scholarly journals Firm Characteristics and Innovation Activity: A Study of Italian Family Firms

2018 ◽  
Vol 13 (12) ◽  
pp. 180
Author(s):  
Murad Harasheh ◽  
Alessandro Capocchi ◽  
Andrea Amaduzzi
Keyword(s):  
Family Firms ◽  
Policy Implications ◽  
Innovation Activity ◽  
Financial Indicators ◽  
Firm Characteristics ◽  
Significant Difference ◽  
Diagnostic Statistics ◽  
Analysis Models ◽  
The Relationship ◽  
Better Than

Increasingly, innovation is seen as a novel leverage tool with which to create business and social value and thereby place its finders and users at a competitive advantage. Contemporary research suggests that the determinants of the innovation activity of firms are numerous. In this paper, we consider the financial and governance characteristics that might influence the innovation activity of a sample of 700 family firms in Italy. Our study was conducted over a 10-year period, from 2007 to 2016, using panel analysis models alongside robustness tests for the lagging effect and the probability regression as well as diagnostic statistics to ensure the use of an appropriate model. The results show that the existence of institutional investors, as a proxy for governance, has a persistent positive relationship with patent value, as a proxy for innovation, but not with the likelihood of being innovative. Moreover, financial indicators such as net working capital, earnings before interest, taxes, depreciation, and amortization, debt, and equity are found to explain innovation activity better than other indicators in both the panel and probability regressions. We also find very little significant difference between the sectors and regions featured in the study, suggesting that the relationship among them is quasi-systematic. Concluding the paper, our findings are discussed in relation to their policy implications and suggestions for further research are made.

scholarly journals Remuneration of independent directors: Determinants and policy implications

2019 ◽  
Vol 17 (1) ◽  
pp. 278-291
Author(s):  
Massimo Belcredi ◽  
Stefano Bozzi
Keyword(s):  
Policy Implications ◽  
Independent Directors ◽  
Gender Quotas ◽  
Executive Directors ◽  
Firm Characteristics ◽  
Positive Role ◽  
Pay Gap ◽  
Listed Firms ◽  
The Relationship

Taking advantage of a unique database on Italian Corporate Governance, we study the determinants of remuneration paid to individual non-executive directors (NEDs) and, in particular, to independent directors (INEDs). Our results on a database covering around 16,000 positions/year for non-executive directors in Italian listed firms (over a 9-year period) show that: 1) Remuneration is strongly affected by firm characteristics, in particular by firm size. Independent directors are paid less than gray directors; the gap between the two categories is, however, gradually closing, due to lower additional compensation being paid to gray directors in subsidiaries. Contrary to what happens in other countries, NED remuneration remained quite stable: a small increase is observable only for independent directors; 2) NED remuneration is influenced by the functions performed by individual directors within the board. On the contrary, individual directors’ characteristics have little or no impact. We find evidence of a gender pay gap among independent directors in less recent years; however, this gap has gradually disappeared in conjunction with the increasing number and role of female directors, following the adoption of gender quotas; 3) The relationship between independent directors’ pay and some variables of interest has changed over time: this is true not only for gender but also for Tobin’s Q (a proxy for the benefits from monitoring) and for the number of positions held in other companies. The changes we observe are apparently consistent with the market for directors’ pay in Italy becoming more mature after the introduction of Say-on-Pay and other regulation favouring investor activism. This is also consistent with a positive role played by both institutional investors and their representatives sitting on the board of listed companies after the introduction of said legislation.

Post M&A innovation in family firms

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abdul-Basit Issah
Keyword(s):  
Design Methodology ◽  
Family Firms ◽  
Empirical Support ◽  
Data Set ◽  
Resource Based View ◽  
Content Type ◽  
External Resources ◽  
Merger Wave ◽  
The Relationship ◽  
Better Than

PurposeThe paper empirically investigates how family firms appropriate acquired resources to become more innovative in the context of merger waves. It draws on resource-based view and the theory of first mover (dis)advantages to examine the implications of the timing of acquisitions on innovation in family firms.Design/methodology/approachThe paper uses a panel data set of Standard & Poor's (S&P) 500 manufacturing firms followed over a period of 31 years.FindingsThe study finds empirical support for the predictions that family firms are more able to utilize acquired resources better than nonfamily firms. Furthermore, targets acquired during the upswing of a merger wave are more valuable to family firms and associated with more innovation than for nonfamily firms.Originality/valueThe paper establishes that resources acquired during the upswing of a merger wave are more valuable, provide better resource synergies and impact innovation positively in family firms than nonfamily firms. Second, the paper makes an empirical contribution that family firms absorb external resources markedly differently and more efficiently than nonfamily firms. Third, the paper enhances a better understanding of the influence of family ownership on the relationship between acquisitions and innovation outputs.

Persepsi Pengunjung Pada Museum Sebagai Tempat Tujuan Wisata Dan Media Pendidikan Non-Formal Untuk Meningkatkan Apresiasi Nilai-Nilai Kejuangan

2015 ◽  
Vol 2 (1) ◽  
pp. 62-74
Author(s):  
Jazuli Ahmad
Keyword(s):  
Formal Education ◽  
Sampling Method ◽  
P Value ◽  
Test Results ◽  
Purposive Sampling ◽  
Museum Management ◽  
Significant Difference ◽  
The Media ◽  
The Relationship ◽  
Better Than

This research is motivated by the significant difference between the museum visitor in Yogyakarta. The purpose of this study is to determine whether any differences in the perception of visitors of the museum as a tourist destination, the media of non-formal education as an object to increase the appreciation to historical values. The population in this study are all visitors who comes to the museum in Yogyakarta. Total of samples are 120 respondents and using purposive sampling method. Purposive sampling included in non-probability sampling techniques.Based on statistical data analysis, the statement in this research is valid and reliable because that is consistent and reliable fixed anytime and by anyone who will conduct research in a similar context. While the Chi quare test showed no visitors who have different perceptions and there is a visitor who does not have different perceptions of the factors that affect visitors to the museum in Yogyakarta. This can be seen from the results of the P value (Asymp. Sig.)> 0.05 and P value (Asymp. Sig.) <0.05. And for crosstab test results also showed no variables are interrelated and there is a variable that does not have a relationship because there is a calculated value of > table and calculate the < table.To maintain and increase the number of visitor, museum management should strive to improve and enhance the indicators that have value Asymp Sig. > 0.05 so that the perception of the museum’s visitors better than before. Meanwhile, in order to compete in the competitive business engaged in the service, the museum should improve the relationship between the variables and the other variables especially those with a low count .Keywords: perception, Museum in Yogyakarta

Do Sex Offenders Have Higher Levels of Testosterone? Results From a Meta-Analysis

Sexual Abuse ◽  
2016 ◽  
Vol 30 (2) ◽  
pp. 147-168 ◽  
Author(s):  
Jennifer S. Wong ◽  
Jason Gravel
Keyword(s):  
Sex Offenders ◽  
Child Molesters ◽  
Meta Analysis ◽  
Scientific Evidence ◽  
Policy Implications ◽  
Future Directions ◽  
Lower Baseline ◽  
Fixed And Random Effects ◽  
Analysis Models ◽  
The Relationship

The purpose of the current study is to review the available scientific evidence on the relationship between testosterone and sexual aggression. A systematic search for all primary studies comparing basal testosterone levels in sex offenders and non-sex offenders was undertaken across 20 electronic databases using an explicit search strategy and inclusion/exclusion criteria. A total of seven studies were identified and 11 effect sizes were computed; effects were pooled using both fixed and random effects meta-analysis models. Although individual study findings present a mix of results wherein sex offenders have higher or lower baseline levels of testosterone than non-sex offenders, pooled results indicate no overall difference between groups. Moderators of the analyses suggest possibly lower rates of testosterone in child molesters than controls; however, results are dependent on study weighting. Limitations, policy implications with respect to chemical castration laws, and future directions for research are discussed.

R&D, FINANCIAL CONSTRAINTS AND PRODUCTIVITY: EVIDENCE FROM THE CHINESE INDUSTRIAL ENTERPRISES

2017 ◽  
Vol 65 (04) ◽  
pp. 947-967
Author(s):  
MINGLI XU ◽  
WEI YANG ◽  
LIRANG PANG ◽  
DONGMIN KONG
Keyword(s):  
Financial Constraints ◽  
Policy Implications ◽  
Marginal Effect ◽  
National Bureau ◽  
Industrial Enterprises ◽  
Significant Difference ◽  
Improvement Effect ◽  
The Government ◽  
The Relationship

Using a unique dataset from National Bureau of Statistics of China, we estimate the total factor productivity (TFP) of enterprise and explore the relationship among research and development expenditures (R&D), financial constraints and TFP. We find that: First, R&D has a significantly lagged effect on the improvement of TFP. Second, the R&D fails to improve the contemporaneous productivity and negatively impacts on contemporaneous TFP. Third, financial constraints significantly reduce the improvement effect of R&D on TFP, and this kind of marginal effect has significant difference between state-owned enterprises (SOEs) and private enterprises (Non-SOEs). This study offers important policy implications by showing that: First, firms can obtain long-term benefits from continuous R&D expenditures. Second, the government should release appropriate policies to ease financial constraints, especially for the Non-SOEs.

scholarly journals Innovation Leaders, Modest Innovators and Non-innovative SMEs in Slovakia: Key Factors and Barriers of Innovation Activity

Organizacija ◽  
2017 ◽  
Vol 50 (4) ◽  
pp. 325-338 ◽  
Author(s):  
Ľubica Lesáková ◽  
Petra Gundová ◽  
Pavol Kráľ ◽  
Andrea Ondrušová
Keyword(s):  
Statistical Tests ◽  
Policy Implications ◽  
Financial Resources ◽  
Innovation Activity ◽  
P Value ◽  
Fisher Exact Test ◽  
Key Factors ◽  
Significance Level ◽  
Innovation Activities ◽  
Significant Difference

AbstractBackground and Purpose:The field of innovation represents for small and medium enterprises (SMEs) a fundamental challenge. If the number of innovative SMEs is to rise, it is necessary to identify key factors determining their innovation activity and eliminate the innovation barriers. The main purpose of the paper is to present the results of primary research focused on identification (evaluation) of key factors and barriers determining innovation activities in Slovak SMEs. The division of SMEs into three groups of enterprises: innovation leaders, modest innovators and non-innovators enables to identify the differences in managers’ perception of the main factors and barriers determining innovation activities in various types of SMEs and to formulate policy implications for Slovak SMEs.Design/Methodology/Approach:Results of the empirical research were processed using MS Excel and the statistical analysis of the data in R3.2.4. statistical system was done. For statistical tests we assumed significance level (α = 0.1).Results:Evaluating the importance of the key factors a majority of enterprises (64.71%) indicated financial resources as the most important factor for the innovations. There is no statistically significant difference in individual (analysed) factors between innovation leaders, non-innovators and innovation followers (modest innovators). The results gained from Fisher exact test (p-value = 0.11) indicated a small difference in evaluating the significance of individual barriers between innovation leaders, non-innovators and modest innovators. Majority of enterprises also see as the main barriers to develop innovation activities bureaucracy and corruption and inappropriate state support of innovation activities.Conclusion:The main implications (conclusion) coming from the research are basic recommendations for state policy makers as well as SME’s managers to foster innovation activities in enterprises. They refer to the areas of financial resources, high-quality human resources, cooperation and participation of SMEs in different networks and clusters, systematic institutional support to SMEs, well-created vision and clearly formulated aims, and willingness of enterprises to innovate. Recommendations are summarised following the results of factor’s and barrier’s evaluation.

Cash flow volatility and investor sentiment

2017 ◽  
Vol 43 (2) ◽  
pp. 178-192 ◽  
Author(s):  
Subramanian Rama Iyer ◽  
Joel T. Harper
Keyword(s):  
Cash Flow ◽  
Negative Relationship ◽  
Investor Sentiment ◽  
Firm Characteristics ◽  
Cross Sectional ◽  
Content Type ◽  
Cash Flow Volatility ◽  
Sectional Analysis ◽  
The Relationship ◽  
Better Than

Purpose The purpose of this paper is to test whether investors take flight to safety when sentiment is low. In other words, do safe firms perform better than risky firms following periods of low sentiment. Design/methodology/approach Using cash flow volatility and the percent of bullish investors as proxies for risk and investor sentiment the paper tests the relationship between sentiment and returns conditional on risk this performance. Second, a cross-sectional analysis is conducted based on individual firm characteristics and sentiment to explain annual returns. Findings The paper finds that there is a negative relationship between investor sentiment and the return of risky companies, which is contrary to prior studies. All told, risky companies perform worse following periods of high investor sentiment. Originality/value This paper presents evidence contrary to extant literature and that there is no concerted flight to safety. Investor sentiment has little influence on safe stocks.

scholarly journals An investigation into public and private clients’ attitudes, commitment and impact on construction health and safety in Nigeria

2018 ◽  
Vol 25 (6) ◽  
pp. 798-815 ◽  
Author(s):  
Nnedinma Umeokafor
Keyword(s):  
Construction Industry ◽  
Health And Safety ◽  
Public And Private ◽  
Content Type ◽  
Significant Difference ◽  
Compensation Claims ◽  
The Common ◽  
Public And Private Sector ◽  
The Relationship ◽  
Better Than

Purpose This purpose of this paper is to report the findings of a study that assessed the attitudes, commitment and impact of public and private sector clients’ involvement in construction health and safety (H&S) in Nigeria. Design/methodology/approach Structured questionnaires were designed based on literature review and a pilot study, and administered to public and private clients in Nigeria’s construction industry. Descriptive and inferential statistics were employed to analyse the data. Findings The result shows that while clients’ attitudes towards H&S are not encouraging, public clients commitment and attitudes are better than that of private clients. This is emphasised by the significant difference between the categories of clients and: accident investigation; clients auditing contractors H&S records at the preconstruction stage. The common client H&S practice includes conducting site visits and inspections and attending H&S meetings, while engaging in H&S awareness and H&S audit during construction are not common. However, when clients are involved in H&S, it has resulted in a reduction in accidents, compensation claims, rework and improved the relationship between clients and contractors. Practical implications The findings form a basis for improving client involvement in H&S (factoring in the differences in clients) which policymakers, the construction industry and academics will find beneficial. Originality/value The study contributes to understanding the attitudes and commitment of public and private clients in H&S, evidencing the implications of the differences in their needs, characteristics and behaviours. While the study is the first to investigate the area in Nigeria, it also extends the knowledge of the discourse comparatively in broader terms.

Relationship between Thyroglobulin and Tumor Detectabilily with Thallium-201 in Differentiated Thyroid Cancer

2000 ◽  
Vol 39 (01) ◽  
pp. 10-15 ◽  
Author(s):  
S. P. Müller ◽  
Ch. Reiners ◽  
A. Bockisch ◽  
Katja Brandt-Mainz
Keyword(s):  
Thyroid Cancer ◽  
Differentiated Thyroid Cancer ◽  
Roc Analysis ◽  
Tsh Suppression ◽  
Significant Difference ◽  
Test Specificity ◽  
The Relationship ◽  
Tumor Scintigraphy ◽  
Tsh Stimulation

Summary Aim: Tumor scintigraphy with 201-TICI is an established diagnostic method in the follow-up of differentiated thyroid cancer. We investigated the relationship between thyroglobulin (Tg) level and tumor detectability. Subject and methods: We analyzed the scans of 122 patients (66 patients with proven tumor). The patient population was divided into groups with Tg above (N = 33) and below (N = 33) 5 ng/ml under TSH suppression or above (N = 33) and below (N = 33) 50 ng/ml under TSH stimulation. Tumor detectability was compared by ROC-analysis (True-Positive-Fraction test, specificity 90%). Results: There was no significant difference (sensitivity 75% versus 64%; p = 0.55) for patients above and below 5 ng/ml under TSH suppression and a just significant difference (sensitivity 80% versus 58%; p = 0.04) for patients above and below 50 ng/ml under TSH stimulation. In 18 patients from our sample with tumor, Tg under TSH suppression was negative, but 201-TICI-scan was able to detect tumor in 12 patients. Conclusion: Our results demonstrate only a moderate dependence of tumor detectability on Tg level, probably without significant clinical relevance. Even in patients with slight Tg elevation 201-TICI scintigraphy is justified.

Retrospective analysis of the resilience of Russian regions as socio-economic systems

2019 ◽  
pp. 46-64 ◽  
Author(s):  
Vladimir V. Klimanov ◽  
Sofiya М. Kazakova ◽  
Anna A. Mikhaylova
Keyword(s):  
Panel Data ◽  
Economic Systems ◽  
Financial Indicators ◽  
Russian Regions ◽  
Integral Index ◽  
Negative Effects ◽  
Economic Resilience ◽  
Correlation Dependence ◽  
The Impact ◽  
The Relationship

The article examines the impact of various socio-economic and financial indicators on the resilience of Russian regions. For each region, the integral index of resilience is calculated, and its correlation dependence with the selected indicators is revealed. The study confirms the relationship between fiscal resilience and socio-economic resilience of the regions. The analysis of panel data for 75 regions from 2007 to 2016 shows that there are significant differences in the dynamics of indicators in different periods. In particular, the degree of exposure to the negative effects of the crises of 2008—2009 and 2014—2015 in non-resilient regions is higher than in resilient ones.

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