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Article
Publication date: 1 February 2016

Enoima Abraham and Gurcharan Singh

The purpose of this paper is to focus on comparing the influence of majority and minority shareholders on executive compensation under conditions of CEO duality, examining…

Abstract

Purpose

The purpose of this paper is to focus on comparing the influence of majority and minority shareholders on executive compensation under conditions of CEO duality, examining majority and minority shareholder influences by measuring their investment and return activity. The paper seeks to uncover how CEO duality changes the impact the two categories of shareholders have on executive compensation, especially in an emerging nation.

Design/methodology/approach

In total, 30 corporations out of the 70 corporations listed on the BM&F Bovespa (a Brazilian stock market) were used for the paper. Quarterly data were collected on the companies from the Datastream database. The paper conducted a moderated regression analysis on the data to determine the conditional effects of majority and minority holders’ investment and returns on executive compensation.

Findings

There are incentives for executives meeting majority shareholder objectives, but minority shareholders’ influences act as a disincentive for executives. Only the influence of blockholders by their returns is affected by the separation of the roles of CEO and Chairman. The effect is such that firms with a separation of the roles have their executives rewarded in line with increments to the returns made to blockholders, but firms that have the roles merged pay a high wage that is inconsistent with managerial performance. Finally, the majority of variation in executive pay levels can be attributed to individual company traits.

Research limitations/implications

The paper’s sample is biased to firm which had publicly available data on the total compensation payable to their top executives.

Practical implications

Advocates of minority shareholder rights may need to exercise patience with the implementation of more formalised governance structure, as they are not providing protection for minority shareholders within the period studied.

Originality/value

The paper provides empirical evidence within the Brazilian context of minority shareholder effects on executive compensation and the effect of CEO duality on the relationship.

Details

Corporate Governance: The International Journal of Business in Society, vol. 16 no. 1
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 5 May 2023

Paras Kanojia and Gurcharan Singh

This paper empirically explored the influence of external and internal factors on technological and non-technological innovation of 5747 Indian firms. The study also explored…

Abstract

Purpose

This paper empirically explored the influence of external and internal factors on technological and non-technological innovation of 5747 Indian firms. The study also explored novel insights about manufacturing firms by segregating them into high-technology and low-technology industries.

Design/methodology/approach

The study employed hierarchical regression analysis to analyse a cross-sectional dataset gathered from the World Bank enterprise survey. The firms are segregated into high-technology and low-technology industries based on the technology-intensity classification of the manufacturing industry given by the Organisation for Economic Co-operation and Development.

Findings

The main results highlight that technological and non-technological innovation was primarily driven by internal resources and capabilities rather than external factors. The authors found the highest effect of research and development spending on both forms of innovation. In both high-tech and low-tech industries, technology transfer is positively associated with technological innovation and negatively associated with non-technological innovation. Furthermore, external business support has substantially influenced non-technological innovation in low-tech industries.

Originality/value

This study used two-step hierarchical regression to explore the influence of external and internal factors on technological and non-technological innovation separately. Exploring determinants of innovation in high-technology and low-technology industries also brings the distinct prerequisites of enhancing innovation to the attention of policymakers and industry experts.

Article
Publication date: 13 June 2022

Suresh Kumar, Ankit Kumar and Gurcharan Singh

This paper investigates the causality among gold prices, crude oil prices, bitcoin and stock prices by using daily data from January 2014 to December 2021. The study also examines…

Abstract

Purpose

This paper investigates the causality among gold prices, crude oil prices, bitcoin and stock prices by using daily data from January 2014 to December 2021. The study also examines the data during the COVID-19 outbreak from January 2020 to December 2021.

Design/methodology/approach

To estimate the long- and short-run causality, this study considers the nonlinear autoregressive distributed lag (NARDL) cointegration test.

Findings

The analysis found the existence of an asymmetric long-run cointegration among selected assets. Findings indicate that positive changes in bitcoin do not affect stock market in the long term. Changes in crude oil prices have a significant impact on stock prices. Moreover, it is observed that variations in the stock prices trigger a negative impact on gold prices. During the COVID-19 period, the study notices the presence of an asymmetric long-term cointegration between selected assets except bitcoin. Besides, findings revealed that negative price adjustments in gold lead to significant positive shocks in stock market.

Originality/value

These results provide critical information for policy performers and researchers to develop new strategies. Policy regulators can also consider the potential effects of the COVID-19 outbreak while developing strategies for investment decisions.

Details

Journal of Economic Studies, vol. 50 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 June 1996

M.P. Satija

Gives a comprehensive revue of the literature which marked the birth centenary of Dr S.R. Ranganathan, a prolific writer on librarianship and library science.

891

Abstract

Gives a comprehensive revue of the literature which marked the birth centenary of Dr S.R. Ranganathan, a prolific writer on librarianship and library science.

Details

Library Review, vol. 45 no. 4
Type: Research Article
ISSN: 0024-2535

Keywords

Article
Publication date: 19 July 2021

Suryakanta Nayak and Dukhabandhu Sahoo

This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to 2017–2018…

Abstract

Purpose

This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to 2017–2018. Two separate analyses have also been done for the sub-periods, i.e., 1990–1991 to 2003–2004 and 2004–2005 to 2017–2018, to find out the effect of the second phase of economic liberalization in India.

Design/methodology/approach

In a panel data study, the estimation of absolute and conditional beta (β)-convergence and sigma (σ)-convergence across 17 Indian regions have been done. To measure the dispersion of per-capita income across the regions in India, the standard deviation of logs, Gini coefficient, Mehran measure, Piesch measure, Kakwani measure and Theil index have been estimated. In addition to this, these indices have been regressed over time.

Findings

This study finds the presence of absolute and conditional β-convergence; the regions with low initial per-capita income have grown faster than the regions with high initial per-capita income. Further, this study finds that foreign direct investment (FDI) inflow and the availability of power enhance growth across regions. However, this study finds the presence of σ-divergence, which indicates that the economic inequality among the regions in India has widened over the periods, calling for policy interventions to promote growth in the backward regions through the promotion of FDI inflow and the availability of power.

Originality/value

This study highlights the rising economic inequality among the regions in India by analyzing the latest available data through appropriate econometric techniques.

Details

Competitiveness Review: An International Business Journal , vol. 32 no. 1
Type: Research Article
ISSN: 1059-5422

Keywords

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