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Article
Publication date: 23 August 2021

Marshall A. Geiger, Rajib Hasan, Abdullah Kumas and Joyce van der Laan Smith

This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate…

Abstract

Purpose

This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate industry-specific market uncertainty. It extends the literature by being the first to empirically examine investor information demand and disaggregate market uncertainty.

Design/methodology/approach

This paper constructs a measure of information search by using the Google Search Volume Index and computes measures of aggregate and disaggregate market uncertainty using institutional investors' trading data from Ancerno Ltd. The relation between market uncertainty, as measured by trading disagreements among institutional investors, and information search is analyzed using an OLS (Ordinary Least Squares) regression model.

Findings

This paper finds that individual investor information demand is significantly and positively correlated with aggregate market uncertainty but not associated with disaggregated industry uncertainty. The findings suggest that individual investors may not fully incorporate all relevant uncertainty information and that ambiguity-related market pricing anomalies may be more associated with disaggregate market uncertainty.

Research limitations/implications

This study presents an examination of aggregate and disaggregate measures of market uncertainty and individual investor demand for information, shedding light on the efficiency of the market in incorporating information. A limitation of our study is that our data for market uncertainty is based on investor trading disagreement from Ancerno, Ltd. which is only available till 2011. However, we believe the implications are generalizable to the current time period.

Practical implications

This study provides the first concurrent empirical assessment of investor information search and aggregate and disaggregate market uncertainty. Prior research has separately examined information demand in these two types of market uncertainty. Thus, this study provides information to investors regarding the importance of assessing disaggregate component measures of the market.

Originality/value

This paper is the first to empirically examine investor information search and disaggregate market uncertainty. It also employs a unique data set and method to determine disaggregate, and aggregate, market uncertainty.

Details

International Journal of Managerial Finance, vol. 18 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 19 June 2020

Daniel Gyung Paik, Joyce Van Der Laan Smith, Brandon Byunghwan Lee and Sung Wook Yoon

The purpose of this study is to investigate the relationship between off-balance-sheet (OBS) operating leases and long-term debt by analyzing firms’ debt risk profiles measured by…

Abstract

Purpose

The purpose of this study is to investigate the relationship between off-balance-sheet (OBS) operating leases and long-term debt by analyzing firms’ debt risk profiles measured by the constraints on firms in the financial ratios in their debt covenants.

Design/methodology/approach

This study determines debt risk profiles using three measures: the ex ante probability of covenant violation (Demerjian and Owens, 2016), firms in violation of debt covenants and firms close to covenant violations.

Findings

High-risk firms according to all three measures, on average, have a significantly lower level of operating leases, indicating that these firms use OBS leases as a substitute for long-term debt. Interestingly, for firms operating in industries in which leases are widely available, firms with a high probability of covenant violation have a significantly higher level of operating leases, indicating that these firms use OBS leases as a complement to long-term debt. Further analysis indicates that lease financing is less costly than debt financing for these firms.

Research limitations/implications

Overall, evidence of this study indicates that firms facing financial constraints may attempt to lease more of their assets, but the availability of leasing is constrained by their debt covenant obligations and the strength of the leasing market in its industry.

Originality/value

This study identifies states in which risky firms may treat leases as either complements or substitutes for long-term debt, implying that the leasing decision relates to the availability of an active leasing market for a firm’s assets and the firm’s financial constraints. The findings of this study support recent research showing that debt and leases are complementary in the presence of counterparty risk providing insight into the paradoxical relationship identified in prior research between leases and long-term debt.

Details

Review of Accounting and Finance, vol. 19 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Content available
Book part
Publication date: 19 March 2019

Sadia Samar Ali, Rajbir Kaur and Jose Antonio Marmolejo Saucedo

Abstract

Details

Best Practices in Green Supply Chain Management
Type: Book
ISBN: 978-1-78756-216-5

Article
Publication date: 9 December 2020

Alistair M. Brown

Using the theory of sensibility and McClelland et al.’s (2013) metaphorical analysis, this study aims to analyse the accounting metaphors and meta-metaphor of The Hollow Men, a…

Abstract

Purpose

Using the theory of sensibility and McClelland et al.’s (2013) metaphorical analysis, this study aims to analyse the accounting metaphors and meta-metaphor of The Hollow Men, a poem written by T. S. Eliot.

Design/methodology/approach

The analysis uses McClelland et al.’s (2013) five-step procedure to ascertain the poem’s metaphor use.

Findings

The Hollow Men depicts accountants as ritualistic and accounting voices as quiet and meaningless while its meta-metaphor conveys accounting as rites and shadows.

Research limitations/implications

Although The Hollow Men’s use of Form 4 metaphors, where neither figurative nor literal source term is named, places an onus on the reader to infer meaning from accounting metaphor use, the analysis provides readers with a valuable structure for evincing accounting metaphors that present pervasive accounting issues facing the modern world.

Practical implications

Accountants, according to The Hollow Men, are hollow, devotees to plunderers and property and rain dancers. The Hollow Men situates the quest for accounting as a ritual for order and the preservation of the status quo.

Social implications

The Hollow Men’s mages of accounting immersion in rites and shadows accord with the conceptual metaphors of accounting as magic and accounting as history.

Originality/value

The originality of this study rests in its introduction to McClelland et al.’s (2013) metaphorical analysis of accounting research.

Details

Qualitative Research in Accounting & Management, vol. 18 no. 1
Type: Research Article
ISSN: 1176-6093

Keywords

Abstract

Details

Best Practices in Green Supply Chain Management
Type: Book
ISBN: 978-1-78756-216-5

Article
Publication date: 1 November 1966

A SPLENDID conference, I thought. True, there were those who complained, those who thought some of the papers were elementary and those who thought that we had come a long way to…

Abstract

A SPLENDID conference, I thought. True, there were those who complained, those who thought some of the papers were elementary and those who thought that we had come a long way to learn very little. I don't agree at all. Some of the papers did, I admit, deal with basic considerations but it does nothing but good to re‐examine the framework of our services from time to time. In any case other papers were erudite, and for the first time I have seen an audience of librarians and authority members stunned, almost, into silence.

Details

New Library World, vol. 68 no. 5
Type: Research Article
ISSN: 0307-4803

Article
Publication date: 10 June 2020

Maryam Safari, Vincent Bicudo de Castro and Ileana Steccolini

The major purpose of this paper is to answer the overarching questions of how multinational corporations (MNCs) address the multiple institutional logics of accountability and…

1059

Abstract

Purpose

The major purpose of this paper is to answer the overarching questions of how multinational corporations (MNCs) address the multiple institutional logics of accountability and pressures of the field in which they operate and how the dominant logic changes and shifts in response to such pressures pre- and post-disaster situation.

Design/methodology/approach

In-depth interpretive textual analyses of multiple longitudinal data sets are conducted to study the case of the Fundão dam disaster. The data sources include historical documents, academic articles and public institutional press releases from 2000 to 2016, covering the environment leading to the case study incident and its aftermath.

Findings

The findings reveal how MNCs' plurality of and, at times, conflicting institutional logics shape the organizational behaviors, actions and nonactions of actors pre-, peri- and post-disaster. More specifically, the predominance bureaucracy embedded in the state-corporatist logic of the host country before a disaster allows the strategic subunit of an MNC to continue operating while causing various forms of environmental damage until a globally visible disaster triggers a reversal in the dominant logic toward the embrace of wider, global, emergent social and environmental accountability.

Originality/value

This paper contributes to discussions regarding the need to explore in depth of how MNCs respond to multiple institutional pressures in practice. This study extends the literature concerning disaster accountability, state-corporatism and logic-shifting by exploring how MNCs respond to the plurality of institutional logics and pressures over time and showing how, in some cases, logics not only reinforce but also contrast with each other and how a globally exposed disaster may trigger a shift in the dominant logic governing MNCs' responses.

Details

Accounting, Auditing & Accountability Journal, vol. 33 no. 8
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 26 April 2011

Ron Houston

Current research methodologies in the field of information science employ induction or deduction, ignoring the third fundamental mode of cognition, retroduction. This paper seeks…

Abstract

Purpose

Current research methodologies in the field of information science employ induction or deduction, ignoring the third fundamental mode of cognition, retroduction. This paper seeks to introduce the Retroductive Recognition of Absence (RRA) methodology that expands inquiry from its current inductive and deductive bases to include the intuition‐based retroduction/abduction of Charles Sanders Peirce.

Design/methodology/approach

In brief, RRA consists of an iterative performance, of its nine‐step heuristic, with each iteration narrowing the scope of the research, while increasing the depth of examination. The nine steps are: perceive a phenomenon leading to surprise; perform the fundamental and primary retroduction; synthesize the phenomenon into a hypothesis; bracket intuitive prejudices; immerse in the data; conceptualize; hypothesize; select the hypothesis most efficient to test; and test the hypothesis. The iterations continue until the researcher reaches a hypothesis testable by inductive or deductive methods. This RRA methodology incorporates a “definition heuristic” that defines any previously undefined concept, a heuristic based on Spradley and McCurdy's classification of definitions.

Findings

A study of Compelled Nonuse of Information (CNI) demonstrated the usefulness of RRA in the study of phenomena from an initial “hunch” to a testable hypothesis. As such, the RRA methodology decreases subjectivity and imparts rigor to the study of absent or newly emergent phenomena that have no theoretical basis, no data, and no pre‐existing, coherent body of literature.

Originality/value

This paper presents the philosophy and practice of the RRA methodology and the retroductive philosophical inquiry postulated by Peirce.

Details

Journal of Documentation, vol. 67 no. 3
Type: Research Article
ISSN: 0022-0418

Keywords

Open Access
Article
Publication date: 11 March 2021

Ayodele Oniku and Anthonia Farayola Joaquim

The study aims to examine female sexuality in marketing communications and how it shapes the millennial buying decisions in the fashion industry. The focus of the study is to…

6822

Abstract

Purpose

The study aims to examine female sexuality in marketing communications and how it shapes the millennial buying decisions in the fashion industry. The focus of the study is to connect fashion industry and marketing communication to understand how female sexuality influence buying behaviours and decisions of the millennial.

Design/methodology/approach

The study was underpinned by the dimensions of skin colour, brand image and market share in sexual appealing marketing communication, and the millennial in the study comprises youths between the age of 21and 40 years and demographically defined by Wells and Guber (1966) as bachelors, Full nests 1 and 2. Multistage stage sampling was used with a structured questionnaire.

Findings

Findings show that youths, 2019 buying decisions and behaviours are strategically influenced by different manifestations of female sexuality in the context of the study and equally affect market share and patronage.

Research limitations/implications

The study shows what shapes the marketing communication strategies of the rising fashion industry but is limited to the millennial buying decisions and not the larger fashion industry consumers.

Practical implications

The needs for fashion industry to understand the influence of increasing use of female sexuality in marketing communication on male and female consumers and the effects on their respective buying behaviours is strategic to the industry as shown in the study.

Social implications

Female sexuality in marketing communication is strategic to fashion industry in today's market among youths.

Originality/value

The millennial constitutes a larger percentage of the developing economy market with rising income thus the need to understand their buying behaviours in the fashion industry

Details

Rajagiri Management Journal, vol. 16 no. 2
Type: Research Article
ISSN: 0972-9968

Keywords

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