Blue Wooldridge and H. Roland Weistroffer
Past research suggests that decision-making can be improved by gauging diverse view points from key stakeholders, where a stakeholder is any group or individual that can affect or…
Abstract
Past research suggests that decision-making can be improved by gauging diverse view points from key stakeholders, where a stakeholder is any group or individual that can affect or is affected by the decisions. Two key stakeholders in public policy making are economic experts that can predict the economic consequences of policy decisions, and elected policy-makers who are accountable to the citizens for the outcomes of these decisions. A two-step model combining a Decision Support System and a Delphi type approach is proposed. To test the methodology, the proposed approach was applied to revenue planning in a mid-sized city.
“The politics and processes of local government face substantial change because of Federal action on taxes and the budget deficit as well as court and Congressional challenges to…
Abstract
“The politics and processes of local government face substantial change because of Federal action on taxes and the budget deficit as well as court and Congressional challenges to local authority, according to officials at every level of government around the country.
Blue Wooldridge and Virginia Rose Cherry
A public library budget can serve varied purposes: a contract, a management tool, a communication mechanism, a financial control mechanism, a motivator, a plan, a major…
Abstract
A public library budget can serve varied purposes: a contract, a management tool, a communication mechanism, a financial control mechanism, a motivator, a plan, a major policy‐making tool and as an instrument of democracy. This paper presents a methodology that public library directors can use to determine if the budget contains the information they need in order to make decisions.
Mutalib Anifowose, Hafiz Majdi Abdul Rashid, Hairul Azlan Annuar and Hassan Ibrahim
The purpose of this paper is to examine the value relevance of intellectual capital (IC) by analysing the relationship between IC efficiency (ICE) and corporate book value of…
Abstract
Purpose
The purpose of this paper is to examine the value relevance of intellectual capital (IC) by analysing the relationship between IC efficiency (ICE) and corporate book value of listed firms on main board of Nigeria Stock Exchange.
Design/methodology/approach
This study applies the resource-based theory in formulating two hypotheses that guide the results analysis. By employing a two-step dynamic system generalised method of moments (GMMs), and controlling for the possible endogeneity effect on the parameters estimated, for a sample of 91 listed firms on main board of Nigeria Stock Exchange, this study investigates the association of ICE and corporate book value, namely, cash flow from operation and economic value added (EVA), using data over the 2010 to 2014 financial years.
Findings
The results show a significant positive relationship between overall ICE and corporate book value (cash flow from operation and EVA). This study contributes to recent evidence concerning the value relevance of IC information to investors and other interested stakeholders.
Research limitations/implications
The generalisation of the results to smaller firms, in the alternative securities market, may be inappropriate as study sampled listed firms on the main board of Nigerian Stock Exchange.
Practical implications
Those charged with governance should be concerned with the investment and management of IC as it enhances the economic value and operating cash flow in line with the resource-based theory.
Originality/value
This study is first to consider the ICE study across all sectors in the Nigerian economy using modified Pulic value added intellectual capital. The study controls for heteroscedasticity and endogeneity issues by adoption of two-step dynamic system GMMs.
Details
Keywords
Geetanjali Pinto and Shailesh Rastogi
This study aims to evaluate the influence of corporate governance index (CGI), ownership concentration (OC) and other features on the dividends of listed Indian pharmaceutical…
Abstract
Purpose
This study aims to evaluate the influence of corporate governance index (CGI), ownership concentration (OC) and other features on the dividends of listed Indian pharmaceutical companies. The other features included are leverage, excess return over cost of equity and stock-market return. This study thus helps to provide more insights on the dividend distribution issues for a shareholder in the challenging and demanding pharma industry, especially when stakes are high.
Design/methodology/approach
The data for all 26 pharmaceutical companies which form part of the NSE NIFTY-500 index for six years (2014–2019) is procured using Centre for Monitoring Indian Economy’s (CMIEs) Prowess database. An eight-pointer scale (unweighted scale) is used to develop the CGI. For OC, this paper considers the proportion of promoters’ shareholding, domestic institutional investors’ shareholding and foreign owners’ shareholding. Both static and dynamic panel data models are used to evaluate the effect of CGI and OC on dividends.
Findings
The panel data analysis depicts that CGI significantly positively influences the dividends of pharmaceutical companies in India. Thus, the authors find support for La Porta et al.’s outcome agency model. The results also reveal that only promoters’ holdings are significantly inversely related to dividends out of the three OC variables used for this study. This discussion implies that family-run pharmaceutical companies in India tend to retain profits instead of distributing dividends.
Research limitations/implications
This study provides two direct insights for policymakers and stakeholders. First, because this study shows that CGI significantly positively influences dividends, corporate governance (CG) is an essential factor for determining dividends. Second, because the results also reveal that OC in the hands of promoters hurts dividends, it implies that the higher the promoter holding, lesser is the dividend distributed by the company. Both these results can be used as a quantitative tool by investors to assess Indian pharmaceutical companies better. However, a similar study could be directed to assess the impact of CGI and OC on dividends of other industries. Moreover, additional variables of CG and OC can also be evaluated in further detail. There is also a need to empirically validate the impact of CG and OC on a company’s performance.
Originality/value
The results are robust and reveal that variation in CGI does impact dividend policy. This aids in confirming that CG is a crucial aspect influencing dividends. The findings also add to the increasing studies across the globe evaluating the influence of CG and OC on dividends.
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Betty J. Turock and Andrea Pedolsky
It is imperative that every library have a financial plan. The library cannot be managed properly without one, especially if values, not expedience, are to determine priorities…
Abstract
It is imperative that every library have a financial plan. The library cannot be managed properly without one, especially if values, not expedience, are to determine priorities. The authors review the basics and then carefully outline how best to create a financial plan that will involve staff, internal and external stakeholders, and maintain or improve services.
Yi-Hsin Lin, Zixuan Huang and Yuqing Gao
This study investigates the influence of market and hierarchy organizational cultures on international project performance and examines the mediating role of relational capital.
Abstract
Purpose
This study investigates the influence of market and hierarchy organizational cultures on international project performance and examines the mediating role of relational capital.
Design/methodology/approach
In-depth interviews and a cross-sectional questionnaire survey were conducted to collect primary data within international projects. Hierarchical regression analysis was used to test the hypotheses based on data collected from 62 respondents.
Findings
The results reveal that both market and hierarchy cultures affect international project performance positively. Additionally, communication, cooperation and trust help enhance project performance; however, commitment is not. This study also proves the mediating role of relational capital between organizational culture and project performance.
Research limitations/implications
This study selected only two types of organizational culture represented by Chinese construction enterprises. Future studies can explore the mediating role of relational capital between other varieties of organizational culture and project performance.
Originality/value
Given the high complexity and risks faced by projects abroad, both organizational culture, the internal environmental factor and relational capital being the external resource, are crucial for project success. This study clarifies the relationship between organizational culture, relational capital and project performance overseas. Empirical evidence to enhance international project performance for construction enterprises is provided. This study also makes contributions to international contractors who want to implement projects in developing countries.
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Tom Schultheiss and Linda Mark
The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the…
Abstract
The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.