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1 – 10 of over 1000Emilio Calvo-Iriarte, María Victoria Esteban-González and Arturo Rodríguez-Castellanos
The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research…
Abstract
Purpose
The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies.
Design/methodology/approach
A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco.
Findings
The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis.
Research limitations/implications
It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here.
Practical and social implications
The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises.
Originality/value
This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.
研究目的
本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。
研究設計/方法/理念
研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。
研究結果
研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。
研究的原創性/價值
本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。
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Md Abdul Momen, Seyama Sultana, Md. Anamul Hoque, Shamsul Huq Bin Shahriar and Abu Sadat Muhammad Ashif
Like every other sector, educational institutions have also been suffering immensely due to COVID-19 pandemic. Many educational institutions are now adopting digital classroom…
Abstract
Purpose
Like every other sector, educational institutions have also been suffering immensely due to COVID-19 pandemic. Many educational institutions are now adopting digital classroom services. However, an online platform with the need for appropriate technology and infrastructure from the students’ perspective poses a severe challenge to developing countries like Bangladesh. The paper aims to figure out the relevant factors that affect the extent of student satisfaction with digital classroom services at the school and tertiary levels.
Design/methodology/approach
It is a quantitative study of 450 students from Bangladesh who encountered online classes during the pandemic of COVID-19. An equal number of students from all levels, including schools, colleges and tertiary stages, participated in the survey. Exploratory and confirmatory factor analyses are used to interpret the data. Structural equation modeling using AMOS graphic software is incorporated to test the study’s hypothesis.
Findings
Among all the four determinants of student satisfaction during this critical era, all levels look satisfied with the three underlying influences: technological, convenience and resource-related factors. However, school-level students found the digital classroom services abrasive with Internet connectivity and technical structures during online classes and exams.
Research limitations/implications
A comprehensive study can assess the difference between private and public university students in this regard. In addition, the impact of gender and/or location (rural/urban area) can be assessed by using the same model of the study.
Practical implications
Having the experience of the students’ satisfaction level during this pandemic, the government, educational institutions and other stakeholders can take away the findings of the results to have a better plan for Internet-based education at every level.
Originality/value
The study is unique to see the readiness of developing nations such as Bangladesh to focus on the sudden uncertainty like a pandemic in introducing the digital education platform. The study can add value to achieving the country’s sustainable development goal of becoming a digitally enabled regional education hub.
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Nan Li and Liu Yuanchun
The purpose of this paper is to summarize different methods of constructing the financial conditions index (FCI) and analyze current studies on constructing FCI for China. Due to…
Abstract
Purpose
The purpose of this paper is to summarize different methods of constructing the financial conditions index (FCI) and analyze current studies on constructing FCI for China. Due to shifts of China’s financial mechanisms in the post-crisis era, conventional ways of FCI construction have their limitations.
Design/methodology/approach
The paper suggests improvements in two aspects, i.e. using time-varying weights and introducing non-financial variables. In the empirical study, the author first develops an FCI with fixed weights for comparison, constructs a post-crisis FCI based on time-varying parameter vector autoregressive model and finally examines the FCI with time-varying weights concerning its explanatory and predictive power for inflation.
Findings
Results suggest that the FCI with time-varying weights performs better than one with fixed weights and the former better reflects China’s financial conditions. Furthermore, introduction of credit availability improves the FCI.
Originality/value
FCI constructed in this paper goes ahead of inflation by about 11 months, and it has strong explanatory and predictive power for inflation. Constructing an appropriate FCI is important for improving the effectiveness and predictive power of the post-crisis monetary policy and foe achieving both economic and financial stability.
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Carolina Aldao, Dani Blasco, Manel Poch Espallargas and Saida Palou Rubio
This paper aims to analyse the most significant disruptive events affecting tourism during the twenty-first century, particularly the 2020 COVID-19 pandemic.
Abstract
Purpose
This paper aims to analyse the most significant disruptive events affecting tourism during the twenty-first century, particularly the 2020 COVID-19 pandemic.
Design/methodology/approach
Based on a thorough literature review, this study takes a complexity science approach to the field of tourism to shed light on the challenges of disruptive events in tourism systems.
Findings
Focusing on the COVID-19 pandemic, in particular, this study acknowledges that disruptive events are complex and have tremendous impacts on several areas of society: people’s psychological well-being and the health-care system, as well as social, economic, cultural, technological, environmental and political dimensions. Whether they occur alone or interact, these dimensions add varying levels of complexity to the tourism system. In response, the tourism industry can adopt a resilience model as a crisis management tool to address disruptive events affecting this field.
Research limitations/implications
As this paper is mainly theoretical, future empirical research will contribute to refining the findings and testing the usefulness of the proposed model.
Practical implications
The paper looks at examples of successful and unsuccessful of COVID-19 outbreak management in various countries to analyse issues such as crisis management, resilience and tools for coping with the impacts of disruptive events.
Originality/value
This theoretical paper proposes a first taxonomy of the multidimensional impacts of twenty-first-century disruptive events on tourism and dissects the phases of crisis management, with a corresponding conceptual model.
21世纪旅游业破坏性事件的危机管理和影响建模:以新型冠状病毒肺炎大流行为例研究目的
本文分析了21世纪影响旅游业的最为重要的破坏性事件, 尤其关注2020年新型冠状病毒肺炎大流行
研究设计/方法论/方法
本文将复杂性科学方法应用于旅游领域, 通过全面的文献综述, 揭示破坏性事件给旅游系统带来的挑战。
研究结果
本文承认破坏性事件, 特别是新型冠状病毒肺炎大流行, 复杂且影响巨大, 涉及心理、医疗、社会、经济、文化、技术、环境和政治等诸多方面。这些影响不管是单一的还是相互作用的, 都在不同程度上增加了旅游系统的复杂性。旅游业可以将弹性模型作为危机管理工具, 以应对其领域内的破坏性事件。
原创性
本文首次提出了21世纪破坏性事件对旅游业的多维影响的分类法, 并对危机管理的各个阶段进行了剖析。本文还提出了一个综合模型。
研究局限性/意义
由于本文以理论为主, 未来的实证研究将有助于完善研究结果和验证所提出模型的实用性。
实践意义
本文着眼于不同国家新冠疫情管理的成功和失败案例, 分析危机管理、复原力以及应对破坏性事件影响的方法等问题。
Propósito
Identificar los eventos disruptivos mundiales más importantes que han afectado el turismo en el siglo XXI poniendo especial atención en la pandemia causada por el COVID-19 en el 2020.
Diseño/metodología/enfoque
Mediante un enfoque a las ciencias de la complejidad aplicado al turismo y una exhaustiva revisión bibliográfica, este artículo esclarece el reto que significa un evento disruptivo en el turismo.
Resultados
Los eventos disruptivos, en particular el COVID-19, son complejos y generan un alto impacto tanto en el aspecto psicológico, sanitario, social, económico, cultural, tecnológico, medioambiental y político. En su interacción, todos ellos añaden un diferente grado de complejidad al sistema del turismo. Este artículo propone adoptar un modelo de resiliencia como herramienta de gestión de crisis para afrontar eventos disruptivos en el campo del turismo.
Originalidad
Proponer una primera clasificación de los impactos multidimensionales de los eventos disruptivos del siglo XXI en el turismo y un desglose de las fases de gestión de crisis, como así también proponer un modelo integrador de ambos aspectos propios de un evento disruptivo.
Limitaciones de la investigación/implicaciones
Debido al carácter teórico de este artículo, el modelo integrador sugerido representa un marco prometedor para futuras investigaciones en el plano empírico.
Implicaciones practices
Este artículo presta atención a aquellos países que han gestionado la pandemia de forma exitosa o no, para así tener una mejor noción de gestión de crisis y herramientas para hacer frente a futuros eventos disruptivos.
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Johannes Thaller, Stefan Mayr and Birgit Feldbauer-Durstmüller
The unique dynamics of family firms (FFs) shape the management of financial crises. Religious and secular reasons, as a defining characteristic of this type of firm, provide a…
Abstract
Purpose
The unique dynamics of family firms (FFs) shape the management of financial crises. Religious and secular reasons, as a defining characteristic of this type of firm, provide a reference system for key management decisions. This paper aims to explore the under-researched topic of differences in FFs' crisis management between religious and secular family decision-makers (FDMs), considering secularization in developed countries.
Design/methodology/approach
The paper draws on a qualitative-empirical study of 14 large FFs from the DACH region (Germany, Austria and Switzerland), through both a media analysis and semi-structured interviews with FDMs who have significant influence on key management decisions.
Findings
Despite secularization, religion continues to influence managerial decisions such as crisis management in the DACH region. The findings show that crisis management differs across religious and secular FDMs, demonstrating the substantial impact of religious and secular reasons on operational and financial measures. Thus, religious and secular reasons may partially explain the complex and ambivalent crisis management of FFs. This indicates that religion shapes FF's key management decisions in the increasingly secularized DACH region. Religious FDMs are accountable to both the firm and to God, which fosters their own personal and financial resources during crisis management.
Originality/value
This paper contributes to the existing literature by exploring the impact of religion and secularization within developed countries. Further, it offers deeper insights into FF's crisis management and is one of the first studies to assess the impact of religion and secularization on operational and financial measures. This research derives five propositions for further research and discusses a broad range of original implications for theory and practice.
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Testing a total of five hypotheses, the paper contributes to overall comparison of the two regimes, as it scrutinises whether these improvements have helped regulate this sector…
Abstract
Purpose
Testing a total of five hypotheses, the paper contributes to overall comparison of the two regimes, as it scrutinises whether these improvements have helped regulate this sector. Although it appears that, for the first time, International Financial Reporting Standards (IFRS) had a more timely effect than US Generally Accepted Accounting Principles (GAAP), multiple parameters must be taken into consideration. The banking system has additional rules that may affect financial statements, such as the Basel Accord which sets many policies closely related to the IFRS, such as deferred tax credits. In this way, this paper aim to enrich the results of these decisions, and illuminate aspects of amendments to IFRS and US GAAP in light of the crisis. Focussing on the financial sector, the author sought to critically evaluate their reactions, and to question some of their fundamental rules in practice. This is vital for accounting researchers and analysts, allowing for the first time to compare IFRS performance between Europe and the US, and make better investment evaluations.
Design/methodology/approach
The study sought to detect whether IFRS and US GAAP protected firms from abnormal sales arising from the outbreak of the crisis, whether the reclassification option under IFRS was an answer to the crisis, and whether IFRS and US GAAP succeeded in regulating shadow banking through their amendments. Therefore, it processes five hypotheses. In order to detect the effects of the crisis on accounting regimes, the analysis focused only on companies from the financial sector composed of the banking industry, insurance companies and shadow banking. The author included firms from Australia, Germany, Greece, the UK and the US, and collected information on 679 financial institutions for the period 2009–2013. The author settled on these time frames because the author aimed to capture IFRS performance surrounding the crisis effects in 2008 and the amendments that followed. In this way, the author applied quantitative methods using only numerical data over a given period.
Findings
The results suggest that the reclassification option was successful, helping firms to perform better amid the crisis, indicating that the manipulation of the crisis was appropriate. It seems therefore that US GAAP should have activated this option for US firms. However, the US may not have hurried to act because its banking sector seemed to recover more quickly than in Australia and Europe. Either way, both regimes need to consider speculative market cases that might have appeared during the crisis, as the author have detected cases of abnormal returns. Finally, concerning regulation of the shadow banking sector, the results seem to be encouraging only with regard to the latest improvements and only for all countries examined.
Originality/value
The project contributes to debate on the reactions of both IFRS and US GAAP during and after the economic crisis. For this, it addresses several questions to investigate the performance of the financial sector under both regimes, identifying possible additional effects and considerations. More specifically, it answers if the fair value orientation actually contributes to the financial crisis through contagion effects, while it addresses additional questions. Have these two global accounting regimes succeeded in overcoming the consequences of the crisis? Have amendments and the introduction of new standards to IFRS and US GAAP achieved regulation of shadow banking? Which of the two has performed better? As aforementioned, the analysis focused only on companies from the financial sector composed of the banking industry, insurance companies and shadow banking firms from Australia, Germany, Greece, the UK and the US, for the period 2009–2013.
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Emanuele Padovani, Silvia Iacuzzi, Susana Jorge and Liliana Pimentel
This paper explores how global pandemic crises affect the financial vulnerability of municipalities.
Abstract
Purpose
This paper explores how global pandemic crises affect the financial vulnerability of municipalities.
Design/methodology/approach
This paper is developed from the relevant literature an analytical framework to examine municipal financial vulnerability before a global pandemic crisis and in its immediate aftermath by mapping and systematizing its dimensions and sources. To illustrate how it can be used and evaluate its robustness and flexibility, such a tool was applied to Portugal and Italy, two countries that particularly suffered from the Covid-19 crisis.
Findings
The application of the analytical framework has shown how financially vulnerable municipalities are to global pandemic crises. Financial vulnerability relates to issues ranging from institutional design to internal financial conditions and the perception of the capacity to cope with a crisis. Results further reveal that vulnerability has an inherent contingent nature in time and space and can lead to paradoxical outcomes.
Research limitations/implications
This paper provides a tool that can be useful for both academic and public policy purposes, to further appreciate municipal financial vulnerability, especially during crises.
Practical implications
Municipalities can use the framework to better manage their financial vulnerability, strengthening their anticipatory and copying capacities, while oversight authorities can use it to help municipalities become less financially vulnerable or, at least, more aware of their financial vulnerability.
Originality/value
Municipal financial vulnerability to global shocks has not been explored extensively. Also, the Covid-19 pandemic is different from previous global crises as it affected society overnight with the implementation of lockdown and social distancing measures.
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Franz Eduard Toerien, John H. Hall and Leon Brümmer
This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value…
Abstract
Purpose
This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value relevance of derivative disclosures.
Design/methodology/approach
Panel regression models using sub-samples and a crisis interaction term were applied to a sample of the 200 largest non-financial firms by market capitalization listed on the Johannesburg Stock Exchange (JSE) from 2005 to 2017 to assess the consequences of the financial crisis.
Findings
The results suggest that the disclosure of derivatives is value relevant in the hitherto understudied context of emerging markets. The 2008/2009 financial crisis had a significant impact on derivatives use and the value relevance of derivatives disclosure by JSE-listed companies.
Practical implications
Companies should reconsider both how they employ derivatives as part of their risk management practices and how they communicate derivatives use to stakeholders in the financial statements. The findings facilitate a comparative analysis across various market contexts by researchers and assist investors in better decision-making. The findings can influence regulatory practices and can help standard setters to review disclosure requirements.
Originality/value
The benefits of corporate hedging were studied from an emerging market perspective, using an original dataset and approach to investigate the effects of international financial volatility on emerging markets. The authors tested whether companies are valued differently, based on their disclosure of the use of derivatives in the financial statements, and the effect of the financial crisis on the value relevance derivatives disclosures.
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Börje Boers and Thomas Henschel
The purpose of this paper is to explore and understand how family firms manage a crisis by applying a processual and longitudinal perspective. The objective is to find out how…
Abstract
Purpose
The purpose of this paper is to explore and understand how family firms manage a crisis by applying a processual and longitudinal perspective. The objective is to find out how crisis management is approached by family firms in Sweden, Scotland and Germany, using entrepreneurial orientation (EO) as an analytical lens. Further, this paper investigates the role of the owning family in creating and solving a crisis in family firms.
Design/methodology/approach
This study follows a processual and longitudinal case study approach. Cases are drawn from Germany, Scotland and Sweden. Data collection is based on a combination of interviews with archival data such as annual reports and press clippings.
Findings
The results show that all studied firms had high levels of autonomy combined with high risk-taking. It is noteworthy, that these dimensions also help to overcome the crisis. Risk-taking and proactiveness can be useful for addressing the crisis. Under certain circumstances, even innovativeness can help to develop new offers. Autonomy is considered central in family firms and only extraordinary circumstances can be owning families make willing to compromise on it. The EO-dimensions are not all relevant at all times. Rather, family firms will emphasize the dimensions during the consecutive stages differently.
Originality/value
This study compares case companies from Germany, Scotland and Sweden and how EO contributes to their crisis management by taking a longitudinal and processual perspective. Its originality lies in the in-depth studies of companies from three countries.
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Considering the increased financial responsibility of local government (LG), the impact of global crises and the growing adoption of accrual accounting and common standards such…
Abstract
Purpose
Considering the increased financial responsibility of local government (LG), the impact of global crises and the growing adoption of accrual accounting and common standards such as IPSAS, this work focuses on financial indicators for LGs. It explores whether the literature on financial indicators has grown, investigates whether there is any consensus on which indicators to use for assessing LG's financial condition, develops a critical reading of the literature and offers suggestions for future research and policy agendas.
Design/methodology/approach
A structured literature review was carried out for publications in English about LG financial indicators.
Findings
Results reveal that the number of publications dealing with financial indicators has increased over the past ten years. However, rather than focusing on a set of common indicators, the literature reports a plethora of different ones used for four main purposes: transparency and accountability compliance, performance monitoring and benchmarking, assessing LG's financial health and helping deal with exogenous crises. There is no evidence of convergence towards a common set of indicators, even though liquidity and solvency are the most popular dimensions explored by scholars.
Research limitations/implications
Findings highlight the challenges in converging on financial indicators, yet no claim can be made beyond the reviewed material.
Practical implications
Results provide legislators, public managers, investors and rating agencies with insights about trends in financial indicators, their benefits and limitations.
Originality/value
The article focuses on a less popular aspect of recent financial management reforms for local administration, that is the growing fragmentation in LG indicators, accentuated by the need for common assessment tools during unprecedented widespread crises across countries and sectors.
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