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This paper examines the determinants of corporate dividend policy in Jordan. The study uses a firm‐level panel data set of all publicly traded firms on the Amman Stock Exchange between 1989 and 2000. The study develops eight research hypotheses, which are used to represent the main theories of corporate dividends. A general‐to‐specific modeling approach is used to choose between the competing hypotheses. The study examines the determinants of the amount of dividends using Tobit specifications. The results suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid. Size, age, and profitability of the firm seem to be determinant factors of corporate dividend policy in Jordan. The findings provide strong support for the agency costs hypothesis and are broadly consistent with the pecking order hypothesis. The results provide no support for the signaling hypothesis.

We document the emergence of the Lead Independent Director (LID) board role in a sample of U.S. firms from 1999–2015. We find that firms that adopt an LID board role are larger and have more independent boards, higher institutional investor holdings, and an NYSE listing. Firms with greater anticipated benefits from monitoring also adopt an LID role, e.g., firms with dual CEO-Chairman, with more takeover defense mechanisms, and with higher cash holdings. Using an event study methodology, we find that investors respond positively to the adoption of an LID board role. Lastly, using instrumental variables to address endogeneity in the LID board role, we find that firms with an LID are more likely to terminate poorly performing CEOs. Taken as a whole, these results suggest that the LID board role enhances firm value and improves the quality of corporate governance.

Between 1988 and 1994 ten European countries introduced or modified their regulations on insider trading. We evaluate in this article the impact of such regulatory changes on the risk, return, and some other characteristics of these ten markets. After extensive testing, we find that the evidence suggests that these regulations have had little (if any) impact on the market characteristics we examine, and briefly speculate about the reasons that justify our findings.

Both accounting and regulatory treatments classify securitizations as a “sale” of assets, therefore allowing the issuer to remove the assets from their books. The purpose of this paper is to present conjectural evidence of recourse activity and bankruptcy treatment that undermine the fundamental concept of true sale.

The authors use investor reactions to firm’s first securitizations to isolate investors’ views of the potential risk transfer.

Investor reactions to firms’ first securitization announcements suggest that investors, themselves, think of the effects of securitizations as more like a financing than an asset sale. Firms securitizing for the first time exhibit negative short-term equity returns and negative long-term operating performance, reactions more similar to financings than asset sales. Additional analysis shows that securitization is also associated with increased systematic risk, suggesting that the rapid growth fueled by securitization is similar to increasing leverage. The effect is more pronounced for banks than non-banks.

This is the first study to have used firms' first securitizations to analyze the nature of risk transfer in securitizations. The results show that off-balance-sheet treatment for securitizations may be inappropriate, given investor perceptions of the nature of potential contingent liabilities.

This paper aims to propose several factors which can explain the negative relationship between financial constraints and investment-cash flow sensitivity.

The author uses traditional fixed effects model and minimum distance panel estimation by Erickson and Whited (2000) to estimate investment-cash flow sensitivity in the cash flow-augmented investment equation. In addition, principal component analysis is used to construct a financial constraints measure.

First, it was found that substitutability between cash holdings and free cash flow can partially explain why financially constrained firms do not depend on cash flow as heavily as we expect. Second, it was confirmed that the level of net external financing can also partially explain the investment-cash flow sensitivity puzzle. Furthermore, it was argued that the influence of cash holdings and external financing on investment-cash flow sensitivity is caused by the low level of internal cash flow for financially constrained firms. This argument is supported by our findings from an examination of investment-cash flow sensitivity for bank-dependent firms during the recession periods.

This paper contributes to the literature by suggesting possible partial explanations for the contradictory relationship between investment-cash flow sensitivity and financial constraints.

The purpose of this research is to develop and validate a scale to measure the perceived orientation of sport organizations toward their fans, and subsequently, to test its relationship with six outcomes based on data from the fanbases of three distinct sport teams.

Using interviews and focus groups, important elements of fans' perceptions of their relationship with sport organizations are identified. After creating items based on the results of the interviews and focus groups, EFA, CFA and SEM procedures are used to create and test a multidimensional scale of perceived fan orientation.

Using EFA and CFA procedures, an 11-item, four-dimension scale of perceived fan orientation is validated, including components measuring (1) hosting events and campaigns for fans, (2) communicating information to fans, (3) interacting with fans when requests and problems arise and (4) providing preferential treatment to fans. The SEM results provide evidence of the impact of fan orientation on multiple measured outcomes for three professional football teams.

This research is limited to three professional football teams in Turkey. However, the development of the multidimensional perceived fan orientation (PERFANOR) scale provides sport organizations' management and personnel with information about the relationship fans desire.

Sport managers, marketers and front-line staff are recommended to undertake activities to improve the relationship between the organization, team and its fans.

The principles and practices of relationship marketing and service quality often include discussions of the importance of “putting fans first,” however until now, no multidimensional scale existed in sport which measures the perceived fan orientation of a sport organization.

This paper aims to investigate how stockholders and bondholders react to the information disclosed on the financial markets during crisis periods. This paper considers the 2011 European Banking Authority’s stress test as it disclosed detailed information about banks.

It was conducted during the European sovereign debt crisis, and this paper uses an event study methodology. This paper analyzes the average cumulative abnormal returns for different subsamples of banks. This paper compares the reactions of stockholders and bondholders to the stress test by considering pre-results announcements (signal generating process) to the publication of the results on the disclosure date, using quantitative data for each individual bank that participated in the stress test (the signal provided to the financial market).

This paper finds that stockholders’ reaction is more sensitive to idiosyncratic components of the disclosed information, whereas bondholders are more influenced by systematic risk. A deeper investigation shows that subordinated bondholders tend to behave quite similarly to stockholders. This specific reaction of stockholders during financial distress may make them more likely than bondholders to impose market discipline during troubled periods.

This paper brings several new insights to the behavior of stock and bond holders during times of financial distress and makes recommendations to regulators that may serve to refine communication to markets to reduce the shock of negative news.

The purpose of this paper is to discuss the need for universities to develop an entrepreneurial culture and assess higher education practitioners’ opinions of the culture of the university they are working in.

The research provides empirical data collected through a survey instrument originally used for a PhD research study; however, this paper focuses on the question set related to culture, which was based on the organisational culture model presented by Quinn in 1988.

The findings indicate that a number of respondents reported from a heterogeneous population of higher education institutes predominantly responded they were working within a hierarchy cultural type with many reporting a market cultural type. While respondents from a homogeneous group from a single university reported in the main they were working in a market-driven cultural type with the next main category being a clan culture.

The study population reported in the main that there is predominantly a market culture in UK universities. However, this research has focussed entirely on respondents working within the UK HE sector, thus, has ignored potential differences that could be present within the global HE emerging markets.

The paper strengthens understanding of the critical importance of innovation and entrepreneurship in universities. Students, scholars, HE policy makers and HE practitioners can gather a range of insights pointed at university culture and rest assured in the main they are market focussed.

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

This paper analyses the value to a poorly diversified risk‐averse executive of a compensation package consisting of a risk free asset, restricted stock and stock options. The Lambert, Larcker and Verrecchia (1991) model is extended to include leverage and this facilitates comparison of cost to the firm and benefits to the executive of restricted stock and stock options. It also provides insight into the impact of executive risk aversion, firm leverage and underlying as set volatility on the value of a compensation package in the hands of the executive.