Determinants of Corporate Restructuring in Korea after the 1997 Economic Crisis: An Empirical Investigation

2005 ◽  
Vol 6 (1) ◽  
pp. 95-110
Author(s):  
Chinmay Pattnaik
Keyword(s):  
Economic Crisis ◽  
Ownership Structure ◽  
Negative Impact ◽  
Positive Impact ◽  
Corporate Restructuring ◽  
Foreign Investor ◽  
Firm Characteristics ◽  
Asset Sales ◽  
Prior Performance ◽  
The Impact

This study examines the impact of corporate governance and firm characteristics on corporate restructuring in Korea after the economic crisis. We specifically analyze factors that had a bearing on corporate restructuring following the sudden economic downturn. In particular, we examine the impact of firm characteristics such as leverage levels and prior performance, together with ownership structure like insider block-holding ownership, foreign investor ownership, and institutional investor ownership on the extent of asset sales. The empirical results show that firm characteristics such as high prior performance have a negative impact on asset sales while high leverage has a positive impact. In the ownership structure, insider block holding and foreign investor ownership have negative impacts on asset sales.

scholarly journals Ownership structure and corporate diversification decision: a study of Vietnamese listed firms

2016 ◽  
Vol 13 (3) ◽  
pp. 226-233 ◽  
Author(s):  
Duc Nam Phung ◽  
Thi Bich Nguyet Phan ◽  
Thi Lien Hoa Nguyen ◽  
Thi Phuong Vy Le
Keyword(s):  
Ownership Structure ◽  
Negative Impact ◽  
Positive Impact ◽  
Emerging Market ◽  
Foreign Ownership ◽  
State Ownership ◽  
Corporate Diversification ◽  
Diversification Strategy ◽  
Listed Firms ◽  
The Impact

This research examines the impact of the ownership structure on corporate diversification decision of listed firms in Vietnam over the period of 2007 and 2012. The empirical results from logit model show that while state ownership has positive impact on corporate diversification decisions of the firms, foreign ownership has negative impact on corporate diversification decision of the firms. This implies that government ownership tends to encourage corporate diversification strategy, while foreign ownership may plays monitoring role and discourage corporate diversification strategy in emerging market context.

scholarly journals A Study of Impact of Ownership Structure and Disclosure Quality on Information Asymmetry in Iran

2016 ◽  
Vol 41 (1) ◽  
pp. 51-60 ◽  
Author(s):  
Mahmoud Mousavi Shiri ◽  
Mahdi Salehi ◽  
Ali Radbon
Keyword(s):  
Decision Making ◽  
Information Asymmetry ◽  
Ownership Structure ◽  
Capital Market ◽  
Negative Impact ◽  
Positive Impact ◽  
Institutional Ownership ◽  
Listed Companies ◽  
Disclosure Quality ◽  
The Impact

Executive Summary Capital market uses financial information with high disclosure quality, and this information can influence capital market decision-making. Corporate governance research shows that ownership structure can influence financial reporting quality, and thus play an effective role in capital market decision-making. The main purpose of the current study is to examine the impact of ownership structure and disclosure quality on the information asymmetry phenomenon among the listed companies on the Tehran Stock Exchange (TSE). Ownership structure (including ownership concentration and institutional ownership) and disclosure quality (including reliability and timeliness) are considered as independent variables, and their impact is examined on the dependent variable (information asymmetry). Consistent with extant literature, bid-ask spread is used as a proxy variable for information asymmetry. The statistical results, based on data collected from 102 listed companies on the TSE during 2007–2014, revealed positive impact of ownership structure and negative impact of disclosure quality on information asymmetry. These results show that information asymmetry is less in firms that published more reliable and timely information, and is more in firms with more concentrated ownership structure, higher institutional ownership, and lower disclosure quality. In other words, reliability and timeliness of information have a positive role in stock price identification and close-up views of the buyer and seller in TSE. Findings of this article can assist accounting researchers and theoreticians in comparing real world facts with hypotheses developed with respect to ownership structure, disclosure quality, and information asymmetry. By increasing transparency in the capital markets, market participants, decision-makers, financial analysts, and potential investors are aided in their analysis of plans for investments in financial assets.

Modernisation of Higher Education – Willful Action or Wishful Thinking? The Case of Bulgaria

2020 ◽  
Vol 8 (3) ◽  
pp. 3-17
Author(s):  
Elena Blagoeva
Keyword(s):  
Higher Education ◽  
Economic Crisis ◽  
Negative Impact ◽  
National Level ◽  
Sustainable Growth ◽  
Research Approach ◽  
Case Study Methodology ◽  
The Impact ◽  
The Eu

The impact of the last global economic crisis (2008) on the European economy put a strain on higher education (HE), yet it also pushed the sector towards intensive reforms and improvements. This paper focuses on the “Strategy for the Development of Higher Education in the Republic of Bulgaria 2014-2020”. With a case study methodology, we explore the strategic endeavours of the Bulgarian government to comply with the European directions and to secure sustainable growth for the HE sector. Our research question is ‘How capable is the Bulgarian HE Strategy to overcome the economic and systemic restraints of Bulgarian higher education?’. Because the development of strategies for HE within the EU is highly contextual, a single qualitative case study was chosen as the research approach. HE institutions are not ivory towers, but subjects to a variety of external and internal forces. Within the EU, this is obviated by the fact that Universities obtain their funds from institutions such as governments, students and their families, donors, as well as EU-level programmes. Therefore, to explore how these pressures interact to affect strategic action on national level, the case method is well suited as it enabled us to study the phenomena thoroughly and deeply. The paper suggests the actions proposed within the Strategy have the potential to overcome the delay, the regional isolation and the negative impact of the economic crisis on the country. Nevertheless, the key elements on which the success or failure of this Strategy hinges are the control mechanisms and the approach to implementation. Shortcomings in these two aspects of strategic actions in HE seem to mark the difference between gaining long-term benefits and merely saving face in front of international institutions.

043 Sleep Restriction Affects Memory in Healthy Adults: Preliminary Findings

SLEEP ◽  
2021 ◽  
Vol 44 (Supplement_2) ◽  
pp. A18-A19
Author(s):  
Molly Zimmerman ◽  
Christiane Hale ◽  
Adam Brickman ◽  
Lok-Kin Yeung ◽  
Justin Cochran ◽  
...  
Keyword(s):  
Working Memory ◽  
Negative Impact ◽  
Positive Impact ◽  
Healthy Adults ◽  
Task Demands ◽  
Sleep Restriction ◽  
Neuropsychological Function ◽  
Wake Time ◽  
Sleep Condition ◽  
The Impact

Abstract Introduction Sleep loss has a range of detrimental effects on cognitive ability. However, few studies have examined the impact of sleep restriction on neuropsychological function using an experimental design. The goal of this study was to examine the extent to which maintained insufficient sleep affects cognition in healthy adults compared to habitual adequate sleep. Methods This study used a randomized, crossover, outpatient sleep restriction design. Adults who regularly slept at least 7 h/night, verified by 2 weeks of screening with actigraphy, completed 2 phases of 6 weeks each: habitual sleep (>7 h of sleep/night) or sleep restriction (habitual sleep minus 1.5 h) separated by a 6-week washout period. During the sleep restriction phase, participants were asked to delay their bedtime by 1.5 hours/night while maintaining their habitual wake time. Neuropsychological function was evaluated with the NIH Toolbox Cognition Battery at baseline (week 0) and endpoint (week 6) of each intervention phase. The NIH Toolbox evaluates a range of cognitive abilities, including attention, executive functioning, and working memory. General linear models with post hoc paired t-tests were used to assess demographically-adjusted test scores prior to and following each sleep condition. Results At the time of analyses, 16 participants were enrolled (age 34.5□14.5 years, 9 women), 10 of whom had completed study procedures. An interaction between sleep condition and testing session revealed that individuals performed worse on List Sorting, a working memory test, after sleep restriction but improved slightly after habitual sleep (p<0.001). While not statistically reliable, the pattern of test results was similar on the other tests of processing speed, executive function, and attention. Conclusion In these preliminary results from this randomized experimental study, we demonstrated that sleep restriction has a negative impact while stable habitual adequate sleep has a positive impact on working memory, or the ability to temporarily hold information in mind while executing task demands. This finding contributes to our understanding of the complex interplay between different aspects of sleep quality (i.e., both sleep restriction as well as the maintenance of stable sleep patterns) on cognition and underscores the importance of routine sleep screening as part of medical evaluations. Support (if any):

scholarly journals Exploring the Relationship between Communication and Success of Construction Projects: The Mediating Role of Conflict

2021 ◽  
Vol 13 (8) ◽  
pp. 4513
Author(s):  
Summaira Malik ◽  
Muhammad Taqi ◽  
José Moleiro Martins ◽  
Mário Nuno Mata ◽  
João Manuel Pereira ◽  
...  
Keyword(s):  
Project Success ◽  
Negative Impact ◽  
Positive Impact ◽  
Construction Project ◽  
Project Team ◽  
Relationship Conflict ◽  
Team Members ◽  
Mediating Role ◽  
The Impact

The success of a construction project is a widely discussed topic, even today, and there exists a difference of opinion. The impact of communication and conflict on project success is an important, but least addressed, issue in literature, especially in the case of underdeveloped countries. Miscommunication and conflict not only hinder the success of a project but also may lead to conflicts. The focus of this paper was to examine the impact of communication on project success with the mediating role of conflict. By using SPSS, demographics, descriptive statistics and correlation were determined. Smart PLS version 3.0 was used for confirmatory factor analysis (CFA), internal accuracy and validity estimates, hypothesis checking and mediation testing. The results showed that formal communication has a negative impact on the success of a construction project, resulting in conflicts among project team members, whereas informal communication and communication willingness have a positive impact on project success because people tend to know each other, and trust is developed. Task, process and relationship conflicts were used as mediating variables. It was found that task conflict effects the relations positively because project team members suggest different ways to do a certain task, and, hence, project success is achieved. On the contrary, process conflict and relationship conflict have a negative impact on communication and project success. Both of these conflicts lead to miscommunication, and project success is compromised. Hence, it is the responsibility of the project manager to enhance communication among project team members and to reduce the detrimental effects of process and relationship conflict on project success.

scholarly journals Environmental Regulation, Environmental Awareness and Environmental Governance Satisfaction

2021 ◽  
Vol 13 (7) ◽  
pp. 3960
Author(s):  
Meng-Meng Geng ◽  
Ling-Yun He
Keyword(s):  
Environmental Regulation ◽  
Environmental Governance ◽  
Negative Impact ◽  
Positive Impact ◽  
Subjective Evaluation ◽  
Environmental Awareness ◽  
General Social Survey ◽  
Probit Model ◽  
The People ◽  
The Impact

It is a problem worth thinking about whether the government’s environmental regulation policies can meet the residents’ requirements for environmental quality, and benefit the people. The study of the public’s subjective evaluation can more intuitively judge whether the government’s environmental regulation has realized “ecological benefits for the people”. Based on the data of the Chinese General Social Survey (CGSS) in 2013, this paper studied the impact of environmental regulation and environmental awareness on environmental governance satisfaction by an ordered probit model. The study found that environmental regulation has a significant positive impact on environmental governance satisfaction, while environmental awareness has a significant negative impact on environmental governance satisfaction. We also found that when public environmental awareness is taken into account, the positive relationship between environmental regulation and environmental governance satisfaction is affected. The robustness test proved this conclusion.

The Impact of the Business Environment on the Formalization of Informal Firms. The Case of Kosovo

Südosteuropa ◽  
2020 ◽  
Vol 68 (4) ◽  
pp. 505-529
Author(s):  
Kujtim Zylfijaj ◽  
Dimitar Nikoloski ◽  
Nadine Tournois
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Business Environment ◽  
Positive Influence ◽  
Policy Implications ◽  
Tax Reforms ◽  
Firm Level ◽  
Characteristics Analysis ◽  
Significant Negative Impact ◽  
The Impact

AbstractThe research presented here investigates the impact of the business environment on the formalization of informal firms, using firm-level data for 243 informal firms in Kosovo. The findings indicate that business-environment variables such as limited access to financing, the cost of financing, the unavailability of subsidies, tax rates, and corruption have a significant negative impact on the formalization of informal firms. In addition, firm-level characteristics analysis suggests that the age of the firm also exercises a significant negative impact, whereas sales volume exerts a significant positive impact on the formalization of informal firms. These findings have important policy implications and suggest that the abolition of barriers preventing access to financing, as well as tax reforms and a consistent struggle against corruption may have a positive influence on the formalization of informal firms. On the other hand, firm owners should consider formalization to be a means to help them have greater opportunities for survival and growth.

scholarly journals Modeling the Impact of Climate Changes on Crop Yield: Irrigated vs. Non-Irrigated Zones in Mississippi

2021 ◽  
Vol 13 (12) ◽  
pp. 2249
Author(s):  
Sadia Alam Shammi ◽  
Qingmin Meng
Keyword(s):  
Climate Change ◽  
Crop Yield ◽  
Crop Yields ◽  
Negative Impact ◽  
Positive Impact ◽  
Information Criterion ◽  
Growing Season ◽  
Maximum Temperature ◽  
Linear Regression Models ◽  
The Impact

Climate change and its impact on agriculture are challenging issues regarding food production and food security. Many researchers have been trying to show the direct and indirect impacts of climate change on agriculture using different methods. In this study, we used linear regression models to assess the impact of climate on crop yield spatially and temporally by managing irrigated and non-irrigated crop fields. The climate data used in this study are Tmax (maximum temperature), Tmean (mean temperature), Tmin (minimum temperature), precipitation, and soybean annual yields, at county scale for Mississippi, USA, from 1980 to 2019. We fit a series of linear models that were evaluated based on statistical measurements of adjusted R-square, Akaike Information Criterion (AIC), and Bayesian Information Criterion (BIC). According to the statistical model evaluation, the 1980–1992 model Y[Tmax,Tmin,Precipitation]92i (BIC = 120.2) for irrigated zones and the 1993–2002 model Y[Tmax,Tmean,Precipitation]02ni (BIC = 1128.9) for non-irrigated zones showed the best fit for the 10-year period of climatic impacts on crop yields. These models showed about 2 to 7% significant negative impact of Tmax increase on the crop yield for irrigated and non-irrigated regions. Besides, the models for different agricultural districts also explained the changes of Tmax, Tmean, Tmin, and precipitation in the irrigated (adjusted R-square: 13–28%) and non-irrigated zones (adjusted R-square: 8–73%). About 2–10% negative impact of Tmax was estimated across different agricultural districts, whereas about −2 to +17% impacts of precipitation were observed for different districts. The modeling of 40-year periods of the whole state of Mississippi estimated a negative impact of Tmax (about 2.7 to 8.34%) but a positive impact of Tmean (+8.9%) on crop yield during the crop growing season, for both irrigated and non-irrigated regions. Overall, we assessed that crop yields were negatively affected (about 2–8%) by the increase of Tmax during the growing season, for both irrigated and non-irrigated zones. Both positive and negative impacts on crop yields were observed for the increases of Tmean, Tmin, and precipitation, respectively, for irrigated and non-irrigated zones. This study showed the pattern and extent of Tmax, Tmean, Tmin, and precipitation and their impacts on soybean yield at local and regional scales. The methods and the models proposed in this study could be helpful to quantify the climate change impacts on crop yields by considering irrigation conditions for different regions and periods.

The nexus between financial development and energy consumption: Estimating the role of foreign direct investment, economic growth and urbanization

2021 ◽  
pp. 0958305X2110453
Author(s):  
Jaleel Ahmed ◽  
Shuja ur Rehman ◽  
Zaid Zuhaira ◽  
Shoaib Nisar
Keyword(s):  
Economic Growth ◽  
Foreign Direct Investment ◽  
Energy Consumption ◽  
Financial Development ◽  
Latin American ◽  
Direct Investment ◽  
Negative Impact ◽  
Positive Impact ◽  
Supply And Demand ◽  
The Impact

This study examines the impact of financial development on energy consumption for a wide array of countries. The estimators used for financial development are foreign direct investment, economic growth and urbanization. The study employed a panel data regression on 136 countries with time frame of years 1990 to 2019. The model in this study deploys system GMM technique to estimate the model. The results show that financial development has a significant negative impact on energy consumption overall. Foreign direct investment and urbanization has significant impact on energy consumption. Also, economic growth positive impact on energy consumption its mean that economic growth promotes energy consumption. When dividing further the sample into different groups of regions such as Asian, European, African, North/Latin American and Caribbean countries then mixed results related to the nexus between financial development and energy consumption with respect to economic growth, urbanization and foreign direct investment. The policymakers in these different groups of countries must balance the relationship between energy supply and demand to achieving the sustainable economic development.

Every coin has two sides: the impact of time pressure on employees’ knowledge hiding

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xianchun Zhang ◽  
Zhu Yao ◽  
Wan Qunchao ◽  
Fu-Sheng Tsai
Keyword(s):  
Time Pressure ◽  
Negative Impact ◽  
Positive Impact ◽  
Job Security ◽  
Statistical Technique ◽  
Content Type ◽  
Individual Knowledge ◽  
Negative Effect ◽  
Knowledge Hiding ◽  
The Impact

Purpose Time pressure is the most common kind of work pressure that employees face in the workplace; the existing research results on the effect of time pressure are highly controversial (positive, negative, inverted U-shaped). Especially in the era of knowledge economy, there remains a research gap in the impact of time pressure on individual knowledge hiding. The purpose of this paper is to explore the impact of different time pressure (challenge and hindrance) on knowledge hiding and to explain why there is controversy about the effect of time pressure in the academics. Design/methodology/approach The authors collected two waves of data and surveyed 341 R&D employees in China. Moreover, they used regression analysis, bootstrapping and Johnson–Neyman statistical technique to verify research hypotheses. Findings The results show that challenge time pressure (CTP) has a significant negative effect on knowledge hiding, whereas hindrance time pressure (HTP) has a significant positive effect on knowledge hiding; job security mediates the relationship between time pressure and knowledge hiding; temporal leadership strengthen the positive impact of CTP on job security; temporal leadership can mitigate the negative impact of HTP on job security. Originality/value The findings not only respond to the academic debate about the effect of time pressure and point out the reasons for the controversy but also enhance the scholars’ attention and understanding of the internal mechanism between time pressure and knowledge hiding.

Sign in / Sign up

Export Citation Format

Share Document