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Article
Publication date: 30 November 2003

Bae Gi Hong and Su Jae Jang

This paper examines the information efficiency of KOSDAQ50 and KOSPI200 index futures markets. The study analyzes and compares both markets in three respects : 1) price discovery…

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Abstract

This paper examines the information efficiency of KOSDAQ50 and KOSPI200 index futures markets. The study analyzes and compares both markets in three respects : 1) price discovery (lead-lag relationship between spot and futures markets.), 2) volatility-volume relationship, and 3) mispricings between spot and futures prices. The first, analysis shows the in the KOSPI200 market, futures price leads spot price. While spot price leads futures price in the KOSDAQ50 market. The second analysis shows that the volatility-volume relation is positive in the KOSPI200 futures market, supporting the hypothesis of mixture of distribution. In contrast, there is little relation between volume and volatility in the KOSDAQ50 futures market. This result casts doubt that the futures market price reflects information. The last analysis shows that the magnitude of mispricing becomes smaller with more volume in the KOSPI200 futures market, while it becomes larger with more volume in the KOSDAQ50 futures market. The overall results imply that the KOSDAQ50 futures market is less informationally efficient that the KOSPI200 market. The inefficiency appears due to the lack of institutional investor participation, especially securities firms, in making up the market.

Details

Journal of Derivatives and Quantitative Studies, vol. 11 no. 2
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 21 February 2024

Nehal Elshaboury, Tarek Zayed and Eslam Mohammed Abdelkader

Water pipes degrade over time for a variety of pipe-related, soil-related, operational, and environmental factors. Hence, municipalities are necessitated to implement effective…

171

Abstract

Purpose

Water pipes degrade over time for a variety of pipe-related, soil-related, operational, and environmental factors. Hence, municipalities are necessitated to implement effective maintenance and rehabilitation strategies for water pipes based on reliable deterioration models and cost-effective inspection programs. In the light of foregoing, the paramount objective of this research study is to develop condition assessment and deterioration prediction models for saltwater pipes in Hong Kong.

Design/methodology/approach

As a perquisite to the development of condition assessment models, spherical fuzzy analytic hierarchy process (SFAHP) is harnessed to analyze the relative importance weights of deterioration factors. Afterward, the relative importance weights of deterioration factors coupled with their effective values are leveraged using the measurement of alternatives and ranking according to the compromise solution (MARCOS) algorithm to analyze the performance condition of water pipes. A condition rating system is then designed counting on the generalized entropy-based probabilistic fuzzy C means (GEPFCM) algorithm. A set of fourth order multiple regression functions are constructed to capture the degradation trends in condition of pipelines overtime covering their disparate characteristics.

Findings

Analytical results demonstrated that the top five influential deterioration factors comprise age, material, traffic, soil corrosivity and material. In addition, it was derived that developed deterioration models accomplished correlation coefficient, mean absolute error and root mean squared error of 0.8, 1.33 and 1.39, respectively.

Originality/value

It can be argued that generated deterioration models can assist municipalities in formulating accurate and cost-effective maintenance, repair and rehabilitation programs.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 1 October 2002

Sang Woo Lee, Sung Kang and Kang H. Park

Argues that increased insolvencies in Korean firms following the 1997 Asian financial crisis were due to low profitability and refers to relevant research on insolvency and…

930

Abstract

Argues that increased insolvencies in Korean firms following the 1997 Asian financial crisis were due to low profitability and refers to relevant research on insolvency and failure prediction. Explains and discusses the private and legal types of restructuring open to Korean firms in trouble, pointing out that owners may use more than one type and thus cause losses and delays. Suggests that the courts should be able to determine whether firms require a composition or a corporate reorganization, develops a mathematical model to distinguish between them and tests it on 1997‐1998 data demonstrating a 70 per cent plus level of accuracy. Analyses the share price response to firm restructure and shows that differences depend on the financial condition of the firm: not the type of restructure. Calls for changes in the bankruptcy law to either unify the two types of legal restructure or to allow the courts to assign the type.

Details

Managerial Finance, vol. 28 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 15 April 2019

Yan Luo and Linying Zhou

The purpose of this paper is to investigate the empirical association between the tone of earnings announcements and a company’s membership in a sin industry.

377

Abstract

Purpose

The purpose of this paper is to investigate the empirical association between the tone of earnings announcements and a company’s membership in a sin industry.

Design/methodology/approach

This study constructs a model of the determinants of earnings announcement tone to examine the impact of sin industry membership on earnings announcement tone. An interaction term between CEO power (CEO–chairman duality) and sin industry membership is used to test whether CEO power moderates the strength of the association. The earnings announcements tone is measured using the spread in the proportion of positive and negative words. The category of sin industry includes not only industries such as tobacco, gambling and alcohol, but also industries associated with emerging environmental, social, and ethical issues (i.e. firearms, oil and cement).

Findings

The analysis of a sample of US firms from the 1994 to 2013 period shows that the tone of earnings announcement is less optimistic for companies in sin industries, but this association is weaker for companies that are led by powerful CEOs. The results remain robust to alternative definitions of sin industry membership and CEO power (CEO tenure) and to alternative model specifications.

Originality/value

The findings suggest that although sin companies cannot change the nature of their business, the management of such companies, in general, uses a less aggressive tone in their earnings announcements. These results further investors’ understanding of sin companies’ reporting behavior.

Details

Asian Review of Accounting, vol. 27 no. 2
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 8 February 2021

Chun-Ping Yeh, Hsueh-Liang Wu and Yi-Chi Hsiao

In response to the tilted emphasis on the corporate political activities and to the recent call for including the institutional perspective in the research of the MNE’s…

207

Abstract

Purpose

In response to the tilted emphasis on the corporate political activities and to the recent call for including the institutional perspective in the research of the MNE’s governmental relations (MGRs), this study aims to, departing from resource dependence theory, introduce the legitimacy formation as a bridging mechanism to MGRs to holistically examine the behavioral types of antecedents of MGRs in contingency with three critical contextual influences.

Design/methodology/approach

This study purposely chose a Taiwanese globalized logistic corporation that we have been acquainted with as the entry for collecting data. The study started the survey with the seven foreign subsidiaries of this logistic corporation and invited their customers through their personal referrals to join this survey. Following the snowball sampling, remarks were added in the questionnaire to request respondents’ assistance in inviting TMT members of different MNE subsidiaries in their personal networks to join the survey.

Findings

The findings from analyzing a survey data set of 155 MNE subsidiaries during 2016 show that the MNE’s economically-good behaviors are not so influential as Milton Friedman stated in 1962, and can only outperform socially-good and politically-good behaviors in shaping better MGRs under some specific contextual influences.

Originality/value

This study contributes to the international business literature by shedding new light on the sensitivity of behavioral antecedents of MGRs in contingency with contextual influences and provides managerial implications to MNE particularly when they expect to reduce external uncertainties or capturing opportunities by MGRs.

Details

Chinese Management Studies, vol. 15 no. 2
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 12 August 2020

Behrooz Nazemi and Mohsen Rafiean

An accurate predictive model for forecasting urban housing price in Isfahan can be useful for sellers and owners to take more appropriate actions about housing supplying. Also, it…

299

Abstract

Purpose

An accurate predictive model for forecasting urban housing price in Isfahan can be useful for sellers and owners to take more appropriate actions about housing supplying. Also, it can help urban housing planners and policymakers in managing of the housing market and preventing an urban housing crisis in Isfahan. The purpose of this paper is forecasting housing price in Isfahan city of Iran until 2022 using group method of data handling (GMDH).

Design/methodology/approach

This paper presents an accurate predictive model by applying the GMDH algorithm by using GMDH-Shell software for forecasting housing price in municipal boroughs of Isfahan city till the second half of 2022 based on creating time series and existing data. Alongside housing price, some other affecting factors have been also considered to control the forecasting process and make it more accurate. Furthermore, this research shows the housing price changes of boroughs on map using ArcMap.

Findings

Based on forecasting results, the housing price will increase at all boroughs of Isfahan till second half of the year 2022. Amongst them, Borough 15 will have the highest percentage of the price increasing (28.27%) to year 2022 and Borough 6 will have the lowest percentage of the price increasing (8.34%) to the year 2022. About ranking of the boroughs in terms of housing price, Borough number 6 and 3 will keep their current position at the top and Borough number 15 will stay at the bottom.

Research limitations/implications

In this research, just few factors have been selected alongside housing price to control the forecasting process owing to limitation of reliable data availability about affecting factors.

Originality/value

The most remarkable point of this paper is reaching to a mathematical formula that can accurately forecast housing price in Isfahan city which has been rarely investigated in former studies, especially in simplified form. The technique used in this paper to forecast housing price in Isfahan city of Iran can be useful for other cities too.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 3
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 21 April 2022

Mana Khoshkam, Azizan Marzuki, Robin Nunkoo, Amin Pirmohammadzadeh and Shaian Kiumarsi

The revival of local foods in the tourism context plays a significant role in attracting visitors. Unexpectedly, empirical evidence on food festivals aimed at reviving local…

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Abstract

Purpose

The revival of local foods in the tourism context plays a significant role in attracting visitors. Unexpectedly, empirical evidence on food festivals aimed at reviving local cuisine in non-Western countries is scarce. This study aimed to examine and clarify the concept of food culture attributes on visitors' satisfaction and patronage intention in a food festival setting to revive local foods.

Design/methodology/approach

A quantitative approach was used. Convenience sampling and questionnaires were administered to 172 attendees as the final response to a food festival. The conceptual framework identifies the assumptions of structural equation modelling (SEM).

Findings

Food culture attributes significantly impacted visitor satisfaction based on the results. Cooking methods had an insignificant influence on satisfaction and indirect effects on patronage intention. Additionally, the authors persuaded satisfaction to act as a mediator, and food culture was a significant contributor to the hypothesised framework.

Originality/value

To the best of the authors’ knowledge, this is one of the first empirical studies to employ food culture attributes (flavour, presentation, cooking method and gastronomic identification) and patronage intention in the mediating role of satisfaction with Iranian cultural heritage as a revival of a visitor’s attraction towards local cuisine. The results revealed that the resurrection of local dishes serves as an alternative truth that aids in preserving Iranian cultural heritage.

Details

British Food Journal, vol. 125 no. 2
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 12 December 2024

Zeyu Li, Mazlina Mustapha, Ahmad Fahmi Sheikh Hassan and Saidatunur Fauzi Saidin

This study examines the impact of corporate governance on succession planning and organizational performance. Drawing on agency theory, the main purpose of this study is to…

71

Abstract

Purpose

This study examines the impact of corporate governance on succession planning and organizational performance. Drawing on agency theory, the main purpose of this study is to identify the effect of corporate governance on succession planning by measuring the different characteristics of the board of directors.

Design/methodology/approach

This multi-quantitative research used primary and archival data. A total of 281 valid questionnaires were collected from Chinese listed family firms to gauge succession planning. Relevant archival data were obtained to measure board characteristics and organizational performance. All hypotheses were examined through structural equation modeling.

Findings

The outcomes indicate that corporate governance positively influences succession planning and, in turn, boosts superior organizational performance, which uncovers the mediating effect of succession planning on the relationship between corporate governance and organizational performance. Our findings reveal that board independence and education facilitate the development of succession planning, which is crucial in the family business’s life cycle.

Originality/value

The results of this study contribute to management succession, strategic management and leadership research by demonstrating how corporate governance fosters organizational performance through succession planning, thereby expanding the application scenarios of agency theory in family firms. Additionally, the article also enriches our understanding of how family businesses apply sound governance structures to promote organizational strategic decision-making during the succession process.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

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