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Article
Publication date: 30 September 2013

Yoon Koh, Seoki Lee, Sudipta Basu and Wesley S. Roehl

– The purpose of this study is to identify determinants of involuntary cross-listing (CL) of US restaurant companies on the Frankfurt Stock Exchange (FSE).

Abstract

Purpose

The purpose of this study is to identify determinants of involuntary cross-listing (CL) of US restaurant companies on the Frankfurt Stock Exchange (FSE).

Design/methodology/approach

The study utilizes a mixed method design with an interview and a pooled logistic regression analysis with panel dataset using the company-clustered standard error to develop and test the hypotheses.

Findings

The empirical investigation identified determinants of involuntary CL by examining ten factors, including size, firm growth opportunities, leverage, financial flexibility, international operation, profitability, overall German economic condition, industry growth opportunities, restaurant type, and local operation. The study found three determinants – large size, favorable economic condition in Germany and positive industry growth opportunities – utilizing the sample that covers the entire periods of involuntary CL of US restaurant companies on the FSE.

Originality/value

This paper uncovers the phenomenon of involuntary CL, which many stock exchanges have strategically adopted by simplifying listing requirements for companies already listed in other stock markets, focusing on US restaurant companies. The number of involuntarily cross-listed US restaurant companies greatly increased to 50 percent of domestically listed US restaurant companies while those companies are largely unaware of the phenomenon. The research advances understanding of involuntary CLs, which previously received little attention.

Details

International Journal of Contemporary Hospitality Management, vol. 25 no. 7
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 1 February 2021

Priya Gupta and Parul Bhatia

For more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and…

Abstract

Purpose

For more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and institutional changes in the world's developing nations. High-quality growth is not just a function of sound economic policies but also implementing a broad range of social policies. The BRICS (Brazil, Russia, India, China and South Africa) nations have proven their testimony on both these factors. Following their path are some other emerging economies like N-11 (or Next Eleven propounded by Goldman Sachs (2005) Report), which this present study tries to examine as successors of BRICS.

Design/methodology/approach

Along with panel data regression modelling, the study has applied econometric procedures robust to heterogeneities across various nations and have been able to produce more reliable results that can be generalized for other similar groups of countries. 11 independent variables (both economic and institutional) have been used to meet the study's objective for a period of 34 years (1985–2018).

Findings

The findings of the study reveal that the governments of both the group of countries must work toward their macro-economic stability factors (external debt stocks), technological capabilities (mobile and fixed broadband subscriptions), human capital (health expenditure) and political conditions (mainly the rule of law) to enhance their sustainable economic growth.

Research limitations/implications

This study enhances knowledge of the determinants of economic growth in emerging countries. Firms from BRICS and N-11 may better understand the factors influencing their internationalization process (both economic and institutional). The study is significant not just for the researchers but also for the policymakers of the BRICS and N-11 to understand in which areas their country is leading or lagging. The study is useful even for the policymakers of other emerging countries of the world who might take lessons from these nations (especially BRICS) and follow their success path. This study helps the governments of other groups of emerging countries such as PIN (Pakistan, Indonesia and Nigeria); MINT (Mexico, Indonesia, Nigeria and Turkey); CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), etc. which can follow the path of BRICS economies in growth and formulate policies to increase their economic growth accordingly. At the enterprise level, it helps MNCs understand BRICS and N-11 markets and formulating entry and growth strategies in these most emerging countries of the world.

Originality/value

The present study is unique. It tries to investigate the projections of the Goldman Sachs report after 15 years of its release. It tries to determine the factors responsible for the economic development in the N-11 countries with advanced econometric techniques. Majorly, the focus is to comparatively analyze the growth trajectory for BRICS and N-11 nations and suggest whether N-11 has the potential to become successors of BRICS. A concentrated effort to examine the most significant drivers (both economic and institutional), which may lead to economic progression, has been made in this study.

Details

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

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Article
Publication date: 22 June 2010

Paulo Maçãs Nunes, Zélia Serrasqueiro, Luis Mendes and Tiago Neves Sequeira

The purpose of this paper is to determine if the relationship between growth and research and development (R&D) intensity is of a different nature in the context of low…

Abstract

Purpose

The purpose of this paper is to determine if the relationship between growth and research and development (R&D) intensity is of a different nature in the context of low‐ and high‐tech Portuguese service small to medium‐sized enterprises (SMEs).

Design/methodology/approach

The System Analysis of Iberian Balance Sheets database is used. Based on the European Union's recommendation, L124/36 (2003/261/CE), the authors select 764 low‐tech and 139 high‐tech Portuguese service SMEs for the period 1999‐2006. As method of analysis, panel data are used.

Findings

A negative relationship between growth and R&D intensity for low‐tech Portuguese service SMEs is identified, whatever the level of R&D intensity. For high‐tech Portuguese service SMEs, a quadratic U‐shaped relationship between growth and R&D intensity is identified. Moreover, the authors find that relationships between growth and determinants are of a special nature in the context of high‐tech Portuguese service SMEs with high levels of R&D intensity.

Practical implications

It is recommended that as far as possible the managers/owners of low‐tech Portuguese service SMEs, and especially high‐tech ones with non‐high levels of R&D intensity, hire qualified human resources and make more continuous investment in R&D. The authors advise managers/owners of high‐tech Portuguese service SMEs with high levels of R&D intensity to establish stable relationships with creditors. Policy‐makers should increase financial support directed, above all, to innovative Portuguese service SMEs.

Originality/value

The paper is pioneering in presenting different relationships between growth and R&D intensity in the context of low‐ and high‐tech service SMEs.

Details

Journal of Service Management, vol. 21 no. 3
Type: Research Article
ISSN: 1757-5818

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Article
Publication date: 2 March 2015

Debadutta Panda

– This paper aims to study the growth determinants of small-sized agro-based firms in the Indian agro-industry.

Abstract

Purpose

This paper aims to study the growth determinants of small-sized agro-based firms in the Indian agro-industry.

Design/methodology/approach

The stratified random sampling method was used to collect information from sample agro-firms. A structured pretested questionnaire was designed to collect required data. Descriptive statistics and multivariate technique were used to analyze the data.

Findings

The major determinants of firm growth were firm size, managerial networking intensity, skill development of employees, product diversification and market integration. Employee skill development was found to be a significant predictor of firm growth in slow-growing firms, but held as a weak predictor of growth in fast-growing firms; whereas, use of information technology was a significant growth predictor in fast-growing firms and an insignificant growth predictor in slow-growing firms. To attain growth, small-sized agro-based firms should move from a traditional product-focus strategy to a flexible market-focus strategy.

Research limitations/implications

This study engaged a small sample size and focused only on the determinants of firm growth in the agro-industry, and mapped number of firm growth predictors. The implication of this study encourages more specific investigations with large samples, i.e. how each determinant influences firm growth in the agro-industry.

Practical implications

The study outcome would help agro-enterprises in designing strategies and aligning their current strategy with the desired strategy for firm growth.

Social implications

Policy makers especially engaged in self-employment and enterprise development can use the study outcome for policy planning.

Originality/value

In recent years, the electronic and computer industry in India has developed and reached to an unexpected height. The agro-industry, in contrast, is still struggling due to its inherent weakness and external threats. The need of the hour is to expedite firm-level competitiveness, managerial excellence and business strategy for growth and survival. Therefore, the present study based on survey data adds value to the firm growth strategies in the agro-industry.

Details

International Journal of Commerce and Management, vol. 25 no. 1
Type: Research Article
ISSN: 1056-9219

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Article
Publication date: 9 October 2009

Magda Kandil

The purpose of this paper is to analyze determinants of institutional quality based on six separate indicators of governance: voice and accountability, political…

Abstract

Purpose

The purpose of this paper is to analyze determinants of institutional quality based on six separate indicators of governance: voice and accountability, political stability, government effectiveness, regulatory quality, rule of law, and control of corruption.

Design/methodology/approach

The determinants under consideration include measures of economic freedom by the Cato Institute and the Heritage Foundation, indicators of policy quality, real per capita gross domestic product (GDP), risk rating, and the degree of openness.

Findings

Five measures of institutional quality increase real GDP growth significantly across Middle East and North Africa (MENA) countries. In contrast, institutional quality has a negative impact on the growth of private credit and private investment. Further, the combined evidence does not suggest that improvement in institutional quality is a major factor in attracting foreign direct investment flows to MENA countries.

Research limitations/implications

The research provides startling evidence that illustrates how institutions have impacted macroeconomic performance and the underlying roots of institutional quality. Addressing shortcomings in institutions should top the policy agenda in an effort to drive the growth process.

Practical implications

Improving institutional quality will distribute the benefits of growth and enhance macroeconomic performance in the MENA region, which is rich in endowed resources. Nonetheless, the region lacks fundamentals of economic management and quality governance to utilize resources in the most efficient and productive fashion in order to maximize the welfare for a growing population that is constantly seeking productive opportunities to secure employment and a higher real standard of living.

Originality/value

The MENA region is understudied and worthy of much more empirical work. Many cross‐country studies of the determinants of growth omit oil‐producing nations. Focusing on this oil‐rich region is an attempt to fill this void. Unlike previous literature on the relationship between institutions and growth, the paper's approach to the issue analyzes micro foundations in the transmission channel between institutions and economic growth.

Details

International Journal of Development Issues, vol. 8 no. 2
Type: Research Article
ISSN: 1446-8956

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Article
Publication date: 28 January 2011

Zélia Serrasqueiro

The purpose of this paper is to analyze the importance of information asymmetry in the relationships between Portuguese SME's capital structure decisions and creditors…

Abstract

Purpose

The purpose of this paper is to analyze the importance of information asymmetry in the relationships between Portuguese SME's capital structure decisions and creditors, comparing the results of service SME with those found in manufacturing SMEs.

Design/methodology/approach

Two samples of Portuguese SMEs are considered: one sample is composed by 610 unlisted service SMEs; and, the other sample is made up by 381 unlisted SMEs in manufacturing industry, for the period 1999‐2006. To estimate the results, the two‐step estimation method is used, to control possible bias arising from data selection. In the first step, probit regression is used. In the second step, after the control for possible data bias, dynamic panel estimators are used.

Findings

The results obtained suggest that information asymmetry in the relationships between SMEs and creditors has a greater relative influence on capital structure decisions of service SMEs than on those of manufacturing SMEs.

Practical implications

Given the increasing importance of service SMEs in the Portuguese economy for stimulating employment, business volume, and consequently economic growth, it would be advisable for policy makers to create special long‐term lines of credit, with advantageous terms, so that Portuguese service SMEs, when internal finance is insufficient, can finance more efficiently the growth opportunities and the strategies for diversification. In addition, since SMEs' capital structure decisions present differences, both concerning the sector of industry and over time, the measures adopted by policy makers should differentiate their measures between industry sectors and over time.

Originality/value

First, this paper is pioneering in comparing the adjustment of actual short‐ and long‐term debts, in service and manufacturing SMEs, towards the respective target ratios. Second, it is pioneering in using dynamic estimators and in using the two‐step estimation method, in studies of determinants of capital structure decisions of service and manufacturing SMEs.

Details

Management Research Review, vol. 34 no. 1
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 10 January 2018

Tamsir Cham

This paper aims to examine the determinants of growth rate in Islamic banking using annual time series data.

Abstract

Purpose

This paper aims to examine the determinants of growth rate in Islamic banking using annual time series data.

Design/methodology/approach

The author applied several econometrics methods including generalized linear model and survey-based indicators. The author uses the World Bank Enterprise Survey data to supplement the answers.

Findings

The results support the view that high oil prices, stable domestic prices, higher educated populace and greater presence of capital resources have positive effects on growth in Islamic banking. The findings, however, revealed that instability adversely affects Islamic banking growth. The author found no clear conclusion on the impact of economic growth, greater presence of Muslim population and presence of sharia in the legal system of the country on growth in Islamic banking. The major constraints impeding Islamic banking growth include regulations, tax rates and skilled labor force.

Originality/value

There is no empirical work that has been done on the determinants of Islamic banking growth by taking into account the following factors: oil price dynamics, sharia compliant, macroeconomic variables, instability and World Bank Enterprise survey. This paper attempts to search for the push and pull factors of Islamic banking growth to fill the gap in determining the Islamic banking growth.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 11 no. 1
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 9 November 2015

Harri Laihonen, Antti Lönnqvist and Juha Metsälä

The purpose of this paper is to elaborate the connections between an organization’s knowledge management and growth management strategies. The study shows how knowledge…

Abstract

Purpose

The purpose of this paper is to elaborate the connections between an organization’s knowledge management and growth management strategies. The study shows how knowledge management can support organizations’ growth objectives.

Design/methodology/approach

The paper first connects the literature streams of growth management and knowledge management. This conceptual understanding about growth-oriented knowledge management is then advanced through an exploratory case study of a company aiming at rapid growth in the construction industry.

Findings

The paper recognizes two knowledge perspectives to growth management. First, the perspective of knowledge assets concerns whether an organization has the needed knowledge resources to enable growth. Second, to make informed decisions, the management needs relevant and up-to-date information. From these viewpoints, the paper derives the case-specific cornerstones of growth-oriented knowledge management and suggests some paths forward in terms of future research.

Practical implications

Although growth strategy defines an organization’s growth aims and clarifies how the intended growth will be attained, knowledge strategy takes a stand on the needed knowledge assets and paints a path from the existing knowledge base to a state where organization’s knowledge assets enable reaching of its business goals. The paper helps practitioners to plan growth-oriented knowledge management strategies.

Originality/value

The paper contributes by extending the analysis of knowledge strategy to growth management and by providing a practical illustration of the development process where knowledge was put into prime focus of organization’s growth strategy. The paper also provides original data and perspective to the roles and interaction of the board and the management team in the case of growth management.

Details

VINE, vol. 45 no. 4
Type: Research Article
ISSN: 0305-5728

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Article
Publication date: 19 September 2016

Habib Kachlami and Darush Yazdanfar

The purpose of this paper is to study the firm-level financial variables affecting the growth of small and medium-sized enterprises (SMEs).

Abstract

Purpose

The purpose of this paper is to study the firm-level financial variables affecting the growth of small and medium-sized enterprises (SMEs).

Design/methodology/approach

The study applies a resource-based view to analyze the firm-level as well as industry-level determinants of SME growth. Empirical evidence has also been provided from a data set of SMEs in Sweden to support the hypotheses. For a robust statistical analysis, three models – ordinary least squares (OLS) regression, random-effects regression and fixed-effects regression – are used to examine the influence of explanatory variables on growth.

Findings

The findings of this study show a positive and significant influence of profitability, short-term debt and size on a firm’s growth across all three models. Results regarding the influence of long-term debt on growth, however, are mixed. While the results of a fixed-effect model show the negative and significant influence of long-term debt on growth, the results according to OLS and random effects show long-term debt positively related to growth.

Research limitations/implications

This study has been conducted over a period of four years and in the context of Sweden which may limit the generalizability of its results for longer periods and for different contexts. Moreover, the low explanatory power of the models implies the need to also consider other types of variables, such as managerial or socio-economic variables, to better explain the determinants of SME growth.

Practical implications

Understanding the determinants of growth can be important for policy makers, SME managers and financial institutions. The findings of this study can be used for designing policies which stimulate SME growth. Realizing the financial resources that influence growth can also help SME managers and financial institutions to understand each other’s need for better cooperation.

Originality/value

This paper applies different models for analyzing large and cross-sectoral data regarding SME growth in the context of Sweden.

Details

Management Research Review, vol. 39 no. 9
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 10 April 2019

Shun Ye, Honggen Xiao, Tianyu Ying and Lingqiang Zhou

This paper aims to model and empirically test the determinants of small accommodation business (SAB) size.

Abstract

Purpose

This paper aims to model and empirically test the determinants of small accommodation business (SAB) size.

Design/methodology/approach

This study distinguishes among three aspects of SAB size (accommodation scale, investment and employment) and between two modes of growth (managerial and entrepreneurial growth). A conceptual framework was developed based on business growth theory, whereby three econometric models were constructed and estimated to predict size variations. Data were collected through a survey on 200 SABs in North Zhejiang Province of China. Effects of the determinants were contrasted between different size indicators.

Findings

The SAB size can be affected by personal factors (employed working experience, education level, industry-specific know-how), interpersonal factor (relative ties to other SABs) and environmental factor (association support). The interpersonal and environmental factors tend to contribute to managerial growth, while the personal factors are usually conducive to entrepreneurial growth.

Research limitations/implications

This study addresses the questions of “why some SABs grow larger in size than others” and “why different SABs grow in different ways”. But more contexts and business types should be examined so as to ensure generalizability through future studies.

Practical implications

The research findings can provide guidelines for local tourism administration to encourage or regulate SAB development.

Originality/value

This study is among the first endeavors to examine the multidimensionality and determinants of business size in tourism and hospitality; it contributes to literature by expanding tourism entrepreneurship research into a/the “growth paradigm”.

Details

International Journal of Contemporary Hospitality Management, vol. 31 no. 4
Type: Research Article
ISSN: 0959-6119

Keywords

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