Making law in America is not a simple task. It can be legislated by Congress, enforced by the executive, interpreted by the courts, and augmented by a massive body of rules…
Abstract
Making law in America is not a simple task. It can be legislated by Congress, enforced by the executive, interpreted by the courts, and augmented by a massive body of rules created by administrative agencies such as the Securities and Exchange Commission (SEC). The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) (Dodd-Frank was passed) with an eye to preventing future financial crises. Four years later, many details of Dodd-Frank have yet to be finalized as the SEC is still in the process of developing the regulations that the legislation required them to create. Even once the regulations are finalized by the SEC, the regulations will be challenged by various parties in the courts. The regulations will be either upheld or rejected. Those that are upheld will then face numerous challenges when applied in specific cases, while those rejected will have to be redone all over again. The process of developing these regulations is cumbersome and attracts many of the special interests that were present in the legislative phase of Dodd-Frank and who will also be present in the litigation phases of testing Dodd-Frank in the courts. This paper focuses on the requirement that investment advisors and broker-dealers be deemed as owing fiduciary duties to their clients as a case study for the entangled political economy theory. The paper shows how the development of a simple rule such as whether these fiduciary duties should be owed or not requires years of back and forth between the legislative, executive, administrative, and judicial branches.
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Afsaneh Bagheri, Amin Alinezhad and Seyed Mojtaba Sajadi
Entrepreneurship educators have recently employed various computer- and game-based teaching methods to develop students’ entrepreneurship knowledge and competencies. However, our…
Abstract
Entrepreneurship educators have recently employed various computer- and game-based teaching methods to develop students’ entrepreneurship knowledge and competencies. However, our understanding of the learning outcomes (LOs) of such methods for students and specifically gamification teaching techniques is fragmented and underdeveloped. This chapter aimed to narrow the gap by systematically analyzing the peer-reviewed empirical studies on gamification and students’ entrepreneurship LOs (ELOs).
This study employed the systematic literature review method to examine the papers on the intersection between gamification and entrepreneurship education (EE). Some of 80 papers were retrieved from Google Scholar, Web of Science and Scopus databases and 16 papers were included in the final analysis. The papers were analyzed based on the key LOs that teaching entrepreneurship using gamification have for students.
This study found limited literature on the interrelationship between gamification and students’ ELOs. The majority of these studies suggested a positive association between gamification and students’ ELOs. These ELOs were classified into four key groups including cognitive, behavioral, social/interpersonal and skill-based LOs. This analysis explored the huge gap in empirical studies on the impact of gamification on students’ ELOs.
This exploratory study is limited to the systematic review of the empirical researches published in scientific journals. Of the numerous game-based and simulation teaching methods, this systematic analysis focused on gamification and its effects on cultivating entrepreneurial knowledge and competencies in students. Future studies should include published and unpublished papers in other sources (such as books, book chapters, working papers and theses) and other types of technology-based entrepreneurship teaching methods.
Educators and computer-based game designers may use the findings of this study to improve the effectiveness of gamified EE and training programs by connecting the objectives and content of the programs to students’ ELOs and examining if the programs create the intended ELOs in students.
This chapter is one of the first attempts that examines students’ LOs of gamification in EE. This chapter contributes to the limited validated knowledge and understanding of the impact of gamification on ELOs of students.
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Oumaima Berguig and Amine El Badlaoui
The purpose of this study is to model the relationship between quality of work life factors and turnover intention for auditors in Morocco.
Abstract
Purpose
The purpose of this study is to model the relationship between quality of work life factors and turnover intention for auditors in Morocco.
Design/methodology/approach
The proposed research model gleaned from the literature is empirically tested using a structured questionnaire completed by 60 auditors working for Moroccan audit firms.
Findings
Tests results of partial least squares structural equation modelling provide evidence that “compensation and benefits” and “colleague support” have a significant negative impact on turnover intention while the “work–life balance,” “organizational prestige” and “workload pressure” are not predictive of turnover intention. Taken together, these results show that auditors are already aware of the work pressure they are under, and that adequate compensation and benefits and support from colleagues can alleviate and compensate this pressure.
Originality/value
This study adopted a non-previously tested research model, including quality of work life factors directly related to the auditing profession and their impact on turnover intention, examined in Morocco, which may provide new evidence to contemporary research conducted in developing countries with similar characteristics to the Moroccan auditing market.
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The purpose of this paper is to identify the demographic characteristics that influence the choice of retail outlet and the preferred retail outlet used by primary household…
Abstract
Purpose
The purpose of this paper is to identify the demographic characteristics that influence the choice of retail outlet and the preferred retail outlet used by primary household shoppers when purchasing roots and tubers (R&Ts).
Design/methodology/approach
The study uses a binary logit model to estimate the probability of being a traditional or modern outlet shopper for R&Ts.
Findings
The traditional retail outlet was the preferred place to purchase R&Ts. Three demographic variables, age, monthly family income and ethnicity, were statistically significant.
Research limitations/implications
The sample size might be considered small with only 232 primary household food shoppers participating.
Originality/value
To date, minimal research on the marketing of R&Ts has been undertaken in Trinidad and Tobago. As such, it is hoped that this study will stimulate others to undertake research in this area.
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Ayesha Anwar and Rasidah Mohd-Rashid
The purpose of this paper is to examine the impact of privatized initial public offerings (IPOs) on flipping activity in the Pakistan IPO market.
Abstract
Purpose
The purpose of this paper is to examine the impact of privatized initial public offerings (IPOs) on flipping activity in the Pakistan IPO market.
Design/methodology/approach
This study sampled 95 IPOs listed on the Pakistan stock exchange over the period of 2000 to 2019. The ordinary least square technique and quantile regression were used to examine the impact of privatized IPO on flipping activity.
Findings
The present study finds that privatization affects flipping activity and creates a quality signal in Pakistan’s IPO market. The findings of this study also show that privatized IPOs were subjected to high levels of flipping activity compared to non-privatized IPOs. Additionally, investors’ demand has been found to moderate the relationship between privatized IPOs and flipping activity in Pakistan’s IPO market.
Research limitations/implications
Based on the fact that the sample consists of a combination of privatized and non-privatized IPOs, the results provide valuable insight into factors that may lead to unusual trading behavior/flipping during the first day of listing.
Originality/value
Despite several studies on events (e.g. short- and long-term price performance) around IPO, there is little evidence on how privatized IPOs affect flipping activity, which is a high volume of trading immediately after listing.
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Joseph Myoka James and Ismail W. R. Taifa
This research aimed at lowering the non-volatile matter (NVM) of long oil alkyd (LOA) resin to meet the resin requirements in producing Hi-gloss paints. The research also aimed to…
Abstract
Purpose
This research aimed at lowering the non-volatile matter (NVM) of long oil alkyd (LOA) resin to meet the resin requirements in producing Hi-gloss paints. The research also aimed to assist Hi-gloss paint manufacturers who require solid resin content below 70%.
Design/methodology/approach
The research utilised both the document review and experimental methods. The experimental method, which involved the blending process, was used in lowering the NVM of LOA resin, whereby eight experiments were conducted as reputations to obtain accurate data and results. A factorial design was used in the design of the experiment (DOE), where three factors were required to be evaluated: specific gravity, viscosity and NVM and two levels were required: weight of LOA and white spirit.
Findings
The NVM of LOA resin was successfully lowered, and different shades of paint were produced for reliability testing. The quality parameters of Hi-gloss paints that used the modified LOA were all found within the company's specifications compared to those with unmodified LOA, where some parameters were either above or below the specifications. However, all samples with the NVM of LOA used below 50% were found to be poor in terms of quality during the reliability testing. So, if the company had used the modified LOA resin in the production of Hi-gloss paints, it would have potentially saved 18,925.2 kg and 9,446.4 kg, respectively, of LOA just in producing Hi-gloss black and white paints only. Moreover, the cost of 1 kg of LOA is $2.3, which is equal to Tanzanian Shillings (Tshs) 5,290. The company would have potentially saved Tshs 100.114 million Tshs and Tshs 49.97 million Tshs in producing Hi-gloss black and white paints, respectively, making a total of Tshs 150.08 million per year. This was counted as a loss during that year because they did not use LOA resin with 50% NVM in production.
Research limitations/implications
This study focused on LOA resin used in producing Hi-gloss paints. The study also did not consider other categories of alkyd resins used in producing paints and varnishes e.g. epoxy resin and short and medium oil alkyd resins.
Originality/value
This is probably the first alkyd resin improvement study conducted using white spirit as Tanzania's main agent or material. The study utilised vegetable oils such as coconut, sunflower and tobacco seeds.
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Ayesha Anwar, Rasidah Mohd-Rashid, Norliza Che Yahya and Chui Zi Ong
This study aims to examine the impact of sponsors and democratic government on the flipping activity of initial public offerings (IPOs).
Abstract
Purpose
This study aims to examine the impact of sponsors and democratic government on the flipping activity of initial public offerings (IPOs).
Design/methodology/approach
Based on the sample of 95 IPOs listed on the Pakistan Stock Exchange between January 2000 and December 2019, this study used multiple cross-sectional regression to examine the relationship between sponsors and democratic government on flipping activity.
Findings
The findings indicate a significant negative association between sponsors and the flipping activity of IPOs. Sponsor(s) signal quality by trying to share accurate information about company values. As a result, the confidence of rational investors in the company’s future prospectus increases and they hold their shares for future gains, which reduces the flipping activity. Also, democratic government, along with sponsors' participation, provides investors with liquidity immediately after listing.
Practical limitations/implications
The findings of this study have implications for investors as they may assist them make informed decisions about whether or not to invest in an IPO with high sponsor(s) ownership. In addition, issuers should consider the disclosure of sponsor information(s) as such information may directly affect the first day’s trading volumes.
Originality/value
To the best of the authors’ knowledge, this is the first research study that explores the correlation between sponsors and democratic government and flipping activity of IPO. This study is important for investors and issuers.
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Ching Yee Yeap, Benjamin Wei Wang Tan, Fei Sia Chan, Koh Wei Wong, Wee Yin Koh and Ban-Hock Khor
Protein-energy wasting is a common complication among patients with kidney failure undergoing dialysis. This study aims to develop a homemade oral nutrition supplement (ONS) to…
Abstract
Purpose
Protein-energy wasting is a common complication among patients with kidney failure undergoing dialysis. This study aims to develop a homemade oral nutrition supplement (ONS) to fulfill the energy and protein requirements of these patients.
Design/methodology/approach
Three formulations of homemade ONS were developed using soybean milk, whey protein isolates and canola oil. Two of these formulations were flavored with pineapple and honeydew juices, respectively. The energy and macronutrient contents were determined using proximate analyses, and mineral contents were determined using inductively coupled plasma optical emission spectroscopy. The acceptance of homemade ONS for five attributes, namely color, taste, odor, consistency and overall acceptability, was assessed using the nine-point hedonic scale.
Findings
The homemade ONS provided 198–212 kcal and 8.4–9.6 g protein per 100 mL, which were comparable to commercial products. Similarly, the sodium (45–65 mg/100 mL) and phosphorus (56–66 mg/100 mL) contents were on par with commercial products. However, the potassium content of homemade ONS was higher, ranging from 141 to 155 mg per 100 mL. The sensory evaluation indicated that the formulation added with honeydew juice had a similar degree of acceptance as the commercial ONS, while formulations containing pineapple juice and without added fruit juice were less favored.
Originality/value
A few studies have investigated the development of food products for individuals with kidney failure on dialysis. However, to the best of the authors’ knowledge, this is the first study to focus on developing a homemade ONS specifically tailored to meet the unique nutritional needs of hemodialysis patients. In addition, this research included a comprehensive assessment of the beverage’s nutritional content and sensory attributes.
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R.M.D.I.M. Rathnayake, P. Sridarran and M.D.T.E. Abeynayake
The total essence of apparel manufacturing buildings (AMBs) is highly influenced by fire incidents which are caused direct or indirect impacts to the present building structure or…
Abstract
Purpose
The total essence of apparel manufacturing buildings (AMBs) is highly influenced by fire incidents which are caused direct or indirect impacts to the present building structure or even in old age. Hence, the purpose of this paper is to evaluate the fire risk of AMBs in Sri Lanka.
Design/methodology/approach
A literature review was conducted to explore the local and international fire incidents in AMBs and identify 24 factors that contribute to fire risk of AMBs. A questionnaire survey with professionals who have the knowledge and experience related to past fire incidents and 18 interviews with professionals of fire safety management were carried out. Content analysis was involved to evaluate interviewees’ opinions and relative importance index was involved to rank identified factors that contribute to the fire risk of AMBs.
Findings
The results revealed that due to the business nature of AMBs hold a high risk for fire incidents. The study discovered 83.4% of high fire risk prevailing in AMBs in Sri Lanka. Faulty wiring, welding work with electrical sparks and accumulation of waste fabric, paper and other garbage recognized as the top three factors that contribute to the fire risk of AMBs in Sri Lanka. Finally, the strategies proposed to eliminate identified all 41 factors that contribute to the fire risk of AMBs in Sri Lanka.
Originality/value
The paper helps to guide facility owners regarding the fire safety of AMBs in Sri Lanka.
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Waqas Mehmood, Rasidah Mohd-Rashid, Abd Halim Ahmad and Saqib Amin
The purpose of this paper was to examine whether or not the sponsor lock-up ratio, lock-up period, regulation changes and interaction variable (oversubscription [OSR]) affected…
Abstract
Purpose
The purpose of this paper was to examine whether or not the sponsor lock-up ratio, lock-up period, regulation changes and interaction variable (oversubscription [OSR]) affected initial public offering (IPO) initial return.
Design/methodology/approach
A complete sample of 111 listed IPOs in Pakistan stock exchange from 1996 to 2018 was incorporated. Based on the cross-section data, this paper estimated using ordinary least square and quantile least square for robustness. In addition to that, this paper estimated the data using stepwise least square to inspect the signalling aspect of the lock-up ratio, lock-up period and regulation changes on IPO initial return.
Findings
This study showed that the lock-up ratio, lock-up period and regulatory changes had a positive impact on the IPO’s initial return. Furthermore, the assertion of interaction variable (regulation changes × OSR) and (lock-up period × OSR) was a negatively significant factor in influencing the IPO’s initial return. The results of this paper were robust to endogeneity bias.
Practical implications
The finding of this study proposed that sponsors of IPOs can be a strong signal of risk or quality, which was consistent with the signalling theory prediction. Concurrently, investors must be aware of the total proportions of lock-up ratio so that they can estimate the chances of getting the highest initial return on IPOs. From the regulators’ point of view, it is suggested that the lock-up ratio and the lock-up period should be determined with a deeper understanding and incorporated into the equity guidelines as it is evident that these factors are priced by the market.
Originality/value
Studies on the effect of sponsors have always been centred on well-recognized firms. Therefore, using the IPO samples listed in Pakistan, this paper contributes to the IPO literature by investigating the lock-up ratio of the sponsor, the lock-up period and the regulatory changes to the initial IPO return. Additionally, OSR has been introduced as an interaction variable among the sponsors’ lock-up period and regulations changes to explain the ongoing IPO initial return phenomenon.