scholarly journals Fifty years of research on takeover target prediction: a historical perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abongeh Tunyi
Keyword(s):  
Historical Perspective ◽  
Abnormal Returns ◽  
Target Prediction ◽  
Investment Strategy ◽  
Future Research ◽  
Content Type ◽  
Evolution And Development ◽  
Screening Strategies ◽  
Modelling Techniques ◽  
New Research

Purpose This paper aims to review prior studies and presents a synthesis of the takeover prediction literature spanning the period 1968–2018. Design/methodology/approach The paper adopts a narrative review approach. It explores prior studies on takeover target prediction from a historical perspective, focusing on the evolution and development of the literature over the 50-year period. Findings From a historical development perspective, prior studies in the area can be partitioned into four distinct eras. Studies in the first era (1968–1985) mainly established that takeover targets share common characteristics which can be captured with financial ratios. Studies in the second era (1986–2002) developed and extended formal target prediction hypotheses. These studies concluded that it was impossible to build a successful investment strategy around takeover target prediction. Studies in the third era (2003–2009) explored similar questions using alternative modelling techniques but arrive at similar results – targets can be predicted with limited accuracy and target prediction is unlikely to lead to abnormal returns. Studies in the fourth era (2010–2018) explore implications of M&A predictability on share valuation, governance and bond prices (amongst others), but most importantly, provide some evidence that takeover prediction can lead to abnormal returns when combined with appropriate screening strategies. Originality/value This presents the first in-depth review of the literature on takeover target prediction. It highlights the development of the literature over four distinct eras and identifies several limitations, research gaps and opportunities for future research. Given the recent decline in the literature (i.e. fourth era), this study may stimulate new research in the area.

Exploring climate finance for tourism adaptation development: an overview

2016 ◽  
Vol 8 (5) ◽  
pp. 593-605 ◽  
Author(s):  
Daniele Vieira do Nascimento
Keyword(s):  
Climate Change ◽  
Literature Review ◽  
English Language ◽  
Small Island ◽  
Future Research ◽  
Climate Finance ◽  
Content Type ◽  
Main Research ◽  
Research Fields ◽  
New Research

Purpose The purpose of this paper is to provide an overview of the links between climate finance and tourism adaptation development. Besides increasing adaptation and mitigation efforts to limit greenhouse gas emissions, climate change remains a major challenge in the twenty-first century and beyond especially for tourism which is highly climate sensitive. Hence, it is necessary for tourism to adapt to survive. The aim of the study is to provide a systematic overview of the topic to offer a foundation for better understanding different ways of integrating climate finance initiatives with tourism. Design/methodology/approach The research focused on the top-ranked, peer reviewed journals of each of the two selected research fields. To address this topic, an in-depth systematic literature review in the fields of climate change finance and tourism adaptation development was conducted. Furthermore, because it is a relatively new research topic, conference proceedings were also explored. To guarantee wide coverage of the literature, a query of the following scholarly databases was considered: Elsevier, ScienceDirect and Web of Science. Findings Based on the analyses of the literature available on the topic, the paper highlights the main research trends and conclusions. It is argued that there is imbalance of knowledge on climate change finance as it relates to tourism. To date, there have been relatively few published articles on this topic in the context of tourism. Based on the findings, promising areas for future research were identified, and in particular for small island communities and recommendations for future research are outlined. Research limitations/implications The paper is limited by the scope of the literature review accessed by the researcher. The results of this review may vary according to the databases used. Originality/value Currently, there is no extensive review of articles on climate finance and tourism adaptation. This paper aims at reviewing climate finance studies published in English language to explore knowledge gaps in tourism adaptation. Sets of themes being advanced are also highlighted. Recommendations for future research are provided.

Dynamic capabilities vs. innovation capability: are they related?

2014 ◽  
Vol 21 (3) ◽  
pp. 368-384 ◽  
Author(s):  
Lidija Breznik ◽  
Robert D. Hisrich
Keyword(s):  
Literature Review ◽  
Design Methodology ◽  
Dynamic Capabilities ◽  
Dynamic Capability ◽  
Future Research ◽  
Innovation Capability ◽  
New Approach ◽  
Content Type ◽  
New Research ◽  
The Relationship

Purpose – The purpose of this paper is to provide insights into the relationship between dynamic capabilities and innovation capabilities. It links dynamic capability with innovation capability and indicates the ways they can be related. Design/methodology/approach – The relationships between dynamic and innovation capability were investigated through a systematic literature review. Findings – The review indicates that common characteristics exist between of the both fields, which demonstrate six relationships. Additionally, findings show some inconsistencies and even contradictions. Originality/value – In this paper, the authors have compared dynamic capabilities, a relatively new approach in the field of strategic management, with innovation capabilities, a widely recognised crucial domain for sustained competitiveness. Since both areas address issues that are essential to today's environment, future research should seek to clarify both concepts, by undertaking some new research and developing comprehensive and unambiguous framework.

A systematic review of e-tail product returns and an agenda for future research

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kamrul Ahsan ◽  
Shams Rahman
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Research Area ◽  
Future Research ◽  
Product Returns ◽  
Content Type ◽  
People Skills ◽  
New Research ◽  
Returns Management ◽  
The Impact

PurposeThis study conducts a systematic literature review of e-tail product returns research. E-tail product returns are essentially acquisition of products that have been sold through purely online or brick-and-click channels and then returned by consumer to business.Design/methodology/approachUsing a systematic literature review protocol, we identified 75 peer-reviewed articles on e-tail product returns, conducted bibliometric analysis and content analysis of the articles and summarised our findings.FindingsThe findings reveal that the subject of e-tail returns is a new research area; academics have started to investigate several aspects of e-tail returns through different research methodologies and theoretical foundations. Further research is required in leading e-commerce countries and on key areas such as omni-channel returns management, customer satisfaction and service, the impact of resources such as people skills, the benefits of technology and IT systems in managing e-tail returns.Practical implicationsThe study offers a summative account of current e-tail knowledge areas, which can serve as a reference guide for e-tailers to develop strategies for more efficient and competitive product returns.Originality/valueThis study contributes theoretically by developing clusters of key themes or knowledge areas about e-tail returns. It also provides a conceptual framework for e-tail returns management, which can be used as a springboard for further empirical research.

Cryptocurrency bubble risk and the FOMC announcements during COVID-19 black swan event

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anis Jarboui ◽  
Emna Mnif
Keyword(s):  
Federal Reserve ◽  
Abnormal Returns ◽  
Relevant Information ◽  
Future Research ◽  
Open Market ◽  
Predictive Capacity ◽  
Federal Open Market Committee ◽  
Content Type ◽  
Cumulative Abnormal Returns ◽  
Practical Implications

Purpose After the COVID-19 outbreak, the Federal Reserve has undertaken several monetary policies to alleviate the pandemic consequences on the markets. This paper aims to evaluate the effects of the Federal Reserve monetary policy on the cryptocurrency dynamics during the COVID19 pandemic. Design/methodology/approach We examine the response and feedback effects via an event study methodology. For this purpose, abnormal returns (AR) and cumulative abnormal returns (CARs) around the first FOMC (Federal Open Market Committee) announcement related to the COVID-19 pandemic for the top five cryptocurrencies are explored. We, further investigate the effect of the eight FOMC statement announcements during the COVID19 pandemic on these cryptocurrencies (Bitcoin, Ethereum, Tether, Litecoin, and Ripple). In the above-mentioned crypto-currency markets, we investigate the presence of bubbles by using the PSY test. We then examine the concordance of the dates of these bubbles with the dates of the FOMC announcements. Findings The empirical results show that the first FOMC event has a negative significant effect after 4 days of the announcement date for all studied cryptocurrencies except Tether. The results also indicate that cumulative abnormal returns are significant during the event windows of (−3,8), (−3,9), and (−3,10). Besides, we find that Bitcoin, Ethereum and, Litecoin lived short bubbles lasting for a few days. However, Ripple and Tether markets present no bubbles and no explosive periods. Research limitations/implications This paper presents trained proof that FOMC announcements have a positive effect on volatility's predictive capacity. This work therefore promotes the study of the data quality of volatility in future research as well. Practical implications The justified effect of the FOMC announcements on cryptocurrency as a speculative asset has practical implications for investors in building their trading strategies in anticipation of the next FOMC announcement. Therefore, this study implies that the FOMC announcements contain very relevant information for investors in the cryptocurrency market. This research may not only encourage a better understanding of the evolution of the expectations of policymakers, but also facilitate a better understanding of how these expectations are developed. Originality/value The COVID-19 pandemic has disturbed the stability of financial markets, inciting the Fed to take some monetary regulations. To the best of our knowledge, this study is the first one that analyses the response of five major cryptocurrencies to FOMC announcements during COVID 19 pandemic and associates these dates with bubble occurrences.

scholarly journals Nation branding for foreign direct investment: an Integrative review and directions for research and strategy

2016 ◽  
Vol 25 (7) ◽  
pp. 615-628 ◽  
Author(s):  
Nicolas Papadopoulos ◽  
Leila Hamzaoui-Essoussi ◽  
Alia El Banna
Keyword(s):  
Decision Making ◽  
Foreign Direct Investment ◽  
Direct Investment ◽  
Location Choice ◽  
Intersection Point ◽  
Nation Branding ◽  
Integrative Review ◽  
Future Research ◽  
Content Type ◽  
New Research

Purpose This study aims to address a heretofore neglected area in research, nation branding, for the purpose of attracting foreign direct investment (FDI). It compares and contrasts the well-established literature on decision-making and location choice in FDI with studies in the nascent field of nation branding, with a view to developing directions for future research that result from the identification of research gaps at the intersection point between the two areas. Design/methodology/approach The study is based on a systematic and integrative review of several streams within the relevant literatures, from the theory of decision-making in FDI to the similarities and differences between advertising, promotion, branding and marketing for investment on the part of nations and sub- or supra-national places. Findings Each of the two areas is characterized by lack of consensus as to the principal factors that affect investor and nation decisions and actions, resulting in several knowledge gaps that need to be addressed by new research along the lines suggested in the study. Research limitations/implications A large number of avenues for potential future research are identified, from assessing the importance of target country image in location choice to the adverse effects arising from the emphasis on “promotion” rather than “marketing” on the part of places engaged in nation branding efforts. Practical implications The study examines several problems that affect the practice of nation branding for FDI and points to alternative approaches that may enhance place marketers’ effectiveness in their efforts to attract foreign capital. Originality/value Notwithstanding the global growth of FDI in volume and importance, and the omnipresence of nation branding campaigns to promote exports or attract tourism and investment, there has been virtually no research to date on the core issue, nation branding for FDI. The study uses a strategic perspective that highlights key nation branding issues related to FDI, and FDI issues related to nation branding, and suggests a comprehensive agenda for research in the future.

Understanding integrated thinking: evidence from the field, the development of a framework and avenues for future research

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cristiano Busco ◽  
Fabrizio Granà ◽  
Giulia Achilli
Keyword(s):  
Design Methodology ◽  
Future Research ◽  
Research Projects ◽  
Special Issue ◽  
Content Type ◽  
Research Opportunities ◽  
Energy Company ◽  
New Research ◽  
Academic Debate

Purpose This study aims to develop a framework to systematize the emerging literature on integrated thinking and offers empirical insights on how integrated thinking has been practiced within an organization. The paper also introduces the contributions that compose the special issue “exploring integrated thinking in action: theoretical interpretations and evidence from the field” and outlines avenues for future research. Design/methodology/approach The paper critically reviews the literature on integrated thinking and proposes a framework that classifies prior studies into three areas, namely, integrated thinking and sustainable strategies; integrating thinking in practice; the concept and measures of integrated thinking. The study also provides an illustration of the ways in which integrated thinking has been adopted by a European energy company to shape and execute its purpose-driven strategy, as well as the benefits that have emerged. The paper uses the framework developed from the literature to introduce the contributions of the special issue and to suggest future research opportunities. Findings The study shows that while the literature on integrated thinking is still in its infancy, the evidence emerging from contemporary organizations supports empirical-driven research and stimulates a variety of theoretical and empirical contributions that will enable the academic debate to move forward. Originality/value The theoretical and practical insights offered by this study, together with those provided by the papers of this Meditari Accountancy Research special issue, will foster future research on integrated thinking. In particular, the framework developed in this paper may be drawn upon by researchers to plan new research projects on integrated thinking and its adoption within organizations.

Organizational learning and Industry 4.0: findings from a systematic literature review and research agenda

2020 ◽  
Vol 27 (8) ◽  
pp. 2435-2457 ◽  
Author(s):  
Ricardo Belinski ◽  
Adriana M.M. Peixe ◽  
Guilherme F. Frederico ◽  
Jose Arturo Garza-Reyes
Keyword(s):  
Organizational Learning ◽  
Literature Review ◽  
Systematic Literature Review ◽  
Industry 4.0 ◽  
Industrial Revolution ◽  
Future Research ◽  
Research Directions ◽  
Content Type ◽  
Future Research Directions ◽  
New Research

PurposeIndustry 4.0 has been one of the most topics of interest by researches and practitioners in recent years. Then, researches which bring new insights related to the subjects linked to the Industry 4.0 become relevant to support Industry 4.0's initiatives as well as for the deployment of new research works. Considering “organizational learning” as one of the most crucial subjects in this new context, this article aims to identify dimensions present in the literature regarding the relation between organizational learning and Industry 4.0 seeking to clarify how learning can be understood into the context of the fourth industrial revolution. In addition, future research directions are presented as well.Design/methodology/approachThis study is based on a systematic literature review that covers Industry 4.0 and organizational learning based on publications made from 2012, when the topic of Industry 4.0 was coined in Germany, using data basis Web of Science and Google Scholar. Also, NVivo software was used in order to identify keywords and the respective dimensions and constructs found out on this research.FindingsNine dimensions were identified between organizational learning and Industry 4.0. These include management, Industry 4.0, general industry, technology, sustainability, application, interaction between industry and the academia, education and training and competency and skills. These dimensions may be viewed in three main constructs which are essentially in order to understand and manage learning in Industry 4.0's programs. They are: learning development, Industry 4.0 structure and technology Adoption.Research limitations/implicationsEven though there are relatively few publications that have studied the relationship between organizational learning and Industry 4.0, this article makes a material contribution to both the theory in relation to Industry 4.0 and the theory of learning - for its unprecedented nature, introducing the dimensions comprising this relation as well as possible future research directions encouraging empirical researches.Practical implicationsThis article identifies the thematic dimensions relative to Industry 4.0 and organizational learning. The understanding of this relation has a relevant contribution to professionals acting in the field of organizational learning and Industry 4.0 in the sense of affording an adequate deployment of these elements by organizations.Originality/valueThis article is unique for filling a gap in the academic literature in terms of understanding the relation between organizational learning and Industry 4.0. The article also provides future research directions on learning within the context of Industry 4.0.

Competitive dynamics: Eastern roots, Western growth

2016 ◽  
Vol 23 (4) ◽  
pp. 510-530 ◽  
Author(s):  
Ming-Jer Chen
Keyword(s):  
Social Sciences ◽  
Chinese Philosophy ◽  
Competitive Dynamics ◽  
Future Research ◽  
Eastern Philosophy ◽  
Competitive Strategies ◽  
Research Issues ◽  
Content Type ◽  
Cooperative Relationships ◽  
New Research

Purpose The purpose of this paper is to bridge the understanding of apparent dichotomies such as East and West, philosophy and social sciences, and antiquity and modernity, and to continue the vibrant expansion of competitive dynamics study into the realm of East-West theoretical fusion. Design/methodology/approach The author looks to classical Chinese philosophy to discover the origins and nature of competitive dynamics. The paper develops the premise that the foundational thrusts of this contemporary Western management topic spring from ancient Eastern conceptions of duality, relativity, and time. Findings Research inroads are made along two paths. First, the paper traces the theoretical and philosophical underpinnings of competitive dynamics to Eastern thinking. Then by bridging what have customarily been perceived as fundamentally different paradigms, it reveals, in a new light, empirical findings in this strategy subfield. Research limitations/implications Linking Western management science, and specifically the study of competitive dynamics, to classical Eastern philosophy raises new research questions in the areas of international management and management education as well as competitive dynamics. In the latter, the paper suggests opportunities for exploring connections between traditional Chinese concepts and contemporary organizational and competition research issues, including competitive and cooperative relationships at the industry level. Future research may also investigate the fundamental differences and similarities between Eastern and Western philosophies, and their implications for competitive strategies. Originality/value From a relatively obscure corner of business academia, competitive dynamics now occupies a distinct place in strategic management research and is a topic of intense interest to scholars in a variety of disciplines. The usual view is that competitive dynamics fits squarely in the spectrum of social sciences, an organically home-grown area of Western study. This paper examines the topic from a distinctly different angle – through the lens of ancient Eastern philosophy – to discern deeper a deeper meaning and wider application.

Gender perspectives on university education and entrepreneurship

2015 ◽  
Vol 7 (3) ◽  
pp. 254-271 ◽  
Author(s):  
Silke Tegtmeier ◽  
Jay Mitra
Keyword(s):  
University Education ◽  
Future Research ◽  
Specific Reference ◽  
Female Entrepreneurship ◽  
Content Type ◽  
Research Engagement ◽  
Women’S Entrepreneurship ◽  
Introductory Article ◽  
Women's Entrepreneurship ◽  
New Research

Purpose – The purpose of this paper is to direct attention to recent research on women’s entrepreneurship with a focus on university education. A literature review and a summary of authors’ selected papers provide both a context for and an introduction to the articles in this special issue. Design/methodology/approach – This introduction provides an overview of the literature on female entrepreneurship with specific reference to the context of university education. Searches on Web of Science and in this journal were conducted to provide a systematic overview of the area of research. This introductory article ends with a set of propositions for future research engagement. Findings – This paper finds that the quantum of past research endeavours remains limited despite the growing significance of the subject. This paper also finds that developing a focused approach that is based on a female ontology of entrepreneurship, and one that identifies specific contexts, and appropriate methodological considerations that enable enquiry at different levels, are of value to future research. This paper offers four different propositions that address key areas or fields of entrepreneurship research. Research limitations/implications – This paper provides a unique set of propositions together with a framework which helps to both explore new knowledge creation and locate new research within the main fields of entrepreneurship while providing room for extending those fields. Practical implications – This overview provides a framework for universities and policymakers to enable them to take into consideration the critical issues of entrepreneurship in general, and female entrepreneurship in particular, when developing programmes and tools for university education. Originality/value – This paper provides a summary of the trends in research on women’s entrepreneurship with reference to university education. This leads to the development of a set of propositions and a framework for identifying and exploring new research questions that need to be addressed to close important research gaps in the field of entrepreneurship.

Does Warsaw Stock Exchange value corporate social responsibility?

2016 ◽  
Vol 12 (3) ◽  
pp. 611-622 ◽  
Author(s):  
Jacek Lipiec
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Future Research ◽  
Public Companies ◽  
Content Type ◽  
Exchange Value ◽  
Warsaw Stock Exchange ◽  
Corporate Social

Purpose This paper aims to examine the performance of corporate social responsibility (CSR) portfolio at the Warsaw Stock Exchange. Design/methodology/approach This paper uses the CSR portfolio of public companies that was selected in a three-step procedure. In total, 23 companies were selected and formed a CSR portfolio that is traded on the Warsaw Stock Exchange under the Respect Index. The Capital Asset Pricing Model (CAPM) is used to compare returns of CSR companies with respect to the market. The performance of this portfolio is measured in the period from 2010 to 2012. Findings This paper finds that the CSR portfolio measured under the Respect Index outperformed market in all time periods from 2010 to 2012. In addition, in 2010, the CSR portfolio exceptionally outperformed the market by almost 80 per cent. In 2011, even though the market was down, the CSR portfolio reported lesser losses: −0.93 vs −1.73 per cent. In the following year, the market regained and the CSR portfolio again outperformed the market by 14 per cent. This paper also finds that the CSR portfolio is more sensitive to systematic risk than to specific risk. In addition, the CSR securities move according to the market trend. Research limitations/implications The limitation of this paper is attributed to a cause-and-effect relationship. In other words, it did not answer whether adopting CSR led to higher profitability or profitability reflected an awareness of market conditions that favored the adoption of CSR. The future research should focus on this issue and indicate whether investors prioritize CSR over profits or vice versa. Practical implications The results indicate that investments in CSR portfolio companies bring abnormal returns to investors. In addition, the CSR portfolio may resist market downturns and even bring exceptional profits to investors. Originality/value This study explains the CSR portfolio’s performance on the Warsaw Stock Exchange by using the CAPM.

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