Search results

This study aims to explore information asymmetry (IA) (as measured by the adverse selection component of the bid-ask spread) around S&P 500 revisions.

The authors use adverse selection cost of trading measures to examine the effects of S&P 500 index composition changes on the trading environment from 2001 to 2010.

The authors find that the adverse selection cost of trading significantly decreases post-addition and increases post-deletion. However, the intraday price dynamics of additions to the index seem to be distinct from those of deletions from the index. The event period cumulative abnormal returns (CARs) for additions are significantly associated with the change in the adverse selection cost of trading. However, this association is non-significant for deletions. The CARs for deletion events are found to be significantly associated with the change in realized spreads. Realized spreads are a measure of revenue earned by liquidity providers in the market.

This study helps better understand the dynamics of two types of IA – one from a firm to investor and the other between investors – and presents evidence of the role of adverse selection in index changes. By doing so, it helps better understand the mechanism driving price formation post-addition to and deletion from an index.

The purpose of this paper was to identify talent development practices and processes that enhance professional and career growth of employees in South African higher education institutions (HEIs).

A quantitative study was carried out to investigate the subject matter. A structured questionnaire was used to collect the data from 265 academics in three South African HEIs. The Statistical Package for the Social Sciences, version 27.0, was used to analyse the data. Cronbach’s alpha coefficient and factor analysis were used to test the reliability and validity of the measuring instrument. Pearson’s correlations and regression analysis were used to interpret the relationship between the independent and dependent variables.

The results of the Pearson correlation test established a strong positive influence of training development, coaching and mentoring and career development on talent development. On the other hand, linear regression results indicated that training and development, coaching and mentoring and career development made a strong contribution to the model.

The scope of the study only applied to South African HEIs, making the generalisation of the findings to be limited because of the differences in an organisational context. Hence, future research should focus on different industries.

The study contributes to understanding how talent development can be leveraged to assist academics in HEIs to improve their professional and career goals. The findings suggest that HEIs must invest in talent development to help academics acquire the skills, knowledge and competencies required to perform their tasks.

This paper sheds more light on talent development practices and processes that enhance academic skills, knowledge and competencies in HEIs. Moreover, the study expands on the findings of prior studies concerning talent development in learning organisations.

Terrorism is as old as humanity itself, but its new form in the twenty-first century is adversely affecting the performance of businesses in both developing and developed countries. The purpose of this study is to identify and analyse the evolution and diffusion of academic knowledge on the topic of terrorism in business-related literature.

Data was gathered from two databases, namely, the Scopus and Web of Science over 30 years (1990–2019). The search terms related to terrorism in titles, abstracts and authors’ keywords, which resulted in a total of 1,097 articles. Bibliometric methods, including a thematic and content analysis identifying main themes and using Gephi and VOSviewer software, were used to analyse the data.

The results reveal the productivity of the main actors, current thematic choices and future research opportunities. The main thematic areas of the research arising from the bibliometric analysis included the impact of terrorism on economic growth, Foreign Direct Investment, tourism, stock market reforms, security of multinational corporations as a result of terrorism and finally, the impact of political instability and terrorism on business. This study’s findings may guide the research of future academics and assist policy stakeholders in their strategic choices related to future business development.

The study has certain limitations that are inherent to the bibliometric methods or to the choices related to data collection and processing.

This study recognised evolution and trends regarding the influence of terrorism on businesses, which is crucial information for the development of business and policy strategies in the future. These strategies should enhance the ability of businesses to cope with the negative effects of terrorism and make these effects less devastating. For academics, this study provides relevant insights on recent research trends in the field of terrorism in business and emerging future academic thematic opportunities.

The findings of the study indicate that issues of terrorism in business have broader social implications, which both academia and policy stakeholders can attend with their work.

This bibliometric review offers new insights into terrorism from the business lens by identifying the common streams of research in the field, along with the key journals, articles, countries, institutions, authors, data sources and networks in this field. The future research directions in this field of knowledge are also articulated in the study.

The purpose of this paper is to examine the impact of corporate governance index (PAKCGI) on firm financial distress for a sample of 152 non-financial firms listed at Pakistan Stock Exchange (PSX) over the period from 2003 to 2017.

To examine the impact of PAKCGI on financial distress (Altman Z-Score), random effect model is applied. The PAKCGI is a self-constructed index based on the five important factors of corporate governance practices, i.e. board of directors, audit committees, right of shareholders, disclosures and risk management. The binary coding approach is adopted for the construction of PAKCGI. Altman Z-Score model is used as a proxy for financial distress indicator. The absolute value of Altman Z-score has been taken as financial distress indicator.

The outcomes of the study indicate a positive impact of PAKCGI on risk of firms’ financial distress. The positive coefficient of PAKCGI implies that the good corporate practices work as catalyst to reduce risk of financial distress in Pakistan. A significant negative impact of block holders on financial distress suggests that the concentrated block ownership take monopolistic decision to protect their interests. It has also been observed that significant positive impact of institutional ownership on financial distress exists in the Pakistani listed firms. Furthermore, this study also reveals that significant negative association between board size, CEO duality and financial distress indicator.

The findings may encourage the Pakistani listed companies to follow and implement good corporate governance practices, which would lead to increase the confidence of investors, regulators and stakeholders.

The current study extends the corporate governance literature by examining the relationship between the corporate governance attributes and the financial distress status of Pakistani listed companies. From the academic perspective, this paper adds to the knowledge concerning the association between corporate governance practices and risk of financial distress in emerging markets.

In the era of knowledge economy, the significance of intellectual capital has been increasing globally. Similarly, recent studies have focused on the importance of green intellectual capital in mitigating environmental degradation. However, only a few studies have analysed green intellectual capital and its impacts in the specific case of Pakistan. Hence, this study aims to investigate the effects of green intellectual capital on green innovation adoption in Pakistan’s manufacturing small and medium-size enterprises (SMEs).

We used a data sample of 235 SMEs, gathered from the four manufacturing sectors of Pakistan including: textile, chemical, pharmaceutical and steel and analysed using a multiple regression analysis approach.

The empirical results of this research indicate that green human capital and green structural capital significantly increase green innovation adoption. However, it must be noted that green relational capital has a positive but insignificant impact on green innovation adoption in manufacturing SMEs in Pakistan.

The findings and recommended policy measures of this study are important for the managers of manufacturing SMEs and policymakers to mitigate environmental destruction and achieve sustainable development through green intellectual capital.

Recent evidences show that terrorism is becoming frequent in Nigeria, ranging from incessant Boko Haram activities in the North East; Independent People of Biafra (IPOB) activities in the South-East states, kidnapping and vandalizing oil pipes in the South-South, Fulani-herdsmen attacks in the Middle Belt, among others. In an attempt to tackle terrorism, the Federal Government at different times adopted military actions with little or no lasting solution. The Have and Have-nots hypothesis (Shahbaz, 2013) stresses the role of economic phenomenon in determining the causes of terrorism. It is on this note that this chapter investigates the linkages between economic growth proxy by gross domestic product per capita (GDPPC) and other fundamental variables such as inflation, unemployment, and inequality gaps, among others; and terrorism in Nigeria. We intend to know whether cointegration exists between the two constructs; and if it does, is there causality? The study employed both the autoregressive distributed lag (ARDL) and the vector error correction model (VECM) approaches to examine the existence of or otherwise a long-run relationship as well as causality among the constructs. Results reveal that a compelling cointegrating relationship exists among the variables. It is further revealed that unemployment, inequality, poverty, inflation, among others, Granger cause terrorism. It stresses that the Have-not hypothesis explained the causes of terrorism in Nigeria. The study therefore suggests that policy makers should, in order to prevent or combat terrorism, focus on improving the economy by creating job opportunities through provision of conducive environment that supports businesses and reduces inequality gaps.

The primary purpose is to investigate the relationship between narcissism and managers' overconfidence in listed companies' risk-taking.

In this study, two criteria of signature and reward are used to measure manager's narcissism; manager's overconfidence, using multiple regression models and finally to measure companies' risk-taking by using companies' monthly returns. Multiple regression is employed to test the model using a sample of 890 firm-year participation on the Tehran Stock Exchange from 2012 to 2017 with panel data and model with fixed effects.

The findings indicate that the CEO's narcissism and the board of directors positively and significantly affect corporate risk-taking. Also, managers' overconfidence has a positive and significant relationship with corporate risk-taking.

The results of this study identified other factors affecting companies' risk-taking. This study also contributed to the development of the literature on narcissism, overconfidence and corporate risk-taking.

The purpose of this paper is to presents an analysis of geographically and disciplinary scattered academic publications of cloud computing (CC) research in information systems. This review aims to understand the research methodology, research frameworks and models, geographical distribution, trends, critical factors and causal relationships associated with cloud computing adoption (CCA).

Systematic-literature-review using natural language processing is conducted to explore the phenomenon. The relevant research studies are extracted from various online databases using quality-assessment-criteria.

The study is a novel attempt to highlight the differences in critical factors for CCA in different country-settings. Further, the research explores the causal relationships among the identified factors. The findings of this 12-year systematic-review contribute by aiding the providers and potential adopters to devise context-specific strategies for the penetration of cloud services and sound adoption decisions (ADs), respectively. The findings also highlight the prospective avenues of research in the domain for researchers. Using the in-depth analysis, conceptual frameworks have been proposed that can assist in exploring the pre-adoption and post-adoption of CC.

This study contributes to CCA research by providing holistic insights into the methodology, research framework and models, geographical focus, critical factors and causal relationships influencing the AD or intention. The review highlights the unexplored emerging research topics in the field of CCA for future research directions.

The authors provide evidence for the effects of social norms on corporate governance risk by studying “sin” stocks publicly traded companies involved in producing alcohol, firearms, biotechnology, gambling, military, nuclear power and tobacco. There is a societal norm against funding operations that promote vice and expropriation by controlling shareholders.

The sample is representative of S&P 500 firms in 2014. The authors use Datastream to obtain a sample of sin stocks. The authors’ descriptive analysis is completed by four variations of the basic ordinary least squares regression model according to dependent variable corporate governance risk score.

The authors find that non-financial incentives alone do not explain corporate governance risk. The authors provide strong empirical support for an alignment of financial and non-financial incentives. The authors show that when sin firm’s current performance is good, suggesting that the market holds a positive belief in firm’s future profitability, managers will likely have more incentive to expropriate shareholders.

Belonging of firm to a sin industry does not reflect the acceptance level of social norms. The evolution of social norms towards sin stocks overcomes the drawback of assuming a constant social norms level over time. Therefore, researchers are encouraged to use the changes in consumption of sin products as a proxy for the evolution of social norms and examine does sin matter in corporate governance issue in other countries.

Well-planned and well-managed philanthropy sin industries to creating education programmes for the disadvantaged to protecting the environment, in the name of corporate social responsibility has become a necessary ingredient in virtually every large corporation’s business plan.

This paper fulfils an identified need to study does sin matter issue in corporate governance issue.