Search results

The main purpose of this study is to examine the disclosure of earnings forecasts in firms' prospectuses to explain investor demands or, in other words, oversubscription rates of Malaysian initial public offerings (IPOs).

Ordinary least squares and robust methods were used to examine cross-sectional data comprising 466 fixed-price IPOs reported for the period from January 2000 to February 2020 on Bursa Malaysia.

The results showed that IPOs with earnings forecasts obtained higher oversubscription rates than those without earnings forecasts. IPOs with earnings forecasts provide value-relevant signals to prospective investors about the good prospects of firms, resulting in an increase in the demand for IPO shares. For the IPO samples listed during the global financial crisis (GFC) period, IPOs with earnings forecasts had negative impacts on the oversubscription rates. These results were robust to quantile methods and the two-stage least squares method.

The research findings provide fresh information for investors regarding the importance of earnings forecasts as a trustworthy signal of a firm’s quality when making share subscription decisions.

The regulator is advised to encourage issuers to include earnings forecasts in their prospectuses since such forecasts help to increase the demand for IPOs.

This study contributes to the literature by offering empirical evidence regarding the signalling impact of earnings forecast disclosures on investor demands for Malaysian IPOs. Moreover, this study provides evidence demonstrating the impact of earnings forecast disclosures on oversubscription rates of Malaysian IPOs during the GFC period.

While known by many names, qualifying exams function as gatekeepers to graduate student advancement to PhD candidacy, yet there has been little formal study on best qualifying exam practices particularly in biomedical and related STEM PhD programs. The purpose of this study is to examine the current state of qualifying exams through an examination of the literature and exploration of university-wide policies.

The authors conducted a literature review of studies on qualifying exams and completed an external evaluation of peer institutions’ and internal institutional qualifying exam requirements to inform our discussion of qualifying exams practices in PhD training at a research-intensive US institutions.

This study identified the need for more research on qualifying exams to establish evidence-based best practices. The authors found a wide variety of qualifying exam formats, with little evidence in support for specific formats. The authors also found little evidence that student expectations are made clear. The lack of evidence-based best practices coupled with insufficient clarity for students has a real potential to disadvantage PhD students, particularly first generation, underrepresented minority, international and/or other trainees who are not privileged or socialized to navigate training environments with vague landmarks such as the qualifying exams.

There are very few studies that evaluate qualifying exams in US doctoral education, particularly in STEM fields, and to the authors’ knowledge, there has been no analysis of campus-wide policies on qualifying exams reported. The lack of evidence for best practices and the need for to evaluate the implementation and effectiveness of qualifying exams are discussed.

The purpose of this article is to present the results of empirical research concerning the identification of the impact of the transfer of companies from the alternative market to the regulated market of the Warsaw Stock Exchange on their operating and net performance.

The study was conducted based on the empirical data of the companies that changed the listing place on the Warsaw Stock Exchange. Data regarding the years before the transfer were collected from the prospectuses of companies prepared mandatorily in connection with the transition to the regulated market. Data regarding the years of the event and subsequent years were obtained from companies' annual reports. As in other studies in the analysis, the operational metrics were used (operating return on sale, operating return on assets, total asset turnover), which was further extended to net profitability ratios (net return on ale, net return on asset, net return on equity). The significance analysis was based on the Student's t-test and Wilcoxon’s test.

The results show that before the transfer from the alternative market to the regulated market, companies improved financial performance. As a result of the change of listing venues, the results already collapsed in the year of the event. The downward trend continued in the following two years, with a noticeable improvement in the third year after the transfer.

The literature lacks such studies based on the Polish market. To the best knowledge of the author, this is one of the first studies in Poland showing the changes in operating and net performance of companies changing the stock listing venues. The research is based on a large group including all companies that have changed listing venues since the beginning of the alternative market in Poland. The article presents an original empirical result that can be used both by managers and investors in their decisions.

This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD).

We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses.

BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models.

The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

This study aims to investigate the moderating role of investor demand on the relationship between the investors' divergence of beliefs and the first-day initial public offering (IPO) return.

The study sample covers the period from 2010 to 2019 and consists of 117 IPOs that are priced using the fixed price and listed on the Malaysian stock exchange (Bursa Malaysia). This study employed both the ordinary least square (OLS) and the quantile regression (QR) methods.

Investor demand, proxied by the over-subscription ratio (OSR), plays a moderating role in increasing the effect of investors' divergence of beliefs on initial return, and the moderation effects vary across the quantile of initial return. Pure moderation effects are observed at the bottom and top quantiles, suggesting that investor demand is necessary for divergence of beliefs to influence IPO initial return. However, at the middle quantile of initial return, investor demand is a quasi-moderator. That is, the OSR not only moderates the relationship between the divergence of beliefs and initial return but also has a positive effect on the initial return.

Investors' excessive demand for an IPO issue exacerbates the IPO under-pricing issue induced by a divergence of beliefs amongst investors, thus rendering greater equity market inefficiency.

To the authors' knowledge, this study is amongst the first to empirically investigate the moderating role of investor demand on the investors' divergence of beliefs and IPO initial return relationship.

The study aims to investigate how personal values (PVS) influence research self-efficacy (RSE) among academics in public universities in Tanzania.

A cross-sectional design was utilized by the study to gather data once through structured questionnaires administered to 247 academic staff from four public universities in Tanzania.

Generally, the results show that PVS positively and significantly influence RSE in universities. Specifically, OPC has β value of 0.284 and p < 0.001, SEFN has β = 0.352 and p < 0.001 and CONS has a β = 0.198 and p = 0.003.

University management should include PVS as among the criteria for recruitment of academic staff, as it determines their confidence in engaging in research.

The findings of this study broaden the applicability of Schwartz human values theory in Tanzania’s universities. Moreover, by carrying out empirical research on the influence of PVS on RSE in developing context such as Tanzania, the study contributes to the body of literature on PVS and RSE.

This study aims to investigate how highly ranked business schools portray ideal students in terms of their attributes and their agency. Understanding how these higher education institutions (HEIs) discursively construct their present and prospective students also shed light on the institutions’ self-representation, the portrayal of the student–institution relationship and eventually the discursive construction of higher education’s (HE) role.

To understand this dynamic interrelationship, this study uses mixed methodological textual analysis first quantitatively identifying different modes of language use and then qualitatively analysing them.

With this approach, this study identified six language use groups. While the portrayal of the business schools and that of the students are always co-constructed, these groups differ in the extent of student and organisational agency displayed as well as the role and purpose of the institution. Business schools are always active agents in these discourses, but their roles and the students’ agency vary greatly across these six groups.

These findings can help practitioners determine how students are currently portrayed in their organisational texts, how their peers and competitors talk and where they want to position themselves in relation to them.

Previous studies discussed the ideal HE students from the perspective of the students or their educators. Other analyses on HE discourse focused on HEIs’ discursive construction and social role This study, however, unveils how the highly ranked business schools in their external organisational communication discursively construct their ideals and expectations for both their students and the general public.

Real estate is a capital-intensive industry for which the asset values tend to be highly volatile and uncertain. Transaction costs in the industry are therefore high, and transparency for investors may be low. The need to signal reliable estimates of property assets, in the communication to external stakeholders, can therefore be expected to be of extra importance in this sector. The purpose of this paper is to investigate how real estate firms use big four auditors to signal quality.

The authors use Swedish firm level data containing all limited liability real estate companies in the country to determine the determinants of big four auditors. The data set consists of 34,306 observations and is analyzed through logit regressions.

The results show that big four companies are primarily contracted by large and mature companies, rather than new firms or firms with volatile financial records, although the latter could be expected to have a large need to signal quality. The authors also find that firms listed on the stock market and firms targeting public use real estate are more inclined to use big four companies.

Real estate is a capital-intensive industry for which the asset values tend to be highly volatile and uncertain. Transaction costs in the industry are therefore high, and transparency for investors may be low. The need to signal reliable estimates of property assets, in the communication to external stakeholders, can therefore be expected to be of extra importance in this sector. No prior study of this area has been detected.

In light of the new way of interpreting work spearheaded by Generation Z, the objectives of this study are to investigate (1) whether young entrepreneurs identify their start-ups with “zebras” – that is, as a concrete response to the evanescence and fantasy of “unicorns” based on the simultaneous pursuit of profit and social value, mutualism and resilience – and (2) whether they adopt a “teal” organizational configuration – that is, one characterized by evolutionary purpose, self-management and wholeness.

Through a qualitative approach with 41 interviews, this study focuses on start-uppers and companies that are particularly innovative and promising in the Italian context, as selected by Forbes magazine in its ranking of the brightest entrepreneurs, leaders and stars under 30.

The results suggest that young entrepreneurs recognize the importance of the common themes of the zebra movement and therefore identify their startups with zebras. More specifically, Generation Z entrepreneurs: (1) pursue a dual (economic and social) purpose, (2) are mutualistic and (3) build their organizations with resilience and capital efficiency. In addition, the interviews show that the organizational approach taken follows the paradigm of teal organizations, particularly in terms of evolutionary purpose, distributed leadership and decision-making power, and employee wholeness and empowerment.

This is the first study to analyze the evolutionary trends of animal entrepreneurial “species” led by Generation Z entrepreneurs and organized on the basis of the teal paradigm.

This exploratory study aims to discover the different forms of challenges encountered by school stakeholders, including students, teachers, parents and management due to the coronavirus disease 2019 (COVID-19) pandemic.

Qualitative methodology was deployed for the study. A purposive sampling technique was used to select the respondents for a semi-structured interview. Data were examined using interpretative phenomenological analysis (IPA).

It was found that each stakeholder faced four different challenges: mental distress, physical immobility, financial crunches and technological concerns. Findings suggest that teachers are experiencing higher financial, technological and physical challenges as compared to other stakeholders followed by parents.

This paper discusses the major challenges faced by each stakeholder along with the opportunities. These findings will be useful for educationists, regulatory authorities, policymakers and management of educational institutions in developing countries to revisit their policy frameworks to develop new strategies and processes for the smooth implementation of remote learning during a period of uncertainty.