The Impact of Research Alliances on Measures of Future Financial Market and Operating Performance Risk of Biotechnology Firms

PurposeAs a popular supply chain finance (SCF) strategy, reverse factoring has been widely adopted by buyer firms. However, the extant literature provides scant empirical evidence on the performance effect of reverse factoring. The purpose of this study is to seek to narrow this gap by empirically examining the relationship between reverse factoring and operating performance and the contingency conditions of this relationship.Design/methodology/approachBased on a sample of 167 announcements of reverse factoring implementation made by publicly listed Chinese manufacturing firms between 2014 and 2018, this paper employs a long-term event study approach to analyze the operating performance effect of reverse factoring as well as the moderating effects of production and innovation capabilities.FindingsThe event study results indicate that reverse factoring has a positive effect on buyer firms' operating performance in terms of cost efficiency and operating margin. In addition, both production and innovation capabilities positively moderate the relationship between reverse factoring and operating margin. However, neither of them moderates the relationship between reverse factoring and cost efficiency.Originality/valueThis is the first study that empirically examines the impact of reverse factoring on operating performance based on secondary data. Furthermore, it sheds light on the SCF literature by providing insights into the contingency effects of production and innovation capabilities, which also extends our understanding of the application of extended resource-based view in SCF research.

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Does hotel class moderate the impact of crime on operating performance?

Tourism Economics ◽

10.1177/1354816620949040 ◽

2020 ◽

pp. 135481662094904

Author(s):

Yang Yang ◽

Nan Hua

Keyword(s):

Operating Performance ◽

Routine Activities ◽

Econometric Models ◽

Routine Activities Theory ◽

Luxury Hotels ◽

Level Data ◽

Local Residents ◽

The Impact ◽

Practical Implications ◽

Theory Framework

Hotel guests are more likely to be targeted by criminals than local residents, and the hotel business is particularly vulnerable to various crimes. This study investigates whether guests prefer to stay at luxury hotels when in insecure neighborhoods to reduce the risk of victimization. Using monthly property-level data from 352 hotels between 2010 and 2014 in Houston, Texas, we estimate a series of econometric models to investigate the impact of crime. Results suggest that hotel class moderates the effect of crime on lodging performance, and high-end hotels are less influenced by crime incidents. For luxury hotels, this effect is further moderated by the lodging market structure of vicinity such that the effect is smaller for luxury hotels in a more concentrated market. Lastly, this study carefully addresses theoretical implications that confirm the routine activities theory framework as well as practical implications that suggest measures and strategies handling various impacts related to crime and hotel class studied herein.

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The impact of gender and ethnic diversity on REIT operating performance

Managerial Finance ◽

10.1108/mf-02-2018-0064 ◽

2019 ◽

Vol 45 (1) ◽

pp. 72-84 ◽

Cited By ~ 2

Author(s):

Robert Hogan ◽

Daniel Huerta

Keyword(s):

Ethnic Diversity ◽

Middle Management ◽

Operating Performance ◽

Socially Responsible ◽

Content Type ◽

Return On Equity ◽

The Board Of Directors ◽

Managerial Positions ◽

Funds From Operations ◽

The Impact

Purpose The purpose of this paper is to examine the relationship between gender and ethnic diversity in managerial positions and Real Estate Investment Trust (REIT) operating performance. Design/methodology/approach The authors employ two-stage Heckman correction models on an unbalanced panel of US Equity REITs for the time period from 2000 to 2015. The second-stage model uses multiple operating performance measures regressed on a dichotomous variable that indicates if the REIT promotes diversity in middle management in addition to a vector of control variables. Findings The results indicate that REITs that promote diversity in middle management with profit-and-loss responsibilities have lower operating performance than comparable counterparts. That is, gender and demographic diversity is negatively related to REIT performance as measured by return on assets, return on equity and funds from operations. Practical implications The analysis indicates that while gender and ethnic diversity is socially responsible and may provide many benefits, diversity among managers and decision makers has to be carefully implemented in order to achieve positive financial results. Originality/value This paper contributes to the literature by investigating whether diversity in leading managerial positions, other than in top officer ranks and on the board of directors, have an impact on REIT operating performance.

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The Impact of the Global Stock Market and the Foreign Exchange Market on Domestic Financial Market

EUROPEAN RESEARCH STUDIES JOURNAL ◽

10.35808/ersj/877 ◽

2017 ◽

Vol XX (Issue 4B) ◽

pp. 99-111

Author(s):

Wahyu Murti

Keyword(s):

Stock Market ◽

Foreign Exchange ◽

Financial Market ◽

Foreign Exchange Market ◽

Exchange Market ◽

The Impact ◽

Global Stock

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Changes in the Portfolio Management and Construction under the Pandemic Era

E3S Web of Conferences ◽

10.1051/e3sconf/202127501005 ◽

2021 ◽

Vol 275 ◽

pp. 01005

Author(s):

Ruipeng Tan

Keyword(s):

Monte Carlo Simulation ◽

Monte Carlo ◽

Stock Returns ◽

Financial Market ◽

Portfolio Management ◽

Portfolio Construction ◽

Sample Data ◽

Before And After ◽

Reduce Risk ◽

The Impact

This paper focuses on comparing portfolio management and construction before and after the coronavirus. First, this paper presents the importance of building up portfolios for investors to diversify their risks. Theories on portfolio management are discussed in this section to show how they have been developed to help on investing and reduce risk. Then, the paper moves on to show the impact of the pandemic on the financial market and portfolio management. Sample data on tech stock returns are collected to perform a Monte Carlo simulation on portfolio construction to find out the efficient portfolio before and after the COVID-19 outbreak. The efficient portfolio is build based on the Markowitz theory to find the combination. Comparisons between these portfolio constructions are made to find out the changes in portfolio management and construction under the pandemic era. In conclusion, this paper presents how pandemic has changed and impacted the investments and lists recommendations on future portfolio management and construction.

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The Impact of Common Problems between the Sectors of Industry and Capital and Ways of their Solutions in the Russian Federation: أثر المشاكل المُشتركة بين قِطاعات الصِناعة ورؤوس الأموال وطُرُق حُلولها في روسيا الإتحادية

المجلة العربية للعلوم ونشر الأبحاث مجلة العلوم الاقتصادية والإدارية والقانونية ◽

10.26389/ajsrp.n170417 ◽

2017 ◽

Vol 1 (5) ◽

Author(s):

Nemer Louay Badwan

Keyword(s):

Financial Market ◽

Success Factors ◽

Investment Projects ◽

Industrial Sectors ◽

National Economic ◽

Capital Financing ◽

Common Problems ◽

Industry Sectors ◽

The Impact

This study summarizes the impact of common problems between capital and industry sectors and aims to find solutions to these problems to reduce them or to reduce them. It also clarifies the resemblance and comparison of technology to the sectors of industry and capital in Russian Russia. Russia's total over the previous years, and show what happened in the Russian financial market following the withdrawal of many capital and investors from within Russia to abroad, and also shows us this study also the rotational nature of capital in Russia, as this study shows some of its objectives as a most important explanation The capital and industry sectors, their success factors and competitiveness in their application. It also shows the impact of capital financing on industries, clarifying the role of capital finance in various investment projects and in different sectors of industry, and summarizes the scientific and practical concept of capital and industry sectors. And the process, and this can be seen through analytical, graphical and statistical tables within the Russian market in terms of products, profits and losses of the Russian industries by percentages, and the exposure of some Russian investments within Russia, As well as some of the dynamics of consumption within Russia in terms of expenditures, exports, imports and expenditures, and the structure of small and medium-sized enterprises in percentages in terms of production and consumption In the various sectors of Russian industry. The study also summarizes the role of the Russian financial market in the national economic activity and the ratios of fixed assets and the total amounts invested and taxes imposed on them. The study also examined the financial and industrial activities of most of the industrial sectors in Russia and their impact on the economic situation inside the country.

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