scholarly journals Implications of ownership identity and insider’s supremacy on the economic performance of the listed companies

2014 ◽  
Vol 11 (4) ◽  
pp. 399-411
Author(s):  
Qaiser Rafique Yasser ◽  
Abdullah Al-Mamun
Keyword(s):  
Firm Performance ◽  
Emerging Market ◽  
Research Question ◽  
Positive Influence ◽  
Theoretic Approach ◽  
Main Research ◽  
The Government ◽  
High Level ◽  
The Impact ◽  
The Relationship

We adopt a multi-theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of ownership identity and director dominate shareholding on the performance of emerging market firms. The main research question addressed is, whether the impact of this relationship is conditional on the identity of the block investor. First, the relationship between overall block ownership and firm performance is tested by employing multiple regressions on 500 firm-year observations for the period from 2007 to 2011. Then, the block ownership is classified as the state, individuals, insiders, financial institutions, corporate and foreign investors and the influence of these identities on firm performance is examined. It was found that only the ownership categories such as the government, institutions and foreign ownership have positive influence on the firm performance. The results also indicate that high level of insider ownership also negatively associated with the firm performance. The main contribution of this paper is the examination of the relationship between block ownership and firm performance from the perspective of the identity of investors

Does investment in innovation impact firm performance in emerging economies? An empirical investigation of the Indian food and agricultural manufacturing industry

2021 ◽  
Vol 13 (2) ◽  
pp. 233-248
Author(s):  
Manogna R.L. ◽  
Aswini Kumar Mishra
Keyword(s):  
Firm Performance ◽  
Manufacturing Industry ◽  
Emerging Market ◽  
Developed Countries ◽  
Emerging Economy ◽  
Content Type ◽  
Agricultural Industry ◽  
Indian Food ◽  
The Impact ◽  
The Relationship

Purpose The study aims to analyze the impact of Research & Development (R&D) intensity on the firm’s performance, measured by growth of sales in the emerging market like India. Innovation strategy and its outcomes for firms may be different in developing countries as compared to developed countries. Thus, a study that focuses on the emerging economy like India, with a majority of the population dependent on agriculture, is of prime importance to the firm performance in the food and agricultural manufacturing industry. For this study, the broader focus will be on one widely recognised factor which may influence the growth rate of firms, i.e. investment in innovations which is in terms of R&D expenditure. Design/methodology/approach The paper investigates the relationship between the R&D efforts and growth of firms in the Indian food and agricultural manufacturing industry during 2001–2019. To empirically test the relationship between firm’s growth (FG) and R&D investments, system generalised method of moments technique has been used, hence enabling to avoid problems related to endogeneity and simultaneity. Findings The findings reveal that investments in innovations have a positive effect on the growth of firms in the Indian food and agricultural manufacturing industry. Investment in R&D also enables the firms to reap benefits from externalities present in the industry. Further analysis reveals that younger firms grow faster when they invest in R&D. More specifically, this paper finds evidence in the case of the food and agricultural industry that import of raw materials negatively affects the FG and export intensity positively affects the growth in the case of R&D firms. Research limitations/implications This study suggests that the government should encourage the industries to invest optimally in R&D projects by providing favourable fiscal treatments and R&D subsidies which are observed to have positive effects in various developed countries. Originality/value To the best of the author’s knowledge, the current paper is the first to analyse the impact of innovation in food and agricultural industry on firm’s performance in an emerging economy context with the latest data. This paper agrees that a government initiative to increase private R&D expenditure would have favourable effects on FG as growing investments in R&D lead to further growth of the firms.

scholarly journals A tranzakciós költségek és a szabványosítás kapcsolata (Relationship between transaction costs and standardization)

2013 ◽  
pp. 37-49
Author(s):  
István Kovács
Keyword(s):  
Transaction Costs ◽  
Economic Impact ◽  
Transaction Cost ◽  
Theoretical Basis ◽  
Transaction Cost Economics ◽  
Research Question ◽  
Coordination Mechanism ◽  
Main Research ◽  
The Impact ◽  
The Relationship

Az elmúlt néhány évtizedben a szabványosítás terén igen komoly változások mentek végbe. Ugrásszerűen megnőtt a szabványok száma, és jelentősen átalakult a szabványosítás folyamata is. Ezzel párhuzamosan a téma gazdasági hatásaival foglalkozó kutatások száma is megsokszorozódott, ami elsősorban a hálózati externáliák irodalmának robbanásszerű gyarapodásának köszönhető. Jelen tanulmány – az elméletek fősodrától eltérően – a tranzakciós költségek elméletében (TKE) helyezi el a szabványosítást. A szabványok és a tranzakciós költségek kapcsolatáról már születtek korábban is tanulmányok, de ezek a szabványoknak a tranzakciós költségekre gyakorolt hatásaira fókuszáltak. A tanulmány ezzel szemben arra helyezi a hangsúlyt, hogy azonosítsa a tranzakciós költségeknek a szabványosításra gyakorolt hatásait. A kutatás célja, hogy olyan elméleti alapot adjon, amelyben a témakör átfogóan elemezhető. A fő kutatási kérdés az, hogy mitől függ az, hogy melyik mechanizmus kereteiben érdemes a szabványosítást lebonyolítani. ________ Significant changes have characterized the last few decades of standardization. The number of standards has dramatically increased and processes of standardization have also changed a lot. At the same time the amount of researches that are concerned with the economic impact of standardization has also multiplied due to the boom in the literature of network externalities. Unlike the mainstream, this paper places standardization in the theory of transaction cost economics. Although there are earlier papers that are concerned with the relationship between standards and transaction costs, these studies focus on the impact of standards on transaction costs. In contrast, this paper lays emphasis on the identification of the impact of transaction costs on standardization. This study aims to provide a theoretical basis for the comprehensive analyses. The main research question: What determines which coordination mechanism is used to evolve a standard?

scholarly journals Openness and Communication Effects on Relationship Satisfaction in Women Experiencing Infertility or Miscarriage: A Dyadic Approach

2020 ◽  
Vol 17 (16) ◽  
pp. 5721
Author(s):  
Ewa Kiełek-Rataj ◽  
Anna Wendołowska ◽  
Alicja Kalus ◽  
Dorota Czyżowska
Keyword(s):  
Relationship Satisfaction ◽  
Research Question ◽  
Dyadic Analysis ◽  
Heterosexual Couples ◽  
Coping With Stress ◽  
Main Research ◽  
Communication Effects ◽  
Confounding Variables ◽  
The Impact ◽  
The Relationship

Openness and communication between partners are key elements of dyadic coping with stress. Our main research question is: what is the impact of these factors on relational satisfaction in spouses struggling with infertility or miscarriage? In the current study, by applying the actor–partner interdependence model to 90 heterosexual couples (N = 180), we examined the link between the spouses’ openness (the Giessen Test), communication (Flexibility and Cohesion Evaluation Scales) and relationship satisfaction (the Marriage Success Scale). Controlling for relevant covariates (communication, own openness and type of stress experienced by the spouses: infertility or miscarriage), a dyadic analysis revealed significant actor (−0.24; p < 0.001) and partner effects (−0.20; p < 0.001). We conclude that the relationship between the perception of the partner’s openness and the relationship satisfaction in women is strong, in the context of the analyzed potential confounding variables. We also observe that the relationship satisfaction in women from the group of infertile spouses is 6.06 points lower compared to women from the group of marriages after miscarriage (p = 0.034).

scholarly journals The Implementation of State Investment Plans by the Chinese People’s Republic as a Way to Reduce the Russian Federation’s Influence in the Republic of Kazakhstan

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Krystian Pachucki-Włosek
Keyword(s):  
Development Strategy ◽  
Research Question ◽  
Primary Objective ◽  
Development Plan ◽  
Strategic Partner ◽  
Main Research ◽  
State Investment ◽  
The Republic ◽  
The Impact ◽  
The Relationship

The aim of this article is to examine the impact of the actions of Chinese capital on limiting the influence of the Russian Federation in Kazakhstan. The preliminary analysis allowed for the formulation of the research question: Does Kazakhstan still take political considerations into account when choosing between Russian and Chinese capital? It was possible to answer this question due to the analysis of the main investments implemented by the Pekin and Mosocow in terms of their compliance with the Kazakhstan2050 development plan, initiated by President Nursultan Nazarbayev in 2012. The main research methods used in the article included: the analysis of literature on the subject, comparison, inference and induction. Finding the relationship between the development plan and investments made it possible to formulate a research hypothesis that the evaluation was reversed in the Kazakh development strategy. The primary objective when choosing a strategic partner became the economic calculation and its benefits. Political considerations came only in second place.

Working capital financing, firm performance and financial constraints

2019 ◽  
Vol 15 (4) ◽  
pp. 464-477 ◽  
Author(s):  
Nufazil Altaf ◽  
Farooq Ahmad
Keyword(s):  
Firm Performance ◽  
Financial Constraints ◽  
Emerging Market ◽  
Generalized Method Of Moments ◽  
Working Capital ◽  
Content Type ◽  
Capital Financing ◽  
Financing Performance ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to examine the relationship between working capital financing and firm performance for a sample of 437 non-financial Indian companies. In addition, this study examines the impact of financial constraints on working capital financing–performance relationship. Design/methodology/approach The study is based on secondary financial data of 437 non-financial Indian companies obtained from Capitaline database, pertaining to a period of 10 years (2007–2016). This study employs two-step generalized method of moments techniques to arrive at results. Findings Results of the study confirm the inverted U-shape relationship between working capital financing and firm performance. In addition, the authors also found that the firms that are likely to be less financially constrained can finance greater proportion of working capital using short-term debt. Originality/value This study contributes to the scant existing literature by testing the impact of financial constraints on the relationship between working capital financing and firm performance, representing a typical emerging market in India.

THE RELATIONSHIP BETWEEN ELECTRICITY POWER AND UNEMPLOYMENT RATES IN NIGERIA

2012 ◽  
Vol 02 (02) ◽  
pp. 10-19
Author(s):  
E.O. George ◽  
J.E. Oseni
Keyword(s):  
Power Supply ◽  
Industrial Sector ◽  
Least Square ◽  
High Rate ◽  
Unemployment Rates ◽  
Electricity Power ◽  
The Government ◽  
High Level ◽  
The Impact ◽  
The Relationship

The high level of unemployment and poor power supply to the industrial sector are the major problems facing the Nigerian economy. For the past two decades, successive governments in Nigeria have made futile attempts to address the issues of unemployment. Several scholarly studies have been conducted to establish relationships between unemployment and microeconomic variables without any serious attention on the relationship between unemployment and electricity power supply. The study addresses the question of the impact of electricity power on unemployment rates in Nigeria. This study using an ordinary least square regression model examined the influence of electricity power outputs, supply and consumption in addressing the high rate of unemployment in Nigeria. The study which covers the period of 1970 to 2005 discovers that power supply to the industrial sector was lower than the supply for residential consumption. The study also establishes that the major cause of unemployment in Nigeria can be traced to inadequate and unstable power supply to the industrial sector. The study advises the government and the policy makers to invest more in electricity power generation and ensures that the industrial sector is given a higher priority in the supply of electricity if the high unemployment rate is to be abated.

scholarly journals How Does Digital Finance Affect Carbon Emissions? Evidence from an Emerging Market

2021 ◽  
Vol 13 (21) ◽  
pp. 12303
Author(s):  
Hui Zhao ◽  
Yaru Yang ◽  
Ning Li ◽  
Desheng Liu ◽  
Hui Li
Keyword(s):  
Carbon Emissions ◽  
Emerging Market ◽  
Inhibitory Effect ◽  
Theoretical Explanation ◽  
Policy Shocks ◽  
Theoretical Evidence ◽  
High Level ◽  
Interim Measures ◽  
The Impact ◽  
The Relationship

The existing literature finds that finance has a significant impact on carbon emissions, but there is a lack of theoretical explanation on whether and how digital finance, an important new financial form, affects carbon emissions. This paper uses balanced panel data at the provincial level in China from 2011 to 2018 as a sample to empirically test the relationship between digital finance and carbon emissions and introduces three exogenous events to test the impact of policy shocks. The results show that digital finance has a significant inhibitory effect on carbon emissions; the implementation of the policies of ‘G20 High-Level Principles for Digital Financial Inclusion’, ‘Environmental Protection Tax Law of the People’s Republic of China’, and ‘Interim measures for the management of greenhouse gas voluntary emission reduction’ strengthens the suppression of carbon emissions by digital finance, and the robustness test also supports the protection of digital finance. The research conclusions of this article provide theoretical evidence for understanding the relationship between digital finance and other new financial formats and carbon emissions and provide an empirical basis for policy-makers to promote the development of digital finance to reduce carbon emissions.

scholarly journals The moderating role of director’s financial expertise in political connections and corporate financial performance in Pakistan

Accounting ◽  
2021 ◽  
pp. 865-874
Author(s):  
Murtaza Masud Niazi ◽  
Zaleha Othman ◽  
Sitraselvi Chandren
Keyword(s):  
Firm Performance ◽  
Financial Performance ◽  
Emerging Market ◽  
Political Influence ◽  
Political Connections ◽  
Political Connection ◽  
Firm Financial Performance ◽  
Financial Expertise ◽  
The Impact ◽  
The Relationship

Prior theoretical and empirical studies have suggested that political influence affects the application of corporate governance and firm performance enormously. However, several fundamental questions remain to be answered. To fill this knowledge gap,the study's main objectives are examining the direct impact of political connection on firm financial performance in Pakistani non-financial listed companies and the moderating effect of director's financial expertise on political connections and firm financial performance. The study utilised panel data of 220 firms from 2008 to 2017 and used panel corrected standard error regression analysis. The results show that political connection negatively impacted firm financial performance, and director financial expertise as a moderator strengthened the relationship between political connections and firm financial performance. This study's results supported political economy theory in that weak judicial systems and unstable political systems have immense effects on investor’s rights. The study contributes to extending the existing literature on political connection by providing evidence of the impact of politically connected firms on firm performance in an emerging market. The study also deliberates on how the director’s financial expertise contributes towards the relationship. The findings could be generalised to other countries with similar degrees of development and culture.

scholarly journals Embracing supply chain agility: an investigation in the electronics industry

2016 ◽  
Vol 21 (1) ◽  
pp. 140-156 ◽  
Author(s):  
Ying Kei Tse ◽  
Minhao Zhang ◽  
Pervaiz Akhtar ◽  
Jill MacBryde
Keyword(s):  
Supply Chain ◽  
Firm Performance ◽  
Emerging Market ◽  
Mediation Effect ◽  
Future Research ◽  
Content Type ◽  
Supply Chain Agility ◽  
External Learning ◽  
The Impact ◽  
The Relationship

Purpose – This paper aims to identify the antecedents of firm’s supply chain agility (SC agility) and how SC agility impacts on firm’s performance. Design/methodology/approach – Based on a comprehensive literature review, a conceptual model was proposed, in which the interrelated hypotheses were tested by structural equation modelling methodology using a dataset collected from 266 Chinese electronics firms. Findings – Initially, it was found that SC integration and external learning positively influenced SC agility. Second, the results indicated that firm’s performance is positively impacted by SC agility. Moreover, SC agility also fully mediated the effect of SC integration on firm’s performance and the effect of external learning on firm’s performance. Research limitations/implications – The generalizability of this research sample might be the major limitation of this study. Therefore, future research can adopt other industry sectors samples, such as automobile manufacturing, or other country samples to validate the research model. Practical implications – This research outlines strategies for better preparedness to achieve SCs to be agile which is a core competency of electronic firms in emerging market. Findings reveal that the external coordination practices – external learning and SC integration – are important factors of SC agility. In addition, the findings contribute to understanding the important role of SC agility in improving firm’s performance. Originality/value – This research examines the impact of two antecedents (i.e. SC integration and external learning) on SC agility and is the first empirical research to analyze the mediation effect of SC agility on the relationship between SC integration and firm performance and the relationship between external learning and firm performance.

scholarly journals EXPRESS: Unbundling the Effects of Internationalization on Firm Performance in Emerging Economies: The Moderating Effects of Strategic Resource Decisions

2021 ◽  
pp. 1069031X2110306
Author(s):  
Nilay Bicakcioglu-Peynirci ◽  
Robert E. Morgan
Keyword(s):  
Firm Performance ◽  
Emerging Economies ◽  
Emerging Market ◽  
Strategic Marketing ◽  
Slack Resources ◽  
Moderation Effect ◽  
Strategic Resource ◽  
And Performance ◽  
Resource Decisions ◽  
The Relationship

We investigate how strategic resource decisions—concerning slack resources and strategic marketing ambidexterity—influence the relationship between internationalization and firm performance of emerging market firms. Based upon the resource-based view, we synthesize two dominant, yet divergent, perspectives that explain the respective resource slack advantages and liabilities in the internationalization literature: the flexible capacity and the efficient capacity perspectives. We also explore the moderating role of strategic marketing ambidexterity which comprises a bundle of marketing activities covering both exploitation-dominant actions and exploration-dominant actions. We empirically examine our hypothesized relationships with data from a sample of 1,683 firm-year observations for the period between 2005 and 2018 and find that distinct forms of resource slacks have contrasting effects on the relationship between internationalization and performance. Our results provide strong evidence for positive moderation effect of unabsorbed slack resources and a negative moderation effect of absorbed slack resources on the internationalization-performance relationship. We also indicate nonsignificant moderating effect of strategic marketing ambidexterity, demonstrating that internationalization attains higher firm performance regardless of its exploration-dominant or exploitation-dominant strategic emphasis in emerging economies.

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