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1 – 10 of 70Min Bai, Yafeng Qin and Feng Bai
The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system…
Abstract
Purpose
The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework.
Design/methodology/approach
This paper investigates the relationship between stock market liquidity and the dividend payout policy under the full tax imputation system in the Australian market. This study uses the Generalized Least Squares regressions with firm- and year-fixed effects.
Findings
In contrast to the negative relationship between the liquidity of common shares and the firms' dividends documented in countries with the double tax system, the study reveals that in Australia, the dividend payout ratios are positively associated with liquidity after controlling for various explanatory variables with both the contemporaneous and lagged time periods. Such a finding is robust to the use of alternative liquidity proxies and to the sub-period tests and remains during the COVID-19 pandemic period.
Research limitations/implications
The insights derived from this study have significant implications for various stakeholders within the economy. The findings provide regulators with valuable insights to conduct a more holistic assessment of how the tax system impacts the economy, especially concerning the dividend choices of firms. Within the context of a full tax imputation system, investors can make investment decisions without factoring in the taxation impact. Simultaneously, firms can be relieved of concerns about losing investors who prioritize liquidity, particularly when a high dividend payout might not align optimally with their financial strategy.
Originality/value
This study contributes to the literature by extending the literature on the tax clientele effects on dividend policy, providing evidence that the tax imputation system can moderate the impact of liquidity on dividend policy. This study examines the impact of the dividend tax imputation system on the substitution effect between dividends and liquidity.
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Lin Han, Hansi Hu and Terry Walter
Are franking credit balances priced? This paper aims to investigate the valuation of franking credit balances via a determinant analysis and value relevance analysis.
Abstract
Purpose
Are franking credit balances priced? This paper aims to investigate the valuation of franking credit balances via a determinant analysis and value relevance analysis.
Design/methodology/approach
The determinant analysis examines the factors that contribute to the increasing cumulative level of franking credit balances. Value relevance studies explore whether franking credit balances are priced in the market.
Findings
The results provide strong evidence of a size effect that the level of franking credit balances increases with firm size and weak evidence of an international focus effect that the level of franking credit balances increases with international ownership. They also find an individual dividend clientele effect that the level of franking credit balances decreases with individual ownership. They find significant evidence that franking credit balances are priced in the market. One dollar of franking credit is worth 1.4 dollars in firm value. That franking balances are capitalized at more than their face value suggests that franking credits signal firms' future dividend policy. They also find that the market valuation of franking balances increases with firm size but decreases with international focus.
Originality/value
This study provides direct evidence that franking credit balances are capitalized into equity prices. In the determinant analysis, this paper improves Heaney's (2009) model by using the percentage of international ownership as the proxy of international focus, thus addressing the limitation of his measure. In the value relevance tests, the study uses a modified model that includes log-transformation to reduce the skewness of variables based on Tanza's (2014) value relevance model. Moreover, the study suggests that the market valuation of franking credit balances increases with firm size, which contradicts Heaney's (2009) findings.
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Thomas Quincy Wilmore, Ana Kriletic, Daniel J. Svyantek and Lilah Donnelly
This study investigates the validity of Ferreira et al.’s (2020) Organizational Bullshit Perception Scale by examining its distinctiveness from similar constructs (perceptions of…
Abstract
Purpose
This study investigates the validity of Ferreira et al.’s (2020) Organizational Bullshit Perception Scale by examining its distinctiveness from similar constructs (perceptions of organizational politics, organizational cynicism, procedural justice) and its predictive validity through its relations with important organizational attitudes (organizational identification) and behaviors (counterproductive work behavior and organizational citizenship behavior). This study also examines the moderating effects of honesty–humility on the relations between organizational bullshit perception and the outcomes of counterproductive work behavior, organizational citizenship behavior and organizational identification. Finally, this study examines the incremental validity of organizational bullshit perception in predicting counterproductive work behavior, organizational citizenship behavior and organizational identification above and beyond similar constructs in an exploratory fashion.
Design/methodology/approach
Survey data were collected from a sample of working adults online via Amazon’s Mechanical Turk platform across two waves (final N = 323 for wave 1 and 174 for wave 2), one month apart.
Findings
The results indicate that organizational bullshit perception, as measured by Ferreira et al.’s (2020) scale, represents a distinct construct that has statistically significant relations with counterproductive work behavior, organizational citizenship behavior and organizational identification, even after controlling for procedural justice, organizational cynicism and perceptions of organizational politics. The results, however, showed no support for honesty–humility as a moderator.
Practical implications
These findings suggest that organizations can benefit from assessing and working to alleviate their employees’ perceptions of organizational bullshit. This construct predicts behaviors and attitudes important for organizational functioning.
Originality/value
This study adds to Ferreira et al.’s (2020) original work by demonstrating organizational bullshit perception’s distinctiveness from existing constructs in the literature and its implications for organizations and their employees.
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The study examines the effects of religious identity, practices and beliefs on Muslim Americans' perceptions of discrimination and the extent to which religion might shape the…
Abstract
Purpose
The study examines the effects of religious identity, practices and beliefs on Muslim Americans' perceptions of discrimination and the extent to which religion might shape the perception of discrimination differently within Muslim race/ethnic groups.
Design/methodology/approach
Study data were obtained from the 2011 Pew Survey (N = 1,033), a nationally representative sample of Muslim adults 18 years old and older living in the United States. The sample weights with the exclusion of non-response cases were used for bivariate analyses. For multivariate analyses, multiple imputation procedures were employed to impute missing values on all variables.
Findings
Muslim Americans with high levels of religious practices are more likely and Muslim Americans with strong belief in religious tenets are less likely to report experiencing different forms of discrimination. Black, Asian and other/mixed race Muslims with high levels of religious practices report higher rates of discrimination than their white coreligionists. Within group comparison shows that the pure extrinsic group reports higher rates of perceived discrimination than the pro-religious, pure intrinsic and non-religious groups.
Originality/value
The study emphasizes varying effects of religious factors on different Muslim American groups in perceived discrimination and suggests researchers challenge a common perception of viewing religion as a “master status” for the Muslim identity.
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Khalil Nimer, Cemil Kuzey and Ali Uyar
This study investigated the micro–macro link in the hospitality and tourism (H&T) sector, specifically considering whether the gender diversity, independence and board attendance…
Abstract
Purpose
This study investigated the micro–macro link in the hospitality and tourism (H&T) sector, specifically considering whether the gender diversity, independence and board attendance rates of H&T firms' boards, alongside the moderation effect of board policies, played a significant role in tourism sector performance.
Design/methodology/approach
The 2011–2018 data were retrieved from the World Bank and the Thomson Reuters Eikon databases, and fixed effects panel regression was conducted.
Findings
While female directors were a significant driver of tourism sector performance in terms of tourist arrivals and tourism receipts, independent directors were effective in improving tourist arrivals only. Furthermore, moderation analyses demonstrated the inefficacy of board policies in enhancing these directors' contributions to the sector's development. Moreover, the findings revealed the inefficiency of board meetings.
Practical implications
Concerning the efficacy of board policies, the results suggest that firms' boards should review and revise their policies. Surprisingly, while board-diversity policies made no difference to female directors' role in the sector's development (although females were influential), board-independence policies produced unexpected results. In the absence of a board-independence policy, independent directors are influential, but if a policy exists, they are not.
Originality/value
Although prior firm-level studies tested whether board characteristics enhanced firms' performance in the H&T sector, they did not investigate whether board characteristics promoted tourism sector performance. Moreover, the moderating effect of board policies on boards' structures and tourism sector performance has not yet been examined.
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Denial-of-service (DoS) attacks develop unauthorized entry to various network services and user information by building traffic that creates multiple requests simultaneously…
Abstract
Purpose
Denial-of-service (DoS) attacks develop unauthorized entry to various network services and user information by building traffic that creates multiple requests simultaneously making the system unavailable to users. Protection of internet services requires effective DoS attack detection to keep an eye on traffic passing across protected networks, freeing the protected internet servers from surveillance threats and ensuring they can focus on offering high-quality services with the fewest response times possible.
Design/methodology/approach
This paper aims to develop a hybrid optimization-based deep learning model to precisely detect DoS attacks.
Findings
The designed Aquila deer hunting optimization-enabled deep belief network technique achieved improved performance with an accuracy of 92.8%, a true positive rate of 92.8% and a true negative rate of 93.6.
Originality/value
The introduced detection approach effectively detects DoS attacks available on the internet.
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Daniel Lundqvist, Cathrine Reineholm, Christian Ståhl and Mattias Hellgren
Knowledge regarding the importance of the psychosocial work environment for health and well-being in the workplace is extensive. However, more knowledge is needed about how the…
Abstract
Purpose
Knowledge regarding the importance of the psychosocial work environment for health and well-being in the workplace is extensive. However, more knowledge is needed about how the managers’ organizational conditions are related to what occupational health and safety management (OHSM) is actually conducted and how this relates to the work-related health of employees. The aim of this study is therefore to investigate if managers’ organizational conditions are associated with the conducted OHSM, and if the conducted OHSM is associated with the psychosocial work environment and well-being of the employees.
Design/methodology/approach
An electronic questionnaire was sent to managers and their employees working in 10 different organizations in Sweden, resulting in 1,097 valid responses. Structural equation modeling (SEM) was used to analyze the results.
Findings
The SEM analysis showed that managers’ conditions were related to employee well-being via OHSM and psychosocial work environment (job demands and job resources).
Originality/value
This study contributes to the existing literature in the field of OHSM by placing explicit focus on the role of organizational conditions for conducting OHSM. By studying not only the link between work environment and health, but also focus on the underlying organizational structures for OHSM, provides additional possibilities for prevention of the increasing work-related illness. As such, this paper contributes to a more holistic perspective in the field of OHSM.
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Ping Huang, Haitao Ding, Hong Chen, Jianwei Zhang and Zhenjia Sun
The growing availability of naturalistic driving datasets (NDDs) presents a valuable opportunity to develop various models for autonomous driving. However, while current NDDs…
Abstract
Purpose
The growing availability of naturalistic driving datasets (NDDs) presents a valuable opportunity to develop various models for autonomous driving. However, while current NDDs include data on vehicles with and without intended driving behavior changes, they do not explicitly demonstrate a type of data on vehicles that intend to change their driving behavior but do not execute the behaviors because of safety, efficiency, or other factors. This missing data is essential for autonomous driving decisions. This study aims to extract the driving data with implicit intentions to support the development of decision-making models.
Design/methodology/approach
According to Bayesian inference, drivers who have the same intended changes likely share similar influencing factors and states. Building on this principle, this study proposes an approach to extract data on vehicles that intended to execute specific behaviors but failed to do so. This is achieved by computing driving similarities between the candidate vehicles and benchmark vehicles with incorporation of the standard similarity metrics, which takes into account information on the surrounding vehicles' location topology and individual vehicle motion states. By doing so, the method enables a more comprehensive analysis of driving behavior and intention.
Findings
The proposed method is verified on the Next Generation SIMulation dataset (NGSim), which confirms its ability to reveal similarities between vehicles executing similar behaviors during the decision-making process in nature. The approach is also validated using simulated data, achieving an accuracy of 96.3 per cent in recognizing vehicles with specific driving behavior intentions that are not executed.
Originality/value
This study provides an innovative approach to extract driving data with implicit intentions and offers strong support to develop data-driven decision-making models for autonomous driving. With the support of this approach, the development of autonomous vehicles can capture more real driving experience from human drivers moving towards a safer and more efficient future.
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Khatab Alqararah and Ibrahim Alnafrah
This research paper aims to contribute to the field of innovation performance benchmarking by identifying appropriate benchmarking groups and exploring learning opportunities and…
Abstract
Purpose
This research paper aims to contribute to the field of innovation performance benchmarking by identifying appropriate benchmarking groups and exploring learning opportunities and integration directions.
Design/methodology/approach
The study employs a multi-dimensional innovation-driven clustering methodology to analyze data from the 2019 edition of the Global Innovation Index (GII). Hierarchical and K-means Cluster Analysis techniques are applied using various sets of distance matrices to uncover and analyze distinct innovation patterns.
Findings
This study classifies 129 countries into four clusters: Specials, Advanced, Intermediates and Primitives. Each cluster exhibits strengths and weaknesses in terms of innovation performance. Specials excel in the areas of institutions and knowledge commercialization, while the Advanced cluster demonstrates strengths in education and ICT-related services but shows weakness in patent commercialization. Intermediates show strengths in venture-capital and labour productivity but display weaknesses in R&D expenditure and the higher education quality. Primitives exhibit strength in creative activities but suffer from weaknesses in digital skills, education and training. Additionally, the study has identified 35 indicators that have negligible variance contributions across countries.
Originality/value
The study contributes to finding the relevant countries’ grouping for the enhancement of communication, integration and learning. To this end, this study highlights the innovation structural differences among countries and provides tailored innovation policies.
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