scholarly journals Cash holdings, tax policies, and institutional environments of innovative enterprises

2022 ◽  
Vol 10 (4) ◽  
Author(s):  
Fengfei Chang Lee
Keyword(s):  
Research And Development ◽  
Financial Markets ◽  
Cash Holdings ◽  
Positive Association ◽  
Tax Credits ◽  
Shareholder Rights ◽  
Institutional Environments ◽  
Repatriation Taxes ◽  
Using Data ◽  
Shed Light

We discover a positive association between a firm's innovativeness and its cash holdings using data from 11,653 innovative enterprises in 51 non-US economies. This relationship is even stronger now that patent boxes have been implemented, which provide preferential tax treatment for patent income. Additionally, creative multinationals that face increased repatriation taxes amass larger total cash holdings. The positive innovativeness–cash relationship is more pronounced in countries with higher R&D tax credits, less developed financial markets, stronger governance, stronger shareholder rights, more technicians, better infrastructure, and greater investment freedom, as well as in industries with fiercer competition and longer innovation cycles. Innovative organizations with greater cash on hand invest more in research and development and generate more patents. In general, our findings shed light on the factors that contribute to the massive wealth buildup in creative enterprises globally.

scholarly journals Is Financial Literacy Associated with Investment in Financial Markets in the United States?

2020 ◽  
Vol 12 (18) ◽  
pp. 7370
Author(s):  
Mostafa Saidur Rahim Khan ◽  
Naheed Rabbani ◽  
Yoshihiko Kadoya
Keyword(s):  
United States ◽  
Financial Markets ◽  
Financial Literacy ◽  
Foreign Currency ◽  
Positive Association ◽  
The United States ◽  
Policy Implications ◽  
Parameter Study ◽  
Futures Options ◽  
Using Data

Lack of investment in financial markets is one of the enduring puzzles in empirical finance. Although recent studies ascribe the lack of investment in stocks to financial literacy, the association between financial literacy and investment in financial markets remains inconclusive. We examine whether financial literacy is associated with investment in financial markets in the United States. We use investment in stocks, futures/options, investment trusts, corporate bonds, foreign currency deposits, and government bonds of foreign currency as a proxy for investment in financial markets. Using data from the Preference Parameter Study, a nationwide panel survey conducted by Osaka University of Japan, we provide evidence that financial literacy has a significantly positive association with investment in financial markets even after controlling for demographic, socioeconomic, and psychological factors. We check the robustness of our results by using an alternative proxy for investment in financial markets. Our study has far-reaching policy implications and we conclude by suggesting the introduction of financial literacy programs into the academic curriculum. Improving financial literacy could positively impact the mobilization of household funds and contribute to capital formation.

CEO and CFO Equity Incentives and the Pricing of Audit Services

2013 ◽  
Vol 33 (2) ◽  
pp. 1-25 ◽  
Author(s):  
B. Anthony Billings ◽  
Xinghua Gao ◽  
Yonghong Jia
Keyword(s):  
Positive Association ◽  
Audit Fees ◽  
Internal Controls ◽  
Audit Risk ◽  
Pricing Decisions ◽  
Equity Incentives ◽  
Accounting Scandals ◽  
Using Data ◽  
Distinctive Role

SUMMARY: The alleged perverse role of managerial incentives in accounting scandals, and the distinctive role of auditors in identifying and intervening in attempted earnings manipulation, highlight the importance of explicitly considering executive incentive plans by auditors in the auditing process. By empirically testing auditors' responses to CEO/CFO equity incentives in planning and pricing decisions using data from 2002 through 2009, we document compelling evidence that CFO equity incentives are positively associated with audit fees and CEO equity incentives are not statistically related to audit fees, suggesting that auditors perceive heightened audit risk associated with CFO equity incentives. Our further analyses reveal that the positive association between CFO equity incentives and audit fees is more pronounced in firms with weak internal controls, indicating heightened risk associated with CFO equity incentives in this setting perceived by auditors. JEL Classifications: G30, G34, M42, M52.

Neighborhood Engagement, Dogs, and Life Satisfaction in Older Adulthood

2020 ◽  
pp. 073346482095372
Author(s):  
Angela L. Curl ◽  
Jessica Bibbo ◽  
Rebecca A. Johnson
Keyword(s):  
Life Satisfaction ◽  
Social Engagement ◽  
Positive Association ◽  
Older Adulthood ◽  
Dog Walking ◽  
Dog Ownership ◽  
Using Data ◽  
Indirect Relationship ◽  
Analysis Models ◽  
Retirement Study

Objectives This study examined the relationships between dog ownership, dog walking, and the emotional bond with a dog to neighborhood engagement and life satisfaction among those over age 50. Method Using data from the Health and Retirement Study ( N = 476), two path analysis models were conducted to test the research hypotheses. Results Findings indicated that dog ownership did not have a direct or indirect relationship on life satisfaction. However, time spent in dog walking was associated with frequency of social interactions, which itself had a positive association with life satisfaction. The bond with a dog was not directly associated with life satisfaction but was associated with dog walking. Discussion Dog walking is a promising strategy for simultaneously promoting better health and social engagement, and these factors in turn can promote greater life satisfaction of older adults.

scholarly journals An examination of linkages between corporate social responsibility and firm performance: Evidence from Moroccan listed firms

2021 ◽  
pp. 636-646
Author(s):  
Souhaila Kammoun ◽  
Youssra Ben Romdhane ◽  
Sahar Loukil ◽  
Abdelmajid Ibenrissoul
Keyword(s):  
Corporate Social Responsibility ◽  
Firm Performance ◽  
Social Responsibility ◽  
Positive Association ◽  
Social Enterprises ◽  
Listed Firms ◽  
Managerial Implications ◽  
Using Data ◽  
Set Up ◽  
Corporate Social

This article analyzes the complexity of the linkages between corporate social responsibility (CSR) and firm performance in Morocco and to decompose this complexity through a bidirectional sense of causality. Using data surveyed from 74 Moroccan listed firms, we conduct an econometric modeling to measure this relationship bilaterally and to investigate the underlying factors behind this association. The empirical study proves the existence of a positive association between CSR and firm performance in both directions in the Moroccan context and suggests that the more social enterprises are, the more they achieve better financial results. The mutual linkage between social and financial aspects allows us to draw some managerial implications and set up further research directions.

scholarly journals Evaluation of Course Training Program on Research And Development Management of First Level Defense at Research and Development Agency of Defense Ministry Republic of Indonesia

2018 ◽  
Vol 6 (04) ◽  
Author(s):  
I Nyoman Astawa ◽  
Muchlis R. Luddin ◽  
Ma’ruf Akbar
Keyword(s):  
Research And Development ◽  
Training Program ◽  
Data Reduction ◽  
Research Productivity ◽  
Evaluation Model ◽  
Development Management ◽  
Using Data ◽  
And Training ◽  
Functional Position ◽  
Fundamental Reference

The research objectives are for analyzing, assessing, and improving the course training program on research and development management of first-level defense in terms of improving research resource competencies on Ministry of Defence. The research was using the Kirkpatrick evaluation model. Datum collection techniques were constructed with observation, interview, and documentation. Validation of research has been using data reduction, present and concludes. The research results illustrated that participants who following the training was highly reacted, strong motivated, and process of science transfer well conducted. However, the alumni of the training program on research and development management of first-level defense were not optimally empowered as researchers by the organization either in research and development of the Ministry of Defense or within the TNI. Thus, the out-of-training competency of the training as a researcher has not been empowered by the organization, so the research productivity of the alumni is very low. It is recommended that the Youth ‘Litbanghan’ Training and Training program can be used as a fundamental reference in formulating the functional position of the researcher who can serve as the career path for TNI soldiers.

scholarly journals Building a natural sounding Text-To-Speech system for the Nepali language: research and development challenges and solutions

Gipan ◽  
2019 ◽  
Vol 4 ◽  
pp. 106-116
Author(s):  
Roop Shree Ratna Bajracharya ◽  
Santosh Regmi ◽  
Bal Krishna Bal ◽  
Balaram Prasain
Keyword(s):  
Research And Development ◽  
Visually Impaired ◽  
Speech Synthesis ◽  
Selection Process ◽  
Synthesis Method ◽  
Text To Speech ◽  
Synthesis System ◽  
Unit Selection ◽  
Language Research ◽  
Shed Light

Text-to-Speech (TTS) synthesis has come far from its primitive synthetic monotone voices to more natural and intelligible sounding voices. One of the direct applications of a natural sounding TTS systems is the screen reader applications for the visually impaired and the blind community. The Festival Speech Synthesis System uses a concatenative speech synthesis method together with the unit selection process to generate a natural sounding voice. This work primarily gives an account of the efforts put towards developing a Natural sounding TTS system for Nepali using the Festival system. We also shed light on the issues faced and the solutions derived which can be quite overlapping across other similar under-resourced languages in the region.

scholarly journals Do Cash Holdings Differ in Europe and Asia Pacific?

2019 ◽  
Vol 7 (2) ◽  
pp. 1-32
Author(s):  
Ummar Aftab ◽  
Waseem Akhter Qureshi ◽  
Attiya Yasmin Javid
Keyword(s):  
Financial Markets ◽  
Cash Holdings ◽  
Cash Flows ◽  
Negative Influence ◽  
Asia Pacific ◽  
Cash Holding ◽  
Financial Assets ◽  
Dividend Payment ◽  
Financial Strength ◽  
Cash Reserves

This paper identifies the determinants that contribute towards the variation in financial assets that make up a firm’s total cash reserves, specifically in two important regions of the world i.e. Asia Pacific and Europe. The findings of the research reveal that firms in the region of Asia Pacific have slightly higher cash holdings, as compared to firms in Europe. Moreover, the study also identifies that the elevated cash holdings in Asia Pacific are not a result of the agency problem, as is generally viewed, rather, the shareholder power hypothesis is a more appropriate measure to elucidate this elevation in the level of cash holdings in the region. When shedding light on to the firm specific cash holding determinants, the findings of the research reveal that leverage, dividend payment, profitability, growth and net working capital, cash flows and financial strength, influence cash reserves in both the regions, exactly in the same manner. This shows the application of transaction, and precautionary motives in both the regions. The study further identifies that size, and investments have a varying effect in both the regions that are taken into consideration. Again, this difference may be attributed to Shareholders’ Power Hypothesis, specifically for Asia Pacific and the Agency View, specifically for Europe. Shareholders’ Right Index influences cash reserves in Asia Pacific in a positive manner, while in Europe, the same index shows a negative influence. The development in the financial markets has a negative negatively influence on cash holdings in Asia Pacific, and a positive one in Europe.

Intergenerational transmission of ethnic identity in mixed native couples in Finland

2019 ◽  
Vol 63 (1) ◽  
pp. 103-123
Author(s):  
Ognjen Obućina ◽  
Jan Saarela
Keyword(s):  
Ethnic Identity ◽  
Parental Education ◽  
Positive Association ◽  
Individual Characteristics ◽  
Parental Education Level ◽  
Second Child ◽  
Ethnic Affiliation ◽  
First Child ◽  
Strong Positive Association ◽  
Using Data

The aim of this study is to analyse the factors determining the ethnic affiliation of children born to interethnic native couples in Finland, using data from couples with one Finnish-speaking and one Swedish-speaking partner, between 1988 and 2014. In addition to individual characteristics of each partner and contextual factors, we also consider the role of couple characteristics. We look at the affiliation of the first child, as well as the combined affiliation of the first two children, in order to analyse how often children from the same parents are affiliated to different ethnicities. Around 60% of first- and second-born children of interethnic couples born between 1988 and 2014 were affiliated to the Swedish-speaking minority. The affiliation of the second child seldom differs from that of the first. Children of mixed couples with a Swedish mother are more likely to be affiliated to the Swedish-speaking community. Boys are more likely than girls to be affiliated to the father’s community, and vice versa. In line with our expectations based on ethnic awareness, preference for cultural plurality and parental aspirations, the multivariate analysis shows a strong positive association between parental education level and the likelihood of the first child being Swedish speaking. The analysis also indicates that bargaining is not an important strategy when choosing a child’s ethnic identity.

Effect of R&D subsidies and tax credits on the innovative processes of Chilean firms

2020 ◽  
Vol 33 (3/4) ◽  
pp. 517-534
Author(s):  
Cristian Mardones ◽  
Florencia Ávila
Keyword(s):  
Instrumental Variables ◽  
Design Methodology ◽  
Tax Credits ◽  
Lower Percentage ◽  
Crowding Out ◽  
Content Type ◽  
Pseudo Panel ◽  
Using Data ◽  
The Impact ◽  
Positive Effect

PurposeThe purpose of this study is to evaluate the impact of research and development (R&D) subsidies and tax credits on the innovative processes of Chilean firms.Design/methodology/approachProbit and tobit models for pseudo-panel with instrumental variables are estimated using data from different versions of the Innovation Survey covering the period 2007–2016.FindingsThe results show that R&D subsidies and tax credits have a statistically significant and positive effect on the probability of performing internal and external R&D, but do not affect the intensity of R&D spending, reflecting a crowding-out effect on private funds of both instruments. On the other hand, firms that simultaneously receive R&D subsidies and tax credits have a lower percentage of innovative sales. Furthermore, there are not effects statistically significant of the R&D subsidies and/or tax credits on the number of intellectual property rights applications.Originality/valueIt is concluded that both instruments have not been effective to encourage innovative outputs in Chilean firms.

Shrouded Prices and Firm Reputation: Evidence from the U.S. Hotel Industry

2020 ◽  
Author(s):  
Bennett Chiles
Keyword(s):  
Rating Scale ◽  
Causal Effect ◽  
Hotel Industry ◽  
Firm Characteristics ◽  
Firm Reputation ◽  
Using Data ◽  
Online Travel ◽  
The Impact ◽  
Shed Light ◽  
The U.S

Firms in many industries engage in price obfuscation—tactics that intentionally make prices more difficult for consumers to discern. Although existing research has focused on the short-term financial gains that motivate firms to obfuscate, reputational concerns may at least partially counteract these incentives if consumers punish deceptive firms via loss of loyalty in future transactions and/or publicly observable negative feedback. This paper addresses the latter possibility, exploring the impact of mandatory shrouded surcharges on firm reputation in the U.S. hotel industry. Using data collected from two major online travel sites, I exploit differences in surcharge disclosure across booking channels to identify the causal effect of hidden “resort fees” on traveler ratings. I find that hidden fees decrease ratings by roughly 0.15 points (on a rating scale ranging from 1 to 5). The magnitude of this effect varies based on firm characteristics, and this variation is consistent with observed heterogeneity in resort fee adoption patterns: when the expected punishment is more severe, firms are substantially less likely to adopt shrouded surcharges. Results shed light on the extent to which reputational mechanisms may act as a check against price obfuscation and other similar practices intended to exploit boundedly rational consumers. This paper was accepted by Eric Anderson, marketing.

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