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Article
Publication date: 16 October 2020

Samuel Adomako

The purpose of this paper was to examine the joint effects of regulatory focus, entrepreneurial persistence and institutional support on new venture performance.

Abstract

Purpose

The purpose of this paper was to examine the joint effects of regulatory focus, entrepreneurial persistence and institutional support on new venture performance.

Design/methodology/approach

This paper uses a random survey approach to sample 204 new ventures from Ghana. The moderated mediation method was used to analyse the survey data.

Findings

The findings from this paper show that entrepreneurs' promotion focus positively relates to persistence while prevent focus negatively influences persistence. In addition, persistence mediates the link between regulatory focus (promotion and prevention focus) and new venture performance. These relationships are positively moderated by perceived institutional support.

Research limitations/implications

Using data from only the manufacturing sector in Ghana limits the generalisability of this paper. In addition, persistence is not observed or measured directly in this paper but is only used as self-reporting variable that captures an individual's tendency to persist.

Originality/value

The contribution of this paper is threefold. First, this paper contributes to regulatory focus literature by enhancing our knowledge on how self-regulation could help explain entrepreneurial decision-making. Second, this paper broadens self-regulation literature by adding institutional context as a moderating variable. Third, this paper helps clarify the potential role of persistence in entrepreneurship.

Details

Journal of Small Business and Enterprise Development, vol. 27 no. 7
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 9 October 2017

Surendranath R. Jory, Thanh Ngo and Hamid Sakaki

The purpose of this paper is to empirically examine the link between institutional ownership stability and dividend payout ratio.

Abstract

Purpose

The purpose of this paper is to empirically examine the link between institutional ownership stability and dividend payout ratio.

Design/methodology/approach

First, the authors estimate the propensity of a firm to pay dividend. Next, the authors perform panel fixed-effect regressions of dividend payouts on institutional ownership stability variables. The authors also compare institutional ownership between dividend paying and non-dividend paying investee firms. The authors analyze the dividend preferences of different types of institutional owners. Finally, the authors examine the cross-sectional variation in the volatility of dividend payouts.

Findings

The authors find that stable and large institutional owners favor dividend paying companies. There also exists a positive association between ownership persistence and dividend payout. Conversely, firms that change their dividend payout frequently are associated with larger deviations in institutional ownership. Additionally, the presence of pressure-sensitive institutional investors (i.e. investors that also hold business ties with the investee firm) is significantly linked to dividend payout policy. Conversely, pressure-insensitive investors use alternative forms of monitoring instead of requiring investee firms to pay dividends, which serve to reduce agency conflicts.

Originality/value

This paper considers the preferences of long-term stable institutional investors in their selection of dividend paying firms.

Details

Managerial Finance, vol. 43 no. 10
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 6 September 2018

Jia-Chi Cheng, Fang-Chi Lin and Tsai-Hui Tung

This study examines whether investment horizons among institutional investors affect cash dividend payout policies among firms. We use institutional ownership volatility…

Abstract

This study examines whether investment horizons among institutional investors affect cash dividend payout policies among firms. We use institutional ownership volatility and persistence to measure institutional ownership stability. We find that cash dividend payout ratios are negatively correlated to volatility and positively correlated to persistence. The results suggest that firms with stable institutional investors encourage managers to pay cash dividends rather than invest in suboptimal projects or perquisite consumption. Furthermore, this study tests whether the impact of institutional ownership stability on cash dividend policy matters in firms with greater agency costs. This study finds that stable institutional ownership increases cash dividends for firms with severe or slight agency problems. These findings suggest that institutional ownership stability plays an important role in monitoring and hence in determining cash dividends.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-78756-446-6

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Book part
Publication date: 30 November 2017

Markus A. Höllerer, Thibault Daudigeos and Dennis Jancsary

In this editorial for a double volume on “Multimodality, Meaning, and Institutions” in Research in the Sociology of Organizations, we aim to achieve three objectives…

Abstract

In this editorial for a double volume on “Multimodality, Meaning, and Institutions” in Research in the Sociology of Organizations, we aim to achieve three objectives: first, we provide a set of guiding ideas about what a multimodal prism entails for the study of meaning and institutions; second, we give an overview of the topics, concepts, and methods covered in this volume and briefly introduce the central contributions and insights of each article; third, we outline a number of open questions and fruitful avenues for a future research agenda at the intersection of organization studies, institutional theory, and multimodality research.

Details

Multimodality, Meaning, and Institutions
Type: Book
ISBN: 978-1-78743-330-4

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Book part
Publication date: 16 December 2016

Patrick Vermeulen, Shaz Ansari and Michael Lounsbury

While scholars have developed increasingly well-developed accounts of institutional change, little attention has been paid to how change is resisted and, in particular…

Abstract

While scholars have developed increasingly well-developed accounts of institutional change, little attention has been paid to how change is resisted and, in particular, how efforts to marketize fail. We draw on the institutional logics perspective to guide analysis of an empirical case of the failed attempt by the Dutch state to marketize childcare organizations and create a market for childcare. We document that even though the existence of logics that were antithetical to the market logic did not catalyze organized collective resistance to marketization, the market logic never took root, and marketization has even been rolled back. We argue that the failure to create a childcare market in the Netherlands was caused by individual-level cognitive dissonance that cumulated into profound field-level ambivalence that undermined efforts to implement market practices. We develop several propositions that could usefully guide future research on how cognitive dissonance might underlie the failure to construct markets. By theorizing failure to change a field, we contribute to the limited body of work that has looked at failed attempts to change institutions, arguing for more attention to individual-field cross-level dynamics.

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Article
Publication date: 15 June 2020

Lela Mélon and Rok Spruk

Because of the renewed interest in public purchasing and the strategic use of public funds under the requirements of sustainable development, the question arose once again…

Abstract

Purpose

Because of the renewed interest in public purchasing and the strategic use of public funds under the requirements of sustainable development, the question arose once again as to how to curb the fall of institutional quality once criteria other than price are inserted into the decision-making in public purchasing. E-procurement has been repeatedly named as one of the most efficient tools to that effect and the present paper sets out to discover whether the implementation of e-procurement in a particular country per se entails also higher institutional quality, allowing for a wider implementation of green and sustainable procurement at the national, regional and municipal level without the fear of worsening the country’s institutional quality. By analyzing the implementation of e-procurement in Denmark, the Netherlands and in Portugal, this paper aims to verify the hypothesis that the implementation of e-procurement implies better institutions in terms of public purchasing. As such, the conclusions will be used in further research on the prerequisites for a successful implementation of green public procurement across the European Union.

Design/methodology/approach

Gathering data on institutional quality of three early e-procurement adopters (Denmark, the Netherlands and Portugal) allows for comparison of institutional quality pre- and post-e-procurement implementation. By using difference-in-differences comparison the paper seeks to answer the question how doesmandatory e-procurement influence institutional quality on the national level.

Findings

The paper finds that the reform is generally associated with a relatively stronger control of corruption in the Netherlands and Denmark, while a similar reform in Portugal failed to translate into a stronger control of corruption. Furthermore, while using the quality of regulation as a dependent variable, a positive and robust effect on the quality of regulation in Denmark was shown, while the quality of reputation in the Netherlands and Portugal declined in the post-reform period, with the drop in the quality of regulation in Portugal being considerably greater, a two-fold higher amount than the estimated drop in the Netherlands. The paper suggests that in spite of the same aims, the reform yielded substantially different or even opposing effects compared to Denmark.

Research limitations/implications

By examining three examples of early adopters, further research with broader impact is needed to deduce general implications for e-procurement implementation. Furthermore, implementation of e-procurement at the regional or local level can also yield distinct results.

Social implications

Understanding the actual impact of e-procurement on institutional quality is indispensable for further study on the matter. The present study argues that e-procurement needs to be accompanied by additional measures or variables to yield a positive impact on institutional quality in public procurement.

Originality/value

As to originality, the present paper uses a law and economics approach, originating or better said drawing motivation from green public procurement concerns, trying to provide an insight in terms of tools that can be used to eliminate concerns regarding institutional quality when implementing green public procurement practices.

Details

Journal of Public Procurement, vol. 20 no. 4
Type: Research Article
ISSN: 1535-0118

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Article
Publication date: 20 April 2020

Chwee Ming Tee and Puspavathy Rasiah

The purpose of this study is to examine whether institutional investors monitoring attenuate (exacerbate) weaker earnings persistence in politically connected firms…

Abstract

Purpose

The purpose of this study is to examine whether institutional investors monitoring attenuate (exacerbate) weaker earnings persistence in politically connected firms (PCFs). In addition, it investigates whether earnings persistence do vary according to different types of political connections.

Design/methodology/approach

This study employs earnings persistence as measure of earnings quality and ordinary least squares (OLS) model to examine: (1) the moderating effect of institutional investors’ ownership on the association between earnings persistence and PCFs and (2) the association between different types of political connections and earnings persistence.

Findings

This study finds that institutional investors' ownership attenuates weaker earnings quality in PCFs, indicating effective monitoring. However, stronger earnings persistence is associated with PCFs with longer political ties, audited by big four audit firm and with higher CEO power.

Originality/value

This study reveals the lower earnings persistence in PCFs can be attenuated by institutional investors monitoring. However, findings also suggest that earnings persistence in PCFs is affected by duration of political ties, big four audit firm and CEO power. This suggests that PCFs should not be viewed as a homogeneous group of firms.

Details

Asian Review of Accounting, vol. 28 no. 3
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 16 December 2020

Bhaskar Chhimwal, Varadraj Bapat and Sarthak Gaurav

The authors examine the industrywise investment preferences of foreign portfolio investors (FPIs), domestic institutional investors (DIIs) and retail investors in the…

Abstract

Purpose

The authors examine the industrywise investment preferences of foreign portfolio investors (FPIs), domestic institutional investors (DIIs) and retail investors in the Indian context. They also investigate the factors influencing their preferences.

Design/methodology/approach

Using the quarterly shareholdings and returns data of the Indian market from March 31, 2009 to March 31, 2018, the authors employ analysis of variance to study investors' preferences and a random effect panel data model to examine the factors that influence these preferences.

Findings

FPIs hold proportionally more stocks in service-oriented industries and large-cap firms, DIIs hold proportionally large numbers of shares in paper industries and retail investors hold proportionally more shares in chemicals and textiles. FPIs prefer stocks with a high export-to-sales ratio and firms registered on a foreign stock market. Domestic investors, especially retail investors, prefer small-cap stocks and firms whose operations require local knowledge. In addition, industry heterogeneity determines investment decisions. Firm-specific and macroeconomic factors that influence investment decisions differ across industries. Finally, government policies and reforms also play a key role in attracting investors.

Practical implications

Policymakers can identify the key variables that influence investment, which can help direct and regulate investment in India and similar emerging markets.

Originality/value

This study fills a research gap by addressing how industry-level heterogeneity affects investors' preferences in terms of the industrywise preferences of different types of investors and the factors that influence their preferences.

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Book part
Publication date: 7 November 2016

Heather T. Rowan-Kenyon, Rebecca D. Blanchard, Brian D. Reed and Amy K. Swan

This study examines the characteristics that affect college persistence from the first to second year among low-socioeconomic status (SES) high school graduates who…

Abstract

This study examines the characteristics that affect college persistence from the first to second year among low-socioeconomic status (SES) high school graduates who enrolled in a two- or four-year college degree program, using the ELS:2002 database. Specifically, this study compares the influences of student entry characteristics, social and cultural capital, institutional characteristics, and college experiences across SES quartiles. While academic preparation and college support measures were predictors of persistence for all groups, predictors of persistence for low-SES students included measures of academic preparation and talking with faculty or advisors. Implications extend to institutional responses needed to support the success of low-SES students.

Details

Paradoxes of the Democratization of Higher Education
Type: Book
ISBN: 978-1-78635-234-7

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Book part
Publication date: 30 November 2017

Grégoire Croidieu, Birthe Soppe and Walter W. Powell

We analyze how institutional persistence unfolds. Building on an historical analysis of 3,307 bottle labels in the Bordeaux wine community, France, between 1924 and 2005…

Abstract

We analyze how institutional persistence unfolds. Building on an historical analysis of 3,307 bottle labels in the Bordeaux wine community, France, between 1924 and 2005, we find that the persistence of a chateau tradition requires considerable effort at maintenance. Instead of greater compression and taken-for-grantedness, we propose that expansion along multimodal carriers provides a marker of a deepening institutionalization. We underscore the role of community organizations in enabling a wine tradition to persist. The implications of our findings for institutional theory and multimodality research are discussed.

Details

Multimodality, Meaning, and Institutions
Type: Book
ISBN: 978-1-78743-332-8

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