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Article
Publication date: 1 March 1970

J. Vandemaele and M. Puech

THIS ARTICLE presents just a sample of the work that we do. We shall start by looking at our laboratory work and then detail the steps required from the preparation of test…

26

Abstract

THIS ARTICLE presents just a sample of the work that we do. We shall start by looking at our laboratory work and then detail the steps required from the preparation of test samples to the performance of the paints when applied industrially.

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Anti-Corrosion Methods and Materials, vol. 17 no. 3
Type: Research Article
ISSN: 0003-5599

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Book part
Publication date: 20 May 2019

Umar Burki

This chapter explicates inter-firm governance mechanisms and suggests employing similar approaches for managing corporate governance issues in an Islamic business setting. A…

Abstract

This chapter explicates inter-firm governance mechanisms and suggests employing similar approaches for managing corporate governance issues in an Islamic business setting. A number of theoretical approaches outline the motivation of business firms to choose between contractual versus non-contractual governance mechanisms in inter-firm business transactions. In addition, a number of socioeconomic and transactional factors also affect inter-firm governance choices. Obviously, a number of country-specific transactional elements affect corporate governance. Therefore, the chapter suggests that preferences for governance mechanisms may provide guidelines for corporate governance, particularly in an Islamic business context.

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Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice
Type: Book
ISBN: 978-1-78973-007-4

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Article
Publication date: 5 October 2020

Ismael Barros-Contreras, Rodrigo Basco, Natalia Martín-Cruz and Juan Hernangómez

The purpose of this article is to provide a comprehensive understanding of the roots of family firms' competitive advantages by defining and testing the familiness learning…

843

Abstract

Purpose

The purpose of this article is to provide a comprehensive understanding of the roots of family firms' competitive advantages by defining and testing the familiness learning mechanisms that emerge from the interaction between family and firm. Because family members are economically, emotionally and socially attached to the firm, family firms are expected to be able to develop unique and difficult to imitate learning mechanisms related to family firm value creation.

Design/methodology/approach

This study operationalizes and tests the concept of the familiness learning mechanism using a sample of nonlisted Spanish family firms. The sample is analyzed using the structural equation modeling method.

Findings

Results show that family firms' ability to accumulate internal and external knowledge, integrate social knowledge, as well as create and retain socioemotional knowledge forms the concept of the familiness learning mechanism, and the authors show what implications it might have for family firm value creation.

Originality/value

By using the dynamic capabilities approach, this article highlights the importance of the knowledge and learning derived from family involvement in the firm. The creation of learning mechanisms occurs because of the close relationships between family members and their simultaneous participation in the family and in the company systems, which creates a unique context wherein knowledge and learning emerge in an idiosyncratic manner.

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Journal of Family Business Management, vol. 12 no. 1
Type: Research Article
ISSN: 2043-6238

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Publication date: 12 January 2021

Dalal Alrubaishi, Helen Haugh, Paul Robson, Rachel Doern and William J. Wales

This study investigates the impact of socioemotional wealth (SEW) on family firm entrepreneurial orientation (EO) in Saudi Arabia, and the moderating effect of generational…

Abstract

This study investigates the impact of socioemotional wealth (SEW) on family firm entrepreneurial orientation (EO) in Saudi Arabia, and the moderating effect of generational involvement on this relationship. Our data set comprises 241 privately, wholly owned family firms. We examine EO as a strategic orientation expressed in terms of both firm behavior and how managers approach risk-taking attitudinally. Our study finds that SEW is positively related to firms’ entrepreneurial behavior, but not managerial attitudes toward risk-taking. However, the positive effects of SEW on firms’ entrepreneurial behavior diminish as the number of generations involved in the family business increases. The broader implications for enabling entrepreneurship within Arab transforming economies adhering to strong cultural tribalistic norms are discussed.

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Entrepreneurial Orientation: Epistemological, Theoretical, and Empirical Perspectives
Type: Book
ISBN: 978-1-83867-572-1

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Article
Publication date: 6 September 2011

Mohammad Nurunnabi, Monirul Hossain and Hossain

The purpose of this paper is to examine the intellectual capital reporting (ICR) practices of listed non‐financial companies in Bangladesh as an example of a South Asian…

1112

Abstract

Purpose

The purpose of this paper is to examine the intellectual capital reporting (ICR) practices of listed non‐financial companies in Bangladesh as an example of a South Asian developing country, and to empirically investigate some company characteristics as determinants of such practices.

Design/methodology/approach

This is an empirical study of ICR by 90 listed companies in Bangladesh in 2008‐2009 using content analysis of annual reports. The study uses a weighted disclosure index and ordinary least squares regression analyses to test the association between company characteristics and the extent of ICR.

Findings

The study finds that despite the stock market growing significantly during the recession period, there is a tendency of companies not to disclose IC. The study also confirms that size and industry are important attributes to explain the IC disclosure (ICD) issues in Bangladesh. Unlike prior studies, the study finds that the IT sector does not tend to disclose more extensively, and that companies currently fail to disclose many important items such as patents, trademark and copyrights. The result is an indication that companies in Bangladesh are reluctant to disclose IC. The study is also similar to Abeysekera and Guthrie, who found that Sri Lanka is a proactive rather reactive country in terms of ICR. The study also finds ICR depends on the self‐interests of the company.

Research limitations/implications

The scope of this study is limited to single year, 2008‐2009. It would be interesting to replicate this study in other developing countries or a group of developing countries in South Asia that have many similarities to the Bangladesh socio‐economic environment. Nevertheless, the study incorporates the current level of ICR transparency in Bangladesh.

Originality/value

Unlike previous studies, the present study is based on a developing country where the capital market is growing significantly during the recession years. The study also develops a weighted disclosure index in a developing country context, based on the extensive literature of ICD and some new characteristics, namely non‐family ownership, audit committee and liquidity risk.

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Journal of Human Resource Costing & Accounting, vol. 15 no. 3
Type: Research Article
ISSN: 1401-338X

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Article
Publication date: 21 September 2010

Manuel Castelo Branco, Catarina Delgado, Manuel Sá and Cristina Sousa

The purpose of this paper is to analyse annual reports as media of intellectual capital disclosure (ICD) by Portuguese listed companies and to evaluate size, industry and time…

2050

Abstract

Purpose

The purpose of this paper is to analyse annual reports as media of intellectual capital disclosure (ICD) by Portuguese listed companies and to evaluate size, industry and time effects on disclosure as well as the effects of ICD on the growth of a company.

Design/methodology/approach

The paper examines ICD in 2004, 2006 and 2008 annual reports using content analysis. Non‐parametric statistical methods are used to test size and industry effects on disclosure, the effects of the level of disclosure on the growth of a company and to determine the significance of the differences in disclosure between the years under analysis.

Findings

The analysis showed that size is significant in explaining ICD. The results also indicated that industrial affiliation is only partially a factor explaining ICD. It was not possible to confirm neither an increase in ICD over time, nor the relationship between ICD and growth.

Research limitations/implications

The sample is small. There may be content analysis issues associated with subjectivity in the coding process and the use of a limited content analysis method.

Originality/value

This paper adds to the scarce research on ICD by Portuguese companies by providing new empirical data.

Details

EuroMed Journal of Business, vol. 5 no. 3
Type: Research Article
ISSN: 1450-2194

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Article
Publication date: 19 April 2011

Susanne Arvidsson

The purpose of this paper is to analyse the management teams' views regarding different aspects related to the disclosure of non‐financial information in the annual report. The…

11211

Abstract

Purpose

The purpose of this paper is to analyse the management teams' views regarding different aspects related to the disclosure of non‐financial information in the annual report. The focus is on the following aspects: incentive, quantity, focus, use of non‐financial key performance indicators (KPIs) and trends.

Design/methodology/approach

The data are based on a comprehensive questionnaire survey addressed to investor‐relation managers (IRMs) at the largest companies listed on the Stockholm Stock Exchange.

Findings

The study confirms an increasing focus of non‐financial information related to intangible assets in corporate disclosure. This increase appears to be both regulatory and demand driven. Encouraging indeed is that management teams seem to have acknowledged the importance not only to describe the less tangible values per se, but also to explain the roles they play in the value‐creation process and in corporate strategy. Furthermore, the study reveals a trend shift from research and development (R&D) and relational information towards corporate social responsibility (CSR) and employee‐related information, an increasing number of non‐financial KPIs and a positive attitude to mandatory requirements. Overall, the findings indicate that voluntary disclosure compensates for the deficiencies of financial statements to properly disclose intangible assets. This may lessen the risk of the argued impairment of the efficient allocation of resources on the stock market.

Practical implications

The findings reveal that quite a few challenges lie ahead in shaping efficient corporate disclosures where also intangible assets are in focus. The most critically relate to dealing with the concerns of reliability and comparability associated with disclosures of intangible assets and their related non‐financial KPIs. This needs to be taken on promptly by management teams, policy makers and financial market regulators if the corporate‐disclosure process shall function efficiently and facilitate decreased information asymmetry and uphold an efficient allocation of resources on the stock market.

Originality/value

Herein not only one aspect related to disclosure of non‐financial information is being analysed, but also several and from a management‐team perspective, which is a perspective often neglected for the sophisticated‐user perspective.

Details

Journal of Intellectual Capital, vol. 12 no. 2
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 5 September 2017

Anna Motylska-Kuzma

The purpose of this paper is to examine the status, trends and potential future research areas in the field of financial decision-making process in family firms.

1921

Abstract

Purpose

The purpose of this paper is to examine the status, trends and potential future research areas in the field of financial decision-making process in family firms.

Design/methodology/approach

The bibliometric indicators and methods are applied in order to describe the publication activity and to analyze the contents of the articles. The material examined are the journals included in the SCOPUS, SAGE and EBSCO database and the peer-reviewed article, which contain in their titles, keywords or abstracts with a combination of phrases “family firms,” “family business” or “family enterprise” with “financial decision” or one of the subcategories: capital structure, investment decision, capital budgeting, working capital management or dividend policy. The study covers the period from 2000 to 2016.

Findings

Although the interest in family business research is growing rapidly, the area of financial decision making is underestimated. Despite of the fact that the vast majority of the studies into financial decisions in family firms is are focused on the capital structure, they do not give clear answers to the question of how the family businesses behave in this scope and what their true financial logic is. Additionally, the area of the investment decisions and dividend policy is rather not better left uncovered.

Research limitations/implications

The analyses enable the identification of potential avenues for future research which could be vital to make an advancement in the consolidation of the discipline.

Practical implications

The analyses ought to have a potential meaning mainly for external institutions (especially financial institutions) in better understanding of the family businesses and their point of view.

Originality/value

This paper fulfills the need of a comprehensive review of financial decision making process in family firms. It provides a literature review and bibliography for the period between 2000 and 2016 for the use of both academicians and practitioners.

Details

Journal of Family Business Management, vol. 7 no. 3
Type: Research Article
ISSN: 2043-6238

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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.

Details

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

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Available. Open Access. Open Access
Article
Publication date: 31 August 2016

Mara Ridhuan Che Abdul Rahman

Intellectual capital (IC) is believed to be more important resources to add the value of a company rather than physical assets. This gives rise to the increasing practice of…

870

Abstract

Intellectual capital (IC) is believed to be more important resources to add the value of a company rather than physical assets. This gives rise to the increasing practice of reporting IC information in corporate annual report. Over the past fifteen years, considerable numbers of studies have employed content analysis to examine the extent and nature of IC information in several countries, but they presented different results. These results might partly contribute to different methods in counting information. In fact, the previous studies have been critised for not explicitly clarifying how information was recoded and counted which led to incomparable findings. Therefore, this paper firstly seeks to discuss an illustrative example of ‘sense-making‘ process in identifying, categorizing, and counting of IC information in annual reports of pilot sample company. Secondly, the method refined in the pilot study was applied over the final samples of six large companies in the UK from 1974 to 2008 The contribution of this paper is to primarily refine the previous method in recoding information, to send a message that transparency is crucial in content analysis and to facilitate method replication for future studies. Overall, this study demonstrates a marked increase in IC information disclosure was identified over the 35 years. The relational capital information disclosure was relatively more prominent over time, followed by human capital and structural capital.

Details

Asian Journal of Accounting Research, vol. 1 no. 2
Type: Research Article
ISSN: 2459-9700

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