Diffusion Patterns in Small vs Large Capital Markets – the Case of Value-Based Management

IF 7.6 0 MANAGEMENT

Management Revue Pub Date : 2023-01-01 DOI:10.5771/0935-9915-2023-1-1

R. Lueg, Raluca Elena Paraschiv

引用次数: 1

Abstract

We empirically study the diffusion of value-based management (VBM) in small capital markets. Specifically, we analyse the factors that influence VBM adoption in Danish-listed firms. Based on a hand-collected data set covering 665 firm years from 2002 to 2010, we find that the same factors influence the diffusion of VBM in both large and small capital markets. Specifically, we find that large firms with a higher percentage of institutional ownership and with a CEO whose education is business-related are more likely to adopt VBM. Additionally, the control variables reveal a significant positive correlation between VBM adoption and leverage, capital intensity, liquidity, and the characteristics of top executives. Furthermore, we find that manufacturing and utility firms are more likely to adopt VBM than service or trade firms. Contrary to the mainstream opinion, we contribute to the literature that findings from large capital markets appear to be transferable to firms in small capital markets.

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小型与大型资本市场的扩散模式——以价值为基础的管理为例

本文对价值管理在小资本市场中的扩散进行了实证研究。具体来说，我们分析了影响丹麦上市公司采用价值管理的因素。基于2002 - 2010年的665个企业年的数据，我们发现影响企业价值管理在大型和小型资本市场扩散的因素是相同的。具体来说，我们发现机构所有权比例较高的大公司，以及CEO的教育背景与业务相关的大公司更有可能采用VBM。此外，控制变量显示VBM采用与杠杆、资本强度、流动性和高管特征之间存在显著的正相关关系。此外，我们发现制造业和公用事业公司比服务或贸易公司更有可能采用VBM。与主流观点相反，我们在文献中提出，大型资本市场的发现似乎可以转移到小型资本市场的公司。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Management Revue MANAGEMENT-

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： Management Revue - Socio-Economic Studies is an interdisciplinary European journal that undergoes peer review. It publishes qualitative and quantitative work, along with purely theoretical papers, contributing to the study of management, organization, and industrial relations. The journal welcomes contributions from various disciplines, including business and public administration, organizational behavior, economics, sociology, and psychology. Regular features include reviews of books relevant to management and organization studies. Special issues provide a unique perspective on specific research fields. Organized by selected guest editors, each special issue includes at least two overview articles from leaders in the field, along with at least three new empirical papers and up to ten book reviews related to the topic. The journal aims to offer in-depth insights into selected research topics, presenting potentially controversial perspectives, new theoretical insights, valuable empirical analysis, and brief reviews of key publications. Its objective is to establish Management Revue - Socio-Economic Studies as a top-quality symposium journal for the international academic community.