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Open Access
Article
Publication date: 13 July 2022

Cathy Zishang Liu, Xiaoyan Sharon Hu and Kenneth J. Reichelt

This paper empirically examines whether the order of liability and preferred stock accounts presented on the balance sheet is consistent with how the stock market values their…

Abstract

Purpose

This paper empirically examines whether the order of liability and preferred stock accounts presented on the balance sheet is consistent with how the stock market values their riskiness.

Design/methodology/approach

This paper measures a firm’s riskiness with idiosyncratic risk and employs the first-difference design to test the relation between idiosyncratic risk and the order of current liabilities, noncurrent liabilities and preferred stock, respectively. Further, the paper tests whether operating liabilities are viewed as riskier than financial liabilities. Finally, the authors partition their sample based on the degree of financial distress and investigate whether the results differ between the two subsamples.

Findings

The paper finds that current liabilities are viewed as riskier than noncurrent liabilities and preferred stock is viewed as less risky than current and noncurrent liabilities, consistent with the ordering on the balance sheet. Further, the paper finds that operating liabilities are viewed as riskier than financial liabilities. Finally, the authors find that total liabilities and preferred stock (redeemable and convertible classes) are viewed as riskier for distressed firms than for nondistressed firms.

Originality/value

The authors thoroughly investigate the riskiness of several classes of claims and document that the classification of liabilities and preferred stock classes is relevant to common stockholders for assessing their associated risk.

Details

China Accounting and Finance Review, vol. 24 no. 3
Type: Research Article
ISSN: 1029-807X

Keywords

Open Access
Article
Publication date: 23 March 2021

Marco Tregua, Danilo Brozovic and Anna D'Auria

The purpose of this article was to provide an outline of the citation practices of “Evolving to a new dominant logic for marketing” by Vargo and Lusch (2004) to identify and…

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Abstract

Purpose

The purpose of this article was to provide an outline of the citation practices of “Evolving to a new dominant logic for marketing” by Vargo and Lusch (2004) to identify and discuss the most prominent research topics in which citations were used and to suggest future research based on the results of the analysis.

Design/methodology/approach

The authors used a comprehensive framework of citation practices based on iterations of previous literature to analyze the relevant literature, which they identified by accessing, systematically and rigorously, every available contribution matching a set of criteria. The authors then categorized these contributions and highlighted the main topics of research interest in each category.

Findings

The findings identify some of the factors in the continuous development of SDL, the way this new marketing logic permeated the scientific debate, the infusion of Vargo and Lusch (2004) into several contributions framed in the new logic or justified through it, and a general perception of a default reference. Additionally, the findings highlight the main topics of research interest in each category.

Research limitations/implications

The analysis enabled the detection of the original paper's influence through advances in service studies, pollination into other fields of research and continuous scientific debate. The authors have highlighted several avenues for research and proposed future research directions.

Originality/value

This research analyzed the effects of the spread of the SDL cornerstone article and emphasized the advantage of using an in-depth approach to the analysis of studies through a framework applied to more than 4,600 studies.

Details

Journal of Service Theory and Practice, vol. 31 no. 4
Type: Research Article
ISSN: 2055-6225

Keywords

Open Access
Article
Publication date: 3 August 2022

Mariem Khalifa and Samir Trabelsi

The purpose of this paper is to examine whether managers of bankrupt firms are more or less conditionally conservative in their financial reporting relative to non-bankrupt firms…

Abstract

Purpose

The purpose of this paper is to examine whether managers of bankrupt firms are more or less conditionally conservative in their financial reporting relative to non-bankrupt firms. The study further examines the cross-sectional differences in conditional conservatism among bankrupt and non-bankrupt firms.

Design/methodology/approach

The study employs a sample of US firms to investigate conditional conservatism in firms that experience financial distress and go bankrupt relative to non-stressed non-bankrupt firms. The study also uses switching regression models to identify the drivers of the cross-sectional difference in conditional conservatism among bankrupt and non-bankrupt firms.

Findings

Empirical results show that bankrupt firms are timelier in recognizing bad news than good news when compared to non-bankrupt firms. The higher level of conditional conservatism in bankrupt firms is mainly driven by their higher levels of leverage and tax-reduction incentives. The cross-sectional analyses show that these results largely hold for more leveraged firms and firms with higher tax costs. Taken together, these results suggest that the conservative tendency of managers of bankrupt firms can stem from the agency problem between lenders and managers and from tax-decreasing motivations.

Originality/value

The novelty of the authors’ research stands in studying the drivers of the cross-sectional differences in conditional conservatism between bankrupt and non-bankrupt firms and specifically, the demonstration that taxation also induces conditional conservatism in the setting of ex post bankrupt firms.

Details

China Accounting and Finance Review, vol. 25 no. 1
Type: Research Article
ISSN: 1029-807X

Keywords

Open Access
Article
Publication date: 3 August 2022

Wolfgang Kaltenbrunner, Stephen Pinfield, Ludo Waltman, Helen Buckley Woods and Johanna Brumberg

The study aims to provide an analytical overview of current innovations in peer review and their potential impacts on scholarly communication.

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Abstract

Purpose

The study aims to provide an analytical overview of current innovations in peer review and their potential impacts on scholarly communication.

Design/methodology/approach

The authors created a survey that was disseminated among publishers, academic journal editors and other organizations in the scholarly communication ecosystem, resulting in a data set of 95 self-defined innovations. The authors ordered the material using a taxonomy that compares innovation projects according to five dimensions. For example, what is the object of review? How are reviewers recruited, and does the innovation entail specific review foci?

Findings

Peer review innovations partly pull in mutually opposed directions. Several initiatives aim to make peer review more efficient and less costly, while other initiatives aim to promote its rigor, which is likely to increase costs; innovations based on a singular notion of “good scientific practice” are at odds with more pluralistic understandings of scientific quality; and the idea of transparency in peer review is the antithesis to the notion that objectivity requires anonymization. These fault lines suggest a need for better coordination.

Originality/value

This paper presents original data that were analyzed using a novel, inductively developed, taxonomy. Contrary to earlier research, the authors do not attempt to gauge the extent to which peer review innovations increase the “reliability” or “quality” of reviews (as defined according to often implicit normative criteria), nor are they trying to measure the uptake of innovations in the routines of academic journals. Instead, they focus on peer review innovation activities as a distinct object of analysis.

Details

Journal of Documentation, vol. 78 no. 7
Type: Research Article
ISSN: 0022-0418

Keywords

Open Access
Book part
Publication date: 14 November 2017

John E. Tyler, Evan Absher, Kathleen Garman and Anthony Luppino

This chapter demonstrates that social business models do not meaningfully prioritize or impose accountability to “social good” over other purposes in ways that (a) best protect…

Abstract

This chapter demonstrates that social business models do not meaningfully prioritize or impose accountability to “social good” over other purposes in ways that (a) best protect against owners changing their minds or entry of new owners with different priorities and (b) enable reliable accountability over time and across circumstances. This chapter further suggests a model – a “social primacy company” – that actually prioritizes “social good” and meaningful accountability to it. This chapter thus clarifies circumstances under which existing models might be most useful and are not particularly useful, especially as investors, entrepreneurs, employees, regulators, and others pursue shared, common understandings about purposes, priorities, and accountability.

Open Access
Article
Publication date: 9 June 2021

Fahad Alarifi

The purpose of the paper is to analyze the new Bankruptcy Law in Saudi Arabia (KSA Bankruptcy Law) under both a comparative lens and a policy-oriented one, while highlighting some…

3170

Abstract

Purpose

The purpose of the paper is to analyze the new Bankruptcy Law in Saudi Arabia (KSA Bankruptcy Law) under both a comparative lens and a policy-oriented one, while highlighting some of the most essential operational steps and procedures in a bankruptcy proceeding under the law.

Design/methodology/approach

The approach adopted analyzes the specific mechanics and procedures of a bankruptcy law under the general policies and goals of bankruptcy. Additionally, where appropriate, a brief comparison to the US Bankruptcy code and its provisions is presented to provide an alternative approach on how similar issues are handled under a reputable and proven bankruptcy system.

Findings

Overall, the KSA Bankruptcy Law is a major accomplishment and advancement to the Kingdom’s insolvency regime. The law consolidated and codified the laws governing bankruptcy under the Kingdom’s prior regime, and followed the structure of a modern bankruptcy regime. In doing so, several of the law’s policies and objectives have been fulfilled by providing an effective, predictable and reliable bankruptcy system.

Originality/value

Given the relatively recent adoption of the KSA Bankruptcy Law, the paper provides a comprehensive assessment of the law’s operation and its effectiveness in achieving its policy goals as a modern bankruptcy law.

Details

PSU Research Review, vol. 7 no. 3
Type: Research Article
ISSN: 2399-1747

Keywords

Open Access
Article
Publication date: 19 October 2020

Joanna Radomska, Przemysław Wołczek and Aleksandra Szpulak

This study aims to examine the mediating effect of four antecedents of competitive advantage on the linkage of risky strategy to firm performance, measured by revenue dynamics. It…

5251

Abstract

Purpose

This study aims to examine the mediating effect of four antecedents of competitive advantage on the linkage of risky strategy to firm performance, measured by revenue dynamics. It considers the roots of competitive advantage to highlight different patterns and foundations of achieving superior performance. It investigates whether pursuing a risky strategy fosters revenue dynamics growth and whether different mediators are included in that relationship.

Design/methodology/approach

Path analysis (structural equation modeling) method is used to analyze data from 122 companies of various sizes and industries. All respondents were responsible for executing strategic management processes. The paper used the subjective perspective, which is based on the individual opinion of senior company managers and owners.

Findings

The authors find a positive relationship between risky strategy and firm performance, but no evidence of a mediating role of competitive advantage and dynamic growth in this relationship. Competitive advantage should be perceived as a set of integrated factors that can be analyzed from an aggregated perspective. Integrating all antecedents requires a holistic and systematic approach and the development of a particular mindset. Aggregated competitive advantage is related to setting dynamic growth as a priority. However, no relationship between risky strategy and achieving competitive advantage, or between implementing a risky strategy and setting dynamic growth as a priority, is observed, which was assumed to explain the revenue dynamics growth.

Research limitations/implications

Secondary data should be analyzed to explore how risky strategies are manifested, and which managerial decisions are reflected in high-level risk. A multidimensional scale could be developed to check how risk shapes the constructs’ interdependence. Therefore, the dynamic capabilities approach could be further expanded.

Practical implications

This research offers insights into the short-term relationship between risky strategy and revenue dynamics, although competitive advantage does not mediate that relationship. Special attention should be paid to the selected antecedents of competitive advantage, as they influence dynamic growth.

Originality/value

This work provides insights into different antecedents of competitive advantage, which is not necessarily based on making risky decisions, and into factors that facilitate firm performance measured by revenue dynamics.

Details

European Business Review, vol. 33 no. 3
Type: Research Article
ISSN: 0955-534X

Keywords

Open Access
Article
Publication date: 16 August 2021

Manuel Leiria, Efigénio Rebelo and Nelson deMatos

The insurance industry has not been able to effectively retain its customers and struggles to establish and maintain long-lasting relationships with them. The purpose of this…

2715

Abstract

Purpose

The insurance industry has not been able to effectively retain its customers and struggles to establish and maintain long-lasting relationships with them. The purpose of this paper is thus to identify the main factors that explain the cancellation of motor insurance policies by individual customers, considering the influence of intermediaries on their decisions.

Design/methodology/approach

The data used in this research is based on a sample of 3,500 insurance policies that lapsed during the period of analysis between January and July 2017, against another sample of 3,500 policies that did not lapse, from a major insurance company in Portugal. Binary logistic regression was used for data analysis, using IBM SPSS software.

Findings

Aggressive tactics by insurance companies for customer acquisition may induce the cancellation of insurance policies. More valuable customers, the policies with higher premiums and recent claims, as well as the ancillary intermediaries and agents, are determinants of insurance cancellation. Conversely, the payment of policies by direct debit and without instalments reduces the probability of cancellations.

Research limitations/implications

The main limitation of this study is the restriction on data access. Insurance companies are significantly resistant to sharing their customer data – including with academic researchers – even in an anonymised form.

Practical implications

The paper highlights internal and external practices of insurance companies that should be reformulated to significantly improve their performance regarding product cancellation, related to customer information management, mistrust behaviours related to stakeholders and new value propositions that deepen the relationships with intermediaries.

Originality/value

This research developed a framework with which to identify the factors that are mainly associated with motor insurance cancellation and to predict its likelihood.

研究目的

保險業一向未能有效地留住客戶,故業內不斷努力建立並維繫與客戶長久的關係。因此、本文擬確定個人客戶終止其汽車保單的因素;研究過程中、會考慮中介人對客戶作有關決定的影響 。

研究的設計/方法/理念

本研究所使用的數據、為基於一個涵蓋3500份期滿終止保單的樣本、並以之與另一涵蓋3500份沒有終止保單的樣本相比,樣本均來自葡萄牙一家大型保險公司。期滿終止保單之樣本、乃於2017年1月至同年7月這個研究進行期間内期滿終止的。研究使用了二元羅吉斯迴歸來分析數據,並應用了IBM SPSS 數據分析軟件。

研究結果

保險公司為贏得客戶所採用的積極進取策略可能導致客戶終止其保單。保單終止的決定因素包括更多有價值的客戶、保險費較高的保單、最近的索賠和輔助的中介及代理。反之,以自動扣帳方式及以非分期付款形式繳付保單則會減低終止保單的機會。

研究的原創性/價值

本研究發展了一個框架、以確定與客戶終止其保單有關聯的主要因素,並預計客戶終止保單的可能性。本文亦強調了保險公司須重新制定其內部與外部的做法,以能大幅改善其與產品取消有關的績效,而這些產品取消涉及客戶信息管理、與持份者有關的不信任行為、以及能深化與中介人之關係的新價值主張。

Details

European Journal of Management and Business Economics, vol. 31 no. 3
Type: Research Article
ISSN: 2444-8451

Keywords

Content available
Book part
Publication date: 30 July 2018

Abstract

Details

Marketing Management in Turkey
Type: Book
ISBN: 978-1-78714-558-0

Abstract

Details

Journal of Health Organization and Management, vol. 33 no. 1
Type: Research Article
ISSN: 1477-7266

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