scholarly journals Debt financing and firm performance: The moderating role of board independence

2020 ◽  
Vol 45 (3) ◽  
pp. 141-151
Author(s):  
Hanh Song Thi Pham ◽  
Duy Thanh Nguyen
Keyword(s):  
Emerging Market ◽  
Debt Financing ◽  
Board Independence ◽  
Data Set ◽  
Listed Firms ◽  
Negative Effect ◽  
And Performance ◽  
The Relationship ◽  
Moderating Role

This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods.

scholarly journals CEO Temporal Focus and Corporate Philanthropy: The Moderating Role of Ownership

SAGE Open ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 215824402110041
Author(s):  
Luu Thi Nguyen ◽  
Shouming Chen ◽  
Ho Kwong Kwan
Keyword(s):  
Corporate Philanthropy ◽  
Private Firms ◽  
Public And Private ◽  
Listed Firms ◽  
Upper Echelons Theory ◽  
Negative Effect ◽  
Temporal Focus ◽  
The Relationship ◽  
Moderating Role

This study examines the association between CEO temporal focus and corporate engagement in philanthropy, and considers the moderating role of ownership. This association is investigated based on upper echelons theory and the conceptual framework of temporal focus. Using a sample of 2,285 observations of Chinese listed firms from 2010 to 2015, our results show that the relationship between CEO past focus and corporate philanthropy is positive in state-owned firms but negative in private firms. In addition, CEO future focus is negatively associated with charitable activities in state-owned firms, but positively associated with such activities in private companies. For present-oriented CEOs, the relationship between temporal focus and philanthropy is negative in both public and private firms, but the negative effect is stronger in private firms. The findings of this study show how CEOs’ time perspectives shape their decisions on company engagement in philanthropic projects.

The effects of intrinsic and extrinsic motivation on students learning effectiveness. Exploring the moderating role of gender

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria Cristina Zaccone ◽  
Matteo Pedrini
Keyword(s):  
Intrinsic Motivation ◽  
Extrinsic Motivation ◽  
Learning Effectiveness ◽  
Data Set ◽  
Content Type ◽  
Negative Effect ◽  
Motivation And Learning ◽  
The Relationship ◽  
Moderating Role

Purpose The purpose of this paper is to investigate the relationship between individual motivation – both intrinsic and extrinsic – and learning effectiveness; moreover, this paper also investigates whether this relationship is moderated by gender. Design/methodology/approach A quasi-experimental study was conducted. The research measured intrinsic motivation, extrinsic motivation and learning effectiveness among 1,491 students attending a course-work in informatics and computer basics in three different contexts: Burundi, Morocco and India. Findings Findings suggest that intrinsic motivation has a positive effect on learning effectiveness, while extrinsic motivation has a negative effect on learning effectiveness. It also shows that gender has a moderating role. Originality/value This research offers interesting contributions to the extant literature: first, it is the first to consider the moderating role of gender in the relationship between students’ motivation and learning effectiveness; second, it proposes the analysis of a rather broad data set with 1,491 students, thus providing strong empirical research based on a consistent data set.

scholarly journals DOES SIZE OF THE FIRM MATTER IN THE RELATIONSHIP BETWEEN FOREIGN OWNERSHIP AND DIVIDEND POLICY?

2020 ◽  
Vol 24 ◽  
Author(s):  
Adamu ‪Idris Adamu ◽  
Oyindamola Ekundayo ◽  
Hussaini Bala
Keyword(s):  
Dividend Policy ◽  
Foreign Ownership ◽  
Great Tendency ◽  
Cash Dividend ◽  
Data Set ◽  
Listed Firms ◽  
Propensity To Pay ◽  
The Relationship ◽  
Moderating Role

Prior studies have revealed that foreign shareholders have a greater influence on dividend policy. However, it is unclear how foreign owners in large firms affect the propensity to pay dividends. This paper is aimed at exploring the relationship between the propensity to pay dividends and foreign ownership. It also examined the moderating role of firm size on the relationship between the decision to pay cash dividend and foreign ownership. The study uses pooled logistic regression on a data set of non-financial listed firms on the Nigerian Stock Market from 2011 to 2015. The results showed that foreign ownership has a great tendency to influence the propensity of a firm to pay a cash dividend. The effect is more pronounced in larger firms, thus, indicating that in larger firms, foreign owners mitigate agency problems using dividends. Based on the findings, firms should be encouraged to pay a dividend to attract foreign investors and in return will help the firms to acquire the expertise of foreign owners.  

How do resources and diversification strategy explain the performance consequences of internationalization?

2014 ◽  
Vol 52 (5) ◽  
pp. 897-915 ◽  
Author(s):  
Yan Chen ◽  
Yiwei Jiang ◽  
Chengqi Wang ◽  
Wen Chung Hsu
Keyword(s):  
Emerging Market ◽  
Product Diversification ◽  
Firm Resources ◽  
Diversification Strategy ◽  
Data Set ◽  
Content Type ◽  
Listed Firms ◽  
Performance Consequences ◽  
Performance Effects ◽  
And Performance

Purpose – The purpose of this paper is to examine how firm resources and diversification strategy explain the performance consequences of internationalization of emerging market enterprises. Design/methodology/approach – The paper conducts a regression analysis by using a novel panel data set comprising of 685 listed Chinese firms over the period of 2008-2011. Findings – The results show that the relationship between internationalization and performance is inverse U-shaped. Further, marketing resources play a greater role in enhancing the performance effects of internationalization than technological resources do. Related product diversification enhances the performance effects, while unrelated product diversification does the contrary. Research limitations/implications – The study focusses on listed firms in one country, and as a result, the findings cannot be generalized to non-listed firms and firms in other countries. Practical implications – This paper offers guidelines for international managers to improve performance of internationalization by developing a particular type of resources and diversification strategy. Originality/value – This paper extends the literature on the functional form of the internationalization-performance relationship, and further suggests that the analysis of the performance consequences of internationalization should go beyond the nexus between internationalization and performance, and focusses on firm-specific resources and strategies that may facilitate or constrain the performance effects of internationalization.

Performance of Ghanaian women businesses community: the moderating role of social competence

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cynthia Ayorkor Sallah ◽  
Livingstone Divine Caesar
Keyword(s):  
Social Competence ◽  
Women Entrepreneurs ◽  
Emerging Market ◽  
Second Phase ◽  
Business Growth ◽  
Content Type ◽  
Intangible Resources ◽  
The Relationship ◽  
Moderating Role

Purpose This paper aims to investigate the moderating dynamics of social competence in the relationship between intangible resources and the performance of women businesses from an emerging market context. Developed economy literature provides ample evidence of a positive relationship between intangible resources and the performance of women business ventures. Little is known of the complexity of this orthodoxy in developing markets such as Ghana. In particular, this paper investigates the moderating role of social competence in the relationship between intangible resources available to women entrepreneurs and performance. Design methodology approach An exploratory sequential mixed method research design was used. First phase involved qualitative data collected through interviews, and the second phase was quantitative data collected from 264 participants. Content analysis and multiple regression analysis were used. Findings Social competence is important to the success of women businesses as it influences the outcome of entrepreneurial interactions and communications. Also, it positively moderated the relationship between organisational reputational capital (RC) and women business growth. On the flip side, it negatively moderated the relationship between human capital, social capital, individual RC and women business growth. Practical implications To sustainably grow their businesses, women entrepreneurs must ascertain the right level of social competence needed. The utilization of social competence at higher rather than lower levels could mean more costs and more training for which the business may not have immediate use. Originality value This paper advocates the need to improve the content of entrepreneurial training packages to include the reinforcement of social competency skills in terms of relationship management as this may be the key to the facilitation of access to resources for innovation and growth.

scholarly journals Intellectual capital and performance in temporary teams

2019 ◽  
Vol 58 (3) ◽  
pp. 410-427 ◽  
Author(s):  
Maurizio Massaro ◽  
Francesca Dal Mas ◽  
Nick Bontis ◽  
Bill Gerrard
Keyword(s):  
Intellectual Capital ◽  
Organizational Capabilities ◽  
Data Set ◽  
Content Type ◽  
Research Context ◽  
Soccer Teams ◽  
And Performance ◽  
The Relationship ◽  
Temporary Teams

Purpose The purpose of this paper is to deepen resource-based view theory by analyzing how intellectual capital (IC) affects performance in temporary teams and by showing the moderating role of integrative mechanisms. Design/methodology/approach The research context focuses on 153 national teams of football (NTF), also referred to as national soccer teams, as an example of temporary groups. A partial least squares (PLS) methodology was utilized on a data set built from transfermarkt.com and FIFA world rankings. Three main hypotheses were developed and tested using first a PLS and then an OLS approach. Findings The results show how IC contributes to performance, extending the findings of previous studies to the context of temporary teams. Additionally, the results show how some integrative mechanisms such as assembly decisions and team leader experience influence temporary team performance by creating an interaction effect with existing IC. Originality/value This study contributes to IC theories for three reasons. First, it applies IC research to a specific research context: temporary teams, where specific organizational capabilities are required to coordinate resources. Second, the study analyzes the role of integrative mechanisms as moderators of the relationship between IC and performance in temporary teams. Third, the study focuses on NTF as an example of temporary teams.

scholarly journals Moderating Role of Financial Market Development on the Relationship between Stock Liquidity and Dividend

2020 ◽  
Vol 16 (2) ◽  
pp. 77-99
Author(s):  
Mohd Ashari Bakri ◽  
Amin Nordin Bany-Ariffin ◽  
Bolaji Tunde Matemilola ◽  
Wei Theng Lau
Keyword(s):  
Emerging Markets ◽  
Financial Market ◽  
Emerging Market ◽  
Investment Strategy ◽  
Market Development ◽  
Stock Liquidity ◽  
Financial Market Development ◽  
The Relationship ◽  
Moderating Role

This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend.

scholarly journals Does the presence of independent directors reduce the practices of earnings management? The moderating role of family ownership concentration

2019 ◽  
Vol 69 (6) ◽  
pp. 638-654
Author(s):  
Deaa Al-Deen Al-Sraheen ◽  
Khaldoon Ahmad Al Daoud
Keyword(s):  
Earnings Management ◽  
Stock Exchange ◽  
Ownership Concentration ◽  
Future Research ◽  
Family Ownership ◽  
Board Independence ◽  
New Ideas ◽  
The Relationship ◽  
Moderating Role

While often criticized, the independence of directors remains a crucial criterion for evaluating the effectiveness of the monitoring role of boards. This study examines the relationship between board independence and earnings management, paying attention to moderation role of family ownership concentration on this relationship using a sample of services companies listed on Amman Stock Exchange ASE. This study documented a significant and negative association between board independence and earnings management. In addition, the moderating role of family ownership concentration on this relationship was also negative. Thus, the board’s monitoring function was inefficient due to the concentration of ownership. These results were obtained through using multiple and sequential regression analysis for the research data from 2013 to 2016. This study provides new ideas for future research such as examining the impacts of the migration of capitals and investors from neighbouring countries such as Syria and Iraq.

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