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1 – 10 of 41Wenfei Li, Zhenyang Tang and Chufen Chen
Corporate site visits increase labor investment efficiency.
Abstract
Purpose
Corporate site visits increase labor investment efficiency.
Design/methodology/approach
Our empirical model for the baseline analysis follows those of Jung et al. (2014) and Ghaly et al. (2020).
Findings
We show that corporate site visits are associated with significantly higher labor investment efficiency; more specifically, site visits reduce both over-hiring and under-hiring of employees. The effect of site visits on labor investment efficiency is more pronounced for firms with higher labor adjustment costs, greater financial constraints, weaker corporate governance and lower financial reporting quality. We also find that site visits mitigate labor cost stickiness.
Originality/value
First, while the literature has suggested how the presence of institutional investors and analysts may affect labor investment decisions, we focus on institutional investors and analysts’ activities and interactions with firm executives. We provide direct evidence that institutional investors and analysts may use corporate site visits to improve labor investment efficiency. Second, our study adds to a line of recent studies on how corporate site visits reduce information asymmetry and agency conflicts. We show that corporate site visits allow institutional investors and analysts to influence labor investment efficiency. We also provide new evidence that corporate site visits reduce labor cost stickiness.
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This paper aims to determine the types of legal mechanisms that authorities can use to recover stolen assets for and from China.
Abstract
Purpose
This paper aims to determine the types of legal mechanisms that authorities can use to recover stolen assets for and from China.
Design/methodology/approach
Newspaper articles and books are examined as are relevant reports by various regulatory authorities and academic institutions.
Findings
The effectiveness of legal mechanisms in the recovery of stolen assets may be affected by issues such as the difficulties in tracing illicit funds, the ambiguous nature of “value” as well as the rise in technology.
Research limitations/implications
There are limited data available in relation to the prevalence of corrupt officials along the Belt and Road Initiative and the statistical success in the recovery of stolen assets. Any discussions within this paper are based on the impressionistic observations of this author, which may not reflect the true state of affairs of the Belt and Road Initiative.
Practical implications
Those who are interested in examining how authorities could recover stolen assets from and for China will have an interest in this topic.
Originality/value
The value of the paper is to demonstrate the difficulties in recovering stolen assets for and from China.
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Mohd Atif Aman, Mohammad Khalid Azam and Asif Akhtar
This study aims to identify the changes in different selling situations/styles during and post-COVID scenarios.
Abstract
Purpose
This study aims to identify the changes in different selling situations/styles during and post-COVID scenarios.
Design/methodology/approach
To attain the above-mentioned objective, a qualitative study drawn upon the principles of the theories-in-use approach is conducted. The data were collected through 23 in-depth semistructured interviews, conducted with professional salespeople working at various levels in different industries. The data thus generated was analyzed through open, axial and selective coding, which resulted in three broad categories of changes in professional selling.
Findings
The findings of the study suggest that though sales jobs are perceived to be similar in nature, but there are differences in how various selling jobs are being performed. The same is the case with the effect of the pandemic on sales jobs. The authors found that every selling style faced a different challenge due to the pandemic and so is the case for the salespeople engaged in the respective selling practice.
Originality/value
To the best of the authors’ knowledge, this is the first research of its kind that has focused on the differences in various selling styles. Though the recent academic literature on personal selling does manifest the effect of the pandemic. But, in doing so, these studies have presented “personal selling” as an overarching concept encompassing all types of selling and have failed to differentiate between the various nuances of personal selling which include trade selling, technical selling, new-business selling and missionary selling.
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Alhassan Haladu and Saeed Awadh Bin-Nashwan
In many societies, environmental problems have had some negative impacts on both social and economic features with issues like capital structure seriously affected. In this…
Abstract
Purpose
In many societies, environmental problems have had some negative impacts on both social and economic features with issues like capital structure seriously affected. In this write-up, an attempt has been made to pinpoint the influence of the combined effects of integrated reporting and financial leverage on the value of a firm. In most emerging markets, investment is heavily dependent on foreign capital inflow which is mainly in the form of financial leverage. It is, therefore, necessary to know how this shapes the net worth of firms in which they are invested. Shareholders' fund is a major factor in determining the level of investment and economic stability of a nation and consequently improvements in sustainable development. Hence, the moderating role of financial leverage in the integrated reporting-shareholders’ funds relationship aims to warrant this research.
Design/methodology/approach
All listed firms on the Nigerian Stock Exchange (NSE) as of 31st December 2021 were affected by this research. Filtering resulted in the use of 77 companies as a sample for the study covering a period of 12 years (2010–2021) with a total of 788 observations. Analyses of data were done through line graphs to show the trend and flow of disclosures between 2010 and 2021. Furthermore, linear regression was also applied to help determine the multiple effects of financial leverage and integrated reporting on shareholders' funds.
Findings
The outcomes showed that economic disclosure was 100% throughout the period of observation as opposed to environmental and social disclosures which, fluctuate throughout the period with an average of slightly over 55%. It was also discovered that a low but significant financial leverage moderated the interaction of integrated reporting on shareholders' funds.
Practical implications
Stakeholders and policymakers should, therefore, put in place rules, regulations, standards, structures and administrative networks to enable firms to comply with local rules, guidelines and upgraded standards of international worth on sustainability issues.
Originality/value
This research explores the problem of the effects of integrated reporting on investment capital as it affects developing economies. Results from this study could go a long way in narrowing the lack of interest in sustainability issues by prospective investors coupled with the low level of environmental and social reporting by firms in African economies that are mostly underdeveloped.
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This study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that…
Abstract
Purpose
This study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that actively managed mutual funds underperform passive benchmarks, whereas retail investors still delegate investment decisions to the fund managers. The present study sheds light on whether mutual fund managers possess security selection skills in their top ten holdings.
Design/methodology/approach
By regression analysis and portfolio sorting, this study focuses on 830 Chinese A-share stocks in the industry research reports from the Guotai Junan Securities Company. It collects mutual fund's top ten holdings data from the Wind Financial Terminal between 2019Q1 and 2021Q1. As robustness checks, the result holds for the fixed-effect model, an additional measure of ranks in the top ten holdings, the predictability test based on the confusion matrix and two stage least square (2SLS) regression.
Findings
The authors find that the top ten holdings by equity mutual funds are informative for predicting stock performance and can provide valuable information for investors to support their decision-making.
Practical implications
The findings of this study provide insightful guidance for retail investors in making investment decisions and support the hypothesis that active fund management adds value.
Originality/value
Firstly, the authors find that the top ten holdings of Chinese mutual funds show significantly positive signals for future stock excess returns, indicating the selection skills of fund managers. Secondly, the above positive relationship exhibits a diminishing marginal effect with more funds holding this stock. Thirdly, the authors find that the predictability horizon of the number of overweighing funds is up to three quarters and then diminishes in the fourth quarter. Finally, investors have a 59% prediction accuracy for the whole stock sample and an 85% precision conditional on the predicted positive subsample to outperform the market. The authors also address the endogeneity and reverse causality issues.
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Suyuan Wang, Huaming Song, Hongfu Huang and Qiang Huang
This paper explores how the manufacturer’s strategic choice (acquisition or investment) impacts product quality in a supply chain comprising two complementary suppliers and a…
Abstract
Purpose
This paper explores how the manufacturer’s strategic choice (acquisition or investment) impacts product quality in a supply chain comprising two complementary suppliers and a common manufacturer.
Design/methodology/approach
The manufacturer faces six strategic choices to improve product quality: acquiring or investing in the high-capable supplier, the low-capable supplier, or both. As the Stackelberg leader, the manufacturer determines which strategy is adopted, while suppliers are separately responsible for components’ quality and wholesale prices. The authors use game theory and calculate the model with Mathematica.
Findings
The authors develop analytical models to analyze how acquisition costs, investment proportions, component importance and quality improvement coefficients influence decision-makers. The results show that the highest quality may not benefit the manufacturer. Investing in or acquiring a low-capable supplier is better than a high-capable supplier under certain conditions. If the gaps between two suppliers’ quality improvement coefficients and the importance of two components are dramatic, the manufacturer should choose an investment strategy.
Originality/value
This study contributes to the complementary supply chain management by comparing two kinds of strategies-acquisition and investment, with a high-capable supplier and a low-capable supplier.
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Francesca Picciaia, Simone Terzani and Libero Mario Mari
This paper aims to analyse the role of a network in the development of female business experiences through the study of the Industrie Femminili Italiane (I.F.I.) (Italian Women’s…
Abstract
Purpose
This paper aims to analyse the role of a network in the development of female business experiences through the study of the Industrie Femminili Italiane (I.F.I.) (Italian Women’s Cooperative Enterprise), founded in 1903 in Rome to promote women’s work and their economic conditions.
Design/methodology/approach
This study applies the embeddedness theory for women’s empowerment that provides a valuable lens to explore the interactions between female entrepreneurs and their social, cultural and economic contexts.
Findings
With this study, the authors found that the network structure was used at the beginning of the past century in Italy as a useful instrument for female emancipation and empowerment, extending to common/not exceptional women entrepreneurial opportunities otherwise reserved for rich and noble women. In the interplay among the different “contexts” (political, social, cultural and cognitive), it seems to emerge the incidence of female social relationships in facing an unfavourable political and cultural context, breaking out the norms and allowing the business to exist and influencing, with the activity of the high social standing women, the cognitive structure of the other female workers, make them active participants in this entrepreneurial activity.
Research limitations/implications
This is a single case study that has shed light on a specific female network, and the authors’ findings and considerations are influenced by the shortage of data and sources available. Demonstrating that I.F.I. is the result of the collaboration of women from different social classes involved at different organisational levels, this work shows, from a historical perspective, the importance of female mutual support for their emancipation and the role played by the network structure as an amplifier of possibilities otherwise limited to rich women, the emancipation of women and minorities in countries characterised by important barriers to entrepreneurship.
Originality/value
To the best of the authors’ knowledge, this is the first paper analysing a female entrepreneurial network from a historical point of view and its role in overcoming gender barriers within the analysis of the interplaying contexts.
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The purpose of this paper is to provide a critical historical analysis of the business (mis)behaviors and influencing factors that discourage enduring cooperation between…
Abstract
Purpose
The purpose of this paper is to provide a critical historical analysis of the business (mis)behaviors and influencing factors that discourage enduring cooperation between principals and agents, to introduce strategies that embrace the social values, economic motivation and institutional designs historically adopted to curtail dishonest acts in international business and to inform an improved principal–agent theory that reflects principal–agent reciprocity as shaped by social, political, cultural, economic, strategic and ideological forces
Design/methodology/approach
The critical historical research method is used to analyze Chinese compradors and the foreign companies they served in pre-1949 China.
Findings
Business practitioners can extend orthodox principal–agent theory by scrutinizing the complex interactions between local agents and foreign companies. Instead of agents pursuing their economic interests exclusively, as posited by principal–agent theory, they also may pursue principal-shared interests (as suggested by stewardship theory) because of social norms and cultural values that can affect business-related choices and the social bonds built between principals and agents.
Research limitations/implications
The behaviors of compradors and foreign companies in pre-1949 China suggest international business practices for shaping social bonds between principals and agents and foreign principals’ creative efforts to enhance shared interests with local agents.
Practical implications
Understanding principal–agent theory’s limitations can help international management scholars and practitioners mitigate transaction partners’ dishonest acts.
Originality/value
A critical historical analysis of intermediary businesspeople’s (mis)behavior in pre-1949 (1840–1949) China can inform the generalizability of principal–agent theory and contemporary business strategies for minimizing agents’ dishonest acts.
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Ellie Norris, Shawgat Kutubi, Steven Greenland and Ruth Wallace
This study explores citizen activism in the articulation of a politicised counter-account of Aboriginal rights. It aims to uncover the enabling factors for a successful challenge…
Abstract
Purpose
This study explores citizen activism in the articulation of a politicised counter-account of Aboriginal rights. It aims to uncover the enabling factors for a successful challenge to established political norms and the obstacles to the fullest expression of a radical imagining.
Design/methodology/approach
Laclau and Mouffe's theory of hegemony and discourse is used to frame the movement's success in challenging the prevailing system of urbanised healthcare delivery. Empirical materials were collected through extensive ethnographic fieldwork.
Findings
The findings from this longitudinal study identify the factors that predominantly influence the transformational success of an Yaṉangu social movement, such as the institutionalisation of group identity, articulation of a discourse connected to Aboriginal rights to self-determination, demonstration of an alternative imaginary and creation of strong external alliances.
Originality/value
This study offers a rich empirical analysis of counter-accounting in action, drawing on Aboriginal governance traditions of non-confrontational discourse and collective accountability to conceptualise agonistic engagement. These findings contribute to the practical and theoretical construction of democratic accounting and successful citizen activism.
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This study delves into the nuanced implications of short-sale constraints on stock prices within the context of stock market efficiency. While existing research has explored this…
Abstract
Purpose
This study delves into the nuanced implications of short-sale constraints on stock prices within the context of stock market efficiency. While existing research has explored this relationship, inconsistencies persist in their findings. The purpose of this study is to conduct a comprehensive review of literature to elucidate the reasons behind these disparities.
Design/methodology/approach
A systematic review of existing theoretical and empirical studies was conducted following the PRISMA method. The analysis centered on discerning the factors contributing to the divergence in projected stock prices due to these constraints. Key areas explored included assumptions related to expectations homogeneity, revisions, information uncertainty, trading motivations and fluctuations in supply and demand of risky assets.
Findings
The review uncovered multifaceted reasons for the disparities in findings regarding the influence of short-sale constraints on stock prices. Variations in assumptions related to market expectations, coupled with fluctuations in perceived information uncertainty and trading motivations, were identified as pivotal factors contributing to differing projections. Empirical evidence disparities stemmed from the use of proxies for short-sale constraints, varied sample periods, market structure nuances, regulatory changes and the presence of option trading.
Originality/value
This study emphasizes the significance of not oversimplifying the impact of short-sale constraints on stock prices. It highlights the need to understand these effects within the broader context of market structure and methodological considerations. By delineating the intricate interplay of factors affecting stock prices under short-sale constraints, this review provides a nuanced perspective, contributing to a more comprehensive understanding in the field.
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