scholarly journals Long-Term Performance Implications of Management Innovation

2019 ◽  
Vol 24 (2) ◽  
pp. 210-234
Author(s):  
Muamer Bezdrob
Keyword(s):  
Continuous Improvement ◽  
Business Performance ◽  
Management Innovation ◽  
Long Run ◽  
The World ◽  
Different Types ◽  
Long Term Performance ◽  
Term Performance ◽  
Innovation Type

Any kind of innovative activity is driven by the urge for utmost success, continuous improvement or mere survival. The same holds true for management innovation, arguably the most advanced innovation type in the world of business. Although previously unjustifiably neglected, a significant number of studies have emerged recently that prove the potency of this type of innovation. Following such a trend, this study explores another distinguishing feature of management innovation - its durability. The study findings confirm the claim that companies that are innovative in management achieve better business performance in the long run. In addition, the study provides further support for the new direction in researching the innovation concept - an interdependent or synchronous approach to the adoption of different types of innovation on the company level.

scholarly journals Special Issue: “Coatings for Harsh Environments”

Coatings ◽  
2020 ◽  
Vol 10 (4) ◽  
pp. 407
Author(s):  
Shiladitya Paul
Keyword(s):  
Protective Coatings ◽  
Composite Coatings ◽  
Harsh Environments ◽  
Process Equipment ◽  
Special Issue ◽  
The World ◽  
Critical Components ◽  
Long Term Performance ◽  
Term Performance

The operation of numerous safety-critical components in industries around the world relies on protective coatings. These coatings often allow process equipment to be purposeful in environments well beyond the operational limit of the uncoated components. Durability, ease of application, repairability, reliability and long-term performance of such coatings are vital to their application. Therefore, this Special Issue of Coatings, “Coatings for Harsh Environments”, is devoted to research and review articles on the metallic, non-metallic and composite coatings used in aggressive environments.

scholarly journals The long-run performance of US firms pursuing IPOs in foreign markets

2018 ◽  
Vol 17 (1) ◽  
pp. 58-77 ◽  
Author(s):  
Robert Killins ◽  
Peter V. Egly
Keyword(s):  
Capital Markets ◽  
Abnormal Returns ◽  
Listed Companies ◽  
Foreign Markets ◽  
Content Type ◽  
Long Run ◽  
The Us ◽  
Long Term Performance ◽  
Term Performance

Purpose The purpose of this paper is to investigate the long-run performance of a unique set of US domiciled firms that have bypassed the US capital markets in pursuit of their initial public offering (IPO) overseas. Additionally, this paper then tests the popular underwriter prestige impact and the window of opportunity hypothesis on this unique subset of IPOs. Design/methodology/approach Using a sample of foreign and purely domestic IPOs made by US firms from 2000 to 2011, this study investigates the long-term performance, one-, two- and three-year by using two measures (buy-and-hold return and cumulative abnormal returns) to test the long-run returns of newly listed companies. Finally, the research incorporates both the traditional matching methodology (issue year and size) along with propensity score matching methodology. Findings FIPOs of US companies underperform DIPOs and their matched DIPOs; furthermore, FIPOs underperform the index of the two listing countries they use the most (UK and Canada). Although the choice of a reputable underwriter mitigates underperformance, the choice of listing in a foreign country only may be a result of possible high valuations accorded by foreign investors who buy US-listed companies on the domestic exchange possibly for reducing exchange rate risk and gaining US diversification without incurring additional costs. It is, thus, possible that US companies that undertake Foreign IPOs not only escape potentially higher Security and Exchange Commission regulations and disclosure but also benefit from higher valuations in the foreign markets. Originality/value To the best of the authors’ knowledge, this is the first study to investigate the long-term performance of US firms bypassing the US capital markets in pursuit of their initial equity offering elsewhere. Caglio et al. (2016) investigated why firms decide to pursue such equity raising activity but fail to investigate the firms’ actual performance after issuing equity. This research fills such a gap in the literature and is important for both academics and practitioners. Practitioners can use this information in assessing the quality of such investments in the long-run, and firms can use such information when determining the different options of issuing equity. Further, regulators should be aware of the implications that increased regulations have on capital raising activities in their domestic market.

scholarly journals INVESTIGATION TOWARDS THE LONG-RUN PERFORMANCE OF INITIAL PUBLIC OFFERINGS: EVIDENCE FROM INDONESIAN CAPITAL MARKET

2010 ◽  
Vol 2 (2) ◽  
pp. 100-125
Author(s):  
Lioniva Emasari ◽  
Dewi Tamara
Keyword(s):  
Initial Public Offerings ◽  
Abnormal Return ◽  
Mining Industry ◽  
Cumulative Abnormal Return ◽  
Public Offerings ◽  
Basic Industry ◽  
Long Run ◽  
Long Term Performance ◽  
Term Performance

We study the long-term performance of IPO share issued in Indonesia during the 1996-2001 periods. The IPOs in this period are mostly concentrated in Finance, Trade, Property and Basic Industry & Chemicals. The cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR) in the third year are 15.83% and negative 68.02%, respectively. The CAR and BHAR in the fifth year are negative 1% and negative 139.7%, respectively. The highest CAR for 3 and 5 years are mining industry, with 289.29% and 226.80%, respectively. The lowest CAR for third year is trade, service & investment industry, with negative 59.36% and fifth year is agriculture with negative 59.72%. The lowest BHAR for third and fifth year is trade, service and investment industry with negative 113.01% and negative 230.99 respectively. The long-run performance using cumulative abnormal return is similar with the market and cannot outperform the market.  

Hot Mix Asphalt Rubber Applications in Virginia

1996 ◽  
Vol 1530 (1) ◽  
pp. 18-24 ◽  
Author(s):  
G. W. Maupin
Keyword(s):  
Department Of Transportation ◽  
Short Term ◽  
Ground Tire Rubber ◽  
Asphalt Rubber ◽  
Evaluation Time ◽  
Different Types ◽  
Virginia Department ◽  
Long Term Performance ◽  
Term Performance

Four test sections using asphalt rubber hot mix were placed in Virginia from 1990 to 1993. These installations were to familiarize contractors and Virginia Department of Transportation personnel with the construction process and compare the performance of different types of mixes containing ground tire rubber. The MacDonald and Rouse wet processes were used successfully. Dense graded surface mixes, a gap-graded surface mix, and a base mix were manufactured. A stress-absorbing membrane interlayer was also used on one project in an attempt to deter or eliminate various types of cracking. The asphalt rubber mixes have performed as well as the conventional mixes over the short term. More evaluation time is needed to determine if long-term performance of the asphalt rubber mixes is superior to conventional mixes. The asphalt rubber mixes cost 64 to 102 percent more than conventional mixes. This cost would probably decrease if substantial quantities were placed.

Analysis of the Factors Affecting Sustainable Electronic Supply Chains in Healthcare Centers

2018 ◽  
Vol 31 (4) ◽  
pp. 23-43
Author(s):  
Hossein Sayyadi Tooranloo ◽  
Salim Karimi ◽  
Khatereh Vaziri
Keyword(s):  
Supply Chains ◽  
Infrastructure Management ◽  
Interpretive Structural Modeling ◽  
Factors Affecting ◽  
Business Operations ◽  
Long Run ◽  
Healthcare It ◽  
Long Term Performance ◽  
Term Performance

To improve their long-term performance, organizations must maintain their business operations and practices over time. They can do so by engaging in sustainable practices aimed at meeting the interests of the enterprise, and of its suppliers, employees, and customers in the long run. Not surprisingly, the implementation of sustainability practices has expanded in the healthcare industry. Information technology (IT) is a way to promote quality, security, and efficiency in healthcare. IT brings vital information, and so important support to the care point for decision-making. It also allows the assessment of everyday quality turn into as a measured reality. In the present study, the factors affecting the sustainability of electronic supply chains in healthcare centers were identified using library methods and a keyword review of the literature. Then, the relationships between these factors were analyzed using an interpretive- structural modeling approach. The results reveal that infrastructure management and technology management should be considered the most important factors affecting the sustainability of electronic supply chains in healthcare centers.

scholarly journals The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies

2014 ◽  
Vol 2014 ◽  
pp. 1-9 ◽  
Author(s):  
Xiong Wang ◽  
Shuanghong Zhou ◽  
Wenqian Fang
Keyword(s):  
Listed Companies ◽  
Company Performance ◽  
Company Value ◽  
Long Run ◽  
Long Term Effect ◽  
Report Data ◽  
Long Term Performance ◽  
Term Performance ◽  
A Share

In order to investigate the relations between qualified foreign institutional investors (QFII) holdings and the performance of the A-share listed companies and effectively distinguish between QFIIs’ ability to identify value companies and their ability to enhance company value, this paper empirically examines the relations between QFII holdings and company performance using Chinese annual report data from 2010 to 2012. The results show that QFIIs have strong ability in identifying value companies. However, the effect of QFII holdings on company performance improvement is mainly manifested in the short term, and the long-term effect is insignificant. In the long run, QFIIs may not be considered as “value boosters,” implying that it is unlikely for QFIIs to greatly enhance company value and help the invested companies to improve the level of governance and their long-term performance.

Intention to Acquire and M&As: Evidence from European IPOs

2020 ◽  
Vol 55 (02) ◽  
pp. 2050007
Author(s):  
Andreas Charitou ◽  
Irene Karamanou ◽  
George Loizides
Keyword(s):  
Voluntary Disclosure ◽  
Information Quality ◽  
Market Reaction ◽  
Legal Environment ◽  
Shareholder Protection ◽  
Long Run ◽  
Target Firms ◽  
Long Term Performance ◽  
Term Performance

In this study, we examine whether an IPO’s voluntary disclosure on the intention to engage in future M&A activity affects the market reaction to a subsequent acquisition and whether it is related to the acquisition’s long-run performance. Using a dataset of European IPOs during the period 2001–2017, we first document that disclosers are more likely to engage in future M&A activity than non-disclosers, thus supporting that such costless disclosures are credible. Secondly, we document a less positive market reaction around the announcement of an acquisition for disclosers than for non-disclosers, consistent with the anticipation hypothesis. Additional analyses suggest, however, that the market reaction is stronger and positive for target firms in countries with weak shareholder protection and legal environment and lower information quality. This suggests that when the acquisition is deemed more uncertain, the market perceives the disclosure of the intention to acquire as capturing a more diligent acquisition plan, consistent with the preparation hypothesis. Finally, results show that the long-run performance of the combined entity is more negative for disclosers than for non-disclosers. However, consistent with the market reaction results, this relation is reversed when the acquired company operates in a poor investor protection environment, suggesting that these acquisitions are associated with better long-term performance consistent with the conjecture that these acquisitions are also more carefully planned.

Do Institutions Receive Favorable Allocations in IPOs with Better Long-Run Returns?

2006 ◽  
Vol 41 (4) ◽  
pp. 809-828 ◽  
Author(s):  
Beatrice Boehmer ◽  
Ekkehart Boehmer ◽  
Raymond P. H. Fishe
Keyword(s):  
Initial Public Offerings ◽  
Private Information ◽  
Price Stabilization ◽  
Public Offerings ◽  
Long Run ◽  
Retail Investors ◽  
Long Term Performance ◽  
Term Performance

AbstractWe analyze allocations to institutional and retail investors in 441 initial public offerings (IPOs). In addition to the well-known favorable first-day returns, we show that institutions also obtain more allocations in IPOs with better long-term performance. We find that initial institutional flips help predict future returns, suggesting that at least some institutions retain valuable private information about IPO firms. Collectively, these findings illustrate the importance of aftermarket relations between underwriters and investors and that underwriters have discretionary means to compensate IPO investors beyond first-day returns and price stabilization.

Nexus Between Discount Rate and Industrial Performance

2021 ◽  
pp. 097215092110287
Author(s):  
Ajab Khan
Keyword(s):  
Discount Rate ◽  
Capital Market ◽  
Stock Exchange ◽  
Oil Industry ◽  
Long Run ◽  
Short Run ◽  
Industrial Performance ◽  
Long Term Performance ◽  
Term Performance

This study investigates the short-run responses and long-run performances of seven industries’ stock indices with discount rate changes in the firms listed in the Pakistan Stock Exchange (PSE) between 2009 and 2018. The results indicate that short-run returns react positively to discount rate reduction, excluding the oil industry and vice versa. Therefore, long-term performance responds favourably with a reduction in the discount rate. Discount rate changes affect the apparel industry the most, while the oil industry is the least on the list. This study serves potential investors for their returns against investment among these industries. Furthermore, it works as a guideline for regulators and policymakers to manage fluctuations for a stable capital market.

scholarly journals The Short- And Long-Term Performance Of Privatization Initial Public Offerings In Europe

2013 ◽  
Vol 29 (4) ◽  
pp. 1189
Author(s):  
Haykel Hamdi ◽  
Duc Khuong Nguyen ◽  
Hassan Obeid
Keyword(s):  
Initial Public Offerings ◽  
Abnormal Returns ◽  
Public Offerings ◽  
Market Index ◽  
Long Run ◽  
Short And Long Term ◽  
Using Data ◽  
Long Term Performance ◽  
Term Performance

This article investigates the return behaviorof privatization initial public offerings (PIPOs) in Europe over both theshort- and long-run horizons. Using data from a sample of 162 PIPOs over theperiod 1986-2008, we show that European PIPOs outperform, in terms ofrisk-adjusted abnormal returns, a benchmark market index and a portfoliocomposed of 162 European private IPOs, regardless of the horizon of analysis.Our results are important for both investors and policymakers with respect totheir investment and privatization decisions, and also allow a betterunderstanding of the financial performance behavior of the privatizedstate-owned enterprises.

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