Search results

1 – 10 of 43
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 11 March 2010

John C. Gardner and Carl B. McGowan

The objective of this paper is to analyze the five largest companies in the soft drink industry in the context of the regional triad theory as presented in Rugman and Brain (2003…

648

Abstract

The objective of this paper is to analyze the five largest companies in the soft drink industry in the context of the regional triad theory as presented in Rugman and Brain (2003) and later in Rugman and Verbeke (2004b, 2007). We find that of the five largest companies in the soft drink industry, only Coca‐Cola meets the definition of a global company as defined by regional triad theory. National Beverage is a strictly domestic company and Cadbury, Cott, and Pepsi are bi‐regional MNEs with sales in the NAFTA and European triad regions. Coca‐Cola reports sales in five major geographic regions, which fits the criteria of a global firm

Details

Multinational Business Review, vol. 18 no. 1
Type: Research Article
ISSN: 1525-383X

Keywords

Access Restricted. View access options
Article
Publication date: 1 February 1992

Carl B. McGowan, Henry W. Collier and Colin M. Young

The objective of this paper is to demonstrate how to use the Elton, Gruber, and Padberg [1978] model to construct optimal portfolios and to facilitate the use of this paradigm by…

214

Abstract

The objective of this paper is to demonstrate how to use the Elton, Gruber, and Padberg [1978] model to construct optimal portfolios and to facilitate the use of this paradigm by providing an example of how the technique is used. The EGP model uses the risk‐adjusted, excess return for an asset to determine the optimal portfolio for a given risk‐free rate of return. This paper shows exactly how to calculate the optimal portfolio and provides a True Basic@ program to do so. The data used are constructed from Capital International Indexes taken from various issues of Barrons from March 1978 to December 1986.

Details

Managerial Finance, vol. 18 no. 2
Type: Research Article
ISSN: 0307-4358

Access Restricted. View access options
Article
Publication date: 1 March 1993

Carl B. McGowan and William Dobson

This paper presents a new research design to test the efficacy of the Arbitrage Pricing Theory of Ross [1976], similar to that applied by Christofi, Christofi and Philippatos…

239

Abstract

This paper presents a new research design to test the efficacy of the Arbitrage Pricing Theory of Ross [1976], similar to that applied by Christofi, Christofi and Philippatos [1993]. In particular, we use a combination of factor analysis and canonical correlation to test the underlying relationships between APT factors developed using factor analysis and unanticipated changes in five macro‐economic variables that have been shown to be related to stock returns. The results of this paper indicate that the first factor of industry returns is strongly related to the S&P 500 while the remaining four factors are highly correlated with the term structure of interest rates, the rate of inflation, the default premium, and the industrial production, respectively.

Details

Managerial Finance, vol. 19 no. 3/4
Type: Research Article
ISSN: 0307-4358

Access Restricted. View access options
Article
Publication date: 14 October 2013

B.T. Matemilola, A.N. Bany-Ariffin and Carl B. McGowan

– This paper aims to test the significance of unobservable firm-specific effects on a capital structure model.

2992

Abstract

Purpose

This paper aims to test the significance of unobservable firm-specific effects on a capital structure model.

Design/methodology/approach

The paper employs the restricted least squares method to test the significance of unobservable firm-specific effects in a fixed effects model that includes unobservable effects against a pooled ordinary least squares model that excludes unobservable effects.

Findings

The empirical findings indicate that models that include unobservable firm-specific effects are correctly specified.

Research limitations/implications

The limitation of this study comes from lack of data to measure unobservable effects such as managerial ability or managerial skills. Future research can develop index measures of managerial ability or managerial skills and borrow from management theory to explain the connection between managerial ability or managerial skills and firms' capital structure.

Practical implications

The findings imply that a capital structure model that excludes firm-specific effects could be mis-specified because such a model does not control for unobservable firm-specific factors such as managerial ability or managerial skills which have significant effects on firms' capital structure decisions.

Originality/value

The findings are important because the paper applies the restricted least squares method to test the significance of unobservable firm-specific effects. This technique has not been applied previously. The paper contributes to capital structure research in the fast growing South Africa.

Details

Managerial Finance, vol. 39 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 13 July 2015

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.

2081

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.

Details

Managerial Finance, vol. 41 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 7 March 2016

Paul K. Asabere, Carl B McGowan Jr. and Sang Mook Lee

The purpose of this paper is to explore the link between mortgage financing and economic development for African countries, as there is a gap in the literature regarding this…

541

Abstract

Purpose

The purpose of this paper is to explore the link between mortgage financing and economic development for African countries, as there is a gap in the literature regarding this topic. The development of mortgage markets is important for the overall development of a country. Policymakers and international institutions like the World Bank have been promoting the expansion of Africa’s nascent mortgage markets as a logical stimulus to economic growth and development. Specifically, the authors analyze the link between the size of the mortgage market and the gross national income (GNI) per capita for African countries. They found a significant positive correlation between the size of the mortgage market and GNI per capita. A plausible interpretation is that mortgage financing can induce growth and development.

Design/methodology/approach

The authors examine the relationship between mortgage financing and GNI per capita for African countries using the hedonic framework.

Findings

The authors found a significant positive correlation between the size of the mortgage market and the level of GNI per capita, as hypothesized for this study.

Practical implications

An economically plausible interpretation is that the availability of mortgage financing leads to a more efficient financial system, which, in turn, produces growth and development.

Social implications

These findings provide empirical support for the need to pay greater attention to further development and expansion of the emergent mortgage markets of African economies.

Originality/value

There is a gap in the empirical literature regarding this topic with reference to the link between mortgage financing and economic development for African countries.

Details

International Journal of Housing Markets and Analysis, vol. 9 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

Access Restricted. View access options
Article
Publication date: 30 August 2024

Nitjaree Maneerat, Karen Byrd, Carl Behnke, Douglas Nelson and Barbara Almanza

This study aimed to determine the factors affecting consumers’ perceptions and intention to purchase home meal kit services (HMK), a convenient home-cooked meal option…

162

Abstract

Purpose

This study aimed to determine the factors affecting consumers’ perceptions and intention to purchase home meal kit services (HMK), a convenient home-cooked meal option, considering the moderating effects of monetary restriction, through the lens of the theory of planned behaviour (TPB).

Design/methodology/approach

This cross-sectional study used an online, self-administered survey to collect data from 374 US adults. Results were tested for variable associations via multiple linear regression and moderation analyses.

Findings

HMK adoption intention was positively associated with attitude and subjective norms but negatively associated with perceived behavioural control. Consumers’ HMK attitude demonstrated a significant positive relationship with food safety concerns and perceived time constraints. Income and financial constraints were significant moderators of the associations between TPB determinants and HMK intention. The findings emphasised the possibility of using HMK as a foodservice option for time-challenged consumers with food safety concerns.

Originality/value

This study addressed the limited research on HMK, a competitive meal option that foodservice businesses could implement to boost revenue. The study establishes the contribution in understanding the motivators and barriers that potentially affect consumers’ HMK behaviour through the lens of TPB. The results expand the scope of the TPB application in food-related research, providing a deeper understanding of antecedents and other factors on consumers’ HMK behavioural attitudes. Understanding this information will enable practitioners to develop strategies that meet consumers’ concerns when embracing this service to promote HMK.

Access Restricted. View access options
Book part
Publication date: 1 March 2021

Suzaida Bakar and Bany Ariffin Amin Noordin

Dynamic predictions of financial distress of the firms have received less attention in finance literature rather than static prediction, specifically in Malaysia. This study…

Abstract

Dynamic predictions of financial distress of the firms have received less attention in finance literature rather than static prediction, specifically in Malaysia. This study, therefore, investigates dynamic symptoms of the financial distress event a few years before it happened to the firms by using neural network method. Cox Proportional Hazard regression models are used to estimate the survival probabilities of Malaysian PN17 and GN3 listed firms. Forecast accuracy is evaluated using receiver operating characteristics curve. From the findings, it shown that the independent directors’ ownership has negative association with the financial distress likelihood. In addition, this study modeled a mix of corporate financial distress predictors for Malaysian firms. The combination of financial and non-financial ratios which pressure-sensitive institutional ownership, independent director ownership, and Earnings Before Interest and Taxes to Total Asset shown a negative relationship with financial distress likelihood specifically one year before the firms being listed in PN 17 and GN 3 status. However, Retained Earnings to Total Asset, Interest Coverage, and Market Value of Debt have positive relationship with firm financial distress likelihood. These research findings also contribute to the policy implications to the Securities Commission and specifically to Bursa Malaysia. Furthermore, one of the initial goals in introducing the PN17 and GN3 status is to alleviate the information asymmetry between distressed firms, the regulators, and investors. Therefore, the regulator would be able to monitor effectively distressed firms, and investors can protect from imprudent investment.

Details

Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics
Type: Book
ISBN: 978-1-83867-359-8

Keywords

Access Restricted. View access options
Book part
Publication date: 30 November 2023

Victoria M. Nagy

Abstract

Details

Male Rape Victimisation on Screen
Type: Book
ISBN: 978-1-80262-017-7

Access Restricted. View access options
Article
Publication date: 31 August 2021

Tessa Withorn, Jillian Eslami, Hannah Lee, Maggie Clarke, Carolyn Caffrey, Cristina Springfield, Dana Ospina, Anthony Andora, Amalia Castañeda, Alexandra Mitchell, Joanna Messer Kimmitt, Wendolyn Vermeer and Aric Haas

This paper presents recently published resources on library instruction and information literacy, providing an introductory overview and a selected annotated bibliography of…

6470

Abstract

Purpose

This paper presents recently published resources on library instruction and information literacy, providing an introductory overview and a selected annotated bibliography of publications covering various library types, study populations and research contexts.

Design/methodology/approach

This paper introduces and annotates English-language periodical articles, monographs, dissertations, reports and other materials on library instruction and information literacy published in 2020.

Findings

The paper provides a brief description of all 440 sources and highlights sources that contain unique or significant scholarly contributions.

Originality/value

The information may be used by librarians, researchers and anyone interested in a quick and comprehensive reference to literature on library instruction and information literacy.

Details

Reference Services Review, vol. 49 no. 3/4
Type: Research Article
ISSN: 0090-7324

Keywords

1 – 10 of 43
Per page
102050