Search results

The purpose of this paper is to provide an in-depth performance evaluation of funds offered by the Turkish pension system.

This paper compares aggregate fund index returns with the corresponding asset class returns, estimates a factor model to decompose excess returns to factor exposures, i.e., β return and excess return originating from residual α and analyzes persistence of fund returns using migration tables and Fama–MacBeth regressions and tests for market timing ability.

Majority of pension funds are unable to generate excess returns. Majority of funds are unable to generate a positive α and fund returns are predominantly driven factor exposures. There is evidence for slight persistence in returns, mainly due to factor exposures and funds do not exhibit market timing ability.

In this paper, the authors perform an in-depth analysis of pension fund performance for the Turkish pension fund system. The authors identify weaknesses and strengths of the pension fund industry and provide policy recommendations for a better design of pension fund system.

Two or multi-sided platforms - defined as those companies that aim to connect two or more groups of customers leveraging the opportunities provided by indirect network externalities – got massive attention from both scholars and practitioners over the last decade. Entrepreneurship scholars mainly focused on the platform's ability to enable entrepreneurial ventures for the complementors' side, exploring the network-centric view. This study aims to expand it by exploring the broader influence that sides can have on the platform provider's entrepreneurial decisions over time, during the evolution of the two-sided platform.

The study is based on a longitudinal single case study developed over five years. The research presents the born and evolution of Friendz, an Italian two-sided platform.

The research presents a four-phases evolution process that shows how the entrepreneurs may first leverage an existing platform to develop a new venture and then develop his/her own two-sided platform. In this latter phase, the findings show how the sides may actually influence the platform provider's entrepreneurial decisions, both in terms of value proposition design, but also regarding the creation of new ventures.

The study contributes to the two-sided platform literature highlighting new evolutionary paths that expand current literature and highlight the doubling platform approach. Moreover, it contributes to the entrepreneurship literature offering a novel perspective on the entrepreneurial dynamics in two-sided platforms by re-balancing the power between the platform provider and the sides within the double network-centric view.

From a practitioners' perspective, this study offers an evolutionary path and specific tactics related to the evolution of an entrepreneurial venture based on a two-sided platforms that may inspire entrepreneurs working on two-sided platforms on how to use existing platforms and on the management of sides and the value propositions used to target them.

This study takes a novel perspective at the intersection between platforms and entrepreneurship literature streams, exploring the power that sides have over the platform provider in shaping the platform's entrepreneurial evolution. In doing so, it proposes a double network view on two-sided platforms and highlights three network-related tensions that can guide the evolution of the two-sided platforms.

Transaction cost becomes significant when one holds many securities in a large portfolio where capital allocations are frequently rebalanced due to variations in non-stationary statistical characteristics of the asset returns. The purpose of this paper is to employ a sparsing method to sparse the eigenportfolios, so that the transaction cost can be reduced and without any loss of its performance.

In this paper, the authors have designed pdf-optimized mid-tread Lloyd-Max quantizers based on the distribution of each eigenportfolio, and then employed them to sparse the eigenportfolios, so those small size orders may usually be ignored (sparsed), as the result, the trading costs have been reduced.

The authors find that the sparsing technique addressed in this paper is methodic, easy to implement for large size portfolios and it offers significant reduction in transaction cost without any loss of performance.

In this paper, the authors investigated the performance the sparsed eigenportfolios of stock returns in S&P500 Index. It is shown that the sparsing method is simple to implement and it provides high levels of sparsity without causing PNL loss. Therefore, transaction cost of managing a large size portfolio is reduced by employing such an efficient sparsity method.

Purpose – This paper is intended to test for the model of commodities export performance (EP) in Aceh Province, Indonesia.

Design/Methodology/Approach – This research will focus on approach model of firms competency variable, customer relation, foreign environmental factor, and moderating variable of export competitive strategy which aims to improve firm performance in the export context.

Findings – The research framework models will give a new perspective to export activities conducted by exporting commodities in an emergent nation such as Indonesia and more specifically in Aceh.

Originality/Value – The improvement of EP.

The Government of Ireland, through the Department of Further and Higher Education, Research, Innovation and Science (DoFHERIS), sets the framework for the national research ecosystem. Within that ecosystem, the Research Management and Administrators (RMA) community evolved in response to changing circumstances and continues to evolve becoming a more professional and expert community. The profile of the community, admittedly based on a small sampling, is normal with a hint that females occupy the most senior roles. Most Irish research-performing organisations (RPOs) including the HE sector, College and State Research Organisations (CSRO), and the Health Service have RMA members active in The European Association of Research Managers and Administrators (EARMA). The next step in the profession’s evolution in Ireland has to be the development of a single, national, and inclusive RMA network providing a representative voice for the profession with respect to issues such as career development and career paths.

Over the past 20 years, the European Union has developed a comprehensive policy on gender equality (GE) in the fields of research, innovation and higher education. While North European countries have actively implemented policies in this direction, South and East European countries have been far less active and made limited progress, resulting in widening policy gaps across countries. Drawing from the experience of a capacity-building project (TARGET), this chapter explores the factors that impede the implementation of gender equality plans (GEPs) in research and higher education institutions across five countries – Greece, Cyprus, Romania, Italy and Serbia. It argues that the lack of a coherent GE discourse in research and innovation policies that sheds light on structural barriers and implicit bias is a central impediment: it severely limits the potential of GEPs and the power of change agents in research and higher education organisations in Southeast Europe to stimulate institutional change.

This paper investigates the role of market structure and institutional quality in determining bank capital ratios in developing economies.

The generalised methods of moment technique is used to control for auto-correlation and endogeneity in a sample of 79 publicly listed commercial banks. The study period is between 2000 and 2016.

Results show that market structure (proxied with bank competition) as well as institutional quality (regulatory quality) lowers bank capital in the sampled banks. This suggests that banks operating in less competitive markets with good regulatory quality do not need to engage in excessive risk-taking activities that would necessitate holding increased level of capital. Furthermore, the interaction of competition and regulatory quality reinforces the main findings, suggesting the importance of the two variables in determining bank capital ratio.

Research has limitation in that the study investigated publicly listed commercial banks, the findings may not be applicable to non-listed banks.

Taking into cognisance the developing nature of the banking system in Africa, the findings from this study imply that the maintenance of an improved regulatory quality in an environment where healthy competition exists would encourage banks to hold capital ratios appropriate for their level of banking activities, that is, the banks would not engage in excessive risk-taking activities.

This is one of the first papers that examine the effect of market structure and institutional quality on bank capital ratios in developing countries that have bank-based financial systems.

The purpose of this paper is to investigate aspects related to difficulty to retain nursing assistants at nursing homes in Sweden related to perceived work environment characteristics.

To reveal aspects related to difficulty to retain nursing assistants, the paper uses the BIKVA model, sense of coherence and New Public Management (NPM). In total, three focus groups with nursing assistants at three nursing homes are interviewed with corresponding individual interviews with their senior managers and users. The purpose is to analyze the situation from the affected group of nursing assistants. The focus of this study is how nursing assistants discuss related to recruit and retain nursing assistants at nursing homes and elderly care and the response from senior management related to those aspects.

The main conclusions are that nursing assistants consider their job as meaningful, but limited latitude and direct involvement in managing their daily tasks in a continuous communication with management affect negatively. Furthermore and combined with wage levels, aspects related to scheduling, working hours, shift work, split shifts and understaffing generate a burdensome and stressful environment affecting the possibility to retain staff in a negative direction.

The research uses a new approach utilizing the BIKVA model, sense of coherence and NPM. The study shows that central in retaining nursing assistants at nursing homes relates to aspects such as wages, staffing, shift work and split shifts and continuous communication between nursing assistants and management.

The monetary valuation of cultural heritage of a selection of 16 major public, not-for-profit Australian cultural institutions is examined over a period of almost three decades (1992–2019) to understand how they have responded to the paradoxical tensions of heritage valuation for financial reporting purposes.

Accounting for cultural heritage is an intrinsically paradoxical practice; it involves a conflict of two opposite ways of attributing value: the traditional accounting and the heritage professionals (or curatorial) approaches. In analysing the annual reports and other documentary sources through qualitative content analysis, the study explores how different actors responded to the conceptual and technical contradictions posed by the monetary valuation of “heritage assets”, the accounting phraseology of accounting standards.

Four phases emerge from the analysis undertaken of the empirical material, each characterised by a distinctive nature of the paradox, the institutional responses discerned and the outcomes. Although a persisting heterogeneity in the practice of accounting for cultural heritage is evident, responses by cultural institutions are shown to have minimised, so far, the negative impacts of monetary valuation in terms of commercialisation of deaccessioning decisions and distorted accountability.

In applying the theoretical lens of paradox theory in the context of the financial reporting of heritage, as assets, the study enhances an understanding of the challenges and responses by major public cultural institutions in a country that has led this development globally, providing insights to accounting standard setters arising from the accounting practices observed.

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.

This paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.

At the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.

The establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.