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Article
Publication date: 1 April 1997

Mine Ugurlu

This article rests on a comparative study between Turkish firms that form international corporate alliances and domestic firms in the same industry. The findings indicate…

Abstract

This article rests on a comparative study between Turkish firms that form international corporate alliances and domestic firms in the same industry. The findings indicate that firms with foreign partners are not significantly different from domestic firms with respect to the degree of competition and turbulence in the environment, type of technology used, diversification policy, risk taking propensity and goals of top management. Resting on this finding, which allows for the control of several variables affecting the financing decision, the impact of international diversification on capital structure is investigated. The results indicate that firms which join in foreign alliances are similar to domestic firms with respect to capital structure. The research reveals that firms with foreign partners have lower performance and are younger than domestic firms. This finding is supported with the evidence for the negative relation between performance and tendency to perceive international diversification as a new source of finance. Consequently, foreign alliances seem to constitute a means for capital provision and rapid growth for the recently established and low performing firms which have limited access to external sources of financing.

Details

Cross Cultural Management: An International Journal, vol. 4 no. 4
Type: Research Article
ISSN: 1352-7606

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Article
Publication date: 1 October 2006

Mine Uğurlu and Hakan Aksoy

To identify predictors of corporate financial distress, using the discriminant and logit models, in an emerging market over a period of economic turbulence and to reveal…

Abstract

Purpose

To identify predictors of corporate financial distress, using the discriminant and logit models, in an emerging market over a period of economic turbulence and to reveal the comparative predictive and classification accuracies of the models in this different environmental setting.

Design/methodology/approach

The research relies on a sample of 27 failed and 27 non‐failed manufacturing firms listed in the Istanbul Stock Exchange over the 1996‐2003 period, which includes a period of high economic growth (1996‐1999) followed by an economic crisis period (2000‐2002). The two well‐known methods, discriminant analysis and logit, are compared on the basis of a better overall fit and a higher percentage of correct classification under changing economic conditions. Furthermore, this research attempts to reveal the changes, if any, in the bankruptcy predictors, from those found in the earlier studies that rested on the data from the developed markets.

Findings

The logistic regression model is found to have higher classification power and predictive accuracy, over the four years prior to bankruptcy, than the discriminant model. In this research, the discriminant and logit models identify the same number of significant predictors out of the total variables analyzed, and six of these are common in both. EBITDA/total assets is the most important predictor of financial distress in both models. The logit model identifies operating profit margin and the proportion of trade credit within total claims ratios as the second and third most important predictors, respectively.

Originality/value

This paper reveals the accuracy with which the discriminant and logit models work in an emerging market over a period when firms face high uncertainty and turbulence. This study may be extended to other emerging markets to eliminate the limitation of the small sample size in this study and to further validate the use of these models in the developing countries. This can serve to make the methods important decision tools for managers and investors in these volatile markets.

Details

Cross Cultural Management: An International Journal, vol. 13 no. 4
Type: Research Article
ISSN: 1352-7606

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Article
Publication date: 1 December 2000

Mine Uĝurlu

Documents evidence on the interdependence between the mechanisms used to control the agency costs in Turkish manufacturing firms where the external control devices are…

Abstract

Documents evidence on the interdependence between the mechanisms used to control the agency costs in Turkish manufacturing firms where the external control devices are restricted and most of the firms have concentrated ownership. The ownership concentration, board size and composition, managerial shareholdings, institutional shareholdings, and family shareholdings are the selected devices. Evidence reveals that the proportion of insiders on the board is positively related to the percentage of family shareholdings and negatively related to the percentage of foreign institutional shareholdings and ownership concentration. Board size shows a significant negative relation with all the control mechanisms except the debt ratio. The finding that the managerially controlled firms have lower debt ratio than the institutionally controlled firms and the family controlled firms supports the entrenchment hypothesis. The capital market seems to complement the institutional shareholdings, family shareholdings, and ownership concentration in monitoring the CEOs.

Details

Journal of Economic Studies, vol. 27 no. 6
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 11 July 2016

Silvia Martelo-Landroguez and David Martin-Ruiz

The purpose of this paper is to contribute to the services management literature by identifying a sequence of the different processes of knowledge management (KM) to…

Abstract

Purpose

The purpose of this paper is to contribute to the services management literature by identifying a sequence of the different processes of knowledge management (KM) to create customer service value.

Design/methodology/approach

The context for the research hypotheses is the Spanish banking industry. The authors conducted a study including 76 banks and 1,832 customers of these banks. This paper uses the partial least squares method to conduct the data analysis.

Findings

The authors find support for all the hypotheses proposed in the model. The results show that service firms that are able to apply more knowledge or apply knowledge more effectively are likely to generate more benefits for their customers, and/or reduce their sacrifices, contributing significantly to a higher perception of service value.

Research limitations/implications

The study focusses on one particular industry in a single point in time. A longitudinal analysis of a variety of service industries would enrich the study.

Practical implications

It is argued that KM constitutes a key capability for service firms for the delivery of service value. According to the research, if service firms want to improve the application of knowledge, it is important to focus on knowledge retention while they create new knowledge.

Originality/value

Although a considerable amount of research has been carried out in the fields of KM and customer value, there has been less research that has taken both into consideration simultaneously. This paper addresses this gap in the literature.

Details

Journal of Service Theory and Practice, vol. 26 no. 4
Type: Research Article
ISSN: 2055-6225

Keywords

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Article
Publication date: 27 May 2014

Beyza Oba, Elvin Tigrel and Pinar Sener

This paper aims to understand the determinants of board structure of listed firms at institutional, industry and firm levels within an emerging economy. At the…

Abstract

Purpose

This paper aims to understand the determinants of board structure of listed firms at institutional, industry and firm levels within an emerging economy. At the institutional level, the paper explores laws, managerial culture and the role of state in instituting and endorsing corporate governance practices. At the firm level, ownership patterns (family and non-family), experience in the capital markets, age and size of the firms are studied to find out the relation between these variables and the board structure.

Design/methodology/approach

The research domain of the study is listed firms operating on the Istanbul Stock Exchange. The data for the study are collected at two phases; at the first phase, compliance reports, annual reports, articles of association and annual shareholders’ meeting reports of each firm in the sample are analyzed. At the second stage, secondary data are used for understanding the dynamics of Turkish institutional context.

Findings

The results of this study reveal that boards of directors of listed Turkish firms comply with the governance practices instituted by state agencies, except on issues as independent members and committees that will influence the majority owners’ control domain and private benefits.

Originality/value

This paper draws attention on institutional context and argues that “good governance” instruments developed for Anglo-Saxon stock market-controlled business systems provide limited explanation for an emerging economy that is characterized by close cooperation between the state, family-owned businesses and financial markets. The study offers insight to policy makers at a national level, interested in developing corporate governance principles regarding boards of directors of listed firms.

Details

Corporate Governance, vol. 14 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 13 July 2012

Kadir Beycioglu, Niyazi Ozer and Celal Tayyar Ugurlu

Literature on vice‐principals that aims to get a better understanding of their roles, role perceptions in school management, and their attitudes towards school management…

Abstract

Purpose

Literature on vice‐principals that aims to get a better understanding of their roles, role perceptions in school management, and their attitudes towards school management have revealed that the vice‐principalship is one of the least researched and least discussed. The purpose of this paper is to explore the facets of job satisfaction among Turkish vice‐principals.

Design/methodology/approach

Data were collected via a survey administered to 159 vice‐principals working for elementary schools in a city in the eastern part of Turkey and results were gathered by May 2010. A two‐part survey questionnaire was used to elicit responses from vice‐principals. The instrument consists of 31 items and asks respondents to indicate the extent of their agreement with each of the items on a four‐point Likert scale. In this study items were designed as a five‐point scale. There is a section to collect personal information. It was included together with an item asking for their career orientation.

Findings

The results confirmed that the job satisfaction of vice‐principals had four job facets: “professional commitment”, “sense of synchrony”, “sense of efficacy”, and “level of personal challenge”. The results showed that the facets of “sense of efficacy” and “sense of synchrony” were major sources of job satisfaction, and that the vice‐principals who had any educational administration degree felt themselves more effective and more synchronic. The vice‐principals who did not plan to be a principal felt themselves less effective when coping with work stress and balancing their work and personal lives.

Originality/value

The paper provides a better understanding of vice‐principals’ roles, role perceptions in school management, and their attitudes towards school management, and extends knowledge about the facets of job satisfaction among Turkish vice‐principals.

Details

Journal of Management Development, vol. 31 no. 7
Type: Research Article
ISSN: 0262-1711

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Article
Publication date: 23 October 2019

Senthil Arasu Balasubramanian, Radhakrishna G.S., Sridevi P. and Thamaraiselvan Natarajan

This paper aims to develop a corporate financial distress model for Indian listed companies using financial and non-financial parameters by using a conditional logit…

Abstract

Purpose

This paper aims to develop a corporate financial distress model for Indian listed companies using financial and non-financial parameters by using a conditional logit regression technique.

Design/methodology/approach

This study used a sample of 96 companies, of which 48 were declared sick between 2014 and 2016. The sample was divided into a training sample and a testing sample. The variables for the study included nine financial variables and four non-financial variables. The models were developed using financial variables alone as well as combining financial and non-financial variables. The performance of the test sample was measured with confusion matrix, sensitivity, specificity, precision, F-measure, Types 1 and 2 error.

Findings

The results show that models with financial variables had a prediction accuracy of 85.19 and 86.11 per cent, whereas models with a combination of financial and non-financial variables predict with comparatively better accuracy of 89.81 and 91.67 per cent. Net asset value, long-term debt–equity ratio, return on investment, retention ratio, age, promoters holdings pledged and institutional holdings are the critical financial and non-financial predictors of financial distress.

Originality/value

This study contributes to the financial distress prediction literature in different ways. First, there have been, until now, few studies in the area of financial distress prediction in the Indian context. Second, business failure studies in the past have used only financial variables. The authors have combined financial and non-financial variables in their model to increase predictive ability. Thirdly, in most earlier studies, variable institutional holdings were found to affect financial distress negatively. In contrast, the authors found this parameter to be positively significant to the financial distress of the company. Finally, there have hitherto been few studies that have used promoter holdings pledged (PHP) or pledge ratio. The authors found this variable to influence business failure positively.

Details

International Journal of Law and Management, vol. 61 no. 3/4
Type: Research Article
ISSN: 1754-243X

Keywords

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Book part
Publication date: 10 February 2020

Seval Kardeş Selimoğlu and Mehtap Altunel

Along with accounting scandals in the past, academics, researchers, and legislators have focused on fraud. The purpose of this study is to examine postgraduate and…

Abstract

Along with accounting scandals in the past, academics, researchers, and legislators have focused on fraud. The purpose of this study is to examine postgraduate and doctoral studies, articles, and books about forensic accounting and fraud audit published between the years 2008 and 2018 in Turkey. For this purpose, a total of 96 studies have been examined and 35 of these are master’s theses, 10 of them are PhD theses, 45 of them are articles, and six of them are books. These studies were presented in tables as classified. The studies examined in our research are summarized as year they were published, the author, and the scope of the topic and in terms of results. The conclusions of this study can be summarized as follows: (a) the majority of thesis published about forensic accounting and fraud audit are in 2011 and following years. In addition, most of the theses are focused on forensic accounting review rather than fraud audit. (b) Results in the articles reviewed are in the same direction with theses. (c) There are very few books about fraud audit and forensic accounting. One of them is related to fraud audit, while the rest of them are related to forensic accounting and forensic accounting profession. We suggest extending the scope of the study and making to other countries.

Details

Contemporary Issues in Audit Management and Forensic Accounting
Type: Book
ISBN: 978-1-83867-636-0

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Article
Publication date: 25 September 2020

Christof Naumzik and Stefan Feuerriegel

Trading on electricity markets occurs such that the price settlement takes place before delivery, often day-ahead. In practice, these prices are highly volatile as they…

Abstract

Purpose

Trading on electricity markets occurs such that the price settlement takes place before delivery, often day-ahead. In practice, these prices are highly volatile as they largely depend upon a range of variables such as electricity demand and the feed-in from renewable energy sources. Hence, the purpose of this paper is to provide accurate forecasts..

Design/methodology/approach

This paper aims at comparing different predictors stemming from supply-side (solar and wind power generation), demand-side, fuel-related and economic influences. For this reason, this paper implements a broad range of non-linear models from machine learning and draw upon the information-fusion-based sensitivity analysis.

Findings

This study disentangles the respective relevance of each predictor. This study shows that external predictors altogether decrease root mean squared errors by up to 21.96%. A Diebold-Mariano test statistically proves that the forecasting accuracy of the proposed machine learning models is superior.

Research limitations/implications

The performance gain from including more predictors might be larger than from a better model. Future research should place attention on expanding the data basis in electricity price forecasting.

Practical implications

When developing pricing models, practitioners can achieve reasonable performance with a simple model (e.g. seasonal-autoregressive moving-average) that is built upon a wide range of predictors.

Originality/value

The benefit of adding further predictors has only recently received traction; however, little is known about how the individual variables contribute to improving forecasts in machine learning.

Details

International Journal of Energy Sector Management, vol. 15 no. 1
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 22 November 2017

Gökhan Özaslan

The purpose of this paper is to describe the variations in the ways that principals conceptualize their basis of power in schools.

Abstract

Purpose

The purpose of this paper is to describe the variations in the ways that principals conceptualize their basis of power in schools.

Design/methodology/approach

Phenomenography was used as the research method of this study. The interviewees consisted of 16 principals, eight from public schools and eight from private schools.

Findings

The analysis of the interviews revealed eight ways of understanding a principal’s power basis. These potential power bases were: teachers’ sense of reciprocity; teachers’ sense of responsibility; organizational rules and regulations; principals’ deep knowledge and experience; in-service training; principals’ reputation for being fair and impartial; teachers’ sense of identification with their principal; and principals’ control over teachers’ employment. Participants from public and private schools held generally similar conceptions. The conception of in-service training remained limited to private school principals. The power basis of principals’ control over teachers’ employment was not emphasized but could still be perceived as a conception in certain statements by participants.

Research limitations/implications

Coercive power and legitimate power of reciprocity need to be investigated more thoroughly in the field of educational administration.

Practical implications

There is an urgent need for training for principals to raise their awareness of the adverse effect that coercive power has on teachers.

Originality/value

This study is the first known to explore variations in the ways that principals conceptualize their power basis.

Details

Journal of Educational Administration, vol. 56 no. 2
Type: Research Article
ISSN: 0957-8234

Keywords

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