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The purpose of this paper is to investigate whether financial analyst coverage affects the dissemination of disclosed operating lease information into cash flow predictions and stock prices.

The difference in lease expense between capital/finance lease and operating lease reporting is estimated based on the approach in Hsieh and Su (2015). This difference is referred to as the earnings impact from operating lease capitalization and is only available from footnotes. The authors then include the level of financial analyst following in a cash flow model to study its impact on the cash flow predictive value of the earnings impact. Similarly, the level of financial analyst following is inserted in an earnings-return model to assess the effect of analyst coverage on the association between contemporaneous stock returns and earnings impact.

The authors find that the cash flow predictive value of the earnings impact shifts to the interaction between analyst coverage and the earnings impact, suggesting that the decision-usefulness of the earnings impact is conditioned on the level of analyst following. Nevertheless, the authors find that the earnings impact continues to have explanatory value for the contemporaneous stock returns, while the interaction between analyst coverage and the earnings impact does not. This finding suggests that the earnings impact is already fully reflected in stock prices regardless of analyst following.

Since the estimation of the earnings impact from reporting operating leases as capital leases is based on the method developed by Imhoff et al. (1991), the results and inferences are thus constrained by the validity of the method.

The authors find that financial analyst activities accelerate the incorporation of the earnings impact from operating lease capitalization in cash flow predictions, but it does not promote the impounding of the earnings impact into stock prices. This finding suggests that financial analysts' influence on the dissemination of the earnings impact hinges on the type of economic activity, and failing to consider the financial analyst following in studying the cash flow predictive value of the earnings impact would obscure the findings.

The authors extend the findings of prior research that financial analysts' activities promote the incorporation of firm-specific information into stock prices by investigating the impact of financial analysts on the dissemination of disclosed operating lease information.

Managers of defined-benefit (DB) firms have considerable discretion in deriving pension costs and flexibility in cash contributions to pension plans. Pension accruals occur when cash contributions differ from pension costs. The manipulable nature of pension costs and cash contributions allows managers of DB firms to manipulate pension accruals to achieve their desired earnings. We study whether DB firms with earnings management attributes (referred to as suspect DB firms) used more discretionary pension accruals (DPA) than non-suspect DB firms, especially after the passage of Sarbanes-Oxley (SOX).

The authors develop an aggregate measure of DPA to capture overall earnings management in pension accounting. They then employ a multivariate regression model to study whether the suspect DB firms engage in more DPA than non-suspect firms and to assess the impact of SOX on DPA for all DB firms and for suspect DB firms.

The authors find evidence that suspect firms inflate DPA to achieve their earnings goals and also that all DB firms and the suspect firms use more DPA in the post-SOX era compared to the pre-SOX period. In contrast, they observe no significant difference in real activities earnings management (REM) between suspect and non-suspect firms. In addition, neither the entire sample of DB firms nor the suspect firms display a significant change in REM after SOX.

The samples in the study are limited to firms with defined pension plans; thus, the findings cannot be generalized to all firms. In addition, as in other empirical studies relying on models to estimate earnings management proxies, this study inherits estimation errors from Jones and Roychowdhury's models. Consequently, the impact of these estimation errors cannot be ruled out.

The empirical findings of the study appear that instead of deterring DB firms from engaging in pension accruals earnings management, enacting the stringent anti-fraud SOX prompts these firms to rely more on accrual-based discretionary pension rather than switch to real activities manipulation to manage earnings.

While many prior studies focus on the impact of managing individual pension assumptions on earnings, the authors study overall earnings management in pension accounting by developing a model to derive an aggregate measure of pension earnings management.

This paper reexamines the relationship between budget deficits and exchange rates by applying Hakkio’s (1996) model to seven Asian countries and eight Euro‐currency countries over the years from 1951 to 2001. Applying the Time‐Series Cross‐Section Regression with the Seemingly Unrelated Regression approach to data from 15 countries, the results indicate that because of the indirect effect of the expected inflation rate, the risk premium, and the expected return rate, currency values are inversely related to budget deficits. However, the empirical results also present evidence supporting the Ricardian Equivalence Proposition that there is no direct effect of budget deficits on exchange rates.

The purpose of this paper is to empirically examine the benefits of international equity portfolios from the viewpoint of Polish investors.

Eight national stock markets are included in the sample and three different portfolio forming strategies – Equally‐Weighted Portfolio (EWP), Minimum Variance Portfolio (MVP) and Tangency Portfolio (TP) – are adopted to construct the international diversified portfolios. In order to reveal the impact of currency hedging, the performance of a non‐hedged versus a fully‐hedged strategy is estimated. Finally, for comparison purpose, performances of the international portfolios from US investors' perspective are also examined.

Using monthly data from 1999 to 2008, the results show that from an ex post basis, an equally‐weighted global portfolio offers risk reduction opportunities for Polish investors and performance improvement potentials for US investors. In addition, US investors seem to fare better leaving their foreign investment unhedged, while Polish investors benefit from currency hedging. However, ex ante analysis reveals that when short‐selling is allowed, TP outperforms other portfolios and the risk‐adjusted portfolio performance could be enhanced by currency hedging.

In summary, the ex post analysis suggests that global portfolio either reduces risk or improves return. Compared to the domestic portfolio, the international portfolio reduces the portfolio risk while maintaining certain level of portfolio return for Polish investors who experience unusual high volatility in domestic market. On the other hand, an international portfolio yields higher portfolio return with similar risk level, as compared to the domestic portfolio, for US investors who suffer losses in the domestic market. A full currency hedging strategy benefits Polish but not US investors. Hedging or not, the risk of the local stock market is the major contributor to the risk of the equally‐weighted portfolio for both Polish and US investors.

The purpose of this paper is to examine whether the choice of underwriters, venture capital (VC) support, industry and their interactions have any impact on the long‐term performance of initial public offerings (IPOs).

Using standard event study methodology, 12 months of abnormal monthly returns for 1,772 IPOs are obtained. ANOVA and regression analyses are performed on both abnormal returns (ARs) and cumulative ARs to investigate the effect of underwriter choice, VC support and industry and their interactions on the long‐term performance of IPOs.

Under a multi‐factor framework, only significant underwriter and VC effects are found. Short‐term price momentum and long‐term price reversal pattern is most pronounced for IPOs that are underwritten by leading investment banks and backed by venture capitalists. The beginning of price reversal coincides with the expiration of IPO lockup period. Although by the end of the first year, IPOs on average underperform the market, investors can earn above market returns by investing in IPOs that are underwritten by leading investment banks and backed by venture capitalists, and divest before the expiration of the lockup period.

The results are limited by the accuracy of the models used in measuring ARs.

The results seem to suggest that a profitable investment strategy may be implemented with regard to IPOs.

The paper analyzes the various effects and their interactions on the long‐term performance of IPOs.

This study aims to examine the effect of entrepreneurial orientation (EO) on performance and mediation differentiation strategies and market development in small and medium enterprises (SMEs).

This research was conducted using a survey method with a population of furniture SMEs in Jepara, Central Java, Indonesia using a sample area by collecting 158 questionnaires. The data analysis method used the partial least square.

The result shows that EO has an impact on differentiation, market development and performance. Differentiation strategies and market development mediate the influence of EO and performance. The differentiation strategy further mediates the influence of EO on market development and market development mediates the effect of differentiation on performance.

Managers instill entrepreneurial practice in the organization by proactively creating the market and taking high-risk jobs to provide quality products and services. SMEs require capabilities that are difficult to imitate in creating designs and product quality that are different, providing pre and post-sales services and maintaining good relationships with customers and partners. SMEs emphasize flexibility and speed of operation by adjusting the production process to short waiting times and reliable delivery. The government must support general training and market information, network development, access to capital and knowledge transfer.

This paper explains the importance of differentiation and market development strategies in determining the relationship between EO and performance that has not been explored in the context of SMEs in developing countries.

This study aims to determine the extent of virtual reality (VR)/augmented reality (AR) adoption in university libraries in Indonesia and identify librarians’ views of library readiness. The assessment centers on two crucial dimensions: library readiness, gauged by commitment and efficacy, and librarian readiness, appraised through cognitive and affective aspects.

The research features a survey-based quantitative method. A sample of 259 librarians from university libraries, all members of the Indonesian Higher Education Library Forum, responded to the online survey.

Indonesian university libraries, especially in Central Java, express strong interest in VR/AR despite low current adoption. Librarians believe in their commitment and efficacy for adoption, with improvements needed in budget procurement and human resources. Librarians are optimistic about innovating academic activities with VR/AR, despite concerns about collaboration, data governance and human resource insecurity. The research underscores the simultaneous influence of librarians’ and libraries’ readiness on VR/AR adoption, emphasizing their interconnectedness and mutual support within library management.

There are practical implications for library institutions in Indonesia in terms of understanding the attendant opportunities and challenges when preparing organizational ecosystems. These findings provide a broad overview of VR/AR adoption in university libraries in Indonesia and contribute to understanding the specific needs and interests of universities in Indonesia considering adopting VR/AR. In addition to preparing adequate infrastructure, libraries should ensure the availability of adequate human resources.

In the Indonesian context, this study, to the best of the authors’ knowledge, makes the first attempt to examine the librarian’s view as part of library management to face the dilemmas that may arise during the adoption of VR/AR despite university libraries’ commitment and efficacy to enable this technology. This research also identifies librarians’ cognitive and affective readiness as individual characteristics and resources able to influence adequate adoption.

Various investigations have shed light on the positive and negative effects of telework on the work-family conflict. These effects might be related to the conditions under which telework is carried out. The purpose of this paper is to analyze the influence of six variables related to telework conditions on the work-family conflict, and the number of additional hours worked beyond normal office hours.

Multiple linear regression models are calculated with data collected from a sample of 142 teleworkers in public institutions to evaluate the effect of the above variables.

Results reveal that factors which affect work-family conflict include the space used for working at home, the presence of persons at home while someone is teleworking, the number of days of telework, the time a person has been teleworking, and the extent of responsibility a worker has outside of the work environment.

There is a need for research to determine the ideal conditions and situations for teleworking. This study is specifically intended to strengthen some previous findings in this area, and to provide new evidence.

Las investigaciones han mostrado efectos positivos y negativos del teletrabajo sobre el conflicto trabajo-familia. Estos efectos podrían estar relacionados con las condiciones en las que lleva a cabo el teletrabajo. Por ello, el presente estudio analiza la influencia de seis variables relacionadas con las condiciones del teletrabajo, sobre el conflicto trabajo-familia y la cantidad de horas laboradas adicionales a la jornada.

Para evaluar el efecto de esas variables se procesan modelos de regresión lineal múltiple con los datos obtenidos en una muestra de 142 teletrabajadores de instituciones públicas.

Los resultados revelan que el espacio utilizado para trabajar en el hogar, la presencia de personas en el hogar mientras se teletrabaja, la cantidad de días de teletrabajo, el tiempo que lleva un sujeto teletrabajando y el grado de responsabilidad que tiene el trabajador fuera del ámbito laboral, influyen sobre el conflicto trabajo-familia.

Hacen falta investigaciones que revelen las condiciones y situaciones idóneas para teletrabajar. Esta investigación precisamente refuerza algunos hallazgos encontrados en esa línea y brinda nuevas evidencias.