INNOVATION INVESTMENT: BEHAVIOUR OF CHINESE FIRMS TOWARDS FINANCING SOURCES

2019 ◽  
Vol 23 (07) ◽  
pp. 1950070 ◽  
Author(s):  
MUHAMMAD KALEEM KHAN ◽  
AHMAD KALEEM ◽  
SALMAN ZULFIQAR ◽  
UMAIR AKRAM
Keyword(s):  
Positive Impact ◽  
Cash Flows ◽  
High Tech ◽  
Capital Investments ◽  
Bank Debt ◽  
Chinese Firms ◽  
Public Offerings ◽  
Growing Economy ◽  
The Impact ◽  
The Relationship

Although the extant literature on corporate finance has largely focused on capital investments, relatively less attention has been paid to identify how research and development (R&D) related investments are financed. This study empirically tests the relationship between the different financing sources used by firms and their intensity of R&D in the rapidly growing economy of China. Furthermore, we posit that the firm’s choice to adopt the finance source for R&D will change if the firm is likely to be in financial constraints. This study finds out an empirical evidence that internally generated cash flows, bank debt, and seasonal public offerings (SPOs) stipulate a positive impact on R&D of Chinese firms, whereas the issuance of bond impacts it negatively. The study also confirms that financially constrained firms perceive the impact of financing sources on their R&D differently than non-financially constrained firms do. Results also slightly differ between high-tech and non-high-tech firms.

scholarly journals KONSENTRASI SPASIAL, AGLOMERASI DAN PRODUKTIVITAS PERUSAHAAN INDUSTRI MANUFAKTUR INDONESIA

2021 ◽  
Vol 4 (2) ◽  
pp. 146-156
Author(s):  
Kusuma Wardani (Universitas Indonesia) ◽  
Muhammad Halley Yudhistira (Universitas Indonesia)
Keyword(s):  
Total Factor Productivity ◽  
Negative Impact ◽  
Positive Impact ◽  
High Tech ◽  
Factor Productivity ◽  
Localization Economies ◽  
Instrument Variable ◽  
Urbanization Economies ◽  
The Impact ◽  
The Relationship

AbstractThis study aims to analyze the impact of agglomeration in the form of localization economies and urbanization economies on the productivity of manufacturing industrial companies in Indonesia. Unlike previous studies, this study will look at the effect of technology level on the relationship between productivity and agglomeration by classifying research samples into low-tech and high-tech industries. In addition, this study also improves the estimation technique by addressing the endogeneity problem that has the potential to arise in estimating the relationship between productivity and agglomeration to be overcome by using instrument variable (IV). The study was conducted in two stages of estimation using company-level panel data from 2010 to 2014. First, productivity was measured at the company level using Total Factor Productivity (TFP). Then, the company productivity is estimated together with the company and industry characteristic variables, including the agglomeration measurement variable which represents localization economies and urbanization economies. The regression results show a positive impact from localization economies and a negative impact from urbanization economies.AbstrakPenelitian ini bertujuan menganalisis dampak aglomerasi berupa localization economies dan urbanization economies terhadap produktivitas perusahaan industri manufaktur di Indonesia. Berbeda dengan penelitian terdahulu yang juga meneliti dampak aglomerasi industri terhadap produktivitas perusahaan, pada penelitian ini akan melihat pengaruh tingkat teknologi terhadap hubungan produktivitas dan aglomerasi dengan mengklasifikasikan sampel penelitian ke dalam industri berteknologi rendah dan industri berteknologi tinggi. Selain itu, peneltian ini juga memperbaiki teknik estimasi dari penelitian sebelumnya dengan menangani masalah endogenitas yang berpotensi muncul dalam mengestimasi hubungan produktivitas dan aglomerasi akan diatasi dengan penggunaan instrument variable (IV). Penelitian dilakukan dalam dua tahap estimasi dengan menggunakan data panel level perusahaan dari tahun 2010 sampai 2014. Pertama, produktivitas diukur pada level perusahaan dengan menggunakan Total Factor Productivity (TFP). Kemudian, produktivitas perusahaan diestimasi bersama variabel karakteristik perusahaan dan industri, termasuk variabel pengukuran aglomerasi yang mewakili localization economies dan urbanization economies. Hasil regresi menunjukkan adanya dampak positif dari localization economies dan dampak negatif dari urbanization economies.

Financial development, ownership and internationalization of firms: evidence from China

2017 ◽  
Vol 7 (3) ◽  
pp. 343-369 ◽  
Author(s):  
Lishuai Lian ◽  
Chao Chen
Keyword(s):  
Financial Development ◽  
High Tech ◽  
External Financing ◽  
Chinese Firms ◽  
Content Type ◽  
External Finance ◽  
The Impact ◽  
The Relationship ◽  
Technology Industries

Purpose The purpose of this paper is to examine the relationship between financial development and internationalization of Chinese firms, whether the above relationship could be varied for firms with different kinds of ownership, and the channels through which financial development affects internationalization. Design/methodology/approach This paper uses a sample of 2,053 firms for the period 2001 to 2013, and applies the methods of ordered logit, logit, and OLS regressions to examine the role of financial development on firms’ internationalization. Findings The results show that financial development accelerates the level of international process of Chinese firms, and this effect is stronger for the non-state-owned enterprises (NSOEs) than for SOEs. The authors also document that financial development increases the investment scale of outward foreign direct investment (OFDI). In addition, the evidence on the channels through which financial development affects internationalization indicates that financial development accelerates the level of international process in high-technology industries and industries that are more dependent on external financing, and promotes the technology-seeking OFDI, and these effects are more prominent for NSOEs than for SOEs. Originality/value First, this study examines Chinese firms’ internationalization from the perspective of financial development and focuses on the relationship between financial development and internationalization, and varies this relationship over firms with different kinds of ownership. Second, this study adds to the existing literature by identifying two channels through which financial development has an impact on internationalization, namely, external finance and high-tech intensiveness, and identifies the impact of financial development on technology-seeking OFDI.

scholarly journals Impact of Authoritative and Laissez-Faire Leadership on Thriving at Work: The Moderating Role of Conscientiousness

2021 ◽  
Vol 11 (3) ◽  
pp. 667-685
Author(s):  
Zulfiqar Ahmed Iqbal ◽  
Ghulam Abid ◽  
Muhammad Arshad ◽  
Fouzia Ashfaq ◽  
Muhammad Ahsan Athar ◽  
...  
Keyword(s):  
Leadership Style ◽  
Positive Impact ◽  
Work Relationship ◽  
Laissez Faire ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role ◽  
Thriving At Work

This study empirically investigates the less discussed catalytic effect of personality in the relationship of leadership style and employee thriving at work. The growth and sustainability of the organization is linked with the association of leadership style and employee thriving at the worplace. The objectives of this study are to explore the impact of authoritative and laissez-faire leadership styles and the moderating role of the personality trait of conscientiousness on thriving in the workplace. A sample of 312 participants was taken from a leading school system with its branches in Lahore and Islamabad, Pakistan. The participants either worked as managers, teachers in headquarters, or school campuses, respectively. The regression results of the study show that authoritative leadership and conscientiousness have a significantly positive impact on thriving at work. Furthermore, conscientiousness moderates the relationship between laissez-faire style of leadership and thriving at work relationship. The findings of this study have theoretical implications for authoritative and laissez-faire leadership, employee conscientiousness, and managerial applications for the practitioners.

Job Satisfaction as a Mediator in the Relationship Between Performance Appraisal and Voice Behavior

2014 ◽  
Vol 42 (8) ◽  
pp. 1315-1323 ◽  
Author(s):  
Xu Zhang ◽  
Bei Hu ◽  
Min Qiu
Keyword(s):  
Job Satisfaction ◽  
Performance Appraisal ◽  
Positive Impact ◽  
Industrial Clusters ◽  
Positive Influence ◽  
Mediating Effect ◽  
High Tech ◽  
Voice Behavior ◽  
Mediating Role ◽  
The Relationship

We explored the mediating effect of job satisfaction in the relationship between employees' performance appraisal and their voice behavior. A questionnaire was administered to 864 employees at enterprises representing high-tech industrial clusters from 5 cities in China. Developmental performance appraisal was found to have a more positive influence on employees' voice behavior than evaluative performance appraisal did. Compared with prohibitive voice behavior, both developmental and evaluative types of performance appraisal had a more positive impact on promotive voice behavior, and job satisfaction was found to play a mediating role in the relationship between these variables.

Research on the Impact of Information Security Certification and Concealment onFinancial Performance

2022 ◽  
Vol 30 (3) ◽  
pp. 0-0
Keyword(s):  
Information Security ◽  
Financial Performance ◽  
Positive Impact ◽  
Rapid Development ◽  
International Standards ◽  
Corporate Decisions ◽  
Using Data ◽  
The Impact ◽  
The Relationship ◽  
Iso 27001

With the rapid development of information technology, information security has been gaining attention. The International Organization for Standardization (ISO) has issued international standards and technical reports related to information security, which are gradually being adopted by enterprises. This study analyzes the relationship between information security certification (ISO 27001) and corporate financial performance using data from Chinese publicly listed companies. The study focusses on the impact of corporate decisions such as whether to obtain certification, how long to hold certification, and whether to publicize information regarding certification. The results show that there is a positive correlation between ISO 27001 and financial performance. Moreover, the positive impact of ISO 27001 on financial performance gradually increases with time. In addition, choosing not to publicize ISO 27001 certification can negatively affect enterprise performance.

Electronic Customer Relationship Management (E-CRM) and Customer Loyalty

2022 ◽  
Vol 18 (1) ◽  
pp. 0-0
Keyword(s):  
Customer Satisfaction ◽  
Customer Loyalty ◽  
Structural Equation ◽  
Service Providers ◽  
Positive Impact ◽  
Equation Model ◽  
Mediating Effect ◽  
Customer Relationship ◽  
The Impact ◽  
The Relationship

This study examined the impact of E-CRM on customer loyalty with the mediating effect of customer satisfaction in the banking industry. Customer satisfaction is important for loyalty because when the customers are satisfied with the services offered by their service providers, the relationship gets stronger which further leads to positive word-of-mouth. The data was collected using purposive sampling from 836 banks’ customers who were using E-CRM services and the data was analyzed using structural equation model (SEM) through AMOS. The results revealed that E-CRM and customer satisfaction had a significant positive impact on customer loyalty and also customer satisfaction partially mediated the relationship between E-CRM and customer loyalty. This study would offer useful acumen to both academicians and marketers and would help the bank managers to improve the quality of the services provided to their customers.

scholarly journals Value relevance of accounting data and financial crisis in Europe: an empirical analysis

2012 ◽  
Vol 2 (2) ◽  
pp. 201 ◽  
Author(s):  
Alain Devalle
Keyword(s):  
Financial Crisis ◽  
Positive Impact ◽  
Value Relevance ◽  
Net Income ◽  
Accounting Data ◽  
Book Value ◽  
Crisis Period ◽  
Comprehensive Income ◽  
The Impact ◽  
The Relationship

This paper aims at verifying the relationship between book value and  market value for a four years period (2006-2009) in Europe, under IFRS. In particular, I used value relevance approach to measure whether net income or comprehensive income are more useful to understand the relationship between market data and financial data. Moreover, the paper analyzes the impact of financial crisis on the value relevance of accounting data. The examination period runs from a pre-crisis period (2006-2007) to an in-crisis period (2008-2009). Results shows that comprehensive income is more value relevant than net income. Furthermore, the financial crisis has a positive impact on value relevance.  

scholarly journals Environmental and psychological research on sandpits as children's play equipment, children's play, and the importance of sandpits in children's development and cultural creation

Impact ◽  
2021 ◽  
Vol 2021 (4) ◽  
pp. 16-18
Author(s):  
Hiroyuki Kasama
Keyword(s):  
19Th Century ◽  
Growth And Development ◽  
Psychological Research ◽  
High Tech ◽  
Women's College ◽  
Children's Play ◽  
Developmental Growth ◽  
Children’S Play ◽  
The Impact ◽  
The Relationship

Sandpits are commonly found in playgrounds but in a world full of high-tech entertainment is their role in the developmental growth of young children undervalued? Professor Hiroyuki Kasama, Doshisha Women's College, Japan, is exploring the impact of sandpits on children, including the role they can play in deepening the relationship between parent and child. Sandpits first came about in Europe in the mid-19th century but have recently become unfavourable to many parents who consider them to be 'dirty' play. However, playing with sand yields important benefits, including the use of natural materials and the fact it provides a valuable sensory experience that enables children to build on emotional, social and athletic skills. Kasama is investigating the important potential of sandpits as well as working on childcare and education programmes that use sandpits for learning. Kasama is keen to improve the sandpit environment by standardising the type of sand used in order to make play more effective and observing the suitability of the sand by observing children's play and the reactions of their caregivers. Kasama and the team have also supervised the installation of indoor sandpits that can be used year-round. Ultimately, by clarifying the significance and necessity of playing with sand and discovering its potential, Kasama is aiming to provide children with effective environments that promote growth and development.

scholarly journals FOREST CERTIFICATION AS A TOOL TO ENSURE THE BALANCE OF FORESTRY LAND USE

2021 ◽  
Vol 71 (3) ◽  
Author(s):  
Stepan Dankevych
Keyword(s):  
Land Use ◽  
Regional Scale ◽  
Environmental Indicators ◽  
Statistical Characteristics ◽  
Forest Certification ◽  
Capital Investments ◽  
Forest Lands ◽  
The Impact ◽  
The Relationship ◽  
Over Time

The problem of ensuring the balanced use of forest lands determines the search for new economic and environmental tools that can influence this process. The need to improve the certification tool as part of the financial and economic mechanism for ensuring balanced forestry land use corresponds to the directions of state policy and European integration intentions of Ukraine, modern requirements of the ecological aspect of forestry land use. The work examines the practice in the field of forest certification in Ukraine from the point of view of balanced land use. Spatial-temporal analysis and assessment of the scale and dynamics of the spread of forest FSC certification in Ukraine has been carried out. The study was formed in three stages: (I) study of changes over time in the volume of forest certification on a national scale, (II) assessment of trends over time for indicators on a regional scale, (III) study of the relationship between individual indicators. The analysis of the impact of FSC-certification of forest management in Ukraine on the environmental indicators of forestry land use based on the results of the correlation between the statistical characteristics of certain economic and environmental indicators, such as the area of certified forests, capital investments, reforestation. Analysis of statistical data showed the relationship between environmental and economic performance over time and changes in specific characteristics on a regional scale. The study makes it possible, on the basis of an objectively existing causal relationship between phenomena and indicators, to identify the course of certain positive or negative processes in forestry land use. Forest certification can play a role in maintaining a balanced use of forest lands, preventing illegal logging, forest degradation and contributing to reforestation and capital investments. The study helps to identify certain key variables that limit the ability of forestry operators to ensure balanced use of forest lands and how forest certification can affect this. Foreign experience in stimulating forest certification has been investigated for the possibility of borrowing the experience of using management tools in order to motivate forest certification in Ukraine. It has been proven that certification is a significant environmental tool for ensuring a balanced level of land use and has the potential for further development.

scholarly journals Impact of Transformational Leadership on the Affective Commitment of Employees in the Service Sector

2019 ◽  
Vol 8 (4) ◽  
pp. 1388-1393
Keyword(s):  
Transformational Leadership ◽  
Service Sector ◽  
Affective Commitment ◽  
Positive Impact ◽  
Multifactor Leadership Questionnaire ◽  
Intellectual Stimulation ◽  
Four Dimensions ◽  
Multifactor Leadership ◽  
The Impact ◽  
The Relationship

Purpose – There are few studies that have studied the relationship between Transformational leadership (TL) and organisation commitment (OC), but there are very few studies on the service sector especially in the Indian context. This study aims to fill the gap in literature by empirically examining the impact of four dimensions of TL using Multifactor Leadership Questionnaire (MLQ) on the Affective Commitment (AC) of the employees, within the context of the service sector in Bengaluru. Design/methodology/approach – A total of two hypotheses were proposed for testing transformational leadership using Multifactor Leadership Questionnaire (MLQ) questionnaire, (Bass and Avolio, 1997) and five items of affective organization commitment developed by Allen and Meyer (1996) was used for affective commitment. The questionnaire was administered to 210 employees working in various industries in the service sector in Bengaluru to measure the impact of TL on the AC of the respondents. Findings – The analysis of the data collected shows that TL has a positive impact on the affective commitment of the employees. In particular, the results of an empirical investigation revealed that individualized influence and individual consideration by the transformational leader had a significant impact on the affective commitment level of the employees. The employees in the hospitality industry had a difference in opinion compared to IT, Banking & education sector employees on the intellectual stimulation by the leader and their affective commitment towards the organization. Originality/value – This paper contributes to the existing literature of leadership and OC by providing practical evidence leading to the improvement of information and the understanding of the relationship between TL and AC.

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