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Article
Publication date: 1 August 1996

Martin Verwijmeren, Piet van der Vlist and Karel van Donselaar

Aims to explain the driving forces for networked inventory management. Discusses major developments with respect to customer requirements, networked organizations and networked…

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Abstract

Aims to explain the driving forces for networked inventory management. Discusses major developments with respect to customer requirements, networked organizations and networked inventory management. Presents high level specifications of networked inventory management information systems (NIMISs). Reviews some decision systems for inventory management, and compares traditional inventory management to networked inventory management. Uses these insights to outline NIMISs for several types of inventory management decision systems. Summarizes the results of the study, and provides an outlook on further research.

Details

International Journal of Physical Distribution & Logistics Management, vol. 26 no. 6
Type: Research Article
ISSN: 0960-0035

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Article
Publication date: 9 August 2018

Pablo de Andrés, Gabriel de la Fuente and Pablo San Martin

The way business practice adjusts to the models proposed by financial theory has been under moderate yet constant scrutiny from the academic world. The purpose of this paper is to…

1170

Abstract

Purpose

The way business practice adjusts to the models proposed by financial theory has been under moderate yet constant scrutiny from the academic world. The purpose of this paper is to contribute to this line of research by showing CFOs’ perceptions of Spanish companies with regard to their capital structure decisions.

Design/Methodology

The empirical approach is examined using information gathered through a survey answered by 140 CFOs of Spanish companies during 2011. Results are obtained from mean difference tests and ordered probit estimations.

Findings

The results of the paper show that managers attach importance to establishing and monitoring a target debt ratio and the capacity to maintain additional debt in order to provide financial flexibility. In addition, CFOs prefer internal financing to external, using debt when internal funds do not allow investments to be funded.

Originality/Value

On the whole, the results of this research show that trade-off and pecking order theories are not alternative views of the same problem, but represent complementary approaches of how companies define their capital structures.

Objetivo

El modo en que la práctica empresarial se ajusta a los modelos propuestos por la teoría financiera ha sido objeto de un tímido pero constante escrutinio por parte del mundo académico. En este trabajo, se contribuye a esta línea de investigación mediante la exploración de las percepciones que los directivos financieros de empresas españolas mantienen sobre sus decisiones de estructura de capital.

Diseño/Metodología

El análisis empírico explota las respuestas de 140 directores financieros de empresas españolas a una encuesta realizada en el año 2011. Los principales resultados son obtenidos de los tests de diferencias de medias y la estimación de modelos Probit ordenado.

Resultados

Nuestros resultados muestran que los directivos financieros consideran importante el establecimiento y persecución de un objetivo de deuda objetivo y la flexibilidad financiera que otorga el mantenimiento de capacidad de endeudamiento adicional. Además los directores financieros prefieren utilizar los recursos generados internamente antes que la financiación externa, utilizando deuda cuando los fondos internos son insuficientes para financiar sus inversiones.

Originalidad/Valor

En conjunto, los resultados de nuestra investigación muestran que la teoría del trade-off y del pecking-order no son soluciones alternativas de un mismo problema, sino enfoques complementarios sobre las decisiones de estructura de capital adoptadas en la práctica.

Details

Academia Revista Latinoamericana de Administración, vol. 31 no. 2
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 7 August 2017

Ervi Liusman, Daniel Chi Wing Ho, Hiu Ching Lo and Daniel Yet Fhang Lo

The purpose of this paper is to investigate the relationship between office rents and mixed-use development in the context of agglomeration economies.

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Abstract

Purpose

The purpose of this paper is to investigate the relationship between office rents and mixed-use development in the context of agglomeration economies.

Design/methodology/approach

Using a sample of 10,209 observations in 100 Grade A office buildings in Hong Kong from January 2001 to June 2011, the authors estimated office rent regression using unbalanced panel data analysis.

Findings

The results show that rents decreased with an increase in distance from retailers and hotels. Furthermore, the results revealed that, ceteris paribus, office tenants were willing to pay higher rents in a mixed-use than in a single-use office development.

Research limitations/implications

There is an existence of agglomeration economies due to the clustering of various industries in mixed-use developments, which allow for their close proximity to potential clients.

Practical implications

The diversity of activities in a mixed-use development benefit its tenants and, thus, convince them to pay higher rents. Higher rents generated by a mixed-use facility will attract more investors to it. Investors should seek opportunities to capitalize on their equity in mixed-use developments.

Originality/value

This paper attempts to uncover a relationship between office rents and mixed-use developments by drawing on the concept of agglomeration economies.

Details

Journal of Property Investment & Finance, vol. 35 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 19 September 2024

Fatemeh (Nasim) Binesh, Sahar E-Vahdati and Ozgur Ozdemir

This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.

355

Abstract

Purpose

This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.

Design/methodology/approach

Thomson Reuters ESG database, Compustat and Center for Research in Security Prices (CRSP) were used to derive a final sample size of 1,572 firms and 11,618 firm-year observations from 2003 to 2022. Fixed-effects regression was used to analyze the data.

Findings

It was found that increasing ESG involvement leads to an increase in Z score (i.e. lower financial distress), and this impact was more profound during the COVID-19 period and also when firms' innovativeness increased. However, during the COVID-19 period, increases in capital expenditures weaken the positive effect of ESG on financial distress.

Research limitations/implications

This study contributes to the growing body of literature on the impact of ESG performance on financial distress and the nature of this relationship during times of uncertainty such as COVID-19.

Practical implications

This study offers insights to managers and practitioners when developing their corporate financial strategies, particularly financial distress management, showing the potential benefits of innovativeness and capital intensity during turbulent times similar to COVID-19.

Originality/value

Little knowledge exists on how ESG engagement helps weather financial distress during periods of uncertainty due to external shocks (e.g. COVID-19). This paper looks at the effect of ESG engagement on financial distress and how capital intensity and innovativeness could influence this relationship while giving fresh insights into the impact of COVID-19.

Details

Asia-Pacific Journal of Business Administration, vol. 17 no. 1
Type: Research Article
ISSN: 1757-4323

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Article
Publication date: 12 January 2022

Sureyya Burcu Avci and Gözde Sungu-Esen

This paper aims to investigate the association between country-level sustainability scores and cross-border bank-to-non-bank flows within countries.

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Abstract

Purpose

This paper aims to investigate the association between country-level sustainability scores and cross-border bank-to-non-bank flows within countries.

Design/methodology/approach

The authors analyze cross-border banking flows into the real sector firms of 26 developed countries from 2006 to 2017. The authors use a dynamic panel ordinary least square along with an instrumental variable and a generalized method of moments regressions to test the relationship between country-level sustainability scores and cross-border banking flows. Additionally, the authors apply Fama-MacBeth cross-sectional regression and non-parametric portfolio tests to obtain robust results.

Findings

The impact of country-level sustainability scores on cross-border banking flows is positive and significant. This finding is consistent with the signaling theory, which states that a country’s sustainability score is a signal to attract more international fund flows. Notably, the authors deduce that environmental sustainability is more important than the social and governance pillars.

Practical implications

The findings indicate that the real sector firms located in countries having higher sustainability scores can receive more international bank flows. Consequently, policymakers should focus more on country-level sustainability investments to improve the financing of resident firms.

Social implications

Policymakers should focus more on country-level sustainability investments to improve the financing of resident firms.

Originality/value

To the best of the authors’ knowledge, no existing study has investigated the signaling function of country-level sustainability scores in the cross-border banking flow conjecture. By investigating this relationship for real sector firms, this study portrays how the non-banking sector can benefit from such a policy that promotes sustainable practices at the country level.

Details

Sustainability Accounting, Management and Policy Journal, vol. 13 no. 3
Type: Research Article
ISSN: 2040-8021

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Available. Open Access. Open Access
Article
Publication date: 10 January 2025

Urbi Garay and Fredy Pulga

The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles…

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Abstract

Purpose

The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American art market as an example.

Design/methodology/approach

Eleven artistic style price indices within the Latin American art market (30,288 artworks created by 293 artists and sold at auction between 1970 and 2014) are estimated using hedonic regressions: Abstract-geometric, abstract-informal, conceptual, costumbrismo, cubism, figurative, muralism, landscape, surrealism, nineteenth century and avant-garde. We find that several variables that rely on the corresponding Latin American art movement index have a significant relationship with painting prices.

Findings

There is significant variation in the financial performance of the various price indices for Latin American art styles: the conceptual (10.33% annual real return), abstract geometric (1.97%), cubism (0.97%) and costumbrismo (0.91%) movements overperformed a market that exhibited an aggregate negative cumulated real return of 0.9% during the sample period. The average correlation between each of the styles was only 0.12. The estimated price index for paintings sold at Christie's and Sotheby's clearly outperformed the index estimated for the other auction houses, and we also found that paintings created by Latin American women artists yielded higher returns.

Practical implications

Our results have practical applications for investors, collectors, auction houses and policymakers.

Originality/value

This is the first paper to highlight the need to decompose art price indices by artistic movements at the regional level.

Details

Journal of Economics, Finance and Administrative Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2077-1886

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Article
Publication date: 6 February 2017

Marie-Louise Matthiesen and Astrid Juliane Salzmann

The purpose of this paper is to examine the relationship between corporate social responsibility (CSR) and cost of equity in an international context assessing the moderating…

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Abstract

Purpose

The purpose of this paper is to examine the relationship between corporate social responsibility (CSR) and cost of equity in an international context assessing the moderating effect of culture on the relation between CSR and the cost of equity.

Design/methodology/approach

The authors use an international sample of 42 countries, and company-level data from 2002 to 2013, to address cross-country variations in the effects of CSR on cost of equity in different cultural contexts.

Findings

The authors first substantiate previous research and show that the more a company is engaged in CSR, the lower its cost of equity. The authors then find that the relationship between CSR and cost of equity is stronger in countries with lower levels of assertiveness and higher levels of humane orientation and institutional collectivism.

Practical implications

The study advances understanding of how national culture promotes socially and environmentally responsible behavior. The implementation of CSR strategies depends on cultural norms, so companies need to be sensitive to local demands and adjust their CSR approaches accordingly.

Originality/value

The paper highlights the need to study how culture influences the relationship between CSR and cost of equity.

Details

Cross Cultural & Strategic Management, vol. 24 no. 1
Type: Research Article
ISSN: 2059-5794

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Article
Publication date: 10 December 2020

David Villaseca, Julio Navío-Marco and Ricardo Gimeno

The purpose of this paper is to understand women’s approaches to acquiring financial and other resources is essential for closing the entrepreneurship gender gap. In nearly 40% of…

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Abstract

Purpose

The purpose of this paper is to understand women’s approaches to acquiring financial and other resources is essential for closing the entrepreneurship gender gap. In nearly 40% of economies, women’s early-stage entrepreneurial activity is half or less than half of that of men’s.

Design/methodology/approach

Even when there is extensive literature on female entrepreneurs, the authors review the findings through a Coronavirus Disease 2019 (COVID-1)9 crisis lens, trying to find new perspectives and solutions. With the approach of a systematic review of 4,520 publications on financing topics related to female entrepreneurs, various sources of financing available to female entrepreneurs are considered: bootstrapping, banks, business angels, venture capital and crowdfunding.

Findings

Identifying potential gender bias both on the supply and the demand side of financing, this research highlights new directions in encouraging female entrepreneurship and gives guidelines to public organisations on how to foster advanced forms of financing for female entrepreneurs in COVID-19 times.

Social implications

The COVID-19 pandemic has posed an unprecedented challenge for economies and companies. Female entrepreneurs are the ones who have been hit harder, as they overcome pre-existing barriers, such as lack of access to finance, lack of networks and mentors and gendered priorities, among others. Without ensuring gender policies to counter these incremental negative effects, the authors face the risk of widening the gender gap.

Originality/value

Regarding previous systematic reviews of literature, this paper focusses on a specific challenge, how women entrepreneurs finance their activity, with a double vision: supply and demand of money.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 13 no. 4
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 13 February 2017

Peter Öhman and Darush Yazdanfar

This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt.

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Abstract

Purpose

This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt.

Design/methodology/approach

Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period.

Findings

The results indicate that eight explanatory variables – i.e. size, age, growth, profitability, liquidity, asset tangibility, non-debt tax shields and industry affiliation – are associated to various extents with SME debt policy.

Research limitations/implications

The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods.

Practical implications

As debt policy influences firm performance, value and survival, SME owners and managers, regulators and financial institutions may benefit from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways.

Originality/value

This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Details

Review of Accounting and Finance, vol. 16 no. 1
Type: Research Article
ISSN: 1475-7702

Keywords

Available. Open Access. Open Access
Article
Publication date: 12 June 2017

Santiago Valcacer Rodrigues, Heber José de Moura, David Ferreira Lopes Santos and Vinicius Amorim Sobreiro

This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical…

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Abstract

Purpose

This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels.

Design/methodology/approach

The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square.

Findings

The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms.

Originality/value

This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared.

Propósito

Este artículo analiza los factores determinantes de la estructura de capital de las corporaciones latinoamericanas y estadounidenses después de la crisis de 2008, para comparar los supuestos teóricos y los resultados empíricos en mercados de diferentes niveles de eficiencia.

Diseño/metodología/enfoque

La muestra del estudio comprende 1.091 empresas pertenecientes a las seis mayores economías de América Latina y Estados Unidos, entre los años 2009 y 2013. Se realizó una regresión con datos de una visión general equilibrada, que se obtuvo utilizando el criterio de cuadrado mínimo ponderado.

Hallazgos

Los resultados muestran diferencias en los factores determinantes de la estructura de capital entre empresas de América Latina y de Estados Unidos. La Teoría de la selección jerárquica se observó principalmente en las empresas latinoamericanas y la Teoría del intercambio más cercana estaba estrechamente alineada con las firmas estadounidenses.

Originalidad/valor

Esta investigación aporta nuevas contribuciones al tema, una vez que comparamos las diferencias y determinantes del perfil de la deuda en empresas de diferentes contextos económicos.

Palabras clave

Endeudamiento, Intercambio, Asimetría de información, Selección jerárquica, Regresión agrupada

Tipo de artículo

Artículo de investigación

Details

Journal of Economics, Finance and Administrative Science, vol. 22 no. 42
Type: Research Article
ISSN: 2077-1886

Keywords

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