Investor sentiment, market competition and trade credit supply

2019 ◽  
Vol 9 (2) ◽  
pp. 284-306
Author(s):  
Hongbin Huang ◽  
Ran Li ◽  
Ya Bai
Keyword(s):  
Trade Credit ◽  
Market Competition ◽  
Investor Sentiment ◽  
Real Economy ◽  
Content Type ◽  
The Real ◽  
Credit Supply ◽  
Virtual Economy ◽  
The Difference ◽  
The Impact

Purpose The purpose of this paper is to study the influence of investor sentiment on the supply of trade credit, and further explores the difference of the effect of investor sentiment on the supply of trade credit in the environment of strong market competition and weak market competition. Design/methodology/approach The authors use panel estimation techniques to examine the impact of investor sentiment in the Chinese securities market on the supply of corporate trade credit. Findings This paper finds that investor sentiment has positive impact on trade credit through three channels of motivation, willingness and ability. At the same time, this paper finds that investor sentiment has stronger impact on enterprises in strong market competition than enterprises in weak market competition. Research limitations/implications This paper expands the research on the influence of virtual economy on the real economy, analyzes the difference of the influence of investor sentiment on the supply of trade credit under different market competition conditions. Practical implications The paper perfects the mechanism of trade credit decision-making at this stage, and provides more evidence for the virtual economy to act on the real economy. Social implications This paper provides a theoretical basis for the government functional departments to use the investor sentiment to play a positive role in trade credit to improve the market competition and guide the development of China’s capital market in the direction of rationalization and health. Originality/value In combination with market competition environment and industry characteristics, this paper investigates external irrational factors and studies how investor sentiment affects trade credit supply.

Product market competition, cash flow and corporate investments

2018 ◽  
Vol 44 (2) ◽  
pp. 207-221 ◽  
Author(s):  
Hussein Ali Ahmad Abdoh ◽  
Oscar Varela
Keyword(s):  
Cash Flow ◽  
Market Competition ◽  
Product Market ◽  
Product Market Competition ◽  
Content Type ◽  
Growth Firms ◽  
Capital Spending ◽  
The Difference ◽  
The Impact

Purpose The purpose of this paper is to examine the effects of product market competition on capital spending (investments) financed by cash flow (CF), and the role of financial constraints (FC) on these effects. Design/methodology/approach The Herfindahl-Hirschman index of concentration measures competition. Earnings retention, working capital, the Kaplan and Zingales (1997) index and CF shortfalls measure FC. Regressions relating capital spending to competition are performed for the full sample, as well as financially constrained and unconstrained, and growth and value firms’ sub-samples. For robustness, large reductions in import tariffs are examined to exogenously measure competition, with the impact of these on capital spending tested via the difference-in-difference method. Findings The results show that competition fosters valuable investments when firms are financially unconstrained, especially for growth firms, and reduces these investments when they are financially constrained, especially for value firms. Practical implications The role of policy makers in alleviating FC should be focused toward growth firms that operate in competitive industries. As well, increasing financial pressure on value firms in competitive industries can have desirable effects, as it forces these firms to reduce investment inefficiency. Originality/value Many firm-specific and environmental factors drive the relation between competition and investment. Khanna and Tice (2000) find profitable firms increasing and highly levered firms decreasing investments in response to Wal-Mart’s entry into their markets. Jiang et al. (2015) suggest that environments with predictable growth drive a positive relation between competition and investments. This study claims that another factor that affects this relation is the firm’s level of FC.

The impact of credit supply on sales growth: Swedish evidence

2015 ◽  
Vol 11 (3) ◽  
pp. 329-340 ◽  
Author(s):  
Darush Yazdanfar ◽  
Peter Öhman
Keyword(s):  
Firm Growth ◽  
Trade Credit ◽  
Least Square ◽  
Set Covering ◽  
Sales Growth ◽  
Data Set ◽  
Content Type ◽  
Accounts Receivable ◽  
Credit Supply ◽  
The Impact

Purpose – The purpose of this paper is to empirically investigate the impact of credit supply on sales growth among small- and medium-sized enterprises (SMEs). Design/methodology/approach – The three-stage least square (3SLS) method was used to analyse a cross-sectional panel data set covering 13,548 Swedish SMEs across four industry sectors from 2009 to 2012. Findings – The study provides empirical evidence that trade credit in terms of accounts receivable significantly and positively affects sales growth, indicating that SMEs investing more in accounts receivable are more likely to achieve growth. Furthermore, lagged sales growth and firm size are positively, while firm age is negatively, related to growth. Practical implications – Managers can increase firm growth by efficiently managing the supply of credit to their customers, especially liquidity-constrained firms, thereby increasing sales growth. Originality/value – To the authors’ best knowledge, this is one of the first empirical studies of the impact of credit supply in terms of accounts receivable on sales growth. The study applies the 3SLS method to a comprehensive cross-sectoral sample.

scholarly journals Assessing the impact of libraries – the role of ISO 16439

2018 ◽  
Vol 119 (1/2) ◽  
pp. 87-93 ◽  
Author(s):  
Claire Creaser
Keyword(s):  
Design Methodology ◽  
International Standards ◽  
Content Type ◽  
International Standard ◽  
The World ◽  
The Difference ◽  
Library Impact ◽  
The Impact

Purpose Library impact and how to evaluate it has been debated for a number of years. While the activity – the busy-ness – of the library is now routinely measured and described, the difference the library makes is less tangible and harder to measure. Libraries in all sectors and worldwide are grappling with this issue, and the purpose of this paper is to summarise international standards available to support them. Design/methodology/approach The first international standard concerning library impact, ISO 16439 Information and documentation – methods and procedures for assessing the impact of libraries, was published in 2014 after several years in development. Findings The standard describes a range of methods for assessing library impact which have been used across the world in a variety of libraries in all sectors. Originality/value This paper summarises the key methods described in the standard, and gives references for further reading.

Coaching skills for recovery a decade of providing coaching skills for recovery training at a healthcare NHS foundation trust

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Helen Kathryn Cyrus
Keyword(s):  
Work Practice ◽  
Clinical Approach ◽  
Personal Recovery ◽  
Content Type ◽  
Coaching Skills ◽  
The Difference ◽  
To Come ◽  
The Individual ◽  
The Impact ◽  
The Brain

Purpose Overview of coaching for recovery. The paper aims to show an overview of work that was carried out over 11 years with groups of mental health and physical staff. As the facilitator who had run this course for the duration in Nottingham, this was an excellent opportunity to be at the forefront of a brand new project. Design/methodology/approach The introduction of the skills are taught over two consecutive days followed by a further day a month later. The idea of coaching is to be enabled to find the answers in themselves by the use of powerful questions and using the technique of the grow model, combined with practice enables the brain to come up with its own answers. Using rapport and enabling effective communication to deliver the outcome. Findings Evidence from staff/clients and the purpose of the paper shows that when you step back it allows the individual patients/staff to allow the brain to process to create to come up with their solutions, which then helps them to buy into the process and creates ownership. Research limitations/implications The evidence suggests that the approach that was there prior to the course was very much a clinical approach to working with clients and treating the person, administering medication and not focussing on the inner person or personal recovery. The staff review has shown that in the clinical context change is happening from the inside out. Practical implications “Helps change culture”; “change of work practice”; “it changed staff focus – not so prescriptive”; “powerful questions let clients come to their own conclusions”; “coaching gives the ability to find half full. Helps to offer reassurance and to find one spark of hope”. Social implications This has shown that the approach is now person-centred/holistic. This has been the “difference that has made the difference”. When this paper looks at the issues from a different angle in this case a coaching approach, applying technique, knowledge and powerful questions the results have changed. The same clients, same staff and same problems but with the use of a different approach, there is the evidence of a different outcome, which speaks for itself. The coaching method is more facilitative, therefore it illicit’s a different response, and therefore, result. Originality/value The results/evidence starts with the individual attending and their commitment to the process over the two-day course. Then going away for the four weeks/six for managers and a commitment again to practice. Returning to share the impact if any with the group. This, in turn, helps to inspire and gain motivation from the feedback to go back to work invigorated to keep going.

scholarly journals The influence of kihap on the impact of Dolio-chagui kicks in taekwondo

2014 ◽  
Vol 20 (1) ◽  
pp. 54-57
Author(s):  
Rodrigo Dias Martins ◽  
Debora Cantergi ◽  
Jefferson Fagundes Loss
Keyword(s):  
Martial Arts ◽  
Random Order ◽  
T Test ◽  
Real Effect ◽  
The Real ◽  
The Mean ◽  
The Difference ◽  
The Impact

The kihapis a technique used in several oriental martial arts. It is a yell used by practitioners with the ex pectation of enhancing the force of a hit. However, the real effect of using the kihapis unknown. Therefore, this study aims to compare the peak of acceleration of the Dolio-chaguikick in taekwondo performed with and without the use of kihap. Twenty two experienced taekwondo practitioners performed 30 kicks each against a punching bag, alternating in random order with and without kihap, while the acceleration of the punching bag was measured. A t-test was used to compare the difference between the mean acceleration in both conditions. Higher values were found with the use of kihap(7.8 ± 2.8 g) than without the use of kihap(7.1 ± 2.4 g), p< 0.01, r= 0.57. The results indicate that kihapenhances the impact of the kick.

Dynamic interactions between stock markets and the real economy

2016 ◽  
Vol 11 (4) ◽  
pp. 715-746 ◽  
Author(s):  
Nikiforos T. Laopodis ◽  
Andreas Papastamou
Keyword(s):  
Economic Development ◽  
Stock Market ◽  
Methodological Approach ◽  
Financial System ◽  
Cointegration Analysis ◽  
Policy Implications ◽  
Real Economy ◽  
Dynamic Interactions ◽  
Content Type ◽  
The Real

Purpose The purpose of this paper is to re-examine the relationship between a country’s aggregate stock market and general economic development for 14 emerging economies for the period from 1995 to 2014. Design/methodology/approach The methodological approach of the paper is multifold. First, the authors use cointegration analysis to determine the simple dynamics among the variables. Second, the authors utilize vector autoregression analysis to study the dynamics among the variables for the 14 countries. Third, the authors employ panel analysis to determine common variations among the variables and across countries. Findings When examining the linkage between the stock market and economic development, proxied by gross domestic product growth or with gross fixed capital formation growth, the authors did not find a meaningful relationship between them. However, when the authors included additional control variables strong, dynamic interactions between the two magnitudes surfaced. Specifically, it was found that the stock market is positively and robustly correlated with contemporaneous and future real economic development and, thus, it directly contributed to a country’s economic development either through the production of goods and services or the accumulation of real capital. Thus, it can be inferred that the stock market alone is not capable of boosting economic development in these countries unless being part of a comprehensive financial system (which includes banks) as well as investment in real capital. Research limitations/implications The policy implications are clear. Government authorities must recognize that the stock market alone is not a driver of economic development and that a sound, efficient financial system (which includes banks) must be present in order to contribute and foster economic development. Originality/value The study is original in the sense that it examines various financial and economic variables to determine the degree of (or dynamic interactions among) the stock market and the real economy for each and all emerging markets in the sample.

The Covid-19 pandemic and technical efficiency of Russian firms: a stochastic frontier production function approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Parul Singh ◽  
Kashika Arora ◽  
Areej Aftab Siddiqui
Keyword(s):  
Technical Efficiency ◽  
Production Function ◽  
Market Competition ◽  
Stochastic Frontier ◽  
Innovation Activity ◽  
Peak Period ◽  
Role Of Government ◽  
Content Type ◽  
External Assistance ◽  
The Impact

Purpose This paper aims to undertake the efficiency analysis in the form of stochastic frontier to estimate a Cobb–Douglas production function by controlling for the heterogeneity across Russian firms by including firm size, ownership, age, innovation activity and market competition. Design/methodology/approach During the peak period of Covid-19, certain firms witnessed either a decrease or increase in sales. Using this segregation of firms from World Bank’s Covid-19 impact surveys follow-up to the Enterprise Survey for Russia, this study empirically investigates the determinants of technical efficiency of these firms focusing on the role of government assistance. Findings The findings suggest that by segregating firms in terms of sales, different internal factors can enable in steering through pandemic situation besides just depending on external assistance. Originality/value One of the few papers to analyse the impact of the pandemic on Russian firms by considering World Bank Covid Survey.

Digital tools and smart technologies in marketing: a thematic evolution

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Estrella Diaz ◽  
Águeda Esteban ◽  
Rocío Carranza Vallejo ◽  
David Martín-Consuegra Navarro
Keyword(s):  
New Technologies ◽  
Market Competition ◽  
International Marketing ◽  
Digital Technologies ◽  
Future Research ◽  
Disruptive Technology ◽  
Content Type ◽  
Performance Determinants ◽  
Smart Technologies ◽  
The Impact

PurposeThis paper aims to analyze the evolution of digital and smart technologies and their relationship with different themes within marketing journals. In addition, this study has included the evolution of digital and smart technologies in relevant International Marketing (IM)/International Business (IB) journals to describe the impact of technology on this specific area to draw some interesting conclusions.Design/methodology/approachA bibliometric approach is applied in this research using science mapping analysis to visualize and reveal the evolution of smart and digital technologies in this specific academic area.FindingsBy combining science maps with performance indicators, the results of this study suggest that new technologies are related to eight main topics within marketing journals: implementation-completion, perceptions, behavior, market competition, adoption-diffusion model, social media, competitive advantage and disruptive technology. Additionally, this work provides new avenues for future research. When analyzing IM and IB journals, the findings highlight six thematic areas: perceptions-eWOM relationship, innovative foreign markets, performance determinants, Japan, industrial research and China.Originality/valueThis study contributes theoretically to developing and describing a framework for research in smart and digital technologies in the general marketing and international marketing/business fields. It adds a coherent perspective on the points of contact in marketing evolution, where smart technology has a meaningful role. This study outlines the changing questions surrounding the touchpoints as well as emerging research topics.

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