The impact and implications of SWFs: a systematic review of literature

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Roshni Garg ◽  
Abha Shukla
Keyword(s):  
Initial Public Offerings ◽  
Future Research ◽  
Sovereign Wealth Funds ◽  
Content Type ◽  
Public Offerings ◽  
Target Firms ◽  
Governance Practices ◽  
Internationalization Strategies ◽  
Future Research Directions ◽  
The Impact

Purpose This paper aims to systematically review all available evidence on the implications of sovereign wealth funds (SWFs) for various stakeholders (recipients of sovereign investment, home countries, which incorporate SWFs and the world at large) and offer future research directions. Design/methodology/approach A systematic literature review (SLR) technique is used to review 102 handpicked articles for the period 2005‐2019. Findings This review reveals that the literature on the impact of SWFs emerged only during the financial crisis of 2008–2011 and much of it is qualitative in nature. The literature is lopsidedly focused on the impact of SWFs on target firms and there has been a limited empirical investigation of the impact on other stakeholders. There is a lack of consensus in several areas, which calls for additional research. Few areas, which have not been addressed in the literature and can be taken up by future researchers include the impact of SWFs on macroeconomic fundamentals and stock markets of recipient countries, especially emerging economies; implications of SWFs for alternative asset classes; impact on the welfare of citizens and internationalization strategies of home countries; impact on initial public offerings and unlisted corporations; and impact on innovativeness, efficiency and corporate governance practices of target firms. Originality/value To the best of the authors’ knowledge, this is the first paper to use the SLR technique to review the literature on SWFs. It considers the impact of SWFs on all stakeholders and covers both qualitative and quantitative literature published over a long period of 2005‐2019. It also systematizes all available evidence on this theme and identifies important research gaps, which may be helpful for academicians, practitioners and policymakers.

IPO underpricing in the insurance industry and the effect of Sharia compliance

2016 ◽  
Vol 9 (3) ◽  
pp. 314-332 ◽  
Author(s):  
Zakaria Boulanouar ◽  
Faisal Alqahtani
Keyword(s):  
Initial Public Offerings ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Future Research ◽  
Major Drawback ◽  
Content Type ◽  
Public Offerings ◽  
Insurance Sector ◽  
Monopsony Power ◽  
The Impact

Purpose The purpose of this paper is to explore the existence of underpricing in the cooperative insurance sector in the Saudi Arabian market and to examine whether Sharia compliance requirements have an impact on the level of underpricing. Design/methodology/approach Underpricing and the effect of Sharia compliance are analysed using a comprehensive sample of 33 insurance companies with data collected between 2007 and 2013, after taking into account market movements, as well as some factors well-known in the literature. Findings The authors find that underpricing not only exists but also is among the highest in the world (455 per cent), which contradicts the literature on initial public offerings (IPOs)’ pricing in highly regulated sectors. In light of one of the other findings of the authors, namely, the small number of insurance underwriters, the authors attribute these very high levels of underpricing in part to the monopsony power of insurance underwriters in Saudi Arabia. Regarding the Sharia compliance effect, they find that it does not significantly reduce the underpricing of insurance offerings. The authors interpret this as the fact that Sharia status might not be taken into account by underwriters when they price the offerings of insurance companies, due to a major drawback in the implementing regulations of cooperative insurance which have been highly criticised by practitioners. Research limitations/implications Future research should try to include more factors that might explain the underpricing and its determinants. Two important recommendations flowing from this study for regulatory and supervisory institutions are the need to improve disclosure and transparency conditions and to work towards reducing the monopsony power enjoyed by the underwriters. As for Sharia effect, the Saudi central bank should resolve the issue of Sharia compliance by adopting one of the Sharia-friendly models suggested by Islamic finance scholars, such as wakala or mudaraba. Originality/value To the best of authors’ knowledge, this paper is among the first to offer empirical evidence of the impact of Sharia compliance on the initial return of the IPOs of cooperative insurance firms.

The role of Guanxi on international business-to-business relationships: a systematic review and future directions

2019 ◽  
Vol 35 (7) ◽  
pp. 1125-1140 ◽  
Author(s):  
Birce Dobrucalı
Keyword(s):  
Systematic Review ◽  
Social Exchange ◽  
International Business ◽  
Future Research ◽  
Research Directions ◽  
Content Type ◽  
Future Research Directions ◽  
The Subject ◽  
The Impact ◽  
Business To Business

Purpose This paper aims to provide a comprehensive and systematic review of the extant empirical body of knowledge regarding the impact of Guanxi on international Business-to-Business (B-to-B) relationships. Design/methodology/approach After the collection and refinement of studies that appeared in marketing, business and management literature during 1995-2018 period, a systematic review was conducted to discover the current situation and future research directions on the subject. Findings Theoretically, vast majority of the reviewed studies lacked a theoretical foundation, with the remainder anchored primarily on the resource-based view, social network theory and social exchange theory. Methodologically, Ganqing, Xinren and Mianzi are the most frequently investigated dimensions, whereas Renqing is the least investigated dimension. Data are mostly obtained from both Chinese and Western counterparts through survey and analyzed through univariate and multivariate data analysis techniques. Empirically, extant research focused on many diverse outcomes including trust, financial performance, cooperation, satisfaction, time orientation, opportunism and liability of foreignness, while under-examining the drives of Guanxi. Research limitations/implications This study provides a synthesis of extant line of research on the subject that are published in peer-reviewed international journals, which publish research in English. A meta-analysis may be conducted for providing a further detailed framework. Originality/value This study contributes to international marketing literature by providing an in-depth and synthesized inventory of knowledge to scholars; deriving a comprehensive analysis of theoretical foundations, methodological approaches and findings addressed by scholars in the field; noticing theoretical, methodological and empirical gaps to be examined; and providing future research directions.

Initial public offerings and air pollution: evidence from China

2015 ◽  
Vol 9 (1) ◽  
pp. 99-114 ◽  
Author(s):  
Yan Luo ◽  
Xiaolin Qian ◽  
Jinjuan Ren
Keyword(s):  
Air Pollution ◽  
Corporate Governance ◽  
Initial Public Offerings ◽  
Ambient Air ◽  
Environmental Conservation ◽  
Policy Implications ◽  
Chinese Government ◽  
Content Type ◽  
Public Offerings ◽  
The Impact

Purpose – The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and regulatory bodies have become more responsive to environmental conservation problems. However, existing literature has not adequately addressed the question of whether and how firms’ business activities influence the environment. Design/methodology/approach – Using the daily air pollution indices of 120 Chinese cities from 2001 to 2012, this study found that air pollution is alleviated after firms’ initial public offerings (IPOs). This paper proposes that firms’ IPOs influence the ambient air pollution through three channels: production scale, technical reform and corporate governance effects. Findings – The authors of this study found that the proceeds acquired in IPOs result in enlarged production scales that increase pollution, while the investment of these proceeds in social responsibility-related technical reform and enhanced corporate governance reduce pollution. Moreover, the authors discover that firms with a higher state ownership emit fewer pollutants, thus supporting the positive monitoring role of the Chinese government. Originality/value – Although this study investigates the impact of IPOs on air quality in China, the proposed analytical framework also applies to studies of other financing activities in global markets. This study has important policy implications for government regulations in environmental controls.

The impact of the quality of VC financing and monitoring on the survival of IPO firms

2017 ◽  
Vol 43 (4) ◽  
pp. 440-451 ◽  
Author(s):  
Sophie Pommet
Keyword(s):  
Initial Public Offerings ◽  
Survival Rates ◽  
Venture Capitalist ◽  
Venture Capitalists ◽  
Content Type ◽  
Public Offerings ◽  
Advantages And Disadvantages ◽  
Short Run ◽  
The Impact

Purpose The purpose of this paper is to analyze the impact of venture capital (VC) involvement on the survival rate of French initial public offerings (IPOs) during the period 1996-2006. The paper examines the link between the survival rates of IPO companies, and several proxies for the quality of venture capitalist financing and monitoring. Design/methodology/approach To analyze the impact of the involvement of VC on both long and short run post-IPO survival, two methods are used: survival analysis (the Cox proportional hazard), and a logit model. Findings This paper shows that the quality of venture capitalist monitoring, measured by the duration of their investment before the IPO, is positively correlated with company survival rates. However, the author does not find the expected result when the author considers the experience of venture capitalists measured by their age. Research limitations/implications The findings are limited to a sample of VC-backed companies that went public. Practical implications The findings have implications for entrepreneurs. When analyzing the advantages and disadvantages linked to the presence of VC firms in the capital of their companies, entrepreneurs should consider that certain types of venture capitalists might be more or less able to be involved in the monitoring and value adding process. Originality/value To date, there is no comprehensive study on the French IPO market analyzing both long and short run post-IPO survival of VC-backed companies. This paper fills this gap.

Understanding the selfie phenomenon: current insights and future research directions

2016 ◽  
Vol 50 (9/10) ◽  
pp. 1773-1788 ◽  
Author(s):  
Weng Marc Lim
Keyword(s):  
Social Media ◽  
Future Research ◽  
Research Directions ◽  
Content Type ◽  
Marketing Performance ◽  
The Social ◽  
Future Research Directions ◽  
Marketing Tool ◽  
The Impact

Purpose This paper aims to define the conceptual boundary of the selfie and to discuss the role of the selfie in the social media marketplace. Design/methodology/approach This paper extensively reviews and draws themes from the extant literature on consumer identities in the social media marketplace to explain the selfie phenomenon and to identify potentially fruitful directions for further research. Findings Current insights into the selfie phenomenon can be understood from socio-historical, technological, social media, marketing and ethical perspectives. Research limitations/implications Despite the limitations of a general review (e.g. absence of empirical data and analysis), this paper identifies multiple avenues to extend existing lines of inquiry on the selfie phenomenon. Thus, this paper should encourage further research on the topic in the academic and scientific community. Practical implications The selfie can be used as a marketing tool to improve marketing performance and accomplish marketing-related goals. Originality/value This paper sheds light on how marketing academics and practitioners can better understand the impact of the selfie in the social media marketplace.

Do sponsors and democratic government influence the flipping activity of Pakistan IPO? Evidence from developing market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayesha Anwar ◽  
Rasidah Mohd-Rashid ◽  
Norliza Che Yahya ◽  
Chui Zi Ong
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Accurate Information ◽  
Cross Sectional ◽  
Content Type ◽  
Democratic Government ◽  
Public Offerings ◽  
Trading Volumes ◽  
The Impact ◽  
The Relationship

Purpose This study aims to examine the impact of sponsors and democratic government on the flipping activity of initial public offerings (IPOs). Design/methodology/approach Based on the sample of 95 IPOs listed on the Pakistan Stock Exchange between January 2000 and December 2019, this study used multiple cross-sectional regression to examine the relationship between sponsors and democratic government on flipping activity. Findings The findings indicate a significant negative association between sponsors and the flipping activity of IPOs. Sponsor(s) signal quality by trying to share accurate information about company values. As a result, the confidence of rational investors in the company’s future prospectus increases and they hold their shares for future gains, which reduces the flipping activity. Also, democratic government, along with sponsors' participation, provides investors with liquidity immediately after listing. Practical limitations/implications The findings of this study have implications for investors as they may assist them make informed decisions about whether or not to invest in an IPO with high sponsor(s) ownership. In addition, issuers should consider the disclosure of sponsor information(s) as such information may directly affect the first day’s trading volumes. Originality/value To the best of the authors’ knowledge, this is the first research study that explores the correlation between sponsors and democratic government and flipping activity of IPO. This study is important for investors and issuers.

Moderating effect of investor demand: privatized IPOs and flipping activity in the Pakistan IPO market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayesha Anwar ◽  
Rasidah Mohd-Rashid
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
High Volume ◽  
Least Square ◽  
Valuable Insight ◽  
Trading Behavior ◽  
Content Type ◽  
Public Offerings ◽  
Price Performance ◽  
The Impact

Purpose The purpose of this paper is to examine the impact of privatized initial public offerings (IPOs) on flipping activity in the Pakistan IPO market. Design/methodology/approach This study sampled 95 IPOs listed on the Pakistan stock exchange over the period of 2000 to 2019. The ordinary least square technique and quantile regression were used to examine the impact of privatized IPO on flipping activity. Findings The present study finds that privatization affects flipping activity and creates a quality signal in Pakistan’s IPO market. The findings of this study also show that privatized IPOs were subjected to high levels of flipping activity compared to non-privatized IPOs. Additionally, investors’ demand has been found to moderate the relationship between privatized IPOs and flipping activity in Pakistan’s IPO market. Research limitations/implications Based on the fact that the sample consists of a combination of privatized and non-privatized IPOs, the results provide valuable insight into factors that may lead to unusual trading behavior/flipping during the first day of listing. Originality/value Despite several studies on events (e.g. short- and long-term price performance) around IPO, there is little evidence on how privatized IPOs affect flipping activity, which is a high volume of trading immediately after listing.

What older adults do in online communities when they co-create and co-destruct value

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mostafa Kamalpour ◽  
Rebekah Eden ◽  
Rehan A. Syed ◽  
Laurie Buys ◽  
Amina Tariq ◽  
...  
Keyword(s):  
Older Adults ◽  
Online Community ◽  
Service Providers ◽  
Theoretical Perspective ◽  
Well Being ◽  
Service Science ◽  
Future Research ◽  
Content Type ◽  
Future Research Directions ◽  
The Impact

Purpose This study aims to explain the value co-creation and co-destruction practices of older adults in an online community (OC). Design/methodology/approach Adopting practice theory and service-dominant logic as a theoretical perspective, this paper examined an OC of older adults by conducting an inductive thematic analysis of the interactions of the participants in the community. Findings The analysis revealed older adults engage with three value co-creation plus one value co-destruction practices in the OC including, communal coping practices, happiness creation practices, social capital generation practices and disparaging practices for older adults. Research limitations/implications Illustrated in a conceptual model, this study extends previous work evidencing OCs serve as a platform for value co-creation and value co-destruction activities in the context of older adults. Further, it suggests OCs facilitate resilience of older adults through value co-creation practices. Recognition of value co-destruction in OCs is critical as it is detrimental to the resilience of older adults. This study provides the needed foundation to advance knowledge on the use of OCs by older adults and suggests future research directions. Practical implications Identifying co-creation and co-destruction practices of older adults in OCs enables service providers (e.g. caregivers) to engage better in online value co-creation practices. Further, the findings of this study address one of the main priorities of service science to investigate the impact of value co-creation on well-being. Originality/value Identifying co-creation and co-destruction practices of older adults in OCs enables service providers (e.g. caregivers) to engage better in online value co-creation practices. Further, the findings of this study address one of the main priorities of service science to investigate the impact of value co-creation on well-being.

Opportunistic earnings management during initial public offerings: evidence from India

2016 ◽  
Vol 15 (3) ◽  
pp. 352-371 ◽  
Author(s):  
Rachappa Shette ◽  
Sudershan Kuntluru ◽  
Sunder Ram Korivi
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Market Performance ◽  
Discretionary Accruals ◽  
Content Type ◽  
Public Offerings ◽  
Earnings Performance ◽  
The Impact

Purpose This paper aims to examine the impact of initial public offerings (IPO)-year opportunistic earnings management on long-term market and earnings performance. Design/methodology/approach A sample of 150 book-built IPOs over 2001-2006 are analysed based on industry adjusted return on sales and industry adjusted return on assets for six post-IPO years. The quality of earnings is measured in two ways using discretionary accruals and Beneish manipulation score. Modified Jones model is used to estimate the expected accruals and to compute the discretionary accruals for each IPO firm year. Regression model is used to examine the impact of IPO-year quality of earnings on future earnings performance. Findings The paper finds that earnings and market performance of IPO companies are abnormally higher in the IPO-year, as compared to the post-IPO years. Similarly, the quality of earnings during the IPO-year is lower than those in the post-IPO years. The results also show that the opportunistic earnings management in IPO-year has significant negative impact on the long-term adjusted earnings and market performance. Research limitations/implications The present study is confined to the period from 2001 to 2006 for the purpose of post-IPO analysis for a period of six post-IPO years. Thus, the conclusions of this study are to be viewed with this limitation. Originality/value This paper is the first study based on the Indian context to examine the relationship between the quality of earnings of the IPO firm and long-term earnings and market performance.

Life cycle assessment of anaerobic digestion systems

2019 ◽  
Vol 31 (3) ◽  
pp. 683-711
Author(s):  
Gahana Gopal ◽  
Manikprabhu Dhanorkar ◽  
Sharad Kale ◽  
Yogesh B. Patil
Keyword(s):  
Energy Efficiency ◽  
Literature Review ◽  
Biogas Production ◽  
Future Research ◽  
Research Directions ◽  
Content Type ◽  
Factors Affecting ◽  
Biogas Plants ◽  
Future Research Directions ◽  
The Impact

Purpose It is well known that sustainability is the ideal driving path of the entire world and renewable energy is the backbone of the ongoing initiatives. The current topic of argument among the sustainability research community is on the wise selection of processes that will maximize yield and minimize emissions. The purpose of this paper is to outline different parameters and processes that impact the performance of biogas production plants through an extensive literature review. These include: comparison of biogas plant efficiency based on the use of a diverse range of feedstock; comparison of environmental impacts and its reasons during biogas production based on different feedstock and the processes followed in the management of digestate; analysis of the root cause of inefficiencies in the process of biogas production; factors affecting the energy efficiency of biogas plants based on the processes followed; and the best practices and the future research directions based on the existing life cycle assessment (LCA) studies. Design/methodology/approach The authors adopted a systematic literature review of research articles pertaining to LCA to understand in depth the current research and gaps, and to suggest future research directions. Findings Findings include the impact of the type of feedstock used on the efficiency of the biogas plants and the level of environmental emissions. Based on the analysis of literature pertaining to LCA, diverse factors causing emissions from biogas plants are enlisted. Similarly, the root causes of inefficiencies of biogas plants were also analyzed, which will further help researchers/professionals resolve such issues. Findings also include the limitations of existing research body and factors affecting the energy efficiency of biogas plants. Research limitations/implications This review is focused on articles published from 2006 to 2019 and is limited to the performance of biogas plants using LCA methodology. Originality/value Literature review showed that a majority of articles focused mainly on the efficiency of biogas plants. The novel and the original aspect of this review paper is that the authors, alongside efficiency, have considered other critical parameters such as environmental emission, energy usage, processes followed during anaerobic digestion and the impact of co-digestion of feed as well. The authors also provide solid scientific reasoning to the emission and inefficiencies of the biogas plants, which were rarely analyzed in the past.

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