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The purpose of this paper is to examine how pre-IPO cash flow and earnings volatility influence both post-IPO pricing and valuation. This paper provides an empirical extension of Pástor and Veronesi’s (2003, 2005) argument that uncertainty surrounding a private firm’s expected profitability can impact how the firm is valued in the IPO aftermarket.

This paper includes a sample of 695 IPOs between 1996 and 2011. Pre-IPO financial statement data are hand collected from the EDGAR database. Pre-IPO cash flow and earnings volatility is computed using the standard deviation of the firm’s three years of cash flows and earnings prior to the IPO. Tobin’s Q serves as a measure of post-IPO firm valuation. This paper includes two subsamples to account for the “hot” IPO market of the late 1990s.

Firms with higher pre-IPO cash flow volatility are associated with higher post-IPO aftermarket valuations. This result holds for both the “hot” IPO and the later sub-sample. Pre-IPO earnings volatility does not influence aftermarket valuations, suggesting that only the uncertainty surrounding cash flows serves as a salient measure to IPO investors. Finally, IPO underpricing is associated with pre-IPO cash flow volatility, suggesting another channel in which IPO pricing is influenced.

The hand collection for this paper is laborious and is limited to yearly cash flow and earnings numbers. The paper documents that quarterly and yearly cash flow and earnings volatility measures are highly correlated for the select stocks that allow for such testing. Further, a broader sample that accounts for more international IPO issues might corroborate the findings in this paper.

This study shows that investors both initially price and value IPO firms base on their pre-IPO cash flow volatility.

This is the first paper to examine the direct link between pre-IPO cash flow and earnings volatility on IPO aftermarket valuation and IPO pricing.

The purpose of this paper is to explain whether the level of managerial quality and growth opportunities influences the operating and return performance between single and dual class IPOs.

The sample includes 281 initial public offerings under a dual class share structure. This paper measures managerial ability using a score method design produced by (Demerjian et al., 2012). This paper follows (Chemmanur et al., 2011) in measuring post-IPO operating performance between dual and single-class firms. This paper follows Lyon et al. (1999) and Chemmanur et al. (2011) in measuring long-term post-IPO buy-and-hold return performance. This paper employs two measures of growth/investment using Tobin’s q and expenditures such as capital, research and development, and selling, general and administrative scaled to total assets (Daniel et al., 2016).

Firms with high-quality managers experience more underpricing than low-quality managers. Likewise, dual class firms of all manager and growth types hold less cash and leverage. Using Tobin’s q as a proxy for growth, dual class firms experience higher post-IPO operating performance regardless of managerial quality. Furthermore, the findings indicate minimal evidence that dual class firms underperform single-class IPOs, lending minimal support for the managerial entrenchment hypothesis.

This paper is the first to partition dual and single-class IPOs based on managerial quality and growth opportunities to test long-term differences in operating and return performance.

Recent decades have witnessed great interest in Leon Trotsky’s idea of uneven and combined development (UCD) by Marxist scholars of International Relations (IR). A burgeoning literature has argued that one interpretation, Justin Rosenberg’s U&CD, resolves the question of ‘the international’ by offering a single, non-Realist theory capable of uniting both sociological and geopolitical factors in the explanation of social change across history. Evaluating this claim, this paper argues that the transhistorical ways in which U&CD has been developed reproduce, reaffirm and reinforce some of the more important shortcomings of Realist IR. I develop my argument through an internal critique of Rosenberg’s conception of U&CD, which, I argue, is illustrative of larger shortcomings within the literature. I conclude that the political and geopolitical economy of UCD and their dynamics must be grasped through the specific social and historical relations in which they are immersed.

A novel phenomenon in product and service promotions, social coupons facilitate group buying at lower prices, bringing key benefits to customers, merchants and coupon aggregators. This study maps the evolution and innovations in social couponing, identifies knowledge gaps in the domain and sets the future research agenda.

Through a detailed systematic literature review and bibliometric analysis, this study maps the evolution of social coupons over time. The analysis examines social coupon research by studying research outputs by authors, institutes, countries and research themes. It also explores how the social couponing phenomenon has benefited the three key stakeholders: customers, merchants and coupon aggregators.

An innovation in couponing, social coupons are discount coupons that feature group buying, pre-purchase and daily deals. Based on the extensive review of extant literature, the study proposes a conceptual model for the social couponing process. The study also provides inputs for future research on social coupons and delineates their academic and managerial implications.

This study makes a pioneering endeavor to comprehensively map the knowledge structure of social coupons from multiple dimensions.

Limited facilities operating and modernization budgets require organizations to carefully identify, prioritize and authorize projects to ensure allocated resources align with strategic objectives. Traditional facility prioritization methods using risk matrices can be improved to increase granularity in categorization and avoid mathematical error or human cognitive biases. These limitations restrict the utility of prioritizations and if erroneously used to select projects for funding, they can lead to wasted resources. This paper aims to propose a novel facility prioritization methodology that corrects these assessment design and implementation issues.

A Mamdani fuzzy logic inference system is coupled with a traditional, categorical risk assessment framework to understand a facilities’ consequence of failure and its effect on an organization’s strategic objectives. Model performance is evaluated using the US Air Force’s facility portfolio, which has been previously assessed, treating facility replicability and interruptability as minimization objectives. The fuzzy logic inference system is built to account for these objectives, but as proof of ease-of-adaptation, facility dependency is added as an additional risk assessment criterion.

Results of the fuzzy logic-based approach show a high degree of consistency with the traditional approach, though the value of the information provided by the framework developed here is considerably higher, as it creates a continuous set of facility prioritizations that are unbiased. The fuzzy logic framework is likely suitable for implementation by diverse, spatially distributed organizations in which decision-makers seek to balance risk assessment complexity with an output value.

This paper fills the identified need for portfolio management strategies that focus on prioritizing projects by risk to organizational operations or objectives.

This paper aims to investigate whether the level of social capital of the region in which a firm is headquartered affects its tax avoidance activities. Social capital can be defined as the mutual trust in society and literature shows that firms headquartered in high social capital regions exhibit higher level of corporate social responsibility. Recent research suggests that some stakeholders consider tax avoidance as a socially irresponsible and illegitimate activity, whereas others deem corporate tax payments as detrimental to social welfare because they hurt economic development. Building on this debate, the relationship between social capital and tax avoidance is empirically investigated.

A sample of 52,962 firm-year observations over the period 1990-2014 was used to empirically investigate the relationship between social capital and tax avoidance.

Consistent with the idea that managers consider corporate tax payments as a socially responsible action, evidence was found that firms headquartered in areas with high social capital engage significantly less in tax avoidance activities. It was also documented that the negative impact of social capital on tax avoidance is stronger in the presence of high religiosity, high corporate performance and lower sensitivity of CEO’s compensation to stock volatility.

This paper extends research on social capital and improves the understanding of the effect of the social environment on managerial decision. Importantly, by studying the relationship between social capital and tax avoidance, the authors add to the recent debate on companies’ perception of the desirability of tax avoidance activities from a social viewpoint.

The purpose of this study was to understand the types of texts currently being used and recommended within the field of leadership education. Data triangulation methods were used to identify academic and popular texts for a content analysis. Themes emerged relating to context, writing style, method, and content.

Tremendous measure of data lakes with the exponential mounting rate is produced by the present healthcare sector. The information from differing sources like electronic wellbeing record, clinical information, streaming information from sensors, biomedical image data, biomedical signal information, lab data, and so on brand it substantial as well as mind-boggling as far as changing information positions, which have stressed the abilities of prevailing regular database frameworks in terms of scalability, storage of unstructured data, concurrency, and cost. Big data solutions step in the picture by harnessing these colossal, assorted, and multipart data indexes to accomplish progressively important and learned patterns. The reconciliation of multimodal information seeking after removing the relationship among the unstructured information types is a hotly debated issue these days. Big data energizes in triumphing the bits of knowledge from these immense expanses of information. Big data is a term which is required to take care of the issues of volume, velocity, and variety generally seated in the medicinal services data. This work plans to exhibit a survey of the writing of big data arrangements in the medicinal services part, the potential changes, challenges, and accessible stages and philosophies to execute enormous information investigation in the healthcare sector. The work categories the big healthcare data (BHD) applications in five broad categories, followed by a prolific review of each sphere, and also offers some practical available real-life applications of BHD solutions.

Managers and leaders are faced with organizational decisions that impact policies and procedures every day. Managers and leaders in this post‐Enron era are required to make decisions that support the fair and ethical treatment of employees, and act in ways that are perceived as ethical and responsible. There is a pressing need to develop strategies for increasing organizational justice and promoting responsible decision‐making.

We begin with a discussion of leadership, emphasizing the difference between transactional and transformational leadership. We then go on to describe different decision‐making styles that have been validated by research and put into practice in many organizations. Next we examine the nature of organizational justice and how attention to justice issues has both theoretical and practical significance. Following these discussions, we present an integrative model of leadership, decision‐making, and justice.

We demonstrate, with real‐world examples and practical scenarios, how this model can be used to create a “great” company or “best” organization.

Although many of the suggestions and recommendations are based on the best evidence to date, future studies should focus on the connections between traditional measures of effectiveness (e.g. profit, productivity, competitiveness) and the qualities of leadership, decision processes, and justice addressed in this paper.

This article describes strategies for improving morale, exercising strong leadership, making critical decisions, increasing performance, and promoting a positive corporate image.

The paper presents a new look at the relationships among leadership, decision‐making and justice. The article has value to business, corporate, and agency leaders who desire improvements to their organizations using a strategy that focuses on sound judgment and a just and responsible outcome.

We sought to identify codes and themes in the mission statements of Kentucky's school districts and examine the relationship between district characteristics and the mission statements.

We undertook a mixed methods design, specifically, a sequential transformative strategy with a theoretical lens overlaying the sequential procedures and guiding the analysis.

Analysis revealed a range of 1–7 codes per mission statement and a mean of 3.05. Generic student success and individual attention represented the most frequently occurring codes in the mission statements. Chi-square tests of bivariate association yielded no significant differences between districts by locale. Logistic regression analysis revealed that the percentage of students in the district scoring proficient or distinguished in both reading and mathematics was associated significantly (p < 0.05) with the theme of student support.

Although we cannot establish causation between mission statements content and student outcomes or vice-versa, district mission statement remain a visible and public expression of why an organization exists that should guide actions and decision-making, whether instructional, financial or otherwise.

Our study revealed shared institutional language within mission statements across Kentucky's school district, largely without regard to local context. Our analysis suggests that federal and state policy makers are influencing mission statements more so than those at the local level.

Our analysis provides further evidence that suggests that federal and state policy makers are influencing mission statements more so than those at the local level.