scholarly journals Firm Ownership Characteristics and Long-run Return on Equity Issued: A Case of the Nairobi Securities Exchange

2021 ◽  
Vol 7 (3) ◽  
pp. p131
Author(s):  
Martin K. Odipo ◽  
Tobias Olweny ◽  
Oluoch Oluoch
Keyword(s):  
Big Five ◽  
Institutional Ownership ◽  
State Ownership ◽  
Regression Analyses ◽  
Return On Equity ◽  
Firm Ownership ◽  
Average Return ◽  
Long Run ◽  
Multi Linear Regression ◽  
Better Than

This investigation looked at the link between firm ownership characteristics and long-run return on firms that issued equity at the Nairobi Securities Exchange (NSE) in Kenya. The study covered 12 firms that issued shares in the NSE market from 2006-2008. Ownership characteristics included (state ownership, institutional Ownership, foreign Ownership, big five shareholders, market capitalization, age of the firm and Leverage of the firm) in relation to the average return. The study tested whether each of the firm ownership characteristics influenced long-run performance. Annual return for these companies was based on market return for five years after the firm’s equity shares were issued. The long-run performance was compared with three benchmarks, namely, NSE index, CAPM and Matching firms. Seven hypotheses were developed for the study. Simple-liner and multi-linear regression analyses based on panel data were carried out to relate the extended run return on shares issued. The result of the survey showed that issuing firms performed better than non-issuing firms. These issuing firms also performed better in comparison to CAPM. However, the issuing firms performed worse than NSEI. In conclusion, the long-run performance of equity issued at the NSE does not necessarily underperform relative to non-issuing establishments.

scholarly journals Microeconomic Firm Characteristics and Long Run Returns: The Case of Firms That Issued Equity at Nairobi Securities Exchange

2020 ◽  
Vol 5 (4) ◽  
Author(s):  
Martin Khoya Odipo ◽  
◽  
Tobias Olweny ◽  
Oluoch Oluoch ◽  
◽  
...  
Keyword(s):  
Positive Influence ◽  
Bench Mark ◽  
Economic Determinants ◽  
Explanatory Variables ◽  
Study Approach ◽  
Measurement Models ◽  
Average Return ◽  
Long Run ◽  
Better Than

This study looks at micro-economic determinants of long run performance of shares issued in Nairobi Securities Exchange from 1st Jan. 2007 to 31st Dec.2013. Do these selected microeconomic determinants have statistically significant effects on long run return on equity issued in the Nairobi security exchange in Kenya? The study has a total 12 firms that issued shares in the security exchange during this period. In order to achieve the objectives of the study “a calendar study” approach on the issued shares was adopted. Monthly average returns were calculated for a period of 5 years. Nine hypotheses were deduced and executed. Three were based on benchmarks namely: Nairobi Securities Exchange Index (NSEI), Capital Asset Pricing Model (CAPM) and Matching Firms (MF). Along with the 3 mentioned measurement models, other 6 micro-economic variables were incorporated in the study; firm size, offer size, stock turnover, book/ market ratio, age and quality of underwriter. A panel data multi-regression and single regression analysis were run to examine the relationship between average return and micro-economic determinants on firm performance in the long run. The results of the study showed that the study corresponds with some of results of the previous studies with regard to the long run returns of either under or over performance. The level of under of over performance based on the benchmarks used were that NSEI and Matching firms performed better than firms that issued equity. However firms that issued equity performed better than CAPM as bench mark. The study also revealed that two explanatory variables; Age and Quality of underwriter were statistically significant as determinants of long run performance. Finally two independent variables were found to have positive influence on firms that issued equity in the NSE. In conclusion this study confirmed the results of previous studies done either supporting certain variables as determinants of long run return or do not support certain variables as determinants of long run return.

scholarly journals Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan

2019 ◽  
Vol IV (III) ◽  
pp. 197-205
Author(s):  
Mahboob Ullah ◽  
Nouman Afgan ◽  
Sajjad Ahmad Afridi
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Board Independence ◽  
Regression Analyses ◽  
Return On Assets ◽  
Return On Equity ◽  
Auto Correlation ◽  
The Impact

The key aim of current research is to investigate the influence of CG on financial performance (FP) and capital structure (CS) of cement companies listed on Pakistan Stock Exchange (PSX). To accomplish this purpose, twenty cement firms listed on the PSX was deployed from 2005 to 2014. Auto-correlation and heteroscedasticity were tested and Regression analyses were used to test the hypotheses. SPSS 21 is conducted to perform the analyses.CG is analyzed via board size, board independence, and institutional ownership while, return on assets and return on equity are employed to analyze FP, whereas CS is calculated via debt to equity. The outcomes document that CG positively affects FP, however, negatively impact CS. This research not only contributes to examining the impact and association between CG, FP, and CS but also prove the outcomes of previous studies that have presented a significant influence and association between CG, FP, and CS.

Exploring the Multidimensional Facets of Authoritarianism: Authoritarian Aggression and Social Dominance Orientation

2008 ◽  
Vol 67 (1) ◽  
pp. 51-60 ◽  
Author(s):  
Stefano Passini
Keyword(s):  
Social Dominance ◽  
Factor Model ◽  
Three Dimensional ◽  
Social Dominance Orientation ◽  
Model Fit ◽  
Regression Analyses ◽  
One Dimensional ◽  
Confirmatory Factor ◽  
The One ◽  
Better Than

The relation between authoritarianism and social dominance orientation was analyzed, with authoritarianism measured using a three-dimensional scale. The implicit multidimensional structure (authoritarian submission, conventionalism, authoritarian aggression) of Altemeyer’s (1981, 1988) conceptualization of authoritarianism is inconsistent with its one-dimensional methodological operationalization. The dimensionality of authoritarianism was investigated using confirmatory factor analysis in a sample of 713 university students. As hypothesized, the three-factor model fit the data significantly better than the one-factor model. Regression analyses revealed that only authoritarian aggression was related to social dominance orientation. That is, only intolerance of deviance was related to high social dominance, whereas submissiveness was not.

scholarly journals Who Likes What Kind of News? The Relationship Between Characteristics of Media Consumers and News Interest

SAGE Open ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 215824402110030
Author(s):  
Kai Kaspar ◽  
Lisa Anna Marie Fuchs
Keyword(s):  
Big Five ◽  
Information Filtering ◽  
Personal Characteristics ◽  
Self Esteem ◽  
Big Five Personality ◽  
Regression Analyses ◽  
Uses And Gratification ◽  
German Speaking ◽  
Explained Variance ◽  
The Relationship

Stimulated by the uses-and-gratification approach, this study examined the joint relation of several consumer characteristics to news interest. In total, 1,546 German-speaking participants rated their interest in 15 major news categories and several personal characteristics, including gender, age, the Big Five personality traits, self-esteem, as well as general positive and negative affect. Regression analyses examined the amount of interindividual variance in news interest that can be explained by this set of consumer characteristics. Overall, the amount of explained variance differed remarkably across news categories, ranging from 4% for entertainment-related news to 25% for news about technology. The most powerful explaining variables were participants’ gender, age, openness to experiences, and their amount of general positive affect. The results suggest that news interest should be defined and operationalized as a concept with multiple facets covering a huge range of content. Also, the results are important for media producers and journalists with respect to the conflict between increased need gratification of consumers and information filtering via personalized news content.

scholarly journals Choosing Factors for the Vietnamese Stock Market

2021 ◽  
Vol 14 (3) ◽  
pp. 96
Author(s):  
Nina Ryan ◽  
Xinfeng Ruan ◽  
Jin E. Zhang ◽  
Jing A. Zhang
Keyword(s):  
Stock Returns ◽  
Factor Model ◽  
Five Factor Model ◽  
Explanatory Power ◽  
Factor Models ◽  
Marginal Contribution ◽  
Return On Equity ◽  
Factor Modeling ◽  
Three Factor ◽  
Better Than

In this paper, we test the applicability of different Fama–French (FF) factor models in Vietnam, we investigate the value factor redundancy and examine the choice of the profitability factor. Our empirical evidence shows that the FF five-factor model has more explanatory power than the FF three-factor model. The value factor remains important after the inclusion of profitability and investment factors. Operating profitability performs better than cash and return-on-equity (ROE) profitability as a proxy for the profitability factor in FF factor modeling. The value factor and operating profitability have the biggest marginal contribution to a maximum squared Sharpe ratio for the five-factor model factors, highlighting the value factor (HML) non-redundancy in describing stock returns in Vietnam.

scholarly journals A Central Element of Europe’s Football Ecosystem: Competitive Intensity in the “Big Five”

2021 ◽  
Vol 13 (6) ◽  
pp. 3097
Author(s):  
Fabio Wagner ◽  
Holger Preuss ◽  
Thomas Könecke
Keyword(s):  
Big Five ◽  
Central Element ◽  
Quantitative Approach ◽  
Competitive Intensity ◽  
Entrepreneurial Ecosystems ◽  
Long Run ◽  
The Future ◽  
European Football ◽  
Over Time

This study perceives professional European football as one of the most relevant event-related entrepreneurial ecosystems (EEs) worldwide. It also identifies a healthy sporting competition in the five most popular European football leagues (Spain, England, Germany, Italy, and France), the “big five,” as a key pillar for the functioning of this ecosystem. By applying a quantitative approach, competitive intensity (CI) is measured for all big five leagues for 21 seasons (1998/99 to 2018/19). The chosen method does not only convey an overall indication of the competitive health of the entire league but also provides detailed information on the four important sub-competitions (championship race, qualification for Champions League or Europa League, and the fight against relegation). In all five leagues, seasonal CI tends to decrease over time, and especially over the last decade. The main reason is a decline in the intensity of the championship race while all other sub-competitions show relatively robust CI values. Overall, it can be concluded that the competitive health of the big five is intact, but the dwindling CI of the championship races can harm the EE of professional European football in the long run. Accordingly, it should be closely monitored in the future.

A bivariate optimal replacement policy for a repairable system

1994 ◽  
Vol 31 (4) ◽  
pp. 1123-1127 ◽  
Author(s):  
Yuan Lin Zhang
Keyword(s):  
Explicit Expression ◽  
Average Cost ◽  
Replacement Policy ◽  
Repairable System ◽  
Optimal Replacement ◽  
Long Run ◽  
Optimal Replacement Policy ◽  
Working Age ◽  
Better Than

In this paper, a repairable system consisting of one unit and a single repairman is studied. Assume that the system after repair is not as good as new. Under this assumption, a bivariate replacement policy (T, N), where T is the working age and N is the number of failures of the system is studied. The problem is to determine the optimal replacement policy (T, N)∗such that the long-run average cost per unit time is minimized. The explicit expression of the long-run average cost per unit time is derived, and the corresponding optimal replacement policy can be determined analytically or numerically. Finally, under some conditions, we show that the policy (T, N)∗ is better than policies N∗ or T∗.

scholarly journals Who Moves to Music? Empathic Concern Predicts Spontaneous Movement Responses to Rhythm and Music

2020 ◽  
Vol 3 ◽  
pp. 205920432097421
Author(s):  
Agata Zelechowska ◽  
Victor E. Gonzalez Sanchez ◽  
Bruno Laeng ◽  
Jonna K. Vuoskoski ◽  
Alexander Refsum Jensenius
Keyword(s):  
Individual Differences ◽  
Big Five ◽  
Body Movement ◽  
Empathic Concern ◽  
Reactivity Index ◽  
Neutral Position ◽  
Dance Music ◽  
Regression Analyses ◽  
Spontaneous Movement ◽  
Electronic Dance Music

Moving to music is a universal human phenomenon, and previous studies have shown that people move to music even when they try to stand still. However, are there individual differences when it comes to how much people spontaneously respond to music with body movement? This article reports on a motion capture study in which 34 participants were asked to stand in a neutral position while listening to short excerpts of rhythmic stimuli and electronic dance music. We explore whether personality and empathy measures, as well as different aspects of music-related behaviour and preferences, can predict the amount of spontaneous movement of the participants. Individual differences were measured using a set of questionnaires: Big Five Inventory, Interpersonal Reactivity Index, and Barcelona Music Reward Questionnaire. Liking ratings for the stimuli were also collected. The regression analyses show that Empathic Concern is a significant predictor of the observed spontaneous movement. We also found a relationship between empathy and the participants’ self-reported tendency to move to music.

scholarly journals Tenure, Faculty Contracts and Bargaining Conflict

2017 ◽  
Vol 28 (3) ◽  
pp. 47-70
Author(s):  
Derek Hum
Keyword(s):  
Opportunity Cost ◽  
Research Output ◽  
Job Security ◽  
University Administrators ◽  
Government Grants ◽  
Faculty Unions ◽  
Long Run ◽  
Academic Employment ◽  
The University ◽  
Better Than

Tenure is sometimes charged as giving faculty lifetime job security, with little accountability and sporadic monitoring of performance. Scholars have traditionally defended tenure as necessary for academic freedom. This paper takes a different approach by examining the academic "employment contract relationship," and explaining how tenure can lead to bargaining conflict. Tenure is costly to the university but extremely valued by the faculty member. The opportunity cost of granting tenure to someone is the lost teaching and research output of younger people who cannot be hired in future. Tenure is necessary because without it, incumbents would never recommend hiring people who might be better than they are, for fear of being replaced. Tenure is also efficient because faculty have better information about incumbents than either university administrators or outside consultants. Tenure is therefore necessary to motivate older faculty to hire the best. With staff budget dollars able to be shifted back or forwards across time periods, tenure secures the truthful revelation of who are the good candidates over all periods, and the university is guaranteed that those who are in the best position to judge (namely, faculty rather than administrators) have every incentive to make the best decisions. It follows, then, that the naive suggestion to get rid of tenure so that older, expensive professors can be fired and replaced with younger, cheaper professors would be disastrous in the long run. A simple model is presented explaining why (a) recent cutbacks in government grants, (b) cost pressures on university budgets, (c) limits to tuition increases, and (d) declining interests in attending a less "excellent" university have all resulted in pressure on tenure. Because there is no previously agreed-to mechanism in place to adjust staff, university administrations and faculty unions are not so much bargaining over an acceptable contract outcome as they are contesting the very rules of the bargaining game. Accordingly, unless tenure is reconsidered, universities may increasingly face bargaining conflict. Tenure could be reformed by making the term of tenure limited but related to rank, and establishing a maximum eligibility period during which a faculty may apply for promotion.

scholarly journals ANALISIS PERBANDINGAN KINERJA PERUSAHAAN DOMESTIK DAN ASING DENGAN MENGGUNAKAN ANALISIS RASIO MODAL SAHAM

2019 ◽  
Vol 5 (1) ◽  
Author(s):  
Syahrul Syarifudin
Keyword(s):  
Information Support ◽  
Price Ratio ◽  
Sources Of Information ◽  
Return On Equity ◽  
Foreign Companies ◽  
Significant Difference ◽  
Equity Ratio ◽  
Capitalization Rate ◽  
Domestic Companies ◽  
Better Than

There are companies that stand in Indonesia that are owned by foreigners. People tend to judge that the performance of foreign companies is better than domestic companies. This is due to the assumption that foreign companies have relatively larger capital, technology, and expertise that is better than domestic companies. Another presumption is that before, during, and after the crisis the performance of foreign-owned companies is better than domestic companies. In addition, to find out the good and bad performance of a company, it can use a stock capital ratio analysis. With this stock capital ratio, it can be seen the rate of return on equity, the ratio of earning per share, profit price, capitalization rate, and dividend income. So that the analysis can help investors and potential investors as sources of information support in investing in the company. The results of the data analysis using the T-test (Difference Test) found that there was no significant difference between the return on equity ratio, earnings per share ratio, the profit price ratio, the capitalization rate and dividend income. Thus the performance of domestic companies is significantly similar to the performance of foreign companies.Keywords: Earning per share, profit ratio, , capitalization ratio

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