scholarly journals Some twins are not alike: FDI premia in the former Soviet states

2019 ◽  
Vol 14 (3) ◽  
pp. 451-474 ◽  
Author(s):  
Valeria Gattai ◽  
Rajssa Mechelli ◽  
Piergiovanna Natale
Keyword(s):  
Emerging Economies ◽  
Causality Analysis ◽  
Outward Fdi ◽  
Firm Level ◽  
Cross Sectional ◽  
Middle Income ◽  
Content Type ◽  
Advanced Economies ◽  
Paper Document ◽  
Cross Country

PurposeThe purpose of this paper is to estimate foreign direct investment (FDI) premia in the former Soviet states.Design/methodology/approachThe authors follow an empirical approach. Using Orbis data for a sample of more than 3,000 companies, the authors characterize FDI involvement and FDI premia of firms from three distinctive groups of former Soviet states, designated “upper-middle”-income, “lower-middle”-income and “high”-income countries. This yields interesting within-group and between-group results on the effects of outward FDI (OFDI) and inward FDI (IFDI) on firm-level innovation.FindingsThe authors unveil new facts about innovation and FDI in the former Soviet states. FDI firms innovate more than non-FDI firms and OFDI firms innovate more than IFDI firms. The innovation effect of OFDI is the largest for firms from the “lower-middle” countries, followed by the “high” and “upper-middle” countries. The innovation effect of IFDI is the largest for firms from the “lower-middle” countries, followed by the “upper-middle” and “high” countries. FDI to and from Europe has the largest impact on innovation; this holds across country groups.Research limitations/implicationsThe estimates of this paper document robust FDI premia, i.e., a positive and significant correlation between firm-level innovation and FDI. However, the cross-sectional nature of the data does not permit a proper causality analysis.Originality/valueThe paper contributes to the literature on FDI premia by: considering IFDI and OFDI in a unified empirical framework; dissecting IFDI and OFDI by location; measuring firm-level productivity in terms of innovation; and providing cross-country comparable evidence on both emerging and advanced economies. At the same time, the paper contributes to the literature on FDI from emerging economies by: taking a firm-level quantitative approach; focusing on a relatively unexplored set of countries; and providing comparable cross-country evidence on both emerging and advanced economies.

Information risk, stock returns, and asset pricing: Evidence from China

2017 ◽  
Vol 30 (4) ◽  
pp. 379-394 ◽  
Author(s):  
Raheel Safdar ◽  
Chen Yan
Keyword(s):  
Stock Returns ◽  
Factor Model ◽  
Empirical Literature ◽  
Firm Level ◽  
Cross Sectional ◽  
Market Pricing ◽  
Content Type ◽  
Information Risk ◽  
Accruals Quality ◽  
Three Factor

Purpose This study aims to investigate information risk in relation to stock returns of a firm and whether information risk is priced in China. Design/methodology/approach The authors used accruals quality (AQ) as their measure of information risk and performed Fama-Macbeth regressions to investigate association of AQ with future realized stock returns. Moreover, two-stage cross-sectional regression analysis was performed, both at firm level and at portfolio level, to test if the AQ factor is priced in China in addition to existing factors in the Fama French three-factor model. Findings The authors found poor AQ being associated with higher future realized stock returns. Moreover, they found evidence of market pricing of AQ in addition to existing factors in the Fama French three-factor model. Further, subsample analysis revealed that investors value AQ more in non-state owned enterprises than in state owned enterprises. Research limitations/implications The study sample comprises A-shares only and the generalization of the findings is limited by the peculiar institutional and economic setup in China. Originality/value This study contributes to market-based accounting literature by providing further insight into how and if investors value information risk, and it seeks to fill gap in empirical literature by providing evidence from the Chinese capital market.

scholarly journals The prevalence and risk factors of musculoskeletal disorders among subcontracted hospital cleaners in Thailand

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thanaphum Laithaisong ◽  
Wichai Aekplakorn ◽  
Paibul Suriyawongpaisal ◽  
Chanunporn Tupthai ◽  
Chathaya Wongrathanandha
Keyword(s):  
Risk Factors ◽  
Musculoskeletal Disorders ◽  
Teaching Hospital ◽  
Stress Test ◽  
Cross Sectional Study ◽  
Related Factors ◽  
Cross Sectional ◽  
Middle Income ◽  
Content Type ◽  
History Of

PurposeThis research aimed to explore the prevalence of musculoskeletal disorders (MSDs) and related factors among subcontracted cleaners in a teaching hospital in Thailand.Design/methodology/approachA cross-sectional study was conducted of 393 subcontracted cleaners in a teaching hospital, from May to June 2020. Face-to-face interviews were carried out using a standard questionnaire, consisting of four parts: (1) participant characteristics, (2) stress test, (3) work characteristics and (4) standardized Nordic questionnaire, Thai version, for MSDs outcome. Multiple logistic regression analyses were performed to determine the association between MSDs and related factors.FindingsThe prevalence of MSDs was 81.9%, involving mostly the lower back (57.7%), followed by the shoulder (52.6%). Factors significantly associated with MSDs were as follows: male gender (OR = 3.06, 95% CI [1.19, 7.87]), severe stress (OR = 2.72, 95% CI [1.13, 6.54]), history of injuries (OR = 4.37, 95% CI [1.27, 15.11]), mopping posture (OR = 2.81, 95% CI [1.43, 5.50]) and task duration (OR = 1.90, 95% CI [1.01, 3.57] for 2–4 h and OR = 3.39, 95% CI [1.17, 9.86] for more than 4 h). Sick leave due to MSDs was associated with history of injuries, Thai nationality and having another part-time job.Originality/valueThe study findings about MSDs in terms of prevalence and related factors contributed to limited pool of the knowledge among subcontracted hospital cleaners in Thailand and middle-income country settings. With growing popularity in outsourcing cleaning services among hospitals in these countries, the study findings could raise a concern and inform policymakers and hospital administrators the importance of the magnitude and risk factors for MSDs necessitating design of preventive strategies.

Exploring new Internet measurements on international trade and global human resources

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tina T. Swan ◽  
Bruce Q. Swan ◽  
Zuopeng (Justin) Zhang
Keyword(s):  
International Trade ◽  
Human Resources ◽  
Technology Development ◽  
The Internet ◽  
Trade Volume ◽  
Causality Analysis ◽  
Cross Sectional ◽  
Content Type ◽  
Internet Measurements ◽  
Changes Over Time

PurposeWe address the question of how the Internet promotes international trade volume, and especially, whether the global human resources affect the bilateral international trade during the technology development across countries.Design/methodology/approachA dynamic panel causality analysis is carried out to demonstrate empirically that the causality of the Internet diffusion on the international trade volumes. Evidence shows a significant positive effect of the Internet on international trade volume from time-series and cross-sectional regressions. Furthermore, the magnitude of elasticity is discussed.FindingsThere is strong evidence that the Internet stimulates international trade for all countries. Growth of trade volumes changes over time with heteroscedastic responses. The positive impacts of the growth of GDP are diluted by the growth of global human resources.Originality/valueThe data on the number of web hosts is not necessarily correlated to where the site is actually located. We contribute to the new Internet measurement which helps to explain the information transferring that stimulates the international trade and examine the global human resources.

scholarly journals Governance quality, foreign direct investment, and entrepreneurship in emerging markets

2019 ◽  
Vol 26 (2) ◽  
pp. 238-264
Author(s):  
Nam Hoai Tran ◽  
Chi Dat Le
Keyword(s):  
Emerging Economies ◽  
Institutional Context ◽  
Emerging Countries ◽  
Entrepreneurial Activity ◽  
Outward Fdi ◽  
Content Type ◽  
Necessity Entrepreneurship ◽  
Governance Quality ◽  
The Relationship

Purpose The purpose of this paper is to thoroughly investigate the interplay between institutions, foreign direct investment (FDI) and entrepreneurship in the context of emerging markets (EMs). Design/methodology/approach The authors argue that the impact of FDI on entrepreneurial activity depends on different natures of capital flow and entrepreneurial motivation and relates to the quality of institutional environment. First, the roles of inward and outward FDI are examined in connection with the new firm creation by opportunity- and necessity-motivated entrepreneurs. Second, the integrated influences of (inward/outward) FDI and governance quality (GQ) on (opportunity/necessity) entrepreneurship are tested. This nexus of relationships is analyzed through segmented regressions using the GEM data of 39 EMs over the 2004–2015 period. Findings It is evidenced that the quality of governance infrastructure affects the relationship between FDI and entrepreneurship: in emerging countries with low GQ, opportunity entrepreneurship is stimulated by inward FDI and diminished by outward FDI; and in emerging countries with high GQ, necessity entrepreneurship is discouraged by inward FDI and promoted by outward FDI. Practical implications This research has implications for the institutional context-based execution of public policy in emerging economies. As the entrepreneurial effects of inward and outward FDI are pronounced differently under the two types of entrepreneurship and the two extremes of GQ, public policy makers who recognize the catalytic role of FDI in domestic business development should take the distinct institutional context of their country into consideration. Originality/value The paper contributes to the extant literature on international entrepreneurship in emerging economies by making a breakdown on the roles played by different types of FDI in the entrepreneurial activity, analyzing the mediating effects of GQ on the relationship between inward/outward FDI and entrepreneurship, and interpreting the capital and institutional determinants of entrepreneurship in terms of entrepreneurial motivations by opportunity and necessity.

Drivers of the disclosed “connectivity of the capitals”: evidence from integrated reports

2019 ◽  
Vol 10 (5) ◽  
pp. 877-908 ◽  
Author(s):  
Michael Grassmann ◽  
Stephan Fuhrmann ◽  
Thomas W. Guenther
Keyword(s):  
Content Analysis ◽  
Cost Benefit ◽  
Managerial Discretion ◽  
Integrated Reporting ◽  
Firm Level ◽  
Cross Sectional ◽  
Content Type ◽  
Proprietary Costs ◽  
Ir Studies ◽  
Quantitative Results

Purpose Integrated reporting (IR) aims to provide disclosures of the connectivity of non-financial and financial value creation aspects. These disclosures are defined as the disclosed connectivity of the capitals resulting from integrated thinking. This paper aims to investigate the extent of disclosed connectivity of the capitals in integrated reports and its underlying managerial discretion by drawing on economic-based theories. Design/methodology/approach Regression analyses are applied to examine the associations between economic firm-level characteristics and the extent of disclosed connectivity of the capitals. The analyses are based on a content analysis of 169 integrated reports disclosed in 2013 and 2014 by Forbes Global 2000 companies. Findings This paper finds high heterogeneity in the extent of disclosed connectivity of the capitals in current IR practice. This heterogeneity is related to drivers arising from economic-based theories. Firms’ non-financial and financial performance and the importance of strategic shareholders and debt providers are positively associated with the extent of disclosed connectivity of the capitals. The complexity of the business model and a highly competitive environment are negatively associated with the extent of disclosed connectivity of the capitals. Research limitations/implications This paper extends qualitative IR studies on the disclosed connectivity of the capitals by quantitative results from a content analysis for a cross-sectional and global sample. Additionally, this study adds to prior IR literature on the drivers of the binary decision to disclose an integrated report by focusing on the extent of disclosed connectivity of the capitals. Practical implications For report preparers, users and standard setters, the results reveal that perceived cost-benefit considerations (signaling vs. direct and proprietary costs) may explain managerial discretion regarding the connectivity of the capitals within integrated reports. Social implications This paper examines integrated reports, which are intended to inform providers of financial capital and other stakeholders about the connectivity of the six capitals of the IR framework. Originality/value This paper develops a metric disclosure measure of the extent of disclosed connectivity of the capitals. It provides initial evidence of how the IR framework’s focus on this key characteristic is realized in disclosure practice. Concerns about competitive disadvantages and preparation costs limit this key characteristic of integrated reports.

scholarly journals Religion, national culture and cross-country differences in the use of trade credit

2019 ◽  
Vol 15 (3) ◽  
pp. 350-370
Author(s):  
Markus Mättö ◽  
Mervi Niskanen
Keyword(s):  
Cultural Values ◽  
National Culture ◽  
Trade Credit ◽  
Cultural Dimensions ◽  
Firm Level ◽  
Content Type ◽  
Cross Country ◽  
New Evidence ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to investigate whether religion or national culture can explain previously observed cross-country variation in trade credit. Design/methodology/approach Using the firm-level SME data from 35 European countries, religion and cultural factors of Hofstede and Schwartz, the authors provide new evidence on the determinants of the cross-country variation in trade credit. Findings The results indicate that religion and national culture are associated with trade credit. The authors find that the levels of trade credit are higher in Catholic countries than in Protestant ones and that peoples’ religiousness has an impact on trade credit only in Catholic countries. The authors also find that Hofstede’s cultural dimensions, such as power distance and uncertainty avoidance, are positively associated with trade credit. Practical implications Overall, authors’ findings indicate that religion and national culture are important determinants of trade credit management, and that the association between commonly used cultural values and trade credit depends on the religious, legal, and financial environment. Originality/value To the best of authors’ knowledge, this is the first study to research the relationship between national culture and trade credit.

Determinants of return-on-equity in USA, German and Japanese manufacturing firms

2019 ◽  
Vol 45 (3) ◽  
pp. 445-451 ◽  
Author(s):  
Stephanie M. Weidman ◽  
Daniel J. McFarland ◽  
Gulser Meric ◽  
Ilhan Meric
Keyword(s):  
Manufacturing Industry ◽  
Financial Analysis ◽  
Important Determinant ◽  
Multivariate Regression Analysis ◽  
Manufacturing Firms ◽  
Firm Level ◽  
Cross Sectional ◽  
Content Type ◽  
Return On Equity ◽  
The Usa

Purpose DuPont financial analysis is generally used in micro-economic studies to compare an individual firm’s financial performance with industry averages. The purpose of this paper is to undertake a macro-economic cross-sectional analysis of the determinants of return-on-equity (ROE) in USA, German and Japanese manufacturing firms. Design/methodology/approach The authors use cross-sectional log-linear multivariate regression analysis to determine the elasticity of ROE to changes in net profit margin (NPM), total assets turnover (TAT) and equity multiplier (EQM) in USA, German and Japanese manufacturing firms. The authors obtain the data for the analysis from the COMPUSTAT Research Insight/Global Vintage database. Findings With data for all manufacturing firms, the authors find that the most important determinant of ROE is NPM in all three countries. The least important determinant of ROE is TAT in the USA and Germany, and EQM in Japan. Electronics is the most important manufacturing industry in all three countries, the authors also apply the analysis to data for the electronics manufacturing firms in the three countries. The authors find that an increase of 10 percent in NPM increases ROE by about 9.8 percent in Germany, by about 8.3 percent in the USA, and by about 6.9 percent in Japan. An increase of 10 percent in TAT increases ROE by about 2.2 percent in Germany and by about 1.5 percent in Japan. An increase of 10 percent in EQM increases ROE by about 1.9 percent in Germany and by about 1.5 percent in the USA. Practical implications The empirical findings of this study can provide useful insights for financial managers regarding the determinants of ROE they should focus on to achieve the greatest impact on ROE. Originality/value DuPont analysis is generally used as a micro-economic tool at the firm level. This study is a macro-economic application of the tool to study the cross-sectional determinants of ROE at the industry level.

Antecedents to supply chain innovation

2020 ◽  
Vol 31 (1) ◽  
pp. 145-171
Author(s):  
Fatma Nur Karaman Kabadurmus
Keyword(s):  
Supply Chain ◽  
Empirical Studies ◽  
Business Environment ◽  
Innovation Activity ◽  
Market Reforms ◽  
Sustainable Supply Chain ◽  
Firm Level ◽  
Middle Income ◽  
Content Type ◽  
Innovation Activities

PurposeThe purpose of this study is to examine organizational and environmental (competition, capital scarcity and organization of labor) factors that affect firms' innovation activities within the supply chain.Design/methodology/approachThis study empirically examines the factors that affect firms' innovation activities using firm-level data from the last round of Business Environment Enterprise Performance Surveys (BEEPS). The analysis covers major supply chain functions: production, delivery and support systems.FindingsThe study shows that drivers of innovation vary with the type of innovation activity; as such, innovation efforts across supply chain functions should prioritize strategic resources that will create competitive advantages. Our results also reveal that sustainability efforts in the Eastern Europe and Central Asia (EECA) region should prioritize labor market reforms over capital market reforms.Originality/valueCurrent research on innovation and supply chain issues does not explicitly analyze innovations that occur in different sustainable supply chain functions, and empirical studies that focus on the determinants of innovations in the supply chain network are very limited. The data used in this study cover 30 economies in EECA, many of which are low- and middle-income countries, and thus contribute to the implementation of sustainable practices in developing countries.

Bangladeshi clothing manufacturers' technology adoption in the global free trade environment

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Haesun Park-Poaps ◽  
Md Sadaqul Bari ◽  
Zafar Waziha Sarker
Keyword(s):  
Sustainable Development ◽  
Technology Adoption ◽  
Online Survey ◽  
Manufacturing Sector ◽  
Global Market ◽  
Firm Level ◽  
Middle Income ◽  
Content Type ◽  
Differentiation Strategy ◽  
Export Orientation

PurposeThe purpose of this study was to investigate the status of technology adoption (TA) among clothing manufacturers in Bangladesh and examine the influences of contextual factors on their TA level. Particularly, the authors examined the effects of export orientation, top management commitment (TMC), competitive pressure (CP), cost of capital (CC) and technical skills (TS).Design/methodology/approachThe data were collected from Bangladeshi clothing manufacturer through an online survey. A firm was treated as a unit of analysis.FindingsThe results revealed that the most common technologies adopted were information technology and software related and the least common were automation related. Export orientation negatively influenced while TS and CP positively influenced the level of TA.Research limitations/implicationsDue to the difficulty in obtaining firm level data, data collection did not utilize a random sampling. Only firms that agree to participate were included in the data.Practical implicationsThe authors suggest the Bangladeshi clothing manufacturers to adopt selective technologies that complement the cost leadership strategy rather than immediate differentiation strategy or technology innovations.Social implicationsFocused investment in human capitals and knowledge transfer in Bangladesh, one of the newly classified developing country, should sustain their competitiveness in the global market. Further discussions provide various stakeholders with insights related to trade policies, international aids and the UN's sustainable development agenda.Originality/valueThis study tackles a void that exists in TA research within the labor intensive clothing manufacturing sector, especially in a lower-middle income country, which surprisingly became the second largest clothing supplier today. Unique nature of the sector as an entry to economic development process in connection to the sustainable development concept is discussed to generate implications for practitioners as well as policy makers.

Convergence of corporate governance in Malaysia and Thailand

2014 ◽  
Vol 4 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Syed Abdulla Al Mamun ◽  
Yousre Badir
Keyword(s):  
Corporate Governance ◽  
Emerging Economies ◽  
Annual Reports ◽  
Unconditional Convergence ◽  
Individual Country ◽  
Firm Level ◽  
Content Type ◽  
Prior Literature ◽  
Specific Factors ◽  
Using Data

Purpose – The purpose of this paper is to examine whether there is a firm-level corporate governance (CG) convergence in two emerging economies, namely Malaysia and Thailand in post-Asian financial crisis periods, and how the level of convergence is moderated by different firm-specific factors. Design/methodology/approach – Using data collected from annual reports of top Malaysian and Thai companies in two point of times 2005 and 2008, this research examines the attributes of board of directors to find the firm-level CG convergence. This study, based on prior literature, identified firm-specific factors to assess their moderating impact on the level of convergence. This paper exploits beta and sigma convergence technique to measure the CG convergence. Findings – Results show that top Malaysian and Thai companies have developed internal CG practices in similar way with increasing board independent, separate board leadership, important board committees, board education, and participation in the post-crisis reform regime. Accordingly, there is a firm-level CG convergence within companies of an individual country, i.e. intra-convergence, and companies across the countries, i.e. inter-convergence. Notwithstanding, the study does not find the unconditional convergence in all CG variables. Additionally, it observes that the firm-level CG convergence is moderated by firm-specific factors. Practical implications – Outcomes of the study have the implication to understand the complicated changing aspects of internal CG practices in emerging economies which, in turn, can help to formulate and implement effective CG structure so that firms can tackle adverse effects of any further economic crisis. Because this paper highlights that the firms in these emerging economies have enough room yet to improve their CG practices to become internationally competitive. Originality/value – This paper demonstrates how internal CG practices may evolve and converge in emerging Southeast Asian economies. Results related to moderating factors of firm-level CG convergence contribute in literature by exploring a new dimension of CG convergence.

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