OPEC quotas may have small impact

2016 ◽  
Keyword(s):  
Saudi Arabia ◽  
Oil Production ◽  
Change Strategy ◽  
Content Type ◽  
Small Impact ◽  
Future Action ◽  
The Us ◽  
Policy Direction ◽  
The Impact

Significance OPEC's decision to try to agree new quotas for its members, albeit with key exemptions, suggests a fragile consensus is growing around a change in policy direction towards cooperation. Impacts Perceptions will strengthen that Saudi Arabia is prepared to change strategy. A framework and platform for future action should allow OPEC to reassert its cartel position. Agreement on quotas is unlikely to reduce export volumes much, limiting the impact on prices. The prospect of a deal will see further additions to the US rig count, with implications for US oil production in 2017. If prices rise, encouraging more investment, and Libyan and Nigerian output recovers, OPEC output could rise even if quotas are imposed.

The effect of Medicare Part D on prescription drug composition and demand

2015 ◽  
Vol 42 (2) ◽  
pp. 170-185 ◽  
Author(s):  
David Zimmer
Keyword(s):  
Prescription Drug ◽  
Medicare Part D ◽  
Medicare Part ◽  
Part D ◽  
Content Type ◽  
The Us ◽  
Upper Respiratory ◽  
Nationally Representative ◽  
The Impact ◽  
Shed Light

Purpose – The US Medicare Modernization Act of 2003 introduced optional prescription drug coverage, beginning in 2006, widely known as Medicare Part D. This paper uses up-to-date nationally representative survey data to investigate the impact of Part D not only on drug spending and consumption, but also on the composition of drug consumption. The paper aims to discuss these issues. Design/methodology/approach – Specifically, the paper investigates whether Part D impacted the number of therapeutic classes for which drugs were prescribed, and also whether Part D lead to increased usage of drugs for specific medical conditions that typically receive drug-intensive therapies. Findings – In addition to confirming findings from previous studies, this paper shows that Part D increased the number of therapeutic classes to which seniors receive drugs by approximately four classes. Part D also lead to increased usage of drugs used to treat upper respiratory disease, hypertension, and diabetes. Originality/value – While mostly concurring with previous studies on the spending impacts of Part D, this paper is the first to shed light on other impacts of Part D, specifically with respect to its impact on therapeutic classes for which drugs are prescribed.

The impact of board composition and ownership structure on dividend payout policy: evidence from Saudi Arabia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Helmi A. Boshnak
Keyword(s):  
Saudi Arabia ◽  
Ownership Structure ◽  
Dividend Policy ◽  
Payout Policy ◽  
Board Composition ◽  
Dividend Payout ◽  
Content Type ◽  
Listed Firms ◽  
Propensity To Pay ◽  
The Impact

PurposeThis study examines the impact of board composition and ownership structure variables on dividend payout policy in Saudi Arabian firms. In particular, it aims to determine the effect of board size, independence and meeting frequency, in addition to chief executive officer (CEO) duality, and state, institutional, managerial, family, and foreign ownership on both the propensity to pay dividends and dividend per share for Saudi-listed firms over the period 2016–2019.Design/methodology/approachThe paper captures dividend policy with two measures, propensity to pay dividends and dividend per share, and employs a range of regression methods (logistic, probit, ordinary least squares (OLS) and random effects regressions) along with a two-stage least squares (2SLS) model for robustness to account for heteroscedasticity, serial correlation and endogeneity issues. The data set is a large panel of 280 Saudi-listed firms over the period 2016 to 2019.FindingsThe results underline the importance of board composition and the ownership structure in explaining variations in dividend policy across Saudi firms. More specifically, there is a positive relationship between the propensity to pay dividends and board-meeting frequency, institutional ownership, firm profitability and firm age, while the degree of board independence, firm size and leverage exhibit a negative relation. Further, dividend per share is positively related to board meeting frequency, institutional ownership, foreign ownership, firm profitability and age, while it is negatively related to CEO duality, managerial ownership, and firm leverage. There is no evidence that family ownership exerts an impact on dividend payout policy in Saudi firms. The findings of this study support agency, signalling, substitute and outcome theories of dividend policy.Research limitations/implicationsThis study offers an important insight into the board characteristic and ownership structure drivers of dividend policy in the context of an emerging market. Moreover, the study has important implications for firms, managers, investors, policymakers, and regulators in Saudi Arabia.Originality/valueThis paper contributes to the existing literature by providing evidence on four board and five ownership characteristic drivers of dividend policy in Saudi Arabia as an emerging stock market, thereby improving on less comprehensive previous studies. The study recommends that investors consider board composition and ownership structure characteristics of firms as key drivers of dividend policy when making stock investment decisions to inform them about the propensity of investee firms to pay dividends and maintain a given dividend policy.

scholarly journals Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets

2020 ◽  
Vol 25 (50) ◽  
pp. 451-478
Author(s):  
Ahmed Bouteska ◽  
Boutheina Regaieg
Keyword(s):  
Stock Market ◽  
Economic Performance ◽  
Loss Aversion ◽  
Market Performance ◽  
Ordinary Least Squares ◽  
Company Performance ◽  
Service Firms ◽  
Content Type ◽  
The Us ◽  
The Impact

Purpose The current study aims to investigate the impacts of two behavioral biases, namely, loss aversion and overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was assessed. Second, the impact of overconfidence on market performance was discussed. Design/methodology/approach This study used around 6,777 quarterly observations on the population of US-insured industrial and services companies over the 2006-2016 period. Ordinary least squares (OLS) regression in two panel data models were used to test the hypotheses formulated for the study. Findings It was documented that the loss-aversion bias negatively affects the economic performance of companies and this is achieved for both sectors. In contrast, the findings suggest that overconfidence positively affects market performance of industrial firms but negatively affects market performance in service firms. Further robust evidence was found that overconfidence bias seems to be dominant, and hence, investors may tend to be more overconfident rather than more loss-averse. Originality/value This research can be extended by focusing on the following question: What is the impact of the contradictory (positive and negative) effects of an investor's loss aversion and overconfidence on the US company performance in case of realization of a stock market crisis or stock market crash?

scholarly journals Early supplier integration in the US defense industry

2019 ◽  
Vol 3 (1) ◽  
pp. 2-28 ◽  
Author(s):  
Garrett Lane Cohee ◽  
Jeff Barrows ◽  
Rob Handfield
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Defense Industry ◽  
Supplier Management ◽  
Project Performance ◽  
Content Type ◽  
Goods And Services ◽  
Supplier Integration ◽  
The Us ◽  
The Impact

Purpose Each year, the US defense industry outsources nearly $400 bn of domestic goods and services through competitive bids. These procurement activities are quite often complex and specialized in nature because of a highly regulated federal acquisition contracting environment. Ongoing calls to improve supplier management and drive innovation in the defense industry offers an opportunity to adopt Early Supplier Integration (ESI) initiatives that have proven successful in the private sector. This paper identifies critical ESI activities and acquisition practices that the defense industry should adopt to ensure enhanced effectiveness in new product development. Design/methodology/approach Leveraging a conceptual ESI model derived from the research, an in-depth case study of 12 product development projects from a major defense contractor was performed. In the context of project performance, critical ESI activities and moderating effects were assessed. Findings Three key ESI activities have the greatest impact on aggregate project performance: system design involvement, design adjustment opportunities and design for manufacturability/assembly/testability involvement. Use of formal supplier agreements also significantly impacts project performance during the development phase. In addition, project complexity and product team maturity were identified as environment moderators; higher complexity projects tended to negatively moderate the impact of ESI upon performance, and higher team maturity levels tended to positively moderate the impact of ESI upon performance. Originality/value The results provide a sound framework for empirical validation through future quantitative studies and defense industry analyses. In addition, insights and recommendations for interpretation and adaptation of federal acquisition regulations to allow increased utilization of ESI within the defense industry are substantiated.

scholarly journals Does intellectual property rights protection affect UK and US outward FDI and earnings from FDI? A sectoral analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Glauco De Vita ◽  
Constantinos Alexiou ◽  
Emmanouil Trachanas ◽  
Yun Luo
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Economic Activity ◽  
Outward Fdi ◽  
Content Type ◽  
Intellectual Property Rights Protection ◽  
The Us ◽  
Disaggregated Data ◽  
The Impact

PurposeDespite decades of research, the relationship between intellectual property rights (IPRs) and foreign direct investment (FDI) remains ambiguous. Using a recently developed patent enforcement index (along with a broader IPR index) and a large sectoral country-to-country FDI dataset, the authors revisit the FDI-IPR relationship by testing the impact of IPRs on UK and US outward FDI (OFDI) flows as well as earnings from outward FDI (EOFDI).Design/methodology/approachThe authors use disaggregated data for up to 9 distinct sectors of economic activity from both the US and UK for OFDI flows and EOFDI, for a panel of up to 42 developed and developing countries over sample periods from 1998 to 2015. The authors employ a panel fixed effects (FE) approach that allows exploiting the longitudinal properties of the data using Driscoll and Kraay's (1998) nonparametric covariance matrix estimator.FindingsThe authors do not find any consistent evidence in support of the hypothesis that countries' strength of IPR protection or enforcement affects inward FDI, or that sector of investment matters. The results prove robust to sensitivity checks that include an alternative broader measure of IPR strength, analyses across sub-samples disaggregated according to the strength of countries' IPRs as well as developing vs developed economies and an extended specification accounting for dynamic effects of the response of FDI to both previous investment levels and IPR (patent) protection.Originality/valueThe authors make use of the largest most granular sectoral country-to-country FDI dataset employed to date in the analysis of the FDI-IPR nexus with disaggregated data for OFDI and EOFDI across up to 9 distinct sectors of economic activity from both the US and UK The authors employ a more sophisticated measure of IPR strength, the patent index proposed by Papageorgiadis et al. (2014), which places emphasis on the effectiveness of enforcement practices as perceived by managers, together with the overall administrative effectiveness and efficiency of the national patent system.

The elephant in the room of mutual forbearance

2018 ◽  
Vol 11 (2) ◽  
pp. 257-279 ◽  
Author(s):  
Burak Cem Konduk
Keyword(s):  
Airline Industry ◽  
Fixed Effects ◽  
Research Question ◽  
Fixed Effects Model ◽  
Content Type ◽  
High Performing ◽  
The Us ◽  
Mutual Forbearance ◽  
Low Performance ◽  
The Impact

PurposeThe purpose of this paper is to explain how a multi-market firm develops the motivation to forbear from competition.Design/methodology/approachA two-way fixed effects model with Driscoll and Kraay standard errors investigates the research question with panel data collected from the US scheduled passenger airline industry.FindingsThe results demonstrate that although the interaction of multi-market contact with strategic similarity impairs a firm’s forbearance from competition, the same interaction promotes it as firm performance deteriorates, supporting the hypotheses.Research limitations/implicationsPerformance explains not only how forbearance emerges out of coincidental multi-market contact but also reconciles the mixed evidence for the impact of the two-way interaction between multi-market contact and strategic similarity on forbearance.Practical implicationsAntitrust authorities should pay more attention to low performing firms than to high performing firms in their investigations. Also, managers of multi-market firms should identify multi-market rivals with low performance as targets for the initiation of forbearance.Originality/valueThis study revises the mutual forbearance theory to align it with the accumulating empirical evidence that otherwise refutes its assumption and thereby improves theory’s descriptive and predictive power.

The speed of change and performance risk: examining the impacts of IT spending in the US hotel industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nan Hua ◽  
Tingting Zhang ◽  
Melissa F. Jahromi ◽  
Agnes DeFranco
Keyword(s):  
Business Performance ◽  
Positive Impact ◽  
Hotel Industry ◽  
Content Type ◽  
Performance Risk ◽  
The Us ◽  
The Usa ◽  
Revenue Volatility ◽  
The Impact ◽  
Speed Accuracy

Purpose This study aims to investigate the impact of the speed of change (trend) in information technology (IT) expenditures on performance risk indicated by revenue volatility in the US hotel industry. Design/methodology/approach To systematically investigate the impacts of IT expenditures on hotel performance risks, this study collects the same store proprietary data of 1,471 hotel properties from CBRE, a leading hotel consulting firm in the USA, from 2011 to 2017, with a total of 10,297 observations. Findings Econometric analyses are performed and results indicate a significant and positive impact of the speed of change of IT systems expenditures on the performance risk after comprehensively controlling for confounding factors following prior research. Originality/value With the increased importance of IT in day-to-day activities, hospitality business owners have started to quickly adjust their investment in IT infrastructure and superstructure to enhance their business performance. However, their fast-changing expenditures may introduce more risks to their businesses based on the speed–accuracy tradeoff, systems theory and the Schumpeterian Growth Model. This study is one of the pioneer projects that ever assessed the impact of IT expenditure and speed of change on performance risks of hotels.

Are Islamic financial institutions more resilient against the COVID-19 pandemic in the GCC countries?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Erhan Akkas ◽  
Hazem Al Samman
Keyword(s):  
Saudi Arabia ◽  
Phase Analysis ◽  
Financial Institutions ◽  
Random Effect Model ◽  
Second Phase ◽  
Content Type ◽  
Gcc Countries ◽  
Effect Model ◽  
Islamic Financial Institutions ◽  
The Impact

Purpose This paper aims to investigate and provide an objective appraisal of the impact of the COVID-19 outbreak on Islamic and conventional financial institutions and Islamic windows in the Gulf Cooperation Council (GCC) countries. Design/methodology/approach The panel data techniques are conducted country-wise in each financial institution type: random-effect model, fixed-effect model and Hausman test. Findings The results of the first phase analysis that extends from 1 January 2020 to 30 October 2020 show that Islamic financial institutions are less exposed to the repercussions of the COVID-19 outbreak than the conventional and Islamic window financial institutions in Bahrain, Oman, Qatar, Saudi Arabia and UAE. Moreover, the Islamic financial institutions in Saudi Arabia and Oman have not been affected by the COVID-19 outbreak. The second phase analysis for the COVID-19 outbreak that extends from 1 November 2020 to 17 March 2021 confirms the disappearance of the negative impact of COVID-19 on Islamic financial institutions in Bahrain and Oman. Practical implications The findings present that Islamic banks are not as resilient in the COVID-19 pandemic as in the 2008 financial crisis. It can be suggested that regulatory authorities, financial institutions and other key policymakers in the GCC countries should focus on implementing regulatory reforms related to human capital, innovative products, research and development to further develop individuals, societies and institutions within the framework of Islamic ontology to be more resilient in such crises. Originality/value This paper provides a different perspective from existing literature on the pandemics and financial institutions by comparing the stock prices in Islamic and conventional financial institutions and Islamic windows in GCC countries during the COVID-19 pandemic. Therefore, this paper should be considered as a contribution to filling a gap in the literature.

Parametric study of the impact of building envelope systems on embodied and operational carbon of residential buildings

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amneh Hamida ◽  
Abdulsalam Alsudairi ◽  
Khalid Alshaibani ◽  
Othman Alshamrani
Keyword(s):  
Saudi Arabia ◽  
Residential Buildings ◽  
Building Envelope ◽  
Base Case ◽  
Content Type ◽  
Embodied Carbon ◽  
Block Wall ◽  
Shading Device ◽  
The Impact ◽  
Total Life

PurposeBuildings are responsible for the consumption of around 40% of energy in the world and account for one-third of greenhouses gas emissions. In Saudi Arabia, residential buildings consume half of total energy among other building sectors. This study aims to explore the impact of sixteen envelope variables on the operational and embodied carbon of a typical Saudi house with over 20 years of operation.Design/methodology/approachA simulation approach has been adopted to examine the effects of envelope variables including external wall type, roof type, glazing type, window to wall ratio (WWR) and shading device. To model the building and define the envelope materials and quantify the annual energy consumption, DesignBuilder software was used. Following modelling, operational carbon was calculated. A “cradle-to-gate” approach was adopted to assess embodied carbon during the production of materials for the envelope variables based on the Inventory of Carbon Energy database.FindingsThe results showed that operational carbon represented 90% of total life cycle carbon, whilst embodied carbon accounted for 10%. The sensitivity analysis revealed that 25% WWR contributes to a significant increase in operational carbon by 47.4%. Additionally, the efficient block wall with marble has a major embodiment of carbon greater than the base case by 10.7%.Research limitations/implicationsThis study is a contribution to the field of calculating the embodied and operational carbon emissions of a residential unit. Besides, it provides an examination of the impact of each envelope variable on both embodied and operational carbon. This study is limited by the impact of sixteen envelope variables on the embodied as well as operational carbon.Originality/valueThis study is the first attempt on investigating the effects of envelop variables on carbon footprint for residential buildings in Saudi Arabia.

Thirty years of the International Journal of Logistics Management – a retrospective analysis

2020 ◽  
Vol 31 (2) ◽  
pp. 173-208
Author(s):  
Britta Gammelgaard ◽  
Satish Kumar ◽  
Debidutta Pattnaik ◽  
Rohit Joshi
Keyword(s):  
Design Methodology ◽  
Logistics Management ◽  
Publication Trends ◽  
Research Papers ◽  
Coupling Analysis ◽  
Content Type ◽  
The Us ◽  
Scopus Database ◽  
The Impact ◽  
Literature Selection

PurposeInternational Journal of Logistics Management (IJLM) celebrated 30 years of its publication in 2019. This study provides a retrospective overview of the IJLM articles between 1990 and 2019.Design/methodology/approachThe authors applied bibliometrics to study and present a retrospective summary of the publication trends, citations, pattern of authorship, productivity, popularity depicting influence, and the impact of the IJLM, its contributors, their affiliations, and discusses the conceptual layout of IJLM's prolific themes.FindingsWith 23 yearly articles, IJLM contributed 689 specialized research papers on Supply Chain Management (SCM) by 2019. Authorship grew by 42 new contributors adding up to 1,256 unique IJLM authors by 2019. Each of its lead contributors associated with 1.55 other authors to contribute an article in the journal among which 93% are cited at least once. Survey-based research dominated in last 30 years. The h-index of the journal is 73 while its g-index suggests that 133 IJLM articles were cited at least 17,689 times in Scopus. IJLM authors affiliated to the Cranfield University and the US contributed the highest count of articles. Bibliographic coupling analysis groups IJLM articles into eight bibliographic clusters while network analysis exposes the thematic layout of IJLM articles.Research limitations/implicationsThe literature selection is confined to the Scopus database starting from 1990, a year before the inception of the IJLM, thereby limiting its scope.Originality/valueThis study is the first retrospective bibliometric analysis of the IJLM, which is useful for aspiring contributors.

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