The Informational Role of Investor Relations: Evidence from the Debt Market

2021 ◽  
Author(s):  
Eunjee Kim ◽  
Mani Sethuraman ◽  
Thomas D. Steffen
Keyword(s):  
Positive Impact ◽  
Credit Ratings ◽  
Investor Relations ◽  
Cross Sectional ◽  
Bond Ratings ◽  
Information Precision ◽  
Debt Markets ◽  
Debt Market ◽  
Investment Grade

We explore the role of investor relations (IR) in debt markets. Using earnings announcements as a laboratory, we examine whether, when, and to what extent IR departments help credit investors assimilate information. We find that the presence of IR decreases (increases) the negative (positive) impact on CDS spreads stemming from bad (good) earnings news, suggesting that IR efforts improve information precision and reduce transparency risk. Cross-sectional analyses suggest that IR matters more when uncertainty is high and creditors are concerned about the credit-risk implications of firm performance. We also find that IR firms receive higher credit ratings and fewer covenants when issuing bonds, and CDS markets react less negatively when IR firms' bond ratings are downgraded below investment grade. Because firms choose their IR activities, we show that our inferences are robust to multiple methods of addressing endogeneity. Overall, we find that IR departments are influential in debt markets.

scholarly journals Role of Perceived Management Support and Personal Valence in Promoting Behavioral Support for Change: A Social Exchange Theory Perspective

2020 ◽  
Vol 5 (1) ◽  
pp. 65-74
Author(s):  
Farhan Mehboob ◽  
Noraini Othman
Keyword(s):  
Social Exchange ◽  
Positive Impact ◽  
Academic Staff ◽  
Success Factor ◽  
Management Support ◽  
Behavioral Support ◽  
Cross Sectional ◽  
Context Factor ◽  
Behavioural Support

Individuals’ support for change is a critical success factor to effectively implement change. Therefore, identifying the possible antecedent and mechanism leading to one’s behavioural support towards change is necessary. The study aims to unfold this avenue of research empirically by examining the role of both person and context factor in promoting behavioral support for change. Data was collected from 292 academic staff of six public sector universities in Pakistan via cross-sectional mean. A self-reported questionnaire was used to collect responses from the desired sample. SPSS 25 and AMOS were used to analyse the data for its relevance to study’s objectives. Results revealed a positive impact of perceived management support on academic staff’s behavioural support for change. Moreover, personal-valence provides an effective intervening mechanism to translate the effect of perceived management support on both dimensions of behavioural support for change such as compliance and championing behaviour. The study contributes to the existing literature on organizational change particularly to the university settings by examining and empirically validating both person and context factor as significant predictors to academic staff’s behavioral support for change.

scholarly journals Examining the Links Leading to Behavioral Support for Change: An Expectancy Theory Perspective

2020 ◽  
pp. 1-08
Author(s):  
Farhan Mehboob ◽  
Noraini Othman
Keyword(s):  
Positive Impact ◽  
Academic Staff ◽  
Critical Factor ◽  
Behavioral Support ◽  
Cross Sectional ◽  
Staff Members ◽  
Implementing Change ◽  
The University ◽  
University Officials

Purpose of the study: An individual’s support for change is a critical factor in successfully and effectively implementing change. Therefore, identifying possible antecedents and mechanisms leading to one’s behavioral support for change is necessary. The study aims to unpack this avenue of research empirically by examining the role of both person and context as factors in promoting behavioral support for change. Methodology: Data was collected from 292 academic staff members of six public sector universities in Pakistan via cross-sectional means. A self-reported questionnaire was used to collect responses from the desired sample. SPSS 25 and AMOS were used to analyze the data for its relevance to the objectives of the study.  Main Findings: Results revealed a positive impact of change-efficacy on academic staff members’ behavioral support for change. Moreover, change-valence provides an effective intervening mechanism to translate the effect of change-efficacy on both dimensions of behavioral support for change, that is, compliance and championing behavior. Research limitations/implications: The study contributes to the existing literature on organizational change, particularly in the university setting, by examining and empirically validating the factors of both person and context as significant predictors of behavioral support for change among academic staff. However, more research is needed in other organizational and work contexts to further apply the study’s implications within these diverse contexts. Novelty/Originality of this study: The study offers useful insights for senior university officials intending to build support for change by enhancing academic staff levels of efficacy and positive expectations regarding such change and enables them to successfully execute the change-related tasks into viable actions.

scholarly journals The Myth of Social Capital in Development of Small and Medium Enterprises: A Case Study of Handloom Industry at Peshawar Valley

2021 ◽  
Vol 5 (1) ◽  
pp. 169-181
Author(s):  
DR. MUJIB UR RAHMAN ◽  
ABDUR RAHMAN ◽  
SHAH RAZA KHAN
Keyword(s):  
Social Capital ◽  
Firm Performance ◽  
Positive Impact ◽  
Small And Medium Enterprises ◽  
Relational Capital ◽  
Cross Sectional ◽  
Future Viability ◽  
Analytical Research ◽  
Medium Enterprises

The purpose of this study is to analyze the role of social capital in development of small and medium enterprises in Peshawar Valley. Relational capital such as business relational capital and social relational capital is used as tools of social capital. Firm performance is measured using attributes like profitability and future viability. A cross sectional, descriptive and analytical research design is adopted using a representative sample of 169 manufacturing weavers. Data is collected using a self-administered questionnaire. The findings reveal a significant and positive relationship between relational capitals, firm performance. It is recommended that investment in social capital improves firm performance with a positive impact on wellbeing of overall community. Therefore, managers should intensify initiatives to encourage greater understanding and acceptance on relational capital elements, employ a viable relational capital composition that includes building strong social relational ties with the community and government and pay attention to customers and employees in order to identify their needs and provide them with optimal values. This is likely to increase firm performance and development the small and medium enterprises.

scholarly journals Low Perceived Social Support Is Associated with CD8+CD57+ Lymphocyte Expansion and Increased TNF-αLevels

2014 ◽  
Vol 2014 ◽  
pp. 1-5 ◽  
Author(s):  
Alfredo Copertaro ◽  
Massimo Bracci ◽  
Nicola Manzella ◽  
Mariella Barbaresi ◽  
Benedetta Copertaro ◽  
...  
Keyword(s):  
Social Support ◽  
Immune Function ◽  
Perceived Social Support ◽  
Positive Impact ◽  
Cross Sectional Study ◽  
Sectional Study ◽  
Cross Sectional ◽  
Poor Social Support ◽  
The Relationship

Social support has been supposed to have a positive impact on the function of the immune system. However, the relationship between perceived social support and immune function has not yet been fully investigated. In this cross-sectional study, we investigated the link between perceived social support and lymphocyte subpopulations and cytokines. 232 healthy subjects provided a blood sample and completed the Multidimensional Scale of Perceived Social Support (MSPSS) questionnaire. Lymphocyte immunophenotypes and cytokines were determined. Significantly increased CD8+CD57+ lymphocytes and TNF-αlevels were found in group with low perceived social support. Multivariate linear regression corrected for possible confounders confirmed a significant role of perceived social support in predicting the number of CD8+CD57+ lymphocyte and TNF-αlevels. This study supports the association between perceived social support and immune function. In particular, poor social support may be related to a state of chronic inflammation sustained by CD8+CD57+ lymphocyte expansion and increased TNF-αlevels.

scholarly journals Advanced nurses’ practices related to pharmaceutical care in the Czech Republic

2020 ◽  
Vol 19 (3) ◽  
pp. 155-162
Author(s):  
Jana Heczková ◽  
Tinne Dilles
Keyword(s):  
Czech Republic ◽  
Pharmaceutical Care ◽  
Online Survey ◽  
Positive Impact ◽  
Interprofessional Collaboration ◽  
Pharmaceutical Products ◽  
Substantial Part ◽  
Cross Sectional ◽  
The Czech Republic

AbstractIntroduction. The use of pharmaceutical products is a very complex part of healthcare, where a variety of healthcare professionals collaborate. Unfortunately, the role of all professional groups does not seem to be entirely clear despite of the high regulation. Evidence suggests that the role of nurses can be much wider than expected and specified by the related policies.Aim. The aim of the study was to explore nurses’, physicians’ and pharmacists’ perspectives of nurses’ practices related to pharmaceutical care (PC) in the Czech Republic.Methods. A cross-sectional online survey was conducted. Qualified nurses (629), physicians (69) and pharmacists (39) were questioned about their views on the nurses’ involvement in various advanced activities related to PC.Results. Participation on the advanced activities related to PC during the last month was high (providing information and patient education 80%; monitoring medication adherence 72%; monitoring medication effects 56% and participation on prescribing medication 19%). Nurses were most likely to see the investigated PC aspects as part of their nursing tasks when compared to the physicians’ or pharmacists’ point of view. However, a substantial part of participants believed in the positive impact of nurses’ involvement in activities related to PC. On the other side, interprofessional collaboration remains unsatisfactory and communication within an interprofessional team was rated as being very poor.Conclusions. The need to increase the nurses’ involvement in PC exists. Optimising formal nurses’ competencies, revising the skills mix in different types of workplaces and revising the nursing curricula, as well as improving the interprofessional collaboration, could result in a positive effect on patient outcomes.

scholarly journals Promoting Behavioral Support for Change: A Conservation of Resources Theory Perspective

2020 ◽  
Vol 3 (6) ◽  
pp. 1-13
Author(s):  
Farhan Mehboob ◽  
Noraini Othman
Keyword(s):  
Positive Impact ◽  
Academic Staff ◽  
Success Factor ◽  
Conservation Of Resources ◽  
Management Support ◽  
Behavioral Support ◽  
Cross Sectional ◽  
Critical Success ◽  
University Officials

Purpose- Individuals' support for change is a critical success factor to implement change effectively. Therefore, identifying the possible antecedent and mechanism, leading to behavioral support towards change, is necessary. The study aims to unfold this avenue of research empirically by examining the role of both person and context factors in promoting behavioral support for change. Design/Methodology- Data was collected from 292 academic staff of six public sector universities located in Pakistan via cross-sectional mean. A self-reported questionnaire was used to collect responses from the desired population. Findings- Results revealed a positive impact of perceived management support on academic staff’s behavioral support for change. Moreover, change-efficacy also provides a statistically significant intervening mechanism to translate the effect of perceived management support on both dimensions of behavioral support to change such as compliance and championing behavior Practical Implications- The research offers useful insights for top university officials to build support for change by providing needed support and resources; make academic staff capable of executing the change-related tasks into viable actions meritoriously.

scholarly journals Role of training to reduce stress among health professionals during COVID 19: an analytical study in Meerut

2021 ◽  
Vol 8 (5) ◽  
pp. 2257
Author(s):  
Anuradha Dave ◽  
Kaynat Nasser ◽  
Bhawna Pant ◽  
Sanjev Dave
Keyword(s):  
Infection Prevention ◽  
Analytical Study ◽  
Positive Impact ◽  
Cross Sectional Study ◽  
Sectional Study ◽  
Cross Sectional ◽  
Infectious Disease Outbreak ◽  
Medical College ◽  
Professional Stress

Background: A healthy job is likely to be one where the pressures on employees are appropriate in relation to their abilities and resources, to the amount of control they have over their work, and to support they receive from people who matter to them. Experiencing an infectious disease outbreak can cause fear, anxiety and stress.Methods: A cross sectional study was conducted in Subharti Medical College, Swami Vivekanand Subharti University, Meerut in the month of September 2020–October 2020 on 127 health care professional (69 doctors and 58 nurses) who were interviewed randomly working in the level III COVID hospital using professional stress score by David Fontanna.Results: Training received by the doctor and nurses during COVID-19 pandemic for infection prevention was more significantly associated with mild professional stress (p<0.00) than moderate professional stress (p<0.027).Conclusions: Training showed positive impact by enhancing their confidence level to manage stress during pandemic situation.

scholarly journals The role of operating cash flow in credit rating: Investment-grade firms vs. speculative grade firms

2012 ◽  
Vol 2 (2) ◽  
pp. 48-63
Author(s):  
Xu Wang ◽  
Jenny Zhang ◽  
William Sanjian Zhang
Keyword(s):  
Cash Flow ◽  
Credit Rating ◽  
Credit Ratings ◽  
Probit Analysis ◽  
Critical Aspect ◽  
Academic Literature ◽  
Standard And Poor's ◽  
Operating Cash Flow ◽  
Investment Grade

Despite Standard and Poor’s long-standing claim that cash flow is a critical aspect of its rating decisions, the credit rating literature has failed to document a significant relation between credit rating and cash flow measures. A possible explanation of this discrepancy is that the rating agency weighs operating cash flow differently between investment-grade and speculative-grade issuers. Performing an ordered probit analysis of a panel of firms from 1989 to 2006, we find operating cash flow is positively associated with credit ratings for speculative-grade issuers, but not for investment-grade issuers. In contrast, accrual-based earnings are found to be positively associated with credit ratings, but only for investment-grade firms. Our study thus solves a discrepancy between industry documents and the academic literature.

scholarly journals Exports and Innovation in Malaysia: the role of Heterogeneity

2021 ◽  
Vol 3 (1) ◽  
pp. 35-54
Author(s):  
YuanFang Chen ◽  
Lim Thye Goh
Keyword(s):  
South Asian ◽  
Low Income ◽  
Positive Impact ◽  
Manufacturing Sector ◽  
Low Income Countries ◽  
Asian Countries ◽  
Cross Sectional ◽  
Innovation Activities ◽  
The Impact

The objective of this paper was to empirically examine the impact of exports on the level of innovation in the manufacturing sector of Malaysia and to focus on the role of heterogeneity in exports by using detailed industry-level cross-sectional data on Malaysia’s manufacturing sector in 2014. Utilising the CDM model, as postulated by Crepon, Duguet & Mairesse (1998), this paper investigated whether exporting to more countries, exporting greater volumes, and exporting greater volumes to high-income countries induced industry to increase its level of innovation. Estimates from the CDM model showed, overall, a positive impact of exports on innovation, more specifically, heterogeneity in exports mattered to industries’ innovating in the manufacturing sector in Malaysia. Additionally, exporting to additional foreign destinations, exporting greater volumes of product, and exporting more products to low-income countries, especially to South Asian and Southeast Asian countries, had a significant influence on inducing industries to engage in innovation activities.

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