that within external integration, information flow integration provides the basis for financial flow integration and physical flow integration. Thus, the results suggest the existence of a logical sequence to achieve SCI. In addition, clearly different non-linear relationships are observed between the analysed variables.

Practical implications

It seems that a sufficient minimum value has to be reached for internal integration to have a positive effect on external information and financial integration. In addition, a higher degree of information integration appears to facilitate financial and physical integration, although a medium degree of information integration results in a lower degree of financial integration. Therefore, managers should not expect that efforts made to increase one integration dimension will always produce the same effect on the other dimensions.

Originality/value

An empirical contribution is made to knowledge of the logical SCI sequence. This contribution is not only important for academia, but also for managers seeking to improve supply chain performance through integration.

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Article

Magda Kandil

The purpose of this paper is to establish a model to study the determinants of financial flows, portfolio and foreign direct investment (FDI) flows, and the impact of…

Abstract

Purpose

The purpose of this paper is to establish a model to study the determinants of financial flows, portfolio and foreign direct investment (FDI) flows, and the impact of these determinants on economic variables in samples of developing and advanced countries. The analysis then turns to an evaluation of the effects of external flows on economic activity.

Design/methodology/approach

To that end, the paper follows a two‐step procedure. First, the paper estimates a series of reduced‐form equations in differenced form, using annual data, for the current and the financial account balances as well as important underlying components, using a number of macroeconomic indicators reflecting the state of the business cycle as explanatory variables. These include not only a measure of economic growth, but also other factors that vary cyclically, such as the exchange rate and energy prices. In addition, the paper examines the effect of positive and negative shocks to these and other cyclical variables on components of the balance of payments. Second, the results are summarized in three directions. First, cross‐country correlations evaluate time‐series co‐movements between the current account balance and external flows with respect to major determinants of cyclicality across the samples of advanced and developing countries. Second, time‐series regressions evaluate the direct effects of financial flows on the current account balance within the samples of developing and advanced countries. Third, cross‐country regressions evaluate the impact of movements in trend and variability of financial flows on major economic indicators across the samples of developing and advanced countries.

Findings

The results are summarized in three directions. Across the samples of advanced and developing countries, the pervasive evidence highlights the negative correlation between the responses of the current account balance and the financial balance with respect to the various sources of cyclicality in the time‐series model. Second, using time‐series regressions the bulk of the evidence indicates that an increase in financial flows helps finance a widening current account deficit. Third, cross‐country regressions evaluate the impact of movements in trend and variability of financial flows on major economic indicators across the samples of developing and advanced countries. While FDI flows appear significant in differentiating growth performance within and across developing countries, their effects appear to be limited on growth performance in advanced countries. Portfolio flows are more relevant, compared to FDI flows, to financing a wider current account deficit, both in developing and advanced countries.

Originality/value

Overall, the evidence presented in this paper establishes the importance of financial flows to external balances and macroeconomic performance within and across the samples of developing and advanced countries. In light of this evidence, macroeconomic policies should target a combination of external balances that can be easily financed by external inflows and align domestic policies to achieve the desired cyclicality in external balances, available financing, and macroeconomic performance.

Details

International Journal of Development Issues, vol. 10 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

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Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

Abstract

Details

Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

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Article

Moncef Guizani and Ahdi Noomen Ajmi

The purpose of this paper is to examine whether the sensitivity of investment to cash flow varies with exogenous financial conditions.

Abstract

Purpose

The purpose of this paper is to examine whether the sensitivity of investment to cash flow varies with exogenous financial conditions.

Design/methodology/approach

A dynamic model of investment based on the Euler equation approach is employed to investigate the impact of macro-financial factors on the sensitivity of investment to cash flow. The sample comprises data from 84 non-financial firms listed on Saudi stock market over the period 2007–2018.

Findings

The results show that the sensitivity of investment to cash flow is positive, implying the presence of financing constraints for Saudi firms. Evidence also reveals that better financial conditions relax firms' financing constraints. However, contractionary monetary policy, poor financial development and liquidity crisis strengthen the dependence of firms on internally generated funds when undertaking new investment projects.

Practical implications

The empirical results have useful policy implications. First, policymakers should pay attention to the importance of policymaking based on the monetary demand of microeconomic entities. In monetary contraction periods, firms face greater challenges in accessing external finance. These firms are likely to experience under-investment which at a macro level would translate into lower investments and economic growth for the country. Second, policymakers are encouraged to implement complementary measures that, coupled with existing financial reforms, may promote efficiency, competitiveness and transparency in firms' operations. Finally, managers and investors should consider financial structure and condition as important factors in their investment decision.

Originality/value

This study extends previous research by investigating whether the widely reported positive investment and cash flow relationship can be observed using data from an emerging market, specifically Saudi Arabia. It also sheds light on the investment-cash flow debate under a macroeconomic perspective and provides further evidence on the impact of financial crisis on the investment-cash flow (ICF) sensitivity.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

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Article

Divesh S. Sharma

Provides a comprehensive, critical review of failure prediction with cash flow information since Beaver (1966); and tabulates the methods and cash flow variables used, and…

Abstract

Provides a comprehensive, critical review of failure prediction with cash flow information since Beaver (1966); and tabulates the methods and cash flow variables used, and the results produced. Describes the literature as “inconsistent and inconclusive” and discusses possible reasons why, e.g. the measurement and diversity of cash flows, lack of model validation, multicollinearity etc. Points out the importance of cash to solvency and dividend payouts; and the limitations it places on creative accounting. Summarizes the reasons for previous inconsistencies and considers possibilities for further research.

Details

Managerial Finance, vol. 27 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

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Article

Bello Umar, Martins Mustapha Abu and Zayyanu Mohammed

This paper aims to critically review the strategies for prevention of illicit financial flows to and from developing countries with a view of ascertaining the most…

Abstract

Purpose

This paper aims to critically review the strategies for prevention of illicit financial flows to and from developing countries with a view of ascertaining the most effective strategies to be selected and implemented by developing countries to stem the scourge.

Design/methodology/approach

The peer-reviewed journal articles were studied; those that discussed illicit financial flows were selected and reviewed critically using the systematic quantitative assessment techniques together with an output table.

Findings

The critical review deduced that enacting effective trade laws, trade regulations, creating a beneficial ownership registry, multinational companies disclosing information on business, automatic exchange of information on tax issues, the Financial Action Task Force 40 guidelines on anti-money laundering and countering financing of terrorism and domestic and international cooperation are the most reliable strategies that should be implemented by developing countries.

Research limitations/implications

The wide geographic scope of developing countries, use of only high-quality databases that restricted the use of other articles and use of public sector perspective are the limitations for this paper.

Originality/value

This study is amongst the limited works to discuss the most reliable and effective strategies to prevent illicit financial flows in developing countries.

Details

Journal of Money Laundering Control, vol. 23 no. 3
Type: Research Article
ISSN: 1368-5201

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Article

Mary Fisher, Teresa Gordon, Marla Myers Kraut and David Malone

Reporting cash flows is a relatively recent development in college and university financial reporting. An examination of the purported usefulness of cash flow information…

Abstract

Reporting cash flows is a relatively recent development in college and university financial reporting. An examination of the purported usefulness of cash flow information to the users of college and university financial statements including an examination of the relationship between accrual-based change in net assets and cash provided by operations found private universities have implemented the cash flow reporting requirements with a relatively high level of compliance employing the indirect format for reporting operating cash flows. The principal areas of deficiency were the reporting of split-interest, restricted gift activities and the required disclosures of cash outflows related to interest and taxes. The discussion of the compliance deficiencies and display findings leads to needed disclosure guidance and future research.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 14 no. 3
Type: Research Article
ISSN: 1096-3367

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Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

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