Ali Kutan, Usama Laique, Fiza Qureshi, Ijaz Ur Rehman and Faisal Shahzad
The extant literature provides substantial evidence that various facets of national culture play a significant role in corporate financial decision making. We systematically…
Abstract
Purpose
The extant literature provides substantial evidence that various facets of national culture play a significant role in corporate financial decision making. We systematically review the role of national culture on the various thematic domains of corporate financial decision making to outline what have been studies thus far and what needs to be studied.
Design/methodology/approach
Keywords such as national culture, organizational culture, power distance, uncertainty avoidance, masculinity, risk aversion and individualism for a search in the prominent academic literature databases are used. The studies related to the corporate financial decision making that is tied with these keywords are identified and selected for the systematic review.
Findings
The review of extant literature suggests strong evidence that national culture has a significant role in influencing corporate cash holding, corporate risk-taking, individual behaviour of the financial managers and initial public offering by the corporations. The review also indicates, although extant studies have examined the role of national culture in the key corporate financial decisions, evidence on the role of national culture in the firm's investment efficiency aspects is rather scarce. Also, what explains the role of national culture in corporate financial decision making has not been empirically exploited through causal mechanisms.
Practical implications
The findings of the studies help advance our understanding of the current research status concerning the role played by the national culture in shaping corporate financial decisions and raise important future calls.
Originality/value
To best of our knowledge, no prior study has systematically reviewed the role of national culture in the thematic domains of corporate financial decision making.
Details
Keywords
Muhammad Aftab, Saman Shehzadi and Fiza Qureshi
This research intends to investigate the impact of economic policy uncertainty (EPU) on the firm's leverage and its adjustment speed.
Abstract
Purpose
This research intends to investigate the impact of economic policy uncertainty (EPU) on the firm's leverage and its adjustment speed.
Design/methodology/approach
This study applies dynamic panel data modeling by using a partial adjustment model. The study is based on secondary data of the non-financial firms that are listed on the Pakistan stock exchange. For the analysis purpose, the study applies the generalized method of moments (GMM) estimation technique and uses a newly developed text-based measure of economic policy uncertainty.
Findings
The results show the negative impact of EPU on leverage decisions but a positive impact of EPU on leverage speed of adjustment for both, short-run and long-run economic policy shocks. Additional analysis reveals that the negative influence of long-run policy shocks on leverage decisions is moderated through profitability, and the negative influence of short-run policy shocks on leverage is moderated through firm size, tangibility and available growth prospects. However, the significant positive impact of EPU on the leverage speed of adjustment in both short and long-term policy shocks indicates that the speed of adjustment for these firms is not affected by policy shocks.
Originality/value
This research contributes to the existing literature on capital structure dynamics,by investigating the impact of EPU on firm financing decisions and estimating the adjustment speed of capital structure in a developing market context. The study also extends the existing literature by applying the concept of long-run and short-run economic policy uncertainty in the capital structure dynamic framework. Additionally, the new news-based measure of EPU is used. Moreover, it also looks into the COVID-19 effect on the relationship.
Details
Keywords
Manuel Expósito-Langa, Sofia Estelles-Miguel, Gabriela Ribes-Giner and Carlos Rueda-Armengot
The aim of this paper is to provide empirical evidence of discrepancies in certain management-related business factors in complex situations from a gender perspective.
Abstract
Purpose
The aim of this paper is to provide empirical evidence of discrepancies in certain management-related business factors in complex situations from a gender perspective.
Design/methodology/approach
The study examined whether there are any differences in the characteristics of Spanish companies run by men and women and how male and female chief executive officers (CEOs) perceive critical situations such as the COVD-19 pandemic. To answer the research questions, the survey carried out by the Ibero-American Observatory of Small and Medium-Sized Enterprises (FAEDPYME) in 2021 was used. The final sample consisted of a total of 1,532 small and medium-sized enterprises.
Findings
The main results show that female CEOs are more likely to have a university education than male CEOs, but they run smaller companies in Spain. On the other hand, they are more risk averse and evaluate the impact of complex and risky situations more negatively.
Research limitations/implications
The findings open up new research questions. This is a cross-sector study, but are there differences in behaviour between sectors? The view of the crisis is negative, but which types of companies have been strengthened?, finally, do other countries have similar results?
Originality/value
The originality and value of this document lies in the fact that it makes an interesting contribution to the open debate on the management of complex situations from a gender perspective.
Details
Keywords
Muhammad Zeshan, Shahzil Talha Khatti, Fiza Afridi and Olivier de La Villarmois
This paper aims to show the role of employees’ self-regulation in defining the effect of job demands on employees’ burnout. Moreover, the paper also highlights the importance of a…
Abstract
Purpose
This paper aims to show the role of employees’ self-regulation in defining the effect of job demands on employees’ burnout. Moreover, the paper also highlights the importance of a high-performance work system (HPWS) on the relation between job demands and employee self-regulation.
Design/methodology/approach
Data has been collected from public sector hospital nurses through a survey strategy following a time-lagged approach. This data has been analysed to validate the measure and to test the hypotheses through structural equation modelling.
Findings
Results of this study indicate that job demands affect employees’ burnout through adaptive regulation (recovery) and maladaptive regulation (self-undermining). Adaptive regulation minimizes while maladaptive regulation supports this effect. Moreover, results also highlight the role of HPWS in mitigating the negative impact of job demands on adaptive regulation.
Practical implications
This study serves as a guide for managers to minimize the burnout of their subordinates in the face of increasing job demands. This study also emphasizes the use of HPWS in organizations so that the burnout of the employees may be decreased by increasing adaptive self-regulation or recovery.
Originality/value
This study enriches the literature on the job demand resource theory by showing how employee job demands, employee self-regulation (psychological processes) and HPWS (organizational processes) collaborate to determine the extent of job burnout of employees.
Details
Keywords
Raju Bag and Prabir Kumar Kundu
The investigation has appraised the problem of an incompressible laminar steady magnetohydrodynamic (MHD) nanofluid stream over three distinct slendering thin isothermal needles…
Abstract
Purpose
The investigation has appraised the problem of an incompressible laminar steady magnetohydrodynamic (MHD) nanofluid stream over three distinct slendering thin isothermal needles of paraboloid, cylindrical and cone shapes. Water as a base liquid is assumed in this flow model. The influences of the Hall current and variable sorts of magnetic forces have enriched our investigation. Energy and concentration expressions consist of thermophoresis and Brownian migration phenomena. The analysis of thermal and mass slips of the presumed model has also been performed.
Design/methodology/approach
A relevant transformation is implemented for the alteration of the leading partial differential equations (PDEs) to the equations with nonlinear ordinary form. Due to the strong nonlinearity of the foremost equations, the problem is solved numerically by embedding the well-known RK-4 shooting practice. The software MAPLE 2017 has been exploited in reckoning the entire computation. To enunciate the investigated upshots, some graphical diagrams have been regarded here. According to technological interest, we measured the engineering quantities like the Sherwood number, the coefficient of drag friction and the Nusselt number in tabular customs.
Findings
The obtained consequences support that Hall current intensifies fluid movement when the needle is in a cone shape, while the superior velocity is noticed for cylindrical-shaped needles. The transference of heat responds inversely along with the growths of thermal and mass slip factors.
Originality/value
No work has been performed on the flow model of radiated nanofluid over a variable-shaped thin needle under Hall current, the variable magnetic field and different slip factors.