scholarly journals An investigation of the performance of luxury firms in Europe from an agency theory perspective

2018 ◽  
Vol 15 ◽  
pp. 161-173 ◽  
Author(s):  
Domenico Campa
Keyword(s):  
Agency Theory ◽  
Ownership Structure ◽  
Regression Models ◽  
Company Performance ◽  
Firm Level ◽  
European Continent ◽  
Eu Member States ◽  
Large Panel ◽  
Agency Issues ◽  
Better Than

The luxury sector is one of the most significant segments of the economy. It is increasingly attracting the interest of investors given the high margins and growth that companies in this sector exhibit. What is the “secret” of this outstanding performance? Extant literature shows that firm-level strategies, i.e. marketing policies, supply-chain management, R&D investments, etc. are the keys to luxury company success. However, it neglected the investigation of ownership structure, in the context of the agency theory, as another determinant of company performance. This is an important gap since evidence indicates that ownership structure affects features that are crucial to the success of luxury firms. Accordingly, this paper uses a large panel dataset of luxury companies (1,153 unique firms and 8,253 firm-year observations) located in the European continent, OLS multivariate regression models with robust econometric features as well as a robustness test that controls for endogeneity and explores these firms from an agency theory perspective. It finds that luxury entities with higher ownership concentration perform better than the others. This relationship is stronger among non-EU member states and was not affected by the financial crisis. This investigation complements extant research on luxury companies showing that their governance does matter in explaining their success; thus it suggests to researchers of the luxury sector that the ownership structure of these entities cannot be ignored. The evidence reported in the paper helps owners and managers of luxury firms to detect potential agency issues and investors to spot features of highly profitable luxury firms.

scholarly journals Do family firms perform better: A Belgian survey

2007 ◽  
Vol 4 (4) ◽  
pp. 173-182
Author(s):  
Christiane Bughin ◽  
Olivier Colot ◽  
Karin Comblé
Keyword(s):  
Agency Theory ◽  
Empirical Evidence ◽  
Ownership Structure ◽  
Family Firms ◽  
Management Practices ◽  
Family Values ◽  
Economic Literature ◽  
Paired Samples ◽  
Better Than

A large conceptual economic literature presents assumptions that family owned and controlled firms perform better than others, essentially on the basis of agency theory, ownership structure, cultural specificities and particular management practices. Large empirical evidence has been supplied by various studies, even if there are still contradictory debates. This paper uses the paired samples methodology to compare operational, economic and financial profitabilities of Belgian family firms. Evidence is given that they perform better, and this significantly for economic profitability. Discussion is engaged about the contribution of family values and practices to their results.

scholarly journals Assessing France's Joint Audit Requirement: Are Two Heads Better than One?

2009 ◽  
Vol 28 (2) ◽  
pp. 35-63 ◽  
Author(s):  
Jere R. Francis ◽  
Chrystelle Richard ◽  
Ann Vanstraelen
Keyword(s):  
Information Asymmetry ◽  
Agency Theory ◽  
Ownership Structure ◽  
Earnings Quality ◽  
Family Control ◽  
Auditor Choice ◽  
Ownership Structures ◽  
Big 4 ◽  
Earning Quality ◽  
Better Than

SUMMARY: We examine auditor choice for listed companies in France where two (joint) auditors are required by law. This unique setting creates more complex auditor choice than the typical Big 4/non-Big 4 dichotomy in other countries, and we study if a firm's ownership structure affects its auditor-pair choice as well the consequences on earning quality. The findings are consistent with agency theory and indicate that a Big 4 auditor (paired with a non-Big 4 auditor) is more likely to be used when there is greater information asymmetry (less family control and more diversified ownership structures), and that these associations are even stronger for firms with two Big 4 auditors conducting the joint audit. We also test if a firm's auditor-pair choice affects earnings quality and find that firms using one Big 4 auditor (paired with a non-Big 4 auditor) have smaller income-increasing abnormal accruals compared to firms that use no Big 4 auditors and, once again, find that this effect is even stronger for firms that use two Big 4 auditors.

STUDY ON THRIVE SCORE IN THE PROGNOSIS OF ISCHEMIC STROKE

2017 ◽  
pp. 22-24
Author(s):  
Thi Thao Nhi Tran ◽  
Dinh Toan Nguyen
Keyword(s):  
Ischemic Stroke ◽  
Clinical Outcome ◽  
Regression Models ◽  
Cross Sectional Study ◽  
High Rate ◽  
Vascular Events ◽  
Cross Sectional ◽  
Key Words Ischemic Stroke ◽  
Outcome Mortality ◽  
Better Than

Background and Purpose: Stroke is the second cause of mortality and the leading cause of disability. Using the clinical scale to predict the outcome of the patient play an important role in clinical practice. The Totaled Health Risks in Vascular Events (THRIVE) score has shown broad utility, allowing prediction of clinical outcome and death. Methods: A cross-sectional study conducting on 102 patients with acute ischemic stroke using THRIVE score. The outcome of patient was assessed by mRankin in the day of 30 after stroke. Statistic analysis using SPSS 15.0. Results: There was 60.4% patient in the group with THRIVE score 0 – 2 points having a good outcome (mRS 0 - 2), patient group with THRIVE score 6 - 9 having a high rate of bad outcome and mortality. Having a positive correlation between THRIVE score on admission and mRankin score at the day 30 after stroke with r = 0.712. THRIVE score strongly predicts clinical outcome with ROC-AUC was 0.814 (95% CI 0.735 - 0.893, p<0.001), Se 69%, Sp 84% and the cut-off was 2. THRIVE score strongly predicts mortality with ROC-AUC was 0.856 (95% CI 0.756 - 0.956, p<0.01), Se 86%, Sp 77% and the cut-off was 3. Analysis of prognostic factors by multivariate regression models showed that THRIVE score was only independent prognostic factor for the outcome of post stroke patients. Conclusions: The THRIVE score is a simple-to-use tool to predict clinical outcome, mortality in patients with ischemic stroke. Despite its simplicity, the THRIVE score performs better than several other outcome prediction tools. Key words: Ischemic stroke, THRIVE, prognosis, outcome, mortality

scholarly journals An analysis of Italian university students’ performance through segmented regression models: gender differences in STEM courses

Genus ◽  
2021 ◽  
Vol 77 (1) ◽  
Author(s):  
Andrea Priulla ◽  
Nicoletta D’Angelo ◽  
Massimo Attanasio
Keyword(s):  
Gender Differences ◽  
Regression Models ◽  
First Year ◽  
Strongly Correlated ◽  
Segmented Regression ◽  
Freshmen Students ◽  
Female Performance ◽  
And Mathematics ◽  
The Relationship ◽  
Better Than

AbstractThis paper investigates gender differences in university performances in Science, Technology, Engineering and Mathematics (STEM) courses in Italy, proposing a novel application through the segmented regression models. The analysis concerns freshmen students enrolled at a 3-year STEM degree in Italian universities in the last decade, with a focus on the relationship between the number of university credits earned during the first year (a good predictor of the regularity of the career) and the probability of getting the bachelor degree within 4 years. Data is provided by the Italian Ministry of University and Research (MIUR). Our analysis confirms that first-year performance is strongly correlated to obtaining a degree within 4 years. Furthermore, our findings show that gender differences vary among STEM courses, in accordance with the care-oriented and technical-oriented dichotomy. Males outperform females in mathematics, physics, chemistry and computer science, while females are slightly better than males in biology. In engineering, female performance seems to follow the male stream. Finally, accounting for other important covariates regarding students, we point out the importance of high school background and students’ demographic characteristics.

Legislatures and Policy Uncertainty: Evidence from East Central Europe

2010 ◽  
Vol 30 (1) ◽  
pp. 63-80 ◽  
Author(s):  
RADOSLAW ZUBEK ◽  
CHRISTIAN STECKER
Keyword(s):  
Central Europe ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Policy Uncertainty ◽  
Legislative Organization ◽  
Firm Level ◽  
East Central Europe ◽  
East Central ◽  
Eu Member States ◽  
Party Institutionalization

AbstractRelying on social choice theory, this paper argues that uncertainty regarding future public policies is likely to be related to party institutionalization and legislative organization. The argument is evaluated using survey data from businesses in eight EU member states in East Central Europe. It finds that firms report lower concern over policy uncertainty in systems with higher party institutionalization. There is also some evidence, although less robust, that restrictive parliamentary agenda control leads to lower perceptions of policy uncertainty and this effect mediates the influence of party institutionalization. These results tend to hold if one controls for the effect of other national and firm-level factors.

Effect of female executives on Chinese cultural media enterprise efficiency

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ying Li ◽  
Yung-Ho Chiu ◽  
Tai-Yu Lin ◽  
Hongyi Cen
Keyword(s):  
Boards Of Directors ◽  
Company Performance ◽  
Tobit Regression ◽  
Female Executives ◽  
Two Stage ◽  
Content Type ◽  
Female Directors ◽  
The Impact ◽  
Cultural Media ◽  
Better Than

Purpose As more women are now being appointed to senior and top management positions and invited to sit on boards of directors, they are now directly participating in strategic company decision-making. As female directors have been found to provide new ideas, increase company competitiveness, efficiency and performance and bring a greater number of external resources to a company than male directors, this paper aims to put female directors as a variable into the data envelopment analysis (DEA) and statistical models to explore the effect of female directors on operating performances. The DEA first quantified and measured the company efficiencies, after which the statistical model analyzed the correlations between the variables to specifically identify the impact of female decision makers on the operating efficiencies in state-owned and private enterprises. Design/methodology/approach A novel two-stage, meta-hybrid dynamic DEA was developed to explore Chinese cultural media company efficiencies under optimal input and output resource allocations, after which Tobit Regression was applied to determine the effect of female executives on these efficiencies. Findings From 2012 to 2016, the overall efficiencies in Chinese state-owned cultural media enterprises were better than in the private cultural media enterprises. The overall technology gaps (TGs) in the state-owned cultural media enterprises were better than in the private cultural media enterprises. Originality/value Previous research has tended to focus on the causal relationships between female senior executives and business performances; however, there have been few studies on the relationships between female executives and company performance from an efficiency perspective (optimal resource allocation). This paper, therefore, is the first to develop a novel two-stage, meta-hybrid dynamic DEA to examine Chinese cultural media enterprise efficiencies, and the first to apply Tobit Regression to assess the effect of female executives on those efficiencies.

The Factors Affect Company Performance in Renewable Energy Industry

2017 ◽  
Vol 5 (6) ◽  
pp. 188-204 ◽  
Author(s):  
YINLIN TSAI ◽  
Johnny Tung
Keyword(s):  
Renewable Energy ◽  
Capital Intensity ◽  
Performance Measure ◽  
Energy Industry ◽  
Long Term Results ◽  
Company Performance ◽  
Firm Level ◽  
Country Level ◽  
Performance Determinants ◽  
Renewable Energy Industry

Concerns about global warming and climate change are generating interest in renewable energy measures with the purpose to minimize environmental impact. Promoting renewable energy production becomes indispensable since its represent a tiny fraction of energy consumed. The purpose of this study is to identify the performance determinants are divided in country specific advantages and firm specific advantages. Companies were selected from Bloomberg and filtered due to its information ava ilability from COMPUSTAT to construct a Panel Data structure. The results proved that both country level (shares of renewable and energy consumption) and firm level (market capitalization, employee growth rate and capital intensity) determinants were signi ficant in the renewable energy industry. Through the analysis, it’s possible to realize that return on assets it’s a performance measure with long term results, but unlike it, gross profit margin is variable that demonstrate short term results. We conclude that renewable energy industry has a great potential due to its results performed.

Abstract 3775: Average Blood Glucose and Mortality in Patients Hospitalized with Acute Myocardial Infarction

Circulation ◽  
2007 ◽  
Vol 116 (suppl_16) ◽  
Author(s):  
Mikhail Kosiborod ◽  
Silvio Inzucchi ◽  
Harlan M Krumholz ◽  
Lan Xiao ◽  
Phillip G Jones ◽  
...  
Keyword(s):  
Blood Glucose ◽  
Hospital Mortality ◽  
Regression Models ◽  
Independent Predictor ◽  
Laboratory Data ◽  
Logistic Regression Models ◽  
Average Blood Glucose ◽  
The Relationship ◽  
Multivariable Adjustment ◽  
Better Than

Background: Elevated blood glucose (BG) on admission is associated with higher mortality risk in patients (pts) hospitalized with AMI. However, the prognostic value of average BG, which reflects overall glycemic exposure much better than admission BG, is unknown. Furthermore, the nature of the relationship between average BG and mortality has not been determined. Methods: We evaluated a cohort of 16,871 AMI pts hospitalized from January 2000-December 2005, using Cerner Corporation’s Health Facts® database from 40 hospitals, which contains demographics, clinical and comprehensive laboratory data. Logistic regression models evaluated the nature of the relationship between mean BG during the entire AMI hospitalization and in-hospital mortality, after adjusting for multiple patient factors and confounders. Similar analyses were performed in subgroups of pts with and without diabetes (DM). Results: A J-shaped relationship was observed between mean BG and in-hospital mortality, which persisted after multivariable adjustment (Figure ). Mortality increased with each 10 mg/dL incremental rise in mean BG over >120 mg/dL, and with incremental decline in mean BG <80 mg/dL. The slope of these relationships was much steeper in pts without DM. Conclusions: Average BG during the entire AMI hospitalization is a powerful independent predictor of in-hospital mortality. Both persistent hyper- and hypoglycemia are associated with adverse prognosis. Whether strategies directed at optimizing BG control will improve survival remains to be established. Association Between Mean BG and In-Hospital Mortality After Multivariable Adjustment (Reference: Mean BG 100 to <110)

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