scholarly journals Does corporate investment efficiency affect corporate disclosure practices?

2020 ◽  
Vol 21 (2) ◽  
pp. 309-327
Author(s):  
Noha Elberry ◽  
Khaled Hussainey
Keyword(s):  
Voluntary Disclosure ◽  
Corporate Investment ◽  
Good News ◽  
Investment Efficiency ◽  
Corporate Disclosure ◽  
Content Type ◽  
High Level ◽  
The Impact ◽  
Practical Implications ◽  
Disclosure Practice

PurposeThe authors examine the impact of corporate investment efficiency on corporate voluntary disclosure for a sample of UK non-financial companies.Design/methodology/approachThe authors use a sample of FTSE All-Share firms for the period of 2007–2014. Disclosure scores are collected from Corporate Financial Information Environment (CFIE). They follow Biddle et al. (2009) and Chen et al. (2011) in measuring corporate investment efficiency.FindingsThe authors find that high level of performance-related disclosure is associated with high level of corporate investment efficiency, while high level of good news information is associated with low level of corporate investment efficiency. They also find evidence on a bidirectional relation between disclosure and corporate investment efficiency.Research limitations/implicationsThe authors’ findings would be of importance to stakeholders and corporations. Stakeholders' investment decisions could be facilitated by understanding the disclosures provided by their firms and how these firms' performance is presented. Corporations become aware of the language which must be used to signal their performance.Practical implicationsCorporations become aware of the language which must be used in their disclosures. As firms may reflect their efficient investments but not in the form of good news in order to avoid revealing their competitive advantage to competitors.Originality/valueThis paper adds to disclosure studies by introducing a new variable, corporate investment efficiency, as a determinant of corporate disclosure practice.

The impact of board characteristics on corporate investment decisions: an empirical study

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ben Kwame Agyei-Mensah
Keyword(s):  
Regression Analysis ◽  
Board Of Directors ◽  
Investment Decisions ◽  
Corporate Investment ◽  
Independent Directors ◽  
Investment Efficiency ◽  
Content Type ◽  
Board Characteristics ◽  
The Board Of Directors ◽  
The Impact

Purpose The purpose of this study is to investigate the influence of board characteristics on firms’ investment decisions. Design Methodology Approach The study used data sourced from annual reports of firms listed on the Ghana Stock Exchange from 2014 to 2018. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by a regression analysis which forms the main data analysis. Findings The multiple regression analysis results indicated that the proportion of independent directors and financial experts on the board are negatively related to firm investment. These findings imply that independent directors and financial experts on the board can help firms reduce overinvestment and improve investment efficiency. Originality Value The extant literature shows that the board of directors are an effective mechanism to reduce agency problems in firm decisions and operating performance. However, there has been little research on the role of the board of directors in corporate investment policy.

The impact of knowledge and motivation management on creativity

2017 ◽  
Vol 39 (5) ◽  
pp. 732-752 ◽  
Author(s):  
Lucía Muñoz-Pascual ◽  
Jesús Galende
Keyword(s):  
Employee Behavior ◽  
Employee Creativity ◽  
Cross Sectional ◽  
Content Type ◽  
Joint Influence ◽  
Long Term Impact ◽  
High Level ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the influence that two variables related to human resources (HR) have on employee creativity – namely, knowledge management (KM) and motivation management (MM). Design/methodology/approach The linear regression analyses are based on a sample of 306 employees from 11 Spanish companies belonging to three innovative clusters. In addition, “creativity” is considered an antecedent of technological innovation. Findings KM and intrinsic MM are shown to inform creativity, whereas extrinsic MM has no such effect. Practical implications Although this study is based on cross-sectional data, the findings might induce researchers to investigate the effects of other HR variables, such as the types of relations between employees and their long-term impact on creativity. Management should encourage KM and intrinsic MM across employees, as the results indicate that tacit KM, explicit KM and intrinsic MM encourage a positive attitude toward creativity among employees. Originality/value The main contribution is new empirical evidence on the joint influence of aptitudes (KM) and attitudes (MM) on employee creativity. In addition, the study includes a key measure of employee creativity. The evidence reveals the types of KM and MM that encourage or inhibit creative employee behavior. The results show that once employees have reached a medium-high level of extrinsic MM, creativity will be affected solely by intrinsic MM.

Impact of materialism on purchase intention of sustainable luxury goods: an empirical study in India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jaspreet Kaur ◽  
Ratri Parida ◽  
Sanjukta Ghosh ◽  
Rambabu Lavuri
Keyword(s):  
Purchase Intention ◽  
Research Study ◽  
Three Dimensions ◽  
Luxury Brands ◽  
Content Type ◽  
Confirmatory Factor ◽  
Descriptive Approach ◽  
High Level ◽  
The Impact ◽  
Practical Implications

Purpose This study aims to examine the impact of the three dimensions of materialism, namely, possessiveness, envy and non-generosity along with attitude on the purchase intention of sustainable luxury products. Design/methodology/approach The research study contains a descriptive approach to research with a quantitative analysis done with exploratory and confirmatory factor analysis with 229 respondents. Findings The findings of the results contribute to research by extending the model of the theory of planned behavior with the material dimensions as an add-on. Research limitations/implications The same could have been extended to all major metro cities of Indian where luxury brands are present in malls. Practical implications This shows that the consumer with a high level of materialism trait would be a very prospective segment for sustainable luxury brands. Originality/value The study shows that the three dimensions of materialism do impact the purchase intention of sustainable luxury producers and these findings will be crucial for devising consumer behavior-based strategies for sustainable luxury brands.

Recent evidence on political brinkmanship and Treasury yields

2017 ◽  
Vol 9 (3) ◽  
pp. 324-337
Author(s):  
Srinivas Nippani ◽  
Dror Parnes
Keyword(s):  
Robust Regression ◽  
Empirical Studies ◽  
Interest Rate Risk ◽  
Good News ◽  
Short Term ◽  
Treasury Bill ◽  
Content Type ◽  
Debt Ceiling ◽  
The Impact ◽  
Practical Implications

Purpose This paper aims to analyze how political brinkmanship impacted Treasury yields during the debt ceiling debate in 2015. The results show that the resignation of the House Speaker John A. Boehner caused a significant decrease in Treasury bill yields of one- and three-month maturities. The authors robust analysis indicates that these lower yields have saved US taxpayers several billion dollars in extra tax expenses. This paper provides evidence that lack of political brinkmanship can be very advantageous for the taxpayers. This has considerable implications for lawmakers in this post-election year. Design/methodology/approach The authors examine the differences in yields between equal maturity short-term Treasury securities and commercial paper using t-tests, non-parametric tests and a robust regression model based on earlier empirical studies. Findings This study provides evidence indicating that between September 25, 2015, and up to October 30, 2015, relatively lower Treasury yields resulted from the lack of political brinkmanship, and this has saved the US taxpayers several billion dollars in interest expenses in 2015. Research limitations/implications The study showed that lower yields will result from a lack of political brinkmanship, and this resulted in savings of several billions of dollars in interest payments. Considering that both the White House and Congress will be controlled by the same political party, this gives lawmakers a unique opportunity to have less acrimonious debt ceiling debates. The limitation of the study is that it does not consider the impact on foreign exchange markets and other factors which could play a major role. Practical/implications Unlike earlier scenarios where default risk increased, followed by credit rating downgrades, there was a quiet confidence this time about a quick resolution. Markets were stable, and this allowed money market participants to invest more confidently even when an upcoming debt ceiling debate is on. Corporations that invested additional cash in money markets for short-term could do it more confidently at that time without fear of default or interest rate risk which could potentially harm the market value of their investments. Practical/implications It implies that there will be lower taxpayer costs because of debt ceilings and avoidance of shutdowns of the federal government. It also implies that there could be more confidence in the dollar. Originality/value Several earlier studies have examined Treasury default caused by political brinkmanship. This is the first study to examine an event where political brinkmanship appeared possible and then suddenly dissipated in a single day. Political brinkmanship is bad news because it increases taxpayer interest burden as seen from several of the studies above. Therefore, it should be considered good news if no disagreement is evident. This argument serves as our motivation for this paper. As an increase in the chances of default causes an increase in the yield of Treasury bills as earlier studies showed, a decrease in the chance of default caused Treasury bill yields to be that much lower based on the results of this study.

Institutional investors and voluntary disclosure and transparency: the case of Egypt

2017 ◽  
Vol 17 (1) ◽  
pp. 134-151 ◽  
Author(s):  
Doaa El-Diftar ◽  
Eleri Jones ◽  
Mohamed Ragheb ◽  
Mohamed Soliman
Keyword(s):  
Institutional Investors ◽  
Voluntary Disclosure ◽  
Design Methodology ◽  
Positive Impact ◽  
Corporate Disclosure ◽  
Firm Characteristics ◽  
Policy Makers ◽  
Content Type ◽  
Bank Ownership ◽  
Practical Implications

Purpose Disclosure and transparency are major pillars of corporate governance which need to be greatly promoted in Egypt. This research aims to understand how different kinds of institutional investors affect levels of voluntary disclosure and transparency. Design/methodology/approach The research was conducted on the most active Egyptian companies over a period of five years. A voluntary disclosure checklist was first developed to assess levels of voluntary disclosure and transparency. Findings Empirical results support significant positive impacts of both bank ownership and foreign ownership on voluntary disclosure and transparency. Among the four firm characteristics controlled for in the research, firm size was the only one with a highly significant positive impact on voluntary disclosure and transparency. Research limitations/implications The results of this research may not be generalized to all companies, as it was only conducted on the most active firms on the Egyptian Exchange. Therefore, it is recommended that future researches integrate a more diversified sample. Practical implications The research provides empirical evidence that institutional investors are not a homogeneous group and that different kinds of institutional ownership impact differently on voluntary disclosure and transparency. As such, some institutional investors are more influential than others when it comes to increasing corporate voluntary disclosure and transparency and in reducing agency problems. Originality/value This research offers assistance to policy makers interested in enhancing corporate disclosure and transparency. It is particularly important during any adjustment to ownership policies in Egypt.

Following the rules of society

2018 ◽  
Vol 34 (3) ◽  
pp. 30-32
Keyword(s):  
Case Studies ◽  
Design Methodology ◽  
Reading Time ◽  
Arab World ◽  
Cultural Norms ◽  
Content Type ◽  
Pertinent Information ◽  
High Level ◽  
The Impact ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings The cultural norms of any country dictate how managers of all levels perform. While there is an understanding of how this works in Western nations, this work looks at the impact of societal conventions in the Arab world on high-level managers. Originality/value The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Lessons from integrated care pilots in England

2019 ◽  
Vol 28 (1) ◽  
pp. 2-6
Author(s):  
Nigel Edwards
Keyword(s):  
Integrated Care ◽  
Context Change ◽  
Policy Makers ◽  
Content Type ◽  
Starting Point ◽  
Different Types ◽  
Hospital Utilisation ◽  
High Level ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to provide a summary of some of the lessons about implementing different types of integrated care. Design/methodology/approach The author used evidence from the author’s own evaluations and the findings of other researchers to identify some important lessons for policy makers and practitioners. Findings The author identifies eight high-level lessons which may be of interest to policy makers and practitioners working in the field. Research limitations/implications The lessons outlined in the paper provide only a starting point for those designing interventions or evaluation. Practical implications The changes required to implement integrated care are complex and are embedded in a complex context. Change of this type is difficult and generally takes longer to deliver than expected. The evaluation of these models often requires longer than is often available and needs to focus on the impact on the whole system rather than narrow measures, e.g. hospital utilisation. Originality/value This is a viewpoint paper synthesising evidence from the English pilot programmes in integrated care.

Ageing Well in Wales: a national movement

2015 ◽  
Vol 19 (4) ◽  
pp. 170-176
Author(s):  
Iwan Williams ◽  
Alan Hattton-Yeo
Keyword(s):  
Older People ◽  
Design Methodology ◽  
First Year ◽  
Front Line ◽  
Content Type ◽  
Health And Wellbeing ◽  
Community Volunteer ◽  
High Level ◽  
The Impact ◽  
Practical Implications

Purpose – The purpose of this paper is to inform readers about the Ageing Well in Wales Programme, including its background, purpose and key aims and objectives. Design/methodology/approach – The Programme is in its first year and works at several levels, from high-level national bodies to community/volunteer groups on the ground. The Programme’s success is largely dependent on the commitment of individuals and organisations. Findings – The Programme is on-going with no findings as such to date, however, the Programme is a response to research and evidence that suggests that the health and wellbeing of older people in Wales needs to be urgently addressed, particularly in the context of demographic change and the impact of austerity on front-line public services and the development of more preventative approaches. Practical implications – One of the outcomes will be an increasing understanding of what makes effective national learning and participative networks. Social implications – People in Wales will be more active and engaged and as a consequence experience greater health and wellbeing. Originality/value – Provides a state of play on the Programme up to Summer 2015, outlining what has been achieved to date and next steps.

scholarly journals Impact of ASX corporate governance guidelines on sustainability reporting

2019 ◽  
Vol 32 (4) ◽  
pp. 692-724
Author(s):  
Robert Czernkowski ◽  
Stephen Kean ◽  
Stephen Lim
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Sustainability Reporting ◽  
Ethical Considerations ◽  
Content Type ◽  
Sustainability Disclosure ◽  
And Performance ◽  
The Impact ◽  
Firm Responses ◽  
Practical Implications

Purpose This paper aims to examine the impact of the Australian Securities Exchange Corporate Governance recommendations on the breadth (amount of items covered) of (environmental and social) sustainability reporting by the firms in the Top 100, around the change from G3.1 to G4 disclosure regimes. Design/methodology/approach This paper undertakes comparisons of means and regression models to investigate the changes between disclosure scores of 98 listed entities from the 2013 G3.1 to the 2015 G4 disclosure regimes. Findings This paper finds that average disclosure levels did not change. Nonetheless, disclosure practices did vary by entity size and performance. Analysis of 2015 disclosures contingent on 2013 disclosure practice indicates that disclosure changes are consistent with a pattern of mean reversion. Practical implications Evidence that low disclosers increased disclosure and high disclosers reduced disclosers is consistent with the idea that sustainability disclosure is not so much driven by any ethical considerations, but rather by a desire to not be a disclosure outlier. Reliance on voluntary disclosure to achieve a socially desired level of disclosure is unlikely to bear fruit. Originality/value This paper contributes to the literature on sustainability by examining firm responses to change in disclosure regimes, and concluding that size and peer relativities drive the disclosure process.

The relationships of communication intensity, CEO commitment, cause fit and media reputation: evidence from Chinese marathon title sponsors

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shanshan Lu ◽  
Weiwei Zhu ◽  
Jiuchang Wei
Keyword(s):  
Interaction Analysis ◽  
Hierarchical Regression ◽  
Marketing Theory ◽  
Institutional Fit ◽  
Content Type ◽  
The Media ◽  
Media Reputation ◽  
High Level ◽  
The Impact ◽  
Practical Implications

PurposeThis research aims to explore ways to build a corporate media reputation by sponsoring a sports event (i.e. a marathon), by examining the effects of communication intensity, CEO commitment and cause fit that are most conducive to helping a sponsor gain media reputation benefits.Design/methodology/approachAn empirical study of 122 Chinese marathon title sponsorships is employed that explores the relationship between sponsorship attributes and media reputation construction from the perspective of cause-related marketing theory. Hypotheses are tested with hierarchical regression and interaction analysis.FindingsThe results show that a high level of sponsorship communication intensity, the proximity of the sponsor to a sport property, the level of CEO commitment and the level of cause fit contribute to the media reputation of enterprise sponsors. Further analysis also reveals the different interaction effects of technical fit and institutional fit in the process.Practical implicationsThis research has practical implications related to sport sponsorship management for event organizers and business operators that seek to promote the healthy and dynamic operations of the sponsor market. Several suggestions for future studies and strategies to increase the media reputation benefits can be drawn from the results of this paper. Sports sponsoring is a process of system engineering and strategic planning, and the integration and coordination of various types of resources are needed.Originality/valueThis study advances the current research about the impact of sponsorship attributes on the media reputation of sports sponsors. The differentiation and exploration of the two kinds of cause fit (i.e. technical fit and institutional fit) expand the dimension of fit in the field of sponsorship. Furthermore, this research provides an in-depth understanding of the mechanism that determines the media reputation benefits that sponsors can reap from a property's activities.

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