Search results

This study examines short‐term stock price reactions to announcements of equity rights offerings in Singapore between 1983 and 2003 and investigates whether economic factors lead to different price reactions. The results show that the cumulative abnormal returns (CARs) associated with rights issues differ significantly across economic conditions at the time of issuance. Rights issues typically result in significantly large positive CARs during periods of economic growth but small positive but insignificant CARs during economic downturns. The CARs vary positively with Tobin’s q‐ratios, which indicate the availability of positive net present value investment opportunities of the firms issuing the rights. Our major finding is that the price reaction of Singapore firms to equity rights offerings is sensitive to economic conditions at the time of the rights issues.

The purpose of this paper is to identify and discuss the key policy challenges for OECD countries both at macro and micro level to develop and use their intellectual assets in order to obtain economic returns.

The paper takes the approach of econometrics studies to gauge the impact of intellectual assets on national accounts and a stocktake of all existing initiatives, frameworks and guidelines relating to extra‐financial corporate reporting on intellectual assets.

The paper provides macro data on the contribution of investments in intellectual assets to productivity and economic growth in OECD countries and presents the challenges in terms of corporate reporting and corporate governance that result from the increasing importance of intellectual assets for growth and competitiveness. It then provides a stock‐take of existing guidelines and frameworks in OECD countries that encourage companies to report on their intellectual assets and their strategies to create value.

The paper provides policy recommendations to better understand the role of intellectual assets, improve their contribution to economic growth, and to enhance information on intellectual assets and the diffusion of good practices.

The value of the paper is that it contributes to mitigating the difficulties to assess the contribution of intellectual assets on national accounts that is crucial to obtain an accurate picture of economic growth, downturns and investments. It also contributes to the debate on how to overcome the limits of accounting standards to recognize intellectual assets so as to improve companies' valuation and lower their cost of capital.

A number of incidents and community movements in the post-economic growth era have come to shape understandings of the Republic of Ireland’s marginalized groupings. These groups exist in both urban streetscapes and rural communities; all have come to represent a new culture of transgressive resistance in a state that has never completely dealt with issues of political legitimacy or extensive poverty, creating a deviant form of ‘liquid modernity’ which provides the space for such groupings to exist. This chapter demonstrates that the prevailing ideology in contemporary, post-downturn Ireland have created the conditions for incidents of ‘cultural criminology’ that at times erupt into episodes of counter-hegemonic street level governmentality.

The chapter further argues that these groups which have emerged may represent the type of transgressive Foucaultian governmentality envisaged by Kevin Stenson, while they are indicative of subcultures of discontent and nascent racism, which belie the contented findings of various affluence and contentment surveys conducted during the years of rapid growth. The chapter develops this theme of counter-hegemonic ‘governmentality’, or the regional attempts to challenge authorities by local groups of transgressors. The chapter finally argues that, in many ways, the emergence of a culture of criminality in the Irish case, and media depictions of the same can be said to stem from the corruption of that country’s elites as much as from any agenda for resistance from its beleaguered subcultures.

The aim of this paper is to review the main results of accounting research literature examining the role of fair value accounting (FVA) within financial crisis. This research analyzes theoretical and empirical studies on the controversial topic about FVA and its alleged pro-cyclicality in the context of the financial crisis to offer solid reflections for improving the fair value research agenda.

This paper consists of a descriptive literature review. Theoretical and empirical research studies were investigated and then systematized in a framework to guide a literature-based analysis and critique of the relevant literature published about this topic.

The review reveals that there has been only a limited amount of research into the role of FVA within the financial crisis. This topic has not been researched extensively, and there is no empirical evidence that FVA caused the financial crunch and the subsequent financial crisis.

The restricted amount of literature that directly deals with FVA in the context of the financial crisis is the main limitation of this paper. The specificity of the theme narrows the coverage. However, the adopted research methodology enabled the main contributions concerning this issue to be collected, to realize a concise and comprehensive portrait of the debate surrounding FVA and the financial crisis.

This paper can be of use to both researchers and practitioners interested in investigating strengths and weaknesses of the fair value concept for accounting purposes. The paper sets out the main findings of the academic literature and identifies future avenues of theoretical and practical research which may support standard setters to draw up improved accounting regulation.

Few existing studies consist of a literature review that examines theoretical and empirical researches on the influence of FVA on the financial system. This review offers a comprehensive overview on research literature concerning the responsibility of FVA in causing the financial crisis. The main contribution of this paper relates to further understanding the role and effects of accounting matters concerning fair value in a broad sense within the context of the financial crisis.

The purpose of this study is to examine whether participating informality is attributed to income shocks such as wage arrears, unexpected wage cuts or compulsory unpaid leaves. The current research uses Russia longitudinal Monitoring Survey 2002–2015.

Using formal jobs as the base category, the authors conducted pooled multinomial logit regressions allowing for the two additional employment statuses: workers without contracts and unincorporated business workers.

The overall results mainly suggest that no effects occur. In other words, unexpected negative income shocks are not the main driving force of informality. Although the majority of previous studies are based on survey questions on unexpected income shock which has sample selection bias, to obtain robustness, the current study used Russian minimum wage reforms as income shocks. This research shows that Russian minimum wage reform does not affect the decision of informality in the labor market.

Given the data limitations, the authors only observed and examined the supply-side of the labor market. Tax-evading motives would be the main reason for informality; to ensure this conjecture, however, demand and supply sides need to be simultaneously examined which is beyond the scope of this study.

In contrast to a large number of studies on cross-sectional differences in determinants of informal job holding, emphasis on the effects of income shocks on informal employment across business cycles has been minimal. The current study focuses on the business cycles because trends of informal employment can be interpreted differently regardless of whether in an economic boom or recession. Russia, as a unique natural experiment, provides us to examine informal job holdings over the business cycle.

The purpose of this paper is to examine the role of access to skilled labor in explaining firms’ sales growth subject to the controlling influence of a wide range of firm-specific characteristics and country-level economic and non-economic factors.

The analysis uses a consistent and large firm-level data set from the World Bank’s Enterprise Surveys that includes 138 developing countries. An instrumental variables model with a GMM estimator is used for estimating the impact of access to skilled labor on firm performance. In order to obtain more robust estimators, the analysis introduces country-level controls reflecting the influence of economic and institutional factors, such as economic and financial development, institutional governance, education and technological progress.

The results document a significant and positive association between access to skilled labor and firm performance in the developing world. The explanatory power of access to skilled labor remains broadly robust after controlling for a wide range of firm-specific characteristics: sectoral and geographical influences matter. The results also show that the association between labor skill constraints and firm performance is mitigated by country-level factors but in diverse ways. Development, institutions, education and technological progress exert various mitigating effects on firm-level behavior regarding access to skilled labor.

The paper’s novel contribution is threefold: first, it uses joint firm, sector and country-level information to analyze the role of access to skilled labor on firm performance; second, it uses consistently produced information at the firm level from 138 developing countries; and, third, it considers the controlling impact of a wide range of country-level factors that reflect a country’s overall development, institutions and evolution.

Small and medium-sized enterprises (SMEs) are an important contributor to emerging countries’ economic growth. However, SMEs have been struggling to sustain their performance in a highly competitive environment. Thus, this study aims to re-examine the effect of SMEs’ entrepreneurial orientation (EO) on firms’ performance during the COVID-19. This study has also studied the moderating role of social media usage and the mediating role of marketing capabilities and social media usage.

This study used a structured questionnaire for data collection, where the unit of analysis was the manager or owner of SMEs. The data were analyzed using partial least square-structural equation modeling.

The findings show that an EO has a significant and positive effect on an SME’s performance, but the outcomes are conditional on the role of social media and marketing capabilities. The empirical results reveal that marketing capabilities significantly mediate the relationship between EO and SME performance. In addition, social media usage moderates the relationship between EO and SME performance and it also partially mediates the EO-performance nexus of SMEs. Finally, this study discovers that the EO-Performance nexus of SMEs is serially mediated by social media usage and marketing capabilities.

This study has important implications for SMEs that are seeking to gain a competitive advantage. For example, an SME should deploy market activities through social media channels. In situations such as a pandemic and uncertainty, this could be the most effective tool.

This study builds a theory-based mediation-moderation model to explain the link between EO and SME performance. In explaining mediation-moderation effects, the current study provides insight into EO-performance relationships. Moreover, the current model facilitates exploring whether serial mediation passes through social media usage and market capabilities. Therefore, with new findings, the study extends the literature on serial mediation in the EO-performance of SMEs. Additionally, this study extends the literature on the moderating role of social media on SMEs in Indonesia, which has not been investigated. Besides, the current study adds new insight into the EO-performance of SME in COVID-19 condition.

There is limited research that indicates the relation between knowledge management practices (KMPs), organizational culture (OC) and operational efficiency performance (OE) by using Balanced scorecards (BSC) specifically in oil and gas sector. This relationship is not yet acknowledged through empirical tests. The purpose of this paper is to fill this gap by providing a better understanding of that relationship and its importance with regard to business outcomes.

In order to examine the relationship between OC and OE, this research takes a BSC perspective with the mediating impact of KMPs. Three hypotheses were developed using literature review and tested through the application of confirmatory factor analysis in structural equation modeling. Altogether, 568 valid responses were collected from one of the biggest oil and gas companies in the UAE.

All KMPs were found to have significant relationship with OE and OC. Also, KMPs mediate the relationship between OC and OE. In addition, the results show that the standardized coefficients of these paths and the loadings of the indicators on their factors are significant. Pearson’s correlations indicate strong evidences of the joint impact of OC and KM practices on OE, with a possible mediator impact of KM practices on OE.

One of research limitations is the type of organization. Future research may include other industries such as manufacturing and construction. Only the operational variable is evaluated and there is no consideration of other dimensions such as leadership type, organizational structure and technology.

This paper is the first in the UAE and the region to examine the relationship between OC and KMPs by considering OE from a BSC perspective with the mediating impact of KMPs.

The purpose of this paper is to review the four large and two small fluctuations in China’s economic growth since the reform and opening up, which can be further divided into five periods of economic upturn and six periods of economic downturn.

This paper also analyzes the performance, causes and practical countermeasures of these fluctuations and summarizes the experience and lessons from the eight aspects of dealing with economic downturn and stabilizing growth since the reform and opening up.

At last, the paper puts forward some measures to cope with economic downturn and stabilize growth under the new normal in the new era.

Any country’s economic growth is a tortuous process with many fluctuations. The rate of economic growth cannot rise or go down straight for a long time, and China’s economic growth is no exception. The drastic fluctuations of economic growth can lead to serious overproduction, waste of resources, increased unemployment, decreased income or supply shortages, rising prices and decline of living standards.

Big data marketing analytics (BDMA) has been discovered to be a key contributing factor to developing necessary marketing capabilities. This research aims to investigate the impact of the technology and information quality of BDMA on the critical marketing capabilities by differentiating between firms with low and high perceived market performance.

The responses were collected from marketing professionals familiar with BDMA in North America (N = 236). The analysis was done with partial least squares-structural equation modelling (PLS-SEM).

The results indicated positive and significant relationships between the information and technology quality as exogenous constructs and the endogenous constructs of the marketing capabilities of marketing planning, implementation and customer relationship management (CRM) with mainly moderate effect sizes. Differences in the path coefficients in the structural model were detected between firms with low and high perceived market performance.

This research indicates the critical role of technology and information quality in developing marketing capabilities. The study discovered heterogeneity in the sample population when using the low and high perceived market performance as the source of potential heterogeneity, the presence of which would likely cause a threat to the validity of the results in case heterogeneity is not considered. Thus, this research builds on previous research by considering this issue.