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Article
Publication date: 6 November 2018

Geeta Rani Duppati, Frank Scrimgeour and Albert Sune

This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for…

Abstract

Purpose

This paper aims to examine the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the period 2005 to 2014, over a period that includes the global financial crisis.

Design/methodology/approach

This study uses panel data regression analysis to analyse the effects of board characteristics on performance and also uses alternate model specifications to test the significance of robustness of relationships.

Findings

The impact of board size on performance is negative and significant for Irish and Spanish firms for the study period. In general, the board independence has a positive effect on the performance of Spanish firms for the complete study period and suggests consistency with the resource dependency theory.

Research limitations/implications

The analysis suggests that in general, the non-executive and the board size do not affect the corporate performance of Irish and Spanish firms during the financial crisis. The fixed effects model suggests positive effects of gender diversity on performance for Spanish firms, while the random effects indicates negative relationship between gender diversity and performance for Irish companies.

Practical implications

The evidence on the Spanish firms suggests that female representation on the boards may be critical during the financial crisis

Social implications

The quota legislation on female board representation in Spain is yielding superior results over the soft law approach by Irish firms during the times of financial crisis period.

Originality/value

This study contributes to the literature on the corporate governance practices and performance of two countries that were strongly affected by the crisis in the European Union. As governments increasingly contemplate board gender diversity policies, this study offers useful empirical insights on Spanish and Irish firms.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Content available
Article
Publication date: 18 May 2021

Geeta Duppati, Frank Scrimgeour, Surachai Chancharat and Ploypailin Kijkasiwat

This paper aims to investigate how ethnic diversity and finance options impact the survival of small- and medium-sized enterprises (SMEs) in New Zealand.

Abstract

Purpose

This paper aims to investigate how ethnic diversity and finance options impact the survival of small- and medium-sized enterprises (SMEs) in New Zealand.

Design/methodology/approach

This study incorporates survey data and secondary data from the public domain. The surveys were conducted across six sectors of the economy categorised into four main ethnic groups involving six nationalities. This study adopts regression analysis using Probit, Logit and linear probability.

Findings

The financing choices of the entrepreneurs were consistent with pecking-order theory. The evidence suggests that information asymmetries are prevalent in New Zealand, as SMEs’ owners perceive significant risk from expanding businesses internationally. There is no relationship between ethnicity bias and the survival of firms.

Originality/value

This study provides a contribution to the literature on factors relating to business survival and guides the policymakers to use the benefits of potential factors to increase the survival rate of SMEs.

Details

Journal of Economics, Finance and Administrative Science, vol. 26 no. 51
Type: Research Article
ISSN: 2077-1886

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Article
Publication date: 7 August 2017

Geeta Duppati, Anoop S. Kumar, Frank Scrimgeour and Leon Li

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Abstract

Purpose

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Design/methodology/approach

This article analysed the presence of long-memory volatility in five Asian equity indices, namely, SENSEX, CNIA, NIKKEI225, KO11 and FTSTI, using five-min intraday return series from 05 January 2015 to 06 August 2015 using two approaches, i.e. conditional volatility and realized volatility, for forecasting long-term memory. It employs conditional-generalized autoregressive conditional heteroscedasticity (GARCH), i.e. autoregressive fractionally integrated moving average (ARFIMA)-FIGARCH model and ARFIMA-asymmetric power autoregressive conditional heteroscedasticity (APARCH) models, and unconditional volatility realized volatility using autoregressive integrated moving average (ARIMA) and ARFIMA in-sample forecasting models to estimate the persistence of the long-term memory.

Findings

Given the GARCH framework, the ARFIMA-APARCH long-memory model gave the better forecast results signifying the importance of accounting for asymmetric information when modelling volatility in a financial market. Using the unconditional realized volatility results from the Singapore and Indian markets, the ARIMA model outperforms the ARFIMA model in terms of forecast performance and provides reasonable forecasts.

Practical implications

The issue of long memory has important implications for the theory and practice of finance. It is well-known that accurate volatility forecasts are important in a variety of settings including option and other derivatives pricing, portfolio and risk management.

Social implications

It could be said that using long-memory augmented models would give better results to investors so that they could analyse the market trends in returns and volatility in a more accurate manner and reach at an informed decision. This is useful to minimize the risks.

Originality/value

This research enhances the literature by estimating the influence of intraday variables on daily volatility. This is one of very few studies that uses conditional GARCH framework models and unconditional realized volatility estimates for forecasting long-term memory. The authors find that the methods complement each other.

Details

Pacific Accounting Review, vol. 29 no. 3
Type: Research Article
ISSN: 0114-0582

Keywords

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Book part
Publication date: 10 July 2020

Frank Scrimgeour

Abstract

Details

Public Policy and Governance Frontiers in New Zealand
Type: Book
ISBN: 978-1-83867-455-7

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Article
Publication date: 21 June 2013

Kartick Gupta, Stuart Locke and Frank Scrimgeour

The analysis aims to explore how momentum return changes with alternative computational methods and the extent to which the portfolio structure is important in the…

Abstract

Purpose

The analysis aims to explore how momentum return changes with alternative computational methods and the extent to which the portfolio structure is important in the momentum context.

Design/methodology/approach

The focus reflected in the prior research emphasises the method used by Jegadeesh and Titman and various extensions to test whether momentum returns exist. This study uses alternative methods of buying previous Winners and short‐selling previous Losers to determine if this significantly changes the returns.

Findings

The current study clarifies the impact of several contributory factors that impact upon estimated momentum returns. The large sample of cleaned data upon which this study is based provides a higher degree of confidence that the findings are sound and not just a statistical anomaly.

Practical implications

The research is important from a practitioner perspective as details of momentum return are presented for each country using different methods, providing information regarding the most profitable country in which to invest and whether the momentum return is sustainable under different formative approaches.

Originality/value

One of the important contributions of this study is a detailed empirical analysis, presenting results in a global context rather than on a single country basis.

Details

International Journal of Managerial Finance, vol. 9 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 29 June 2010

Krishna Reddy, Stuart Locke and Frank Scrimgeour

This paper seeks to address the effect that principle‐based corporate governance practices have on the financial performance of large publicly‐listed companies. In 2004…

Abstract

Purpose

This paper seeks to address the effect that principle‐based corporate governance practices have on the financial performance of large publicly‐listed companies. In 2004, the New Zealand Securities Commission (NZSC) promulgated nine high level principles and guidelines for all business entities with an aim of improving corporate governance practices and boosting investor confidence in the New Zealand capital market. This event provides a point for empirically testing companies' responses.

Design/methodology/approach

Panel data for the NZX top 50 companies over the period 1999‐2007 are analysed using ordinary least squares (OLS) and two stage least squares (2SLS) regression techniques to evaluate whether: those firms that were continuously compliant with the NZSC requirements perform better; and the firm performance post‐NZSC recommendations is better than pre‐NZSC recommendations. Tobin's Q, market‐to‐book (MB) and return on assets (ROA) metrics are used as dependent variables..

Findings

The findings indicate that large listed companies have universally adopted the Securities Commission recommendations, establishing subcommittees for audit and remuneration, and having a majority of non‐executive/independent directors on the board which, on average, have seven members. There is support for the view that the NZSC recommendations have had positive influence on firm performance measured by Tobin's Q, MB and ROA. The results show that the presence of a remuneration committee has had a positive influence on firm performance.

Research limitations/implications

This study provides empirical support for the corporate governance recommendations made by the NZSC in 2004, giving support to the principle‐based corporate governance practices to be adopted in New Zealand. The sequential testing of each NZSC recommendation provides a comprehensive picture of performance outcomes which has not been achieved in prior research. The interdependency issues are of interest and the correlation between recommendations provides useful insights.

Originality/value

This study offers insights for policy makers interested in adopting principle‐based corporate governance practices within their country. Within New Zealand, public policy developments and stock exchange listing requirements/regulatory issues with associated compliance burdens are better informed as a consequence of the research.

Details

International Journal of Managerial Finance, vol. 6 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

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Book part
Publication date: 10 July 2020

Abstract

Details

Public Policy and Governance Frontiers in New Zealand
Type: Book
ISBN: 978-1-83867-455-7

To view the access options for this content please click here

Abstract

Details

Public Policy and Governance Frontiers in New Zealand
Type: Book
ISBN: 978-1-83867-455-7

To view the access options for this content please click here
Book part
Publication date: 10 July 2020

Abstract

Details

Public Policy and Governance Frontiers in New Zealand
Type: Book
ISBN: 978-1-83867-455-7

To view the access options for this content please click here
Book part
Publication date: 26 July 2021

Grace O'Brien

Despite ample international literature regarding the school-to-prison pipeline, researchers in the Australian context have remained relatively silent about this…

Abstract

Despite ample international literature regarding the school-to-prison pipeline, researchers in the Australian context have remained relatively silent about this phenomenon. While there are several studies investigating the criminological characteristics of juvenile detention in Australia, a substantial gap exists examining the educational exclusion of young First Nations males from the education system and whether this has a direct bearing on their overrepresentation in juvenile incarceration. Highlighted in this chapter are the cultural complexities and inequitable practices associated with high rates of exclusion of First Nations boys from school resulting in the likelihood of potential incarceration for some. Finally, certain pragmatic solutions are offered so that educators may reflect upon their important role in disrupting the school-to-prison pipeline.

Details

Minding the Marginalized Students Through Inclusion, Justice, and Hope
Type: Book
ISBN: 978-1-83982-795-2

Keywords

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