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Article
Publication date: 1 July 1962

THE firm of Jessop‐Saville Ltd., which dates back to 1774, has become well established as a supplier of special steels and alloys. Their progress in this field has been…

Abstract

THE firm of Jessop‐Saville Ltd., which dates back to 1774, has become well established as a supplier of special steels and alloys. Their progress in this field has been maintained only by continual research and a readiness to adopt new techniques and equipment.

Details

Aircraft Engineering and Aerospace Technology, vol. 34 no. 7
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 September 1986

S. Wiktorek and E.G. Bradley

Sprayed metal coatings are an alternative means of effectively protecting steel structures and equipment exposed to severe environments where other coatings, such as…

Abstract

Sprayed metal coatings are an alternative means of effectively protecting steel structures and equipment exposed to severe environments where other coatings, such as paint, are unsuitable or provide only temporary protection. Selecting the most suitable material for a given application is a very important step in achieving success. For resistance to corrosive environments, zinc and aluminium are the most successful and widely used coatings, both being anodic to iron and steel. The performance of sprayed metal coatings is a function of the environment, coating thickness, adhesion, density and the type of sealer used. The mechanism of adhesion is mainly mechanical, the bond strength being dependent on the application process chosen and standard of surface preparation. This paper describes the results of research work associated with hot sprayed aluminium applied by combustion flame and electric arc processes using compressed air and argon carrier gases. Studies included ductility and adhesion tests, scanning electron microscopy of surfaces and cross sections, and Auger surface analyses.

Details

Anti-Corrosion Methods and Materials, vol. 33 no. 9
Type: Research Article
ISSN: 0003-5599

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Article
Publication date: 7 April 2021

Athanasios Fassas, Sotirios Bellos and George Kladakis

The purpose of this study is to assess the management responses and intentions of 3,279 US firms from all industries, before and after the coronavirus outbreak, to…

Abstract

Purpose

The purpose of this study is to assess the management responses and intentions of 3,279 US firms from all industries, before and after the coronavirus outbreak, to identify the level of managerial concern about specific financial issues and potential economic costs of the COVID-19 pandemic.

Design/methodology/approach

This paper uses textual analysis of official management reports to search for specific single words in five domains related to corporate finance and governance. This paper focuses on the relative frequency of single words using a weighting scheme that adjusts for document length and for the inverse document frequency. This paper then uses t-tests to investigate the univariate differences across groups of reports before and after the US stock market crash in February 2020.

Findings

The applied textual and empirical analysis provides evidence that firms’ primary concerns relate to the disruption in supply chains, liquidity need and coronavirus-led recession. This paper also shows that the main cost reduction measure they are considering is salary reduction, rather than workforce reduction. This paper also shows evidence that firm managers are rather swift to provide coronavirus-related information in the US Securities and Exchange Commission (SEC) corporate filings.

Practical implications

The findings provide a primary view of the directions, on which US firms will move in the near future, and thus, they can be used as tools for the formulation of appropriate government policies in the corresponding sectors, which could mitigate the economic risks related to the pandemic. At the business level, the disseminated knowledge can assist firms either in the same sector or in similar/related sectors to “locate” themselves within the map of the pandemic and to adjust or align correspondingly their strategies and decisions as they will have a view of the bigger picture.

Originality/value

The empirical analysis divulges US firms’ management primary concerns after the COVID-19 outbreak, and thus, offers insights to the processes taking place in the US business community and the formulating new corporate and economic reality.

Details

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

Keywords

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Book part
Publication date: 2 December 2019

Tatiana B. Leybert and Elvira A. Khalikova

The chapter studies the current tendencies of the Russian practice of decision-making in business systems by the example of a gas distribution company of the Russian…

Abstract

The chapter studies the current tendencies of the Russian practice of decision-making in business systems by the example of a gas distribution company of the Russian Federation. In the modern Russian practice, the companies transform the system of decision-making to the process-oriented approach, which envisages decision-making and correction of decisions not according to functional responsibilities but according to consecutively performed procedures of conducted business processes.

The authors describe the procedure of formation of business processes in a gas distribution company by the example of the business process “Technological connection” and provide its characteristics.

As a result of studying foreign approaches to formation of the model of management and decision-making in companies, the authors develop a methodology of evaluation of economic effectiveness of implementation of a business process, based on the principles of management according to goals and KPI. This methodology allows evaluating the obtained results of a separate stage and of the business process on the whole.

By the example of the studied business process, a set of key indicators of effectiveness of a separate subprocess “Formation of technical condition” in a company is offered, and calculations of final results of effectiveness of this business process are provided. As a result of the final evaluation, practical recommendations for development of managerial decisions in a company are provided.

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Book part
Publication date: 9 June 2020

Marcellia Susan

Micro, small, and medium enterprises (MSMEs) are important assets for the economic sustainability in Indonesia. The sector has an important role in encouraging economic…

Abstract

Micro, small, and medium enterprises (MSMEs) are important assets for the economic sustainability in Indonesia. The sector has an important role in encouraging economic growth and supporting the creation of new jobs for the Indonesian population. When Indonesia was facing the economic crisis situation, MSMEs remained and stood strong. In fact, the data shows an increasing number of MSMEs. Despite their contribution to Indonesia’s economies, it turns out that MSMEs still have very basic problems. The results of previous research indicate that MSMEs still face various problems related to financial management caused by a lack of managerial and financial knowledge. There are many cash flow problems faced by MSMEs that are in line with the lack of knowledge and understanding of financial management by MSME actors. This indicates that owners or managers of MSMEs need to have sufficient financial literacy. Understanding of financial literacy is paramount for business actors and can be utilized for instance to prepare financial statements that can be used to obtain funds. In the context of MSMEs, owners or managers need to have financial knowledge related to financial access and also for a company business to grow well. This study aims to analyze the financial literacy of owners or managers and its impact on access to finance and growth of the MSMEs in West Java, Indonesia. The samples of this research are MSMEs’ owners or managers of various business types. Data concerning Financial Literacy, Access to Finance, and Growth of the MSMEs are obtained through questionnaires. The obtained data were processed using Structural Equation Modeling to ensure the relationships between research variables. The results of the research analysis show depictions of the financial literacy, financial access, and growth of MSMEs in West Java, Indonesia. The results of the study support the previous studies and theories that Financial Literacy has a positive effect on Access to Finance and Growth of MSMEs, and Access to Finance also has a positive effect on Growth of MSMEs.

Details

Advanced Issues in the Economics of Emerging Markets
Type: Book
ISBN: 978-1-78973-578-9

Keywords

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Book part
Publication date: 19 June 2019

Hassaan Tariq, Faisal Shahzad, Asim Anwar and Ijaz Ur Rehman

This study investigates the impact of insider-ownership of publicly traded firms on their performance, cost of debt (COD) and cost of equity. We use a sample of 104…

Abstract

This study investigates the impact of insider-ownership of publicly traded firms on their performance, cost of debt (COD) and cost of equity. We use a sample of 104 non-finance listed companies of Pakistan for the period from 2006 to 2016. Our study is conducted in Pakistan as a developing country in which insider-ownership is dominant, and a weak external corporate governance mechanism increases the payoffs from insider-ownership. We use feasible generalized least square (FGLS) regression methods to examine these hypotheses. Based on agency theory, we find that insider-ownership enhances firm performance. Furthermore, our results show that insider-ownership reduced the COD and equity. Higher ownership decreases the opportunistic behavior of insiders. It also reduces the creditor’s perception of the likelihood of default on loan payments and reduces agency issues among shareholders. The insider will invest in positive NPV projects which will help maximize shareholders’ wealth and minimize the COD. Similarly, the relationship between insider-ownership and cost of equity is significant but negative. Supporting the convergence of interest increase in ownership helps in aligning the goals of managers and stakeholders whereby the insider will focus on value creation by minimizing equity cost.

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

Keywords

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Article
Publication date: 4 September 2020

Faisal Alnori

The purpose of this paper is to study the relationship between corporate cash holdings and financial performance, both linearly and non-linearly, for listed non-financial…

Abstract

Purpose

The purpose of this paper is to study the relationship between corporate cash holdings and financial performance, both linearly and non-linearly, for listed non-financial firms in Saudi Arabia.

Design/methodology/approach

The data include all listed firms in Saudi Arabia’s primary stock market, excluding banks and insurance companies, over 2005–2016. The source for all data is the Osiris database. In evaluating the association between cash holdings and financial performance, static (i.e. pooled ordinary least squares) and dynamic (i.e. system generalized method of moments) specifications were implemented. Further, to confirm the non-linear linkage between cash reserves and financial performance, a U test was used.

Findings

The findings show that cash holdings play a significant role in firms’ performance; specifically, this relationship is non-linear, exhibiting an inverse U shape, driven by levels of cash reserves. This non-linear relationship verifies the tenets of the trade-off theory of optimum cash level based on the benefits and costs of holding cash.

Research limitations/implications

It is recommended that future studies investigate corporate liquidity and performance among Shariah-compliant firms and their conventional counterparts.

Practical implications

The findings of this study provide useful insights for managers and policymakers on efficient levels of corporate liquidity management.

Social implications

This paper provides further insights for investors on the role of corporate cash holding levels in firm performance.

Originality/value

To the best of the author’s knowledge, this paper is among the first to explore a non-linear relationship between cash holdings and firms’ performance using accounting measures.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 5
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 18 June 2020

Ryan Flugum, Joel Harper and Li Sun

This paper aims to examine the effect employee performance has on subsequent corporate cash holdings.

Abstract

Purpose

This paper aims to examine the effect employee performance has on subsequent corporate cash holdings.

Design/methodology/approach

The authors utilize panel data estimation, including an instrumental variable approach, to identify the relation between employee performance and subsequent corporate cash holdings. These panel data consist of 11,087 firm-year observations over the period 1992 to 2015.

Findings

The authors document a positive and statistically significant relation between firm employee performance and subsequent cash balances. A one standard deviation increase in employee performance is associated with an increase in cash holdings ranging from 1 to 2 percent. The findings support the view that firms seek to accommodate the preferences of better performing employees, thereby requiring greater levels of cash. This positive relation is most evident among firms with low bond ratings and firms with low managerial ability – characteristics that are indicative of a firm's ability to access capital markets.

Originality/value

Better corporate governance of the firm is commonly associated with lower levels of cash. The findings of this paper, however, suggest that holding greater levels of cash may be a consequence of corporate efforts to accommodate the needs of their employees. The predictive content of employee performance is orthogonal to existing determinants of corporate cash holdings shown in the literature. Furthermore, this paper shows the potential for firm cash balances to be an alternative and transparent measure that signals better employee performance and more socially responsible firm behavior.

Details

International Journal of Managerial Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 7 May 2020

Kailing Deng, Linda Nichols and Li Sun

We examine the impact of sales order backlog (an important leading performance indicator) on corporate cash holdings and the role of corporate governance in the relation…

Abstract

Purpose

We examine the impact of sales order backlog (an important leading performance indicator) on corporate cash holdings and the role of corporate governance in the relation between sales order backlog and cash holdings.

Design/methodology/approach

We use the regression analysis to examine our research questions.

Findings

Consistent with the agency motive and the precautionary motive of cash holdings, we document a significant negative relation between order backlog and cash, suggesting that firms with higher order backlog hold less cash. We further examine and find that the relationship between order backlog and cash becomes stronger for firms with stronger corporate governance, highlighting the role of governance in determining the level of corporate cash holdings.

Originality/value

Our study contributes to the accounting literature on sales order backlog and the finance literature on corporate cash holdings. In particular, our study contributes to developing a more comprehensive understanding of the sales order backlog because it is still an under-researched area in accounting. To the best of our knowledge, this study is perhaps the first empirical study that examines the direct link between order backlog and cash.

Details

Asian Review of Accounting, vol. 28 no. 3
Type: Research Article
ISSN: 1321-7348

Keywords

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Article
Publication date: 23 April 2020

Dongwoo Kim

This study seeks to provide a systematic analysis of bounded rationality expressed by individual lenders in a Peer-to-peer (P2P) lending market.

Abstract

Purpose

This study seeks to provide a systematic analysis of bounded rationality expressed by individual lenders in a Peer-to-peer (P2P) lending market.

Design/methodology/approach

26,383 personal loan listings collected from Moneyauction in Korea, were analyzed with binary logit regression. 6 hypothesis based on bounded rationality theory were constructed and tested. Binary logit regression was employed as both dependent variables have binary characteristics and can thus be assigned values equal to 0 or 1.

Findings

The results confirm that individual P2P lenders make their funding decisions based on bounded rationality, arousing from cognitive limitations, incomplete information, and time constraints.

Research limitations/implications

By adopting the theory of bounded rationality, this study attempts to prepare the theoretical background for an explanation of the decision behavior of individual lenders in a P2P lending market.

Practical implications

The findings of this research emphasize the importance of the platform provider's role to facilitate the sustainable market growth of P2P lending as an alternative form of finance. As the rationality of individual lenders is bounded during their decision-making process according to the research findings, the platform provider must continuously adjust their decision criteria by referencing the cumulative loan repayment data.

Originality/value

This study attempts to identify for the first time the suboptimal decision making by individual lenders in a P2P lending market on the basis of bounded rationality theory.

Details

Review of Behavioral Finance, vol. 13 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

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