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Article
Publication date: 1 January 2001

Jon Simon

This study contributes to the limited literature dealing with ethical perceptions of earnings management in developing capital markets by investigating the perceptions of…

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Abstract

This study contributes to the limited literature dealing with ethical perceptions of earnings management in developing capital markets by investigating the perceptions of managers, accountants, and investment analysts in Malaysia, Singapore, Hong Kong and Thailand, to ethical issues concerning the management of earnings. The results are compared to similar studies undertaken in the US and UK. The results show that East Asian managers, accountants, and analysts tended to be less willing to condemn situations as clearly unethical and use a narrower range of ethical responses than their US/U K counterparts. However, there was a remarkable overall consistency of perceptions between East Asian and US/UK managers, accountants, and analysts in relation to many issues.

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Asian Review of Accounting, vol. 9 no. 1
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 15 May 2009

L. Schulte, R. Julià, H. Veit and F. Carvalho

The multidisciplinary Fluvalps‐3000 research project focuses on the variability of the Late Holocene and historical fluvial dynamics in alpine catchments. The purpose of this…

324

Abstract

Purpose

The multidisciplinary Fluvalps‐3000 research project focuses on the variability of the Late Holocene and historical fluvial dynamics in alpine catchments. The purpose of this paper is to examine the potential of a 3,600 year‐long record composed from fluvial deposits for flood hazard assessment.

Design/methodology/approach

The research is based on a multi‐proxy approach integrating methods of various disciplines as sedimentology, geochronology, pedology, geomorphology, palynology, history, and archaeology. This paper considers particularly the sedimentological and geocronological methods applied to the fluvial records of several key sections of the Lütschine and Lombach fan deltas.

Findings

The sedimentary data of the high‐resolution fan delta record show up to seven major aggradation pulses from 3,600 cal yr BP to present. Furthermore, 19 minor burial episodes occur between 3,600 and 1,050 cal yr BP at average intervals between 113 years (Lütschine) and 105 years (Lombach) suggesting that aggradation during the focused period was triggered by centennial flood events. Nine coarse‐grained flood layers of the Lütschine record, deposited during the last 3,350 years by catastrophic flood events at a recurrence interval of 370 years, coincide with positive radiocarbon anomalies and cold phases in the Alps. The solar influence on regional hydrological regime is proposed as the main factor triggering the flooding events. However, the impact of land‐use changes in the region since 2,300 cal yr BP was detected by pollen and geochemical proxy data from fluvial deposits.

Originality/value

According to the results, the 2005 flood may not be considered as one of these mayor catastrophic events, thus providing useful data for future risk assessment by regional and local authorities. The 3,600 year flood history derived from fan delta proxies, presented in this paper, is unique in the European Alps.

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International Journal of Climate Change Strategies and Management, vol. 1 no. 2
Type: Research Article
ISSN: 1756-8692

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Book part
Publication date: 10 November 2020

Mark Schaub and Garland Simmons

American depository receipts (ADRs) listed on the New York Stock Exchange during the 1990s and 2000s are compared to determine how well they performed versus the US index and…

Abstract

American depository receipts (ADRs) listed on the New York Stock Exchange during the 1990s and 2000s are compared to determine how well they performed versus the US index and respective regional indexes utilizing three-year holding period excess returns. Results suggest that ADRs listed in the 2000s perform better than those in the 1990s. Also, seasoned equity offerings performed better than initial public offerings. Regression analysis indicated the best predictors of ADR performance are the returns of the respective regional index where the ADR-listing firm is headquartered, the date of issue (2000s vs 1990s), and whether the ADR was from an emerging economy.

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Financial Issues in Emerging Economies: Special Issue Including Selected Papers from II International Conference on Economics and Finance, 2019, Bengaluru, India
Type: Book
ISBN: 978-1-83867-960-6

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Book part
Publication date: 24 July 2023

Yedith Betzabé Guillén-Fernández

Abstract

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Breaking the Poverty Code
Type: Book
ISBN: 978-1-83753-521-7

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Book part
Publication date: 13 May 2024

Thambawita Maddumage Nimali Tharanga, Yatiwelle Koralalage Weerakoon Banda, Narayanage Jayantha Dewasiri and Thelge Ushan Indika Peiris

Introduction: Why companies pay dividends and the determinants of dividend policy are considered an unresolved dividend puzzle. To reach a consensus over the puzzle, researchers…

Abstract

Introduction: Why companies pay dividends and the determinants of dividend policy are considered an unresolved dividend puzzle. To reach a consensus over the puzzle, researchers must investigate the factors affecting dividend policy by incorporating all the determinants into a single research effort.

Purpose: We examine the dividend policy determinants of Sri Lankan firms, explicitly focusing on the banking, finance, and insurance (BFI) sectors.

Methodology: This study uses the quantitative approach applying the Generalized Method of Moments (GMM) system to examine the dividend policy determinants by obtaining secondary data from 51 listed BFI organisations in Sri Lanka.

Findings: The analysis disclosed that the variables of changes in revenues, firm size, liquidity, corporate tax, business risk, and profitability have a positive relationship with dividend yield, whereas investment opportunities, leverage, change in revenues, corporate tax, and firm size impact positively on the propensity to pay dividends in BFI organisations in Sri Lanka. Our findings opine that managers in the BFI industries should prioritise changing their dividend policies by paying close attention to factors, such as dividend yield, changes in revenue, firm size, liquidity, corporate tax ratio, business risk, and profitability because the dividend policy is critical to retaining current investors and luring new ones.

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VUCA and Other Analytics in Business Resilience, Part B
Type: Book
ISBN: 978-1-83753-199-8

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Book part
Publication date: 4 July 2015

Tarek Eldomiaty, Ola Attia, Wael Mostafa and Mina Kamal

The internal factors that influence the decision to change dividend growth rates include two competing models: the earnings and free cash flow models. As far as each of the…

Abstract

The internal factors that influence the decision to change dividend growth rates include two competing models: the earnings and free cash flow models. As far as each of the components of each model is considered, the informative and efficient dividend payout decisions require that managers have to focus on the significant component(s) only. This study examines the cointegration, significance, and explanatory power of those components empirically. The expected outcomes serve two objectives. First, on an academic level, it is interesting to examine the extent to which payout practices meet the premises of the earnings and free cash flow models. The latter considers dividends and financing decisions as two faces of the same coin. Second, on a professional level, the outcomes help focus the management’s efforts on the activities that can be performed when considering a change in dividend growth rates.

This study uses data for the firms listed in two indexes: Dow Jones Industrial Average (DJIA30) and NASDAQ100. The data cover quarterly periods from 30 June 1989 to 31 March 2011. The methodology includes (a) cointegration analysis in order to test for model specification and (b) classical regression in order to examine the explanatory power of the components of earnings and free cash flow models.

The results conclude that: (a) Dividends growth rates are cointegrated with the two models significantly; (b) Dividend growth rates are significantly and positively associated with growth in sales and cost of goods sold only. Accordingly, these are the two activities that firms’ management need to focus on when considering a decision to change dividend growth rates, (c) The components of the earnings and free cash flow models explain very little of the variations in dividends growth rates. The results are to be considered a call for further research on the external (market-level) determinants that explain the variations in dividends growth rates. Forthcoming research must separate the effects of firm-level and market-level in order to reach clear judgments on the determinants of dividends growth rates.

This study contributes to the related literature in terms of offering updated robust empirical evidence that the decision to change dividend growth rate is discretionary to a large extent. That is, dividend decisions do not match the propositions of the earnings and free cash flow models entirely. In addition, the results offer solid evidence that financing trends in the period 1989–2011 showed heavy dependence on debt financing compared to other related studies that showed heavy dependence on equity financing during the previous period 1974–1984.

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Overlaps of Private Sector with Public Sector around the Globe
Type: Book
ISBN: 978-1-78441-956-1

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Article
Publication date: 26 July 2011

Christopher Deeming

Peter Townsend is one of the greatest social scientists of the twentieth century and best known for his pioneering research into poverty. This paper aims to revisit Townsend's…

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Abstract

Purpose

Peter Townsend is one of the greatest social scientists of the twentieth century and best known for his pioneering research into poverty. This paper aims to revisit Townsend's early work discussing the measurement of poverty and attempts to operationalise his ideas for determining minimum income standards for healthy living.

Design/methodology/approach

The article is based upon a secondary analysis of data taken from the UK Expenditure and Food Survey, a continuous cross‐sectional survey of household income, expenditure, and food consumption. Here, the sample has been restricted to an older population and the authors observe the relationship between household income and a healthy standard of living (indicated by diet) for people aged 60 years and over.

Findings

Minimum income requirements for healthy living, for this population in the UK, are 37 per cent greater than the British state pension for single pensioners and 37 per cent for pensioner couples. It is also appreciably greater than the official minimum income safety net (after means testing), the pension credit guarantee.

Practical implications

Objective evidence‐based assessment of living standards are practicable but do not presently provide a basis for social policy in the UK or elsewhere apparently. Such assessment could provide a credible basis for helping to establish minimum income standards in official policy.

Originality/value

Recent developments in the design of a British social survey have made it possible to operationalise Townsend's ideas for establishing minimum income standards over half a century after he proposed them.

Details

International Journal of Sociology and Social Policy, vol. 31 no. 7/8
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 February 2004

L.R. GORMAN, R.A. WEIGAND and T.J. ZWIRLEIN

We investigate the empirical characteristics of firms resuming cash dividends to determine if dividend resumption is most like dividend initiation, a large dividend increase, or a…

306

Abstract

We investigate the empirical characteristics of firms resuming cash dividends to determine if dividend resumption is most like dividend initiation, a large dividend increase, or a completely unique event. Firms that resume dividends earn considerably larger returns than firms initiating or increasing dividends, both before and after the announcement. Dividend‐resuming firms exhibit changes in profits similar to firms increasing dividends, but the risk change following dividend resumption is more like that reported by studies of dividend initiation. These findings are unaffected by the length of time it takes firms to resume paying cash dividends, or whether the firm also declares a stock split and/or stock dividend during the period surrounding the resumption announcement. We conclude that dividend resumption is sufficiently unlike other dividend events to be regarded and studied as its own unique event.

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Studies in Economics and Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 23 November 2010

G.Q. Wu and Z.K. Zhang

The purpose of this paper is to present an update and the latest results from work on a project aimed at enabling waste printed circuit board (WPCB) recycling to become more…

981

Abstract

Purpose

The purpose of this paper is to present an update and the latest results from work on a project aimed at enabling waste printed circuit board (WPCB) recycling to become more environmentally friendly and efficient.

Design/methodology/approach

A new system was proposed and studied individually under laboratory and factory conditions, which consisted of lossless component removal, component classification, waste crushing/separating processes, and application of crushed non‐metallic particles to develop resin composites.

Findings

The use of these novel processes, including component lossless removal, component classification, waste crushing/separating processes, and application of crushed non‐metallic particles to develop resin composites can be combined to give a more sustainable treatment process for printed circuit boards recycling.

Research limitations/implications

Most parts of the WPCBs recycling system have been used. Further development work should be undertaken to establish the whole system in a factory‐scale environment in order to enhance the system efficiency.

Originality/value

The paper details how individual treatment technologies can be combined to enable a more environmentally friendly and efficient system for treatment of WPCBs which offers the benefits of reducing pollution and complete resource recovery for WPCBs.

Details

Circuit World, vol. 36 no. 4
Type: Research Article
ISSN: 0305-6120

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Book part
Publication date: 8 October 2018

Thurid Hustedt and Heidi Houlberg Salomonsen

Neutrality has traditionally been considered a key trait of the civil service in Western democracies. The conception of the neutral bureaucracy is closely linked to the notion of…

Abstract

Neutrality has traditionally been considered a key trait of the civil service in Western democracies. The conception of the neutral bureaucracy is closely linked to the notion of the prominent politics–administration dichotomy of the two spheres of politics and administration, as advocated by Max Weber (1980) and Woodrow Wilson (1887). According to conventional wisdom, the firm and encompassing implementation of the merit principle realises the idea of a neutral bureaucracy. In that respect, neutrality and merit-based recruitments are often considered the opposite of politicisation. Conventionally, a neutral bureaucracy is considered to assure competence and immunity against opportunistic ideas brought in by volatile, sometimes erratic political leadership. Because elected politicians come and go with elections, they cannot ensure that political decisions are carried out based on the ‘best’ available knowledge. In that sense, bureaucrats are conceived as neutral, obedient servants that subordinate their behaviour to the will of political masters, to the law and the common good. However, there is no strict politics–administration dichotomy in contemporary politico-administrative systems. Empirical findings from the late 1970s onwards demonstrated that bureaucrats are by no means as neutral and ‘apolitical’ as assumed, but rather remarkably involved in political processes. This chapter discusses the literature on neutral competence and presents an empirical analysis of Danish and British civil servants’ accounts of neutrality. This chapter concludes by suggesting the concept of competent neutrality and discussing implications for our understanding of bureaucratic neutrality.

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