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Article
Publication date: 22 March 2011

Wen Guang Qu and Zhongming Wang

Little research to date has investigated how firm experience and industry experience in related inter‐organizational systems (IOS) affect the adoption of open IOS. The…

1088

Abstract

Purpose

Little research to date has investigated how firm experience and industry experience in related inter‐organizational systems (IOS) affect the adoption of open IOS. The purpose of this paper is to address this issue.

Design/methodology/approach

Based on large‐scale archival data from European countries, logistic regression was used to test the research model.

Findings

It was found that firm experience in EDI and experience in proprietary IOS positively affect the adoption of open IOS; industry experience in EDI and experience in proprietary IOS have a negative effect on the adoption of open IOS; and industry experience in open IOS has a positive effect on the adoption of open IOS.

Research limitations/implications

One main limitation is that the measures of the variables are based on single‐item and dichotomic scales. Also, this study only focused on the industry level and alternative explanations for the results have not been ruled out. The main implication is that IOS experience at firm and industry levels should be distinguished, as they can have different effects on the adoption of open IOS.

Originality/value

This paper is among the first that examines how the experience in prior generations of IOS affects the adoption of open IOS. Furthermore, the authors expand the literature by distinguishing IOS experience at two levels – firm level and industry level and show that it is necessary to recognize the different roles of different types of experience.

Details

Industrial Management & Data Systems, vol. 111 no. 3
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 8 July 2014

Isabel-Maria Garcia-Sanchez, Beatriz Cuadrado-Ballesteros and Cindy Sepulveda

The purpose of this paper is to examine the moderating effect of media pressure on external directors in relation to disclosure of information on corporate social…

3430

Abstract

Purpose

The purpose of this paper is to examine the moderating effect of media pressure on external directors in relation to disclosure of information on corporate social responsibility (CSR).

Design/methodology/approach

The paper adopts a multilevel approach, integrating the institutional, organisational and individual levels of analysis in a whole model that explains corporate transparency. The paper uses a sample composed of 98 non-financial listed Spanish companies for the period 2004-2010,

Findings

The results show heterogeneity between external board members. Proprietary directors, representing shareholders, tend to promote adoption of the Global Reporting Initiative guidelines in order to increase value for shareholders. On the contrary, independent directors are risk adverse in relation to the effect that CSR information disclosure could have on their professional reputations.

Research limitations/implications

The sample could be improved, including companies from different countries and more years for the analysis, since the period studied comprises a particular economic setting (2008-2010), a global financial crisis.

Practical implications

Although these results from the Spanish context, the authors recommend that regulatory bodies incorporate provisions into good governance codes that guarantee the existence of quality and comparable CSR information that favours stakeholders’ decision taking.

Originality/value

The image that society has about a company comes from the opinions created from the mass media. The arguments proposed by agenda-setting theory can be managed by companies as a strategic mechanism to respond to society expectations. At present, two of the most studied aspects are the ethical and sustainable behaviours of organisations. These aspects are related to the characteristics of boards of directors, especially to external directors. Independent directors may disagree with disclosing information about CSR practices because they fear that this information would affect their professional reputations, since they are not specialised in these topics. However, proprietary directors favour the disclosure of this information in an attempt to reduce the cost of capital and risk perceived by investors, especially in more sustainable companies.

Article
Publication date: 25 April 2022

Fangjun Sang, Pervaiz Alam and Timothy Hinkel

Prior studies find that US firms with managerial incentives may manipulate the earnings gap to obscure higher performing segments to competitors or to hide underperforming…

Abstract

Purpose

Prior studies find that US firms with managerial incentives may manipulate the earnings gap to obscure higher performing segments to competitors or to hide underperforming segments from external monitors. The purpose of this study is to complement extant research by examining the association between managerial incentives and segment earnings reporting of cross-listed firms in the USA and the impact of country-level characteristics on this association.

Design/methodology/approach

The dependent variable is the earnings gap between firm-level earnings and sum of segment-level earnings. Managerial incentives are proxied by proprietary cost and agency cost. Proprietary cost is measured by the Herfindahl index. Agency cost is measured by inefficient resource transfer activities across segments. Foreign firms in this study are companies listed on major US Stock Exchanges with headquarters outside the USA. Comparable US firms are selected using the Propensity Score Matching procedure as a control group.

Findings

The authors find that 1) proprietary cost motive is not the determinant of earnings gap reporting for cross-listed firms; 2) cross-listed firms motivated by agency costs are more likely to manipulate segment earnings reporting than US firms; and 3) among cross-listed firms motivated by agency costs, firms in weak rule of law countries demonstrate more manipulation in segment earnings than firms in strong rule of law countries.

Originality/value

Extant research with regard to segment reporting exclusively focuses on US firms, and little is known about the practice of segment reporting by cross-listed firms originating from different legal regimes. This study fills the gap in the literature by comparing cross-listed firms to US firms in the reporting of segment earnings. The results of this study have implications for regulators and investors who are interested in evaluating the extent of cross-listed firms’ financial reporting quality.

Details

Review of Accounting and Finance, vol. 21 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 1 March 2002

Kam C. Chan, Gim S. Seow and Kinsun Tam

Reviews previous research on the impact of changes in exchange rates on firm value and develops hypotheses on the effect of exchange rate exposure on US pharmaceutical…

1724

Abstract

Reviews previous research on the impact of changes in exchange rates on firm value and develops hypotheses on the effect of exchange rate exposure on US pharmaceutical firms 1990‐1999. Tests them using data from 523 firms (21 producing proprietary drugs and 32 generic) splite into two sub‐periods (1990‐1994 and 1995‐1999) and explains the methodology. Finds that the proprietary drug producers were negatively affected by the rising US dollar value during the first sub‐period, but positively affected in the second; and that both generic and proprietary companies suffered a one‐month lagged negative effect. Considers the underlying reasons for this and consistency with other research; and calls for more research on the lagged relationship between stock returns and exchange rate risk.

Details

Managerial Finance, vol. 28 no. 3
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 7 July 2020

HyunJun Na

This study explores how the firm’s proprietary information has an impact on the bank loan contracts. It explains the propensity of using the competitive bid option (CBO…

Abstract

Purpose

This study explores how the firm’s proprietary information has an impact on the bank loan contracts. It explains the propensity of using the competitive bid option (CBO) in the syndicate loans to solicit the best bid for innovative firms and how it changes based on industry competition and the degree of innovations. This research also examines how the interstate banking deregulation (Interstate Banking and Branching Efficiency Act) in 1994 affected the private loan contracts for innovative borrowers.

Design/methodology/approach

The study uses various econometric analyses. First, it uses the propensity score matching analysis to see the impact of patents on pricing terms. Second, it uses the two-stage least square (2SLS) analysis by implementing the litigation and non-NYSE variables. Finally, it studies the impact of the policy change of the Interstate Banking and Branching Efficiency Act of 1994 on the bank loan contracts.

Findings

Firms with more proprietary information pays more annual facility fees but less other fees. The patents are the primary determinants of the usage of CBO in the syndicate loans to solicit the best bid. While innovative firms can have better contract conditions by the CBO, firms with more proprietary information will less likely to use the CBO option to minimize the leakage of private information and the severe monitoring from the banks. Finally, more proprietary information lowered the loan spread for firms dependent on the external capital after the interstate banking deregulation.

Originality/value

The findings of this research will help senior executives with responsibility for financing their innovative projects. In addition, these findings should prove helpful for the lawmakers to boost economies.

Details

International Journal of Managerial Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Book part
Publication date: 15 July 2009

Ross B. Emmett and Kenneth C. Wenzer

Dublin, Wednesday, 1 a.m., Aug. 9, 1882.

Abstract

Dublin, Wednesday, 1 a.m., Aug. 9, 1882.

Details

Henry George, the Transatlantic Irish, and their Times
Type: Book
ISBN: 978-1-84855-658-4

Article
Publication date: 13 September 2011

Torsten Schmitz

This paper seeks to analyse the different characteristics a bill of lading holds as a document of title, including the proprietary effects a transfer of goods in transit…

3075

Abstract

Purpose

This paper seeks to analyse the different characteristics a bill of lading holds as a document of title, including the proprietary effects a transfer of goods in transit can have and the bill's use as a means of security as well as its limitations in mo6dern international commerce.

Design/methodology/approach

The paper examines the document's nature and the evolution of its traditional legal functions. The analysis includes, among other things, the implications different types of bills have as an instrument in commercial trade. Special attention is given to the attributes that are likely to limit the bill's application in modern international trade, concerning both its scope and value. Finally, the paper offers a set of conclusions and suggests reform measures.

Findings

The paper shows how technological innovations in recent years have resulted in the emergence of new forms of transport documentation that might challenge the bill's role in the future. The paper provides a clear understanding of the problems associated with the bill's current form and outlines the main approaches proposed to meet its need for reform.

Practical implications

The paper offers a conceptual analysis of the bill's weak points and discusses how simplification and standardisation, a central registry system and electronic transmission of information may be able to increase efficiency.

Originality/value

Critical assessment undertaken may pave the way for an open discussion on the subject. Legal culture and mercantile customs should be taken into consideration if a successful and sustainable reform is to be achieved.

Details

Journal of International Trade Law and Policy, vol. 10 no. 3
Type: Research Article
ISSN: 1477-0024

Keywords

Book part
Publication date: 31 July 2008

Abstract

Details

Documents from F. Taylor Ostrander at Oxford, John R. Commons' Reasonable Value
Type: Book
ISBN: 978-1-84663-906-7

Article
Publication date: 26 September 2008

Isabel Gallego Álvarez, Isabel María García Sánchez and Luis Rodríguez Domínguez

This work aims to check the validity of the hypotheses of the agency, signalling, political costs and proprietary costs theories in the disclosure of information online…

4587

Abstract

Purpose

This work aims to check the validity of the hypotheses of the agency, signalling, political costs and proprietary costs theories in the disclosure of information online. More specifically, to determine the prevalence of the purposes alleged by those theories, we analyse the effect of industry concentration and other factors on an index of items of information disclosed on corporate web sites, in its entirety as well as its breakdown into information whose elaboration and disclosure is compulsory and information whose elaboration and disclosure is voluntary.

Design/methodology/approach

First, a content analysis of the quoted non‐financial Spanish companies' web sites was carried out. To do this, three disclosure indexes were created and applied. Then three causal models were estimated by applying a linear regression, taking several factors into consideration.

Findings

The findings emphasise the relevance of the hypotheses of political costs theory as the main explanatory factor for voluntary disclosure of information on the internet by quoted Spanish firms. In particular, the hypothesis that the greater the firm's monopolistic power, the more visible the company is and the more political costs it faces. To reduce these costs, such companies have an interest in disclosing greater amounts of information.

Practical implications

The researchers have analysed only one year of data from one country, but this analysis is significant because the motives which lead a firm to disclose information can be very different depending on its geographic location, especially if the factors which determine disclosure practices are associated with the political costs that the companies face.

Originality/value

This is the first study to examine the effect of industrial concentration on the disclosure of information online.

Details

Online Information Review, vol. 32 no. 5
Type: Research Article
ISSN: 1468-4527

Keywords

Article
Publication date: 12 March 2020

Eunjung Cho, Jeehong Kim and Sooin Kim

The purpose of this paper is to examine whether a negative outcome (i.e. a sanction) of an inspection by Korea’s Financial Supervisory Service for an industry-leading…

Abstract

Purpose

The purpose of this paper is to examine whether a negative outcome (i.e. a sanction) of an inspection by Korea’s Financial Supervisory Service for an industry-leading company affects the accounting quality of other companies in the same industry. The premise is that when peer companies observe the negative results of such an inspection on a leader in their industry, they will be more concerned about their own risk during a future inspection and more likely to increase their accounting quality.

Design/methodology/approach

The authors conduct a mutivariate Oridnary Least Squares (OLS) regression using 11,476 South Korean samples from 2002 to 2016. The study uses ordinary least square regressions to test the hypotheses using discretionary accruals as a proxy for accounting quality.

Findings

The authors find that peer companies reduced their discretionary accruals in the next period and that this reduction is amplified according to the severity of the disciplinary action on the industry leader and the materiality of errors in that leader’s financial statements.

Originality/value

This finding contributes to the literature by providing the first evidence of a spillover effect of regulatory inspection on accounting quality that financial reporting sanctions not only affect the overall accounting quality of the sanctioned company but also that of its peers in the same industry. The authors expect this study to lead to future research on the effect of other regulations on industry-wide accounting quality.

Details

Managerial Auditing Journal, vol. 35 no. 5
Type: Research Article
ISSN: 0268-6902

Keywords

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