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Financial constraints limit firms' ability to invest in working capital, which results in opportunity costs from lost sales or stockouts. The author examines initial public offering (IPO) firms' working capital management and build on the idea that newly listed firms experience a liquidity shock that allows them to invest more in working capital.

The empirical results are based on a sample of European IPO firms matched with comparable non-IPO firms; the author uses the generalized method of moments panel-data regressions to test the hypotheses.

The author observes that IPO firms increase their inventories-on-sales ratio, accounts receivable-on-sales ratio and operating working capital after the IPOs, which is consistent with the idea that going public relaxes financial constraints and allows firms to adopt more conservative working capital management practices. The observed results are stronger for smaller firms and zero-debt firms, which are the most financially constrained firms.

The study shows that working capital requirements can be financed via equity and not only via debt, and can even motivate the decision to go public for financially constrained firms.

The recent pandemic of Covid-19 has substantially changed people’s daily lives. They work and interact even more based on information and communication technologies (ICT). The use of new technologies and the interconnectivity specific to smart cities have intensified in the context of the pandemic. A significant part of the population works from home, participates in concerts and other remote social activities, organizes online parties, communicates virtually with friends and family, etc. These transformations required an extended and more stable infrastructure, significant investments in the development of software applications dedicated to remote activities (streaming, contact tracing, security, online ordering and delivery, telemedicine, etc.), in specific services (data storage and applications, electronic signature services, etc.) and the integration of subsystems used in smart cities. This chapter examines the role of SARS-CoV-2 pandemic in the acceleration of digital transformations in smart cities due to the need and desire to digitize communities and public administrations. It has become a top priority for both private and public companies from smart cities in the context created by the pandemic.

This paper examines the influence of Shariah compliance (SC) on firms' net working capital (NWC) target and adjustment speed.

The study samples of non-financial firms taken from six Gulf Cooperation countries between 2005 and 2019 and employs static and dynamic models to answer the present study research questions.

The outcomes of the study indicate that SC is one of the major determinants of the decision made by the corporation regarding their NWC. More specifically, enterprises that are compliant with restrictions within Shariah are seen to have laid targets of their NWC at a level that exceeds that of enterprises that are not compliant. Furthermore, compared to conventional firms, they seem to have higher speed when adjusting to meet set NWC targets. Submission to Islamic laws limits the choices from which an enterprise can outsource capital from existing funding instruments. Therefore, they experience a higher expected cost of bankruptcy. That being the case, such financial managers should readily maintain and adjust to higher NWC targets to meet current corporate needs, alleviate the risk of bankruptcy and lower dependency on expensive external funding options.

To the authors’ knowledge, this is the first study to explore the influence of SC on firms' NWC target and adjustment speed.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

The purpose of this paper is to examine the impact of working capital management (WCM) on profitability under different financial conditions (constraint/unconstraint) and WCM policy (aggressive/conservative). Furthermore, the study investigates the existence of optimal working capital levels under different financial conditions and WCM policy.

Two-step system generalized method of moments and fixed effect models are used to analyze the data collected from Prowess database from 2011 to 2020 for a sample of 1,104 Indian manufacturing companies.

The study finds an inverted U-shaped relationship between working capital and profitability in all financial conditions and working capital policy. This finding advocates the existence of an optimal level of working capital that equates the costs and benefits of holding working capital to maximize the companies’ profitability. However, holding working capital beyond the optimal level negatively affects profitability. Companies under financial constraints with aggressive working capital policies have the lowest optimal cash conversion cycle (CCC). Furthermore, the relationship of working capital with profitability and the optimal CCC varies owing to firm age and industry group.

To the best of the authors’ knowledge, this is the first paper that incorporates the impact of working capital on firm’s performance from both financial constraint (unconstraint) and aggressive (conservative) working capital policy perspectives in the Indian context. Furthermore, this study also contributes in terms of reflecting the effect of firm age and industry in determining the optimum CCC of the firms.

This study examines investigating the relationship between cash flows, working capital ratios and firm performance during the global financial crisis.

To examine the relationship between cash flow, working capital ratios and firm performance for EU-28 or Western European Countries (Norway, Turkey and Switzerland) listed firms, both panel and ordinary least squares (OLS) regression model are used to analyze the data obtained from sample.

The study empirical findings suggest that global financial crisis has negative effect on firm performance for all sample. In addition, our interaction term result shows that cash flows variables such as cash holding level (CHL) × Crisis, cash interactive effect (CIE) × Crisis and gross working capital ratio (GWC) × Crisis not contributed to firm performance for EU-28 listed firms. However, the authors find that net working capital ratio (NWC) × Crisis have statistically significant and positive effects on firm performance with return on assets (ROA).

The findings of the study provide evidence for managers that listed firms have reduced working capital expenditures to increase cash holdings level during the financial crisis. The authors find that cash flow variables with CHL have positive effect on firm performance with return on equity (ROE) in Western European Countries and these results are consistent with Opler et al. (1999)'s empirical results, while CIE have a negative impact on firm performance such as ROE and earnings before interest tax margin (EBITM).

Global financial crisis emphasizes the importance of working capital and liquidity that suggests an efficient cash holdings policy in response to the uncertainty following the crisis.

This paper aims to focus on the nexus between sustainability and desired outcomes for smart cities. The main focus is on how green leadership influences the relationship between smart and sustainable activities and stakeholder management.

The work is essentially a non-empirical review of the literature to develop a conceptual model to be tested in a subsequent study.

The findings indicate that smart cities and their sustainability activities can drive desired outcomes through green leadership. Also, green leadership has an indirect relationship with the desired outcomes of smart cities; hence, managers in the tourism and hospitality industries should cultivate their green leadership style to assist smart cities in accomplishing their goals.

This research is conceptual, and the proposed model will need to be evaluated to be more valid. Furthermore, the model is restricted to the tourist and hospitality industry, limiting the generalization and application of the findings to that area. Furthermore, because sustainability activities and smart city leadership differ by region or country, the proposed model will be suitable for more developed economies with more developed sustainability policies.

This paper makes a novel theoretical contribution by using stakeholder management as a mediating variable and green leadership as a moderating variable concurrently.

This model suggests that smart and sustainability activities of cities can lead to desired outcomes for smart cities through effective stakeholder management and green leadership.

This study examines the relationship between board capital, including human and social capital, and corporate innovation. We propose two hypotheses: that a board with a higher level of human and social capital, respectively, is expected to have a higher level of innovation. To test these hypotheses, we use data from different sources, including SEC EDGARD-10k, Noah Stoffman, and S&P 500 Capital IQ for US public firms from all industries from 2000 to 2018. Four different innovation measurements are used to proxy for innovation: R&D, patents, citations, and number of new products. We use directors' level of education and industry experience to proxy for board human capital. The directors' social networks and interlocking ties are used to proxy for board social capital. We use fixed effect regressions to test the hypotheses and two-stage least square (2SLS) regressions to address endogeneity issues. We find that boards with higher levels of human capital are highly associated with corporate innovation in terms of citations. The findings imply that firms should hire directors with higher education and industry experience if they wish to increase their innovation.

This study explores the utilization of simulation tools for building performance assessments among design professionals in Ghana.

A quantitative approach was used to obtain responses from 104 design professionals in Ghana through a structured questionnaire. The questionnaire was generated through a critical review of the related literature on the subject matter. Data from respondents were analyzed through descriptive and inferential statistics.

Results from the analysis indicated that design professionals in Ghana possessed a low level of awareness of the simulation tools used for building performance assessments. Subsequently, the findings also revealed that the design professionals' level of usage of the simulation tools was low.

Practically, the establishment of this study informs design stakeholders, educational institutions and researchers in Ghana. For design professionals, these findings will focus on enhancing their use of simulation tools for evaluating building performance in Ghana. For educational institutions, these findings will enable them to implement the necessary strategies for incorporating the concept of building performance simulation into their curriculum in order to boost awareness and utilization. Finally, researchers will also use the study's findings to identify any research gaps for future studies.

The findings from this study pioneer knowledge on an under-investigated topic within the Ghanaian construction industry. It also provides insight into the developing state-of-the-art technology employed in the built environment.

Disasters and pandemics pose challenges to health-care provision. Accordingly, the need for adopting innovative approach is required in providing care to patient. Therefore, the purpose of this study is to present telehealth as an innovative approach for providing care to patients and reducing spread of the infection and advocates for the adoption of telehealth for digitalized treatment of patients.

An integrative review methodology of existing evidence was conducted to provide implications for integration of telehealth for digitalized treatment of patients. This paper draws on Technology Organization Environment (TOE) framework to develop a model and propositions to investigate the factors that influence telehealth adoption from the perspective of the supply side and the demand side of medical services.

Findings from this study discuss applications adopted for telehealth and recommendations on how telehealth can be adopted for medical-care delivery. More importantly, the findings and propositions of this study can act as a roadmap to potential research opportunities within and beyond the pandemic. In addition, findings from this study help provide guidelines on how health practitioners can rapidly integrate telehealth into practice for public health emergencies.

This study identifies the social, technological and organizational factors that influence telehealth adoption, and opportunities of adopting telehealth during the public health emergencies. This study concludes that specific policy changes to improve integration of interoperable solutions; data security; better physical infrastructures; broadband access; better transition and workflow balance; availability of funding and remuneration; regulations and reimbursement; awareness; and training will improve telehealth adoption during public health emergencies.