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1 – 10 of 733Noelle Greenwood and Peter Warren
Framed within global policy debates over the need for private financial flows to align with the capital requirements of the Paris Agreement, this paper examines UK asset managers…
Abstract
Purpose
Framed within global policy debates over the need for private financial flows to align with the capital requirements of the Paris Agreement, this paper examines UK asset managers in their approaches to disclosing and managing climate risk. This paper identifies and evaluates climate risk management practices among this under-researched investor group in their capacity to address fundamental behavioural obstacles to low-carbon investment.
Design/methodology/approach
This paper takes an inductive approach to document analysis, applying content and thematic analysis to the annual disclosures of the 28 largest UK asset managers (by assets under management), including the investment management arms of insurance and pension companies.
Findings
The main takeaway from this research is that today’s climate risk management strategies hold potential to effectively address traditionally climate risk-averse investor behaviour and investment processes in the UK asset management context. However, this research finds that the use of environmental, social and governance (ESG) investment strategies to mitigate climate risks is a “grey area” in which climate risk management practices are undefined within broad sustainability and responsible investment agendas. In doing so, this paper invites further research into the extent to which climate risks are considered in ESG investment.
Originality/value
This paper contributes to research in sustainable finance and behavioural finance, by identifying the latest climate risk management techniques used among UK-headquartered asset managers and uniquely evaluating these in their capacity to address barriers to low-carbon investment arising from organisational behaviours and processes.
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Binh Thi Thanh Dao and Tram Dieu Ngoc Ta
The paper aims at providing insights on the relationship between capital structure and performance of the firm by employing meta-analytical approach to obtain a synthesized result…
Abstract
Purpose
The paper aims at providing insights on the relationship between capital structure and performance of the firm by employing meta-analytical approach to obtain a synthesized result out of controversial studies as well as the sources for such inconsistency.
Design/methodology/approach
Using secondary data, the analysis is divided into two main parts with concerns to the overall strength of the relationship, the effect size and the potential paper-specific characteristics influencing the magnitude of impacts between leverage and firm performance (moderators of the relationship). Overall, a total number of 32 journals, reviews and school presses were selected besides online libraries and publishing platforms. There were 50 papers with 340 studies chosen from 2004 to 2019, of which data range from 1998 to 2017.
Findings
Using Hedges et al. (1985,1988), descriptive and quantitative analysis have been conducted to confirm that corporate performance is negatively related to capital decisions, which inclines toward trade-off model with agency costs and pecking order theory. The estimation induces rather small effect size that implies sufficiently large sample size to be effectively investigated. In terms of moderator analysis, random-effects meta-regression models of three different techniques are used to increase the robustness in research findings, showing statistically significant elements as publication status, factor of industry and proxy of firm performance.
Originality/value
This paper is one of the first papers presenting meta-analysis in capital structure and performance for two languages, Vietnamese and English, providing a consistent result with previous worldwide papers.
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Jitpisut Bubphapant and Amélia Brandão
Given the importance of the growing segmentation of ageing consumers and their increasing interaction with the Internet, digital marketing scholars are becoming more interested in…
Abstract
Purpose
Given the importance of the growing segmentation of ageing consumers and their increasing interaction with the Internet, digital marketing scholars are becoming more interested in this market. Prior research needs to pay more attention to this market in many contexts of digital marketing. This study aims to provide insights into ageing consumers’ content usage, content typology choices, and online brand advocacy (OBA).
Design/methodology/approach
Semi-structured interviews were applied, and 16 consumers from Southern Europe aged 55+ were included. The interviews were transcribed and examined following the principles of content analysis.
Findings
According to the research, older consumers display their usage and concerns regarding online content. They have different decision-making processes depending on whether they are purchasing products or services. Likewise, their choices of content typology vary based on the utilitarian or hedonic product category.
Originality/value
This study contributes to the literature by providing insights into this growing segmentation and proposing an OBA framework for older consumers related to content marketing. Finally, the study suggests that older consumers are passive online and active offline brand advocates.
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Giacomo Pigatto, John Dumay, Lino Cinquini and Andrea Tenucci
This research aims to examine and understand the rationales and modalities behind the use of disclosure before, during and after a corporate governance scandal involving CPA…
Abstract
Purpose
This research aims to examine and understand the rationales and modalities behind the use of disclosure before, during and after a corporate governance scandal involving CPA Australia (CPAA).
Design/methodology/approach
Data beyond CPAA's annual reports were collected, such as news articles, media releases, an independent review panel (IRP) report, and the Chief Operating Officer's letter to members. These disclosures were manually coded and analysed through the word counts and word trees in NVivo. This study also relied on Norbert Elias' conceptual tool of power games among networks of actors – figurations – to model the scandal as a power game between the old Board, the press, concerned members, the IRP and the new Board. This study analysed the data to reveal a collective and in fieri power balance that changed with the phases of the scandal.
Findings
A mix of voluntary, involuntary, requested and absent disclosures was important in triggering, managing and ending the CPAA scandal. Moreover, communication and disclosure fulfilled a constitutive role since both: mobilised actors, enabled coordination among actors, contributed to pursuing shared goals and influenced power balances. Such a constitutive role was at the heart of the ability of coalitions of figurations to challenge and restore the powerful status quo.
Originality/value
This research introduces to accounting studies the collective and in fieri dimensions of power from figurational theory. Moreover, the research sheds new light on using voluntary, involuntary, requested and absent disclosures before, during and after a corporate crisis.
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P.K. Priyan, Wakara Ibrahimu Nyabakora and Geofrey Rwezimula
The study aims to evaluate the influence of capital structure decisions and asset structure on firms' performance for East African listed nonfinancial firms.
Abstract
Purpose
The study aims to evaluate the influence of capital structure decisions and asset structure on firms' performance for East African listed nonfinancial firms.
Design/methodology/approach
The research is descriptive and employs secondary data from the East African capital markets' websites. The generalized method of moments approach is used to estimate the relationship due to its ability to account for endogeneity problems.
Findings
The result shows that capital structure decisions and asset structure strongly influence the firms' performance. When long-term debts, short-term debts and tangible fixed assets increase, the return on total assets increases. An increase in the total debt ratio raises the return on equity (ROE). However, the increase in long-term debt lowers the ROE.
Practical implications
The results will help investors and potential investors decide on a financing policy that maximizes performance. Likewise, governments and other policymakers review the capital markets' frameworks to attract institutional and individual investors to the markets for financial availability and to increase profitability.
Originality/value
The research provides evidence on the influence of capital structure decisions and asset structure on firms' performance. Furthermore, its results contribute to firms' financing policy formulation and the corporate finance literature.
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