Kashif Ahmed, Ralf Bebenroth and Jean-François Hennart
This study aims to examine how the effect of host country formal institutional uncertainty on the percentage of equity sought in cross-border acquisitions (CBAs) is moderated by…
Abstract
Purpose
This study aims to examine how the effect of host country formal institutional uncertainty on the percentage of equity sought in cross-border acquisitions (CBAs) is moderated by the host country industry (i.e. targets from the technology versus those from the non-technology industry).
Design/methodology/approach
This study is based upon the legitimacy perspective of institutional theory and uses Tobit regression analysis on a sample of 1,340 CBAs.
Findings
Results show that cross-border acquirers prefer a lower equity level for targets in institutionally less developed countries and that this negative effect of the host country institutional risk on the equity percentage sought is more pronounced for technology-based targets.
Research limitations/implications
Three major limitations of the study are as follows: The data were collected from only Japanese acquirers. The study measured formal institutional uncertainty by applying only secondary data. The study used the Bloomberg Industry Classification Systems, instead of the Standard Industry Classification that has been used widely in prior studies.
Practical implications
This study shows that the industry selected has a bearing on equity sought in CBAs. Investing in institutionally less developed countries is particularly challenging when the targets of acquisition are in the technology industry.
Originality/value
To the best of the authors’ knowledge, this is the first study that investigates the moderating effects of an industry on the relationship between host country formal institutional uncertainty and the percentage of equity sought in CBAs.
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Ralf Bebenroth and Kashif Ahmed
In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in…
Abstract
Purpose
In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in cross-border acquisitions. This study aims to extend internally driven Mergers and Acquisitions research efforts of acquirers to industry contingencies of targets by analyzing cross-border acquirers located within the group of seven (G7) countries.
Design/methodology/approach
This study’s investigation covers 209 cross-border acquisitions from 2012 to 2019 undertaken by firms located within the G7 countries. This paper used generalized estimation equations method to test the hypotheses applying Gaussian distribution for the dependent variable, an identity link function, exchangeable correlation structure and robust standard errors.
Findings
This study’s results reveal that target industry growth determines premiums. Furthermore, this study shows that acquirer industry growth, as well as acquirer slack, moderates this relationship. This study is built on the notion that industry contingencies influence premiums even when target firms are based in foreign countries.
Originality/value
To the best of the authors’ knowledge, unlike other studies, this is the first to explicitly focus on premiums for multiple cross-border acquisitions by hand selecting nine years of industry sale figures for 53 industries separately in each of the G7 nation countries (leading to 371 separate downloads of data samples). This study contends that industry growth of cross-border targets matters for premium payments.
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Muhammad Faisal Sultan, Israr Ahmed Jatoi and Kashif Riaz
This study is one of the premier ones that is written to highlight the significance of corporate governance for small and medium-sized enterprises (SMEs). The purpose of writing…
Abstract
This study is one of the premier ones that is written to highlight the significance of corporate governance for small and medium-sized enterprises (SMEs). The purpose of writing this chapter is to increase knowledge and understanding of SMEs and their management. Thus, the scope of this study is much broader as compared to the previous studies. Other than scope, this chapter also bridges the research gaps and tries to relate literature with shortcomings and relatively unexplored areas associated with SMEs and their governance. For these reasons elements, claims, reasons and pieces of evidence were collected from diverse literature and presented in a scholarly way to address readers' interest and provide scope for further studies and research. Overall, this chapter is a form of descriptive study which his purposively conducted to induce more research work on corporate governance practices and their significance for SMEs.
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Burhan Rasheed and Muhammad Ahmad
The concept of corporate social responsibility (CSR) is still at a growing stage in developing economies, so this research aims to examine a novel causal link between CSR…
Abstract
Purpose
The concept of corporate social responsibility (CSR) is still at a growing stage in developing economies, so this research aims to examine a novel causal link between CSR (disclosure and expenditure) and competitive advantage (CA), by including competitive intensity (CI) as a moderator.
Design/methodology/approach
The panel data of non-financial firms were collected for eight years (2013–2020). This study used distinct proxies of CA, including adjusted firm return on assets and adjusted firm Tobin's q, and a third proxy used to discover the combined validity of the findings. The CSR disclosure was measured by developing an index, while the amount of CSR expenditure was collected from firms' annual reports.
Findings
The empirical results of Arellano–Bond estimator showed that CSR disclosure and expenditure have a positive and significant impact on CA. This relationship is also tested with CI as a moderator, the results of moderation showed that CI strengthens the relationship between studied variables.
Originality/value
This research tries to bridge the gap between CSR and CA through CI. It is also an addition to the existing literature by addressing the issue of CA generated from CSR activities. This study also explores the area of CA with three different types of proxies with the moderating effect of CI.
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Muhammad Kashif, Zainudin Awang, John Walsh and Umair Altaf
The studies which connect international marketing emotions with perceived service quality are scarce. The purpose of this paper is to fill this knowledge gap and take into account…
Abstract
Purpose
The studies which connect international marketing emotions with perceived service quality are scarce. The purpose of this paper is to fill this knowledge gap and take into account the consumers’ perceived animosity, religiosity, and ethnocentrism to connect these with perceived service quality and purchase intentions of US-based fast food brand chains currently operating in Pakistan.
Design/methodology/approach
The authors collected data by means of a self-administered questionnaire, distributed among 500 consumers, randomly selected, patronized the four US fast food brands, namely, McDonalds, KFC, Pizza Hut, and Subway in the city of Lahore in Pakistan. The data are analyzed by employing Structural equation modeling (SEM) based on AMOS 21.0 software.
Findings
Results of this study reveal that religiosity and ethnocentrism among Pakistani fast food consumers are low and do not influence the decision to purchase fast food brands. However, consumer emotions influence service quality perceptions – ultimately leading to purchase intentions.
Originality/value
The study generally adds to marketing and specifically to international food service marketing knowledge by eliciting the role of religiosity, animosity, and ethnocentrism to delineate service quality and purchase intentions. Furthermore, the external validity of PAKSERV scale and the context of Pakistan – a collectivist Muslim country are also the unique products of this study.
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Fan Xie, Xinyue Geng, Guozheng Li, Huayv Ji and Zhenxiong Luo
Cascaded DC-DC converters system is the main structure of distributed power system, and it has complex nonlinear phenomena during operation, which affect the power quality…
Abstract
Purpose
Cascaded DC-DC converters system is the main structure of distributed power system, and it has complex nonlinear phenomena during operation, which affect the power quality. Therefore, the dynamic behavior of the cascaded buck converter and boost converter system, as one of the typical cascaded DC-DC converters systems is analyzed.
Design/methodology/approach
Firstly, the studied cascaded system of the buck converter with peak current control and the boost converter with PI current control is introduced and its discrete modeling is built. Then, the Jacobian matrix of the cascaded system is calculated to research the stability when the parameter change. Finally, simulation by PSIM and experiments are carried out to verify the theoretical analysis.
Findings
The coexistence of fast and slow time scale bifurcations with the changes of reference current and input voltage are studied in the cascaded system, and using simulation analysis to further study the sensitivity of the inductor current of the front-stage converter and back-stage converter to different parameters.
Originality/value
A discrete model of the cascaded buck converter and boost converter system is established, and its dynamic behavior is analyzed in detail for the first time.
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Syden Mishi and Robert Mwanyepedza
The world over is becoming urbanized, and people are migrating to cities in large numbers in search of opportunities. The increased urbanization has posed challenges such as…
Abstract
The world over is becoming urbanized, and people are migrating to cities in large numbers in search of opportunities. The increased urbanization has posed challenges such as congestion, rising crime, and growing urban poverty. The governments respond by providing amenities such as schools, hospitals, and housing to meet to increase in demand for these facilities. However, there is a need for the provision of facilities that meets the expectations of the people, particularly on the proximity of amenities and bundles of utility-bearing housing characteristics. In an attempt to address the challenge mentioned, the study estimated the hedonic characteristics influencing the willingness to accept and willingness to pay for housing facilities in the Eastern Cape Province, South Africa. Using a multiple linear regression model and artificial neural network, the study found out that properties with a bathroom, garage and large floor size have a higher value compared to properties without these facilities.When making decisions to acquire a property, buyers consider the availability of discounts and the prevailing property price. Overall, willingness to pay and accept decisions are mainly determined by location and the price at which homogeneous neighborhood properties were sold. Therefore, the study recommends that urban town planners and other housing authorities prioritize the construction of properties with larger floor areas, parking bays, and bathrooms using a cost-effective mechanism that makes the properties affordable to residents.
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Sadia Shafiq, Saiqa Saddiqa Qureshi and Muhammad Akbar
This paper aims to examine whether the volatility of returns in commodity (gold, oil), bond and forex markets is related over time to the volatility of returns in equity markets…
Abstract
Purpose
This paper aims to examine whether the volatility of returns in commodity (gold, oil), bond and forex markets is related over time to the volatility of returns in equity markets of Bangladesh, Indonesia, Pakistan, Philippines, Turkey and Vietnam. In addition, the authors analyze the integration of the commodity, bond, forex and equity markets across these markets.
Design/methodology/approach
The dynamic conditional correlation GARCH (DCC-GARCH) model is used to capture the time-varying conditional correlation among markets. The authors use daily data of stock prices, oil prices, gold prices, exchange rates and 10 years' bond yields of the six countries from Datastream and investing.com from January 2001 to April 2021.
Findings
Findings reveal that the parameters of dynamic correlation are statistically significant which indicates the importance of time-varying co-movements. Estimation of the DCC-GARCH model suggests that the stock market is significantly correlated with bond, forex, gold and oil markets in all six countries.
Practical implications
This study has practical implications for policymakers and investment professionals. A better understanding of dynamic linkages among the markets would help in constructing effective hedging and portfolio diversification strategies. Policy makers can get insight to build proper strategies in order to insulate the economy from factors that cause volatility.
Originality/value
Several studies have investigated the linkage between commodity and stock markets and the volatility spillover effect, but very little attention is given to study the interrelationship between groups of market segments of different economies. No study has comparatively examined the dynamic relationship of multiple markets of a group of emerging countries simultaneously.
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Gul Afshan, Carolina Serrano-Archimi, Amir Riaz, Muhammad Kashif and Mansoor Ahmed Khuhro
Building on social exchange and deontic justice theory, this study aims to examine the relationship between supervisory justice (i.e. interactional, procedural and distributive…
Abstract
Purpose
Building on social exchange and deontic justice theory, this study aims to examine the relationship between supervisory justice (i.e. interactional, procedural and distributive) and conflict (i.e. relationship, process and task) through subordinates’ perceptions of psychological safety. Moreover, the authors hypothesize that interactional justice differentiation (IJD) within a workgroup at the group level interacts with supervisory justice at the individual level, affecting subordinates’ psychological safety and conflict.
Design/methodology/approach
Data were collected using a survey conducted among 378 service sector (banks, hospitals and universities) employees working under 54 supervisors.
Findings
Multi-level data analysis demonstrates that supervisory justice positively influences psychological safety, negatively affecting conflict. Moreover, psychological safety mediates the supervisory justice–conflict relationship. A cross-level interaction partially supports the conditional indirect effect of IJD in the supervisory justice–conflict relationship via psychological safety.
Originality/value
Following moral principles based on a deontic perspective, this study stretches the understanding of how to treat employees in a workgroup while creating a healthier working environment to minimize conflict fairly. This study extends the limited research on supervisory justice by conceptualizing employees’ perceptions of justice beyond an individual-level analysis.
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Irsa Kanwal, Rab Nawaz Lodhi and Muhammad Kashif
The purpose of this study is to examine critical associations of transformational leadership, Laissez-faire leadership, transactional leadership, and authoritative leadership…
Abstract
Purpose
The purpose of this study is to examine critical associations of transformational leadership, Laissez-faire leadership, transactional leadership, and authoritative leadership styles to predict perceived workplace ostracism among frontline employees (FLEs).
Design/methodology/approach
A snow-ball sampling technique is employed to collect data from 250 FLEs working in the telecommunication sector of Pakistan. The data are collected by means of a self-reported questionnaire.
Findings
All of the hypotheses are supported by the results. The authoritative leadership, transactional leadership, and Laissez-Faire leadership styles are found to positively relate to workplace ostracism while transformational leadership style is found to negatively relate to workplace ostracism.
Practical implications
The managers working in customer service organizations in general and telecom sector in particular should offer leadership training programs to transform supervisors (i.e., in their roles as being the leaders) by re-shaping their thinking as visionary leaders of future. Furthermore, the study has implications to strengthen the communication mechanisms by seeking opinions from FLEs about the leadership styles of their supervisors. This is to ensure that leaders actually transform themselves from being a highly traditional leader to more participative and positive leaders.
Originality/value
The relationships of different leadership styles to study their impact on workplace ostracism and the context of telecommunication service sector of Pakistan are unique to this study.