Search results
1 – 10 of 69
This paper evaluates the risk-adjusted returns, selectivity, market timing skills and persistence of the performance of Nigerian pension funds.
Abstract
Purpose
This paper evaluates the risk-adjusted returns, selectivity, market timing skills and persistence of the performance of Nigerian pension funds.
Design/methodology/approach
Annual return data of 23 pension funds that operated in Nigeria between 2018 and 2022 were obtained from the National Pension Commission (PenCom). Risk-adjusted return was appraised using the Treynor ratio, Sharpe ratio and Jensen alpha, while the Treynor–Mazuy and Henriksson–Merton multiple regression models were applied to decompose selective and timing skills. Performance persistence was assessed using the contingency table and rank correlation models.
Findings
Evidence shows that pension funds deliver excess risk-adjusted returns and exhibit selective skills. However, the evidence does not support the presence of timing skills, and there is overwhelming evidence that good (bad) performance does not repeat.
Practical implications
An evaluation of the investment performance of pension funds is crucial for ensuring the financial stability of retirees, maintaining economic stability and making informed investment decisions. It serves the interests of pensioners, pension fund managers, regulators and the broader economy. Our evidence that pension funds generate positive excess returns is a departure from most of the literature on managed funds. We recommend that more Nigerians should leverage the pension fund industry to grow their wealth and prepare for retirement.
Originality/value
This study, to our knowledge, is the first to appraise all the key facets of the investment performance of pension funds in the Nigerian context.
Details
Keywords
Elena Loutskina, Gerry Yemen and Jenny Mead
This case requires students to evaluate alternative dual-share-class corporate structures that allow companies and entrepreneurs to pursue profit with purpose. The case explores…
Abstract
This case requires students to evaluate alternative dual-share-class corporate structures that allow companies and entrepreneurs to pursue profit with purpose. The case explores Impact Makers, an IT consulting company based in Richmond, Virginia. While original founders of the firm hold all voting rights, the cash flow rights belong to two nonprofits setting the stage for a Newman's Own model of management consulting. The case discusses whether and how the alternative corporate structure aids the firm's overall strategy to attract top-quality employees, pay them competitive salaries, and provide superior service to its clients while donating 100% of its lifetime value to charitable causes, largely through partnerships with various nonprofit organizations. More importantly, the case asks students to evaluate how such a dual-share-class and dual-purpose company can raise capital to fund continued growth.
The case opens with CEO Michael Pirron reminding himself of all the questions he had run through to execute a strategy to further grow Impact Makers' consulting business both through expanding a menu of services and through conquering new geographical markets. To do either, or both, the company needed a cash infusion. Internal cash was limited, as up to 40% of it flowed to charitable partners, demonstrating Impact Makers' commitment to its mission. Raising debt for a company without fixed assets was challenging and time consuming. Complicating it all was that being structured as a nonstock corporation rendered equity raising difficult. Could Impact Makers raise money to grow and stay true to community values at the same time?
Details
Keywords
Lars Mjøset, Roel Meijer, Nils Butenschøn and Kristian Berg Harpviken
This study employs Stein Rokkan's methodological approach to analyse state formation in the Greater Middle East. It develops a conceptual framework distinguishing colonial…
Abstract
This study employs Stein Rokkan's methodological approach to analyse state formation in the Greater Middle East. It develops a conceptual framework distinguishing colonial, populist and democratic pacts, suitable for analysis of state formation and nation-building through to the present period. The framework relies on historical institutionalism. The methodology, however, is Rokkan's. The initial conceptual analysis also specifies differences between European and the Middle Eastern state formation processes. It is followed by a brief and selective discussion of historical preconditions. Next, the method of plotting singular cases into conceptual-typological maps is applied to 20 cases in the Greater Middle East (including Afghanistan, Iran and Turkey). For reasons of space, the empirical analysis is limited to the colonial period (1870s to the end of World War 1). Three typologies are combined into one conceptual-typological map of this period. The vertical left-hand axis provides a composite typology that clarifies cultural-territorial preconditions. The horizontal axis specifies transformations of the region's agrarian class structures since the mid-19th century reforms. The right-hand vertical axis provides a four-layered typology of processes of external intervention. A final section presents selected comparative case reconstructions. To the authors' knowledge, this is the first time such a Rokkan-style conceptual-typological map has been constructed for a non-European region.
Details
Keywords
Benedikt Gloria, Sebastian Leutner and Sven Bienert
This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.
Abstract
Purpose
This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.
Design/methodology/approach
While existing literature has primarily focused on the impact of voluntary sustainability disclosure, such as certifications or reporting standards, this study addresses a significant research gap by constructing and analyzing the financial J-Curve of 40 funds under the SFDR. The authors employ a panel regression analysis to examine the effects of different SFDR categories on fund performance.
Findings
The findings reveal that funds categorized under Article 8 of the SFDR do not exhibit significantly poorer performance compared to funds categorized under Article 6 during the initial phase after launch. On average, Article 8 funds even demonstrate positive returns earlier than their peers. However, the panel regression analysis suggests that Article 8 funds slightly underperform when compared to Article 6 funds over time.
Practical implications
While investors may not anticipate lower initial returns when opting for higher SFDR categories, they should nevertheless be aware of the limitations inherent in the existing SFDR labeling system within the unlisted real estate sector.
Originality/value
To the best of our knowledge, this study represents the first quantitative examination of unlisted real estate fund performance under the SFDR. By providing unique insights into the J-Curves of funds, our research contributes to the existing body of knowledge on the impact of sustainability regulations in the financial sector.
Details
Keywords
Anthony L. Wagner and Erich Dietrich
This chapter examines the internationalisation of public higher education in Brazil using the theoretical triptych of internationalisation as developed by leading scholars in the…
Abstract
This chapter examines the internationalisation of public higher education in Brazil using the theoretical triptych of internationalisation as developed by leading scholars in the field: internationalisation at home (IaH), internationalisation abroad (IA), and internationalisation at a distance (IaD). This framework – while rooted in knowledge, systems, and scholarship from researchers and institutions in the Global North – is a constructive tool for categorising and understanding internationalisation at Brazil’s higher education institutions (HEIs) when coupled with an exploration of the history, context, policy, and dynamics of internationalisation efforts. The chapter then summarises and underscores recent and important scholarship by Brazilian researchers and others in the Global South that describes the history of the nation’s internationalisation efforts. It also critiques the powerful influence that Global North-centred objectives and priorities for internationalisation have on the process at Brazilian HEIs. Following a discussion of the theoretical framework and relevant literature, the chapter provides a case study of internationalisation efforts and initiatives of an elite public university, the Universidade Federal de Minas Gerais (UFMG). Content analysis of UFMG’s website and publicly available reports and data demonstrates a high level of institutional internationalisation that has unfolded in recent years, stimulated by federal funding and guided by a strategic framework developed within the Ministry of Education. An analysis of UFMG’s mission, partnerships and programmes finds that the institution serves as an example of internationalisation in Brazil’s public higher education context, as its programmes and initiatives exemplify the overarching objectives of internationalisation in Brazilian higher education.
Details
Keywords
Jane Andrew and Max Baker
This study explores a hegemonic alliance and the role of relational forms of accounting and accountablity in the making of contemporary capitalism.
Abstract
Purpose
This study explores a hegemonic alliance and the role of relational forms of accounting and accountablity in the making of contemporary capitalism.
Design/methodology/approach
We use the WikiLeaks “Cablegate” documents to provide an account of the detailed machinations between interest groups (corporations and the state) that are constitutive of hegemonic activity.
Findings
Our analysis of the “Cablegate” documents shows that the US and Chevron were crafting a central role for Turkmenistan and its president on the global political stage as early as 2007, despite offical reporting beginning only in 2009. The documents exemplify how “accountability gaps” occlude the understanding of interdependence between capital and the state.
Research limitations/implications
The study contributes to a growing idea that official accounts offer a fictionalized narrative of corporations as existing independently, and thus expands the boundaries associated with studying multinational corporate activities to include their interdependencies with the modern state.
Social implications
The study traces how global capitalism extends into new territories through diplomatic channels, as a strategic initiative between powerful state and capital interests, arguing that the outcome is the empowerment of authoritarian states at the cost of democracy.
Originality/value
The study argues that previous accounting and accountability research has overlooked the larger picture of how capital and the state work together to secure a mutual hegemonic interest. We advocate for a more complete account of these activities that circumvents official, often restricted, views of global capitalism.
Details
Keywords
Parveen Siwach and Prasanth Kumar R.
This study aims to outline the research field of initial public offerings (IPOs) pricing and performance by combining bibliometric analysis with a systematic literature review…
Abstract
Purpose
This study aims to outline the research field of initial public offerings (IPOs) pricing and performance by combining bibliometric analysis with a systematic literature review process.
Design/methodology/approach
The study uses over three decades of IPO publication records (1989–2020) from Scopus and Web of Science databases. An analysis of keyword co-occurrence and bibliometric coupling was used to gain insights into the evolution of IPO literature.
Findings
The study categorized the IPO research field into four primary clusters: IPO pricing and short-run behaviour, IPO performance and influence of intermediaries, venture capital financing and top management and political affiliations and litigation risks. The results offer a framework for delineating research advancements at different stages of IPOs and illustrate the growing interest of researchers in IPOs in recent years. The study identified future research potential in the areas of corporate governance, earning management and investor sentiments related to IPO performance. Similarly, the study highlighted the opportunity to test multiple theoretical frameworks on alternative investment platforms (SME IPO platforms) operating under distinct regulatory environments.
Originality/value
To the best of the authors’ knowledge, this paper represents the first instance of using both bibliometric and systematic review to quantitatively and qualitatively review the articles published in the area of IPO pricing and performance from 1989 to 2020.
Details
Keywords
Beena Kumari, Anuradha Madhukar and Sangeeta Sahney
The paper develops a model for enhancing R&D productivity for Indian public funded laboratories. The paper utilizes the productivity data of five Council of Scientific and…
Abstract
Purpose
The paper develops a model for enhancing R&D productivity for Indian public funded laboratories. The paper utilizes the productivity data of five Council of Scientific and Industrial Research (CSIR) laboratories for analysis and to form the constructs of the model.
Design/methodology/approach
The weighted average method was employed for analyzing the rankings of survey respondents pertaining to the significant measures enhancing R&D involvement of researchers and significant non-R&D jobs. The authors have proposed a model of productivity. Various individual, organizational and environmental constructs related to the researchers working in the CSIR laboratories have been outlined that can enhance R&D productivity of researchers in Indian R&D laboratories. Partial Least Squares-Structural Equation Modeling (PLS-SEM) was used to find the predictability of the productivity model.
Findings
The organizational factors have a crucial role in enhancing the R&D outputs of CSIR laboratories. The R&D productivity of researchers can be improved through implementing the constructs of the proposed model of productivity.
Research limitations/implications
The R&D productivity model can be adapted by the R&D laboratories to enhance researchers’ R&D involvement, increased R&D outputs and achieving self-sustenance in long run.
Practical implications
The R&D laboratories can initiate exercises to explore the most relevant factors and measures to enhance R&D productivity of their researchers. The constructs of the model can function as a guideline to introduce the most preferable research policies in the laboratory for overall mutual growth of laboratory and the researchers.
Originality/value
Hardly any studies have been found that have focused on finding the measures of enhancing R&D involvement of researchers and the influence of significant time-intensive jobs on researchers’ productivity.
Details
Keywords
Aaron Fernstrom, Mary Margaret Frank, Samuel A. Lewis, Pedro Matos and John G. Macfarlane
The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a…
Abstract
The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a market overview of Environment, Social, and Corporate Governance (ESG) and socially responsible investing (SRI), what has driven growth in those areas worldwide, and several best-practice investment approaches. Following the overview, the case describes the founding and development of JUST Capital, explores JUST Capital's ranking methodologies, and presents the decision point faced by the CEO: requisite selection of one of three strategies in order for JUST Capital to generate “self-sustaining” revenue.
Details
Keywords
Qiong Wu, Qiwei Zhou and Kathryn Cormican
Shared leadership is an effective mechanism for managing project teams. Its performance-enhancing benefits have been demonstrated in many studies. Nonetheless, there is an obvious…
Abstract
Purpose
Shared leadership is an effective mechanism for managing project teams. Its performance-enhancing benefits have been demonstrated in many studies. Nonetheless, there is an obvious silence about how to promote shared leadership in Lean Six Sigma (LSS) project teams. To address this deficit, the purposes of this study are to investigate the influence of shared leadership on LSS project success and to explore how team psychological safety, project task complexity and project task interdependence influence shared leadership.
Design/methodology/approach
A multi-source, time-lagged survey design with a four-month interval was conducted. To do this, the authors collected data from 71 project teams (comprising 71 project managers and 352 project members) using LSS approaches in the manufacturing and service industries.
Findings
The findings show that shared leadership positively influences LSS project success. The authors also found that team psychological safety fosters the development of shared leadership and, more importantly, these effects are stronger when the tasks are more complex and more interdependent.
Practical implications
These findings advance our understanding of the factors that enable shared leadership and equip LSS project managers with practical techniques to improve shared leadership for the success of their projects.
Originality/value
This study extends the theory of shared leadership to the context of LSS project management and is among the first, to the best of the authors’ knowledge, to theoretically propose and empirically validate how to promote shared leadership in LSS project teams.
Details