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Open Access
Article
Publication date: 7 November 2023

Malika Neifar and Leila Gharbi

This paper aims to determine whether Islamic banks (IBs) and conventional banks (CBs) in Tunisia are distinguishable from one another based on financial characteristics during the…

Abstract

Purpose

This paper aims to determine whether Islamic banks (IBs) and conventional banks (CBs) in Tunisia are distinguishable from one another based on financial characteristics during the 2005–2014 period covering the 2008 global financial crisis (GFC) and the 2011 Tunisian revolution.

Design/methodology/approach

For the comparison between IBs and CBs, 11 hypotheses are formulated to distinguish between the two types of banks. The authors use a univariate analysis based on the multi-dimension figures investigation and a multivariate one based on the robust OLS technique for panel linear regression with mixed effects.

Findings

Bank-specific factors, dummy and dummy interacting variables indicate that there are differences between Islamic and conventional bank behavior. Both methods show that IBs are more liquid, more profitable and riskier than CBs. Post-2011 Tunisian revolution, small IBs (small CBs) are more (less) solvent, large IBs are more stable and both types of banks are more liquid, which explain why Tunisian governments have relay on bank system to cover budget deficits post-2011 revolution.

Originality/value

In investigating the feature of IBs and CBs from the Tunisian context, the authors take into account the effect of two abnormal events (2008 GFC and 2011 Tunisian revolution) on IBs through interaction variables.

Details

Islamic Economic Studies, vol. 31 no. 1/2
Type: Research Article
ISSN: 1319-1616

Keywords

Article
Publication date: 18 July 2023

Linda H. Chen, Leslie Eldenburg and Theodore H. Goodman

The purpose of this study is to investigate how two types of drivers, namely, executive compensation and market competition, can affect hospital quality in the USA. Recently…

Abstract

Purpose

The purpose of this study is to investigate how two types of drivers, namely, executive compensation and market competition, can affect hospital quality in the USA. Recently, patients, insurers and regulators have increasingly focused on hospital quality. Understanding the interplay of incentives in this industry is important because in 2019, hospital treatment contributed $1.161bn to health-care costs in the USA. This study answers the call for more studies in the so-called “mixed” industry, where ownership differences can affect organizational objectives and operating constraints.

Design/methodology/approach

This study explores the roles of hospital executive compensation and industry competition as determinants of health-care quality. Specifically, the study probes the heterogeneity in the factors that influence quality across hospital types in the USA.

Findings

Using California hospital data from 2006 through 2020, the findings show that the effects of compensation and competition on hospital quality differ by ownership type. Executive compensation is positively associated with quality in for-profit hospitals but is not associated with that of nonprofit hospitals, suggesting for-profit hospitals are more likely to use higher levels of compensation to attract managers with higher ability, whereas the utility function for nonprofit managers may be multidimensional. Within the nonprofit hospital group, competition is more positively associated with quality for religious nonprofits relative to secular nonprofits, suggesting that competition provides more monitoring for religious hospitals.

Originality/value

Taken together, the findings provide evidence that the drivers of quality vary across hospitals in ways consistent with differences in constraints and objectives across ownership types. The findings are important for regulators seeking to incentivize higher quality. For example, Medicare in the USA has incorporated quality measures into its new hospital reimbursement scheme (value-based purchasing) to incentivize quality. This study proposes that regulators should consider differences across ownership types when evaluating the best ways to incentivize hospital quality.

Details

Review of Accounting and Finance, vol. 22 no. 4
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 1 October 2003

M.M. Gallant

Traces the development since 1989 of the Canadian anti‐money laundering framework, which involves the obligation on lawyers to report suspicious transactions and not inform the…

Abstract

Traces the development since 1989 of the Canadian anti‐money laundering framework, which involves the obligation on lawyers to report suspicious transactions and not inform the client about this disclosure; previously, it was not an offence to disguise the criminal origin of assets, but the Canadian regime is now one of the world’s broadest. Reports the resistance of the Canadian legal community to involvement in the campaign, partly because the regime is so broad, confusing and cumbersome; it requires significant investment in documentation and is hazy about the distinction between knowledge and suspicion. Critiques the legislative framework, the solicitor ‐ client relationship and the tension between this confidentiality and the reporting function, including the exceptions to the general rule of confidentiality if it is in the public interest.

Details

Journal of Financial Crime, vol. 10 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 5 March 2018

Massimo Florio, Matteo Ferraris and Daniela Vandone

This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and…

1778

Abstract

Purpose

This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and acquisition (M&A) deals performed by SOEs as acquirers over the period 2002-2012. The purpose of this paper, after having created a taxonomy of deal motivations, is to empirically test two alternative hypotheses: deviation vs convergence of M&A deal rationales between state-owned and private enterprises.

Design/methodology/approach

The data set is obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). A recursive algorithm is developed to infer the ownership nature of the enterprises at the time the deal took place and then the authors double-checked the identity of the global ultimate owner by visual inspection of all the available information. Motivations are analyzed through a case-by-case analysis and classified into several categories, thereby providing a taxonomy of rationales behind SOE M&As and discussing their differences and similarities relative to private firms.

Findings

More than 60 percent of the deals performed by SOEs as acquirers are driven by “shareholder value maximization” motives, similarly to private enterprise acquirers. The other 40 percent of deals are almost equally spread among three rationales that specifically relate to the role of modern state capitalism in the economy. “Financial distress” motivation, which is the only one clearly deviating from the objectives of profit maximization typical of private ownership, is far less important than the others.

Research limitations/implications

The paper does not analyze the case studies in detail. Neither does it correlate the evidence with the quality of corporate governance or the quality of institutions in the country. This would be interesting in order to discover whether the alignment of objectives between public and private enterprises is enhanced by certain features of public sector management, as suggested by the OECD (2015) Guidelines.

Practical implications

The paper suggests some policy implications in terms of reforms of the corporate governance of the SOEs and accountability of their management against clearly stated public missions. It also calls for the need for citizens to be informed in a transparent way about the rationales of major M&A deals when a SOE is on the acquirer side, and the consistency of such rationales with the mission assigned by governments to the enterprises they own. Finally, it underlines that regulatory concerns raised in many countries by the rise of cross-border SOE M&As are in most of the cases unfounded.

Originality/value

Existing literature has mainly focused on private corporate M&A deals or has just disregarded the ownership status of the acquiring firm. This paper focuses on the motivations for SOE deals in order to elaborate a taxonomy of SOE deal rationales and to identify the differences and similarities between private corporate firms.

Details

International Journal of Public Sector Management, vol. 31 no. 2
Type: Research Article
ISSN: 0951-3558

Keywords

Open Access
Article
Publication date: 15 December 2021

Thai-Ha Le, Donghyun Park and Cynthia Castillejos-Petalcorin

This policy paper compares the performance of state-owned enterprise (SOEs) versus private firms in selected emerging economies in Asia, focusing on a number of performance…

7037

Abstract

Purpose

This policy paper compares the performance of state-owned enterprise (SOEs) versus private firms in selected emerging economies in Asia, focusing on a number of performance indicators. The indicators are internationally recognized quality innovation, product and/or service innovation, financing of operations, dealing with government regulations and labor performance. To the best of the authors’ knowledge, there has been no such comparative study for these indicators between SOEs and private firms and across countries. Most studies of SOEs have been national case studies. As such, they give us little knowledge of how a country compares with other countries at similar stages of economic development. A cross-country comparative analysis can help us identify broader trends and patterns.

Design/methodology/approach

The authors compare and discuss the performance of SOEs versus private firms in a number of emerging Asian countries, namely China, India, Indonesia, Malaysia and Vietnam. To do so, the authors use data from the 2018 World Bank Enterprise Survey (which is the latest available) for the period 2012–2015. The authors focus on a number of key performance indicators, namely internationally recognized quality innovation, product and/or service innovation, financing of operations, dealing with government regulations and labor performance.

Findings

The comparative analysis uncovers some interesting differences between the two types of firms. For example, somewhat surprisingly, SOEs tend to innovate more than private firms. However, the single most significant pattern the authors find is that in middle-income Asia both types of firms face formidable challenges with respect to doing business – e.g. scarcity of relevant training programs for employees. Therefore, the priority of policymakers must be to improve the overall business environment for all firms, regardless of their ownership structure.

Research limitations/implications

The nature of this paper is a policy paper. This is because the data used in this study is survey data, conducted every four–five years (or more) for each country in the study and available for very few countries. As the data are not available for a continuous period of time, The authors could not conduct empirical research for this topic and thus made it a policy paper that presents a comparison across Asian countries as case studies.

Originality/value

The five selected Asian countries are interesting case studies for a comparative analysis since they are middle-income countries where SOEs play a significant role in the economy. Furthermore, state ownership is an important institutional dimension in emerging markets, and strong ties with the government can influence the performance of SOEs through various market and non-market channels. Despite the potential importance of the research theme, there is very little existing research on cross-country comparisons of the performance of SOEs vis-à-vis private firms. This could be explained by scarce data availability. With this in mind, the study attempts to shed some light on SOEs' performance and add to the rather limited literature.

Details

Journal of Asian Business and Economic Studies, vol. 30 no. 1
Type: Research Article
ISSN: 2515-964X

Keywords

Article
Publication date: 1 April 1987

Xiao‐Jun Wang and Ted Belytschko

A hexahedral 8‐node element based on the Hellinger—Reissner principle is formulated with the γ projection operator so that it can achieve engineering accuracy for plate and beam…

Abstract

A hexahedral 8‐node element based on the Hellinger—Reissner principle is formulated with the γ projection operator so that it can achieve engineering accuracy for plate and beam problems with a single layer of elements. It passes the patch test and is less sensitive to mesh shape since the local coordinates are used to describe the stress fields. The resulting element stiffness is simple and only 3×3 submatrix inversions are needed. Numerical results show that the new element is both accurate and efficient.

Details

Engineering Computations, vol. 4 no. 4
Type: Research Article
ISSN: 0264-4401

Article
Publication date: 1 July 1977

High‐speed, automatic, roll‐through labelling machines manufactured by Mateer‐Burt Company, USA, for all types of cylindrical containers are now available from the newly‐appointed…

Abstract

High‐speed, automatic, roll‐through labelling machines manufactured by Mateer‐Burt Company, USA, for all types of cylindrical containers are now available from the newly‐appointed British agent, Neumo of Newhaven, East Sussex BN9 9DE,

Details

Pigment & Resin Technology, vol. 6 no. 7
Type: Research Article
ISSN: 0369-9420

Article
Publication date: 1 January 1990

Jacqueline Senker

Concentration in food retailing has swung the balance of power awayfrom food manufacturers. This not only affects margins, it also affectsproduct ingredients. Retailers are…

Abstract

Concentration in food retailing has swung the balance of power away from food manufacturers. This not only affects margins, it also affects product ingredients. Retailers are employing increasing numbers of qualified food scientists and technologists to develop high quality own label products which can be used as a competitive weapon to gain market share. This has serious implications for branded products. A history of the campaign to remove contentious food additives is presented and retailers′ and manufacturers′ responses are reported as a cautionary tale for those who try to resist rather than respond to consumer concern.

Details

British Food Journal, vol. 92 no. 1
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 1 August 1934

N.F. Budgen

ALUMINIUM in various forms is used very considerably in the aeronautical industry—even so far back as the end of the war it was computed that in the year 1918 the allied…

Abstract

ALUMINIUM in various forms is used very considerably in the aeronautical industry—even so far back as the end of the war it was computed that in the year 1918 the allied governments employed about 90,000 tons of aluminium and its alloys in aero construction. And it must not be overlooked that it is largely due to the special properties of these materials that the present amazing development of aircraft has become possible.

Details

Aircraft Engineering and Aerospace Technology, vol. 6 no. 8
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 1 March 1975

21,000 sq. metres of acid resistant flooring Major additions to their export sales have been announced by Acalor (1948) Ltd., of Kelvin Way, Crawley, Sussex. These include…

Abstract

21,000 sq. metres of acid resistant flooring Major additions to their export sales have been announced by Acalor (1948) Ltd., of Kelvin Way, Crawley, Sussex. These include flooring contracts valued at £300,000 in Zambia and £95,000 in Eire.

Details

Anti-Corrosion Methods and Materials, vol. 22 no. 3
Type: Research Article
ISSN: 0003-5599

11 – 20 of 48