Debt Covenants and Corporate Governance

2019 ◽  
Vol 11 (1) ◽  
pp. 197-219 ◽  
Author(s):  
Sudheer Chava ◽  
Shunlan Fang ◽  
Praveen Kumar ◽  
Saumya Prabhat
Keyword(s):  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Debt Covenants ◽  
Corporate Policies ◽  
Ex Post ◽  
Trade Offs ◽  
Ex Ante ◽  
The Impact ◽  
Covenant Violations

We review the recent theoretical and empirical literature on debt covenants with a particular focus on how creditor governance after covenant violations can influence the borrower's corporate policies. From the theoretical literature, we identify the key trade-offs that help explain the observed heterogeneity in covenant types, inclusion, likelihood of violation, and postviolation renegotiation flexibility. Empirically, we first review the literature that deals with ex ante evidence on covenant design and the various factors that influence covenant design; we next review the ex post evidence on the impact of technical covenant violations on the borrower. We then discuss limitations of the existing theoretical and empirical studies and conclude with some directions for future research in this burgeoning area.

Empirical Literature on Economic Growth, 1991–2020: Uncovering Extant Gaps and Avenues for Future Research

2021 ◽  
pp. 097491012110616
Author(s):  
Natalia I. Doré ◽  
Aurora A. C. Teixeira
Keyword(s):  
Economic Growth ◽  
Latin American ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Long Run ◽  
Scientific Attention ◽  
The Impact ◽  
Determinants Of Economic Growth ◽  
Latin American And Caribbean

The factors required to achieve sustainable economic growth in a country are debated for decades, and empirical research in this regard continues to grow. Given the relevance of the topic and the absence of a comprehensive, systematic literature review, we used bibliometric techniques to examine and document several aspects in the empirical literature related to growth, from 1991 to 2020. Five main results are worth highlighting: (a) the share of empirical articles on economic growth show a clear upward trend; (b) among all the groups of countries considered, the emerging economies (EEs) have received the most scientific attention; (c) the economic growth processes of the Latin American and Caribbean EEs have observed negligible scientific attention; (d) the very long-run studies comprise a residual share among the empirical literature on growth; (e) the extant empirical studies on economic growth have addressed mainly the impact of “macroeconomic conditions.” Our findings suggest there is a need to redirect the empirical growth agenda, so as to encourage more scientific attention devoted to the analysis of key determinants of economic growth in the very long run. There should also be increased scrutiny of the processes of economic growth in Latin American and Caribbean EEs

Federal intervention of police under section 14141 – a state-of-the-art literature review

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jason W. Ostrowe
Keyword(s):  
Scoping Review ◽  
State Of The Art ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Content Type ◽  
Gray Literature ◽  
Federal Intervention ◽  
Trade Offs ◽  
National Police

PurposeThe purpose of this state-of-the-art review is to explore the empirical literature on federal intervention of police under 42 USC Section 14141.Design/methodology/approachA five-stage scoping review of the empirical literature related to 14141 was conducted through searches of scholarly databases and gray literature.FindingsThis scoping review revealed 21 empirical studies of 14141 published between 2002 and 2020 in criminal justice, criminology, legal and gray literature. Researchers employed various methodologies and designs to study 14141 reflecting the complexity of evaluating a multistage and multi-outcome federal intervention of police. The success of 14141 to reform police agencies is mixed. The empirical evidence suggests that application of this law is fraught with trade-offs and uncertainties including de-policing, increased crime and organizational difficulties in sustaining reform. Overall, more research would assist in understanding the efficacy of this federal mechanism of police accountability and reform.Originality/valueThis review is the first synthesis of the empirical literature on 14141. In consideration of the current national police crisis, findings help illuminate both what is known about federal intervention and areas for future research.

Human Capital Inequality: Empirical Evidence

2020 ◽  
Author(s):  
Brant Abbott ◽  
Giovanni Gallipoli
Keyword(s):  
Human Capital ◽  
Empirical Literature ◽  
Underlying Distribution ◽  
Discount Factors ◽  
Ex Post ◽  
Ex Ante ◽  
Underlying Stocks ◽  
Lifetime Earnings ◽  
Earnings Dispersion ◽  
The Impact

This article focuses on the distribution of human capital and its implications for the accrual of economic resources to individuals and households. Human capital inequality can be thought of as measuring disparity in the ownership of labor factors of production, which are usually compensated in the form of wage income. Earnings inequality is tightly related to human capital inequality. However, it only measures disparity in payments to labor rather than dispersion in the market value of the underlying stocks of human capital. Hence, measures of earnings dispersion provide a partial and incomplete view of the underlying distribution of productive skills and of the income generated by way of them. Despite its shortcomings, a fairly common way to gauge the distributional implications of human capital inequality is to examine the distribution of labor income. While it is not always obvious what accounts for returns to human capital, an established approach in the empirical literature is to decompose measured earnings into permanent and transitory components. A second approach focuses on the lifetime present value of earnings. Lifetime earnings are, by definition, an ex post measure only observable at the end of an individual’s working lifetime. One limitation of this approach is that it assigns a value based on one of the many possible realizations of human capital returns. Arguably, this ignores the option value associated with alternative, but unobserved, potential earning paths that may be valuable ex ante. Hence, ex post lifetime earnings reflect both the genuine value of human capital and the impact of the particular realization of unpredictable shocks (luck). A different but related measure focuses on the ex ante value of expected lifetime earnings, which differs from ex post (realized) lifetime earnings insofar as they account for the value of yet-to-be-realized payoffs along different potential earning paths. Ex ante expectations reflect how much an individual reasonably anticipates earning over the rest of their life based on their current stock of human capital, averaging over possible realizations of luck and other income shifters that may arise. The discounted value of different potential paths of future earnings can be computed using risk-less or state-dependent discount factors.

Yogic Intervention in Sexual Dysfunction - A Review

2017 ◽  
Vol 2 (4) ◽  
Author(s):  
Rakshith K. R. ◽  
Shivakumar . ◽  
Kaushal Sinha ◽  
Vijeth Kumar L. A.
Keyword(s):  
Psychological Functioning ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Therapeutic Effects ◽  
Yoga Therapy ◽  
Cognitive Component ◽  
Beneficial Effects ◽  
Breathing Exercises ◽  
The Mind

Yoga is an ancient practice with Eastern roots that involves both physical postures (Asanas) and breathing techniques (Pranayamas). Yoga therapy for male sexual problems can effectively be treated through Yoga therapy, particularly with the help of Yoga poses and breathing exercises, Yoga has proven itself highly very effective in the treatment of a number of incurable and sometimes terminable diseases. Then again, Yoga's therapeutic effects are just a spin-off and supplementary. Yoga which has proved to be very effective in the treatment of many impossible and incurable diseases, the therapeutic effect of Yoga is only a by product and incidental. Problems related to sex can very well be handled with Yoga as most often these problems are more related to the mind than body. Either they are caused by lack of confidence or stress or fatigue or fear and very few times some physical cause is there. There is also a cognitive component focusing on meditation and concentration, which aids in achieving the goal of union between the self and the spiritual. Although numerous empirical studies have found a beneficial effect of Yoga on different aspects of physical and psychological functioning, claims of Yoga's beneficial effects on sexuality derive from a rich but no empirical literature. The goal of this article is to review the philosophy and forms of Yoga, to review the no empirical and (limited) empirical literatures linking Yoga with enhanced sexuality, and to propose some future research avenues focusing on Yoga as a treatment for sexual disorder.

Gender budgeting in public financial management: a literature review and research agenda

2021 ◽  
pp. 002085232110317
Author(s):  
Tobias Polzer ◽  
Isabella M Nolte ◽  
Johann Seiwald
Keyword(s):  
Literature Review ◽  
Financial Management ◽  
Secondary Data ◽  
Analytical Framework ◽  
Political Agenda ◽  
Future Research ◽  
Ex Post ◽  
Ex Ante ◽  
Need To Evaluate ◽  
Gender Budgeting

Gender budgeting calls for including a gender perspective at all levels of governmental budgetary processes. While the literature on gender budgeting is interdisciplinary and covers a wide geographical range, it remains fragmented. This study uses a literature review to examine the current discourse on gender budgeting and to elicit avenues for future research. Our review shows that studies focus either on emerging economies, such as India or South Africa, or on countries in Europe. Drawing on an analytical framework, we find that most studies scrutinize the ex ante stages of gender budgeting, whereas less is known about the concurrent and ex post stages. Moreover, because little is known about the outcome and impact of gender budgeting, governments do not know what instruments function best in different settings. Given their ex ante focus, most studies on gender budgeting often either remain descriptive or analyse secondary data. Despite scholars from different disciplines contributing to the field of gender budgeting, several ‘blank spots’ remain, particularly in public sector accounting. Points for practitioners While current gender budgeting projects tend to focus on the ex ante stage of gender budgeting, future practitioner attention needs to focus on the equally important concurrent and ex post stages, which have received less attention thus far. An increasing number of governments worldwide are implementing gender budgeting projects. Governments need to evaluate the outcome and impact of these projects in a timely fashion, aiming at reducing structural inequalities related to gender. Gender budgeting is willingly adopted in times of prosperity and stability or when the scope of projects appears manageable. To avoid negative impacts on their achievements, policy makers need to put gender budgeting on the political agenda and institutionalize it in times of instability and crisis.

scholarly journals The job demands-resources model and the international work context – a systematic review

2014 ◽  
Vol 2 (3) ◽  
pp. 260-279 ◽  
Author(s):  
Lucy T.B. Rattrie ◽  
Markus G. Kittler
Keyword(s):  
Systematic Review ◽  
Empirical Studies ◽  
Domestic Work ◽  
Job Demands ◽  
Empirical Literature ◽  
Future Research ◽  
Content Type ◽  
International Work ◽  
Work Related ◽  
Work Contexts

Purpose – The purpose of this paper is to provide a synthesis and evaluation of literature surrounding the job demands-resources (JD-R) model (Demerouti et al., 2001) in the first decade since its inception, with particular emphasis on establishing an evidence-based universal application towards different national and international work contexts. Design/methodology/approach – The study uses a systematic review approach following the stages suggested by Tranfield et al. (2003). Based on empirical data from 62 studies, the authors systematically analyse the application of the JD-R model and queries whether it is applicable outside merely domestic work contexts. Findings – The authors find convincing support for the JD-R model in different national contexts. However, the authors also found an absence of studies employing the JD-R model in cross-national settings. None of the empirical studies in the sample had explicitly considered the international context of today’s work environment or had clearly associated JD-R research with the IHRM literature. Research limitations/implications – Based on the wide acceptance of the JD-R model in domestic work contexts and the increased interest in work-related outcomes such as burnout and engagement in the IHRM literature, the study identifies a gap and suggests future research applying the JD-R model to international work and global mobility contexts. Originality/value – This study is the first to systematically assess the application of the JD-R model in domestic and international work contexts based on a systematic review of empirical literature in the first decade since the inception of the model. The study identifies a lack of internationally focussed JD-R studies and invites further empirical research and theoretical extensions.

Impact of trade facilitation reforms on tax revenue

2017 ◽  
Vol 44 (5) ◽  
pp. 765-780 ◽  
Author(s):  
Sena Kimm Gnangnon
Keyword(s):  
Developing Countries ◽  
Fixed Effects ◽  
Data Availability ◽  
Empirical Literature ◽  
Future Research ◽  
Tax Revenue ◽  
Trade Facilitation ◽  
Content Type ◽  
The World ◽  
The Impact

Purpose The purpose of this paper is to contribute to the empirical literature of the macroeconomic effect of trade facilitation reforms by examining the impact of the latter on tax revenue in both developed and developing countries. The relevance of the topic lies on the fact that at the Bali Ministerial Conference of the World Trade Organization (WTO) in 2013, Trade Ministers agreed for the first time since the creation of the WTO (in 1995) on an Agreement to facilitate trade around the world, dubbed Trade Facilitation Agreement (TFA). The study considers both at-the-border and behind-the border measures of Trade Facilitation. Design/methodology/approach To conduct this study, the authors rely on the literature related to the structural factors that explain tax revenue mobilization. The authors mainly use within fixed effects estimator. The analysis relies on 102 countries (of which 23 industrial countries) over the period 2004-2007 (based on data availability). A focus has also been made on African countries, within the sample of developing countries. Findings The empirical analysis suggests evidence of a positive and significant effect of trade facilitation reforms on non-resources tax revenue, irrespective of the sample of countries considered in the analysis. Research limitations/implications This finding should contribute to dampening the fear of policymakers in developing countries, including Africa that the implementation of the TFA would entail higher costs, without necessarily being associated with higher benefits. An avenue for future research would be to extend the period of the study when data would be available. Originality/value To the best of the authors knowledge, this study had not been performed in the literature of the determinants of tax revenue mobilization, although fact-based analysis was performed.

scholarly journals In Search of Alignment: A Review of Impact Studies in Entrepreneurship Education

2017 ◽  
Vol 2017 ◽  
pp. 1-15 ◽  
Author(s):  
Uladzimir Kamovich ◽  
Lene Foss
Keyword(s):  
Empirical Studies ◽  
Entrepreneurship Education ◽  
Analytical Framework ◽  
Future Research ◽  
Impact Studies ◽  
Teaching Objectives ◽  
Teaching Content ◽  
Instructional Processes ◽  
Scant Attention ◽  
The Impact

This study uses the concept of alignment as a framework to examine empirical research on the impact of entrepreneurship education interventions on students. Alignment assumes that effective instruction requires congruence between three instructional components: intended outcomes, instructional processes, and assessment criteria. Given the extant diversity and complexity of entrepreneurship education impact, scholars have not been able to explain how teaching approaches and methods are being adjusted to the variety of expected outcomes. In order to address this gap, we critically reviewed the published empirical studies on entrepreneurship education impact in 20 journals over a 15-year period (2000–2015). We found 16 empirical studies that met our inclusion criteria. Our findings revealed that teaching objectives, teaching methods, and teaching content receive scant attention from researchers. This study will be of value to scholars researching the impact of heterogeneous entrepreneurship education practices and approaches on individuals. Our analytical framework could contribute to less contradictory findings of entrepreneurship education impact studies. We also identify research limitations and suggest avenues for future research.

scholarly journals Serendipity and its study

2014 ◽  
Vol 70 (6) ◽  
pp. 1015-1038 ◽  
Author(s):  
Allen Edward Foster ◽  
David Ellis
Keyword(s):  
Information Seeking ◽  
Process Model ◽  
Empirical Studies ◽  
Science Research ◽  
Empirical Literature ◽  
Future Research ◽  
Content Type ◽  
Information Studies ◽  
Information Encountering ◽  
Citation Classics

Purpose – The purpose of this paper is to explore the concept of serendipity and approaches to its study particularly in relation to information studies. Design/methodology/approach – The origins of the term serendipity are described and its elaboration as an exploratory and explanatory concept in science and the social sciences are outlined. The distinction between serendipity and serendipity pattern is explained and theoretical and empirical studies of both serendipity and the serendipity patterns are explored. The relationship between information encountering is described. Empirical studies of serendipity using Citation Classics and other research approaches in information studies are described. Findings – The discrepancy between occurrences of serendipity in studies using Citation Classics and reported serendipity in philosophy of science, research anecdotes, information encountering and information seeking by inter-disciplinary researchers is highlighted. A comparison between a process model of serendipity and serendipity as an emergent behavioural characteristic are indicates directions for future research. Originality/value – The paper provides and original synthesis of the theoretical and empirical literature on serendipity with particular reference to work in information studies and an indication of the methodological difficulties involved in its study.

scholarly journals The Impact of Big Data Adoption on SMEs’ Performance

2021 ◽  
Vol 5 (4) ◽  
pp. 68
Author(s):  
Mahdi Nasrollahi ◽  
Javaneh Ramezani ◽  
Mahmoud Sadraei
Keyword(s):  
Big Data ◽  
Economic Performance ◽  
Structural Equation ◽  
Information Technologies ◽  
Social Performance ◽  
Empirical Studies ◽  
Research Area ◽  
Equation Modeling ◽  
Future Research ◽  
The Impact

The notion of Industry 4.0 encompasses the adoption of new information technologies that enable an enormous amount of information to be digitally collected, analyzed, and exploited in organizations to make better decisions. Therefore, finding how organizations can adopt big data (BD) components to improve their performance becomes a relevant research area. This issue is becoming more pertinent for small and medium enterprises (SMEs), especially in developing countries that encounter limited resources and infrastructures. Due to the lack of empirical studies related to big data adoption (BDA) and BD’s business value, especially in SMEs, this study investigates the impact of BDA on SMEs’ performance by obtaining the required data from experts. The quantitative investigation followed a mixed approach, including survey data from 224 managers from Iranian SMEs, and a structural equation modeling (SEM) methodology for the data analysis. Results showed that 12 factors affected the BDA in SMEs. BDA can affect both operational performance and economic performance. There has been no support for the influence of BDA and economic performance on social performance. Finally, the study implications and findings are discussed alongside future research suggestions, as well as some limitations and unanswered questions.

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