scholarly journals Sobre la relación entre liberalización y eficiencia productiva en el sector ferroviario en Europa

2020 ◽  
Vol 32 (2) ◽  
pp. 813
Author(s):  
Carlos Lérida Navarro ◽  
José Manuel Tránchez Martín
Keyword(s):  
Empirical Evidence ◽  
Market Share ◽  
Positive Association ◽  
Management Model ◽  
Aggregated Data ◽  
Railway System ◽  
European Policies ◽  
Evident Relationship

Among the European policies focused on increasing the railways market share versus other transportation modals, deregulation policies are the most relevant. The aim of this article is to contrast if these deregulation policies developed in European railways systems are working from the efficiency perspective. The main contribution of the paper is the use of a liberalization index that is related with efficiency indexes estimated by Programmatic Efficiency methodology. Results using aggregated data show empirical evidence of a positive association between deregulation and efficiency. However results analyzing each individual railway system do not show an evident relationship, so it is not possible to set an optimal deregulation level or even a management model that can be used as a reference in efficiency terms.

Adoption and Impact of IT Governance and Management Practices

2016 ◽  
Vol 7 (1) ◽  
pp. 50-72 ◽  
Author(s):  
Steven De Haes ◽  
Tim Huygh ◽  
Anant Joshi ◽  
Wim Van Grembergen
Keyword(s):  
Empirical Evidence ◽  
Value Creation ◽  
Management Practices ◽  
It Governance ◽  
Positive Association ◽  
Research Project ◽  
Governance Framework ◽  
Enterprise Value ◽  
Management Processes ◽  
Governance Processes

This paper empirically investigates how adoption of IT governance and management processes, as identified in the IT governance framework COBIT 5, relates to the level of IT-related goals achievement, which in turn associates to the level of enterprise goals achievement. Simultaneously, this research project provides an international benchmark on how organizations are currently adopting the governance and management processes as identified in COBIT 5. The findings suggest that organizations are best in adopting the “IT factory” related management processes and that implementation scores drop in management and governance processes when more business and board involvement is required. Additionally, there are significant differences in perceived implementation maturity of COBIT 5 processes between SMEs and larger organizations. Also, the data offers empirical evidence that the COBIT 5 processes have a positive association with enterprise value creation.

Management Forecasting Ability and Predictive Ability of Dividend Changes for Future Earnings

2021 ◽  
pp. 0148558X2110632
Author(s):  
Hsihui Chang ◽  
Souhei Ishida ◽  
Takuma Kochiyama
Keyword(s):  
Empirical Evidence ◽  
Signaling Theory ◽  
Predictive Ability ◽  
Positive Association ◽  
Moderating Effect ◽  
Large Sample ◽  
Future Earnings ◽  
Dividend Increases ◽  
The Relationship

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future earnings depends on the assumption that managers can accurately assess future earnings prospects. In this regard, we posit that the predictive ability of dividends can vary with managers’ forecasting ability. Analyzing a large sample of Japanese dividend-paying firms, we find that dividend changes, particularly dividend increases, are positively associated with increases in future earnings. Consistent with our hypothesis, this positive association is more pronounced for firms with high-forecasting ability managers. Our findings support the signaling theory of dividend changes and indicate that management forecasting ability has a moderating effect on the linkage between firms’ dividend changes and future earnings.

Fertility and Longevity: A Soviet Interpretation

1977 ◽  
Vol 7 (4) ◽  
pp. 361-366
Author(s):  
Walter C. Mc Kain
Keyword(s):  
United States ◽  
Soviet Union ◽  
Empirical Evidence ◽  
Positive Association ◽  
Good Health ◽  
The United States ◽  
The Soviet Union ◽  
Long Life

Demographers in the United States as in the Soviet Union have explored the possibility that a positive association exists between the fertility of women and their longevity. Most Soviet researchers are convinced there is empirical evidence to support the hypothesis but their counterparts in the United States are less sanguine. The interrelationship between sex, fertility, good health and long life have intrigued philosophers, statisticians, physiologists and gerontologists and they have spawned a great variety of explanations.

scholarly journals Hard economic times: a dream for discounters

2014 ◽  
Vol 48 (3/4) ◽  
pp. 641-656 ◽  
Author(s):  
Lien Lamey
Keyword(s):  
Business Cycle ◽  
Market Share ◽  
Future Research ◽  
Content Type ◽  
Aggregated Data ◽  
Business Press ◽  
Economic Climate ◽  
Western European ◽  
Discount Stores ◽  
The Relationship

Purpose – The aim of this paper is to study the relationship between the popularity of discount stores and the aggregate business cycle: Does discounters' market share go up during economic contractions and go down during economic expansions? Does the aggregate business cycle contribute to the long-term growth of discounters' success? Does the relationship between discounters and the economy differ across discounter types, namely hard versus soft discounters? Design/methodology/approach – The study will consider the relationship between discounters' market share and the aggregate economy between 1991 and 2008 for 15 Western European countries. Moreover, aggregated data is provided for the Western European region as a whole, which distinguishes hard from soft discounters' share. Recent time-series techniques are used to disentangle the temporary versus permanent effects of economic contractions on discounters' share. Findings – The aggregate business cycle induces temporary upward and downward swings in discounters' market share. Moreover, part of the increase in discounters' share during an economic contraction remains beyond the contraction, resulting in a permanent boost in discounters' popularity. Same substantive findings are found for each discount type (i.e. hard and soft). Practical implications – In economic contraction years the growth rate of both hard and soft discounters accelerates, leaving permanent scars on the performance levels of traditional retailers. Discounters should try to further enhance their increased popularity when the economy turns sour. Traditional retailers, on the other hand, should try to prevent consumers from switching to discounters during contractions. Future research should explore the strategies that are called for in order to do this. Originality/value – Discounters are the fastest growing grocery format in Europe. Traditional retailers can no longer afford to ignore them. As such, a better understanding of the drivers of this growth is called for. This study highlights one of the potential drivers, namely the economic climate, a driver that is widely discussed in the business press with substantial implications for grocery channel management.

Auditor Market Power and Audit Quality Revisited: Effects of Market Concentration, Market Share Distance, and Leadership

2020 ◽  
pp. 0148558X2096624
Author(s):  
Marleen Willekens ◽  
Simon Dekeyser ◽  
Liesbeth Bruynseels ◽  
Wieteke Numan
Keyword(s):  
Market Power ◽  
Market Share ◽  
Financial Reporting ◽  
Audit Quality ◽  
Spatial Competition ◽  
Reporting Quality ◽  
Positive Association ◽  
Market Concentration ◽  
Jel Classification ◽  
Competition Theory

This study examines whether auditor market power is associated with audit quality. Regulators around the world have repeatedly expressed concerns about the high levels of supplier concentration, the limited number of audit suppliers in the audit market, and the potential adverse consequences of their (alleged) market power. Using U.S. data from 2009 to 2017, we examine the effect on audit quality of two competing measures of auditor market power: (a) a “traditional” market concentration measure (Herfindahl index) and (b) a competing measure derived from spatial competition theory (i.e., market share distance from the closest competitor). Following Aobdia, we infer audit quality from two measures of financial reporting quality: (a) the level of absolute abnormal accruals, and (b) the incidence of financial statement restatements. Our results indicate that industry market share distance is positively associated with audit quality, but we do not find an association between market concentration and audit quality. In addition, we find that the positive association between market share distance and audit quality only holds when the incumbent auditor is a market leader, although industry leadership itself is not significantly associated with audit quality. These findings suggest that audit quality is positively affected by a market leader’s industry market share dominance over its competitors rather than by industry specialization per se. JEL Classification: M4; L0

Expense Misreporting in Nonprofit Organizations

2006 ◽  
Vol 81 (2) ◽  
pp. 399-420 ◽  
Author(s):  
Ranjani Krishnan ◽  
Michelle H. Yetman ◽  
Robert J. Yetman
Keyword(s):  
Nonprofit Organizations ◽  
Empirical Evidence ◽  
Large Body ◽  
Positive Association ◽  
Financial Statements ◽  
Managerial Incentives ◽  
Managerial Compensation ◽  
Anecdotal Evidence ◽  
Financial Reports

We examine whether nonprofit organizations understate fundraising expenses in their publicly available financial statements. A large body of anecdotal evidence notes that an inexplicable number of nonprofits report zero fundraising expenses. We provide empirical evidence that the zero fundraising expense phenomenon is at least partly due to inappropriate reporting. We then examine to what extent these misreported expenses are the result of managerial incentives. Prior research finds an association between reported expenses and managerial compensation as well as the level of donations received. Using these findings we construct two incentive variables and find a positive association between misreporting behavior and managerial incentives. Our results also suggest that the use of an outside accountant reduces the probability that a nonprofit will misreport expenses, consistent with the use of an outside paid accountant increasing the reliability and usefulness of nonprofit financial reports. Finally, we find that SOP 98-2 reduced the probability that a nonprofit will misreport fundraising expenses.

The nexus between product market competition and the quality of analysts’ forecasts: empirical evidence from Chinese-listed firms

2020 ◽  
Vol 14 (1) ◽  
pp. 15-30
Author(s):  
Amjad Iqbal ◽  
Khalil Jebran ◽  
Muhammad Umar
Keyword(s):  
Empirical Evidence ◽  
Market Competition ◽  
Positive Association ◽  
Product Market ◽  
State Ownership ◽  
Product Market Competition ◽  
Future Research ◽  
Manufacturing Companies ◽  
Content Type

Purpose This study aims to explore the relationship between product market competition (competition hereafter) and the quality of analysts’ forecasts. Design/methodology/approach This study uses industry-level (i.e. Herfindahl–Hirschman index), as well as firm-level (i.e. Lerner index) measures of competition and uses forecast accuracy and forecasts dispersion as proxies for analysts’ forecast quality. Further, this study considers a sample of Chinese-listed manufacturing companies for the period spanning 2005 to 2016 and uses various estimation techniques to empirically test the hypothesized relationship. Findings The results show that firms in highly competitive industries are characterized by greater accuracy and smaller dispersion in forecasts. Further, this positive association is more pronounced in SOEs as compared to NSOEs, and in industries characterized by intense competition. The sensitivity analysis further endorses the main results. Practical implications Presenting theoretical and empirical evidence, this study suggests that regulatory bodies should take steps to promote the competitive environment in China. This can help financial analysts in developing more accurate and reliable forecasts and ultimately can bring informational efficiency to the market. Finally, investors would be able to perform their business valuation process in a better way and make economic-useful decisions regarding their capital resource allocation. Originality/value The contribution of the current research is threefold: first, it adds to the limited literature available on this specific topic; second, this study examines the issue in China and further single out the influence of state-ownership and intensity of competition on the relation between competition and forecast properties; and third, this study provides theoretical arguments for the positive association between competition and forecasts quality while setting directions for future research on the topic and suggests the potential channels such as the reporting quality channel and the information disclosure channel that need to be explored further, to better understand the mechanism where competition influences the quality of analysts’ forecasts.

The Association between Audit Partner Rotation and Audit Fees: Empirical Evidence from the Australian Market

2015 ◽  
Vol 35 (1) ◽  
pp. 181-197 ◽  
Author(s):  
Jenny Stewart ◽  
Pamela Kent ◽  
James Routledge
Keyword(s):  
Empirical Evidence ◽  
Positive Association ◽  
Audit Fees ◽  
First Year ◽  
Significant Positive Association ◽  
Audit Market ◽  
Second Year ◽  
Audit Partner Rotation

SUMMARY We examine the relation between audit partner rotation and audit fees for a sample of Australian firms from 2007 to 2010. We find a significant positive association between audit fees and partner rotation in the year of rotation. The association persists in the first year post rotation and to a lesser extent in the second year post rotation. Our analysis suggests that higher audit fees are associated with both mandatory and voluntary partner rotation. However, when we divide the sample into large global clients, mid-level clients, and small local clients, we find that mandatory and voluntary rotation are associated with higher audit fees for large global clients, while only voluntary rotation is associated with higher audit fees for small local clients. We do not find an association between partner rotation and audit fees for mid-level clients. Our study suggests that the extent to which firms are able to pass on the costs of partner rotation varies across different segments of the audit market.

Auditor Tenure and Quality of Financial Reporting

2016 ◽  
Vol 33 (4) ◽  
pp. 528-554 ◽  
Author(s):  
Ling Chu ◽  
Jie Dai ◽  
Ping Zhang
Keyword(s):  
Empirical Evidence ◽  
Financial Reporting ◽  
Reporting Quality ◽  
Positive Association ◽  
Informational Content ◽  
Present Evidence ◽  
Auditor Tenure ◽  
Downward Bias ◽  
Reported Earnings

Prior studies in general suggest a positive association between auditor tenure (the length of an auditor–firm relationship) and reporting quality (the informational content of reported earnings). In this study, we present evidence that the association is reversed when clients represent increased litigation risks to their auditors. Featuring downward biases in reported earnings as a measure of reporting quality that stem from auditors’ minimization of costs from potential audit errors, we argue that the magnitude of such downward bias decreases in auditors’ experiences with their clients (tenure improves reporting quality). Furthermore, we predict that longer auditor tenure is associated with larger downward bias for firms with increased audit risks (tenure impairs reporting quality). Using non-operating accruals as proxy for downward bias in reported earnings, we find robust empirical evidence in support of our prediction.

Relationship Between FIIs’ Herding and Returns in the Indian Equity Market: Further Empirical Evidence

2019 ◽  
pp. 097215091984522
Author(s):  
Kapil Choudhary ◽  
Parminder Singh ◽  
Amit Soni
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Trading Volume ◽  
Negative Relationship ◽  
Positive Association ◽  
Vital Role ◽  
Market Volatility ◽  
Market Returns ◽  
Stock Market Returns ◽  
Stock Market Trading

Empirical evidence indicates that foreign institutional investors (FIIs) play a vital role in financial markets, and being the major players, they demonstrate positive feedback trading behaviour and usually follow one another’s actions. In order to examine this phenomenon, the present study endeavoured to unearth the relationship between foreign institutional investments (FIIs) and returns in the Indian stock market, trading volume and volatility. The return of the Nifty50 index has surrogated market returns, while volatility is represented by conditional volatility computed from Nifty50, from January 1999 to May 2017. The vector autoregression (VAR) results indicate a positive association between herding among FIIs and lagged market returns, while information asymmetry has no impact on herding. On the other hand, previous-day volatility has a significant bearing on the herding measure. Overall, the results portray a significant relationship between herding and stock market returns in India. The results of multivariate regression exhibit that market return was a primary factor for FII herding during the study period under consideration, while trading volume bore no relationship with herding. In case of market volatility, the empirical results are in congruence with the fact that during the period of the volatile market, FIIs prefer to not indulge in herding. Furthermore, the results of three sub-periods, that is, before, during and after the crisis, are similar to the results of the whole study period which indicates that the return is a prime and vital force for herding; on the contrary, market volatility appears to have a negative relationship with herding.

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