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Article
Publication date: 1 April 1993

Douglas L. Fugate

Applies four market segmentation criteria to the homosexualpopulation. Determines that the homosexual community does not yetsufficiently satisfy these expectations in many product…

907

Abstract

Applies four market segmentation criteria to the homosexual population. Determines that the homosexual community does not yet sufficiently satisfy these expectations in many product markets and that it is unlikely that any marketing changes will occur in the near future. Yet suggests that marketers should consider homosexuals as part of their contingent marketing strategy.

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Journal of Consumer Marketing, vol. 10 no. 4
Type: Research Article
ISSN: 0736-3761

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Book part
Publication date: 1 January 2014

Filip Fidanoski, Kiril Simeonovski and Vesna Mateska

Many organizations around the world currently are facing board diversity issues and challenges. Hence, this empirical paper investigates the relationship between board diversity…

Abstract

Many organizations around the world currently are facing board diversity issues and challenges. Hence, this empirical paper investigates the relationship between board diversity and firm’s financial performance. We use a sample of 35 companies from five countries in Southeast Europe (Macedonia, Croatia, Serbia, Bosnia and Herzegovina, and Greece) for the period between 2008 and 2012 to find that, on average, companies with well-educated board members are more profitable and overvalued on the market. When running the regression again to test the levels of heterogeneity, we also find that the companies with more women on board tend to be overvalued on the market, while those with more foreigners on board are subject of undervaluation. The paper mostly contributes to the literature on corporate governance and board diversity. First, we postulate the impact of each of the board diversity variables on the financial performance and then show the extent of this impact and its economic interpretation. Our findings have important practitioners’ implications for corporate regulators and policy-makers since the demonstrated positive impact of the well-educated board members on firm’s financial performance gives a new impetus in building a corporate strategy that will intend to engage more people holding PhD on board.

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Corporate Governance in the US and Global Settings
Type: Book
ISBN: 978-1-78441-292-0

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Article
Publication date: 1 October 1959

P. Hersch

It is well known that the water‐line along a semi‐immersed sheet of metal enhances corrosion by providing easy access for atmospheric oxygen. Thirty years ago U. R. Evans coupled…

13

Abstract

It is well known that the water‐line along a semi‐immersed sheet of metal enhances corrosion by providing easy access for atmospheric oxygen. Thirty years ago U. R. Evans coupled iron, submerged in water or brine, with partly‐emerging strips of several metals, and found that copper promoted the rusting more than nickel, and nickel more than lead. This type of corrosion is very frequent and deserves more quantitative consideration, since it is as yet little understood. Thus a recent study of the geometrical conditions leading to corrosion, as aided by a water‐line, revealed that what is commonly regarded as the effect of the meniscus also depends on a zone of dry metal above it. The present investigation re‐examines the role of the partly‐immersed metal in conjunction with the electrolyte surrounding it.

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Anti-Corrosion Methods and Materials, vol. 6 no. 10
Type: Research Article
ISSN: 0003-5599

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Book part
Publication date: 19 June 2019

Woon Leong Lin, Murali Sambasivan, Jo Ann Ho and Siong Hook Law

Although various studies have investigated the corporate political activity (CPA), however, there is no definite report which shows its effect on the public policy outcome or the…

Abstract

Although various studies have investigated the corporate political activity (CPA), however, there is no definite report which shows its effect on the public policy outcome or the organization’s performance. Hence, the political effects of the corporate social responsibility (CSR) have garnered a lot of recent interest since the CSR included activities which have an intended or an unintended effect on the CPA–corporate financial performance (CFP) link. We use data made available by the 1995 Lobbying Disclosure Act, while the CSR indices were gathered from the Fortune Magazine’s most admired companies from 2007 to 2016. We analyzed the relationship between the organization’s CPA and CFP, with the help of the dynamic panel data system generalized method of moment (GMM) estimation. Their results showed that the CPA did not improve the firm’s performance. Moreover, CPA and CSR are substitute in affecting financial performance, because they are essentially exclusive investments that require resources but do not have synergies.

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

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Publication date: 1 November 2018

Amélie Charles, Rey Dang and Etienne Redor

Numerous empirical studies have been conducted to analyze the impact of board gender diversity (BGD) on firm performance without being able to establish a clear relationship. In…

Abstract

Numerous empirical studies have been conducted to analyze the impact of board gender diversity (BGD) on firm performance without being able to establish a clear relationship. In this paper, we reassess the relationship between BGD and firm performance by using a quantile regression approach. Our results indicate that BGD matters only across a subset of the firm performance distribution. Moreover, when the possible endogeneity of the relationship between BGD and firm performance is taken into account, there are some conditions under which a positive and significant relationship is observed for the eight lowest quantiles.

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International Corporate Governance and Regulation
Type: Book
ISBN: 978-1-78756-536-4

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Article
Publication date: 10 April 2018

Varnita Srivastava, Niladri Das and Jamini Kanta Pattanayak

The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the Companies’…

2363

Abstract

Purpose

The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the Companies’ Act, 2013 which mandated the presence of at least one woman on the corporate boards of all the listed firms.

Design/methodology/approach

Based on a panel of 300 firm-year observations for 15 years from 2001 to 2015, regression analysis has been conducted to analyze the relation between gender-related variables of corporate boards with firm-specific financial characteristic, cost of equity (COE) and return on assets (ROA) of firms listed in CNX Nifty, a major financial market index of India.

Findings

The analysis indicates that boards with gender diversity explain a slightly more than 5.5 percent change in a firm’s COE and have a much higher impact of 45 percent on a firm’s ROA. The presence of female directors on the boards and their independence have a negative association with the COE, whereas the level of involvement of female directors on different committees has a positive association with the ROA.

Practical implications

The findings may help theorists in defining the right mix of female on the corporate boards in an emerging economy. Also, by taking input from the findings, regulators and industry can formulate policies to foster gender diversity on corporate boards in India.

Originality/value

This study considers the recent regulatory norm introduced in India. This issue has still not been discussed and analyzed by researchers in India. It attempts to explain the impact a gender diverse board can make on a firm’s performance. It also makes valuable recommendations to improve the norms intended to more effectively foster gender diversity on corporate boards in India.

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Management Decision, vol. 56 no. 8
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 August 2016

Chih-Shun Hsu, Lopin Kuo and Bao-guang Chang

This study aims to examine how gender diversity within the CPA partnership team impacts the firm’s profit performance.

882

Abstract

Purpose

This study aims to examine how gender diversity within the CPA partnership team impacts the firm’s profit performance.

Design/methodology/approach

The authors use the two-stage least squares method in analyzing the gender–diversity–performance relationship using the pooled sample obtained from the National Survey Reports on Taiwan CPA firms between 1992 and 2008.

Findings

The authors observe a non-linear relationship between gender diversity at the partner level and profit performance. The relationship curves vary according to firm size. After identifying the point of inflexion for these curves, the findings indicate that the average gender diversity is below the inflexion point for large CPA firms, but exceeds the inflexion point for medium size firms.

Practical implications

According to the critical mass theory, increasing gender diversity within the partnership team can have a positive influence on the value of the firm. Hence, the authors argue that for large CPA firms in Taiwan, the proportion of female partners leaves room for improvement. If the average number of female partners could be increased by 0.95 persons, the critical mass would be attained.

Originality/value

The study provides the empirical evidence that increasing a CPA firm’s proportion of female partners positively impacts the firm’s profit performance. The findings serve a practical value as reference source for any further studies.

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Pacific Accounting Review, vol. 28 no. 3
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 11 April 2016

Chen Ming and Lim Hock Eam

The purpose of this paper is to identify the non-linear effects of the presence of women directors on the board on the financial performances of Malaysian companies which…

1128

Abstract

Purpose

The purpose of this paper is to identify the non-linear effects of the presence of women directors on the board on the financial performances of Malaysian companies which undertakes initial public offerings (IPOs). This paper also analyzes the impacts of non-executive directors and independent directors on their company performances.

Design/methodology/approach

This paper traces the effects of gender diversity on the board on the financial performance of a sample of 123 Malaysian companies from the list of 230 companies which have made IPOs and are listed during the period 2005-2012. The multiple regressions (with linear and non-linear specification) are used to estimate the effects of women directors on companies’ performance.

Findings

The results show that presence of women directors on the board do not purport to have any significant linear or non-linear impact on the financial performance of the companies under reference, except for the companies in the top 80th percentile of return on equity. Similarly, strong evidence is also found when the number of women as board members is more than 15 per cent.

Research limitations/implications

The findings of this paper suggest that presence of women directors provides a beneficial impact on the return on equity of companies in Malaysia. Therefore, it is suggested that there should be greater participation of women as board members in the country.

Originality/value

Prior studies tried to estimate linear relationship between the presence of woman directors on company performance. Present study assessed it from three different angles: the sample consists of companies in Malaysia issuing IPOs; possible non-linear relationship is also assessed; and apart from multiple regression, quantile regression technique was also used.

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Gender in Management: An International Journal, vol. 31 no. 2
Type: Research Article
ISSN: 1754-2413

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Article
Publication date: 1 November 2000

Michael Szenberg

The paper discusses several elements of the definition of sustainability and focuses on the common theme running through a number of domestic and international cases presented…

681

Abstract

The paper discusses several elements of the definition of sustainability and focuses on the common theme running through a number of domestic and international cases presented: the conflicting societal goals and the importance of the moral sense. The sustainable development paradigm can deepen our insights of how to explore problems of choice so that one can advance environmental policies that would be both equitable and efficient.

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International Journal of Social Economics, vol. 27 no. 11
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 28 August 2018

Katarzyna Byrka-Kita, Mateusz Czerwiński, Agnieszka Preś-Perepeczo and Tomasz Wiśniewski

The purpose of this paper is to analyse the market reaction to the appointments of chief executive officers (CEOs) in companies listed on the Warsaw Stock Exchange. The authors…

390

Abstract

Purpose

The purpose of this paper is to analyse the market reaction to the appointments of chief executive officers (CEOs) in companies listed on the Warsaw Stock Exchange. The authors focussed on the relationship between the characteristics of a newly appointed CEO and the shareholders’ reactions to the appointment of a CEO.

Design/methodology/approach

To measure shareholder reaction, the authors apply an event study methodology. The determinants of reaction are identified on the basis of multi-regression analysis.

Findings

The results reveal a negative market reaction to all CEO appointments, both new appointments and reappointments. Investor reaction is driven more by the financial condition of the company, the company’s market performance and the free float, than by the characteristics of a newly appointed CEO. Neither the origins and generation (age) nor the gender of a CEO influence share prices. The relationship between the educational background of a CEO and shareholders’ reactions is mixed. Furthermore, the appointment of an inexperienced CEO seems to be preferred by investors.

Research limitations/implications

The study is restricted by certain limitations related to the adopted measures, the single-market research, data gaps and the selection of variables for regression analysis. A further cross-country study including Central and Eastern Europe and/or the transition economies of the Baltic Region is recommended. The relationship between the operating performance of a firm and its internal control mechanisms could be explored.

Practical implications

The findings might influence the decisions made by company owners and supervisory boards when appointing top executives, and might contribute to a better understanding of how CEO appointments can affect shareholder value creation. The results also provide important guidelines for institutions that oversee the financial system.

Originality/value

The findings of this study are expected to the findings are expected to contribute to the literature on the empirical analysis of the shareholder wealth effect, on signalling theory, on the phenomenon of information asymmetry and on corporate governance. The study covers a full economic cycle of the capital market, including the financial crisis and financial bubbles, and it fills a gap in the research regarding emerging markets and transition economies in Europe.

Details

Baltic Journal of Management, vol. 13 no. 4
Type: Research Article
ISSN: 1746-5265

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