Search results

This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders have a large bargaining power, liquidity injections into distressed firms can rather cause more aggressive runs from their creditors, hurting the debt value. This outcome occurs because equityholders can strategically utilize the renegotiation option as a bankruptcy threat, pushing down the debt value below the potential liquidation value of the firm. In such a scenario, a deterred default resulting from emergency capital injections could be detrimental to creditors.

Taking the Mamá Fit memes and other social media eruptions as a starting point and delving deeper into popular print media, this chapter traces the racialized and gendered practices that constitute fitness in El Salvador in a diasporic context. Importantly, the word fit is now often expressed in English, captured in the names of commercial gyms and diet advertisements; the use of this word signals an important cultural change in conventional understandings of the body in a Spanish-speaking society. By charting the emergence of this new health/beauty norm in a transnational domain, this chapter explores the relationship between shifting patterns of gendered body discipline and changes in El Salvador’s location within the global political economy. This chapter argues that fitness discourse has become a subtle, but powerful, conduit for coloniality during a renegotiation of the meaning of gender to fit a neoliberal reality. The argument ends by pointing in the direction of future research to explore how this discourse is experienced in embodied practice with potentially contradictory impacts in Salvadoran society.

The purpose of the chapter is to explain how boys learn to mask their expression of fears and emotions. The aim is to understand how boys internalize socially prescribed masculine traits, including masking of fear, certain emotional expressions and discomfort. The sample consisted of 20 parents, 30 school teachers and 50 boy students and 50 girl students between the ages of 11 and 14 from government-funded co-education schools in Delhi, India. School observation, focus group discussion, and interviews were used for data collection. The study found that gendered social norms are enforced on boys in the form of ‘boy codes’. These boy codes are so deep rooted in daily practices that they are considered as an essential ‘ideal male’ trait. Although the ‘ideal male image’ is presented as a uniform category among boys, the masking of fears and emotional expressions is not the same for all boys. Thus, many boys internalized the ideal male images in the form of hegemonic displays of masculinity, where they are focused on conforming to rigid masculine traits. However, through challenge, negotiation and renegotiation, many boys would like to conduct themselves according to their personal masculinity. There is a shift among some boys from the internalization of the traditional male image to giving meaning to personal experiences that deviate from the ideal male figure without the fear of being judged by society.

This study investigates the combined influence of corporate governance (CG) and debt maturity (DM) on the investment inefficiency among non-financial 506 NSE-listed firms in India between 2009 and 2022. Additionally, this study also investigates the moderating effect of short-term debt (STD) maturity concerning the relationship between CG and investment inefficiency.

Utilizing the residuals extracted from the Biddle et al. (2009) investment model, three different forms of investment inefficiency (investment inefficiency, overinvestment and underinvestment) were measured. To measure the internal governance of firms, a new corporate governance index (CGI) was developed using 65 new governance stipulations, whereas STD was measured as short-term debt divided by total debt. Interaction effects between CG and DM were also estimated. Employing CGI and STD along with firm-specific control variables, many pooled regression models were estimated. Endogeneity issues were addressed through two-stage least squares. Robustness checks were also conducted using the two-step system GMM, alternative measures of dependent and independent variables.

The findings demonstrate that higher CG and shortened DM increase investment efficiency. This evidence implies that firm-level governance and short-term debt reduce information asymmetry and increase management oversight. Additionally, the evidence suggested that shortened DM and CG complement one another to increase investment efficiency, suggesting companies that utilize STD to a greater (lesser) extent demonstrate a greater (lesser) impact of CG in reducing investment inefficiency.

This work first advocates the establishment and implementation of robust corporate governance mechanisms to control agency conflicts, moral hazard, adverse selection and limit opportunistic behavior of managers for improving investment efficiency. Second, since interaction effects suggest a complementarity between CG and DM, it is advocated that STDs can be used to achieve optimal investment choices to control moral hazards and adverse selection and discourage suboptimal investment levels.

This work provides new evidence concerning the effects of CG and DM on various forms of corporate investment efficiency (investment inefficiency, overinvestment and underinvestment, using alternate measures) in an emerging economy like India having a unique institutional framework and macroeconomic environment using a newly developed firm-specific CG index for a large sample of companies using recent data.

This paper aims to propose an accurate and efficient decision-making process adapted to the specific context of Claim Management situations, implying partners engaged in a high-involvement relationship.

We used a three-step approach: first, an inductive phase based on 12 past case studies. Second, a theory-building phase. Third, a theory-testing phase based on an ongoing case study to observe and test our propositions.

Proposal 1: Partner’s Strategic Value is an influential decision parameter that must be incorporated into Claim Management-related decision-making processes in high-involvement relationships. Proposal 2: The Fast-and-Frugal Heuristic is adapted to the intense, interactive and iterative nature of the Claim Management context. Our final proposal combines these two findings, i.e. a Fast-and-Frugal Heuristic incorporating the Partner’s Strategic Value and based on using decision criteria as a sequence, not simultaneously.

In the context of high-involvement business relationships and Claim Management, this study introduces the importance of selecting an appropriate decision methodology and integrating a strategic decision parameter (Partner’s Strategic Value) into an operational decision-making context. Furthermore, the principle of considering decision parameters in a specific sequence corresponds to the iterative and interactive nature of the Claim Management processes.