The purpose of this paper is to examine the impact of earnings smoothing on the underpricing of seasoned equity offerings (SEOs). It aims to investigate whether earnings smoothing…
Abstract
Purpose
The purpose of this paper is to examine the impact of earnings smoothing on the underpricing of seasoned equity offerings (SEOs). It aims to investigate whether earnings smoothing can add value to firms by reducing the degree of SEO underpricing.
Design/methodology/approach
The sample of US common stock seasoned equity offerings (SEOs) by non‐regulated firms during 1989‐2009 was used to conduct various cross‐section, univariate, and multivariate tests, using several proxies for earnings smoothing, in order to confirm the impact of earnings smoothing on the degree of SEO underpricing. Three‐stage least square estimation was used to address the possible endogeneity of pricing and earnings smoothing.
Findings
Smooth earnings performance resulting from discretionary accruals is negatively related to SEO underpricing and improves earnings informativeness. Consistent with risk management and signaling theories, managers' efforts to produce smooth earning reports may add value to their firms. Based on the mean values for SEOs, such smoothing reduces underpricing by $0.33 per share offered and increases the value of the average offering by $1.65 million. Smoothed earnings also conveys information about the firms' future performance, as firms with a long historical pattern of smooth earnings prior to SEOs significantly outperform, for at least three years after the SEO, those with more volatile earnings, with respect to stock returns and operating performance.
Originality/value
The paper contributes specifically to the current literature on earnings smoothing by demonstrating that high quality firms that expect larger quantity of cash flows in the near future are more likely to actively smooth earnings via discretionary accruals before SEOs to reduce underpricing. The paper contributes generally by showing that firms can signal their quality to outside investors by showing smooth earnings over a long period of time and such firms are more likely to experience a lower degree of underpricing through SEO episodes.
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Hong Kim Duong, Anh Duc Ngo and Carl B. McGowan
– The purpose of this paper is to examine the role of industry peers in shaping firm debt maturity decisions.
Abstract
Purpose
The purpose of this paper is to examine the role of industry peers in shaping firm debt maturity decisions.
Design/methodology/approach
The authors use idiosyncratic equity shocks as instruments to disentangle industry fixed and peer effects. The authors also employ a three-stage least squares regression (3SLS) model to capture the correlation among thee (short, medium, and long) debt maturity decisions.
Findings
The authors find that a one standard deviation change in peer short (medium, long) maturity debt leads to a 50 percent (37 percent, 23 percent) change in firm corresponding maturity debt and that these mimetic behaviors are statistically significant within, but not between, firm size groups. The findings also reveal that firms that mimic the short and medium (long) debt maturity structure of their peers tend to increase (decrease) firm performance as measured by profitability, return-on-assets, and stock returns.
Research limitations/implications
First, given the research design, the authors are constraint from pinpointing the exact date of the mimicking behaviors. This limitation prevents the authors from establishing the causality of the mimicking behavior and firm performance. Future research can extend the findings by solving this problem. Second, it should be interesting to address the question of whether mimicking behavior is good or bad for firm performance. The authors only compare the performance of Close Followers and Loose Followers; however, it would be more precise to compare the performance of mimicking firms with the performance of non-mimicking firms.
Originality/value
First, the findings extend the debt maturity structure literature by providing empirical evidence that an important determinant of firm debt maturity is industry peer debt maturity. Since debt maturity directly influences firm risk and performance, it is important for debt and equity holders to know how firms choose their debt maturity so that they can estimate their investment risk precisely. Second, the paper provides new empirical evidence supporting the information acquisition and principal-agent theories in demonstrating that firm performance increases when managers herd over short and medium debt maturity decisions and decreases when managers herd over long debt maturity decisions.
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Liem Viet Ngo, Duc Anh La, Jiraporn Surachartkumtonkun, Thu Ha Nguyen, Duc Thanh Vo and Minh-Thu Thi Phan
Frontline employees frequently experience tension at work. Based on paradox theory, this study investigates why and when tension can result in positive performance outcomes and…
Abstract
Purpose
Frontline employees frequently experience tension at work. Based on paradox theory, this study investigates why and when tension can result in positive performance outcomes and for whom tension can enhance creativity.
Design/methodology/approach
We employed a time-lagged survey design to collect data in two waves with a four-week interval between waves. The questionnaire was distributed to frontline employees (i.e. doctors and nurses) serving in one public hospital in Ho Chi Minh City. The final sample included 216 front-line employees.
Findings
The study found that tension can promote employee performance through creativity. Employees with high paradox mindset levels especially tend to be more creative when experiencing tension. However, our findings did not support the idea that frontline employees who have been psychologically empowered tend to turn creative ideas into real practices and result in better employee performance.
Originality/value
The study advanced knowledge of the effect tension has on employee performance by investigating the mechanism through which experiencing tension can ultimately promote employee performance.
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Jung Hyun Ryu and Anh Thuy Nguyen
The research aims to provide the basis for a better understanding of the internationalization of higher education in Vietnam. First, it examines Vietnam's higher education reforms…
Abstract
Purpose
The research aims to provide the basis for a better understanding of the internationalization of higher education in Vietnam. First, it examines Vietnam's higher education reforms and policy/ legal frameworks for the promotion of internationalization since the implementation of Doi Moi in 1986. Secondly, it analyzes the internationalization activities at the national and institutional levels. At both levels, the internationalization activities are categorized into internationalization at home and cross borders (Knight, 2012). Finally, the paper discusses the challenges Vietnamese HE is facing and presents policy directions.
Design/methodology/approach
This study employs a case study research strategy to examine and gain understanding of internationalization of higher education in Vietnam as a phenomenon. The study collected detailed information using a variety of data collection procedures over a period of time. First, it analyzes Vietnam's higher education reforms as well as policy and legal framework for the promotion of internationalization. Then, using Knight's framework, the study analyzed the internationalization at home and crossborder educational activities at the national and institutional levels. At the national level, strategic policy goals and programs were explored. Then, it chose Vietnam National University- Hanoi as a institutional case to learn its institutional strategies on cross border programs and mobility, reputation building, research cooperation.
Findings
Vietnam has continuously reformed its legal and policy framework of higher education to better integrate into the global higher education market and also to meet the national demand for economic development. Predominant rationale for Vietnam to engage in crossborder programs is for brain development, specifically in the academics and public sector. Meanwhile internationalization at home is driven by (1) international programs and universities and (2) initiative to enhance competitiveness of its higher education institutes. Vietnam hosts different models of international universities, including classical, satellite and co-founded. However, issues and challenges remain, such as poor lack of systematic cooperation and coordination at the governmental level, retaining talents, and finally finances.
Originality/value
Written for the special edition on Internationalization of Higher Education in the Era of SDGs: Asia–Pacific Perspective, the study aims to provide a basis for understanding the current situation of internationalization higher education in Vietnam and how it compares to its partners in the region. This study is unique as it provides a two-layer analysis, at the national and institutional levels capturing macro and micro perspectives in one scene. In addition, this study includes rich empirical data, which was rare in previous literature due to limited access.
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Minh Thanh Vo, Anh H. Vo and Tuong Le
Medical images are increasingly popular; therefore, the analysis of these images based on deep learning helps diagnose diseases become more and more essential and necessary…
Abstract
Purpose
Medical images are increasingly popular; therefore, the analysis of these images based on deep learning helps diagnose diseases become more and more essential and necessary. Recently, the shoulder implant X-ray image classification (SIXIC) dataset that includes X-ray images of implanted shoulder prostheses produced by four manufacturers was released. The implant's model detection helps to select the correct equipment and procedures in the upcoming surgery.
Design/methodology/approach
This study proposes a robust model named X-Net to improve the predictability for shoulder implants X-ray image classification in the SIXIC dataset. The X-Net model utilizes the Squeeze and Excitation (SE) block integrated into Residual Network (ResNet) module. The SE module aims to weigh each feature map extracted from ResNet, which aids in improving the performance. The feature extraction process of X-Net model is performed by both modules: ResNet and SE modules. The final feature is obtained by incorporating the extracted features from the above steps, which brings more important characteristics of X-ray images in the input dataset. Next, X-Net uses this fine-grained feature to classify the input images into four classes (Cofield, Depuy, Zimmer and Tornier) in the SIXIC dataset.
Findings
Experiments are conducted to show the proposed approach's effectiveness compared with other state-of-the-art methods for SIXIC. The experimental results indicate that the approach outperforms the various experimental methods in terms of several performance metrics. In addition, the proposed approach provides the new state of the art results in all performance metrics, such as accuracy, precision, recall, F1-score and area under the curve (AUC), for the experimental dataset.
Originality/value
The proposed method with high predictive performance can be used to assist in the treatment of injured shoulder joints.
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This chapter explores the influences of Vietnamese culture coupled with national policies on gender equality on academic women’s advancement into senior leadership positions.
Abstract
Purpose
This chapter explores the influences of Vietnamese culture coupled with national policies on gender equality on academic women’s advancement into senior leadership positions.
Methodology/approach
In-depth interviews with 20 mid-level women leaders and five top-level leaders were conducted at four different higher education institutions in the Mekong Delta (MD) in southern Vietnam. In addition, document analysis and participant observations contributed to the overall analysis, which allowed for the cross-check of data from multiple sources to investigate the participants’ understanding, perception, conceptualization, and interpretation of their experiences of advancing in their careers.
Findings
Findings show that there is a large gap between the policies and gender practices. Gender equality does not exist in reality, regardless of tremendous efforts from the Vietnamese government and policy makers to ensure it in all spheres of life. Additionally, patriarchal hierarchy remains dominant in the institutional administrative system, and Vietnamese Confucian ideology continues to confine and adversely affect both men’s and women’s perceptions of women’s social roles, status, and forms of social participation. Nevertheless, academic women still develop professionally and find their own ways to advance to a few key leadership positions at their institutions.
Research limitations
The sample of this study is limited to academic women in the MD in Vietnam. Future research should include more women and universities and colleges, from not only the southern part but also other regions of Vietnam. Further, international and comparative studies should be conducted to see differences in experiences of academic women from several Southeast Asian countries as they move up their career ladder.
Originality/value
Because there have not been any empirical studies about women and leadership in academia in the MD, this study serves as a resource and foundation for improving gender policies and practices as well as future research on this topic and gender issues of colleges and universities in Vietnam.
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Nassir Ul Haq Wani, Bibi Sarah Majidi, Neeru Sidana and Richa Goel
Women's empowerment is nothing new; it has been acknowledged as an essential element of eradicating poverty and advancing the economy. However, it remains problematic in most…
Abstract
Women's empowerment is nothing new; it has been acknowledged as an essential element of eradicating poverty and advancing the economy. However, it remains problematic in most developing countries, such as Afghanistan. This research evaluates women's empowerment experiences by utilising Self-Help Groups (SHGs) as a fundamental development method to empower women economically and socially. This study adopts a qualitative research style, with data mainly acquired from rural areas (Kabul province). The findings indicated that SHG involvement is closely associated with families' socio-economic well-being, meaning that SHG participants are more empowered than those who do not engage or are oblivious to SHGs. SHGs confront various obstacles in Afghanistan, including (but not limited to) erroneous cultural norms, security issues, inadequate financial assistance and poor member participation, all of which influence operations. This study makes important recommendations for promoting and achieving women's integration and active participation in SHGs, including increasing social awareness, support from civil society and the government, laws and regulations that support women, strategies to increase women's economic and social empowerment and linking groups to commercial banks.
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Nga Thi Tuyet Phan and Terry Locke
The purpose of this paper is to explore the influence of culture on the sense of self-efficacy in teaching English as a Foreign Language of a group of university teachers in…
Abstract
Purpose
The purpose of this paper is to explore the influence of culture on the sense of self-efficacy in teaching English as a Foreign Language of a group of university teachers in Vietnam. Research exploring the relationship between culture and self-efficacy is extremely rare despite the acknowledged importance of culture in the formation of self-efficacy beliefs.
Design/methodology/approach
This study took the form of qualitative research with diverse, data collection instruments: individual interviews, focus group discussions, observations and journaling.
Findings
Findings indicate that certain features of the Vietnamese cultural context impacted on the way the study teachers constructed their sense of self-efficacy. Specifically, under the influence of a Vietnamese sense of belonging, the study teachers tended to rely more on efficacy-building information from other people rather than from themselves. The perception of inequality in power may have heightened negative emotional arousal, thus contributing to a negative sense of self-efficacy among the teachers. The Vietnamese concept of face and the high status of teachers in the social hierarchy in part mediated teachers’ sense of self-efficacy.
Social implications
The perceived burden of performing both parenting and teaching roles and responsibilities may have diminished the self-efficacy in teaching of female teachers.
Originality/value
The contribution and implications of the study are discussed.
Details
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Cong Doanh Duong, Bich Ngoc Nguyen, Xuan Hau Doan, Van Hau Nguyen and Anh Trong Vu
Little is known about how religious beliefs can motivate consumers to behave more pro-environmentally. Drawn on an integrated model of the theory of planned behavior, the norm…
Abstract
Purpose
Little is known about how religious beliefs can motivate consumers to behave more pro-environmentally. Drawn on an integrated model of the theory of planned behavior, the norm activation model and the self-determination theory, this study aims to explore the effects of religious beliefs (especially, karmic beliefs (KB) and beliefs in a just world (BJW)) on consumers' pro-environmental behavior.
Design/methodology/approach
A sample of 736 consumers recruited from the eight most populous cities in Vietnam using the mall-intercept survey approach and structural equation modeling (SEM) was utilized to test the hypothesized model and hypotheses.
Findings
The findings indicate that KB and BJW can increase consumers' green intrinsic motivation, which subsequently encourages them to engage in pro-environmental consumption. Moreover, awareness of consequences (AOC) and ascription of responsibility (AOR) serially indirectly inspire consumers' sustainable consumption through serial mediators, including personal norms (PN), attitudes toward green products and green purchase intention.
Practical implications
Based on the findings, some theoretical and managerial implications for pro-environmental consumption are provided.
Originality/value
The study offers fresh perspectives on the role of religious beliefs in pro-environmental research. Additionally, this study sheds new light on the marketing literature by integrating the theory of planned behavior (TPB) and norm activation model (NAM) with self-determination theory (SDT) to explore the underlying mechanisms and effects of psychological components on consumers' pro-environmental behaviors.