David J. Flanagan, Claudio D. Milman and James P. D'Mello
The Latin American merger and acquisition (M&A) market offers enormous opportunities. M&A activity in Argentina, Brazil, Chile, Mexico and Venezuela is examined and compared with…
Abstract
The Latin American merger and acquisition (M&A) market offers enormous opportunities. M&A activity in Argentina, Brazil, Chile, Mexico and Venezuela is examined and compared with M&A activity in the United States. Characteristics examined include the industries and form of ownership of the target firms, the types of transactions, and the home countries of the acquiring firms. Differences are found between characteristics of M&A activity in the Latin American countries and the United States. Differences are also found among the characteristics of M&A activity in the various Latin American countries. Implications for managers and areas in need of additional research are discussed.
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…
Abstract
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
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Ali M. Metwalli and Roger Y.W. Tang
This paper provides an overview of the merger and acquisition (M&A) activity of Middle‐Eastern (M.E.) countries from 1990 to 2000. The following information is presented: M&A…
Abstract
This paper provides an overview of the merger and acquisition (M&A) activity of Middle‐Eastern (M.E.) countries from 1990 to 2000. The following information is presented: M&A transactions by the nationality and industries of the target firms; home countries and industries of the acquiring firms and the acquisition methods. The largest twenty mergers and acquisitions in the Middle East during the 1990–2000 period are identified. The paper also compares the M&A activity in four important countries (Egypt, Israel, Kuwait and Saudi Arabia). Learning the M&A activity in the Middle East is essential in identifying target or acquirers, and conducting future M&A transactions.
Paul Joseph-Richard, James Uhomoibhi and Andrew Jaffrey
The aims of this study are to examine affective responses of university students when viewing their own predictive learning analytics (PLA) dashboards, and to analyse how those…
Abstract
Purpose
The aims of this study are to examine affective responses of university students when viewing their own predictive learning analytics (PLA) dashboards, and to analyse how those responses are perceived to affect their self-regulated learning behaviour.
Design/methodology/approach
A total of 42 Northern Irish students were shown their own predicted status of academic achievement on a dashboard. A list of emotions along with definitions was provided and the respondents were instructed to verbalise them during the experience. Post-hoc walk-through conversations with participants further clarified their responses. Content analysis methods were used to categorise response patterns.
Findings
There is a significant variation in ways students respond to the predictions: they were curious and motivated, comforted and sceptical, confused and fearful and not interested and doubting the accuracy of predictions. The authors show that not all PLA-triggered affective states motivate students to act in desirable and productive ways.
Research limitations/implications
This small-scale exploratory study was conducted in one higher education institution with a relatively small sample of students in one discipline. In addition to the many different categories of students included in the study, specific efforts were made to include “at-risk” students. However, none responded. A larger sample from a multi-disciplinary background that includes those who are categorised as “at-risk” could further enhance the understanding.
Practical implications
The authors provide mixed evidence for students' openness to learn from predictive learning analytics scores. The implications of our study are not straightforward, except to proceed with caution, valuing benefits while ensuring that students' emotional well-being is protected through a mindful implementation of PLA systems.
Social implications
Understanding students' affect responses contributes to the quality of student support in higher education institutions. In the current era on online learning and increasing adaptation to living and learning online, the findings allow for the development of appropriate strategies for implementing affect-aware predictive learning analytics (PLA) systems.
Originality/value
The current study is unique in its research context, and in its examination of immediate affective states experienced by students who viewed their predicted scores, based on their own dynamic learning data, in their home institution. It brings out the complexities involved in implementing student-facing PLA dashboards in higher education institutions.
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Nicholas Martinez, Matthew J. Sowcik and James Charles Bunch
Socially responsible leadership (SRL) is a “purposeful, collaborative, values-based process that results in positive social change” (Komives, Wagner, & Associates, 2009, p…
Abstract
Socially responsible leadership (SRL) is a “purposeful, collaborative, values-based process that results in positive social change” (Komives, Wagner, & Associates, 2009, p. xii).This approach to leadership focuses on creating leaders that are capable of tackling the predicted wicked problems the world will face in the next few decades. As the number of leadership education programs continue to grow throughout higher education, it is important to assess the impact leadership education and co-curricular programs are having on students. Utilizing the Multi- Institutional Study of Leadership, this study aimed to better understand whether higher education leadership development, community service and study abroad programs are successfully developing students with self- perceived socially responsible leadership.
John A. Doukas and Wenjia Zhang
– The purpose of this paper is to test whether bank mergers are driven by equity overvaluation and management compensation incentives.
Abstract
Purpose
The purpose of this paper is to test whether bank mergers are driven by equity overvaluation and management compensation incentives.
Design/methodology/approach
To test whether equity mispricing drive bank mergers, the authors employ two alternative price-to-residual income valuation (P/V) measures for bidders and targets while the authors control for their growth prospects with the price-to-book (P/B) (two years before) ratio. The intrinsic value (V) is estimated using the three-period forecast horizon residual income model of Ohlson (1995) and perpetual residual income model that does not rely on analysts’ forecasts of future earnings prospects. The latter measure allows the authors to estimate V for a much larger sample of banks. The empirical analysis is supplemented with a standard event analysis and assessment of the long-term performance of bank mergers subsequent to the announcement date.
Findings
The evidence shows that bidders are overvalued relative to their targets, especially in equity offer deals. The authors also find that highly valued bidders: are more likely to use stock than cash; are willing to pay more relative to the target market price; are more likely to acquire private than public targets; earn lower announcement-period returns; fail to create synergy gains; experience long-term underperformance; and reward their top managers of with large compensation increases subsequent to mergers.
Originality/value
This study provides results consistent with the view that behavioral and managerial incentives play an important role in motivating bank mergers.
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The development of blockchain and cryptocurrency may alleviate the economic strain associated with recession. Economic recessions tend to be aggregate-demand driven, meaning that…
Abstract
Purpose
The development of blockchain and cryptocurrency may alleviate the economic strain associated with recession. Economic recessions tend to be aggregate-demand driven, meaning that they are caused by fluctuations in the supply of or demand for money. Holding monetary policy as solution assumes that stability must arise from outside of the economic system. Under a policy regime that allows innovations in blockchain to develop, blockchain technology may promote a money supply that is responsive to changes in demand to hold money. The purpose of this paper is to suggest that cryptocurrencies present an opportunity to profitably implement rules that promote macroeconomic stability. In particular, cryptocurrency that is asset-backed may provide a means for cheaply attaining liquidity during a crisis.
Design/methodology/approach
The role of cryptocurrency in promoting macroeconomic equilibrium is approached through the lens of monetary theory. Moves away from macroeconomic equilibrium necessitate either a change in the average price of money or a change in the quantity of money, or a change in portfolio demand for money. Cryptocurrency promotes an increase, however this requires the alignment of policy regulating the use of cryptocurrency, reduction in taxes placed on the use of cryptocurrency and cryptocurrency protocol.
Findings
Cryptocurrency is unlikely to become legal tender, but it may alleviate macroeconomic fluctuations as a near money that provides liquidity and whose supply is sensitive to changes in demand to hold money and money-like substitutes. This role might be inhibited if policy stifles the development of cryptocurrencies and blockchain technology.
Research limitations/implications
New financial innovations like cryptocurrencies can be analyzed applying the equation of exchange in light of the mechanics of money creation under conditions of disequilibrium. Monetary disequilibrium may be promoted by policy that causes bottlenecks in financial markets.
Originality/value
Theory of monetary disequilibrium has broad implications for the development and regulation of financial markets. This theory has not been applied to the development of cryptocurrency markets.
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Jean Clarke and Mark P. Healey
We argue that voice – the sound that people produce when they speak – is an important resource for entrepreneurs, especially when they are pitching to potential investors. We…
Abstract
We argue that voice – the sound that people produce when they speak – is an important resource for entrepreneurs, especially when they are pitching to potential investors. We integrate evidence from entrepreneurship, social psychology and linguistics to show that the voice can be regarded both as a tool for entrepreneurs to utilize and as a vital source of information allowing listeners to make judgements about the speaker and their message. To better understand how the voice may be used and interpreted in investment pitches, we develop a model of the relationship between the entrepreneurial voice and investor judgments. Voice depends on entrepreneurs’ characteristics including gender and communication goals but can be utilized to express emotions (purposefully or not) and signal qualities such as competence and trustworthiness. How potential investors interpret these displays depends on cultural expectations and stereotypes. Our review illustrates that female entrepreneurs may find it more difficult to persuade investors due to their naturally higher voice pitch and bias against speech patterns prevalent among young women. We highlight directions for future research exploring the voice as a unique cultural resource for entrepreneurs.
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Nga Thu Trinh, Thanh Pham Thien Nguyen and Son Hong Nghiem
This study aims to investigate a new determinant of corporate cash holdings of Australian energy firms: economic policy uncertainty (EPU). Based on two motives for holding cash…
Abstract
Purpose
This study aims to investigate a new determinant of corporate cash holdings of Australian energy firms: economic policy uncertainty (EPU). Based on two motives for holding cash: precautionary and speculative motives, the authors argue that EPU increases financing constraints or induces firms to postpone investment projects, thereby increasing their cash holdings. The authors examine whether the Australian policy-related economic uncertainty affects cash holdings of Australian energy companies.
Design/methodology/approach
This research uses a data set of Australian energy firms from 2010 to 2020 and the Australian EPU index, which measures the uncertainty in economic policy, using news coverage of eight major Australian newspapers. To address the potential endogeneity bias and ensure the robustness of the results, three models are used: ordinary least squares, fixed-effects and dynamic generalized method of moments.
Findings
The authors find that the EPU index has a significant and positive effect on cash holdings, after controlling for firm-specific factors. While firm size and dividend payments have mixed and insignificant effects, other determinants are significant, such as growth opportunities, net working capital, cash flow, cash flow risk, leverage and capital expenditure. The authors also find that the positive effect of EPU on cash holdings is not the manifestation of EPU affecting corporate investments but rather explained by financing constraints.
Practical implications
The findings have implications for policymakers and regulators in Australia as the uncertainty of their economic policies plays an important role when Australian energy companies determine their cash holding level to manage liquidity risks.
Originality/value
This study is the first to document EPU index as the new determinant of corporate cash holdings of Australian energy companies. Firms in this sector have a great need of funding and liquidity for their operations and capital-intensive projects. High EPU index induces them to hold more cash to avoid liquidity shocks.