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Article
Publication date: 18 December 2023

Yong H. Kim, Bochen Li, Hyun-Han Shin and Wenfeng Wu

It is documented that companies and government agencies in the USA invest more in the fourth fiscal quarter without having higher investment opportunities. While previous studies…

2311

Abstract

Purpose

It is documented that companies and government agencies in the USA invest more in the fourth fiscal quarter without having higher investment opportunities. While previous studies focus on the agency conflicts and information asymmetry within organizations, this study is motivated by Scharfstein and Stein's (2000) two-tiered agency model and aims to examine how firms' external business environment affects the “fourth quarter effect.”

Design/methodology/approach

The authors implement this study in a sample of 41 countries and observe similar seasonality in firm investment as documented in the US market.

Findings

More importantly, using country characteristics, this study finds that firms from countries with better investor rights and protection, and more developed financial markets show less severe over-investment in the fourth fiscal quarter.

Originality/value

This paper contributes to the literature of law and finance, and the internal capital market, by investigating the quarterly investment patterns of firms from 41 countries. The authors find that similar to the results in earlier studies on the US market, firms in the global market increase their capital expenditure in the fourth fiscal quarter, indicating that the internal agency conflicts between the headquarters and divisional managers are widespread across the world. The authors also find that firms that operate in countries with higher investor rights and protection, and more developed financial markets, tend to show less severe “fourth quarter effect”.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

Keywords

Book part
Publication date: 24 October 2013

Jungsoo Park, Hyun-Han Shin and Jeong Ho Suh

This chapter surveys papers and the related literature on the relationship between banks’ creditor structure and bank risk during the period of liquidity crises. Departing from…

Abstract

This chapter surveys papers and the related literature on the relationship between banks’ creditor structure and bank risk during the period of liquidity crises. Departing from the conventional banking literature, which points to deteriorating asset quality to be the culprit for the amplified bank risk in the midst of financial crises, the studies in the aftermath of the global financial crisis look into the liability side of the bank balance sheet as a potential source for the augmented bank risk during the financial crisis when there is a liquidity contraction. Recent studies theorize and provide empirical evidence that banking institutions with a greater share of large lenders and an economy with high noncore bank liabilities in the banking sector may experience heightened bank risk or country risk. We also search for policy implications from this survey.

Details

Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

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Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Content available
Book part
Publication date: 24 October 2013

Abstract

Details

Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

Abstract

Details

Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

Article
Publication date: 31 May 2004

Abuzar M.A. Eljelly

This study empirically examines the relation between profitability and liquidity, as measured by current ratio and cash gap (cash conversion cycle) on a sample of joint stock…

9295

Abstract

This study empirically examines the relation between profitability and liquidity, as measured by current ratio and cash gap (cash conversion cycle) on a sample of joint stock companies in Saudi Arabia. Using correlation and regression analysis the study found significant negative relation between the firm’s profitability and its liquidity level, as measured by current ratio. This relationship is more evident in firms with high current ratios and longer cash conversion cycles. At the industry level, however, the study found that the cash conversion cycle or the cash gap is of more importance as a measure of liquidity than current ratio that affects profitability. The size variable is also found to have significant effect on profitability at the industry level. Finally, the results are stable over the period under study.

Details

International Journal of Commerce and Management, vol. 14 no. 2
Type: Research Article
ISSN: 1056-9219

Keywords

Article
Publication date: 21 January 2022

Seung Hyun Han, Eunjung Oh, Sung Pil Kang, Sumi Lee and Shin Hee Park

The purpose of this study is to investigate the link between informal learning and employees’ in-role performance and whether the mechanism through informal learning mediates the…

Abstract

Purpose

The purpose of this study is to investigate the link between informal learning and employees’ in-role performance and whether the mechanism through informal learning mediates the relationships between self-efficacy, job characteristics, trust and in-role performance.

Design/methodology/approach

Based on data (n = 294) obtained from the firms with the Work–Learning Dual System in South Korea, a structural equation modeling (SEM) analysis was conducted.

Findings

The findings indicated that trust and job characteristics affected informal learning and informal learning mediates the relationships of trust and job characteristics with job performance.

Originality/value

The significant contributions of this study to the extant literature on informal learning are as follows: first, the present study investigates a mechanism and a mediating role of informal learning using SEM, while most previous studies in literature have employed qualitative research in informal learning. Second, this study explores the mediating role of informal learning between personal/job-related determinants of informal learning and in-role performance, which has not yet been examined in existing literature. Finally, this study provides practical implications regarding how organizations can facilitate more informal learning among employees to enhance their performance.

Details

Journal of Workplace Learning, vol. 34 no. 5
Type: Research Article
ISSN: 1366-5626

Keywords

Article
Publication date: 10 October 2018

Seung-Hyun Han, Dong-Yeol Yoon, Boyung Suh, Beixi Li and Chungil Chae

This paper aims to study the effects of perceived organizational support (POS) on employees’ knowledge sharing intention (KSI). More specifically, this study examined whether…

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Abstract

Purpose

This paper aims to study the effects of perceived organizational support (POS) on employees’ knowledge sharing intention (KSI). More specifically, this study examined whether these effects are moderated by job characteristics (JCs) and are mediated by organizational citizenship behavior (OCB).

Design/methodology/approach

Data for 426 employees were collected via an online questionnaire from four IT companies in South Korea. Combined effects in the variable set were analyzed using conditional process analyses (Hayes, 2013).

Findings

The results indicate that POS positively affects OCB and KSI, and that JCs moderate the relationship between POS and OCB. Also, the relationship between POS and KSI is mediated by OCB, and the hypothesized moderated mediation model is confirmed.

Originality/value

This study is novel in empirically establishing how employees’ KSI is affected by POS as an integrative construct bringing together JCs and OCB. This paper intends to fill a methodological gap and nurture future research by adopting conditional process analyses assessing whether JCs moderate the relationship between POS and OCB and mediate the effects of OCB on KSI.

Details

Journal of Knowledge Management, vol. 23 no. 4
Type: Research Article
ISSN: 1367-3270

Keywords

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