scholarly journals Mobile Payment Service and the Firm Value: Focusing on both Up- and Down-Stream Alliance

2018 ◽  
Vol 10 (7) ◽  
pp. 2583 ◽  
Author(s):  
Insung Son ◽  
Sihyun Kim
Keyword(s):  
Stock Prices ◽  
Firm Value ◽  
Credit Card ◽  
Positive Impact ◽  
Management Strategies ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Banking Business ◽  
The Impact ◽  
Apple Pay

The Fintech business, which was initially focused on the payment sector, is becoming a global issue due to the entry of nonfinancial firms into the banking business. With the advent of the “mobile age in your hand”, global ICT companies are actively entering the banking business through alliances and competitions with existing financial companies. Classifying the alliance companies of Apple Pay and Samsung Pay into the downstream alliance and the upstream alliance, this study analyzed the signaling effect of service opening and its impact on the firm value. To analyze the effect of a specific event on firm value, this study adopted the event study. Additionally, ordinary least squares regression analysis was carried out to examine the influence of up- and downstream alliance on the firm value. The result shows that Apple Pay’s service launch in the USA. has a positive impact on stock prices of up- and downstream alliance companies, providing new experience and satisfaction to users through active alliance with credit card companies. On the other hand, downstream alliance companies that showed a negative response to the launch of Korean services turned to a positive response to USA service launch because to the difference in the specificity of credit card penetration rate and the portion of premium smartphones. Analyzing the impact of the expansion of the service area toward the payment platform on the firm value, research results provide important implications for establishing technology management strategies to ensure the sustainability in rapidly changing technical advances by comparing the different market response of Apple Pay and Samsung Pay.

An investigation of government employees’ support for public-private partnerships

2017 ◽  
Vol 30 (5) ◽  
pp. 467-486 ◽  
Author(s):  
Razilya Shakirova
Keyword(s):  
Environmental Factors ◽  
Positive Impact ◽  
Organizational Factors ◽  
Ordinary Least Squares ◽  
Public Private Partnerships ◽  
Least Squares Regression ◽  
Government Employees ◽  
Content Type ◽  
The Usa ◽  
The Impact

Purpose The purpose of this paper is to investigate the factors that may influence support of public-private partnerships (PPPs) by government employees potentially involved in designing and implementing cross-sectoral collaborations. Design/methodology/approach Based on an original survey of government employees in the USA, this study explores the impact of individual, organizational and environmental factors on their support for PPPs by employing ordinary least squares regression. Findings Among the individual factors, involvement in PPPs and concerns for efficiency have been identified as factors having positive impact on government employees’ support for PPPs. Male government employees seem to be less supportive of PPPs than female government employees. Environmental factors such as public opinion and appointed agency heads positively influence government employees’ views of PPPs. No evidence for the significant impact of organizational factors on government employee perceptions of PPPs was found. Research limitations/implications Factors influencing government employees’ attitudes may also have an effect on employees’ behaviors when involved in PPPs. Further studies may clarify how attitudes are translated into behaviors and how they influence the performance of PPPs. Investigations into government employees’ views of PPPs before and after their actual involvement in partnerships may allow for identifying changes in employees’ support for PPPs and their possible causes. Originality/value This study investigates the impacts of individual, organizational and environmental factors on government employees’ support for partnerships with the private sector that remain under-researched in the literature.

Effect of advertising expenditures on analyst coverage: evidence from an emerging market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Omar Farooq ◽  
Harit Satt ◽  
Fatimazahra Bendriouch
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Positive Impact ◽  
Emerging Market ◽  
Ordinary Least Squares ◽  
Information Asymmetries ◽  
Analyst Coverage ◽  
Content Type ◽  
The Impact ◽  
Advertising Activity

PurposeThis paper aims to document the relationship between advertising expenditures and analyst coverage in a sample of Indian firms during the period between 2000 and 2019.Design/methodology/approachIn order to test the effect of advertising expenditures on the extent of analyst coverage, the authors estimate various versions of pooled ordinary least squares (OLS) regression. The dependent variable (ANALYST) measures the total number of analysts covering a firm in a given year. The main independent variable of interest in this paper represents the advertising activity. The authors define the extent of advertising activity (ADVERT) as the ratio of total advertising expenditures and total assets.FindingsThe study’s results show that advertising expenditures have a significantly positive impact on the extent of analyst coverage and are robust across various proxies of the key variables and various estimation procedures.Practical implicationsThere are a number of key takeaways from our study. First, firms that expend more resources on advertising are more likely to be followed by analysts which is associated with better performance, lower information asymmetries associated and high advertising expenditures. Second, stock prices with more information embedded in them may signify that these firms receive more attention from investors and have lower information asymmetries. And finally the impact of advertising on the decision of an analyst to cover a firm becomes more pronounced for firms with high stock price synchronicity. All these three main conclusions are giving investors a clear insight on analyst coverage, advertising expenditure and the link between the two.Originality/valueThe results are consistent with the argument that advertising expenditures induces analysts to cover firms because firms with high advertising activities are more likely to have better performance, lower information asymmetries and increased attention from investors. All of these factors are supposed to facilitate the analyst coverage.

scholarly journals The impact of boardroom internationalisation on online disclosures of S&P 500

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Esam Shehadeh ◽  
Doaa Aly ◽  
Ibrahim Yousef
Keyword(s):  
Firm Value ◽  
Scoring System ◽  
Positive Impact ◽  
Ordinary Least Squares ◽  
The Body ◽  
Board Members ◽  
Cross Sectional ◽  
Content Type ◽  
The Impact ◽  
First Time

Purpose The purpose of this study is to analyse the level of online disclosure of firms in the USA and to evaluate the impact of diversity in terms of director nationality (boardroom internationalisation) on online disclosure. Design/methodology/approach The authors apply, for the first time, a new modified scoring system to measure online disclosure levels by securing more detailed information on each of the items in the voluntary disclosure index. Regarding the percentage of foreign board members, unlike in previous research, the authors calculate two additional proxies to more accurately specify the level of international diversity on the board: the Blau Index and the Shannon Index. Moreover, the authors use a cross-sectional model for the sampled non-financial S&P500 firms using both ordinary least squares (OLS) and heteroskedasticity-corrected estimates to analyse the impact of boardroom internationalisation on the level of online disclosure. Findings The findings reveal that the average online disclosure level for the sample in question is 64% for the 0–1 index and 57% for the 0–4 index. In addition, the results of the regression analysis confirm the study’s proposed hypothesis, which is that the presence of international board members correlates with an improvement in the level of online disclosure. This can be attributed to the fact that foreign directors bring unique skills and knowledge from their home countries and thus, increase board discussion, creativity and innovation, which has a positive impact on the level of online disclosure. Research limitations/implications Financial firms are subject to capital requirement regulations; consequently, disclosure practices can be influenced. Therefore, these firms were excluded from the sample of the study. Originality/value This research contributes to the body of literature on nationality diversity of firm boards and corporate online disclosure in several respects. Firstly, the study adds an international dimension to the existing literature. Secondly, this study provides new evidence that foreign diversity on the board can improve firm value, insofar as the corresponding enhancement of online disclosure leading to positive capital market implications. Thirdly, the authors use, for the first time, a new scoring system approach to measure the level of online disclosure. Finally, it contributes to the corporate governance literature by basing its analysis on a multi-theoretical approach.

scholarly journals THE IMPACT OF SECURITIES MARKETS ON ECONOMIC GROWTH IN ZIMBABWE

2020 ◽  
Vol 7 (3) ◽  
pp. 155-169
Author(s):  
Wilford Mawanza ◽  
Nkululeko Mpofu ◽  
Silethemba Nyoni
Keyword(s):  
Economic Growth ◽  
Positive Impact ◽  
Ordinary Least Squares ◽  
Securities Markets ◽  
Least Squares Regression ◽  
Likelihood Estimator ◽  
Main Method ◽  
Endogenous Growth Model ◽  
Market Capitalisation ◽  
The Impact

The paper examines the impact of securities exchange on economic growth in Zimbabwe for the period 1980 to 2017. The study adopted the endogenous growth model on which magnitude and fluidity of securities were deemed to be the main drivers of the economy. The ordinary least squares regression technique was applied as the main method of analysis and as the maximum likelihood estimator. The findings of the study showed that securities exchange has blended impacts on economic expansion. It was observed that the market size (market capitalisation) and foreign direct investment (FDI) have a significant positive impact on the economic growth.

Diversity and the Performance of Selected Financial Institutions of Asia

2018 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Shafaque Fatima ◽  
Saqib Sharif
Keyword(s):  
Financial Institutions ◽  
Positive Impact ◽  
Financial Institution ◽  
Gender Diversity ◽  
Business Case ◽  
Ordinary Least Squares ◽  
Cross Sectional ◽  
Age Diversity ◽  
The Impact ◽  
Nationality Diversity

Linking with the business case for diversity, this study examines whether the top management team (TMT) and the board of directors (BODs) diversity has a positive impact on financial institution (FI) performance in select countries of Asia least researched domain. We use data from 119 financial institutions across Asia for the year 2015, initially 1,447 institutions; however, incomplete data was excluded from final analysis. We use three proxies for diversity, that is, nationality diversity, gender diversity, and age diversity of TMT and BODs. To investigate the impact of TMT and BODs diversity, cross-sectional ordinary least-squares estimation is applied, using Return on Average Assets (ROAA%) as a measure of performance.  We find that nationality diversity and age diversity is positively and significantly related to FIs performance. Our evidence indicates that executives and board members with diverse exposure and younger age improve FIs profitability. However, there is no significant relationship between gender and FIs performance.

The impact of executives’ perceptions of environmental threats and organizational slack on innovation strategies

2016 ◽  
Vol 7 (2) ◽  
pp. 216-230 ◽  
Author(s):  
Chengyuan Wang ◽  
Biao Luo ◽  
Yong Liu ◽  
Zhengyun Wei
Keyword(s):  
Cognitive Theory ◽  
Environmental Changes ◽  
Ordinary Least Squares ◽  
Organizational Slack ◽  
Least Squares Regression ◽  
Content Type ◽  
Environmental Threats ◽  
Innovation Strategies ◽  
The Impact ◽  
The Relationship

Purpose The paper aims to study the relationship between executives’ perceptions of environmental threats and innovation strategies and investigate the moderating effect of contextual factor (i.e. organizational slack) on such relations. It proposes a dualistic relationship between executives’ perceptions of environmental threats and innovation strategies, in which different perceptions of environmental threats will lead to corresponding innovation strategies, and dyadic organizational slack can promote such processes. Design/methodology/approach The paper is based on a survey with 163 valid questionnaires, which were all completed by executives. Hierarchical ordinary least-squares regression analysis is used to test the hypotheses proposed in this paper. Findings The paper provides empirical insights about that executives tend to choose exploratory innovation when they perceive environmental changes as likely loss threats, yet adopt exploitative innovation when perceiving control-reducing threats. Furthermore, unabsorbed slack (e.g. financial redundancy) positively moderates both relationships, while absorbed slack (e.g. operational redundancy) merely positively influences the relationship between the perception of control-reducing threats and exploitative innovation. Originality/value The paper bridges the gap between organizational innovation and cognitive theory by proposing a dualistic relationship between executives’ perceptions of environmental threats and innovation strategies. The paper further enriches innovation studies by jointly considering both subjective and objective influence factors of innovation and argues that organizational slack can moderate such dualistic relationship.

Audit committee characteristics and the moderating effect of Malaysian code of corporate governance on IPO liquidity

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amal Mohammed Al-Masawa ◽  
Rasidah Mohd-Rashid ◽  
Hamdan Amer Al-Jaifi ◽  
Shaker Dahan Al-Duais
Keyword(s):  
Corporate Governance ◽  
Initial Public Offerings ◽  
Audit Committee ◽  
Ordinary Least Squares ◽  
Moderating Effect ◽  
Least Squares Regression ◽  
Content Type ◽  
Code Of Corporate Governance ◽  
The Impact ◽  
The Relationship

Purpose This study aims to investigate the link between audit committee characteristics and the liquidity of initial public offerings (IPOs) in Malaysia, which is an emerging economy in Southeast Asia. Another purpose of this study is to examine the moderating effect of the revised Malaysian code of corporate governance (MCCG) on the link between audit committee characteristics and IPO liquidity. Design/methodology/approach The final sample consists of 304 Malaysian IPOs listed in 2002–2017. This study uses ordinary least squares regression method to analyse the data. To confirm this study’s findings, a hierarchical or four-stage regression analysis is used to compare the t-values of the main and moderate regression models. Findings The findings show that audit committee characteristics (size and director independence) have a positive and significant relationship with IPO liquidity. Also, the revised MCCG positively moderates the relationship between audit committee characteristics and IPO liquidity. Research limitations/implications This study’s findings indicate that companies with higher audit committee independence have a more effective monitoring mechanism that mitigates information asymmetry, thus reducing adverse selection issues during share trading. Practical implications Policymakers could use the results of this study in developing policies for IPO liquidity improvements. Additionally, the findings are useful for traders and investors in their investment decision-making. For companies, the findings highlight the crucial role of the audit committee as part of the control system that monitors corporate governance. Originality/value To the authors’ knowledge, this work is a pioneering study in the context of a developing country, specifically Malaysia that investigates the impact of audit committee characteristics on IPO liquidity. Previously, the link between corporate governance and IPO liquidity had not been investigated in Malaysia. This study also contributes to the IPO literature by providing empirical evidence regarding the moderating effect of the revised MCCG on the relationship between audit committee characteristics and IPO liquidity.

The Influence of Related Party Transaction, Profitability, Leverage and Company Size on Firm Value with Tax Avoidance as an Intervening Variable in Telecommunications and Media Companies Listed on Bursa Malaysia and IDX 2010-2018

2021 ◽  
Vol 8 (4) ◽  
pp. 131-142
Author(s):  
Zulaikha Rahimah ◽  
Erlina . ◽  
Yeni Absah
Keyword(s):  
Firm Value ◽  
Negative Impact ◽  
Positive Impact ◽  
Tax Avoidance ◽  
Company Size ◽  
Mean Values ◽  
Media Companies ◽  
Related Party Transaction ◽  
The Impact ◽  
A Company

The purpose of this research is to examine and analyze the impact of related party transaction, profitability, Leverage and size of a company on firm value with tax avoidance as an intervening variable. The telecommunication and media sector in Bursa Efek Indonesia and Bursa Malaysia is chosen as the research object. The population is all the telecommunication and media companies listed in Indonesia stock exchange (IDX) and Bursa Malaysia within 2010-2018. It consists of 6 Telecommunication Company and 19 Media Company on IDX within 2010-2018. There exist a total of 33 companies in both the telecommunication and media sector in Bursa Malaysia. The sample's determination in this study is based on the nonprobability sampling method with the purposive sampling technique, in which the sample is selected with certain considerations or specific criteria. So that the sample of Malaysia is 248 and Indonesia is 139 data. Malaysia's telecommunications sector has 18 companies, and Indonesia has five companies. Meanwhile on media sector Indonesia consist of 15 company and Malaysia 12 company. This research adopts secondary data and multiple regression analysis for the regression to substructure I and II. The hypothesis mediation analysis is used to prove the mediation influence. Malaysia and Indonesia's results on Firm value: (1) Related party transaction has a positive but not significant impact. In contrast, Indonesia has a significant positive impact (2) Profitability has a significant negative impact both in Indonesia and Malaysia (3) Leverage has positive. However, not significant impact in Malaysia and Indonesia (4) Size of the company has a negative and significant impact for both country (5) Tax Avoidance has a negative but not significant impact. In contrast, Indonesia has a positive and significant impact on firm value. Related to the impact of variable independent toward tax avoidance, based on Malaysia's result, just the size of a company has the impact but negative and significant. Meanwhile, in Indonesia, Related party transaction and Leverage were known to have a negative and significant impact, and the size of the company has positive and significant toward tax avoidance. Based on Malaysia's result, tax avoidance does not impact all the independent variables on firm value. Based on Indonesia's result, the impact of company size on firm value is mediated by tax avoidance (Z). Based on the independent t-test, the variables that have different mean values are related to party transactions and company size. Keywords: Related Party Transaction, Profitability, Leverage, Size of company, Tax avoidance, Firm value.

scholarly journals Evaluating and Predicting the Effects of Land Use Changes on Hydrology in Wami River Basin, Tanzania

Hydrology ◽  
2020 ◽  
Vol 7 (1) ◽  
pp. 17 ◽  
Author(s):  
Sekela Twisa ◽  
Shija Kazumba ◽  
Mathew Kurian ◽  
Manfred F. Buchroithner
Keyword(s):  
Land Use ◽  
Water Resources ◽  
Assessment Tool ◽  
Swat Model ◽  
Land Use Changes ◽  
Management Strategies ◽  
River System ◽  
Least Squares Regression ◽  
Natural Forests ◽  
The Impact

Understanding the variation in the hydrological response of a basin associated with land use changes is essential for developing management strategies for water resources. The impact of hydrological changes caused by expected land use changes may be severe for the Wami river system, given its role as a crucial area for water, providing food and livelihoods. The objective of this study is to examine the influence of land use changes on various elements of the hydrological processes of the basin. Hybrid classification, which includes unsupervised and supervised classification techniques, is used to process the images (2000 and 2016), while CA–Markov chain analysis is used to forecast and simulate the 2032 land use state. In the current study, a combined approach—including a Soil and Water Assessment Tool (SWAT) model and Partial Least Squares Regression (PLSR)—is used to explore the influences of individual land use classes on fluctuations in the hydrological components. From the study, it is evident that land use has changed across the basin since 2000 (which is expected to continue in 2032), as well as that the hydrological effects caused by land use changes were observed. It has been found that the major land use changes that affected hydrology components in the basin were expansion of cultivation land, built-up area and grassland, and decline in natural forests and woodland during the study period. These findings provide baseline information for decision-makers and stakeholders concerning land and water resources for better planning and management decisions in the basin resources’ use.

scholarly journals Impact of the Ownership Structure on the Financial Performance of Banks: Comparative Study between Conventional and Islamic Banks

2019 ◽  
Vol 4 (2) ◽  
pp. 50-63
Author(s):  
Achraf Haddad ◽  
Anis El Ammari ◽  
Abdelfattah Bouri
Keyword(s):  
Financial Performance ◽  
Ownership Structure ◽  
Least Squares Method ◽  
Conflicts Of Interest ◽  
Positive Impact ◽  
Ordinary Least Squares ◽  
Performance Measure ◽  
Islamic Banks ◽  
Two Samples ◽  
The Impact

According to the literature of corporate governance, ownership structure is advanced as a non-dissociable mechanism of control intended to follow the stakeholders and especially used by shareholders to monitor the conflicts of interest and the opportunistic behavior of managers. Several previous studies have focused on the impact of ownership structure on financial performance separately in conventional or in Islamic banks. However, the comparative studies between these two impacts are non-existent. In this research, we compared the impacts of this governance mechanism on the financial performance in the two types of banks by using the Ordinary Least Squares method. Data relating to financial performance and ownership structure of banks come from 16 countries. Two samples were collected: the first one included 63 conventional banks, whereas the second one integrated 63 Islamic banks whose data are available over the period (2010-2018). Panel results showed that partial effect of each determinant of ownership structure on each measure of financial performance varied from one banks’ type to another and from one performance measure to another. Besides, the reconciliation of similar models revealed many differences between the same impacts’ signs. Therefore, we concluded that in both banks’ types the ownership structure has a positive impact on the financial performance. While, the negative part of the same impact is less significant in Islamic banks. JEL Classification:  F33, G20, G21, G24, G30.

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