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Article
Publication date: 22 April 2009

Anna D. Martin, Takeshi Nishikawa and Rong Qi

This paper examines the intra‐industry effects of 120 stock split announcements within the insurance industry between 1985 and 2006. Our results of the valuation effects are…

535

Abstract

This paper examines the intra‐industry effects of 120 stock split announcements within the insurance industry between 1985 and 2006. Our results of the valuation effects are suggestive of dominant competitive effects for stock splits by insurance companies, especially life insurers, thus indicating possible changes in the competitive balance of the industry. The results of our cross‐sectional analyses suggest that for non‐splitting firms with a high concentration of competition the industry effects are less favorable. Industry effects are more favorable when the valuation effects of the splitting firms are more favorable, when the splitting firms are larger, and when the non‐splitting firms are more similar to the splitting firm. Overall, our results show that both industry‐wide and firm‐specific characteristics are important to explain the cross‐sectional variation in the intra‐industry effects, and that competitive effects and contagion effects are not entirely mutually exclusive.

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American Journal of Business, vol. 24 no. 1
Type: Research Article
ISSN: 1935-519X

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Article
Publication date: 30 September 2014

Aigbe Akhigbe, Anna D. Martin and Laurence J. Mauer

The purpose of this paper is to investigate whether a non-monotonic relationship may exist between financial distress and foreign exchange (FX) exposure. The authors hypothesize…

1472

Abstract

Purpose

The purpose of this paper is to investigate whether a non-monotonic relationship may exist between financial distress and foreign exchange (FX) exposure. The authors hypothesize that firms with higher FX exposures are those with the lowest levels of financial distress because the costs of hedging exceed the benefits and those with highest levels of financial distress due to the conflict of interest between shareholders and bondholders.

Design/methodology/approach

The methodology allows for the possibility of a non-monotonic relation between financial distress and FX exposure for firms known to have ex-ante exposures. The approach is to include a Black-Scholes-Merton financial distress measure and standard accounting-based financial distress measures.

Findings

The results support the hypothesis of a non-monotonic relationship between financial distress and exposure; companies with the lowest and highest levels of financial distress are willing to bear greater FX exposures.

Originality/value

The authors examine whether a non-monotonic relationship may exist between distress and FX exposure. Intuition for this non-monotonic relationship is provided by Stulz (1996) as he describes the risk management practices of firms with low, medium, and high default probabilities.

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American Journal of Business, vol. 29 no. 3/4
Type: Research Article
ISSN: 1935-519X

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Book part
Publication date: 9 October 2020

Tashfeen Hussain

Abstract

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Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

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Article
Publication date: 19 April 2022

Abedalqader Rababah, Homa Molavi and Shayan Farhang Doust

The aim of this study is to examine the effect of financial leverage impact on customer satisfaction and marketing costs including research and development (R&D) and advertisement…

333

Abstract

Purpose

The aim of this study is to examine the effect of financial leverage impact on customer satisfaction and marketing costs including research and development (R&D) and advertisement costs. Furthermore, the authors aim to investigate whether customer satisfaction as well as financial distress moderates the effect of financial leverage impact on customer satisfaction and marketing costs including R&D and advertisement costs.

Design/methodology/approach

The statistical population of this study consists of listed companies on the Tehran Stock Exchange manually obtained from different industries in 2017. Multivariate regression based on data compilation methodology is used to test research hypotheses.

Findings

The results indicate that financial leverage is negatively and significantly associated with customer satisfaction and this negative relationship is more pronounced in companies with lower sale growth. Furthermore, the authors' results suggest that customer satisfaction negatively (positively) and significantly affects firm value in companies with lower (higher)-financial leverage. The authors also demonstrate that there is no significant relationship between financial leverage caused by financial flexibility and firm value caused by customer's satisfaction (CS). The authors' findings also suggest that financial distress significantly affects the relationship between financial leverage and customer satisfaction. Finally, the authors' find that financial leverage significantly affects firms' R&D and advertisement costs.

Research limitations/implications

Since the fundamental institutional assumptions underpinning the Western and even East Asia financial models are not valid in the institutional environment of Iran, the authors' findings could provide substantial implications for the authors' understanding of the relationship between finance and R&D costs and contribute substantially to customer satisfaction and firm value literature as well. The sample country of the present paper has recently experienced a spate of financial collapses that somewhat contributes, indirectly, to financial distress incurred by the Iranian firms. Moreover, R&D costs are growing among the Iranian quoted firms.

Originality/value

Since the fundamental institutional assumptions underpinning the Western and even East Asia financial models are not valid in the institutional environment of Iran, the authors' findings could provide substantial implications for our understanding of the relationship between finance and R&D costs and contribute substantially to customer satisfaction and firm value literature as well. The sample country of the present paper has recently experienced a spate of financial collapses that somewhat contributes, indirectly, to financial distress incurred by the Iranian firms. Moreover, R&D costs are growing among the Iranian quoted firms.

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Journal of Applied Accounting Research, vol. 23 no. 4
Type: Research Article
ISSN: 0967-5426

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Book part
Publication date: 22 December 2008

Shulamit Almog and Amnon Reichman

The chapter explores the role of law in society and its relation to ethical conflicts as reflected through the prism of the film The Third Man. By focusing on the complexities of…

Abstract

The chapter explores the role of law in society and its relation to ethical conflicts as reflected through the prism of the film The Third Man. By focusing on the complexities of life in post-war Vienna, the film exposes dilemmas that prevail in ordinary times and in functioning democracies as well. Our analysis suggests that one way to manage these dilemmas and balance the conflicting loyalties and interests they raise is to sustain open channels between the law and other narrative-generating practices from which normative stances are evaluated. The law-and-cinema discourse is one such channel and The Third Man presents, in our eyes, the vitality of that channel, due to its rich aesthetical language and its unique representation of the ethical tensions (and their consequences) in the modern era.

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Studies in Law, Politics and Society
Type: Book
ISBN: 978-1-84855-378-1

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Article
Publication date: 13 February 2023

Nick Midgley, Antonella Cirasola, Eva A. Sprecher, Sheila Redfern, Hannah Wright, Beth Rider and Peter Martin

The purpose of this study is to describe the development of the 14-item reflective fostering fidelity rating (RFFR), an observational rating system to evaluate model fidelity of…

89

Abstract

Purpose

The purpose of this study is to describe the development of the 14-item reflective fostering fidelity rating (RFFR), an observational rating system to evaluate model fidelity of group facilitators in the Reflective Fostering Programme (RFP), a mentalisation-based psychoeducation programme to support foster carers. The authors assess usability, dimensionality, inter-rater reliability and discriminative ability of the RFFR.

Design/methodology/approach

Eighty video clip extracts documenting 20 RFP sessions were independently rated by four raters using the RFFR. The dimensionality of the RFFR was assessed using principal components analysis. Inter-rater agreement was assessed using the intra-class correlation coefficient.

Findings

The proportion of missing ratings was low at 2.8%. A single principal component summarised over 90% of the variation in ratings for each rater. The inter-rater reliability of individual item ratings was poor-to-moderate, but a summary score had acceptable inter-rater reliability. The authors present evidence that the RFFR can distinguish RFP sessions that differ in treatment fidelity.

Originality/value

To the best of the authors’ knowledge, this is the first investigation and report of the RFFR’s validity in assessing the programme fidelity of the RFP. The paper concludes that the RFFR is an appropriate rating measure for treatment fidelity of the RFP and useful for the purposes of both quality control and supervision.

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Journal of Children's Services, vol. 18 no. 1
Type: Research Article
ISSN: 1746-6660

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Article
Publication date: 1 January 1954

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

120

Abstract

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

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Aslib Proceedings, vol. 6 no. 1
Type: Research Article
ISSN: 0001-253X

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Book part
Publication date: 27 October 2016

Alexandra L. Ferrentino, Meghan L. Maliga, Richard A. Bernardi and Susan M. Bosco

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in…

Abstract

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.

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Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-1-78560-973-2

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Book part
Publication date: 27 August 2024

Shelby R. Steuart and W. David Bradford

A growing body of research finds a consistently negative relationship between medical cannabis access and aggregate measures of opioid use. Nothing is currently known about the…

Abstract

A growing body of research finds a consistently negative relationship between medical cannabis access and aggregate measures of opioid use. Nothing is currently known about the types of opioids that are being most impacted by cannabis access. Using the Callaway and Sant’Anna (2021) difference-in-differences (DID) estimator for the main analysis and data on all opioid shipments to every United States (US) pharmacy from 2006 to 2014, the authors found no evidence of overall change in the total number of morphine milligram equivalent (MME) units of opioids shipped to pharmacies, following the opening of medical cannabis dispensaries. However, across all opioids, the authors found a reduction in the highest MME dosage strengths (8.8% decrease in 50–89 MME doses and 11.3% decrease in 90+ MME doses). This decrease appears to be driven predominantly by commonly diverted opioids, where the authors found a reduction in the highest MME dosage strengths (12.2% in 50–89 MME doses and 13.8% in 90+ MME doses). Further, the authors see a 6.0% increase in low-to-moderate dose opioids (0–49 MMEs). This is consistent with patients using cannabis concomitantly with opioids in order to achieve a lower opioids dose.

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Recent Developments in Health Econometrics
Type: Book
ISBN: 978-1-83753-259-9

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Book part
Publication date: 11 July 2017

Karen A. Johnson

Anna Julia Cooper and Septima Poinsette Clark were two prominent late 19th- and early 20th-century educators. Cooper and Clark taught African American students in federally…

Abstract

Anna Julia Cooper and Septima Poinsette Clark were two prominent late 19th- and early 20th-century educators. Cooper and Clark taught African American students in federally sanctioned, segregated schools in the South. Drawing on womanist thought as a theoretical lens, this chapter argues that Cooper and Clark’s intellectual thoughts on race, racism, education, and pedagogy informed their teaching practices. Influenced by their socio-cultural, historical, familial, and education, they implemented antioppressionist pedagogical practices as a way to empower their students and address the educational inequalities their students were subjected to in a highly racialized, violent, and repressive social order. Historical African American women educators’ social critiques on race and racism are rarely examined, particularly as they pertain to how their critiques influence their teaching practices. Cooper and Clark’s critiques about race and racism are pertinent to the story of education and racial empowerment during the Jim Crow era.

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