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Article
Publication date: 1 March 2006

Gökhan Sönmezler and Ismail Siriner

Low cost financing in establishing economical development is very important. At this point, financial intermediaries provide great contributions to economic development by…

Abstract

Low cost financing in establishing economical development is very important. At this point, financial intermediaries provide great contributions to economic development by eliminating asymetrical information problem between lender and borrower. It is possible to see capital market in anglo‐saxon countries and banking system in Europe and Japan mostly from historical dimension. However, long term financing is done through capital market in most developed countries at present. It is a common characteristic in countries such as Turkey, Chile and Mexico whose economies are financed by banking system. Singh and Weisse (1998), suggests that it is because of late industrialisation 1. Developing countries are generally those where there is less capital. Therefore attracting both internal and external savings into the banking system (for these countries) is very important from economical development point. At this point, powerful banks are preferred by the investors. Because the possibilty of failure is low (for these banks) 2. The most important factor that effects banks risk structure is public’s role. Because public can effect banks risk structure both at macro and micro level. Public’s influence on bank’s risk structure at macro economic level is due to general economical structure. If the general economic structure has high volatility and is away from consistency, this situation will increase the risk for banking sector. On the other hand, fiscal dominance is one of the main problems especially in developing countries. Fiscal dominance caused by lack of enough public revenue affects banking sector negatively. Thus, a goverment which can not prepare the macro economic environment where banks can function at high productivity will increase banks’ risks. In addition, banks require strict regulations and controlling as its structure is open to fraud. That these regulations are ignored or not prepared will lead to risk accumulation in the sector. It becomes a social responsibility of the state to take necessary cautions as these kinds of issues change a large cost on the society. Within this framework, the aim of our study is to examine public’s role on fragilities in banking sector. These examinations will be conducted for Turkey which experienced a collapse in banking sector in the recent period. In the first and second part of our study, public’s influence on the sector at macro and micro level will be examined. Experiences gained through Turkey example will be presented in the conclusion.

Details

Social Responsibility Journal, vol. 2 no. 3/4
Type: Research Article
ISSN: 1747-1117

Keywords

Book part
Publication date: 15 August 2019

Wolfgang Bauer, Jürgen Dorn and Ivan Pryakhin

The level of trust in a service provider is an important decision factor when buying industrial services. Especially, the outcome uncertainties of services, its…

Abstract

The level of trust in a service provider is an important decision factor when buying industrial services. Especially, the outcome uncertainties of services, its individuality, and asymmetric information between buyer and seller are some reasons that the evaluation of trust is a key component in service trading. Consequently, searching of potential new suppliers involves examining providers’ trustworthiness. This paper focuses on the study of online trust signals used by buyers, to assess provider’s trustworthiness in the context of industrial services. The main research objective is to propose the basis for a digital tool, which helps buyers to assess provider’s trustworthiness by providing a “standardized trustworthiness signal description” and “trust functionalities.” A particular approach is used, wherein different methods are mixed such as a case study, expert interviews, and a quantitative method following the guideline of the design science paradigm. The aim is to propose a useful tool for trustworthiness assessment to enhance e-markets for industrial services.

Details

New Insights on Trust in Business-to-Business Relationships
Type: Book
ISBN: 978-1-83867-063-4

Keywords

Book part
Publication date: 15 August 2019

Houcine Akrout

Trust is a crucial element in business exchanges. Trust has been the subject of considerable research. Most prior studies are insensitive to context studies. However, the…

Abstract

Trust is a crucial element in business exchanges. Trust has been the subject of considerable research. Most prior studies are insensitive to context studies. However, the advent of the extended enterprise with the disintegration of production and innovation processes, the digitalization of interactions, and the increased competition in global markets, among other factors, fundamentally alter the contexts of buyer–supplier relationships. New enriched perspectives and adapted approaches of trust in B-to-B settings are necessary.

This volume addresses new issues showing evidence from advanced, emerging, and developing markets by applying different theoretical and methodological perspectives. The findings lead to identifying consistencies, richness, and distinctiveness of antecedents, processes, and consequences of trust in various B-to-B contexts. It provides suggestions for future research and new levers and guidance for managers to build successful business relationships.

Details

New Insights on Trust in Business-to-Business Relationships
Type: Book
ISBN: 978-1-83867-063-4

Keywords

Content available
Book part
Publication date: 15 August 2019

Abstract

Details

New Insights on Trust in Business-to-Business Relationships
Type: Book
ISBN: 978-1-83867-063-4

Article
Publication date: 1 April 1965

IN 1946 there was in the British Isles a clear image of librarianship in most librarians' minds. The image depended on a librarian's professional environment which was of…

Abstract

IN 1946 there was in the British Isles a clear image of librarianship in most librarians' minds. The image depended on a librarian's professional environment which was of the widest possible range, not less in variation than the organisations, institutes or types of community which required library services. Generalisations are like cocoanuts but they provide for the quickest precipitation of variant definitions, after the stones have been thrown at them. A generalisation might claim that, in 1946, public librarians had in mind an image of a librarian as organiser plus technical specialist or literary critic or book selector; that university and institute librarians projected themselves as scholars of any subject with a special environmental responsibility; that librarians in industry regarded themselves as something less than but as supplementing the capacity of a subject specialist (normally a scientist). Other minor separable categories existed with as many shades of meaning between the three generalised definitions, while librarians of national libraries were too few to be subject to easy generalisation.

Details

New Library World, vol. 67 no. 4
Type: Research Article
ISSN: 0307-4803

Article
Publication date: 12 July 2011

Thomas Preisner, Christian Bolzmacher, Andreas Gerber, Karin Bauer, Eckhard Quandt and Wolfgang Mathis

The purpose of this paper is to investigate the accuracy of different force calculation methods and their impact on mechanical deformations. For this purpose, a micrometer…

Abstract

Purpose

The purpose of this paper is to investigate the accuracy of different force calculation methods and their impact on mechanical deformations. For this purpose, a micrometer scaled actuator is considered, which consists of a micro‐coil and of a permanent magnet (PM) embedded in a deformable elastomeric layer.

Design/methodology/approach

For the magnetic field evaluation a hybrid numerical approach (finite element method/boundary element method (FEM/BEM) coupling and a FEM/BEM/Biot‐Savart approach) is used, whereas FEM is implemented for the mechanical deformation analysis. Furthermore, for the magneto‐mechanical coupling several force calculation methods, namely the Maxwell stress tensor, the virtual work approach and the equivalent magnetic sources methods, are considered and compared to each other and to laboratory measurements.

Findings

The numerically evaluated magnetic forces and the measured ones are in good accordance with each other with respect to the normal force acting on the PM. Nevertheless, depending on the used method the tangential force components differ from each other, which leads to slightly different mechanical deformations.

Research limitations/implications

Since the force calculations are compared to measurement data, it is possible to give a suggestion about their applicability. The mechanical behavior of the actuator due to the acting forces is solely calculated and therefore only an assumption concerning the deformation can be given.

Originality/value

A new kind of micrometer scaled actuator is numerically investigated by using two different hybrid approaches for the magnetic field evaluation. Based on those, the results of several force calculation methods are compared to measurement data. Furthermore, a subsequent structural analysis is performed, which shows slightly different mechanical deformations depending on the used force calculation method.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 30 no. 4
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 9 February 2010

Elena P. Antonacopoulou and Wolfgang H. Güttel

Socialization is one of the fundamental processes that define how collectivities emerge. Socialization underpins the social structures that shape not only how social…

8922

Abstract

Purpose

Socialization is one of the fundamental processes that define how collectivities emerge. Socialization underpins the social structures that shape not only how social actors interact in community but also the boundaries of action and the rules of engagement. In the context of organizations, socialization is a process that significantly shapes organization in the way core practices shape how things are done and why they are done in particular ways. This emphasis on consistency within and between practices is seen to be greatly facilitated by specific practices like staff induction. The purpose of this paper is to review the current conceptual and empirical research on staff induction as a process of organizational socialization and outlines some of the areas for future research particularly if a social practice perspective is adopted.

Design/methodology/approach

The paper presents a systematic review of the relevant literature on organizational socialization and staff induction and outlines themes to which the debate can usefully be extended.

Findings

This paper focuses on how staff induction practices provide valuable insights about how social agents (especially newcomers) get socialized in organizations.

Research limitations/implications

This paper provides a foundation for the various staff induction practices that other papers in this issue will be presenting. By outlining the current debate and insights from previous empirical research on staff induction, the objective is to extend the debate by outlining some new avenues for research that papers in the special issue both respond to and further explicate.

Originality/value

This paper explores staff induction and organizational socialization as a practice that can provide new insights into the dynamics of social interaction within organizations.

Details

Society and Business Review, vol. 5 no. 1
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 25 October 2011

Kai‐Magnus Schulte, Tobias Dechant and Wolfgang Schaefers

The purpose of this paper is to investigate the pricing of European real estate equities. The study examines the main drivers of real estate equity returns and determines…

1756

Abstract

Purpose

The purpose of this paper is to investigate the pricing of European real estate equities. The study examines the main drivers of real estate equity returns and determines whether loadings on systematic risk factors – the excess market return, small minus big (SMB), HIGH minus low (HML) – can explain cross‐sectional return differences in unconditional as well as in conditional asset pricing tests.

Design/methodology/approach

The paper draws upon time‐series regressions to investigate determinants of real estate equity returns. Rolling Fama‐French regressions are applied to estimate time‐varying loadings on systematic risk factors. Unconditional as well as conditional monthly Fama‐MacBeth regressions are employed to explain cross‐sectional return variations.

Findings

Systematic risk factors are important drivers of European real estate equity returns. Returns are positively related to the excess market return and to a value factor. A size factor impacts predominantly negatively on real estate returns. The results indicate increasing market integration after the introduction of the Euro. Loadings on systematic risk factors have weak explanatory power in unconditional cross‐section regressions but can explain returns in a conditional framework. Beta – and to a lesser extent the loading on HML – is positively related to returns in up‐markets and negatively in down markets. Equities which load positively on SMB outperform in down markets.

Research limitations/implications

The implementation of a liquidity or a momentum factor could provide further evidence on the pricing of European real estate equities.

Practical implications

The findings could help investors to manage the risk exposure more effectively. Investors should furthermore be able to estimate their cost of equity more precisely and might better be able to pick stocks for time varying investment strategies.

Originality/value

This is the first paper to examine the pricing of real estate equity returns in a pan‐European setting.

Details

Journal of European Real Estate Research, vol. 4 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 2 November 2015

Alexander Scholz, Karim Rochdi and Wolfgang Schaefers

The purpose of this paper in this context is to examine the impact of asset liquidity on real estate equity returns, after taking well-documented systematic risk factors…

1388

Abstract

Purpose

The purpose of this paper in this context is to examine the impact of asset liquidity on real estate equity returns, after taking well-documented systematic risk factors into account. Due to their unique characteristics, real estate equities constitute an inherently low degree of underlying asset liquidity.

Design/methodology/approach

Following the Fama-French time-series regression approach, the authors extend the conventional asset pricing model by a real estate-specific asset liquidity factor (ALF), using a sample of 244 real estate equities.

Findings

The results, based on monthly data for the period 1999-2012, reveal that asset liquidity is a relevant pricing factor which contributes to explaining return variations in real estate equity markets. Accordingly, investors expect a risk premium from listed real estate companies with a low degree of asset liquidity, which is especially the case for companies facing financial constraints and during economic downturns. Furthermore, an investment strategy exploiting differences in the underlying asset liquidity yields considerable average excess returns of upto 8.04 per cent p.a.

Practical implications

Considering the findings presented in this paper, asset liquidity should receive special attention from investors, as well as from the management boards of listed real estate companies. While investors who ignore the magnitude of asset liquidity may systematically misprice real estate equities, management can influence the firm’s cost of capital by adjusting the underlying asset liquidity.

Originality/value

This is the first study to examine the role of an ALF in a real estate asset pricing framework.

Details

Journal of European Real Estate Research, vol. 8 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

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