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Does ownership structure reduce earnings manipulation practice of Egyptian listed firms? Evidence from a dynamic panel threshold model
Springer Science and Business Media LLC - Tập 9 - Trang 1-18 - 2023
This paper analyzes the nonlinear relationship between corporate ownership structure and income manipulation through accrual-based earnings management in the Egyptian context. To do so, we develop a sample of 78 listed non-financial firms, covering the period 2008–2017. Using the dynamic panel threshold analysis approach (Seo and Shin in J Econom 195: 169–186, 2016), we found a nonlinear relationship between ownership structure and earnings manipulations. This proves the presence of an optimal ownership structure threshold below which the ownership structure generates an entrenchment effect on earnings management. However, above this threshold, the ownership structure has an alignment effect. Certainly, these results confirm the theoretical predictions in relation to managerial ownership, governmental ownership, and earnings management (agency, political and development theories, respectively). These results yield important policy implications. It is recommended to set an optimal threshold of ownership structure to control the firm`s managers. This is likely to avoid earnings management.
Is idiosyncratic risk ignored in asset pricing: Sri Lankan evidence?Abstract
Springer Science and Business Media LLC - Tập 5 Số 1 - 2019
The present study focused on one of the important South Asian nations—Sri Lanka—to examine the role of idiosyncratic volatility in asset prices. A four-factor model with idiosyncratic volatility was designed for capturing the market, size, value and idiosyncratic risk yields better than Fama and French’s (J Financ Econ 33:3–56, 1993) three-factor model and performance of the model. Fama–MacBeth’s cross-sectional regression, residual graphs and GRS test all confirm the superiority of four-factor model over 2 three-factor models. For all MC- and IVOL-based portfolios, idiosyncratic volatility is negatively related to the expected returns and positively related for all PB-based portfolios. Finally, study findings confirm that there is a high importance for idiosyncratic volatility risk factor while considering investment decision in Colombo stock exchange. Hence, investor should compensate for holding such risk factors in the portfolio.
Effects of employee engagement on organizational performance: case of public universities in Ethiopia
Springer Science and Business Media LLC - - 2024
The objective of this research is to examine the impact of Employee Engagement on Organizational Performance within Public Universities in Ethiopia. It aims to explore the relationship between employee engagement and the overall performance of these institutions, specifically focusing on public universities. By providing significant insights and recommendations, this research will contribute towards the development of strategies that can enhance employee engagement and improve the overall performance of Ethiopian public universities. The study utilized both quantitative and qualitative approaches, employing descriptive and explanatory research designs. To gather data, three Ethiopian universities were selected based on their establishment date, and a random selection technique was used to include 365 personnel in the sample. Descriptive statistical tools like mean and standard deviation were employed, while structural equation models were utilized for confirmatory factor analysis and path analysis. The study's findings indicate that vigor, dedication, and absorption all have a significant and favorable impact on organizational performance in higher education. The study findings also indicate that the performance of study institutions differs based on the extent of employee involvement. This research introduces a fresh perspective of the relationship between employee engagement and organizational performance by concentrating specifically on the context of public universities in Ethiopia. This sheds light on the distinctive dynamics and obstacles encountered by these institutions. Furthermore, the study adds to the current body of knowledge by exploring the relationship between employee engagement and organizational performance, offering valuable insights and suggestions to enhance performance in the setting of Ethiopian public universities.
Do financing institutions consider operating performance in estimating cost of debt?
Springer Science and Business Media LLC - Tập 9 - Trang 1-11 - 2023
This paper examines the relationship between firm performance and cost of debt. More specifically this paper empirically shows that fund providers charge lower cost on debt for highly performing companies compared to lower performing companies. We argue that the profitable companies are more resilient, and they have more survivable capacity which impacts on the pricing of the cost of debt. In contrast, lower performing companies are more prone to financial distress or may have higher chances of non-repayment of loans thereby fund providers charge higher interest to compensate the risks. Consistently, analyzing 547 firm year observations for the period of 2015–2019 we find that the cost of debt is significantly lower for the highly performing companies compared to the lower performing companies. The negative relation between the cost of debt and firm performance is highly pronounced in smaller companies compared to bigger companies. It suggests that fund providers create opportunities for smaller companies thereby results in balanced growth in the economy. Our results are robust to a set of alternative measures of firm performance. This study has several policy implications and contributions to the literature of the cost of debt in developing economies.
Moderating effect of vertical integration on the relationship between sustainability and performance: evidence from oil and gas energy sectorAbstract
Springer Science and Business Media LLC - Tập 9 Số 1
This research study aims to examine the impact of sustainability on firm performance and analyze how vertical integration moderates the connection between performance and sustainability in the oil and gas sector. We analyzed a sample dataset of oil and gas companies from the top ten oil-producing countries spanned over ten years (2011–2020). The pool-fixed regression technique confirms that sustainability and its three components, i.e., social, environmental, and governance, are negatively related to performance. However, vertical integration moderated the connection between sustainability and performance in the case of the oil and gas sector. We have identified firm size, age, and return share price positively related to firm performance in the oil and gas industry. At the same time, the debt ratio negatively impacts the firm’s performance. The findings are significant for the management of oil and gas firms and the policymakers and regulatory authorities of oil-producing and exporting countries.
Strategic management accounting and performance implications: a literature review and research agenda
Springer Science and Business Media LLC - Tập 7 - Trang 1-17 - 2021
The important role that management accounting plays in driving organisational performance has been reiterated in the literature. In line with that importance, the call for more effort to enhance knowledge on strategic management accounting has increased over the years. Responding to that call, this study utilised a qualitative approach that involved a systematic review to synthesise existing literature towards understanding the strategic management accounting foundation, contingency factors, and organisational performance impact. Based on the evidence in reviewed literature, we flag key directions for advancing this theoretical premise towards providing further insights that would enable practitioners strategically align their strategic management accounting practices for optimal organisational performance. The limitations of this study have been acknowledged.
The influence of intellectual capital on organizational performance
Springer Science and Business Media LLC - Tập 9 - Trang 1-14 - 2023
Intellectual capital is by far the most important factor in enhancing organizational performance. Companies require skilled workers who have the know-how, skills, experience, as well as the ability to bring new ideas for the success of the business. The contemporary economy is a knowledge-based economy, which means that information, knowledge, and other intangible assets are considered to be more valuable than physical commodities. The present research is aimed at investigating the connection between intellectual capital and organizational performance among the business sectors of Turkiye. The current research uses the current dataset of the business sectors of Turkey from 2009 to 2021. The Autoregressive Distributive Lag technique, which provides robust results on short-time period dataset, is employed to investigate this association. The present research differs from past studies in that it uses secondary data in analyzing the effect of human capital component of IC on firm performance, hence the originality of this research. Past research has widely examined the association of intellectual capital (IC) and firm performance with primary data. The major results of the present research show the importance of debt and equity finance in raising organizational performance. The results also show that long-term liability and intellectual capital reduce firm profitability. The present research gives crucial policy recommendations that are vital for policy making.
Firm culture and management accounting practices among manufacturing firms in Nigeria
Springer Science and Business Media LLC - Tập 6 - Trang 1-17 - 2020
This study sought to find out the effects of firm culture on management accounting practices (MAPs). The study used a structured questionnaire to collect data from 220 randomly selected manufacturing firms out of 514 firms and used logistic regression for analysis. This study examined seven dimensions of firm cultures, including innovation/risk orientation culture, people orientation culture, outcome orientation culture, aggressive culture, stability culture, team-based culture, and attention to details culture. The study established that team-based, attention to details, and stability cultures have a significant influence on the choice of management accounting practices. In contrast, the considerable influence of other cultural dimensions lacks statistical support. The study concludes that attention to details culture and team-based culture are barriers to modern management accounting practices, and cautions should be exercised by managers in using these cultures. Therefore, this study recommends that manufacturing firms in Nigeria should be cautious of their culture and its implication on MAPs. In a more specific term, they should practice cultures that will allow them to choose modern MAPs and take advantage of the benefits attached.
Machine learning predictivity applied to consumer creditworthiness
Springer Science and Business Media LLC - Tập 6 - Trang 1-14 - 2020
Credit risk evaluation has a relevant role to financial institutions, since lending may result in real and immediate losses. In particular, default prediction is one of the most challenging activities for managing credit risk. This study analyzes the adequacy of borrower’s classification models using a Brazilian bank’s loan database, and exploring machine learning techniques. We develop Support Vector Machine, Decision Trees, Bagging, AdaBoost and Random Forest models, and compare their predictive accuracy with a benchmark based on a Logistic Regression model. Comparisons are analyzed based on usual classification performance metrics. Our results show that Random Forest and Adaboost perform better when compared to other models. Moreover, Support Vector Machine models show poor performance using both linear and nonlinear kernels. Our findings suggest that there are value creating opportunities for banks to improve default prediction models by exploring machine learning techniques.
New Deterministic Solution to a chance constrained linear programming model with Weibull Random Coefficients
Springer Science and Business Media LLC - Tập 4 - Trang 109-120 - 2018
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