A Three-Step Heckit Estimator for Panel Data: The Positive Influence of M&A Advisorss Industry Expertise, Advisory Relationships and Past Performance on Serial Bidderss Acquisition Returns

2013 ◽  
Author(s):  
Pascal Stock
Keyword(s):  
Panel Data ◽  
Positive Influence ◽  
Past Performance ◽  
Industry Expertise

Does Diversity in The Boardroom Add Value to a Firm?

2018 ◽  
Vol 18 (5) ◽  
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Firm Size ◽  
Significant Influence ◽  
Negative Influence ◽  
Positive Influence ◽  
Future Research ◽  
Board Composition ◽  
Board Diversity

This study examines whether board diversity affects firm performance. We investigate this study using panel data of a sample of S&P 500 firms during a 12 year period. After controlling for industry, firm size, and other board composition variables, we find that all three board diversity variables of interest – gender, ethnicity, and age have a significant influence on firm performance. While ethnicity and age have a positive influence on firm performance, it was found that gender has a negative influence. Implications for future research are discussed.

CEO vs. COO: shareholder perceptions of M&A announcements based on insider trades

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Vinh Huy Nguyen ◽  
Carolina Gomez ◽  
Suchi Mishra ◽  
Ali M. Parhizgari
Keyword(s):  
Stock Price ◽  
Fixed Effects ◽  
Economic Recession ◽  
Chief Executive ◽  
Positive Influence ◽  
Past Performance ◽  
Industry Growth ◽  
Content Type ◽  
Chief Operating Officer ◽  
Regression Tests

PurposeWe examine how the net share purchases of top executives of acquiring firms, specifically the Chief Executive Officer (CEO) and the Chief Operating Officer (COO), can impact shareholder perceptions of a merger and acquisition (M&A) around the announcement time.Design/methodology/approachRegression tests using the post-announcement cumulative returns as the dependent variables, and CEO and COO net purchases as independent test controlling for the net purchases of all other insiders, COO and CEO ownership, exercised options, unexercised exercisable options, merger type, pre-announcement firm size, past performance, industry growth, industry instability, year and industry fixed effects. The regression tests are used for various sub-samples (i.e. non-contemporaneous events, duality, operational complexity, economic conditions).FindingsWe find that overall shareholders value the COO's net purchases before the announcement but not those of the CEOs. If the COO is also the CEO, then executive buy-ins appear to have a negative reaction from the shareholders. When the firm has many business segments or when the announcement is made in an economic recession, the COO's net purchases do not have a positive influence on the shareholders.Originality/valueWe are the first to provide evidence that investors pay attention to the COO around M&A announcements. In the age of celebrity CEOs, who can instantaneously change the stock price with one press release, having another executive that can shape the opinion of investors can diversify the agency risk.

scholarly journals PENGARUH BENCANA ALAM, PERUBAHAN IKLIM, DAN KUALITAS LINGKUNGAN TERHADAP JUMLAH KUNJUNGAN WISATAWAN MANCANEGARA KE INDONESIA

2019 ◽  
Vol 1 (4) ◽  
pp. 13
Author(s):  
Safitri Safitri ◽  
Alpon Satrianto
Keyword(s):  
Climate Change ◽  
Regression Analysis ◽  
Panel Data ◽  
Natural Disaster ◽  
Significant Influence ◽  
Research Result ◽  
Negative Influence ◽  
Positive Influence ◽  
Environment Quality ◽  
Research Goal

This research goal is looking for the effect of natural disaster, climate change, and environment quality to the amount of tourist visit to Indonesia. This research uses panel data from 2014 untill 2017, the data get from the related institutions, and uses multiple regression analysis. This research result: 1) Natural disaster has negative influence and it is not significant to tourist visit to Indonesia, 2) Climate change has positive and significant influence to tourist visit to Indonesia, and 3) Environment quality has positive influence and is not significant to the amount of torist visit to Indonesia.

scholarly journals Market Concentration, Market Share, and Profitability (Study at Indonesian Commercial Banking in the Period of 2001-2012)

2015 ◽  
Vol 11 (27) ◽  
pp. 18
Author(s):  
Sapto Jumono ◽  
Noer A. Achsani ◽  
Dedi B. Hakim ◽  
Muhamad Fidaus
Keyword(s):  
Panel Data ◽  
Market Share ◽  
Concentration Ratio ◽  
Panel Data Analysis ◽  
Positive Influence ◽  
Commercial Banking ◽  
Panel Data Regression ◽  
Data Regression ◽  
Individual Market ◽  
Market Channel

<p>The objective of this research is to examine the influence of market structure on Indonesian commercial banking performance by using concentration ratio and individual market share through deposits market channel and credits market channel. There were 101 banks chosen from 120 banks in a period of 2001-2012 as sampling of research by using purposive sampling. This research uses data panel that combines data cross section and data time series, therefore panel data regression is used in this research. The result of panel data analysis has allowed us to conclude that concentration ratio of deposits market has a significant and positive influence on ROA, meanwhile concentration ratio of credits market, individual market share of deposits, and individual market share of credits market have no significant effects on ROA.</p>

Gesetzliche Mitbestimmung und Kapitalrendite Co-Determination and Return on Equity / Co-Determination and Return on Equity

2006 ◽  
Vol 226 (5) ◽  
Author(s):  
Kornelius Kraft ◽  
Marija Ugarkovič
Keyword(s):  
Panel Data ◽  
Capital Market ◽  
Negative Impact ◽  
Supervisory Board ◽  
Limited Liability ◽  
Voting Rights ◽  
Positive Influence ◽  
Return On Equity ◽  
German System ◽  
The Impact

SummaryMany observers regard the German system of codetermination as a very strong intervention into the working of the capital market. With the introduction of the codetermination law in 1976, employee representatives in limited liability companies with more than 2000 employees are entitled to occupy half of the number of seats and are granted nearly 50% of the voting rights on the supervisory board. We investigate the impact of the introduction of the German codetermination law in 1976 which implied an extension of co-determination from third parity to almost parity on return on equity. Our estimations are based on panel data for 179 companies from 1971 to 1976 and from 1981 to 1986, thus allowing for adjustment to the 1976 law. In contrast to frequently raised fears, no negative impact is found. Our empirical results suggest a positive influence from the 1976 strengthening of co-determination law on return on equity.

scholarly journals Fatherhood and Managerial Style

2012 ◽  
Vol 57 (4) ◽  
pp. 669-693 ◽  
Author(s):  
Michael S. Dahl ◽  
Cristian L. Dezső ◽  
David Gaddis Ross
Keyword(s):  
Social Sciences ◽  
Panel Data ◽  
Chief Executive ◽  
Negative Influence ◽  
Positive Influence ◽  
Managerial Style ◽  
First Child ◽  
The Social ◽  
Female Employees ◽  
Transition To Fatherhood

Motivated by a growing literature in the social sciences suggesting that the transition to fatherhood has a profound effect on men’s values, we study how the wages of employees change after a male chief executive officer (CEO) has children, using comprehensive panel data on the employees, CEOs, and families of CEOs in all but the smallest Danish firms between 1996 and 2006. We find that (a) a male CEO generally pays his employees less generously after fathering a child, (b) the birth of a daughter has a less negative influence on wages than does the birth of a son and has a positive influence if the daughter is the CEO’s first, and (c) the wages of female employees are less adversely affected than are those of male employees and positively affected by the CEO’s first child of either gender. We also find that male CEOs pay themselves more after fathering a child, especially after fathering a son. These results are consistent with a desire by the CEO to husband more resources for his family after fathering a child and the psychological priming of the CEO’s generosity after the birth of his first daughter and specifically toward women after the birth of his first child of either gender.

scholarly journals Store Format Diversification, Customer Orientation and the Performance of Foreign Retailers

2021 ◽  
Vol 14 (2) ◽  
pp. 60-74
Author(s):  
Boryana V. Dimitrova ◽  
Saejoon Kim ◽  
Brent Smith ◽  
Junhee Kim
Keyword(s):  
Panel Data ◽  
Host Country ◽  
Customer Orientation ◽  
Negative Influence ◽  
Positive Influence ◽  
Uncertainty Avoidance ◽  
Moderating Effects ◽  
Strategic Decisions ◽  
Country Characteristics ◽  
Main Effects

Foreign retailers contend with unrelenting challenges to discover and resolve issues affecting their performance in different host country markets. These retailers bear some wealth of international experience and also some liabil-ity of foreignness. Accordingly, managers of foreign retailers must enact strategic decisions that will position their businesses in order to be competitive and profitable. In this study, the authors examine two generally overlooked fac-tors —degree of store format diversification and customer orientation— relating to improved foreign retailer per-formance. The authors also investigate the potential moderating effects of three host country characteristics —retail modernization, collectivism, and uncertainty avoidance— on this relationship. Based on the 2001-2015 panel data for 24 international retailers, results for main effects indicate that foreign retailer performance is influenced nega-tively by store format diversification and positively by customer orientation. These effects are moderated by host country retail modernization, collectivism, and uncertainty avoidance. In particular, host country retail modernization reverses, from negative to positive, the influence of store format diversification on foreign retailer performance. Fur-thermore, both collectivism and uncertainty avoidance strengthen the positive influence of customer orientation on foreign retailer performance. Finally, uncertainty avoidance strengthens the negative influence of store format diver-sification on foreign retailer performance.

scholarly journals Migration und Geld: Können Remittances den Wohlstand eines Landes fördern?

2018 ◽  
Vol 87 (3) ◽  
pp. 165-179
Author(s):  
Marcus Deetz ◽  
Anna Ammon ◽  
Neele Döpkens
Keyword(s):  
Foreign Direct Investment ◽  
Panel Data ◽  
Gross Domestic Product ◽  
Direct Investment ◽  
Home Country ◽  
Positive Influence ◽  
Domestic Product ◽  
Control Variables ◽  
Panel Data Regression ◽  
Data Regression

Zusammenfassung: Haben Remittances, also der Geldtransfer von Migrantinnen und Migranten zur Unterstützung der Familien im Heimatland, einen positiven Einfluss auf den Wohlstand eines Landes? Hierzu können die empirischen Befunde wie folgt zusammengefasst werden: Bei den durchgeführten Paneldatenregressionen von Remittances pro Person auf das Bruttoinlandsprodukt pro Einwohner, wobei die Kontrollvariablen Arbeitslosigkeit, Export, ausländische Direktinvestitionen, Bruttoinvestitionen sowie der Einfluss der Finanzkrise 2008–2009 berücksichtigt wurden, ist der Koeffizient der Variablen Remittances pro Person mit einer Höhe von 0,026 statistisch hochsignifikant. Remittances haben demnach einen positiven Einfluss auf den Wohlstand eines Landes, wenn dieser in Bruttoinlandsprodukt pro Einwohner gemessen wird. Auch die Ergebnisse der Robustheitsanalysen haben den positiven Zusammenhang bestätigt, der auch bei Veränderung von Kontrollvariablen statistisch signifikant bleibt. Summary: Do remittances, that is, the transfer of money from migrants to support families in their home country, have a positive influence on the prosperity of a country? The empirical findings can be summarized as follows: In the panel data regression of remittances per person to the gross domestic product per inhabitant, whereby the control variables unemployment, export, foreign direct investment, gross investment and the influence of the financial crisis 2008–2009 were taken into account, the coefficient of the variable remittances per person is statistically highly significant at 0.026. Thus, remittances have a positive influence on a country’s prosperity when measured in gross domestic product per inhabitant. The results of the robustness analyses also confirmed the positive correlation, which remains statistically significant even if control variables are changed.

scholarly journals A model proposal for estimating banks’ future value: Evidence from Turkey

2021 ◽  
Vol 16 (4) ◽  
pp. 169-178
Author(s):  
Burhan Günay ◽  
Ayten Turan Kurtaran ◽  
Sara Faedfar
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Panel Data Analysis ◽  
Explanatory Power ◽  
Performance Criteria ◽  
Past Performance ◽  
Ols Regression ◽  
Significance Level ◽  
The Future ◽  
The Impact

Investors make solid decisions when evaluating their investments based on positive indicators the firm may show in the future, rather than based on its past performance. Accordingly, this study aims to investigate the relationship between performance criteria and the most significant value-based criterion; Economic Value Added (EVA). Further, it evaluates the impact of future EVA values on the bank value. Panel Data Analysis and the OLS Regression model are used to estimate the regression equation. The analysis is performed using data of 10 banks on the BIST Banks Index over the period 2011 to 2020. Furthermore, the EVA criterion was converted into standardized EVA(SEVA) by dividing EVA by total assets. The OLS regression analysis results revealed that the model’s explanatory power for the SEVA variable is 71.92%. The three variables that have positive correlation with SEVA are earnings per share (EPS) and TOBINQ rates at the 1% significance level and the price to sales growth rate with a degree of significance at 10%. Regarding the Panel Data Analysis results, while the explanatory power of the SEVA variable is 72.14%, its association with the EPS and TOBINQ criteria was found to be significant at the 1% significance level. The empirical investigations reveal that the model developed using the future SEVA as a proxy for bank value is found to be promising, and it is accepted that the SEVA variable can be used instead of the bank value.

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