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Publication date: 17 January 2023

Fei Gao and Bingqiao Li

The authors examine the factors that impact the growth of exchange traded funds (ETFs) from 1990 to 2020. The authors show the first-mover and winner-takes-all effects from top…

Abstract

The authors examine the factors that impact the growth of exchange traded funds (ETFs) from 1990 to 2020. The authors show the first-mover and winner-takes-all effects from top ETF issuers. Besides the longer history and larger asset under management (AUM), the ETFs being managed by top issuers have exhibited lower risks and higher trading volume. Delisted ETFs on the contrary has a shorter history, lower AUM, higher risks, and lower trading volume. For zombie ETFs, the authors find longer history, lower risks but lower AUM and trading volume, controlled for total expense ratio, return, volatility, Amihud (2002) illiquidity, bid-ask spread, turnover ratio, as well as year, issuer, asset class and region fixed effects. The authors further study the ETFs’ AUM and trading activities over the 2008 Global Financial Crisis (GFC) and COVID-19 pandemic crisis, and find that the GFC has a significant negative impact while the COVID-19 has a positive impact on the ETFs’ popularity. The significant increase in AUM of ETF relative to common stocks during the COVID-19 is associated with retail investors’ holdings, as the authors document a significant reduction of institutional holdings at the aggregate level.

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Fintech, Pandemic, and the Financial System: Challenges and Opportunities
Type: Book
ISBN: 978-1-80262-947-7

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Article
Publication date: 1 February 1989

T.R. Gormley, G. Downey and D. O′Beirne

Food, health and consumer issues will continue to be a majorchallenge to all involved in European food production, processing andpolicy making into the next century. There is…

866

Abstract

Food, health and consumer issues will continue to be a major challenge to all involved in European food production, processing and policy making into the next century. There is still controversy among experts concerning some of the key nutrition issues of today and an increased European interdisciplinary effort is needed to resolve uncertainties in these and other areas. The merits of promoting a European consensus on dietary recommendations should be explored by the CEC. Alternatively, existing recommendations of expert groups in a number of countries could define nutrition policy in most member states. Economic and other incentives to dietary change, as well as consumer education, must be encouraged by the EEC. Agrochemicals appear to pose few risks for consumers in the EEC while food additives, food processing and storage do not give rise to toxicological or nutritional problems for the majority of consumers. However, the area of natural toxicants requires increased attention

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British Food Journal, vol. 91 no. 2
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 3 September 2018

Saumya Ranjan Dash and Mehul Raithatha

The purpose of this study is to investigate the impact of disputed tax litigation risk on firm performance and stock return behavior using a sample of Indian listed firms.

860

Abstract

Purpose

The purpose of this study is to investigate the impact of disputed tax litigation risk on firm performance and stock return behavior using a sample of Indian listed firms.

Design/methodology/approach

The authors use disputed tax liability, reported as a contingent liability by the listed firms, as a proxy for the disputed tax litigation risk. To examine the impact of disputed tax litigation risk on firm performance (measured by accounting and market-based measures), the empirical approach used in this study focusses on the panel estimation technique. A portfolio-based approach using alternative asset pricing models examines the cross-sectional return variation because of the influence of disputed tax litigation risk.

Findings

The results of this study show a negative relationship between firm performance measures and disputed tax litigation risk. Cross-sectional test results reveal that higher disputed tax litigation risk is associated with higher expected returns.

Research limitations/implications

This study focusses on disputed tax reported under the heading of contingent liability as a proxy for litigation risk. The study will help investors and portfolio managers to consider disputed tax litigation risk as an important parameter in the evaluation of firm performance. This study will also help regulators to get feedback on tax related policies and improve the dispute resolution process.

Originality/value

This study adds to the existing literature on the relationship between litigation risk and firm performance. In the context of emerging market, this study is the first-of-its-kind study, which focusses on disputed tax as a litigation risk proxy and examines its possible impact on firm performance and stock return behavior.

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Accounting Research Journal, vol. 31 no. 3
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 1 January 1989

Bruce Traill

The food industry is becoming more science‐based and consumers moreconscious of relations between diet and health. The approach of 1992will require changes in attitudes and in…

125

Abstract

The food industry is becoming more science‐based and consumers more conscious of relations between diet and health. The approach of 1992 will require changes in attitudes and in industry structures. Some of the findings of the European Community′s FAST programme are reported. How the food system will develop to the turn of the century and whether there are new Community‐level actions which might help it develop more efficiently are questions which are posed. Actions which promote consumer confidence and those which provide technological support to small agro‐food firms are suggested.

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British Food Journal, vol. 91 no. 1
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 June 1989

D.A. Booth

Health‐responsible food marketing in the deepest and technicallymost challenging sense is more than legitimate marketing (complying withthe food regulations), marketing under a…

858

Abstract

Health‐responsible food marketing in the deepest and technically most challenging sense is more than legitimate marketing (complying with the food regulations), marketing under a company policy of nutritional composition, or even health‐image marketing (seeking to meet the health concerns of some food consumers). Fully health‐responsible food marketing is taking existing commercial options or opening up new ones for the design and presentation of appealing food and beverage products which support those habitual patterns of behaviour that on current evidence are likely to promote physical health while satisfying consumers′ other desires. The concept is illustrated by the need for technological and marketing developments that would help to prevent obesity. These would, for example, on long‐standing theory and recent field evidence, support the zero‐calorie drink break and its complete differentiation from the quick and convenient light meal.

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British Food Journal, vol. 91 no. 6
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 17 February 2022

Vishnu K. Ramesh, Reshma K. Ramesh and Jithesh T.

The demand-side view of creditor rights posits a negative association between creditor rights and corporate borrowings. The purpose of this paper is as follows: first, the author…

382

Abstract

Purpose

The demand-side view of creditor rights posits a negative association between creditor rights and corporate borrowings. The purpose of this paper is as follows: first, the author examines whether the demand-side effect is more pronounced amongst firms with excess promoter shareholding. Subsequently, the authors analyze the impact of high promoter holdings on investment decisions owing to bankruptcy reforms.

Design/methodology/approach

To answer the above questions, the authors exploit the passage of the Insolvency and Bankruptcy Code (IBC) (2016) that strengthens the creditor rights of lenders, which impacts the borrowings and financing activities of Indian corporates. Using a panel of listed Indian firms over the period of 2012–2019, the authors analyze how the IBC affects firms’ borrowings and financing decisions with excess promoter holdings.

Findings

The authors find that bankruptcy reforms led to a statistically significant decline in the use of borrowed funds (primarily secured and long-term debt) by firms with high concentrated holdings. The analysis also indicates that firms with excess promoter ownership face an increased cost of debt due to bankruptcy reforms. As a result, firms with excess promoter holdings curtail their investments. Overall, the results indicate that India’s bankruptcy reforms significantly affect the firms’ financing and investment decisions with highly concentrated ownership.

Originality/value

While past research has explored the relationship between bankruptcy reforms and demand for/supply of debt, the authors provide novel empirical evidence on the role of promoter holdings that affects the relationship between bankruptcy law and financing and investment decisions. To the best of the author’s knowledge, this study is the first to investigate the role of ownership structure in the context of bankruptcy reforms by using a quasi-natural experiment.

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Indian Growth and Development Review, vol. 15 no. 1
Type: Research Article
ISSN: 1753-8254

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Article
Publication date: 6 July 2018

Y.P. Tsang, K.L. Choy, C.H. Wu, G.T.S. Ho, Cathy H.Y. Lam and P.S. Koo

Since the handling of environmentally sensitive products requires close monitoring under prescribed conditions throughout the supply chain, it is essential to manage specific…

5992

Abstract

Purpose

Since the handling of environmentally sensitive products requires close monitoring under prescribed conditions throughout the supply chain, it is essential to manage specific supply chain risks, i.e. maintaining good environmental conditions, and ensuring occupational safety in the cold environment. The purpose of this paper is to propose an Internet of Things (IoT)-based risk monitoring system (IoTRMS) for controlling product quality and occupational safety risks in cold chains. Real-time product monitoring and risk assessment in personal occupational safety can be then effectively established throughout the entire cold chain.

Design/methodology/approach

In the design of IoTRMS, there are three major components for risk monitoring in cold chains, namely: wireless sensor network; cloud database services; and fuzzy logic approach. The wireless sensor network is deployed to collect ambient environmental conditions automatically, and the collected information is then managed and applied to a product quality degradation model in the cloud database. The fuzzy logic approach is applied in evaluating the cold-associated occupational safety risk of the different cold chain parties considering specific personal health status. To examine the performance of the proposed system, a cold chain service provider is selected for conducting a comparative analysis before and after applying the IoTRMS.

Findings

The real-time environmental monitoring ensures that the products handled within the desired conditions, namely temperature, humidity and lighting intensity so that any violation of the handling requirements is visible among all cold chain parties. In addition, for cold warehouses and rooms in different cold chain facilities, the personal occupational safety risk assessment is established by considering the surrounding environment and the operators’ personal health status. The frequency of occupational safety risks occurring, including cold-related accidents and injuries, can be greatly reduced. In addition, worker satisfaction and operational efficiency are improved. Therefore, it provides a solid foundation for assessing and identifying product quality and occupational safety risks in cold chain activities.

Originality/value

The cold chain is developed for managing environmentally sensitive products in the right conditions. Most studies found that the risks in cold chain are related to the fluctuation of environmental conditions, resulting in poor product quality and negative influences on consumer health. In addition, there is a lack of occupational safety risk consideration for those who work in cold environments. Therefore, this paper proposes IoTRMS to contribute the area of risk monitoring by means of the IoT application and artificial intelligence techniques. The risk assessment and identification can be effectively established, resulting in secure product quality and appropriate occupational safety management.

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Industrial Management & Data Systems, vol. 118 no. 7
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 1 February 1993

Michael C.F. Cook

During the 1980s, mushroom production developed as the mostimportant sector of the Northern Ireland horticultural industry.Describes a strategic programme by which Northern…

94

Abstract

During the 1980s, mushroom production developed as the most important sector of the Northern Ireland horticultural industry. Describes a strategic programme by which Northern Ireland can maintain its existing share of the Great Britain market for fresh mushrooms in the face of increasing competition from other import sources. Identifies and considers adjustment to supply timing, widening the areas of distribution and expanding market demand. Describes improvements in product quality and presentation as integral facets of the programme.

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British Food Journal, vol. 95 no. 2
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 February 1988

Verner Wheelock

Food‐borne disease caused by bacteria is acknowledged to be very widespread in Africa, Asia and Latin America but even in advanced areas of the world this is now giving rise to…

153

Abstract

Food‐borne disease caused by bacteria is acknowledged to be very widespread in Africa, Asia and Latin America but even in advanced areas of the world this is now giving rise to acute concern. The most common causes of this are examined here with special reference to England and Wales, the extreme seriousness of the problem is underlined and various precautionary measures at both producer and consumer levels are recommended for its alleviation.

Details

British Food Journal, vol. 90 no. 2
Type: Research Article
ISSN: 0007-070X

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Available. Open Access. Open Access
Article
Publication date: 29 September 2022

Kumiko Nemoto

Building on the institutional theory perspective on corporate governance change and based on interviews with investor relations (IR) managers in large Japanese companies, this…

3744

Abstract

Purpose

Building on the institutional theory perspective on corporate governance change and based on interviews with investor relations (IR) managers in large Japanese companies, this study aims to examine Japanese IR managers’ perceptions of the influence of foreign shareholders on Japan’s corporate governance reform and stakeholder-based system. The paper examines tensions, conflicts and collaborations among different stakeholders involved in corporate governance changes in Japan, especially in the areas of firm ownership, employment relations and boards of directors. The paper explains why convergence does not happen in some large Japanese companies by investigating Japanese managers’ responses to and perceptions of foreign shareholders in multiple corporate contexts.

Design/methodology/approach

The author conducted in-depth interviews with ten IR managers at large, listed Japanese companies in Kyoto and Tokyo and two managers at foreign investment banks in Tokyo, between 2018 and 2021.

Findings

This paper explores five themes that emerged from my interviews: Chief executive officers’ (CEOs’) mixed perceptions of foreign investors, the effectiveness of CEO compensation and outside directors, managers’ reluctance to accept stock price-driven business strategies, foreign investors’ engagement vs investments in index funds and gender patterns, including the effectiveness of token female outside directors. The Japanese companies the author looked at incorporated foreign shareholders as consultants and adopted a few major shareholder-based customs, such as CEOs communicating with investors, having outside directors, increasing CEO compensation and slimming down unprofitable parts of the business via restructuring and downsizing. Simultaneously, they resisted a few major shareholder-based practices. Foreign shareholders’ pressure revealed tensions and contradictions between the Japanese stakeholder system and shareholder primacy-based customs.

Originality/value

This paper is one of the few qualitative studies that explores Japanese IR managers’ responses to and perceptions of foreign shareholders in corporate governance reform, with a particular focus on ownership, employment relations and board members. This paper provides examples of tension, conflict and cooperation between Japanese managers and foreign investors, as seen through the eyes of Japanese IR managers. Examining changes in Japan’s stakeholder-based system of corporate governance reform enables us to better understand the processes by which, with vigorous pressure from government and foreign shareholders, a non-western country like Japan may adopt shareholder-based customs and how such a change may also lead to institutional changes.

Details

Corporate Governance: The International Journal of Business in Society, vol. 23 no. 3
Type: Research Article
ISSN: 1472-0701

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