Search results

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.

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.

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.

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.

This paper investigates the stock market reaction to three different events related to the UEFA Champions League – the announcements of draws, odds and match results. The aim of the paper is to test whether these events are informative for stock market operators, i.e. whether they produce abnormal returns.

Applying the event study methodology, the authors investigate the stock market reaction before (at two events: the draw date and on the release of betting odds) and after the matches of 11 listed soccer teams in the period 2003–2019. The authors also conduct OLS regression analyses in order to disentangle the impact of firm specific variables and match characteristics on cumulative abnormal returns.

This paper finds that match outcomes affect the stock market performance of listed teams, while the announcements of draws and odds do not. More specifically, the market does not consider match outcomes involving wins and ties as informative events, while it penalizes losing teams. Moreover, investor reactions to events related to the UCL competition depend more on match characteristics than on company specific variables.

The study enriches the ongoing debate about the impact of soccer team results on stock market performance in several ways: using the widest time span ever adopted in this area; focusing on UCL, which is the most important soccer competition played by private clubs; disentangling for the first time the effects of draws, odds release and sporting outcome on stock returns of listed soccer clubs.

Studies showed that construction digitalisation could prevent or mitigate accidents rate on sites. Digitalisation applications may prevent or mitigate building project collapse (BPC) but with some encumbrances, especially in developing countries. There is a paucity of research on digital technologies application to prevent or mitigate BPC in Nigeria. Thus, the research aims to explore the perceived barriers that may hinder digital technologies from preventing or mitigating building collapse and recommend measures to improve technology applications during development.

The study is exploratory because of the unexplored approach. The researchers collected data from knowledgeable participants in digitalisation and building collapse in Nigeria. The research employed a phenomenology approach and analysed collected data via a thematic approach. The study achieved saturation at the 29th interviewee.

Findings show that lax construction digitalisation implementation, absence of regulatory framework, lax policy, unsafe fieldworkers' behaviours, absence of basic infrastructure, government attitude, hesitation to implement and high technology budget, especially in developing countries, are threats to curbing building collapse menace via digitalisation. The study identified technologies relevant to preventing or mitigating building collapse. Also, it proffered measures to prevent or mitigate building collapse via improved digital technology applications during development.

This research contributes to the construction digitalisation literature, especially in developing countries, and investigates the perceived barriers that may hinder digital technologies usage in preventing or mitigating building collapse in Nigeria.

Lebanon has been subject to important reforestation activities which resulted in the establishment of several cedars, pine and other mixed forest stands on communal lands. These stands are not designated for timber production but rather for nonwood forest products (NWFPs), landscape restoration and for environmental services. The study aims at valuating old reforested sites from the perspective of rural communities neighboring those reforested stands.

To assess the non-timber goods and services provided by these forest ecosystems, 13 reforested sites located in different regions in Lebanon were selected. The socioeconomic assessment was done using questionnaires distributed to locals that have close interactions with the neighboring forests; it included, among others, a double-bonded dichotomous contingent valuation (CV) related to their willingness to pay (WTP) for reforestation and forest management activities.

Results of the goods and services assessment revealed that the forests have multifunctional uses with ecotourism as a major activity in all forest types. The CV showed that 75% of respondents did express a WTP. Most of the respondents did so, thus giving a great importance to intrinsic values of the forests. Lower income did not negatively affect the WTP of respondents but rather age and the educational level did. Other factors such as forest type, forest surface and the biodiversity status of the sites did not have an impact on WTP.

These results are very informative for governmental policies seeking funds to perform reforestation programs for environmental objectives, involving local communities in co-funding these programs would help insure the sustainable conservation of reforestation sites.

Despite their relative low income, poor communities are willing to pay to sustain forests and their ecosystem services.

It is the first time that a CV is used for ecosystem services regenerated from 50–60 years old reforested sites in a semiarid region, where trees are not planted for timber production. It is one of the few examples were lower income did not affect the WTP for forests providing environmental services on communal lands.

Housing provision and the neighbourhood's safety are significant social sustainability concerns. If structural issues are not well checked, housing provision and the neighbourhood's safety may become threatened, especially in Lagos State, Nigeria. Thus, this study aims to investigate the perceived root cause of collapsed buildings at the construction stage using two case studies, its effect on social sustainability aspects and suggested measures to mitigate future happening and enhance achieving social sustainability aspects goals.

The researchers collected data from Nigeria's built environment experts and eyewitnesses/employees of selected cases of collapsed buildings. The study adopted a phenomenology type of qualitative research design and analysed collated data via thematic analysis and achieved saturation. The analysed data created three themes.

Results reveal that inadequate heavy equipment and personnel incapacitated relevant government agencies are responsible for handling emergency and rescue during building projects collapse. Preliminary findings show developers' greed and systematic failures as the root cause of Nigeria's building project collapse (BPC). It categorised the root causes into three groups (developer's related-cause, design team related-cause and government entities related-cause). The study suggested measures to mitigate future happening. The emerged measures were grouped into a penalty, regulatory, byelaw act, technical and safety measures.

This study contributes to curbing the threat to social sustainability of housing provision in cities. It reveals the underlying perceived root cause of collapsed buildings in Nigeria's building industry. Also, it suggested feasible measures to mitigate BPC. These measures may be modified and adopted by other developing countries facing similar challenges.

Background: This paper examines the impact of coronavirus COVID-19 outbreak on employees’ mental health, specifically psychological distress and depression. It aims at identifying the main stressors during and post COVID-19, examining the main moderating factors which may mitigate or aggravate the impact of COVID-19 on employees’ mental health and finally to suggest recommendations from a human resource management perspective to mitigate COVID-19’s impact on employees’ mental health.

Methods: This paper is a literature review. The search for articles was made in Google scholar, Web of Science and Semantic scholar. We used a combination of terms related to coronavirus OR COVID-19, workplace and mental health. Due to the paucity of studies on the COVID-19 impact on employees’ mental health, we had to draw on studies on recent epidemics.

Results: The identified literature reports a negative impact of COVID-19 on individual’s mental health. Stressors include perception of safety, threat and risk of contagion, infobesity versus the unknown, quarantine and confinement, stigma and social exclusion as well as financial loss and job insecurity. Furthermore, three dimensions of moderating factors have been identified: organizational, institutional and individual factors. In addition, a list of recommendations has been presented to mitigate the impact of COVID-19 on the employee’s mental health, during and after the outbreak, from a human resource management perspective.

Conclusions: Coronavirus is new and is in a rapid progress while writing this paper. Most of current research are biomedical focusing on individuals’ physical health. In this context, mental health issues seem overlooked. This paper helps to broaden the scope of research on workplace mental health, by examining the impact of a complex new pandemic: COVID-19 on employees’ mental health, from social sciences perceptive, mobilizing psychology and human resource management.

The purpose of this paper is to examine the success of activity-based costing (ABC) implementation by confirmatory factor analysis of ISO 9000 certified companies in Thailand.

A structured questionnaire was used to collect data from key participants, accountant managers in ISO 9000 certified companies.

The study confirmed the six constructs for the sample of 102 key participants. The results indicated that ABC implementation success in the context of ISO 9000 certified companies in Thailand consists of upper-management support, ABC system training, non-accounting ownership, links to quality initiative, adequate resources, and links to performance evaluation.

The findings have significant implications for ISO 9000 certified companies which intend to adopt or implement ABC. Past findings on ABC implementation success have a small-sample size so they are of limited usefulness. This research has a larger sample size and more carefully chosen participants and so the generalizations are more acceptable.