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Maintenance expenditures represent more than net profits of several manufacturing companies. Maintenance costs are easy to reduce in a year simply by deferring maintenance activities. Examines maintenance expenditures of US chemical companies from 1975 to 1991. Uses a nonlinear model based on seemingly unrelated regression analysis to identify various factors that influence the expenditures. Uses the ratios of maintenance spending to cost of property, plant and equipment, and buildings (gross plant), cost of property, plant and equipment, and buildings minus accumulated depreciation (net plant) and cost of goods sold as dependent variables. Shows that the age of property, plant and equipment, and buildings, company size, and return on assets have significant influence on the maintenance expenditures. The leverage ratios adversely affect the ratios of maintenance costs to gross plant and net plant.

The study attempted to assess the food security status of urban agriculture households in Ghana and India. Also, the extent of urban agriculture participation and its effect on food security in Ghana and India were examined.

A total of 650 urban agriculture farmers were interviewed for this study in Ghana and India. Food security status of urban households was assessed by the use of the Household Food Insecurity Access Scale, whereas the determinants of the extent of urban agriculture and its effect on food security were analysed by the use of the heteroskedastic linear regression and the Seemingly Unrelated Regression models, respectively.

From the study on average, households in Ghana were mildly food insecure, but that of India was moderately food insecure. The results further revealed that various demographic, economic, institutional and health and nutrition factors differently influenced urban food security and urban agriculture. Also, the extent of urban agriculture participation positively influenced food security.

Several studies in Asia (India) and Africa (Ghana) on urban food security have been geographically limited to New Delhi, Mumbai and Greater Accra, with few studies in the Middle Belt of Ghana, and Bihar in India. Besides, there is a limited, rigorous, empirical study on the effect of the extent of UA on food security in Asia (India) and Africa (Ghana) individually and together. Moreover, we extend the frontiers of the methodological approach by applying the Seemingly Unrelated Regression (SUR) model to understand if the factors that affect food-security accessibility based on two food security accessibility tools are correlated.

This study investigates the relation of bank loan delinquencies to Fed Survey delinquency data from 2003 to 2017. Bank-generated loans have lower delinquencies than all Fed Survey loan types. Survey mortgage and auto loan delinquencies are positively related to bank loan delinquencies indicating complimentary delinquency decisions for borrowers. Conversely, student loans delinquencies are negatively related to bank loans, consistent with borrowers substituting student loan payments for bank debt for the entire sample period. Student loan delinquencies are negatively related to per-capita bankruptcy, and all other types of debt have a positive relation. The relation between Fed Survey loan delinquencies and bank-generated loan delinquencies is time varying and changed after the financial crisis in 2008.

Seemingly Unrelated Regression is used to study delinquencies for three bank loan types and whether or not they are related to Fed Survey loan delinquencies. The sample is split into pre-financial crisis before 2008 and post-crisis after 2008.

Seemingly Unrelated Regression (SUR) results show that bank delinquencies for second mortgages and “Other” loan types are consistently complementary to Fed Survey mortgage loan delinquencies. Fed Survey auto loans delinquencies are also consistent with a complimentary relation, and these results are largely driven by the relation after the financial crisis of 2008 since pre-crisis regression results are not significant for every dependent variable. Credit card loan delinquencies have a negative and substitute relation with bank-generated first mortgage loan delinquencies prior to the crisis in 2008, and with bank-generated second mortgages after the crisis. Conversely, student loan delinquencies from the Fed Survey are negatively and significantly related to bank mortgages for the entire sample period, but only with bank-generated first mortgages after 2008. The student loan delinquency results are consistent with income smoothing, on average, although this is not explicitly tested at the micro level since this study uses macro-level data and not borrower-specific data. These findings are also consistent with conventional wisdom that student loans provide “financial slack” and borrower flexibility.

A limiting factor is this study uses macro-level data and not borrower-specific data.

Empirical findings are consistent with prior research that student loans provide income smoothing and “financial slack,” and borrowers with payment challenges will pay other debt before student loans.

Borrowers in financial trouble tend to be delinquent for all debt, and more so for student debt.

To investigate whether Fed Survey delinquencies of auto loans, first mortgages, student loans and credit card loans from all sources have complementary or substitution effects with bank debt at a macro level. The study investigates whether bank debt follows “market trends” as a complementary effect, or if bank debt has a negative relation to other debt indicating a substitution effect.

This article deals with how to test for and evaluate interdependence among control practices in a management control system using structural equation modeling. Empirical research on the levers of control (LOC) framework is used as an example. In LOC research, a path model approach to interdependence has been developed. The appropriateness of this approach is evaluated, developed, and compared with the correlation of residuals approach (seemingly unrelated regression) implemented in the wider complementarity literature. Empirical examples of the different models are shown and compared by using a data set on LOC of 120 SBUs in Sweden. The empirical results show that modeling interdependence among control practices in a management control system as non-recursive (bi-directional) paths or as residual correlations evidently affects the conclusions drawn about interdependence in terms of both presence and magnitude. The two models imply different views on how to conceptualize interdependence and are not statistically and empirically comparable. If using non-recursive path models, several model specification issues appear. To be able to identify such models, this needs to be carefully considered in the theory and research design prior to data collection.

This study aims to extend the discussion on firm profitability to include handloom enterprises in India.

This study uses a random sample of 427 handloom microentrepreneurs from the Indian state of Assam. The seemingly unrelated regression model is used to determine the profitability drivers in India’s handloom enterprises.

The empirical results revealed that human, financial and social capital, along with their control variables such as information and communication technology, firm size and sales distribution, are the main drivers of profitability of Indian handloom enterprises.

To the best of the authors’ knowledge, this study is the first to offer an in-depth insight into what makes profitability in the handloom enterprises in India, the world’s second-largest reservoir of the handloom industry.

This study examines the stock market reactions to an involuntary adjustment to loan‐loss reserves by the write‐downs of Argentinean loans by major banks with Argentinean loan exposure. This event has escaped investigation in the empirical literature of the LDC debt crisis. A seemingly unrelated regression study, rather than a Brown and Warner (1980) event study, is employed to investigate two pairs of hypotheses, namely the new‐information vs. information‐leakage hypothesis and the rational‐pricing vs. investor‐contagion hypothesis, using daily stock market data. Sample banks are grouped into three portfolios (highly exposed multinational banks, mildly exposed regional wholesale banks and unexposed or nominally exposed regional consumer banks) to test the investor‐contagion effect. The results indicate that the stock market adjusts quickly to new information, thereby providing evidence of semi‐strong‐form market efficiency. Unlike previous research, this research finds strong evidence for an investor‐contagion effect.

This paper sets out to investigate whether the four members of the common monetary area (CMA) regime experience similar inflation-unemployment dynamics as explained by the Phillips Curve phenomenon.

This study uses a combination of seemingly unrelated regression (SUR) and Copula based marginal regression techniques to investigate existence of a common Phillips curve (PC) between members of the CMA. Model estimation was done using country specific annual time series data for inflation, unemployment and imports spanning from 1980 to 2014.

We find evidence of contemporaneous correlation between the residuals of individual CMA PC equations and a statistically significant trade-off between inflation and unemployment for all CMA countries. Wald test results of cross-equation restrictions reveal a 9.94% chance of a common unemployment coefficient for CMA countries.

Together, the results of the SUR and Gaussian Copula techniques provide mixed and inconclusive evidence to support the existence of a common PC among CMA member states. This study is the first of its kind in examining this phenomenon for currency board regimes like CMA, and one of the very few among emerging market economies.

The purpose of this paper is to investigate the variables affecting firm profitability, applying the seemingly unrelated regression method to a large sample of approximately 87,000 observations covering 12,530 non‐financial micro firms operating in four industry sectors, from 2006 to 2007.

The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource‐based approaches. Seemingly unrelated regression (SUR) was used to detect the combination of variables that best estimated the impact of the explanatory variables on the dependent variable.

The findings indicate that while firm size, lagged profitability, growth, and productivity positively influence profitability, firm age and industry affiliation negatively influence it. The empirical results suggest that productivity is the most significant determinant of profitability. These results are fairly robust across the various industry sectors covered in the study and are largely consistent with the hypotheses developed from the resource‐based approach.

The current study addresses an issue that is relevant to various stakeholders, including managers, investors, and debtholders, and may facilitate further research in similar areas of small business studies.

The question of what factors determine profitability should accordingly be one of high priority for both researchers and practitioners, including managers, investors, debt holders, and policy makers.

Most of previous studies of profitability determinants were actually performed in the industrial organization discipline. This study examines the impact of internal determinants including firm size, age, and sector on firm profitability from a managerial perspective. Unlike the other approaches, this approach suggests that firm performance is mainly determined by internal rather than external variables.

The purpose of this study is to examine the impact of corporate governance attributes of listed Egyptian companies on the propensity (adoption) and comprehensiveness (quality) of corporate internet reporting (CIR) practices.

This study uses archival data from the largest (top) 100 listed companies on the Egyptian Stock Exchange (EGX 100). Corporate governance attributes are captured by ownership structure (free float, managerial ownership, government ownership) and board of directors' structure (board size, board independence, CEO‐chair duality). Empirical models are used to estimate the effects of these attributes on the propensity, content, presentation, and overall comprehensiveness of CIR.

The results of this study indicate mixed effects of governance attributes on the choice to adopt CIR and its quality. The results from the Binary Logistic Regression suggest that Egyptian companies with greater (less) ownership dispersion, managerial ownership, governmental ownership, and (board independence) are more likely to adopt CIR. On the other hand – and as revealed by the seemingly unrelated regressions – among CIR companies those with greater (less) ownership dispersion, board size (governmental ownership), and (board independence) have more comprehensive CIR.

This study extends the relatively limited research on the effects of corporate governance and CIR in emerging markets. The study contributes to this literature by demonstrating how corporate governance attributes affects the choice to adopt CIR disclosure practices and the level of its quality in an emerging market such as Egypt.

The purpose of this study is to examine the connection between board composition and value relevance of financial information in Ghana.

The study uses a panel data of 144 firm-year observations of listed firms in Ghana.

The study finds that a higher fraction of independent directors is associated with lower firm value. The study further finds that board size is positively related to firm value, whereas duality is negatively associated with firm value.

The practical implication of this paper is that investors and regulators should be mindful that specifying governance composition should not only be based on “so-called” codes of best practices but also the level of the country's or the sector's development and local institutional structures.

This study uses five different measurements of market share and considers the impact of the provision of the Code of Best Practices in Ghana.