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This paper sets out to present the determinants of firm exit at the micro firm‐level of Slovenian manufacturing derived from the results of pooled and panel probit models.

Empirical research is conducted on the basis of the Slovenian firm registry data which include virtually all the firms in manufacturing. This data set is complemented with sector level trade data to investigate import competition. A representative panel data set of Slovenian manufacturing firms is used to estimate pooled and panel probit models focusing on the effect of firm specific characteristics, domestic sector and import competition, and financial variables on firm exit. The results of the analysis are compared with research for other countries.

The econometric results show a consistently positive, highly significant effect of import competition offsetting the impact of domestic competition on firm exit. Firm's export orientation, capital intensity, innovation expenditures, firm profitability and sector's real sales growth reduce exit, while private ownership and lower firm cost efficiency increase it.

The uniqueness of this paper is twofold. It is one of the first empirical studies to conduct an in‐depth analysis of market dynamics and the determinants of firm exit at the firm level for transition countries, and the first one for Slovenia. The study applies a comprehensive research model to virtually all the Slovenian manufacturing firms and provides valuable insights into the relationship between firm exit and firm specific characteristics, competition and finance.

Studies on employee volunteerism have inconsistency in results. This study aims to examine whether employee volunteerism contributes to financial performance, and if employee volunteerism creates community benefit for firm legitimacy.

The data covers 80 companies (640 firm-year observations) and uses the Indian stock market for the period 2010-2017 as a testing ground. Canonical correlation analysis, panel regression and panel probit regression are used in this study.

The first findings of the study show employee volunteerism through employee skill contribution, number of hours spent on volunteerism, employee cash contribution and employee material contribution provide the substantive contributions to community benefit and financial performance and also contribute a possible positive reflection on employee commitment. The second findings show that return on asset and return on equity do not improve the practice of employee volunteerism. However, the stock price return (SPR) improves the practice of employee volunteerism. The third findings show that the engagement of third-party assurance (TPA) improves the practice of employee volunteerism. Finally, TPA and SPR are more likely to cause a firm to undertake employee volunteerism.

The research study is limited to large firms on the Indian stock market that submit sustainability reports.

An implication from the study suggests that the critical driver of employee volunteerism is employee skill contribution, and firms stand to benefit if well managed.

TPA and financial performance contribute an increase in employee volunteerism, and therefore deepens the scholarly debate on employee volunteerism. Employee volunteerism–community benefit nexus creates a new dimension to the theory of legitimacy for firms in an emerging economy.

This study analyzes financial preparation for retirement of American men and women, using the 2013 Survey of Consumer Finances (SCF). The purpose of this paper is to research the adequacy of retirement preparation for men and women in their positive savings periods.

This research uses probit analysis and multiple regression models to observe the statistical significance of several independent variables on retirement savings. The specific variables of analysis are socio-demographic, work related, financial assets, and attitudes about saving and investing for a sub-sample of individuals aged 35–45, 46–59, and 60–67.

For retirement preparation, income is a significant factor for both men and women aged 35–45. Excellent health is significant for both men and women aged 46–59, whereas the number of weeks worked per year was significant for men and women aged 60–67. In addition, health has significant positive effects on the amount of financial wealth invested in stocks while age has significant negative effects.

This research uses data from the 2013 SCF to analyze factors affecting retirement preparation for men and women in their positive savings periods. The findings from this study can aid policy makers in designing retirement saving programs that can effectively incentivize individuals for adequately prepare for retirement.

Previous studies have focused on the effect of factors such as age, health, marital status, work history, education, income, family/household composition, and occupation on retirement savings over an individual’s lifetime. This study focuses specifically on retirement preparation or adequacy for men and women who are in their positive savings periods.

After a brief glance at the global labour market after the financial meltdown the paper aims to explain some general mechanisms of short‐time work in Germany. Furthermore it seeks to present an overview of the costs of short‐time work for the establishments with respect to the latest labour market reforms in Germany. In the multivariate analyses with the IAB Establishment Panel the paper aims to identify the determinants of short‐time work and its intensity in Germany. Thus it's goal is to contribute to the discussion of the modified and amended legislative framework for short‐time work.

The microeconometric analysis is based on data from the IAB Establishment Panel, a representative survey of the labour demand in Germany. With data from the survey waves 2008‐2010 the probability of the use of short‐time work with probit regression models and its intensity with truncated regression models are explained.

The manufacturing industry as a German key industry was more affected than other sectors and suffered even harder. Despite the fact that the German labour administration has successfully reduced the bureaucracy of short‐time work, the programme is still rather adopted by bigger establishments. German establishments have utilized their flexibility reserves and complementary short‐time work to protect their core staff during the crisis. There is also some empirical evidence that the establishments tried to avoid brain drains. With the first signs of a recovery of the economy at the beginning of 2010 the establishments benefitted a lot from that strategy as they were instantly able to satisfy increasing demands in their markets again. Empirical evidence is also found that establishments made more intensive use of short‐time work the harder they were suffering from the crisis.

For the first time the latest data from the survey wave 2010 of the IAB Establishment Panel is used and compared with the 2009 survey wave. The structure of the panel questionnaire allows the implementation of some specific questions concerning the use of short‐time work. The IAB Establishment Panel has a sample size of approximately 16,000 cases.

The purpose of this study is to examine factors influencing decisions to repurchase shares on-market in Australia. The present study also examines the role of board size, board independence and chief executive officer duality on the decision to repurchase shares on-market by Australian firms.

This study blends the traditional motivations of share repurchases with the influences of governance. The sample consists of all non-financial firms included in the Australian All Ordinaries Index (AOI) for the period 2004-2010. The repurchase sample consists of 104 repurchases undertaken by 62 firms. A probit panel model is used to analyse the decision to repurchase shares on the market. To account for unobserved heterogeneity, random effects panel models are also used.

Analyses of a sample of non-financial firms included in the AOI for the period 2004-2010 show that size is significantly positively correlated with the decision to repurchase shares, thus supporting the agency cost. Findings also support the undervaluation and signalling hypotheses. Similarly, there is evidence in support of the view that firms repurchase shares to reach their target optimal capital structure. The present study also finds a significant positive association between board independence and the decision to repurchase shares in Australia.

On-market share repurchases help firms to signal their future growth opportunities and resolve agency conflicts. Signals from repurchases also help markets discover the true fundamental values of firms. Governance plays an important role in improving the effectiveness of on-market share repurchases, as independent directors provide both monitoring and discipline which helps to ensure that firms have valid motivations in undertaking share repurchases.

These findings have implications for capital restructuring and governance policies. Principle-based governance frameworks that prevail in countries like Australia work as well as rule-based governance.

This study highlights the complementary roles that financial policies and corporate boards play in corporate governance. Independent boards ensure that firms pursue appropriate financial policies that help resolve agency conflicts and information asymmetry problems.

This study aims to examine the relationship between corporate governance and the likelihood of corporate fraud in Malaysia.

The sample of fraudulent companies in this study is the public listed companies that were charged with furnishing false statements to the Securities Commission of Malaysia and Bursa Malaysia Securities Berhad and was listed in the Malaysian Securities Commission Enforcement Release from the year 2000 to 2016. The non-fraudulent companies, which are the control companies in this study, were selected from public listed companies listed in Bursa Malaysia, based on their similarity to the fraudulent companies in terms of time, size and industry type. The panel probit regression analysis was used to examine the relationship between corporate governance characteristics and the occurrence of corporate fraud.

The findings of this study suggest that board size and executive directors’ compensation are the corporate governance characteristics that can effectively combat corporate fraud incidences in Malaysia. The corporate governance features, namely the board of directors’ independence, frequency of board meetings, CEO duality, CEO’s age, and share ownership owned by directors and CEO, do not significantly influence corporate fraud incidences in Malaysia.

Although previous studies provide inconsistent findings on the association between board size and corporate fraud incidences, this study contributes to the existing literature by providing empirical evidence that smaller board sizes provide more effective monitoring functions to minimize corporate fraud incidences in the Malaysian context. The empirical evidence also supports the agency theory proposition where managers with high compensation will act in the best interest of shareholders and less likely to focus on their interests, thus deterring them from committing fraudulent acts.

This paper aims to enhance empirical research on foreign divestment and international relocation by multinational firms are still limited and understudied, although these issues have been a frequent phenomenon and carry important economic implications.

The paper investigates the trends of foreign divestment in South Korea and examines firm- and host country-level determinants in total, manufacture and service sectors from 2010 to 2019.

Using probit model analysis, the main findings are first, among the firm-level factors, sales revenue and parent firm dummy are shown as negative and significant determinants of foreign divestment especially in manufacturing sector. Second, among the country-level factors, gross domestic product growth rate and regulatory quality that measures perceptions of sound policies that promote private sector development are shown negative and significant determinants of foreign divestment. On the other hand, relationship between the environmental policy stringency and foreign divestment is shown positive and significant.

The results suggest that these nonfirm-specific characteristics are also important factors in firm decision to divest from the host country.

This study aims to analyze the impact of different governance characteristics on the ratings of both Islamic and conventional mutual funds.

This study used panel data ordered probit regression model. Furthermore, to capture the mutual funds rating persistence effect and address the issue of endogeneity dynamic panel model is used and the results are estimated using the generalized method of the moment (GMM) technique.

The results indicated that amongst the corporate governance characteristics, board size, the board independence, directors and institutional ownership, and overall governance quality positively affect the ratings of both Islamic and conventional funds. However, chief executive officer (CEO) duality and board gender diversity did not show a significant impact on the ratings of these funds.

The current research provides input to the asset management firms as to how they can increase the fund ratings by implementing strong governance practises. Furthermore, the study also provides input to the rating agencies to account for governance characteristics along with financial indicators, when issuing the rating of any fund.

To the best of the author’s knowledge, this study is the first attempt to analyze the impact of corporate governance characteristics on the rating of both Islamic and conventional mutual funds and hence provides a significant contribution to the literature.

This paper empirically explores the role of skill losses during unemployment behind firms' behaviour in interviewing long-term unemployed

The analysis makes use of the Work Employment Relations Survey in the UK, while it applies a panel probit modelling approach to estimate the empirical findings.

The findings document that skill losses during long-term unemployment reduce the likelihood of an interview, while they emphasize the need for certain policies that could compensate for this deterioration of skills. For robustness check, the estimation strategy survives the examination of the same predictors under different types of the working environment.

The original values of the work 1 combines for the first time both duration and technology as predictors of interview probability. Until now, the independent variables were used to test whether an individual has managed to exit unemployment, thus skipping the step of the interview process.

Decisions pertaining to working capital management have pivotal role for firms’ short-term financial decisions. The purpose of this paper is to examine impact of working capital on profitability for Indian corporate entities.

Both classical panel analysis and Bayesian techniques have been employed that provides opportunity not only to perform comparative analysis but also allows flexibility in prior distribution assumptions.

It is found that longer cash conversion period has detrimental influence on profitability. Financial soundness indicators are playing significant role in determining firm profitability. Larger firms seem to be more profitable and significant as per Bayesian approach. Bayesian approach has led to considerable gain in estimation fit.

Observing the highly skewed distribution of dependent variable, Multivariate Student t-distribution has been considered along with normal distribution to model stochastic term. Accordingly, Bayesian methodology is applied.

Analysis of working capital for firms has been performed in Indian context. Application of Bayesian methodology is performed on balanced panel spanning from 2003 to 2012. As per author’s knowledge, this is the first study which applies Bayesian approach employing panel data for the analysis of working capital management for Indian firms.