Boundary-spanning and boundary-buffering in global markets

2017 ◽  
Vol 27 (2) ◽  
pp. 161-179 ◽  
Author(s):  
Mark Lehrer ◽  
Sokol Celo
Keyword(s):  
Financial Markets ◽  
Design Methodology ◽  
Family Firms ◽  
Boundary Spanning ◽  
Internationalization Process ◽  
Product Markets ◽  
Content Type ◽  
Global Capital ◽  
Firm Internationalization ◽  
Country Specific

Purpose This paper aims to provide a novel way of thinking about firm internationalization. We offer a stylized view of family firms as internationalizers who choose to engage in “boundary-spanning” across global product markets while engaging in “boundary-buffering” to insulate themselves from global financial markets. Design/methodology/approach The case of Germany, with its large stock of internationalized family firms, shows how boundary-buffering vis-à-vis global capital markets can be compatible with successful and sustained internationalization and boundary-spanning in global product markets. Statistics are supplied. Findings To compensate for the lack of resources stemming from their abstinence from global financial markets, German family firms draw on country-specific conditions favorable to the proliferation of large internationalized family firms. Insights from the German case serve to derive propositions. Originality/value The developed concept of an internationalization pathway for family firms contrasts with the much more established concept of an internationalization process for family firms. The contrast between a “pathway” and a “process” amounts to the distinction between ends and means: the internationalization pathway (as defined here) has largely to do with strategic choice, whereas the internationalization process (as defined in the literature) focuses more on barriers to internationalization and means for overcoming them.

scholarly journals The future of financial markets and regulation: what strategy for Europe?

foresight ◽  
2014 ◽  
Vol 16 (2) ◽  
pp. 95-108 ◽  
Author(s):  
Jean-Baptiste Gossé ◽  
Dominique Plihon
Keyword(s):  
Financial Markets ◽  
Capital Market ◽  
Financial Stability ◽  
Design Methodology ◽  
Financial Integration ◽  
Content Type ◽  
Realistic Option ◽  
The Future ◽  
Unstable Environment ◽  
Insight Into

Purpose – This article aims to provide insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. Design/methodology/approach – First the authors define the potential changes in financial markets and then the tools available for the regulator to tame them. Finally, they build five scenarios according to the main evolutions observed on the financial markets and on the tools used by the regulator to modify these trends. Findings – Among the five scenarios defined, two present highly unstable features since the regulator refuses to choose between financial opening and independently determining how to regulate finance in order to preserve financial stability. Three of them achieve financial stability. However, they are more or less efficient or feasible. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst, because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: this level of coordination seems much more realistic than the global one; the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the “European government” might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world. Originality/value – Foresight studies on financial markets and regulation are quite rare. This may be explained by the difficulty to forecast what will be their evolution in the coming decades, not least because finance is fundamentally unstable. This paper provides a framework to consider what could be the best strategy of regulators in such an unstable environment.

The strength of the board on sustainability assurance decisions

2017 ◽  
Vol 24 (4) ◽  
pp. 863-886 ◽  
Author(s):  
Jennifer Martinez-Ferrero ◽  
Lázaro Rodríguez-Ariza ◽  
Isabel María García-Sánchez
Keyword(s):  
Random Effects ◽  
Design Methodology ◽  
Family Firms ◽  
Positive Impact ◽  
Family Businesses ◽  
Family Ownership ◽  
Logit Models ◽  
Board Size ◽  
Content Type ◽  
Sustainability Reports

Purpose The purpose of this paper is to analyze how family ownership influences the strength of the board’s monitoring function in companies’ decisions regarding the assurance of sustainability reports. Design/methodology/approach The international sample consists of 536 companies operating in more stakeholder-oriented countries during the period 2007-2014. The paper proposes alternative logit models of analysis using the random-effects estimator. Findings The results provide evidence that a firm’s sustainability assurance and its choice of accounting professionals as higher quality assurers are positively associated with board size and independence. The main result is the positive impact of family businesses on these assurance issues. The paper evidences the greater orientation toward sustainability issues of family businesses. Furthermore, it verifies the greater impact of board size on family firms’ assurance demand. Originality/value This study sheds some light on the unexplored topic of sustainability assurance in family firms. One of the differentiating aspects with respect to previous studies is the consideration of the moderating factor of family property. This study also contributes to the understanding of family firms’ demand for assurance and its practitioners, and the literature’s focus on its determinants.

The impact of blacklists on external deposits: one size does not fit all

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michael Jonsson ◽  
Jan Pettersson ◽  
Christian Nils Larson ◽  
Nir Artzi
Keyword(s):  
Growth Rate ◽  
Design Methodology ◽  
Descriptive Statistics ◽  
Comparable Data ◽  
Patriot Act ◽  
Content Type ◽  
Probable Impact ◽  
The Impact ◽  
Practical Implications ◽  
Country Specific

Purpose This study aims to measure the impact of the Non-Cooperative Countries and Territories, Organization for Economic Cooperation and Development and US PATRIOT Act Section 311 blacklists on external deposits from blacklisted jurisdictions into BIS reporting countries in 1996–2008, a period when anti-money laundering-related actions were consistently less stringent than post-2010, to see whether they had an effect even absent the threat of sizable financial fines. Design/methodology/approach The study uses descriptive statistics and bivariate and multivariate regressions to analyze the probable impact from blacklists on non-bank external deposits. The country sample is divided into offshore financial centers (OFCs) and non-OFCs and includes 158 non-listed countries. The impact of the blacklists is tested both jointly and individually for the respective blacklists. Findings The authors find mixed impact from jurisdictions being blacklisted on the growth rate of stocks of deposits into BIS reporting countries. Effects are often zero, negative in several cases and positive in some cases. This is consistent with the “stigma effect” and the “stigma paradox” in the literature. An overall impact from blacklisting is difficult to discern. Different blacklists had different effects, and the same blacklist impacted countries differently, illustrating the importance of disaggregating the analysis by individual countries. Research limitations/implications Interpretation of these data is limited by the absence of comparable data on non-resident deposits in blacklisted jurisdictions. Practical implications The impact of a blacklist depends in part on the structure of the listed jurisdictions’ economies, implying that country-specific sanctions may be more effective than blacklists. Originality/value This is one of the very few papers to date to rigorously test the impact of blacklists on external deposits.

The effect of auditor narcissism on audit market competition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hojat Mohammadi ◽  
Mahdi Salehi ◽  
Meysam Arabzadeh ◽  
Hassan Ghodrati
Keyword(s):  
Financial Markets ◽  
Significant Relationship ◽  
Design Methodology ◽  
Audit Quality ◽  
Stock Exchange ◽  
Market Competition ◽  
Competitive Pressure ◽  
Content Type ◽  
Listed Firms ◽  
Audit Market

Purpose This paper aims to assess auditor narcissism’s effect on audit market competition (auditor concentration, clients’ concentration and competitive pressure). Design/methodology/approach This paper’s method is descriptive-correlational based on published information from listed firms on the Tehran Stock Exchange from 2012 to 2018 using a sample of 188 firms (1,310 observations). The method used for hypothesis testing is linear regression using panel data. Findings The results show a negative and significant relationship between auditor narcissism and audit market competition and its indices, including auditor concentration, clients’ concentration and competitive pressure. Moreover, a positive and significant relationship was observed between audit quality and audit market competition and its indices, including auditor concentration, client concentration and competitive pressure. Originality/value To analyzes competition indices in the audit market (auditor concentration, clients’ concentration and competitive pressure). The variable is assessed once more using the exploratory factor analysis of the so-called three variables single variable, named audit market competition. So the central question of the study is investigated within a broader sense. Moreover, as the present study is carried out in the emergent financial markets with extremely competitive audit markets to figure out the effect of auditors’ intrinsic characteristics on such markets’ competitiveness, it can provide useful information in this field.

A guide on empirical tests of the EMH

2019 ◽  
Vol 18 (2) ◽  
pp. 268-295
Author(s):  
David Peón ◽  
Manel Antelo ◽  
Anxo Calvo
Keyword(s):  
Financial Markets ◽  
Design Methodology ◽  
Recent Literature ◽  
Asset Price ◽  
Efficient Market Hypothesis ◽  
Price Formation ◽  
Content Type ◽  
Economic Fundamentals ◽  
Empirical Tests ◽  
Available Information

Purpose The efficient market hypothesis (EMH) states that asset prices in financial markets always reflect all available information about economic fundamentals. The purpose of this paper is to provide a guide as to which predictions of the EMH seem to be borne out by empirical evidence. Design/methodology/approach Rather than following the classic three groups of tests for the different forms of EMH that are common in the literature, the authors consider how the two alternative definitions of the EMH and the joint hypothesis problem impact on the tests and leave the controversy unsolved. The authors briefly report the antecedents, the main theoretical and empirical contributions and recent literature on each type of tests. Findings Eventually, as a summary for each type of tests, the authors provide a critical view on the main sources of acrimony between the alternative schools of thought in understanding asset price formation. Originality/value The paper may be seen as an up-to-date introductory review for researchers on the different tests of the EMH performed, and for newcomers to understand the key sources of acrimony between rationalists and behaviorists.

Advancing the multidimensional approach to family business professionalization

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gülçin Polat
Keyword(s):  
Organizational Structure ◽  
Work Environment ◽  
Family Business ◽  
Design Methodology ◽  
Family Firms ◽  
Academic Research ◽  
Multidimensional Approach ◽  
Content Type ◽  
Multidimensional Construct ◽  
Definition Of

PurposeAlthough it has been implicitly or explicitly assumed that family business professionalization is indeed a multidimensional construct, there has been a tendency to confine it to the employment of nonfamily managers and delegating authority in academic research. Dekker et al. (2013) have made an impressive work in untangling the multidimensional structure of family business professionalization. This paper aims to introduce a more comprehensive multidimensional approach and a framework to understand and study family business professionalization by identifying additional dimensions.Design/methodology/approachThe conceptual framework relies on insights derived from the literature on family business professionalization, occupational professionalism and organizational professionalism to reveal the broader multidimensionality of family business professionalization.FindingsThe proposed framework extends the definition of family business professionalization and offers additional dimensions which were grouped under five overarching headings: professionalization of management, professionalization of organizational structure, processes and operations, professionalization of family's relationship with business, professionalization of employees and professionalization of work environment and culture.Originality/valueThis paper contributes to the literature by providing a wider approach for the understanding of family business professionalization. It presents a new way of thinking about family business professionalization, underlining the importance of employees and organizational culture for the professionalization process in family firms.

Contrasting cybersecurity implementation frameworks (CIF) from three countries

2019 ◽  
Vol 27 (3) ◽  
pp. 373-392
Author(s):  
Adenekan Dedeke ◽  
Katherine Masterson
Keyword(s):  
Risk Management ◽  
Design Methodology ◽  
Document Analysis ◽  
Decision Makers ◽  
The Other ◽  
Management Approach ◽  
Content Type ◽  
Assessment Matrix ◽  
Comprehensive Framework ◽  
Country Specific

Purpose This paper aims to explore the evolution of a trend in which countries are developing or adopting cybersecurity implementation frameworks that are intended to be used nationally. This paper contrasts the cybersecurity frameworks that have been developed in three countries, namely, Australia, UK and USA. Design/methodology/approach The paper uses literature review and qualitative document analysis for the study. The paper developed and used an assessment matrix as its coding protocol. The contents of the three cybersecurity frameworks were then scored to capture the degree to which they covered the themes/items of the cybersecurity assessment matrix. Findings The analysis found that the three cybersecurity frameworks are oriented toward the risk management approach. However, the frameworks also had notable differences with regard to the security domains that they cover. For example, one of the frameworks did not offer guidelines with regard to what to do to respond to attacks or to plan for recovery. Originality/value The results of this study are beneficial to policymakers in the three countries targeted, as they are able to gain insights about how their cybersecurity frameworks compares to those of the other two countries. Such knowledge would be useful as decision-makers take steps to improve their existing frameworks. The results of this study are also beneficial to executives who have branches in all three countries. In such cases, security professionals could deploy the most comprehensive framework across all three countries and then extend the deployment in each location to meet country-specific requirements.

Passing on the legacy: exploring the dynamics of succession in family businesses in Pakistan

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asma AbdulRahim Chang ◽  
Muhammad Shujaat Mubarik ◽  
Navaz Naghavi
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Design Methodology ◽  
Family Firms ◽  
Family Members ◽  
Family Businesses ◽  
Content Type ◽  
Traditional Family ◽  
Interviewing Technique

PurposeBy taking the theory of entrepreneurial legacy as the baseline, this study explores the various aspects of succession planning in indigenous family businesses especially the role of female family members in succession and conflicts in family businesses.Design/methodology/approachThe study is qualitative in nature and adopts narrative inquiry to explore the aspects of succession planning. In doing so, the study utilizes an in-depth interviewing technique with nine participants who run their family-owned firms which are mostly in their second or third generation for analysis.FindingsThe findings are concurrent with the literature that indicates a lack of strategic succession planning although ordinary or natural succession does occur in some firms. The study also reports a lack of consideration for female members in succession, daughters in particular, for traditional family firms (FFs) in contrast to entrepreneurial FFs.Research limitations/implicationsThe study has many implications for family-owned firms in Pakistan as they need to align their family business with the theory of entrepreneurial legacy and its three strategic activities in order to ensure the longevity of their business.Originality/valueExploring how succession planning takes place in family indigenous family businesses and what is the role of female family members in succession and conflicts in family businesses are original contributions of this study.

Third-country nationals as intercultural boundary spanners in multinational corporations

2020 ◽  
Vol 28 (4) ◽  
pp. 521-547
Author(s):  
Christoph Barmeyer ◽  
Volker Stein ◽  
Jenny Marie Eberhardt
Keyword(s):  
Multinational Corporations ◽  
Design Methodology ◽  
Boundary Spanning ◽  
Theoretical Background ◽  
Third Party ◽  
Boundary Spanners ◽  
Structured Interviews ◽  
Content Type ◽  
Intercultural Management ◽  
Third Country Nationals

Purpose This paper aims to investigate the central roles, functions and competences of third-country nationals (TCNs) in intercultural boundary spanning in multinational corporations (MNCs): Why are TCNs particularly important for reducing complexity at the overlapping functional, geographic and external boundaries of MNCs with their related interferences and which role do they play as boundary spanners in cross-boundary collaboration? Design/methodology/approach After introducing the theoretical background on boundary spanning and TCNs, the methodology applied in this paper is a theory-driven, qualitative approach based on 13 in-depth semi-structured interviews with TNCs conducted in 10 MNCs. Findings The authors aggregate TCNs’ activities into four roles: disembedded cosmopolitan, intermediary, third party and team-related boundary spanner. They show that TCNs tend to understand the complex intercultural context between headquarters and subsidiaries, balance power asymmetries, use their in-between neutrality to create trust, and act in an interculturally highly competent way by using a great variety of intercultural and linguistic skills. The TCNs’ meta-competence permits a higher level, intellectual and abstract perspective, enabling TCNs to consider structures, objects and interactions from an affective distance. Research limitations/implications The differences between TCNs and “regular” expatriates or other interface managers are examined and methodological limitations as well as research implications are critically discussed. MNCs can intentionally assign TCNs with their related competence profiles when expecting boundary-spanning tasks. Originality/value This paper is one of the few published that undergirds the TCN concept with empirical data and illustrates the suitability of specific role-takers such as TCNs for some complex challenges in international and intercultural management settings.

Estimation of Armington elasticities for trade-policy analysis

2020 ◽  
Vol 13 (1) ◽  
pp. 21-35
Author(s):  
Kai Liu ◽  
Masato Yamazaki ◽  
Atsushi Koike
Keyword(s):  
Panel Data ◽  
Trade Policy ◽  
Design Methodology ◽  
Policy Study ◽  
Policy Studies ◽  
Individual Country ◽  
Content Type ◽  
World Average ◽  
The World ◽  
Country Specific

Purpose The purpose of this paper is to compare the Armington elasticities for world average values and country-specific values and obtain evidence for whether the world average elasticities and the “rule of two”, which have been applied in many papers, are accurate for cereals in trade policy studies related to an individual country. Design/methodology/approach The authors use panel data with a nested model to estimate and compare Armington elasticities based on world average values and country-specific values from 10 countries and regions. Findings The results suggest that cereals’ elasticities vary between world average values and country-specific values, and the “rule of two” is not strictly applicable. In fact, the “less than two” concept fits well in many cases. Originality/value This study sheds light on the effects of country heterogeneity on the elasticities and the accuracy of using world average elasticities in a trade policy study for an individual country. In addition, this paper offers estimated values of country-specific elasticities for 10 countries and regions.

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