Search results

1 – 10 of 54
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

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

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.

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

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

Open Access
Article
Publication date: 12 April 2022

Umar Farooq, Mosab I. Tabash, Ahmed Abousamak and Samar Habib

Corporate firms often follow their peer firms to articulate multiple financial decisions. Among the others, trade credit policy is a vital financial decision that can…

Abstract

Purpose

Corporate firms often follow their peer firms to articulate multiple financial decisions. Among the others, trade credit policy is a vital financial decision that can impart its dynamic role in achieving financial efficiency. Therefore, the current analysis aims to assess the role of herding behavior in determining the trade credit policies of corporate firms and its relevant effect on corporate financial performance.

Design/methodology/approach

For this purpose, the financial data of 13089 nonfinancial sector firms from 50 countries are employed and the dynamic generalized method of moments (GMM) model to estimate the regression is applied.

Findings

The empirical findings first reveal that corporate firms actively mimic their peer firms regarding trade credit policies. However, this mimicking behavior hampers the financial performance due to noncompatibility with peers’ trade credit policies. Peer firms often develop such trade credit policies that are not applicable to corporate firms.

Practical implications

Mainly, the findings of the study suggest two implications. First, it highlights the peer effect in terms of trade credit patterns. Second, it elaborates an adverse effect regarding financial performance due to herding of peers’ trade credit policies.

Originality/value

This study adds new thoughts regarding herding behavior in terms of trade credit policy and its possible consequences for corporate financial performance. No study explores such a relationship.

Details

Asian Journal of Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2443-4175

Keywords

Article
Publication date: 10 January 2022

Zaid Saidat, Abdel Razzaq Alrababa'a and Claire Seaman

Family ownership is very common for Jordanian businesses, leading to a high level of involvement of family members in company management. There continues to be intense…

Abstract

Purpose

Family ownership is very common for Jordanian businesses, leading to a high level of involvement of family members in company management. There continues to be intense discussion on the pros and cons of family ownership, particularly as it focuses corporate control within a small family group. The purpose of this paper is to examine the performance of family- and non-family-owned banks that appear on the Amman Stock Exchange over the 2016 to 2020 period.

Design/methodology/approach

The research on Jordanian domestic banks is based on data from the annual reports of banks listed on their websites which offers comprehensive data on finances, ownership and the board. Family-owned and non-family banks were analysed using multiple regression technique to identify any variations in their performance.

Findings

Using a sample of 16 domestic banks with 75 bank-year observations over the 2016 to 2020 period, the study supports other research in finding that family ownership is negatively related to bank performance. This is true for accounting-based and market-based performance measures, including return on assets (ROA), return on equity (ROE) and Tobin's Q test results. Additionally, analysis identifies greater negative consequences for performance within family-owned banks by board of directors.

Originality/value

This paper extends previous research on family businesses by investigating the impact of family ownership on the financial performance in the Jordanian bank sector. This research determined that devaluation is a consequence of higher levels of ownership concentration for domestic banks in Jordan.

Details

Journal of Family Business Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2043-6238

Keywords

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. 21 no. 6
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 15 July 2019

David Yecham Aharon, Yoram Kroll and Sivan Riff

This paper aims to forgo the conventional (degree of operating leverage) risk measure by replacing elasticity of operating profits with respect to output with elasticity…

Abstract

Purpose

This paper aims to forgo the conventional (degree of operating leverage) risk measure by replacing elasticity of operating profits with respect to output with elasticity of free cash flow (FCF) with respect to optimal output and by considering exogenous random demand shocks for the firm’s products as a source of risk.

Design/methodology/approach

The elasticity risk measure accounts for corporate taxes and the cost of bankruptcy. The methodology is selecting optimal level of production investment and capital structure to generate efficient frontier of expected FCF and its risk in terms of its elasticity with respect to output.

Findings

The risk measure leads to efficient frontier between expected FCF and its idiosyncratic managerial risk. The model also resolves the empirical debate on the tradeoff between operating and financial leverages.

Originality/value

It is the first elasticity risk measure that embodied the impact of future level of capital expenditure, total level of assets and their sensitivity to random shocks in the product market.

Details

Review of Accounting and Finance, vol. 18 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 3 April 2019

Thomas Heine Felix and Henk von Eije

The purpose of this paper is to analyze underpricing in initial coin offerings (ICO). It bridges the gap between findings in initial public offering (IPO) literature and…

1337

Abstract

Purpose

The purpose of this paper is to analyze underpricing in initial coin offerings (ICO). It bridges the gap between findings in initial public offering (IPO) literature and empirical results from ICOs.

Design/methodology/approach

The sample set consists of 279 ICOs between April 2013 and January 2018. A regression analysis is performed with data from the ICOs.

Findings

The results show an average level of underpricing of ICOs of 123 percent in the USA and 97 percent in the other countries. The results for the US ICOs are significantly higher than for US IPOs on average and also higher than US IPOs at the beginning of the dot.com bubble. The authors also study the determinants of ICO underpricing. The authors use proxies based on asymmetric information from the IPO literature as well as ICO-related variables. First-day trading volume and a good sentiment on the ICO market go together with more ICO underpricing. Moreover, hot markets make first-day investors to benefit less. Finally, companies that use a large issue size or a pre-ICO (a sale of cryptocurrencies before the ICO) leave less money on the table.

Research limitations/implications

A first restriction is that the authors focus on ICOs and not on crowdfunding, though there are similarities in that both of them are novel ways to finance projects. A second restriction is that the authors had to decide on the definition of a listing day. Cryptocurrencies are traded on many exchanges, and if the exchange is tailored to the cryptocurrency itself, the data on, e.g., close prices are not necessarily to be trusted. The authors, therefore, decided to use close price data from coinmarketcap.com, which requires a listing on two exchanges. This choice implies that there may have been trades before the listing day itself. A third restriction arises from the relative newness of the ICO phenomenon. The authors gathered data on underpricing from coinmarketcap.com and combined that with project information from icobench.com. However, the data were not simply matched and they required manual adjustments based on several other sources. The authors hope that in due time data on ICOs will be as adequate as data on IPOs and that they become more readily available. It might help if regulators or the crypto community would institute publication requirements. Adherence to such requirements would also reduce the extent of fraud and of asymmetric information, so that solid issuers with good projects might benefit from less underpricing.

Practical implications

The research may help in reducing underpricing, as the authors find that issuers can reduce it by holding a pre-ICO and by considering larger issue sizes. If they do so, investors will get fewer opportunities to benefit from underpricing. Investors can, nevertheless, also profit from the knowledge generated in this paper. When market sentiment is positive and first-day trading volume is expected to be high, investing in ICOs is likely to give them higher first-day returns. Finally, the authors hope that this paper will serve as a basis for further research into the exciting and dynamic world of cryptocurrencies.

Originality/value

There is hardly any research on underpricing of ICOs. The paper is interesting for its table with a brief comparison of ICOs and IPOs. It also searches for variables from the asymmetric information theory behind IPOs to be applied in explaining ICOs. It shows high levels of ICO underpricing in comparison to IPOs. It also gives suggestions for issuers of (and investors in) ICOs.

Details

Managerial Finance, vol. 45 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

1 – 10 of 54