DETERMINANTS OF CAPITAL STRUCTURE IN NEW VENTURES: EVIDENCE FROM SWEDISH LONGITUDINAL DATA

2006 ◽  
Vol 11 (04) ◽  
pp. 277-296 ◽  
Author(s):  
DANIEL ÖRTQVIST ◽  
ERYADI K. MASLI ◽  
SHEIKH F. RAHMAN ◽  
CHRISTOPHER SELVARAJAH
Keyword(s):  
Longitudinal Data ◽  
Capital Structure ◽  
Structural Equation ◽  
New Ventures ◽  
Group Analysis ◽  
Early Years ◽  
Equation Modeling ◽  
Short Term ◽  
The Difference

The early years are seen as a crucial period for the survival of ventures and yet only a limited number of studies have focused on successful new ventures when studying capital structure. Furthermore, only a few studies have included longitudinal data, tracking ventures over time, or have elaborated on the difference between short-term and long-term debt ratios when studying capital structure. In this paper, hypotheses are developed, based on capital structure theories and literature on new venture financing, and are tested on longitudinal empirical data. Results of multivariate analysis, through structural equation modeling, reveals that: (1) asset structure assists in explaining the variance in capital structure; (2) explained variance in dependent variables is decreasing for each of the four years studied; and (3) multi-group analysis reveals that the determinants influence short-term and long-term debt differently in the first four years of venture existence. Implications of this study suggest that determinants of capital structure in new ventures require theorizing of its own and demand special attention in entrepreneurial policy-making.

scholarly journals Virtual Worlds, Virtual Reality, and Augmented Reality: Differences in Purchase Intentions Based on Types, Users, and Sex

2017 ◽  
Vol 10 (1) ◽  
Author(s):  
Angie marie Cox ◽  
Indira Guzman ◽  
Sikha Bagui ◽  
Kenneth Cromer
Keyword(s):  
Virtual Reality ◽  
Augmented Reality ◽  
Virtual Worlds ◽  
Structural Equation ◽  
Reasoned Action ◽  
Group Analysis ◽  
Purchase Intentions ◽  
Equation Modeling ◽  
Practical Applications ◽  
The Difference

This paper discusses the disparity between two Virtual World (VW) users groups: Social and Game-oriented users. It highlights the difference between the distinct players' behaviors and their purchase intentions in VWs. It then examines the differences in the sexes. The findings are applied to possible conditions in Augmented Reality (AR) and Virtual Reality (VR). This paper sheds light on consumers’ behaviors and markets in VWs, AR and VR to increase understanding of a popular pastime and an activity that has an abundance of practical applications. The backbone of the study comes from the Theory of Reasoned Action (TRA) and Flow Theory to explain how the different VW user attributes, such as skill and challenge, play a role in VW purchase intentions. This paper uses a data sample and modified model from Cox (2016) to find significant sex differences between the Social-oriented users and Game-oriented users, by using bootstrapping and Partial Least Squares (PLS), Structural Equation Modeling (SEM), and multi-group analysis. Female Game-oriented users were found to have a stronger relationship between their challenge levels to their VW shopping subjective norms (SN) than male Game-oriented users, while Social-oriented users displayed no significant variances. This means VW, AR and VR game designers, businesses, and researchers should recognize differences in the groups, to design and strategize ways to maximize female Game-oriented players' challenge level in order to flourish VW SN and overall lead to increased sales.

scholarly journals Enterprise characteristics, capital structure and operational performance: The case of listed enterprises in Vietnam

2016 ◽  
Vol 13 (4) ◽  
pp. 529-534
Author(s):  
Doan Ngoc Phi Anh
Keyword(s):  
Capital Structure ◽  
Structural Equation ◽  
Stock Exchange ◽  
State Ownership ◽  
Operational Performance ◽  
Equation Modeling ◽  
Long Run ◽  
Negative Effect ◽  
Positive Effect

This paper examines the relationship between enterprise characteristics, capital structure and operational performance among a sample of 592 companies listed on the Vietnamese stock exchange during the three years 2012-2014. Whilst most previous studies in this area have used multiple regression as the main method of analysis, the paper follows the examples of Titman and Wessels (1988) and Chang et al. (2009) and adopts a structural equation modeling (SEM) approach. Specifically, path analysis was employed to analyze simultaneous relationships among the various variables. The results suggest that for listed enterprises in Vietnam, operational performance has a negative effect on both of the measures of capital structure considered, namely long-term debt/total assets ratio (LDR) and short-term debt/total assets ratio (SDR), while the extent of state ownership has a positive effect on LDR and enterprise age has a positive effect on SDR only. The ratio of long-run to total assets affects the two capital structure measures in opposite ways: the effect is positive on LDR and negative on SDR. The evidence was considered to be inconclusive on the question of direction of causality between operational performance and LDR.

Workplace spirituality, employee wellbeing and intention to stay

2019 ◽  
Vol 33 (1) ◽  
pp. 28-44
Author(s):  
Nimitha Aboobaker ◽  
Manoj Edward ◽  
Zakkariya K.A.
Keyword(s):  
Career Choice ◽  
Structural Equation ◽  
Group Analysis ◽  
Workplace Spirituality ◽  
Well Being ◽  
Equation Modeling ◽  
Job Outcomes ◽  
Intention To Stay ◽  
Content Type ◽  
The Difference

PurposeThe purpose of this paper is to examine the influence of workplace spirituality on employee well-being and intention to stay with the organization among teachers in technical higher education institutions. Furthermore, the study endeavors to test the difference in model estimates across two groups of teachers who differ in their intentional career choice.Design/methodology/approachThis descriptive study was conducted amongst a sample of 523 teachers working in technical educational institutions in India. Self-reporting questionnaires were administered among the respondents, who were selected through purposive sampling method. Structural equation modeling and multi-group analysis were done to test the hypotheses.FindingsAnalysis revealed that workplace spirituality enhanced employee well-being and intention to stay. Differences were observed on the effects of different dimensions of workplace spirituality on job outcomes. Also, teachers’ intentional career choice was found to moderate these relationships.Originality/valueThis study is pioneering in conceptualizing and testing a theoretical model linking workplace spirituality, employee well-being and intention to stay, particularly in the context of teachers who differ in their intentional career choice. Implications with regard to the experience of workplace spirituality and job outcomes in the specific context of teaching are elaborated, thus striving to fill a gap in existing literature.

scholarly journals Short-Term and Long-Term Entrepreneurial Intention Comparison between Pakistan and Vietnam

2019 ◽  
Vol 11 (23) ◽  
pp. 6529
Author(s):  
Nasar ◽  
Kamarudin ◽  
Rizal ◽  
Ngoc ◽  
Shoaib
Keyword(s):  
Theory Of Planned Behavior ◽  
Planned Behavior ◽  
Structural Equation ◽  
Entrepreneurial Intention ◽  
Equation Modeling ◽  
Short Term ◽  
Cross Sectional ◽  
Student Sample ◽  
Partial Least Squares Model

This study’s purpose is to measure entrepreneurial intention in near and distant time scales using temporal construal theory and the theory of planned behavior. It examines new patterns to measure individual intentions to become an entrepreneur, which are classified into short-term entrepreneurial intention and long-term entrepreneurial intention, using a two-country study. A cross-sectional study of 447 university students in business and non-business disciplines from Pakistan and Vietnam was conducted. Structural equation modeling and the partial least squares model were used to present path modeling and multigroup analysis. The proposed model for entrepreneurial temporal intention was tested using the theory of planned behavior dimensions with the potential temporal spectrum of short-term and long-term intentions. The results indicated differences in individual entrepreneurial temporal intentions across the two lower middle-income countries. The findings depict that short-term entrepreneurial intention significantly mediates the effect between the theory of planned behavior dimensions and long-term entrepreneurial intention, and more specifically, that long-term entrepreneurial intention is higher than short-term entrepreneurial intention in both countries. In comparison, the theory of planned behavior dimensions indicated more power in Pakistan’s student sample. This paper presents a new perspective to compare differences in entrepreneurial intention with time fluctuation and thus provides support in identifying potential nascent entrepreneurs based on their psychological distance in thinking and primitive action.

Understanding Customers' Continuance Intention

2021 ◽  
Vol 52 (2) ◽  
pp. 68-93
Author(s):  
Bangaly Kaba
Keyword(s):  
Information And Communication Technologies ◽  
Structural Equation ◽  
Service Providers ◽  
Equation Modeling ◽  
Continuance Intention ◽  
Internet Service ◽  
Digital Inequality ◽  
Internet Users ◽  
The Difference ◽  
Use Behavior

The purpose of this study is to understand the difference between Internet users' continuing use behavior in the context of digital inequality. Data were collected through a survey of Internet users in the Ivory Coast. The structural equation modeling technique was used to test the research hypothesis. This study showed empirically that concern over information and communication technologies (ICT) access as an explanation for digital inequality should be toned down. This research suggests emphasizing alternative factors to explain Internet sustained use intention by underprivileged individuals, including normative beliefs. The results will help internet service providers, governments, and international aid agencies to better understand users' behaviors or reactions to ICT available to them. This understanding provides a foundational platform upon which viable and effective information technology-enabled solutions and policies can be conceptualized and implemented. This study is one of the few that integrate three salient beliefs to differentiate ICT use continuance intention in the context of digital inequality.

Green Practices Implementation as Prerequisite to Sustain Firm Competitive Advantages

2015 ◽  
Vol 6 (4) ◽  
pp. 34-53
Author(s):  
Kardison Lumbanbatu ◽  
Vincent Didiek Wiet Aryanto
Keyword(s):  
Product Innovation ◽  
Structural Equation ◽  
Large Scale ◽  
Management Practices ◽  
Corporate Image ◽  
Equation Modeling ◽  
Competitive Advantages ◽  
Green Management ◽  
Marketing Performance

Encompassing firms to apply green policy in a holistic management practices are strongly required in order to maintain competitive advantages and experience long-term marketing performance. This current empirical research is aimed to fill the lack of empirical findings and empirical studies on firm's innovative concept. Green-based product innovation, green management practices and green corporate image are presented as the antecedents and postulated as the sources of sustaining firm competitive advantages. A questionnaire-based survey was deployed to collect data from Large Scale Enterprises in Indonesia with Top Management, Operational and Marketing Managers served as respondents. 500 questionnaires were mailed and 388 were valid for further analysis. Data was analyzed by using Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) via AMOS statistical software. Statistical findings demonstrated that green-based product innovation, green management practices and green corporate image significantly has a positive affect to sustain firm competitive advantages which is led to enhance long term marketing performance. However, green-based product innovation plays insignificant direct relationship on long term marketing performance. This study discusses some managerial implications for enterprises and recommendations on a basis of green implementation.

scholarly journals Proposing a model for absorption capacity of technology

2015 ◽  
Vol 4 (1) ◽  
pp. 113 ◽  
Author(s):  
Hossein Gholizadeh ◽  
Ali Bonyadi Naeini ◽  
Alireza Moini
Keyword(s):  
Structural Equation Modeling ◽  
Structural Equation ◽  
Developed Countries ◽  
Absorption Capacity ◽  
Equation Modeling ◽  
Technological Gap ◽  
Expert Opinions ◽  
Modeling Analysis ◽  
Effective Dimensions

Absorption capacity of knowledge is the concept which is been introduced in this situation. This phenomenon describes why some countries are in a better condition with a view to technology. Many countries believe that the power to stay in the battle and excel other competitors directly depends on their abilities in taking knowledge. Many countries have used their technological gap with developed countries as an accelerator for improving their absorption capacity. In this study, authors tried to produce a complete definition for absorption capacity through analyzing different research. Then with using expert opinions, a categorization for dimensions of absorption capacity will be prepared by using the structural equation modeling analysis, and finally a model for measuring absorption capacity is suggested. The results show effective dimensions in 5 different section. Studies depict that the most important one is keeping which could be a fundamental for long-term policies of 1404.

E-retailer cognitive and emotional relationship quality: their experiential antecedents and differential impact on brand evangelism

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ibrahim Al Nawas ◽  
Shadi Altarifi ◽  
Nabil Ghantous
Keyword(s):  
Relationship Quality ◽  
Social Presence ◽  
Structural Equation ◽  
Online Survey ◽  
Word Of Mouth ◽  
Equation Modeling ◽  
Growth Strategies ◽  
Content Type ◽  
The Difference ◽  
Brand Evangelism

PurposeLimited knowledge exists on the difference in the antecedents and outcomes of relationship quality's cognitive and emotional aspects for e-retailers. This research tests how utilitarian and hedonic shopping values differentially affect “cognitive and emotional” relationship quality components and how the latter differentially affects word-of-mouth and brand evangelism.Design/methodology/approachOnline survey data were collected from 450 Jordanian online shoppers. Structural equation modeling (AMOS 24.0) was employed to analyze the data.FindingsFirst, e-retailer's informativeness and transaction convenience (i.e. utilitarian values), drive more strongly cognitive than emotional relationship quality, whereas e-retailer's escapism and social presence (i.e. hedonic values) drive more strongly emotional than cognitive relationship quality. Second, emotional relationship quality has a strong significant effect on brand evangelism, whereas cognitive relationship quality's effect is insignificant. Third, there are no statistically significant differences concerning the effect of cognitive and emotional relationship quality on word-of-mouth.Originality/valueThe findings of our research are expected to enhance our understanding of e-retailer relationship quality, its emergence and consequences. They would also provide e-retailers with guidance on how to execute growth strategies by focusing on specific types of brand relationship quality, on the other hand.

Does salience matter in investment decision?

Kybernetes ◽  
2019 ◽  
Vol 48 (8) ◽  
pp. 1894-1912
Author(s):  
Samra Chaudary
Keyword(s):  
Investment Decision ◽  
Investment Decisions ◽  
Equation Modeling ◽  
Individual Investors ◽  
Short Term ◽  
Content Type ◽  
Multigroup Analysis ◽  
Money Managers ◽  
The Impact

Purpose The paper takes a behavioral approach by making use of the prospect theory to unveil the impact of salience on short-term and long-term investment decisions. This paper aims to investigate the group differences for two types of investors’ groups, i.e. individual investors and professional investors. Design/methodology/approach The study uses partial least square-based structural equation modeling technique, measurement invariance test and multigroup analysis test on a unique data set of 277 active equity traders which included professional money managers and individual investors. Findings Results showed that salience has a significant positive impact on both short-term and long-term investment decisions. The impact was almost 1.5 times higher for long-term investment decision as compared to short-term decision. Furthermore, multigroup analysis revealed that the two groups (individual investors and professional investors) were statistically significantly different from each other. Research limitations/implications The study has implications for financial regulators, money managers and individual investors as it was found that individual investors suffer more with salience heuristic and may end up with sub-optimal portfolios due to inefficient diversification. Thus, investors should be cautious in fully relying on salience and avoid such bias to improve investment returns. Practical implications The study concludes with a discussion of policy and regulatory implications on how to minimize salience bias to achieve optimum and diversified portfolios. Originality/value The study has significantly contributed to the growing body of applied behavioral research in the discipline of finance.

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