scholarly journals Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain

2019 ◽  
Vol 11 (4) ◽  
pp. 1049
Author(s):  
Elisabeth Bustos-Contell ◽  
Gregorio Labatut-Serer ◽  
Samuel Ribeiro-Navarrete ◽  
Salvador Climent-Serrano
Keyword(s):  
Developed Countries ◽  
Cash Flows ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Economic Stability ◽  
Subordinated Debt ◽  
Public Authorities ◽  
Financial Measures ◽  
National Economic

Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just before equity. Subordination makes sense when companies go into liquidation because subordinated debt creditors are the last creditors to receive repayment, making recovery of this debt virtually impossible. Therefore, the risk borne by lenders of subordinated debt is similar to that of shareholders of the borrowing firm. This paper presents an ordinary least squares regression model to estimate the cash flows of SMEs financed by public subordinated debt. This provides public authorities with a tool to estimate the ability of SMEs to repay their debt and to thereby ensure that public subordinated debt financing is sustainable.

Entrepreneurship and economic growth: does gender matter?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sarah R. Crane
Keyword(s):  
Economic Growth ◽  
Developed Countries ◽  
Ordinary Least Squares ◽  
Cultural Barriers ◽  
Entrepreneurial Firms ◽  
Least Squares Regression ◽  
Content Type ◽  
World Survey ◽  
Country Analysis

PurposeEntrepreneurial firms contribute to economic growth, but the potential gendered nature of this contribution must be investigated as outcomes of male-owned and female-owned firms differ. The study investigates the female underperformance hypothesis in a cross-country analysis of Schumpeterian entrepreneurs. Next, it investigates if there is a gendered dimension of Schumpeterian firm contribution to economic growth.Design/methodology/approachThe study utilizes both nonparametric and parametric methodologies. Through nonparametric methods, the success of female-owned and male-owned firms is compared. Next, a parametric ordinary least squares regression model tests if there is a gendered nature of an entrepreneurial firm's economic contribution.FindingsIn nonparametric analyses, female-owned entrepreneurial firms in developed countries perform similarly to male-owned firms, while in developing countries male-owned firms significantly outperform female-owned firms. The author also finds strong evidence that the gender of the Schumpeterian entrepreneur does not matter in the contribution in economic growth.Research limitations/implicationsIn all countries, the number of female-owned entrepreneurial firms was significantly lower than that of male-owned firms. The findings point to consistent cultural barriers for women in innovation-related fields and persistent gendered norms in entrepreneurship. Thus, removal of cultural barriers and continued support for Schumpeterian entrepreneurship will benefit women and contribute to a country's economic growth.Originality/valueThe data for this study is a unique utilization of the Enterprise World Survey to identify Schumpeterian entrepreneurial firms. Additionally, the study challenges the female underperformance hypothesis and contributes to the literature on the role of entrepreneurship in economic growth.

Role of The Halal Industry in Recovering the National Economy in Covid-19 Pandemic

2020 ◽  
Vol 8 (2) ◽  
pp. 202-214
Author(s):  
Cucu Susilawati
Keyword(s):  
National Economy ◽  
Banking Sector ◽  
Developed Countries ◽  
Online News ◽  
Financial Industry ◽  
National Economic ◽  
Halal Food ◽  
Vigorous Growth ◽  
Business Sectors

The outbreak of the Covid-19 pandemic in Indonesia is attacking not only public health but also the economy. The presence of Covid-19 has many important impacts on developed countries. There are at least four industries most impacted by this pandemic, including households, MSMEs, companies and the financial industry. However, the halal industry is believed to be more resilient to the Covid-19 pandemic. This durability is because of the principles attributed to the halal sector, namely the importance of fairness, balance and openness. The author’s goal is therefore to carry out more in-depth research on the role of the halal industry in supporting the national economy, which is under pressure because of the COVID-19 pandemic. This type of study is a literature review with a material analysis approach that explores the conditions of the halal industry in Indonesia in depth. The material received is as books, published information, and online news. The findings of this study reveal that there are three halal business sectors that are believed to be more vulnerable to the Covid-19 pandemic in order to facilitate national economic recovery. Halal finance, halal food and halal fashion industries are among them. Halal finance from both the banking sector and the Islamic stock market has proved to be more robust than the mainstream financial sector. Besides guaranteed halal food, its wellbeing is also guaranteed, and halal fashion is now on the rise as Muslim fashion is increasingly innovative and global. We believe the three of them to have experienced vigorous growth, and also to continue to draw customers. And also after the Covid-19 pandemic, these three sectors could survive. Thus the halal industry also contributes to Indonesian economy.

Exploring consumers' response to text-based chatbots in e-commerce: the moderating role of task complexity and chatbot disclosure

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xusen Cheng ◽  
Ying Bao ◽  
Alex Zarifis ◽  
Wankun Gong ◽  
Jian Mou
Keyword(s):  
Task Complexity ◽  
Deep Understanding ◽  
Ordinary Least Squares ◽  
Survey Method ◽  
Least Squares Regression ◽  
Moderating Effects ◽  
Content Type ◽  
Identity Disclosure ◽  
The Relationship

PurposeArtificial intelligence (AI)-based chatbots have brought unprecedented business potential. This study aims to explore consumers' trust and response to a text-based chatbot in e-commerce, involving the moderating effects of task complexity and chatbot identity disclosure.Design/methodology/approachA survey method with 299 useable responses was conducted in this research. This study adopted the ordinary least squares regression to test the hypotheses.FindingsFirst, the consumers' perception of both the empathy and friendliness of the chatbot positively impacts their trust in it. Second, task complexity negatively moderates the relationship between friendliness and consumers' trust. Third, disclosure of the text-based chatbot negatively moderates the relationship between empathy and consumers' trust, while it positively moderates the relationship between friendliness and consumers' trust. Fourth, consumers' trust in the chatbot increases their reliance on the chatbot and decreases their resistance to the chatbot in future interactions.Research limitations/implicationsAdopting the stimulus–organism–response (SOR) framework, this study provides important insights on consumers' perception and response to the text-based chatbot. The findings of this research also make suggestions that can increase consumers' positive responses to text-based chatbots.Originality/valueExtant studies have investigated the effects of automated bots' attributes on consumers' perceptions. However, the boundary conditions of these effects are largely ignored. This research is one of the first attempts to provide a deep understanding of consumers' responses to a chatbot.

scholarly journals Media exposure to COVID-19 information, risk perception, social and geographical proximity, and self-rated anxiety in China

2020 ◽  
Vol 20 (1) ◽  
Author(s):  
Miao Liu ◽  
Hongzhong Zhang ◽  
Hui Huang
Keyword(s):  
Risk Perceptions ◽  
Media Exposure ◽  
Ordinary Least Squares ◽  
Anxiety Level ◽  
Geographical Proximity ◽  
Least Squares Regression ◽  
Chinese People ◽  
Online Panel ◽  
The Media

Abstract Background The coronavirus disease 2019 (COVID-19) is an emerging infectious disease that spreads around the world. The lack of effective antiviral drugs and vaccines, along with the relatively high mortality rate and high contagiousness, has raised strong public concerns over COVID-19, especially for people living in the most severely affected areas. This study aimed to clarify the influencing factors for the anxiety level among the Chinese people during the COVID-19 pandemic, with a particular focus on the media exposure to different COVID-19 information. Methods A total of 4991 respondents were randomly recruited from a national online panel from February 12th, 2020 to February 14th, 2020, a period when the number of COVID-19 cases surpassed 10,000 in a single day, with the total cases in China reaching up to 90,000. The relationships between media exposure of COVID-19 information, social and geographical proximity to COVID-19, risk perceptions were assessed using hierarchical ordinary least squares regression analysis. Results The media exposure to COVID-19 information was differently associated with anxiety. Meanwhile, the anxiety level was found to be high in respondents who personally knew someone infected with COVID-19 or those who living in an area with reported cases. Respondents who perceived more risks also reported a higher level of anxiety. Conclusions This study highlights the role of media exposure in affecting individuals’ anxiety level during the COVID-19 pandemic. Besides, it is recommended that government and health professionals are recommended to adopt effective risk communication strategies to protect citizens’ mental health during the pandemic.

Reconciling temporal conflicts in innovation ambidexterity: the role of TMT temporal leadership

2020 ◽  
Vol 24 (8) ◽  
pp. 1899-1920
Author(s):  
Jiawen Chen ◽  
Linlin Liu
Keyword(s):  
Regression Models ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Exploration And Exploitation ◽  
Temporal Perspective ◽  
Content Type ◽  
Temporal Aspects ◽  
Positive Effect ◽  
Practical Implications

Purpose This study aims to extend the temporal perspective on ambidexterity by investigating how and under what conditions top management team (TMT) temporal leadership improves innovation ambidexterity. Design/methodology/approach Using a questionnaire survey, data were collected from 165 small- and medium-sized enterprises in China. Ordinary least squares regression models were applied to test the hypotheses. Findings The findings show that TMT temporal leadership has a positive effect on innovation ambidexterity and temporal conflict mediates this relationship. Market dynamism and institutional support moderate the indirect effect of TMT temporal leadership on innovation ambidexterity. Practical implications Managers wishing to promote exploration and exploitation simultaneously should pay attention to the temporal aspects of their innovation strategy and improve their temporal leadership activities. Originality/value This study highlights the temporal conflicts in ambidexterity and clarifies the enabling role of TMT temporal leadership. It contributes new insights to the research on organizational ambidexterity and strategic leadership.

scholarly journals Does Foreign Aid Promote Financial Development in the Economic Community of West African States (ECOWAS)?

2020 ◽  
Vol 5 (2) ◽  
pp. p39
Author(s):  
W. Jean Marie Kébré
Keyword(s):  
Foreign Aid ◽  
Financial Development ◽  
Developed Countries ◽  
Ordinary Least Squares ◽  
West African ◽  
International Financial Institutions ◽  
Economic Community ◽  
Development Indicators ◽  
Negative Effect

This article analyzes relationship between foreign aid and financial development in ECOWAS countries. These countries receive aid flows from developed countries and from international financial institutions. The article’s idea is to evaluate this aid effects on financial development and to assess role of governance on this relationship. The analysis uses panel data from ECOWAS countries over the period 1984-2016. The estimations’ results, based on Dynamic ordinary least squares (DOLS) estimator, show that aid is negatively and significantly linked with financial development indicators used. These results suggest that aid is an obstacle to financial development. Governance role tests do not change the negative effect of aid on financial development. However, the magnitude of the negative effect of interactive variables (with governance variables) is less than aid direct effect on financial development. These results suggest that an additional effort to improve governance in these countries would reduce aid negative effect on financial development, or even reverse this effect.

Does hedging enhance firm value in good and bad times

2018 ◽  
Vol 26 (1) ◽  
pp. 132-152 ◽  
Author(s):  
Nafis Alam ◽  
Amit Gupta
Keyword(s):  
Firm Value ◽  
Negative Impact ◽  
Developed Countries ◽  
Ordinary Least Squares ◽  
Annual Reports ◽  
Least Squares Regression ◽  
Hedging Strategy ◽  
Content Type ◽  
Dummy Variable ◽  
High Volatility

Purpose The purpose of this paper is to examine if the hedging strategy of the firm adds value to the firm, and if so, is the source of the benefit consistent with the hedging theory? Design/methodology/approach The paper used data from 129 top non-financial Indian companies spanning a period of 2008-2015 and analyzed using the ordinary least squares regression technique. Findings The study finds that firms engaged in hedging compared to non-hedgers have less volatility in the firm’s value. The use of hedging during the financial crisis is found to be value enhancing for the hedgers. The results also found that some firms do not disclose the notional value of derivatives clearly, which highlights the need of clear regulation for derivative declaration in the annual reports. Research limitations/implications Research implications of this study are to gain an insight into the hedging effectiveness in the highly volatile Indian market as compared to developed countries. High volatility in the exchange rate of Indian rupee further makes it one of the most relevant markets to study the effect of hedging on the firm’s value. Practical implications Mostly hedging is done purely for risk management, and if managers try to time the market by selective hedging, it can bring a negative impact for the firm. Findings show that managers should manage their hedging strategy based on changing the economic environment and not purely on the firms’ financial value. Originality/value To the authors’ best knowledge, this is the first study to extract the dollar value of derivative usage of sample firms and analyze its effectiveness in enhancing firm value in the presence of other financial parameters. This will be an advancement of previous studies, which used hedging as a dummy variable only. Most studies on this topic are carried out in developed countries; there is a limited research on developing markets such as India, and past studies have been more generic one like determinants of hedging and overall derivative scenario.

scholarly journals Model Sistem Peran Teknologi Dan Informasi Terhadap Pertahanan Bisnis Di Indonesia

2019 ◽  
Vol 16 (1) ◽  
pp. 38-47
Author(s):  
Tati Herlia
Keyword(s):  
Information Technology ◽  
System Model ◽  
Creative Economy ◽  
Creative Industry ◽  
Economic Stability ◽  
Industry Sector ◽  
National Economic ◽  
The World ◽  
Role Of Information

Business is an activity carried out and carried out by someone or a group of people or companies in the form of services or goods to obtain profits or profits. Nowadays businesses are starting to grow and develop rapidly in Indonesia in the creative economy industry sector. Creative economy is an economy that is based on high creativity with a touch of innovation to produce new and different quality products. Today's business trends are more companies in the creative economy. This is because the creative economy is faster than other industries. The fastest growing creative industry and development is in the field of information technology. The cause of the creative industry in the field of technology is growing rapidly, because the world is now entering the information technology era. So today's business does not recognize space and time. In addition, business is easy to do and easily accepted by consumers. This, if left unchecked, will disrupt national economic stability so that it is necessary to make a System Model for the Role of Information Technology towards Business Defense in Indonesia.

scholarly journals Environmental-specific servant leadership as a strategic tool to accomplish environmental performance: a case of China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmad Siddiquei ◽  
Fahad Asmi ◽  
Muhammad Ali Asadullah ◽  
Farhan Mir
Keyword(s):  
Servant Leadership ◽  
Environmental Performance ◽  
Environmental Behavior ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Content Type ◽  
Self Identity ◽  
Individual Level ◽  
Green Performance

PurposeThe Chinese firms are keenly focused on reducing their environmental footprints as part of the competitive strategy. Within the context of sustainable organizations in China, we test a multilevel framework that examined the impact of environmental-specific servant leadership on the green individual (pro-environmental behavior) and team (project green performance) outcomes within projects. Using social identity theory, we theorize and test the mediating role of green self-identity (individual level) and team green identification (team level) in the relationships between environmental-specific servant leadership, pro-environmental behavior and project green performance.Design/methodology/approachWe used survey questionnaires to collect multi-level and multi-wave data from 42 ongoing project-based sustainable organisations in China. The multilevel team to individual-level hypothesis were analyzed using multilevel-modeling via Mplus, while team level hypotheses were tested using ordinary least squares regression.FindingsThe multilevel regression analysis showed that environmental-specific servant leadership has a trickle-down effect of green self-identity, which subsequently predicts pro-environmental behavior. The ordinary least squares regression results demonstrated that environmental-specific servant leadership predicts project green performance via team green identification. Also, environmental-specific servant leadership has a positive and direct impact on pro-environmental behavior and project green performance.Research limitations/implicationsWe offer community and service dimension of leadership as a determinant of environmental performance at multiple levels. We provide managerial and policy implications to Chinese organizations striving to reposition themselves as eco-friendly organizations both nationally and globally.Originality/valueThe study is among the first to understand the role of environmental-specific servant leadership in predicting individual-level and team-level environment-related mediator and outcomes simultaneously.

scholarly journals Depression, Masculine Norm Adherence, and Fathering Behavior

2018 ◽  
Vol 40 (1) ◽  
pp. 48-84 ◽  
Author(s):  
Kevin Shafer ◽  
Brandon Fielding ◽  
Erin K. Holmes
Keyword(s):  
Least Squares ◽  
Father Involvement ◽  
Regression Models ◽  
Ordinary Least Squares ◽  
Positive Control ◽  
Harsh Parenting ◽  
Least Squares Regression ◽  
Independent Effects ◽  
The Impact

While, overall, fathers have become more involved as parents, there may be significant variability in how involved fathers are in the lives of their children. This study examines how paternal depression and masculine norm adherence affect father involvement. Using new data from the Survey of Contemporary Fatherhood ( N = 2,181) and ordinary least squares regression models, we focus on the effect of depression on four measures of fathering behavior, with masculine norm adherence as a moderator. Results indicated that depression and masculinity had independent effects on father involvement. Furthermore, masculinity moderated the effect of depression for warmth, engagement, and use of harsh parenting—but not positive control. These results have important implications for how we think about the impact of depression on parenting and the role of socialized response in understanding fathering outcomes.

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