Search results

1 – 10 of 163
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 1 December 2002

Richard Fairchild

Considers whether financial risk management is value‐adding. Although risk management can reduce total risk, this may not affect the cost of capital or firm value…

14409

Abstract

Considers whether financial risk management is value‐adding. Although risk management can reduce total risk, this may not affect the cost of capital or firm value. Well‐diversified investors have already eliminated all of the specific risk, and risk‐management may be seen as a zero NPV activity at best, and at worst, a value‐reducing activity. However, there is a role for risk management. Reduction of total risk may reduce the expected costs of financial distress, hence increasing expected cashflows. This increases firm value. Presents a method of investment appraisal that takes account of total risk through expected financial distress costs. Such a method can result in three possible decisions relating to a new project; reject the project invest in the project; and risk‐manage; or invest in the project but do not risk‐manage. Finally, presents worked examples.

Details

Balance Sheet, vol. 10 no. 4
Type: Research Article
ISSN: 0965-7967

Keywords

Access Restricted. View access options
Article
Publication date: 1 December 2003

Richard John Fairchild

Lintner’s (1956) survey revealed that managers are concerned about dividend signalling over time, and adopt a smoothing policy. In addition to signalling, dividend policy may…

2174

Abstract

Lintner’s (1956) survey revealed that managers are concerned about dividend signalling over time, and adopt a smoothing policy. In addition to signalling, dividend policy may affect a firm’s re‐investment opportunities, particularly if it is capital constrained. In this paper, we examine the interaction between dividend smoothing/signalling and optimal re‐investment. We develop a dividend policy model that considers both an optimal level of dividends (and re‐investment) at each point in time, and optimal smoothing over time. Our model provides both theoretical insights, and provides a practical management tool for dividend policy.

Details

Managerial Finance, vol. 29 no. 11
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 20 April 2010

Richard Fairchild

Scholars have examined the importance of a firm's dividend policy through two competing paradigms: the signalling hypothesis and the free cash‐flow hypothesis. It has been argued…

10286

Abstract

Purpose

Scholars have examined the importance of a firm's dividend policy through two competing paradigms: the signalling hypothesis and the free cash‐flow hypothesis. It has been argued that our understanding of dividend policy is hindered by the lack of a model that integrates the two hypotheses. The purpose of this paper is to address this by developing a theoretical dividend model that combines the signalling and free cash‐flow motives. The objective of the analysis is to shed light on the complex relationship between dividend policy, managerial incentives and firm value.

Design/methodology/approach

In order to consider the complex nature of dividend policy, a dividend signalling game is developed, in which managers possess more information than investors about the quality of the firm (asymmetric information), and may invest in value‐reducing projects (moral hazard). Hence, the model combines signalling and free cash‐flow motives for dividends. Furthermore, managerial communication and reputation effects are incorporated into the model.

Findings

Of particular interest is the case where a firm may need to cut dividends in order to invest in a new value‐creating project, but where the firm will be punished by the market, since investors are behaviourally conditioned to believe that dividend cuts are bad news. This may result in firms refusing to cut dividends, hence passing up good projects. This paper demonstrates that managerial communication to investors about the reasons for the dividend cut, supported by managerial reputation effects, may mitigate this problem. Real world examples are provided to illustrate the complexity of dividend policy.

Originality/value

This work has been inspired by, and develops that of Fuller and Thakor, and Fuller and Blau, which considers the signalling and free cash‐flow motives for dividends. Whereas those authors consider the case where firms only have new negative net present value (NPV) projects available (so that dividend increases provide unambiguously positive signals to the market in both the signalling and free cash‐flow cases), in this paper's model, the signals may be ambiguous, since firms may need to cut dividends to take positive NPV projects. Hence, the model assists in understanding the complexity of dividend policy.

Details

Managerial Finance, vol. 36 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Available. Content available
Article
Publication date: 1 December 2002

Robert Bruce

332

Abstract

Details

Balance Sheet, vol. 10 no. 4
Type: Research Article
ISSN: 0965-7967

Access Restricted. View access options
Article
Publication date: 1 October 1980

Development and research activity was an outstanding feature of the 1980 Farnborough Display and Exhibition, both as regards existing aircraft where the results of increasing…

48

Abstract

Development and research activity was an outstanding feature of the 1980 Farnborough Display and Exhibition, both as regards existing aircraft where the results of increasing sophistication and advanced technology were evident, and also in the trends that are apparent and will be realised in the next few years. Looking further ahead, design organisations are embarked upon a course of action that will produce safer, more environmentally acceptable and more fuel‐efficient aircraft in the future.

Details

Aircraft Engineering and Aerospace Technology, vol. 52 no. 10
Type: Research Article
ISSN: 0002-2667

Access Restricted. View access options
Book part
Publication date: 11 August 2022

Yasmin Ibrahim

Black death on a loop online through the click economy brings to bear the mimetic violence associated with Blackness. The idea of consuming Black death as a repeat event…

Abstract

Black death on a loop online through the click economy brings to bear the mimetic violence associated with Blackness. The idea of consuming Black death as a repeat event highlights the visceral economy of online consumption practices in which Black death is shared and passed on as viral content. The foreshadowing of the Black body and Black death is both banalized and commodified as content for instant gratification spread via algorithms, tagging, likes and newsfeeds. The distributive popular economy online and the offering of Black death through a click economy redrafts Blackness through its historic fungibility of slavery and White oppression, and equally ‘virtuality’ in which both its hyper-visibility and invisibility assemble it through new modalities of violence whilst invoking new spaces to commune, grieve and experience collective grief for these demised bodies. Blackness is made perceptible through its liminality and denial of its corporeality such that both social death and mortal death are ascribed to it. This chapter agitates against the futility of Black death by its quest to read Black humanism online as a moment of empowerment and emancipation to reclaim Blackness and to defy its formlessness in the digital economy as the new graveyard of its spiritual resurrection.

Details

Technologies of Trauma
Type: Book
ISBN: 978-1-80262-135-8

Access Restricted. View access options
Article
Publication date: 1 December 1967

The Board of Trade have appointed Sir Richard G. K. Way, K.C.B., C.B.E., to the Board of the British Overseas Airways Corporation as a part‐time member for a period of three years…

25

Abstract

The Board of Trade have appointed Sir Richard G. K. Way, K.C.B., C.B.E., to the Board of the British Overseas Airways Corporation as a part‐time member for a period of three years from November 1, 1967. Sir Richard Way, who retired from his position as Permanent Secretary of the Ministry of Aviation in March 1966, is now the Chairman of Lansing Bagnall Ltd. and a member of the Board of Lansing Bagnall Group Ltd.

Details

Aircraft Engineering and Aerospace Technology, vol. 39 no. 12
Type: Research Article
ISSN: 0002-2667

Access Restricted. View access options
Article
Publication date: 18 September 2020

Santosh B. Rane, Shivangi Viral Thakker and Ravi Kant

Environmental sustainability has become a primary factor for organisations to compete globally. Stakeholders' involvement with necessary commitment at the right stage of supply…

1602

Abstract

Purpose

Environmental sustainability has become a primary factor for organisations to compete globally. Stakeholders' involvement with necessary commitment at the right stage of supply chain management (SCM) plays a vital role in development of green supply chain. This paper aims to explore the involvement aspect of stakeholders towards greening of the supply chain. The purpose of this paper is to identify the critical success factors for stakeholder involvement in development of green supply chain and develop use cases for managers and practitioners planning to implement recent technologies to support stakeholders' involvement.

Design/methodology/approach

After a thorough literature survey and interviews with experts from industry and academia, the factors for involvement of stakeholders for greening the supply chain were identified. A survey-based research has been used to collect primary data for effective people involvement in development of green supply chain. The decision-making trial and evaluation laboratory method is used for ranking the critical success factors. Effective implementation of success factors using merits of blockchain and internet of things (IoT) technologies are discussed. Use cases are developed for practitioners for using a blockchain IoT-integrated architecture.

Findings

The results show that criterion C21 (cooperation with buyer for green initiatives) is the most important for green supply chain, and criterion C5 (global customers) has least effect on greening the supply chain. Involving stakeholders in the green product design ensures improved efficiency of the supply chain. Merits of technologies like blockchain and IoT may be reaped successfully for incorporating critical success factors to develop green supply chain.

Research limitations/implications

The research can further be extended by developing the research model with hypothesis and conducting a survey for validation. Automobile industry use cases are considered for this research, and it may be further developed for different industry sectors like process industries, service, etc.

Practical implications

Managers can make use of these 22 critical success factors and capabilities of the blockchain IoT-integrated architecture to successfully involve stakeholders. Practitioners/managers can dramatically change SCM with respect to the response speed, accuracy of decision-making, data acquisition, data storage and data accessibility, transparency, trust-building, opportunity of participation, communication quality, freedom in payment based on blockchain IoT-integrated architecture. Preventing pollution and converting the enterprises into green and sustainable organisations have created lot of concerns worldwide. This research addresses the issue of green initiatives and the role of stakeholders in improving the green status of industry.

Originality/value

Though there is research on involving suppliers and customers in the supply chain activities, there is a significant delay in integrating human resource management in the supply chain. This research proposes integration of stakeholders using recent technologies for green supply chain. Use cases developed for the automobile industry gives path to future research in this domain.

Details

Management of Environmental Quality: An International Journal, vol. 32 no. 6
Type: Research Article
ISSN: 1477-7835

Keywords

Access Restricted. View access options
Case study
Publication date: 21 March 2022

Abhishek Kumar, Sanjay Kumar Kar, Saroj Kumar Mishra, Rohit Bansal and Sidhartha Harichandan

This case will enable students to understand the operations and business model of an international retailer. The case offers enough insights and learning on a retailer who enters…

Abstract

Learning outcomes

This case will enable students to understand the operations and business model of an international retailer. The case offers enough insights and learning on a retailer who enters a different market and collaborates with the local players to gain market access; and to understand the marketing techniques and strategies of an international retailer to capitalise on market opportunities.

Case overview/synopsis

The case is about a third largest US-based multinational Costco Wholesale corporation which is a giant retailer. The company operated at 803 locations with a revenue of $166.7bn, which makes it the third largest global retailer in 2020. The case offers comprehensive insight into Costco Wholesale’s business model, distribution strategy, marketing techniques and internationalisation. The authors further discuss that how Costco put forth its model among different range of customers and provided them with high-quality products at a comparatively lower price. The focus of the case is towards the Asian expansion of Costco. In subsequent parts, the strategies and challenges of Costco with respect to its Asian competitors have also been discussed. After generating experience in Asian markets, Costco has considered China as its next destination. The case also discusses the foreign retailers’ success, failure and retail format.

Complexity academic level

This case is designed for undergraduate and postgraduate classes of management and business administration.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 8: Marketing.

Details

Emerald Emerging Markets Case Studies, vol. 12 no. 1
Type: Case Study
ISSN: 2045-0621

Keywords

Access Restricted. View access options
Case study
Publication date: 20 January 2017

Gregory B. Fairchild and Michael Jamison

Lewis Byrd, a partner in the private equity firm Opportunity Capital Partners, is managing a number of interconnected issues. First, in his role as investment professional…

Abstract

Lewis Byrd, a partner in the private equity firm Opportunity Capital Partners, is managing a number of interconnected issues. First, in his role as investment professional responsible for the firm's investment in a doghouse manufacturing company called Dogloo, he has to manage a relationship with an entrepreneur who has behaved in a way that has made coinvestors nervous about his skills as a CEO. The CEO, Aurelio Barretto, is a Cuban immigrant who has established a close confiding relationship with Byrd, who is an African American. Barretto has increasingly relied on Byrd to run interference for him with investors, while also providing the strategic advice that typically supports an investor-entrepreneur relationship. Another issue is that there is a potentially costly lawsuit looming involving copyright infringement by a larger, well-funded competitor in the pet products market. Byrd has to manage potentially volatile relationships while determining what's best for his firm from an investment standpoint and how best to advise Barretto to proceed. The case provides insights into the challenges in private equity investing that occur after the striking of the financial deal. The case also provides information for students about the technical and legal structure of private equity financing.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

1 – 10 of 163
Per page
102050