Impact of firm size and industry type on R&D efficiency throughout innovation and commercialisation stages: evidence from Korean manufacturing firms

2015 ◽  
Vol 27 (8) ◽  
pp. 895-909 ◽  
Author(s):  
Dongphil Chun ◽  
Yanghon Chung ◽  
Sungsig Bang
Keyword(s):  
Firm Size ◽  
Manufacturing Firms ◽  
Industry Type

Board Gender Diversity and Cost of Debt: Do Firm Size and Industry type matter?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rabiatu Kamil ◽  
Kingsley Opoku Appiah
Keyword(s):  
Firm Size ◽  
Developing Economies ◽  
Gender Diversity ◽  
Manufacturing Firms ◽  
Least Square ◽  
Cost Of Debt ◽  
Content Type ◽  
Industry Type ◽  
Gender Diverse ◽  
Board Gender Diversity

Purpose This study aims to investigate the nexus between gender-diverse boards and cost of debt in the developing economies context. Specifically, the authors examine whether firm size moderates the relationship between female board representation and cost of debt, regardless of the industry type. Design/methodology/approach The authors use panel data from 17 non-financial listed Ghanaian firms over the period 2007–2017, ordinary least square, two-stage least square and generalised method of moments estimations to test the hypothesis. Findings The authors find that board gender diversity is positively related to cost of debt. Further evidence suggests the interaction of firm size and board gender diversity displays a negative association with cost of debt. Practical implications The study evidence suggests larger non-manufacturing firms with gender-diverse boards attract lower cost of capital in an environment with lax enforcement of rules and regulations in corporate governance. Social implications Lenders consider the size and industry of firms in pricing debt. This has implications on UN Goal 5, highlighting that shareholders of larger non-manufacturing firms benefit immensely from board gender diversity in the context of debt. Originality/value The authors contribute to the board gender diversity and cost of debt literature by demonstrating that firm size and industry type matter in the developing economies context.

scholarly journals Impact of Firm Performance on Corporate Governance Quality: The Case of Nigerian Manufacturing Firms

2020 ◽  
pp. 189-193
Author(s):  
R. A. Akinsokeji ◽  
E. O. Ogunleye ◽  
O. O. Akindele
Keyword(s):  
Firm Performance ◽  
Firm Size ◽  
High Performance ◽  
Manufacturing Firms ◽  
Board Structure ◽  
Panel Data Estimation ◽  
Pooled Data ◽  
Two Measures ◽  
Corporate Governance Quality ◽  
Data Estimation

In this study, the reverse impact of firm corporate performance on board structure is empirically examined using a large cross section of 50 manufacturing firms in Nigeria. The study makes a divergence from previous studies by noting that such a reverse effect is possible and examining this effect of performance on board structure in Nigeria. The panel data estimation technique is employed on the pooled data for the firms over a ten-year period (2004-2013) and estimation is performed using four measures of firm performance and two measures of board structure. The results show that there is actually reverse impact of firm performance on board structure although the effect is quite weak. The only performance variable that exerts significant impact on board structure (board size and independence) is earnings per share and, to a lesser degree profit margin. Moreover, firm size is shown to be an essential factor in explaining the general behavior of firm performance and also the pattern of effect of such performance on the board structure. The analyses clearly showed that firm size is itself a strong positive factor in improving firm performance and also tends to improve the effect of high performance on board structure across the firms.

Receptiveness of effective tax rate to firm characteristics: an empirical analysis on Indian listed firms

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ajaya Kumar Panda ◽  
Swagatika Nanda
Keyword(s):  
Regression Model ◽  
Firm Size ◽  
Manufacturing Firms ◽  
Debt Ratio ◽  
Effective Tax Rate ◽  
Content Type ◽  
Tax Rate ◽  
Tax Shield ◽  
Dynamic Panel Regression ◽  
Debt Tax Shield

Purpose The purpose of this paper is to empirically investigate the factors deriving effective tax rate (ETR) for Indian manufacturing firms in different sectors. The study also tries to analyze the sensitiveness of ETR because of shocks on its key determinants. Design/methodology/approach The study is using Arellano–Bond dynamic panel regression model to identify the key drivers of ETR, and impulse response functions of panel vector auto-regression model to analyze the response of ETR because of one standard deviation (SD) shock to its key determinants. Findings This study concludes that ETR is significantly explained by firm size, profitability, growth rate and non-debt tax shield in most of the sectors, and debt ratio, asset tangibility and age of the firms are impacting ETR differently across sectors. In case of entire manufacturing sector, firm size, profitability, growth and non-debt tax shield are driving ETR positively and asset tangibility is driving ETR negatively. Interest coverage ratio (ICR) and firm age are not significant drivers of ETR. ETR is positively related with firm size, but responses negatively when there is an immediate shock to firm size. Similarly, ETR is negatively related with asset tangibility, but responds positively following an immediate shock to it. Overall, ETR is more sensitive and responses significantly because of shocks in firm size, profitability, growth, asset tangibility and non-debt tax shield whereas, the response is very marginal following shocks to debt ratio, ICR and age of the firm. Research limitations/implications Firm managers may find the study useful to understand the receptiveness of ETRs at each sector level. The empirical findings are not only validating the theoretical developments but also providing a root cause analysis to the firm managers to understand the cause and consequence of ETRs for firms at different sectors. Originality/value Empirically investigating the factors driving ETR and analyzing its sensitiveness because of one SD shock on its key determinants for Indian manufacturing firms from different sectors is the originality of this study. Developing a strong theoretical background and empirically validating it through advanced methodology makes the study unique.

scholarly journals PENGARUH CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN MANUFAKTUR

2020 ◽  
Vol 28 (1) ◽  
pp. 57
Author(s):  
RHETNO WULANSARI ◽  
ANDRY IRWANTO
Keyword(s):  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Manufacturing Firms ◽  
Audit Committees ◽  
Test Results ◽  
Significant Positive Effect ◽  
Manufacturing Companies ◽  
Insider Ownership ◽  
Positive Effect

Introduction: This study aims to determine the effect of insider ownership, audit committees, leverage, firm size, the number of independent commissioner on the performance of manufacturing firms in the Indonesian stock exchange. Methods: The type of data used in this research is quantitative data. This study uses a tool to answer the hypothesis in the form of multiple linear regression. The number of samples taken by the sampling technique as many as 50 companies listed in Indonesia Stock Exchange. Results: From the test results indicate that there is insider ownership, audit committees, leverage significant positive effect on the performance of manufacturing companies in Indonesia Stock Exchange. firm size and the number of independent commissioners no significant positive effect on the performance of manufacturing companies in Indonesia Stock Exchange. Conclusion and suggestion: The implication of these findings is that insider ownership, audit committees, and leverage it will be able to produce a good performance. Although firm size and the number of independent commissioners has no effect, but still must be considered, because if the firm size and the number of independent commissioners are not in accordance with the provisions of SFAS may result in the presence of certain interests that are not in accordance with the company's goals.

CSR and sustainability reporting practices in India: an in-depth content analysis of top-listed companies

2019 ◽  
Vol 15 (8) ◽  
pp. 1033-1053 ◽  
Author(s):  
Priyanka Aggarwal ◽  
Ajay Kumar Singh
Keyword(s):  
Content Analysis ◽  
Firm Size ◽  
Ownership Structure ◽  
Sustainability Reporting ◽  
Listed Companies ◽  
Annual Reports ◽  
Global Reporting Initiative ◽  
Content Type ◽  
Reporting Practices ◽  
Industry Type

Purpose The purpose of this paper is to comprehensively analyze the corporate social responsibility (CSR) and sustainability reporting (SR) practices of Indian companies in terms of disclosure quantity and quality, and to investigate the differences in SR practices by SR dimension, industry, ownership structure, firm size and profitability. Design/methodology/approach Data are collected from annual reports/business responsibility reports (BRR)/CSR/sustainability reports of 60 top-listed companies in India. A comprehensive sustainability reporting index is developed. Content analysis technique is used. Inter-coder reliability is established. Findings Altogether, 18 items of the index are not disclosed by the majority of companies in India. SR quality is found significantly lower than the SR quantity. Moreover, SR practices significantly differ by dimension/category, industry-type and firm-size but are not influenced by ownership structure. However, the study fails to establish any conclusive relationship between SR and profitability. Practical implications The present study has several implications for corporates, practitioners, policymakers and stakeholders. The findings underscore the need for amendments in the Global Reporting Initiative guidelines and BRR framework of the Securities and Exchange Board of India to avoid patchy disclosures and ensure complete reporting by companies. Originality/value This study is among the foremost studies in India evaluating SR practices of top-listed companies in the wake of the mandatory BRR requirement from a quantitative as well as qualitative perspective using a multidimensional index.

The effect of board diversity on disclosure and management of greenhouse gas information: evidence from the United Kingdom

2020 ◽  
Vol 33 (6) ◽  
pp. 1557-1579 ◽  
Author(s):  
Maryam Al-Qahtani ◽  
Adel Elgharbawy
Keyword(s):  
Climate Change ◽  
Data Analysis ◽  
Greenhouse Gas ◽  
Firm Size ◽  
Cross Sectional ◽  
Board Diversity ◽  
Content Type ◽  
Future Studies ◽  
Female Directors ◽  
Industry Type

PurposeThe global interest in climate change makes carbon information important for decision-making. This study examines to what extent companies voluntarily disclose and manage greenhouse gas (GHG) information and whether board diversity and industry type explain variations in the level of disclosure and management of GHG information.Design/methodology/approachCross-sectional data analysis is used for the Financial Stock Exchange 350 (UK FTSE 350) in 2017. Disclosure of GHG information is measured using the scores of the Carbon Disclosure Project (CDP), whereas board diversity is measured using gender diversity, board tenure and board skills. The control variables include firm size, leverage, industry type, board meetings, board size, board independence and CEO duality. Ordinal logistic regression (OLR) is used for data analysis.FindingsThe results indicate that representation of female directors in the board of directors positively influences disclosure and management of GHG information. Conversely, a high percentage of directors with a financial and industrial background negatively affects GHG information, while board tenure has no significant effect on GHG information. Concerning the control variables, only firm size and industry type are significant in their relationships to GHG information.Research limitations/implicationsThe main limitation of the study is investigating only few variables of board diversity. Future studies could investigate other variables such as cultural diversity and age diversity. Furthermore, cross-sectional data analysis cannot capture the dynamic casual impact between the determinants of disclosure and management of GHG information. Future studies could use long-term data, which may yield results that are more significant.Originality/valueThe study emphasizes the importance of the role of female directors in ensuring more transparency toward climate change activities. The findings of this study could be of interest to policymakers and stakeholders and could be used to take initiatives to reduce gender bias and increase the percentage of women in the boardroom. It is also likely to be beneficial for investors and stakeholders to evaluate carbon footprint of businesses and to assess the extent to which they meet their environmental responsibility.

Innovazione e ricerca nell'industria italiana. Alcune evidenze dell'indagine MET

2009 ◽  
pp. 193-207
Author(s):  
Raffaele Brancati ◽  
Davide Ciferri ◽  
Andrea Maresca
Keyword(s):  
Financial Crisis ◽  
Firm Size ◽  
Small Firms ◽  
National Level ◽  
Manufacturing Firms ◽  
Industrial System ◽  
Italian Regions ◽  
Italian Manufacturing Firms ◽  
Detailed Picture

- This work provides results from a survey based on a very large sample (25,000 firms) of Italian manufacturing firms carried out by MET in 2008. This survey, completed straight before the deepening of the financial crisis, aims to offer a detailed picture of the Italian industrial system with its regional, dimensional and sector-based variability. We show some evidence related to innovation and R&D activities. Intense heterogeneity among Italian regions is identified (other than north/south dualism). The main contribution of the work is to provide some measures of innovation and R&D for the smallest firms. Firm size is particularly relevant in explaining the intensity of R&D and the spread of innovation. Nevertheless, there is a key role of small firms in explaining the aggregate innovation performance both at regional and national level. Strong links between Innovation, R&D and Internationalisation are confirmed. R&D activities among small firms have specific characteristics: external research is widespread with an important role played by laboratories shared with other firms.

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