THE ROLE OF INTERNAL FINANCING IN MEDIATING THE EFFECT OF MANAGERIAL OVERCONFIDENCE AND CORPORATE GOVERNANCE TOWARDS INVESTMENT EFFICIENCY

This study aims to examine empirically the factors that influence investment efficiency in State-Owned Enterprises on the Indonesia Stock Exchange. This study was tested with two independent variables are managerial overconfidence and corporate governance, intervening variable is internal financing. The object of this research is the state-owned company for the period 2011-2018. 10 companies as the sample using purposive sampling technique. The analysis used in this research is panel data regression analysis. The results of this study found that investment efficiency in state-owned enterprises in Indonesia is largely determined by managerial overconfidence bias. Managers who have an overconfidence seek more aggressive and risky ventures so that they invest excessively beyond optimal levels. Managerial overconfidence in a manager can also strengthen the choice of internal financing, especially in state-owned companies. However, investment efficiency in this study is not influenced by corporate governance and internal financing. Corporate governance has also proven to have no role in corporate funding decisions. The role of internal financing as mediation was not found in this study.

Seasoned Equity Offerings and Differences in Share-Price Impact by Firm Categories

The seasoned equity offering (SEO) market plays a significant role in the economic development of a country by providing liquidity for ongoing commercialization and innovation. This study is a comprehensive analysis of 149 SEOs and their effect on share prices in Thailand between 2009 and 2019. SEOs are categorized based on their time categories (early, mid, and grown) and volume categories (small, medium, big, and super). Using the event study methodology (multi-factor model), we find that most SEOs under both categories have a negative cumulative abnormal return (CAR) in the window period. Ranking the types of SEOs reveals that grown SEOs have the highest proportion of negative CAR under the time categories. Under the volume categories, medium SEOs show the largest share. The results were validated by regression assumption tests provided by Gnu Regression, Econometrics and Time-series Library, and correspond to established theories. The paper also contains an extensive literature review of studies examining the link between SEOs and share-price development. Our findings have important implications for corporations, investors, and regulatory bodies and can thus help in increasing market confidence for sustainable corporate funding.

Sampling procedure and sample details for the New Zealand Attitudes and Values Study

This document describes the sampling procedure and related technical documentation for the New Zealand Attitudes and Values Study. The New Zealand Attitudes and Values Study (NZAVS) is a 20-year longitudinal national study of social attitudes, personality and health outcomes of more than 60,000 New Zealanders. The study is broad-ranging and includes researchers from a number of New Zealand universities, including the University of Auckland, Victoria University of Wellington, the University of Canterbury, the University of Otago, and Massey University. The NZAVS extends our understanding of how New Zealanders' life circumstances, attitudes, values, and beliefs change over time. The study is university-based, not-for-profit and independent of political or corporate funding. The NZAVS is curated by Professor Chris Sibley.

The financialization of non-financial firms: The case of South Korea, 1997–2015

Sociologists have been investigating financialization over the past two decades. Shareholder value orientation has been named as one of the central driving forces for financialization in the US. However, financialization also takes place in countries that do not have a strong shareholder value orientation. What drives financialization in these countries? In this article the authors analyze data for Korea, where the power of shareholders is particularly subdued, and present two findings. First, financialization is an unintended consequence of the state’s pressure on family-owned conglomerates to comply with the Western standard imposed by the IMF during the economic crisis. In the absence of strong shareholders, it was the interplay between the state’s demand to modernize corporate funding practices and the conglomerates’ apparent compliance while minimizing their financial liability. Second, the authors investigate the role powerful unions have in financialization. Previous studies have theorized that unions would have negative effects on financialization, only to come up with mixed results. Using Korean data, this article reveals that in a setting where the political and organizational power of unions is strong, unions have clear negative effects on financialization. The authors suggest that the standard story of financialization, according to which the mighty shareholders push firms to pursue short-term profit, is only one of many possible paths toward it.

Beyond nutrition and physical activity: food industry shaping of the very principles of scientific integrity

Background There is evidence that food industry actors try to shape science on nutrition and physical activity. But they are also involved in influencing the principles of scientific integrity. Our research objective was to study the extent of that involvement, with a case study of ILSI as a key actor in that space. We conducted a qualitative document analysis, triangulating data from an existing scoping review, publicly available information, internal industry documents, and existing freedom of information requests. Results Food companies have joined forces through ILSI to shape the development of scientific integrity principles. These activities started in 2007, in direct response to the growing criticism of the food industry’s funding of research. ILSI first built a niche literature on COI in food science and nutrition at the individual and study levels. Because the literature was scarce on that topic, these publications were used and cited in ILSI’s and others’ further work on COI, scientific integrity, and PPP, beyond the fields of nutrition and food science. In the past few years, ILSI started to shape the very principles of scientific integrity then and to propose that government agencies, professional associations, non-for-profits, and others, adopt these principles. In the process, ILSI built a reputation in the scientific integrity space. ILSI’s work on scientific integrity ignores the risks of accepting corporate funding and fails to provide guidelines to protect from these risks. Conclusions The activities developed by ILSI on scientific integrity principles are part of a broader set of political practices of industry actors to influence public health policy, research, and practice. It is important to learn about and counter these practices as they risk shaping scientific standards to suit the industry’s interests rather than public health ones.

The COVID Pandemic and Surgical Innovation in the United States

The SARS-COVID-2019 pandemic of 2020 severely weakened the surgical innovation pipeline and ecosystem, primarily due to factors that include lack of a coordinated federal response, weakened health insurance coverage, a politicized approach to public health and safety, and disruption of the US economy. A successful bench to bedside innovation requires trust in the scientific research, open research and clinical facilities, and participation of patients in clinical studies. In addition, stay-at-home orders and the shutdown of elective medical and surgical care and research laboratories diminished opportunities for the informal interactions that are part of the new product development process. The pandemic and how it was managed prolonged the length of time for creation, adoption, and diffusion of new products and services into the market. Furthermore, the loss of hospital revenues from canceled elective care translates into a much smaller market for new technologies. Looking forward, critical success factors for innovation include federal policy that supports science and offers access and insurance coverage for health care, including addressing social determinants of health. Any further shutdowns of research and clinical care will hinder necessary collaborations between scientists, clinicians, and patients. Economic recovery is required to ensure federal and corporate funding for research and development. Trust in science must be restored to ensure support of necessary regulatory review processes and sufficient participation in clinical trials. Surgical discoveries have brought about lifesaving and life-extending cures, and the pipeline of these discoveries must continue without interruption.

Stock price forecast of macro-economic factor using recurrent neural network

<span id="docs-internal-guid-a29e641b-7fff-1dc7-f2b4-6f5488c7c0a5"><span>The stock market is one of the investment choices that always have traction from time to time. Aside from being a means of corporate funding, investing in the stock market can benefit investors. Investing also has a higher risk because the pattern of stock prices is volatile, which is caused by internal and external factors. One external factor that affects stock prices is the macro-economic, where these factors are events that occur in a country where one of the economic sectors affected is stock prices. Investors often feel confused about the right time in decisions making related to buying or selling stock. One way to look at how the prospect of stock prices is a stock price forecasting activity. For this study, we will be making use of the recurrent neural network (RNN) to forecast stock prices for the next periods. This research involves two variables: the closing stock price and the rupiah exchange rate against the dollar for the daily period. We achieve a MAPE value of 1.546% for RNN model without the variable foreign exchange rate and 1.558% for the RNN model that uses the foreign exchange rate against the dollar.</span></span>