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Article
Publication date: 1 January 2004

James C. Brau, David A. Carter, Stephen E. Christophe and Kimberly G. Key

Initial public offering (IPO) lockup agreements prevent insider sale of shares for specified periods of time (often 180 days). This study investigates share price reactions at and…

1394

Abstract

Initial public offering (IPO) lockup agreements prevent insider sale of shares for specified periods of time (often 180 days). This study investigates share price reactions at and around the time the lockup agreements expire. Results indicate statistically significant negative abnormal returns in the event window surrounding the expiration date. The results are consistent with informational asymmetries and decreasing incentive alignment between insiders and general shareholders. In addition, multivariate analysis identifies several variables that help explain these abnormal returns.

Details

Managerial Finance, vol. 30 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 8 May 2017

Mickael Terrien, Nicolas Scelles, Stephen Morrow, Lionel Maltese and Christophe Durand

The purpose of this paper is twofold. First, to highlight the heterogeneity of the organizational aims within the professional football teams in Ligue 1. Second, to understand why…

1199

Abstract

Purpose

The purpose of this paper is twofold. First, to highlight the heterogeneity of the organizational aims within the professional football teams in Ligue 1. Second, to understand why some teams swing from a win orientation towards a soft budget constraint from year to year, and vice versa.

Design/methodology/approach

Financial data from annual reports for the period 2005/2015 was collected for the 35 Ligue 1 clubs. To define the degree of compliance with the intended strategy for those clubs, an efficiency analysis was conducted thanks to the data envelopment analysis method. This measure of performance was supplemented with the identification of productivity and demand shocks to identify whether clubs suffered from such shock or changed their strategy. It enables to precise the nature of the evolution in the utility function, with regards to the gap between expectation and actual performance.

Findings

The paper suggests that a team can switch from one orientation to another from year to year due to the uncertain nature of the sports industry. The club director’s utility function could also be maximized under inter temporal budget function in order to adjust the weight between win and profit according to the opportunities in the environment.

Originality/value

The paper sheds new light on the win/profit maximization. The theoretical model provides an assessment of the weight between win and profit in Ligue 1 and then identifies a new explanation for persistent losses in the sports industry.

Details

Sport, Business and Management: An International Journal, vol. 7 no. 2
Type: Research Article
ISSN: 2042-678X

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

101393

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 19 November 2006

Mahmud Hossain, Barry R. Marks and Santanu Mitra

The ownership structure of a corporation can alleviate the agency problem that arises between shareholders and managers of a corporation, which implies that the ownership…

355

Abstract

The ownership structure of a corporation can alleviate the agency problem that arises between shareholders and managers of a corporation, which implies that the ownership composition of a firm may infl uence the level of voluntary disclosure. This study investigates whether the ownership structure of U. S. based multinational corporations affects the managerial decision to voluntarily disclose quarterly foreign segment data. The empirical results show that the three ownership variables of interest, institutional stock ownership, managerial stock ownership and outside blockholder stock ownership are inversely related to the level of voluntary disclosure of quarterly foreign segment data. Therefore, it is inferred that an increase in the proportion of outstanding common stock held by these ownership groups is accompanied by a decrease in the probability that a U.S. multinational firm voluntarily discloses quarterly foreign segment data.

Details

Multinational Business Review, vol. 14 no. 3
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 29 April 2008

Stephen K. Callaway

The aim of this paper is to investigate how e‐commerce may influence international and product diversification.

1740

Abstract

Purpose

The aim of this paper is to investigate how e‐commerce may influence international and product diversification.

Design/methodology/approach

The current study elaborates the importance of resource‐based and resource dependence theory to illustrate how internal and external resources may enable firms to diversify. Prior studies on resource‐based theory, resource dependence theory, international diversification, product diversification, and IT capabilities have been presented to show gaps in the literature and identify avenues for future research.

Findings

This paper has established a theoretical perspective on the importance of external resources or infrastructure, as well as firm‐specific capabilities, on encouraging product and international diversification. A model has been developed and propositions given.

Research limitations/implications

Future studies on this topic will need to empirically test the model given in this paper, in order to manage all of the interconnected variables and mediators developed in this study.

Practical implications

Utilization of the internet may provide a means for firms to offer “one‐stop shopping” for customers, and may even encourage firms to diversify internationally. Furthermore, important firm‐specific IT capabilities of financial services firms may be extended geographically and by product line, and combined with utilization of the internet, may improve firm performance.

Originality/value

This study compares and contrasts the role of internal and external resources, and assesses whether they will demonstrate a greater effect upon international or product diversification.

Details

International Journal of Commerce and Management, vol. 18 no. 1
Type: Research Article
ISSN: 1056-9219

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Book part
Publication date: 1 January 2006

James L. Oakle, Dawn Iacobucci and Adam Duhachek

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1305-9

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Article
Publication date: 11 November 2010

Rolf Mirus and Bernard Yeung

We examine the mode of international expansion as an equilibrium governance contract between home country and host country factor owner. The focus is on agency costs, a form of…

664

Abstract

We examine the mode of international expansion as an equilibrium governance contract between home country and host country factor owner. The focus is on agency costs, a form of transactions costs. Two phenomena are shown to be related to the agency costs imposed by factor owners: (i) the choice of different modes of international expansion by one firm in different locations, and (ii) the simultaneous occurrence of several forms of foreign involvement in the same location. We attempt to characterize the dynamic relationship between the mode of an offshore operation and changes in factor market conditions that affect agency costs.

Details

Multinational Business Review, vol. 18 no. 4
Type: Research Article
ISSN: 1525-383X

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Book part
Publication date: 1 February 2007

Dwight R. Merunka and Robert A. Peterson

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

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Article
Publication date: 28 June 2021

Ludovic Cassely, Sami Ben Larbi, Christophe Revelli and Alain Lacroux

This study aims to compare the different effects of the 2008 economic crisis on companies’ corporate social performance (CSP) in coordinated market economies (CMEs) and liberal…

939

Abstract

Purpose

This study aims to compare the different effects of the 2008 economic crisis on companies’ corporate social performance (CSP) in coordinated market economies (CMEs) and liberal market economies (LMEs).

Design/methodology/approach

This paper mobilizes a pluralistic theoretical framework that borrows from neo-institutional and corporate governance theories to compare the impacts of the 2008 economic crisis on long-term CSP in an international context. Based on the longitudinal database of Vigeo Eiris (2004–2015), the panel was decomposed between two models of capitalism (LME and CME). For each model, this paper conducted a series of regressions, taking into account the longitudinal nature of the data using estimates based on generalized estimating equations (Liang and Zeger, 1986).

Findings

The paper shows that the economic crisis prompted companies operating in LMEs and CMEs to reorient their corporate social responsibility (CSR) practices in quite different ways during the four-year period that the crisis lasted, as well as the succeeding four-year post-crisis period. While CSR was perceived in LMEs as a threat during the crisis period because of the additional costs it generated, it offered CME companies a way of redefining how they relate to the rest of society, with their goal becoming the creation of greater shared value.

Research limitations/implications

The results are dependent from the data, and specifically from the Vigeo Eiris database. It would be interesting to extrapol this kind of research with the use of other CSP/environmental, social and governance (ESG) databases as Morgan Stanley Capital International, Sustainalytics or RepRisk, to compare and conclude more globally on tendencies. Another limitation relates to the binary nature of Hall and Soskice’s (2001) typology, with its neo-institutionalist inspiration, that puts Continental European and social-democratic models of capitalism on the same plane.

Practical implications

This study teaches managers, analysts and policymakers that CSR can be a powerful strategic lever capable of remedying the harmful effects that economic crises have in both LMEs and CMEs, notwithstanding the cultural, socio-economic and political differences between these models of capitalism. Economic and social crises must help companies to rethink and revisit their business models and CSR practices to subsequently implement sustainability strategies more in sync with the values forced upon them by the economic systems to which they belonged but also by all their stakeholders.

Social implications

From a managerial standpoint, this study allows practitioners to consider CSR as an opportunity to rethink their strategy and business models in a period of crisis, and no more a threat that could reduce the economic performance in increasing the costs, and thus, the cost of financing.

Originality/value

After reading the literature on the topic, this paper clearly thinks about the high degree of contribution of the paper, as the topic is not so developed and that the study implies several contributions. First, from a theoretical level, the study differs from previous research studies insofar as it compares the impacts of the economic crisis on companies’ CSP in CMEs and LMEs using a theoretical framework that operationalizes both contractual and neo-institutional theories. Second, from a methodological standpoint, the approach using an ESG data provider known worldwide (Vigeo Eiris) has not been down yet. Third, on a managerial level, the present study teaches managers, analysts and policymakers that CSR can be a powerful strategic lever capable of remedying the harmful effects that economic crises have in both LMEs and CMEs, notwithstanding the cultural, socio-economic and political differences between these models of capitalism.

Details

Sustainability Accounting, Management and Policy Journal, vol. 12 no. 5
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 3 November 2021

Reuben Segara and Jin Young Yang

This study investigates the valuation motive for increasing share repurchases: the authors analyze the trading dynamics between short sellers, institutional investors and the firm…

200

Abstract

Purpose

This study investigates the valuation motive for increasing share repurchases: the authors analyze the trading dynamics between short sellers, institutional investors and the firm itself around share repurchases.

Design/methodology/approach

The authors examine the valuation motive for share repurchases through an analysis of firm, institutional and short sellers’ trading behavior. The firm-level panel regression models using firm-quarter observations in the sample period are estimated.

Findings

The authors find that firms repurchase more intensely against increased short selling and that institutional investors trade in parallel with the repurchasing firm.

Originality/value

Results suggest that firms disagree with short sellers’ intrinsic valuation of the firm, which is consistent with findings of recent studies such as Muzere (2019) and Bargeron and Bonaimé (2020).

Details

Managerial Finance, vol. 48 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

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