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Article
Publication date: 19 November 2007

Yong H. Kim Ph., Jong C. Rhim and Daniel L. Friesner

This paper examines the interrelationships among debt policy, dividend policy, and ownership structure using a simultaneous equation framework. Our approach allows us to test both…

1216

Abstract

This paper examines the interrelationships among debt policy, dividend policy, and ownership structure using a simultaneous equation framework. Our approach allows us to test both the convergence of interests theory and entrenchment theory. Using a sample of publicly traded South Korean manufacturing firms, we find that debt policy and ownership structure have a positive impact on dividend policy. We also find that both debt and dividend policy are positively related to ownership structure. Our findings support both the theory of convergence of interests between management and ownership and entrenchment theory, and also explain why many studies have found conflicting results.

Details

Multinational Business Review, vol. 15 no. 3
Type: Research Article
ISSN: 1525-383X

Keywords

Article
Publication date: 22 April 2006

Jong C. Rhim, Joy V. Peluchette and Inam Song

This study investigates the effects of CEO succession on the stock and financial performance of large publicly held corporations over the years 1977‐1994. Using a market signaling…

Abstract

This study investigates the effects of CEO succession on the stock and financial performance of large publicly held corporations over the years 1977‐1994. Using a market signaling framework, this study examines how the stock market responds to the expected financial performance of the firm at the announcement of CEO succession. The impact of successor origin of the CEO on the financial performance of the firm is also investigated. Findings indicate that the stock market responded more favorably to the announcement of succession caused by unanticipated events than to announcements of anticipated succession. Although successions resulted in significant improvement in some aspects of financial performance, the findings could not be generalized across all financial performance measures. However, those firms with inside CEO succession performed generally better than those firms utilizing outside succession with respect to operations and profitability.

Details

American Journal of Business, vol. 21 no. 1
Type: Research Article
ISSN: 1935-5181

Keywords

Open Access
Article
Publication date: 1 March 2024

Songhee Kim, Jaeuk Khil and Yu Kyung Lee

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in…

1260

Abstract

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for the subsequent two years or, after a significant decrease, do not raise dividends for the following two years. Our empirical findings indicate that companies that increase dividends experience a significant decrease in both book and market leverage, even after controlling for variables such as target leverage ratios. This result suggests that a large increase in dividends can effectively reduce information asymmetry, leading to a lower cost of equity. On the contrary, after a decrease in dividends, both book leverage and market leverage significantly increase, revealing a symmetric relationship between dividend policy and capital structure. In conclusion, large dividend increases in Korean companies not only reduce information asymmetry but also lower the cost of equity capital, resulting in observable changes in the leverage ratio.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 32 no. 2
Type: Research Article
ISSN: 1229-988X

Keywords

Article
Publication date: 11 May 2015

Jong Ho Hwang

This paper aims to present a recent history of developments and innovations that, along with advances in information technology, have caused fundamental changes in the way that…

11042

Abstract

Purpose

This paper aims to present a recent history of developments and innovations that, along with advances in information technology, have caused fundamental changes in the way that financial risk is created, transformed, transported and extinguished in modern financial intermediation systems. A review and critique of the global supervisory response to these developments is presented.

Design/methodology/approach

A bottom-up approach to the capture, recording, disaggregation, re-composition and measurement of new, standardized, basic elements of risk that the authors refer to as risk quanta is proposed.

Findings

This approach provides a clearer understanding of the financial world that the people live in today and creates a robust information platform to build innovations, advancements and economic growth in the future.

Practical implications

This approach provides decision-makers with a clearer understanding of the financial world that the people live in today and creates a robust information platform to build innovations, advancements and economic growth in the future.

Social implications

This approach provides financial market participants and the public with a clearer understanding of the financial system and creates a robust information platform to build innovations, advancements and economic growth in the future.

Originality/value

This approach is more comprehensive unlike current international proposals for a global financial risk framework.

Details

Journal of Financial Regulation and Compliance, vol. 23 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 1 February 2018

Joy M. Field, Liana Victorino, Ryan W. Buell, Michael J. Dixon, Susan Meyer Goldstein, Larry J. Menor, Madeleine E. Pullman, Aleda V. Roth, Enrico Secchi and Jie J. Zhang

The purpose of this paper is to present exciting and innovative research questions in service operations that are aligned with eight key themes and related topics determined by…

5894

Abstract

Purpose

The purpose of this paper is to present exciting and innovative research questions in service operations that are aligned with eight key themes and related topics determined by the Journal of Service Management (JOSM) Service Operations Expert Research Panel. By offering a good number of such research questions, this paper provides a broad range of ideas to spur conceptual and empirical research related to service operations and encourage the continued creation of deep knowledge within the field, as well as collaborative research across disciplines that develops and incorporates insights from service operations.

Design/methodology/approach

Based on a Delphi study, described in the companion article, “Service Operations: What Have We Learned?,” the panel identified eight key research themes in service operations where leading-edge research is being done or has yet to be done (Victorino et al., 2018). In this paper, three or four topics within each theme are selected and multiple questions for each topic are proposed to guide research efforts. The topics and questions, while wide-ranging, are only representative of the many ongoing research opportunities related to service operations.

Findings

The field of service operations has many interesting research topics and questions that are largely unexplored. Furthermore, these research areas are not only increasingly integrative across multiple themes within operations but often transcend functional disciplines. This creates opportunities for ever more impactful research with a greater reach throughout the service system and suggests that service researchers, regardless of functional affiliation, can contribute to the ongoing conversation on the role of service operations in value creation.

Originality/value

Leveraging the collective knowledge of the JOSM Service Operations Expert Research Panel to expand on the research themes generated from the Delphi study, novel questions for future study are put forward. Recognizing that the number of potential research questions is virtually unlimited, summary questions by theme and topic are also provided. These questions represent a synopsis of the individual questions and can serve as a quick reference guide for researchers interested in pursuing new directions in conceptual and empirical research in service operations. This summary also serves as a framework to facilitate the formulation of additional research topics and questions.

Open Access
Article
Publication date: 20 August 2021

Rosita Capurro, Raffaele Fiorentino, Stefano Garzella and Rosa Lombardi

The aim of this paper is to investigate the role of boundary management when firms should implement open innovation.

2536

Abstract

Purpose

The aim of this paper is to investigate the role of boundary management when firms should implement open innovation.

Design/methodology/approach

The relevant literature on strategic management, firm boundaries and open innovation fields is revised and critically assessed. An interpretive-qualitative methodology is applied to analyse empirical data obtained from a questionnaire and subsequent interviews of a sample of Italian listed firms. By critically integrating literature review and empirical analysis, a framework is provided with the objective of supporting open innovation implementation.

Findings

The study shows that on the one hand, open innovation and many modern paths of growth are connected to a firm's boundaries and that on the other hand, boundary management plays a key role in the implementation of open innovation.

Practical implications

The paper has implications for practitioners by driving them to shift the focus of open innovation implementation towards the management of boundaries, in which boundary capabilities and activities play a key role.

Originality/value

This paper sheds light on the advantages and risks that can jeopardize a successful opening up innovation processes without the effective management of boundary studies. Thus, the authors identify and propose causes for reflection and tools maximizing potentiality and reducing risks in the implementation of such processes.

Details

Business Process Management Journal, vol. 27 no. 8
Type: Research Article
ISSN: 1463-7154

Keywords

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