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1 – 10 of over 1000Muhammad Ilyas, Rehman Uddin Mian and Affan Mian
This study examines whether and how the legal origin of foreign institutional investors (FIIs) impacts corporate investment efficiency.
Abstract
Purpose
This study examines whether and how the legal origin of foreign institutional investors (FIIs) impacts corporate investment efficiency.
Design/methodology/approach
The study employs a large panel dataset of firms from 32 non-USA countries from 2005 to 2018. Financial and institutional ownership data are obtained from the COMPUSTAT Global and Public Ownership databases in S&P Capital IQ, respectively. The study employed ordinary least squares (OLS) regression with year and firm fixed effects. In addition, two-stage least squares with instrumental variable regression (2SLS-IV) and propensity score matching (PSM) approaches were employed to address the potential endogeneity.
Findings
The findings of this study suggest that common- and civil-law FIIs differ in their monitoring capabilities to promote investment efficiency. The authors find evidence that increased equity ownership by common-law FIIs, not civil-law investors, strengthens the investment-Q sensitivity, resulting in higher investment efficiency. Consistent with the monitoring and information channel, the results further indicate that the positive impact of common-law FIIs on investment efficiency is stronger in host environments susceptible to agency conflicts and information asymmetry.
Originality/value
This study offers novel evidence on the heterogeneous monitoring role of FIIs with regard to their home countries' legal origins and their impact on investment efficiency in an international context.
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M.S. Daoussa Haggar and M. Mbehou
This paper focuses on the unconditionally optimal error estimates of a linearized second-order scheme for a nonlocal nonlinear parabolic problem. The first step of the scheme is…
Abstract
Purpose
This paper focuses on the unconditionally optimal error estimates of a linearized second-order scheme for a nonlocal nonlinear parabolic problem. The first step of the scheme is based on Crank–Nicholson method while the second step is the second-order BDF method.
Design/methodology/approach
A rigorous error analysis is done, and optimal L2 error estimates are derived using the error splitting technique. Some numerical simulations are presented to confirm the study’s theoretical analysis.
Findings
Optimal L2 error estimates and energy norm.
Originality/value
The goal of this research article is to present and establish the unconditionally optimal error estimates of a linearized second-order BDF finite element scheme for the reaction-diffusion problem. An optimal error estimate for the proposed methods is derived by using the temporal-spatial error splitting techniques, which split the error between the exact solution and the numerical solution into two parts, that is, the temporal error and the spatial error. Since the spatial error is not dependent on the time step, the boundedness of the numerical solution in L∞-norm follows an inverse inequality immediately without any restriction on the grid mesh.
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Jorge Torres-Ortega, Javier Loyola-Campos, Davor Ibarra-Pérez and Valentina Hernández-Muñoz
This paper aims to determine the effect of a set of factors (attitude toward entrepreneurship, perceived behavioral control or entrepreneurial self-efficacy, previous experience…
Abstract
Purpose
This paper aims to determine the effect of a set of factors (attitude toward entrepreneurship, perceived behavioral control or entrepreneurial self-efficacy, previous experience, internal locus of control and entrepreneurial alertness) on the entrepreneurial intentions of Chilean secondary vocational school students.
Design/methodology/approach
An online survey was sent to all secondary-level students from four Chilean vocational schools (3,052 students). A total of 1,644 valid questionnaires were received. The data were analyzed using partial least squares structural equation modeling (PLS-SEM).
Findings
The results show that attitude toward entrepreneurship and perceived behavioral control positively and significantly impact the students’ entrepreneurial intentions, but not the previous experience.
Research limitations/implications
Since this research was carried out in a specific reality, the results may lack generalizability. Also, the proposed model requires further development through the incorporation of other factors. It is then suggested to replicate this study in other countries as well as to incorporate new variables and test new relationships.
Practical implications
Entrepreneurship education programs at the secondary level should emphasize changing/stimulating adolescents’ attitudes toward entrepreneurship as well as improving their confidence in their entrepreneurial abilities.
Originality/value
This is one of the few studies that provide empirical evidence about the determinants of entrepreneurial intentions in adolescents, particularly in Latin America, and with a large sample.
Propósito
El propósito de este estudio es determinar el efecto de un conjunto de factores (actitud hacia el emprendimiento, control conductual percibido o autoeficacia emprendedora, experiencia previa, locus de control interno y alerta emprendedora) sobre las intenciones emprendedoras de estudiantes secundarios técnico-profesionales chilenos.
Diseño/metodología/aproximación
Una encuesta online fue enviada a todos los estudiantes de nivel secundario de cuatro escuelas técnico-profesionales chilenas (3,052 estudiantes). Se recibieron un total de 1,644 cuestionarios válidos. Los datos obtenidos fueron analizados a través de una técnica de modelización de ecuaciones estructurales (PLS-SEM).
Resultados
Los resultados muestran que la actitud y el control conductual percibido impactan positiva y significativamente sobre las intenciones emprendedoras de los estudiantes, no así la experiencia previa.
Limitaciones/implicancias de la investigación
Dado que esta investigación se llevó a cabo en una realidad específica, se debe ser cauteloso a la hora de generalizar sus resultados. Asimismo, el modelo propuesto requiere un mayor desarrollo a través de la incorporación de otras variables. Se sugiere entonces replicar este estudio en otros países, así como incorporar nuevas variables y someter a prueba nuevas relaciones.
Implicancias prácticas
Los programas de educación emprendedora en el nivel secundario debiesen poner énfasis en cambiar/estimular las actitudes hacia el emprendimiento de los adolescentes, así como en mejorar su confianza en sus propias habilidades emprendedoras.
Originalidad/valor
Este es uno de los pocos estudios que aporta evidencia empírica acerca de los determinantes de las intenciones de emprender en adolescentes, particularmente en América Latina y con una muestra amplia.
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Alex Olivier Rodrigues, Carla Susana Marques and Veland Ramadani
The purpose of this study is, from the perspective of artisan entrepreneurship (AE), to understand how professional and higher education institutions, local authorities, local and…
Abstract
Purpose
The purpose of this study is, from the perspective of artisan entrepreneurship (AE), to understand how professional and higher education institutions, local authorities, local and cross-border cultural entities and tourism stakeholders perceive AE by collaborating in a network to develop innovative and sustainable strategies, using the Quintuple Helix innovation model.
Design/methodology/approach
Using a qualitative approach, 34 semi-structured interviews were carried out with organisations by emailing them a Google Form. The organisations interviewed were from the north-east of Portugal (Bragança, Miranda do Douro, Mogadouro, Vimioso and Vinhais) and the north of Spain (Zamora Province). The data collected was subjected to content and lexical analysis using the computerised lexical analysis software IRaMuTeQ.
Findings
AE is seen as the representation of a culture where traditional crafts are the identity of a region. The practical and political implications for decision makers in the Quintuple Helix can be seen in the definition of strategies and proposals that should leverage and define regional and cross-border policies, leveraging the need for networking to define concrete measures and programmes for support and training in entrepreneurship and AE, as well as the creation and/or standardisation of existing support networks.
Originality/value
To the best of the authors’ knowledge, this work is the first study to address and deal with the issue of AE by understanding how professional and higher education institutions, local authorities, local and cross-border cultural entities perceive AE and collaborate in a network to develop innovative and sustainable strategies, through the paradigm of the Quintuple Helix model. It also combines a content analysis and a lexical analysis using computerised lexical analysis software – IRaMuTeQ.
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Lobone Lloyd Kasale, Moses Shanako Moruisi and Elsie Gaolatlhe Motswakhumo
This research investigates the roles that resources, organisational structure and climate play in the performance management of National Sport Organisations (NSOs).
Abstract
Purpose
This research investigates the roles that resources, organisational structure and climate play in the performance management of National Sport Organisations (NSOs).
Design/methodology/approach
This qualitative study draws data from 31 interviews, five focus groups conducted amongst Botswana National Sport Organisations. To corroborate the data collected, documents from these sport organisations were content analysed.
Findings
The amount and type of resources available, the degree to which decision-making is centralised, practices formalised and roles specialised affects how NSOs implement performance management. NSOs were not implementing performance management systems and could not tell whether they were creating favourable environments to implement the practices.
Practical implications
Sport managers, policymakers and educators can use insights from this study to improve their practices. This study also proposes avenues for further research.
Originality/value
This study contributes to sport management literature on performance management, and it is original because such as study has not been conducted before.
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Coopetition (simultaneous cooperation and competition of actors) is still a relatively new concept in business, management, and tourism. However, several coopetition studies have…
Abstract
Coopetition (simultaneous cooperation and competition of actors) is still a relatively new concept in business, management, and tourism. However, several coopetition studies have focused on tourism and tourism destinations. Also, compilation literature reviews of tourism and tourism destinations have been published (Rusko, 2018). This chapter focuses on underlying coopetition networks of tourism and specifically of tourism destinations. Because of the typical features of tourism destinations, multifaceted connections in competition and cooperation – and coopetition – are present in everyday business and activities among actors of the destination. These coopetitive relationships cover several levels, they are present in micro, meso, macro, and meta level interplay of tourism destination. Furthermore, the analysis shows that several studies about coopetitive networks in tourism destinations do not use terms “macro” or “meta” though these seem to be the main levels of the studies. This only reveals the fertile dimensions of coopetitive networks in tourism. These various relationships form coopetitive networks that represent several dimensions and levels of actors, competition, cooperation, and coopetition. This chapter introduces these multifaceted perspectives of coopetition networks, which have been described in the contemporary literature about tourism and tourism destination.
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Phuong Thi Ly Nguyen, Nha Thanh Huynh and Thanh Thanh Canh Huynh
The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.
Abstract
Purpose
The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.
Design/methodology/approach
The authors define the independent variable, abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression.
Findings
The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period.
Research limitations/implications
The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper.
Practical implications
The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment.
Originality/value
This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.
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Mustafa S. Al-Khazraji, M. J. Jweeg and S. H. Bakhy
The purpose of this paper is to investigate the free vibration response of a laminated honeycomb sandwich panels (LHSP) for aerospace applications. Higher order shear deformation…
Abstract
Purpose
The purpose of this paper is to investigate the free vibration response of a laminated honeycomb sandwich panels (LHSP) for aerospace applications. Higher order shear deformation theory (HSDT) was simplified for the dynamic analysis of LHSP. Furthermore, the effects of honeycomb parameters on the value of natural frequency (NF) of vibration were explored.
Design/methodology/approach
This paper applies HSDT to the analysis of composite LHSP to derive four vibration differential equations of motion and solve it to find the NF of vibration. Two analytical models (Nayak and Meunier models) were selected from literature for comparison of the NF of vibration. In addition, a numerical model was built by using ABAQUS and the results were compared. Furthermore, parametric studies were conducted to explore the effect of honeycomb parameters on the value of the NF of vibration.
Findings
The present model is successful in simplifying HSDT for the analysis of LHSP. The first five natural frequencies of vibration were calculated analytically and numerically. In the parametric study, increasing core height or young’s modulus or changing laminate layup will increase the value of NF of vibration. Furthermore, increasing plate constraint (using clamped edge boundary condition) will increase the value of NF of vibrations.
Research limitations/implications
The current analysis is suitable for all-composite symmetric LHSP. However, for isotropic or non-symmetric materials, minor modifications might be adopted.
Originality/value
The application of simplified HSDT to the analysis of LHSP is one of the important values of this research. The other is the successful and complete dynamic analysis of all-composite LHSP.
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Ahmed Benamor, Aissa Abidi-Saad, Ridha Mebrouk and Sarra Fatnassi
This study aims at investigating two-dimensional laminar flow of power-law fluids around three unconfined side-by-side cylinders.
Abstract
Purpose
This study aims at investigating two-dimensional laminar flow of power-law fluids around three unconfined side-by-side cylinders.
Design/methodology/approach
The numerical study is performed by solving the governing (continuity and momentum) equations using a finite volume-based code ANSYS Fluent. The numerical results have been presented for different combinations of the governing dimensionless parameters (dimensionless spacing, 1.2 = L = 4; Reynolds number, 0.1 = Re = 100; power-law index, 0.2 = n = 1.8). The dependence of the kinematic and macroscopic characteristics of the flow such as streamline patterns, distribution of the surface pressure coefficient, total drag coefficient with its components (pressure and friction) and total lift coefficient on these dimensionless parameters has been discussed in detail.
Findings
It is found that the separation of the flow and the apparition of the wake region accelerate as the dimensionless spacing decreases, the number of the cylinder increases and/or the fluid behavior moves from shear-thinning to Newtonian then to shear-thickening behavior. In addition, the distribution of the pressure coefficient on the surface of the cylinders presents a complex dependence on the fluid behavior index and Reynolds number when the dimensionless spacing between two adjacent cylinders is varied. At low Reynolds numbers, the drag coefficient of shear-thinning fluids is stronger than that of Newtonian fluids; this tendency decreases progressively with increasing of Re until a critical value; beyond the critical Re, the opposite trend is observed. The lift coefficient of the middle cylinder is null, whereas, the exterior cylinders experience opposite lift coefficients, which show a complex dependence on the dimensionless spacing, the Reynolds number and the power-law index.
Originality/value
The flow over bluff bodies is a practical engineering problem. In the literature, it can be seen that the previous studies on non-Newtonian fluids are limited to the flow over one or two cylinders (effect of an odd number of cylinders on each other). Besides that, the available results concerning the flow of Newtonian fluids over three cylinders are limited to the high Reynolds numbers region only. However, this work treats the flow of non-Newtonian power-law fluids past three circular cylinders in side-by-side arrangements under a wide range of Re. The outcome of the present study demonstrates that the augmentation of the geometry complexity to three cylinders (effect of pair surrounding cylinders on the surrounded ones in what concerns Von Karman Street phenomenon) causes a drastic change in the flow patterns and in the macroscopic characteristics. The present results may be used to predict the flow behavior around multiple side-by-side cylinders.
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