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Book part
Publication date: 13 November 2006

Tracy S. Manly, Deborah W. Thomas and Craig T. Schulman

This paper investigates whether tax incentives can effectively promote capital investment and research spending simultaneously. Tax history provides the experimental…

Abstract

This paper investigates whether tax incentives can effectively promote capital investment and research spending simultaneously. Tax history provides the experimental setting to compare the influences of these tax initiatives. Analysis shows that firms respond to the research tax incentives by increasing R&D spending but do not significantly react to the policies promoting greater capital investment. More importantly, the results indicate that the tax incentives are negatively related to other types of investment with reduced R&D spending in the presence of incentives for capital investment and capital expenditures decreasing when research is encouraged by tax policy.

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Advances in Taxation
Type: Book
ISBN: 978-1-84950-464-5

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Article
Publication date: 1 July 2005

Alex Proimos

To show how conflicts of interest and disingenuous investment research at the end of the 1990s stock market bubble occurred in Australia as well as the USA and Western Europe.

Abstract

Purpose

To show how conflicts of interest and disingenuous investment research at the end of the 1990s stock market bubble occurred in Australia as well as the USA and Western Europe.

Design/methodology/approach

Reviews the role of research analysts in major securities firms and conflicts of interest such as analyzing and evaluating a company for investment purposes, while seeking the investment banking business of the same company. Provides a case study of how an investment banking firm dealt with a provider of internet search services in both a research and an investment banking capacity. Investigates and evaluates the regulations and guidelines developed and introduced by the Australian regulatory bodies (Australian Stock Exchange (ASX) and Australian Securities and Investment Commission (ASIC)) and the Australian Government to deal with potential conflicts of interest that could affect the objectivity and independence of analyst research.

Findings

There were examples of conflicts of interest and fraudulent stock recommendations in Australia that rivaled the worst examples in the USA and Western Europe.

Originality/value

A reminder of fraudulent investment research practices during the stock market bubble and the potential for conflicts of interest between research and investment banking functions within the same firm.

Details

Journal of Investment Compliance, vol. 6 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 2003

Samuel J. Winer and Amy N. Kroll

On December 20, 2002, the Securities and Exchange Commission (“SEC”), the National Association of Securities Dealers (“NASD”), the New York Stock Exchange (“NYSE”), the…

Abstract

On December 20, 2002, the Securities and Exchange Commission (“SEC”), the National Association of Securities Dealers (“NASD”), the New York Stock Exchange (“NYSE”), the New York Attorney General, and the North American Securities Administrators Association (“NASAA”) announced their Global Settlement resolving investigations at 10 large integrated securities firms into business practices involving equity research analysts. The 10 firms agreed to pay over $1.4 billion in fines and to overhaul the way in which they prepare, review, and issue equity research. These firms also agreed to change significantly the way that equity research analysts interact with other business groups, in particular investment banking. These efforts are intended to eliminate practices that were alleged to have undermined the integrity and independence of equity research produced at those firms. Most securities firms that were not parties to the settlement, and that both issue equity research and provide investment banking services, are likely to establish supervisory procedures designed to honor the spirit of the Global Settlement. Regulators, however, have not yet provided clarity as to what they will require of firms not party to the Global Settlement. Furthermore, the NYSE and NASD have proposed amendments to their existing rules addressing research‐analyst independence that will, if adopted, expand the universe of firms that need to address potential conflicts of interest of the research function to include all firms that issue research, not only those that both issue research and provide investment banking services. The proposed amendments also will expand the definition of research, which could further extend the reach of the NYSE and NASD rules. This article will attempt to provide general guidance in two of the areas addressed in the Global Settlement and in the NYSE and NASD rules and proposed amendments to those rules: (1) the separation of the equity research department from other firm functions, and (2) the compensation of equity research analysts. Please note, however, that in this time of regulatory change, even this summary guidance quickly could become obsolete once the regulators finalize their rulemaking efforts in this area.

Details

Journal of Investment Compliance, vol. 4 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 5 October 2018

Malin Song, Xiongfeng Pan, Xianyou Pan and Zhiming Jiao

The purpose of this paper is to add to the existing research about how corporate performance is influenced by their basic research (BR) investment. On this basis, the…

Abstract

Purpose

The purpose of this paper is to add to the existing research about how corporate performance is influenced by their basic research (BR) investment. On this basis, the authors examined the moderating effect of human capital structure (HCS) on the relationship between BR investment and corporate performance.

Design/methodology/approach

Hypotheses were tested using static and dynamic models to analyze a large-scale data of Chinese A-share listed companies.

Findings

This study provides empirical evidence that contributes to the research about how private BR investment influences corporate performance in the digital age. In addition, human resource is an important dynamic ability for enterprise development. Based on the dynamic capability theory, further research finds that the human resources practice on the knowledge stock can enhance the company’s dynamic capability, thereby enhancing the company’s core competitiveness.

Research limitations/implications

The results may be affected by the context of the data set. This study considers the influence of private research investment type on corporate performance, further studies considering the influence of specific contextual variables, such as corporate industry differences, could yield richer insights that would help validate the results of this study.

Practical implications

This study provides useful information for managers. As well as increasing the investment in the BR of enterprise and creating the necessary conditions to increase the competitiveness of enterprise, they should strive to adjust the structure and quality of researchers involved in BR projects.

Originality/value

This research contributes to the enterprise’s BR investment and the management of human capital resource. It points that the investment of BR positively influences the corporate performance. In addition, the increasing of high-skilled labor’s proportion positively promotes the promotion of BR investment on corporate performance.

Details

Management Decision, vol. 57 no. 8
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 14 July 2006

Kinsun Tam, James L. Bierstaker and Inshik Seol

To investigate the nature of investment expertise and factors affecting the information processing and performance of investment experts, this paper hypothesizes normative…

Abstract

To investigate the nature of investment expertise and factors affecting the information processing and performance of investment experts, this paper hypothesizes normative characteristics of investment expertise and compares such characteristics with actual characteristics documented in prior literature on the investment expert. Based on collective evidence from these sources, a model of investment expertise is proposed.

Results support the existence of investment expertise in (1) the nature of knowledge, (2) problem solving and information search, and (3) performance. A variety of factors that could influence the information processing and performance of the investment expert, including personal, cognitive, and contextual elements, are also discussed in the paper and included in the proposed model of investment expertise.

Details

Advances in Accounting Behavioral Research
Type: Book
ISBN: 978-1-84950-448-5

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Article
Publication date: 21 November 2016

Nicolas Papadopoulos, Leila Hamzaoui-Essoussi and Alia El Banna

This study aims to address a heretofore neglected area in research, nation branding, for the purpose of attracting foreign direct investment (FDI). It compares and…

Abstract

Purpose

This study aims to address a heretofore neglected area in research, nation branding, for the purpose of attracting foreign direct investment (FDI). It compares and contrasts the well-established literature on decision-making and location choice in FDI with studies in the nascent field of nation branding, with a view to developing directions for future research that result from the identification of research gaps at the intersection point between the two areas.

Design/methodology/approach

The study is based on a systematic and integrative review of several streams within the relevant literatures, from the theory of decision-making in FDI to the similarities and differences between advertising, promotion, branding and marketing for investment on the part of nations and sub- or supra-national places.

Findings

Each of the two areas is characterized by lack of consensus as to the principal factors that affect investor and nation decisions and actions, resulting in several knowledge gaps that need to be addressed by new research along the lines suggested in the study.

Research limitations/implications

A large number of avenues for potential future research are identified, from assessing the importance of target country image in location choice to the adverse effects arising from the emphasis on “promotion” rather than “marketing” on the part of places engaged in nation branding efforts.

Practical implications

The study examines several problems that affect the practice of nation branding for FDI and points to alternative approaches that may enhance place marketers’ effectiveness in their efforts to attract foreign capital.

Originality/value

Notwithstanding the global growth of FDI in volume and importance, and the omnipresence of nation branding campaigns to promote exports or attract tourism and investment, there has been virtually no research to date on the core issue, nation branding for FDI. The study uses a strategic perspective that highlights key nation branding issues related to FDI, and FDI issues related to nation branding, and suggests a comprehensive agenda for research in the future.

Details

Journal of Product & Brand Management, vol. 25 no. 7
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 13 January 2021

Xiongfeng Pan, Shucen Guo and Junhui Chu

The purpose of this paper is to explore the impact of peer-to-peer (P2P) supply chain financing on companies' innovation efficiency.

Abstract

Purpose

The purpose of this paper is to explore the impact of peer-to-peer (P2P) supply chain financing on companies' innovation efficiency.

Design/methodology/approach

This study takes the core companies that invest in the P2P platform as the research background and uses data for Chinese companies and the systematic Generalised Method of Moments (the systematic GMM) to explore the relationship between the improvement of supply chain efficiency, research and development (R&D) investment, and innovation efficiency.

Findings

This study indicates that core enterprise investment in P2P can cause a significant improvement in the efficiency of the supply chain and that this improvement can significantly motivate enterprises to increase R&D investment. Although the improvement of supply chain efficiency has no significant effect on improving companies' innovation efficiency, it can have a positive impact on innovation efficiency through the regulating role of R&D investment.

Research limitations/implications

This research shows several limitations such as single industry and few companies involved, but it analyses the impact of P2P supply chain financing on R&D investment, and companies' innovation efficiency and broadens the research field of P2P supply chain financing.

Practical implications

This article provides a theoretical direction for listed companies to invest in P2P platforms and achieve supply chain management. The research on the regulating role of this article provides a new way of thinking for the study of enterprise innovation.

Originality/value

This paper analyses the impact of the core enterprise investment in P2P on R&D investment and its subsequent impact on the companies' innovation efficiency, thus broadening the research field of P2P supply chain financing.

Details

Journal of Enterprise Information Management, vol. 34 no. 1
Type: Research Article
ISSN: 1741-0398

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Article
Publication date: 4 September 2017

Yanhong Jin, Yahong Hu, Carl Pray and Ruifa Hu

The Chinese Government has used a number of policies to encourage commercial agribusiness firms to do more innovation. These include public sector agricultural research

Abstract

Purpose

The Chinese Government has used a number of policies to encourage commercial agribusiness firms to do more innovation. These include public sector agricultural research and development (R&D), public sector biotechnology research and innovation, subsidies for commercial research, encouraging foreign firms to invest in China as minority shareholders in joint ventures, and allowing commercial companies to raise money on the stock market. The purpose of this paper is to assess whether these policies were effective in stimulating innovations by commercial firms in China.

Design/methodology/approach

This study estimates the impact of public biotech research and other policies by employing an econometric model of patenting by commercial firms. It uses a unique data set collected from commercial agribusiness firms for the years 2001, 2004, 2005, and 2006. Addition data were collected from public research institutes and universities and patent data from the Derwent Innovations Index database. It employs four count data models for the empirical analysis.

Findings

This study finds a positive impact of public biotechnology (measured by the number of biotech patents of government research institutes and public universities) on commercial innovation measured by the number of patents granted to the commercial firms. As expected the firm’s research expenditure and having their own R&D center (as opposed to contracting R&D or no R&D investment at all) have a positive and statistically significant effect on the number of patents granted. The impacts of public R&D investment spending have no statistically significant effect on commercial innovation. Multi-national firms and publicly traded firms have fewer patents than their counterparts suggesting that policies to encourage multi-nationals and financing through stock markets had no impact on innovation.

Originality/value

This study is one of the first studies to untangle the relationship between government policies and innovation by commercial agricultural research output and public R&D investment and biotechnology. The main findings suggest that simply increasing research money to public research does not increase commercial innovations, but moving resources to the development patentable biotech does improve commercial research productivity. The results also suggest that policies to increase commercial research will also increase innovation. These could include strengthening the legal framework and institutional resources for public institutes to the protection and enforcement of intellectual properties.

Details

China Agricultural Economic Review, vol. 9 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 4 September 2017

Derek Gerald Brewin and Stavroula Malla

The purpose of this paper is to examine the impacts of changing biotechnology and intellectual property rights (IPRs), institutions, and policies for Canadian crop…

Abstract

Purpose

The purpose of this paper is to examine the impacts of changing biotechnology and intellectual property rights (IPRs), institutions, and policies for Canadian crop development related to oilseed rape or “canola” as a case study. Implications for China as it considers regulatory and institutional change related to private sector incentives to invest in biotechnology are also discussed.

Design/methodology/approach

The authors assess the effects of introducing biotechnology and IPRs in the Canadian oilseed sector over time. Data on the rate of return on agricultural research in general are presented and then the focus moves to the impacts for farmers in Canada. New data are gathered to estimate recent gains in the benefit of biotechnology advancements for farmers. Furthermore, the evolution of agricultural research in China is briefly presented, and a discussion follows that considers Canadian evidence and the possible applicability of the impacts to China.

Findings

The results support earlier studies identifying gains from agricultural research and show that private sector investments in Canada are now much higher than public sector investments and thus institutional innovations have been a powerful trigger to improve productivity. The gains from biotechnology for farmers are now over CND 1 billion per year in Canada.

Research limitations/implications

The research gains measured are for Canada so should be applied to China’s situation only as a potential for gains.

Practical implications

While more work is needed to identify reasonable institutional incentives to generate private investment in China’s biotechnology industry, the potential impact in the Canadian canola sector highlights the importance of continuing the investment in biotechnology, and the need for appropriate policies and regulations to spur private investment.

Social implications

Biotechnology greatly improved the welfare of farmers in Canada. Much of the gain the authors find was in improved yields and lower herbicide costs that improved farmer profits. Privatization of breeding was a key step in this transformation.

Originality/value

The paper contributes an updated review of Canadian intellectual property institutions related to biotechnology, and an updated measure of gains at the farm level. It also begins the analysis of the applicability of these institutional changes for China.

Details

China Agricultural Economic Review, vol. 9 no. 3
Type: Research Article
ISSN: 1756-137X

Keywords

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