scholarly journals Influence of Cross-Listing on the Relationship between Financial Leverage and R&D Investment: A Sustainable Development Strategy

2021 ◽  
Vol 13 (18) ◽  
pp. 10341
Author(s):  
Chi-Lin Yang ◽  
Jung-Ho Lai
Keyword(s):  
Development Strategy ◽  
Corporate Sustainability ◽  
Competitive Advantages ◽  
Contagion Effect ◽  
Financial Leverage ◽  
Cross Listing ◽  
Debt Capacity ◽  
New Perspective ◽  
The Relationship ◽  
D Investment

Investment in research and development (R&D) is an important sustainable strategy for firms in developing unique products to own their differentiation and competitive advantages. Financial leverage is influential in R&D investment. However, previous studies identified different relationship between financial leverage and R&D investment. This study revisits this puzzle from a unique perspective that targets firms undertaking international cross-listings. This specification allows us to test whether firms are willing to prioritize R&D funding when debt capacity is enhanced. This is a new perspective that has never been explored in the relationship between debt financing and R&D investment. We find that the launch of cross-listing significantly increases the level of firm financial leverage, which is followed by a significant increase in corporate investment in R&D. The aggressive strategy of cross-listing firms that enhance financial leverage to support more investment in R&D further significantly influences their industrial rivals to increase investment in R&D as a responding strategy. Overall, these results show that firms exploit the timing of international cross-listing to increase their leverage to further fund R&D, which also stimulates an intra-industry contagion effect. Our findings suggest a new viable path for funding R&D that carries important implications for corporate sustainability.

scholarly journals Does effective monitoring by the board of directors affect the relationship between global diversification and financial leverage?

2015 ◽  
Vol 12 (2) ◽  
pp. 644-658
Author(s):  
Feras M. Salama ◽  
Taisier A. Zoubi
Keyword(s):  
Board Of Directors ◽  
Firm Risk ◽  
Financial Leverage ◽  
Passive Monitoring ◽  
The Board Of Directors ◽  
Debt Capacity ◽  
The Relationship ◽  
Global Diversification

Research investigating the relationship between global diversification and financial leverage has produced mixed results. Some studies found that global diversification improves the firm’s debt capacity and, as a result, increases its degree of financial leverage. Other studies found that global diversification increases firm risk and, as a result, decreases its debt capacity and the degree of financial leverage. In this study, we suggest that monitoring by the board of directors and related committees moderates the relationship between global diversification and the degree of financial leverage. Specifically, in firms with vigilant (passive) monitoring, the relationship between global diversification and the degree of financial leverage is positive (negative). Using a sample of 6,188 firm-year observations over the period 2002 through 2006, we find support for the hypothesis.

Financial leverage and competitive strategy of cross-listing firms

2018 ◽  
Vol 44 (2) ◽  
pp. 306-324
Author(s):  
Chi-Lin Yang ◽  
Min-Hsien Chiang ◽  
Chien-Wei Chen
Keyword(s):  
Negative Impact ◽  
Jel Classification ◽  
Financial Leverage ◽  
Competitive Strategies ◽  
Listed Firms ◽  
Market Responses ◽  
Financial Condition ◽  
Cross Listing ◽  
Rival Firms ◽  
The Relationship

This study investigates the relationship between financial leverage and competitive strategies based on the investigation into the cross-listing announcements, through which the financial condition of a firm might shape the competition outcome. The empirical evidence shows that cross-listing announcements normally attract positive market responses to cross-listed firms but incur negative market responses to rival firms, especially upon the strategic substitutes competition. Cross-listed firms obtain more positive market responses if their financial leverage is lower, but the firms have no advantages when they are financially constrained. Less leveraged rival firms could weaken the negative impact and even gain positive market responses upon the strategic complements competition. JEL classification: G14, G32, M16

Centralization and Effectiveness of Reward Management in Multinational Enterprises

2018 ◽  
Vol 17 (2) ◽  
pp. 55-65 ◽  
Author(s):  
Michael Tekieli ◽  
Marion Festing ◽  
Xavier Baeten
Keyword(s):  
Decision Making ◽  
Social Identity Theory ◽  
Multinational Enterprises ◽  
Role Identity ◽  
Management Decision ◽  
Role Identities ◽  
Management Decision Making ◽  
New Perspective ◽  
Subsidiary Managers ◽  
The Relationship

Abstract. Based on responses from 158 reward managers located at the headquarters or subsidiaries of multinational enterprises, the present study examines the relationship between the centralization of reward management decision making and its perceived effectiveness in multinational enterprises. Our results show that headquarters managers perceive a centralized approach as being more effective, while for subsidiary managers this relationship is moderated by the manager’s role identity. Referring to social identity theory, the present study enriches the standardization versus localization debate through a new perspective focusing on psychological processes, thereby indicating the importance of in-group favoritism in headquarters and the influence of subsidiary managers’ role identities on reward management decision making.

Tourism awareness as a tourism development strategy: status of the issue

2020 ◽  
Vol 13 (9) ◽  
Author(s):  
M.I. Rosas-Jaco ◽  
S.X. Almeraya-Quintero ◽  
L.G. Guajardo-Hernández
Keyword(s):  
Development Strategy ◽  
Design Methodology ◽  
Local Development ◽  
Local Population ◽  
Host Community ◽  
Government Policies ◽  
Training Manual ◽  
Environmental Development ◽  
Main Engine ◽  
The Relationship

Objective: Tourism has become the main engine of economic, social and environmental development in several countries, so promoting tourism awareness among tourists and the local population should be a priority. The present study aims to suggest a status of the research carried out on the topic of tourism awareness. Design / methodology / approach: The type of analysis is through a retrospective and exploratory bibliometric study. The analysis materials were scientific articles and a training manual published between 2000 and 2020, registered by Scopus, Emerald insight and Dialnet, using “tourism awareness” as the keyword. Results: When considering the three senses in which tourism awareness ought to operate, it is concluded that studies are more focused on the relationship and contact of the host community with the tourist. It is observed that four out of six articles in this sense consider that education, training, and government policies around tourism awareness should be developed in a better way in the destinations, in order to be an element that contributes to the development of communities and reduces poverty in developing countries. Study limitations / implications: It is considered a limitation not to include thesis dissertations. Findings / conclusions: It is necessary to make visible the importance of tourism awareness as a local development strategy for communities, in addition to including tourism awareness on the part of tourists.

Social Responsibility of Authorities and Local Self-Government in Support of Integrated Development of Territories

2019 ◽  
pp. 22-27
Author(s):  
Victor Dubishchev ◽  
Olesia Hryhorieva ◽  
Iryna Makarenko
Keyword(s):  
Social Responsibility ◽  
Development Strategy ◽  
Global Economy ◽  
Competitive Advantages ◽  
Socially Responsible ◽  
Integrated Development ◽  
Responsible Behavior ◽  
Development Plans ◽  
Key Aspects ◽  
Intellectual Potential

The contemporary approaches to the development of territories are considered in the article. It is noted that the integrated European approach to the development of territories is increasingly being applied in Ukraine. The essence of integrated development, the stages of development of the Integrated Development Strategy (Concept Strategy), emphasized that understanding of the role and functions of government and local self-government in the development and implementation of integrated development of territories should be perceived not only as the current management task, but also as social responsibility to the community and society. The key aspects of socially responsible behavior of authorities and local self-government in ensuring integrated development of territories are determined. It is noted that the perception of the fulfillment of its functions as social responsibility will allow to effectively plan and implement the development plans of the territories, compete for investments and the best jobs; use the local resource of the territory to create competitive advantages of the region, provide motivation and the ability of "key players" to use competitive advantages and to cooperate effectively; create and maintain institutions that promote the use of intellectual potential, ongoing modernization and innovation in the region; to ensure the willingness and ability of key institutions to adapt to the challenges of the global economy.

RESPONSABILIDAD SOCIAL EMPRESARIAL CORPORATIVA BUSINESS CORPORATE SOCIAL RESPONSIBILITY

2017 ◽  
Vol 25 (2) ◽  
pp. 45
Author(s):  
Henry Mamfredo Zambrana Flores
Keyword(s):  
Social Responsibility ◽  
Corporate Sustainability ◽  
Business Management ◽  
Social Changes ◽  
Social Investment ◽  
Close Relationship ◽  
Critical Issues ◽  
Corporate Social ◽  
The Relationship ◽  
Los Grupos

La responsabilidad social empresarial (RSE) es un concepto con el cual las empresas deciden voluntariamente incluirse en el logro de una sociedad mejor y un medio ambiente más saludable. Requiere de una continua adaptación a los cambios que se producen en su entorno, con su mirada puesta en la sostenibilidad empresarial que beneficie a la empresa y a las partes interesadas. El presente trabajo aborda, en primer lugar, los inicios y evolución del concepto de RSE, mostrando la estrecha relación con los cambios económicos y sociales. La responsabilidad social empresarial se inició con acciones filantrópicas, seguidas de acciones de inversión social. Sin embargo, en la actualidad, se plantea la realización de prácticas responsables integradas a la gestión empresarial, lo que propone nuevos modelos de gestión empresarial. Para comprender la noción de RSE en los negocios, se ha considerado necesario la realización de un diagnóstico en profundidad. Para ello, se muestran las diversas teorías y modelos de RSE corporativa; los grupos de interés y la RSE para la gestión; su interrelación con las normas legales actuales; y las herramientas de aplicación. Si se quiere ser competitivo, es necesario entender la empresa como un ciudadano corporativo con deberes y derechos, así como desafíos y aspectos críticos en su gestión. Finalmente, se hace mención a una serie de casos de RSE en los ámbitos internacional, nacional y regional para comprender el accionar y la respuesta de diversas empresas frente a los desafíos de su entorno y las necesidades de sus grupos de interés. ABSTRACTCorporate Social Responsibility (CSR) is a concept whereby companies decide voluntarily to include themselves the achievement of a better society and a healthier environment. It requires constantly adapting to the changing environment, with their sights set on corporate sustainability that benefits the company and stakeholders. Firstly, this paper addresses the beginnings and evolution about CSR concept, showing the close relationship between the economic and social changes. CSR began with philanthropy actions, followed by social investment actions. However, today, a realization of responsible practices integrated to business management is set out, which proposes new models of business management. To understand CSR in business is necessary to consider performing an in-depth diagnostic; for that, it shows the various theories and models of Corporate CSR, the stakeholders and CSR management; the relationship with the current laws and implementation tools. If competitiveness is required, it is necessary to understand the company as a corporate citizen with rights and duties, as well as challenges and critical issues in management. Finally, many of regional, national and internationals CSR cases are mentions to understand the actions and responses of various companies facing the challenges of their environment and the needs of its stakeholders. .

Psychology: Volume 5

2019 ◽  
Keyword(s):  
World View ◽  
Science Volume ◽  
Western World ◽  
Mental Life ◽  
Long Time ◽  
The Difference ◽  
New Perspective ◽  
Indian Setting ◽  
The Mind ◽  
The Relationship

This survey of research on psychology in five volumes is a part of a series undertaken by the ICSSR since 1969, which covers various disciplines under social science. Volume Five of this survey, Explorations into Psyche and Psychology: Some Emerging Perspectives, examines the future of psychology in India. For a very long time, intellectual investments in understanding mental life have led to varied formulations about mind and its functions across the word. However, a critical reflection of the state of the disciplinary affairs indicates the dominance of Euro-American theories and methods, which offer an understanding coloured by a Western world view, which fails to do justice with many non-Western cultural settings. The chapters in this volume expand the scope of psychology to encompass indigenous knowledge available in the Indian tradition and invite engaging with emancipatory concerns as well as broadening the disciplinary base. The contributors situate the difference between the Eastern and Western conceptions of the mind in the practice of psychology. They look at this discipline as shaped by and shaping between systems like yoga. They also analyse animal behaviour through the lens of psychology and bring out insights about evolution of individual and social behaviour. This volume offers critique the contemporary psychological practices in India and offers a new perspective called ‘public psychology’ to construe and analyse the relationship between psychologists and their objects of study. Finally, some paradigmatic, pedagogical, and substantive issues are highlighted to restructure the practice of psychology in the Indian setting.

scholarly journals Systematic Analysis of Literature on the Marketing of Healthcare Systems. Challenges for Russian and Romanian Healthcare Systems

Healthcare ◽  
2021 ◽  
Vol 9 (6) ◽  
pp. 656
Author(s):  
Vladimir Bulatnikov ◽  
Cristinel Petrişor Constantin
Keyword(s):  
Quality Of Healthcare ◽  
Healthcare Systems ◽  
Business Environment ◽  
Competitive Advantages ◽  
Systematic Analysis ◽  
Scientific Databases ◽  
Advantages And Disadvantages ◽  
Funds Allocation ◽  
New Perspective

This paper aims at finding the most dominant ideas about the marketing of healthcare systems highlighted in the mainstream literature, with a focus on Russia and Romania. To reach this goal, a systematic analysis of literature was conducted and various competitive advantages and disadvantages of the medical models that require special attention from the governments are considered. In this respect we examined 106 papers published during 2006 to 2020 found on four scientific databases. They were selected using inclusion and exclusion criteria according to PRISMA methodology. The main findings of the research consist of the opportunity to use marketing tools in order to improve the quality of healthcare systems in the named countries. Thus, using market orientation, the managers of healthcare systems could stimulate the innovation, the efficiency of funds allocation and the quality of medical services. The results will lead to a better quality of population life and to an increasing of life expectancy. As this paper reviews some articles from Russian literature, it can add a new perspective to the topic. These outcomes have implications for government, business environment, and academia, which should cooperate in order to develop the healthcare system using marketing strategies.

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