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Article
Publication date: 14 November 2016

Mohamad Saad Mohamad and Ahmed Amin Mohamed

The purpose of this paper is to develop and validate the first instrument to measure the source of customers’ stigmatization of employees with hepatitis C virus (HCV) in Egypt.

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Abstract

Purpose

The purpose of this paper is to develop and validate the first instrument to measure the source of customers’ stigmatization of employees with hepatitis C virus (HCV) in Egypt.

Design/methodology/approach

The development and validation processes unfolded as follows: an item pool was generated from focus groups and previous studies on stigma; the initial instrument was evaluated by three experts and pilot-tested; the instrument was used to collect data from 500 Egyptian consumers to determine its dimensionality; to test this structure, confirmatory factor analysis was conducted on a new sample of 300 Egyptian consumers.

Findings

Exploratory factor analysis showed that the instrument captures three factors: devaluation, avoidance and pity. Results confirmed that customers’ stigmatization of employees with HCV is a multidimensional construct that is manifested in these three dimensions.

Originality/value

Despite the importance of disease stigma, management scholars have not given it sufficient attention. This paper offers new insights into the study of a particular type of workplace discrimination and ways of measuring it.

Details

Journal of Management Development, vol. 35 no. 10
Type: Research Article
ISSN: 0262-1711

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Book part
Publication date: 19 June 2019

Chosita Pestonji and Sareeya Wichitsathian

This research investigates (1) the impacts of working capital investment policy and working capital financing policy on firms’ performances (profitability and market value) and…

Abstract

This research investigates (1) the impacts of working capital investment policy and working capital financing policy on firms’ performances (profitability and market value) and (2) the impact of profitability on market value. Data are gathered from 68 companies listed in the Stock Exchange of Thailand covering production sector. Data collected from 2012 to 2016 are analyzed using path analysis to measure the impacts of working capital policy on performances and examine the consistency of the model and the empirical data.

The model is found to be consistent with the empirical data; the probability level is 0.085, χ 2/df is 2.96, CFI is 0.951, GFI is 0.979, IFI is 0.957, and RMR is 0.004. The result reveals a statistically significant positive relationship between working capital investment policy and profitability. In addition, working capital investment policy affects market value through profitability as a mediator variable. However, there are significant negative impacts of working capital financing policy on profitability and market value. Overall, it can be implied that companies which adopt conservative working capital investment policy and conservative working capital financing policy can increase their profitability and market value.

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

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Article
Publication date: 3 August 2020

Kofi Amponsah-Kwatiah and Michael Asiamah

This study examines the effect of working capital management on profitability of listed manufacturing firms in Ghana.

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Abstract

Purpose

This study examines the effect of working capital management on profitability of listed manufacturing firms in Ghana.

Design/methodology/approach

The study employs a quantitative research approach within the causal research design using a balance panel of 20 manufacturing listed firms from 2015 to 2019.

Findings

The study reveals that inventory management, account receivables, account payables, cash conversion cycle, current asset, current ratio and firm size have positive effects on return on assets (ROA) and return on return on equity(ROE) whilst leverage affects them negatively.

Research limitations/implications

The study only covers 20 manufacturing firms generally due to data unavailability. However, the outcome has useful information for manufacturing firms.

Practical implications

The study brings to light effective ways of improving the profitability of manufacturing firms through policies.

Social implications

The findings are beneficial to manufacturing firms and countries for the purpose of improving performance of firms and welfare of the people through direct and indirect chain effects of increasing investments, remunerations and scales of production.

Originality/value

This study adds insights into the existing literature on working capital management namely methodology, effects of components on profitability of manufacturing firms and socioeconomic implications- evidence from Ghana.

Details

International Journal of Productivity and Performance Management, vol. 70 no. 7
Type: Research Article
ISSN: 1741-0401

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Article
Publication date: 4 February 2019

Punam Prasad, Narayanasamy Sivasankaran, Samit Paul and Manoharan Kannadhasan

The purpose of this study is to introduce working capital efficiency multiplier (WCEM) as a direct profitability measure of working capital management. The existing accounting…

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Abstract

Purpose

The purpose of this study is to introduce working capital efficiency multiplier (WCEM) as a direct profitability measure of working capital management. The existing accounting measures in the literature establish an indirect approach to study the relationship between working capital efficiency and profitability of the firms.

Design/methodology/approach

Using the help of a set of companies from CMIE Prowess database, the study introduces WCEM as a direct profitability measure of working capital efficiency.

Findings

In this study, a new direct measure of working capital efficiency is introduced which is multiplicative in nature. WCEM is a product of three components, namely, WACC, ratio of the sum of trade receivables and inventories to trade payables and ratio of net working capital (NWC) to net sales.

Practical implications

The importance of direct measure like WCEM could be enormous in performance evaluation of a firm. It can be used as an indicator for choosing a suitable investment opportunity by an investor. This is due to the fact that the firm that is highly efficient in managing working capital is less exposed to liquidity risk. At the same time, the firm is less dependent on external financing. Therefore, such firms eventually create more value for their shareholders. Another indication that WCEM provides is to gauge the bargaining power of the firm and its competitive position in the market. Lower WCEM indicates higher bargaining power of a firm across the value chain, and its superior position relative to its competitors.

Originality/value

Most of the studies on WCM are of the empirical type and there is a complete dearth on theoretical framework. Researchers hereafter can consider WCEM as one of the financial performance variables in place of the existing measures such as return on asset (ROA), return on invested capital (ROIC), return on equity (ROE), gross operating income (GOI) and net operating income (NOI) and thereby can contribute new empirical insights through their research outcomes.

Details

Journal of Indian Business Research, vol. 11 no. 1
Type: Research Article
ISSN: 1755-4195

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Article
Publication date: 11 May 2012

Ahmed A. Mohamed, Sayed El Khouly and Mohamad Saad

The purpose of this paper is to examine the reliability and factor structure of the Arabic translation of the Emotional Intelligence Scale (EIS‐41‐A), a popular trait‐based…

558

Abstract

Purpose

The purpose of this paper is to examine the reliability and factor structure of the Arabic translation of the Emotional Intelligence Scale (EIS‐41‐A), a popular trait‐based emotional intelligence test in Arab countries.

Design/methodology/approach

A sample of 453 professionals from Egypt, Kuwait, Saudi Arabia and the UAE completed the EIS‐41‐A.

Findings

Findings show that the Arabic scale did have acceptable reliability and demonstrated the same factor structure as the original English language scale.

Research limitations/implications

Limitations of the study include the small sample size from some of the countries included.

Originality/value

This is the first paper to investigate the characteristics of an Arabic language emotional intelligence scale and opens the door to further research on emotional intelligence in the Arab world.

Details

Education, Business and Society: Contemporary Middle Eastern Issues, vol. 5 no. 1
Type: Research Article
ISSN: 1753-7983

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Article
Publication date: 31 January 2023

Mahmoud Al Homsi, Zulkarnain Muhamad Sori and Shamsher Mohamad

This study aims to examine the determinants of Sukuk credit ratings of issuing firms in Malaysia, and the rating changes from lower to higher rating and vice versa.

585

Abstract

Purpose

This study aims to examine the determinants of Sukuk credit ratings of issuing firms in Malaysia, and the rating changes from lower to higher rating and vice versa.

Design/methodology/approach

A total of 328 Sukuk issuances and 1,110 Sukuk rating announcements from 2009 to 2014 were analysed using generalized ordered logit regressions approach. Firm financial characteristics, corporate governance attributes, macroeconomic factors and Sukuk structures (debt or equity based) were among the important determinants used to explain the different Sukuk credit ratings.

Findings

The results indicate a positive association of Sukuk credit rating with issuing firm’s financial information, governance attributes and the Sukuk structure whilst the macroeconomic factors did not explain the changes in the Sukuk credit rating. Specifically, firm size, profitability and leverage characteristics had significant positive effect on Sukuk credit rating for listed firms whilst only firm’s profitability had a positive effect on Sukuk credit rating by unlisted firms. With regard to governance, the board structure which includes board size, board independence and CEO/Chairman non-duality is associated with positive Sukuk credit rating for listed firms. Only financial report audited by big four auditors is associated with positive Sukuk credit rating for unlisted firms. Equity-based Sukuk are associated with positive Sukuk credit rating for listed firms while for unlisted firms only the Ijarah Sukuk had a positive Sukuk credit rating.

Research limitations/implications

Data on credit rating is scarce and had to be hand-collected from published reports. Furthermore, issues on the lack of standardisation of Islamic contracts in different geographical areas could constrain on the comparability of findings on determinants of ratings in different jurisdictions.

Practical implications

The findings provide some guide to the rating agencies to objectively assess the issuer’s creditworthiness that could mitigate default risk. Mitigating the default risk will boost investors’ confidence and credibility of credit rating agencies.

Originality/value

This study examines the determinants of Sukuk credit rating of issuing firms in Malaysia, which include not only the listed firms but also the unlisted firms.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 8
Type: Research Article
ISSN: 1759-0817

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Available. Content available
Article
Publication date: 11 May 2012

James Pounder and Kay Gallagher

161

Abstract

Details

Education, Business and Society: Contemporary Middle Eastern Issues, vol. 5 no. 1
Type: Research Article
ISSN: 1753-7983

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Article
Publication date: 13 February 2017

Nor Nazihah Chuweni and Chris Eves

This paper aims to present a conceptual model on the efficiency of Islamic real estate investment trusts (I-REITs) available in Malaysia. The key difference between the Islamic…

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Abstract

Purpose

This paper aims to present a conceptual model on the efficiency of Islamic real estate investment trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. For instance, I-REITS must comply with the requirement of Securities Commission Act 1993 as well as the Guidelines on Islamic Real Estate Investment Trusts (Islamic REITs Guidelines).

Design/methodology/approach

The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of REITs. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian and Islamic REITs.

Findings

The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of I-REITs. The efficiency measure is important for the fund managers to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently.

Research limitations/implications

This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian real estate investment trusts (M-REITs), particularly the I-REITs, using the non-parametric approach of data envelopment analysis.

Originality/value

To date, there has been very limited research on the efficiency measurement of I-REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian and Islamic REITs.

Details

Journal of Islamic Accounting and Business Research, vol. 8 no. 1
Type: Research Article
ISSN: 1759-0817

Keywords

Available. Open Access. Open Access
Article
Publication date: 25 August 2020

Amer Morshed

The study aims to explain the relationship between accounting and finance through measuring the effect of rational working capital management on profitability.

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Abstract

Purpose

The study aims to explain the relationship between accounting and finance through measuring the effect of rational working capital management on profitability.

Design/methodology/approach

Employing the methodology of semi-structured interviews with sixteen financial managers.

Findings

The findings pointed out the relationship between accounting and finance is complementary, since it supports the accountant by the critical skills and information, like project evaluation, managing the company funding resources and working capital management. These skills put the accountant up to the financial manager stage. The working capital investment and financing policies have the most significant impact on profitability. These policies related to risk and return theory; since the conservative policy will reduce both the risk and return and the aggressive one will have the opposite impact.

Originality/value

It recommends accountants to be in professional stage and increase the profitability of the company to grab both accounting and finance information and skills.

Details

Asian Journal of Accounting Research, vol. 5 no. 2
Type: Research Article
ISSN: 2443-4175

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Article
Publication date: 11 December 2018

Mahdi Salehi, Nadia Mahdavi, Saeed Zarif Agahi Dari and Hossein Tarighi

The purpose of this paper is to investigate the relationship between access to financial resources, working capital with surplus stock returns and value of the company in Iran.

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Abstract

Purpose

The purpose of this paper is to investigate the relationship between access to financial resources, working capital with surplus stock returns and value of the company in Iran.

Design/methodology/approach

The study population consists of 728 observations and 91 firms listed on the Tehran stock exchange during an eight-year period between 2009 and 2016. The statistical model used in this study is a multivariate regression model; further, the statistical technique used to test the hypotheses is panel data.

Findings

The results saw a negative and significant linkage between changes in cash and stock’ excess returns, whereas no meaningful association between changes in working capital and stock surplus returns was seen. In other words, an Iranian rial (Iran’s currency) invested in working capital worth less on average than a rial held in cash. Furthermore, the authors realized that in an inflationary economy, firms mainly pay more dividends so as to illustrate better their financial position and also to attract more investors’ trust. The results also indicated that the final value of working capital in the companies that are faced with financial constraints is more than companies that are not faced with financial constraints. Subsequently, after the elimination of the effects of inflation on stock returns, it was found there is not any significant association between the stock’s real return and firm value.

Practical implications

This is one of the most comprehensive research works in Iran that simultaneously surveys the impacts of access to finance and working capital on firm value. This research warns corporate managers to pay more attention to the importance of keeping cash to finance and manage working capital for profitability and sustainability of their company’s operations. Surely, by understanding the relationship between cash holdings, working capital management and stock surplus return, investors will be able to make appropriate decisions about the optimal choice of funds.

Originality/value

What really will fascinate other scholars about this paper is the time period of the study because there were unprecedented sanctions against Iran market and many manufacturing industries were in financial strain. Without hesitation, the paper will make aware investors and stakeholders of this fact that cash holdings will be a good way in reducing the corporate financial problems in emerging markets, particularly those markets face financial sanctions like Iran.

Details

International Journal of Emerging Markets, vol. 14 no. 2
Type: Research Article
ISSN: 1746-8809

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