Evidence on the Optimal Level of Research & Development (R&D) Expenses for KOSPI-listed Firms in the Domestic Capital Market

2018 ◽  
Vol 14 (1) ◽  
pp. 147-165
Author(s):  
Hanjoon Kim ◽  
Keyword(s):  
Capital Market ◽  
Optimal Level ◽  
Research Development ◽  
Listed Firms ◽  
Domestic Capital

scholarly journals Asymmetric targeting of corporate cash holdings and financial constraints in Pakistani firms

2019 ◽  
Vol 26 (1) ◽  
pp. 76-97
Author(s):  
Ghulam Ayehsa Siddiqua ◽  
Ajid ur Rehman ◽  
Shahzad Hussain
Keyword(s):  
High Speed ◽  
Financial Constraints ◽  
Generalized Method Of Moments ◽  
Cash Holdings ◽  
Optimal Level ◽  
Dynamic Panel Data ◽  
Asymmetric Adjustment ◽  
Content Type ◽  
Listed Firms ◽  
Target Firms

Purpose The purpose of this paper is to investigate the asymmetric adjustment of cash holdings in Pakistani firms for above and below target firms. Design/methodology/approach The study employs generalized method of moments (GMM) to investigate the adjustment of cash holdings. Findings The study found that the firms which hold cash above the optimal level of cash holdings have higher speed of adjustment than the firms which hold cash below the optimal level. Financially constrained (FC) firms also adjust their cash holdings faster than financially unconstrained (FUC) firms but high speed of downward adjustment does not remain persistent after financial constraints are controlled. Findings of this study reveal this asymmetric adjustment in above and below target firms and extend these results in FC and FUC Pakistani listed firms, respectively. Research limitations/implications The conclusion of this study has been derived under certain limitations. There is a vast space to extend this study in different dimensions. Firms operating in capital-intensive industries may provide different results for financial constraints because their policy designing would be quite different from other firms. Originality/value This study contributes to cash holdings research in Pakistan by exploring the adjustment behavior of cash holdings across Pakistani non-financial firms using econometric modeling. Downward adjustment rate is supposed to be higher than upward adjustment rate and this rate is tested using dynamic panel data model. Similarly, it is inferred that this relationship holds for above target firms even after including the financial constraints in the presented model.

scholarly journals Executive pay and market value sensitivity

2016 ◽  
Vol 63 (4) ◽  
pp. 411-424
Author(s):  
Feng-Li Lin
Keyword(s):  
Firm Value ◽  
Optimal Level ◽  
Smooth Transition ◽  
Net Income ◽  
Executive Pay ◽  
Compensation Policy ◽  
Listed Firms ◽  
Smooth Transition Regression ◽  
High Level ◽  
Smooth Transition Regression Model

Executive pay relative to that of average workers has risen dramatically worldwide. Such a high level of executive pay raises the question of whether a steep rise in executive pay affects firm value. This study examined the relationship between executive pay and firm value. A panel smooth transition regression model is adopted to determine an optimal level of executive pay that maximizes firm value for a sample of 512 Taiwanese-listed firms over the period 2006-2011. The finding is that when the ratio of executive pay to net income after tax exceeds 2.71%, the firm value increases. The results suggest a correlation between large executive ownership (corresponding to high executive pay) and both increased operational efficiencies and firm value. These findings may be useful when contemplating executive compensation policy.

North-South lending and endogenous domestic capital market inefficiencies

1990 ◽  
Vol 26 (2) ◽  
pp. 245-266 ◽  
Author(s):  
Mark Gertler ◽  
Kenneth Rogoff
Keyword(s):  
Capital Market ◽  
Market Inefficiencies ◽  
Domestic Capital

Capital-Market Controls and Credit Rationing in Mali and Senegal

1981 ◽  
Vol 19 (1) ◽  
pp. 57-73 ◽  
Author(s):  
Susan Hickok ◽  
Clive S. Gray
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Working Group ◽  
Civil Service ◽  
Credit Rationing ◽  
Field Studies ◽  
Debt Service ◽  
Development Projects ◽  
Operation And Maintenance ◽  
Domestic Capital

In the course of several field studies carried out during 1978–9 on behalf of the Working Group on Recurrent Costs established by the Comité Inter-états de Lutte contre la Sécheresse dans le Sahel and the Club du Sahel, it became clear that imperfect functioning of domestic capital markets hampers the efforts of Sahelian governments to raise domestic non-tax resources for budget finance. Inasmuch as the operation and maintenance of development projects compete for a severely limited pool of uncommitted government revenues – that is, revenues not committed to debt service, meeting the civil service payroll, and other inflexible obligations – reforms that augment this pool are of particular interest from the viewpoint of ensuring that these projects function properly once established.

scholarly journals Sense of Ownership Realization in Social Practices: Prospects for Research and Practical Application

2021 ◽  
Keyword(s):  
Social Relations ◽  
Critical Analysis ◽  
Positive Impact ◽  
Daily Practice ◽  
Optimal Level ◽  
Social Practices ◽  
Research Development ◽  
Practical Application ◽  
Sense Of Ownership ◽  
The Impact

The article considers the directions of further research development on the implementation of a sense of ownership in various spheres of life and social practices of an individual. It is shown that in addition to the positive impact, the feeling of ownership has its negative side. This raises the question of formation optimal level and manifestation of ownership, what negative and positive consequences an excessive manifestation of ownership can have, what a violation or immaturity of ownership can lead to. It is determined that most research on the psychological nature of property focuses on its individual manifestation. However, it requires a detailed study, including the empirical, how the collective sense of ownership differs from individual and collective and whether it contributes to the effectiveness of collective action. The issue of the impact of new forms of consumption on the living sense of ownership and the attentiveness of intangible property, especially in the conditions of virtual reality, is raised separately. Prospects for further scientific research and possible areas of practical application of the developed author's concept of an ownership sense realization in social practices are outlined. Based on a critical analysis of existing empirical research and reflective consideration, the following areas of further research are proposed: manifestation of material things ownership, territory, money, social relations, own body, virtual environment, civic sphere, as well as opportunities to use the data in both individual and group psychotherapeutic work, counseling and coaching. The necessity of introducing a scientifically substantiated concept into the daily practice of psychologists-practitioners is substantiated.

scholarly journals CORPORATE STRATEGY DEVIATION AND INSTITUTIONAL INVESTOR RECOGNITION: COMPLEX NETWORK-BASED AND GRAPH CLUSTERING ANALYSIS

2021 ◽  
Vol 0 (0) ◽  
pp. 1-30
Author(s):  
Chunyan Lin ◽  
Jia Liu ◽  
Peide Liu
Keyword(s):  
Capital Market ◽  
Institutional Investors ◽  
Clustering Analysis ◽  
Corporate Strategy ◽  
Strategic Choices ◽  
Research Perspective ◽  
Listed Firms ◽  
The Common ◽  
The Stability ◽  
The Relationship

In this paper, the quantitative analysis is implemented on the relationship between strategy deviation of listed firms and institutional investors’ recognition. For research methodology, financial complex networks and clustering techniques are employed to measure the de-gree of recognition by creating links to the common stockholding behaviour of institutional investors. Besides, quarterly panel data from 2006 to 2020 are constructed for an innovative study of the degree of recognition of institutional investors’ strategy deviation of listed firms under different innovation fields, firm properties, and market style heterogeneity and asymmetry. The stability test is conducted by the transformation of the measures and methods, thereby effectively avoiding the “cluster fallacy”. We validate the mechanism by which the differences in strategic choices and propensities of listed firms affect capital market recognition, and enrich the microscopic research perspective and methodology on related issues.

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