Does corporate environmentalism affect corporate insolvency risk? The role of market power and competitive intensity

2021 ◽  
Vol 189 ◽  
pp. 107182
Author(s):  
Saqib Aziz ◽  
Mahabubur Rahman ◽  
Dildar Hussain ◽  
Duc K. Nguyen
Keyword(s):  
Market Power ◽  
Corporate Environmentalism ◽  
Competitive Intensity ◽  
Insolvency Risk ◽  
Corporate Insolvency

The Effect of Bank Market Power on Economic Growth in Africa: The Role of Institution

2018 ◽  
Author(s):  
Anthony Idun ◽  
Anthony Q. Aboagye ◽  
Godfred Alufar Bokpin
Keyword(s):  
Economic Growth ◽  
Market Power

Does managerial capability always drive performance? Empirical examinations of small and medium firms (SMEs) in a developing economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmed Agyapong ◽  
Suzzie Owiredua Aidoo ◽  
Samuel Yaw Akomea
Keyword(s):  
Social Capital ◽  
Structural Equation ◽  
Equation Modeling ◽  
Competitive Intensity ◽  
Content Type ◽  
Important Relationship ◽  
Holistic Understanding ◽  
Sub Saharan ◽  
Indirect Relationship

PurposeThe paper sought to uncover the conditions under which managerial capability enhances performance while considering the role of social capital within the unique boundary conditions created by competitive intensity.Design/methodology/approachThe authors use multi-source data from 206 managers and owners of SMEs from a Sub-Saharan African nation – Ghana.FindingsUsing structural equation modeling (SEM) to analysis the data, the findings revealed that social capital serves as a mechanism through which managerial capability influences performance. Furthermore, the results indicate that competitive intensity does not significantly moderate this important indirect relationship. Implications: This study provides relevant knowledge for scholars, practitioners and policymakers on the role of managerial capability and how it may be harnessed in enhancing performance.Originality/valueThis paper provides a holistic understanding of the capability performance relationship in attempts at extending the literature by examining social capital as a mediator and competitive intensity as a contingent factor of this important relationship in a conditional indirect model.

The Market for Audit Services: The Role of Market Power

2020 ◽  
Vol 19 (3) ◽  
pp. 3-8
Author(s):  
Tracy Ti Gu ◽  
Dan A. Simunic ◽  
Michael T. Stein ◽  
Minlei Ye ◽  
Ping Zhang
Keyword(s):  
Market Power ◽  
Firm Size ◽  
Academic Research ◽  
Audit Fees ◽  
Local Market ◽  
Capital Investments ◽  
Audit Firm ◽  
Big 4 ◽  
The Subject

ABSTRACT The market for audit services has been the subject of extensive academic research since the 1970s. The prevailing view is that audit markets are characterized by tiers of suppliers (Big 4 versus non-Big 4, and industry specialists versus non-specialists) where the upper tier suppliers produce and sell a systematically higher level of assurance, while competition among suppliers within tiers is essentially perfect and a uniform price prevails within the submarkets. We discuss three papers that challenge this orthodoxy. These papers argue and find that the price of an audit is essentially unique to each (auditor, client) pair and that this price depends on both audit firm size and client size. Furthermore, audit firm size is linked with the firm's capital investments, which enhance auditor efficiency and market power. We conclude that audit markets are atomistic and that local market power is an important determinant of audit prices and audit fees.

Conclusion

2021 ◽  
pp. 206-228
Author(s):  
Stephen E. Gent ◽  
Mark J. C. Crescenzi
Keyword(s):  
Market Power ◽  
Caspian Sea ◽  
International Institutions ◽  
Policy Implications ◽  
Conflict Behavior ◽  
Future Research ◽  
Gray Zone ◽  
The Caspian Sea ◽  
Power Politics

This concluding chapter addresses some additional aspects of market power politics and outlines several implications of this study for scholars and policymakers. First, to complement the previous case studies of violence and strategic delay, it provides a brief discussion of Russia’s decision to abandon a delay strategy and agree to a settlement of the long-running dispute over the Caspian Sea. It then outlines a set of questions for future research on market power politics. Next, the chapter reflects upon how the research in the book informs an understanding of international relations. It highlights some important lessons concerning the effects of market structure on conflict behavior and the limitations of international institutions. It then contemplates the future role of gray zone tactics by countries like Russia and China. The chapter concludes with a discussion of some of the policy implications that follow from this research.

scholarly journals Reflections on English Law Schemes of Arrangement in Distress and Proposals for Reform

2018 ◽  
Vol 15 (3) ◽  
pp. 472-502 ◽  
Author(s):  
Sarah Paterson
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Debt Restructuring ◽  
Reform Agenda ◽  
Crucial Question ◽  
The Future ◽  
Corporate Insolvency ◽  
The Government ◽  
The Uk

The English scheme of arrangement process has, in many ways, proved a reliable friend to distressed companies and their majority finance creditors in the decade following the financial crisis. However, experience of using the scheme process to achieve a debt restructuring has highlighted a number of areas where it could be improved for the present, or to make it more adaptable in the future. This article was written at a time when the Insolvency Service had launched a review of the corporate insolvency framework in the UK (and published many of the responses which it has received to the consultation), and the European Commission had published a proposal for a new Directive setting minimum harmonisation standards for restructuring law. Both the consultation and the proposal have significant implications for the reform agenda, and the Government has published its response to the UK consultation just as this article is going to press. This paper focuses on the introduction of a preliminary moratorium as a gateway to restructuring efforts, the crucial question of how to value the enterprise if a cram down mechanism is introduced and the role of the insolvency practitioner in the scheme context.

Die Fehlbewertung junger Aktiengesellschaften beim Gang an die Börse – Ursachen und wirtschaftspolitische Konsequenzen

2003 ◽  
Vol 52 (1) ◽  
Author(s):  
Christine Ploog ◽  
Michael Stolpe
Keyword(s):  
Market Power ◽  
Initial Public Offerings ◽  
Investment Banks ◽  
Policy Options ◽  
Public Offerings ◽  
Speculative Bubbles ◽  
Privatisation Programme ◽  
Welfare Implications

AbstractThis paper discusses policy options to reduce underpricing in initial public offerings (IPOs). It surveys recent theoretical insights into the causes and welfare implications of underpricing and reviews evidence on the signalling hypothesis, the winner’s curse model, the role of underwriters in assessing issuing firms’ future profitability and the genesis of speculative bubbles in IPO markets. The paper concludes that governments should curtail the abuse of market power in underwriting by prohibiting the allocation of shares to insiders and by reducing the incentives for investment banks to exploit underpriced share issues in order to cross-subsidise unrelated lines of business. Moreover, governments should seek to stabilize the IPO market by committing themselves to regular equal-sized issues of shares in government assets as part of a long-term privatisation programme.

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