Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal最新文献

{"title":"Do Environmental Regulations Do More Harm Than Good? Evidence from Competition and Innovation","authors":"Rui Dai, Rui Duan, Lilian Ng","doi":"10.2139/ssrn.3746138","DOIUrl":"https://doi.org/10.2139/ssrn.3746138","url":null,"abstract":"This study examines whether and how competition affects corporate strategic responses to stringent environmental policies. Using the nonattainment status of U.S. counties as a source of exogenous variation in environmental regulation, we find that competition fosters green innovation as firms respond to stricter regulatory policy. Additional analyses using a subsample of firms in counties whose pollutant concentrations are marginally above or below EPA standards for regional air quality and exploiting exogenous variations in product market competition further reinforce our baseline evidence. The results suggest that the cost of relocation is a critical mechanism that compels firms to innovate when responding to tightened environmental policies and heightened competitive pressure. Regulation-induced green innovation helps competitive firms better achieve product differentiation and attract more corporate customers than their less competitive peers. Finally, competitive firms' strategic responses to stringent environmental regulations result in improved market share growth, markup, profit margin, and abnormal return.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132618075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Showing off Cleaner Hands: Mandatory Climate-Related Disclosure by Financial Institutions and the Financing of Fossil Energy","authors":"JEAN‐STÉPHANE Mésonnier, Benoît Nguyen","doi":"10.2139/ssrn.3733781","DOIUrl":"https://doi.org/10.2139/ssrn.3733781","url":null,"abstract":"We investigate the real effects of mandatory climate-related disclosure by financial institutions on the funding of carbon-intensive industries. Our impact metric is the amount invested into securities, bonds and stocks, issued by fossil fuel companies. A French law, which came into force in January 2016 in the aftermath of the Paris Agreement on climate change, provides us with a quasi-natural experiment. The new regulation, unique in Europe at that time, requires institutional investors (i.e., insurers, pension funds and asset management firms), but not banks, to report annually on both their climate-related exposure and climate change mitigation policy. Using a unique dataset of security-level portfolio holdings by each institutional sector in each euro area country, we compare the portfolio choices of French institutional investors with those of French banks and all financial institutions located in other EA countries. We find that investors subject to the new disclosure requirements curtailed their financing of fossil energy companies by some 40% compared to investors in the control group.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124074211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effects of Inflation Accounting on Organizational Decisions and Financial Performance in South African Retail Stores","authors":"Odunayo Magret Olarewaju, Mzwandile Mbambo, Brian Ngiba","doi":"10.21511/ppm.18(4).2020.08","DOIUrl":"https://doi.org/10.21511/ppm.18(4).2020.08","url":null,"abstract":"The inflation accounting technique allows a business to show or have a sensible picture of their gains due to present cost coordinates with present revenues. Thus, the effects of inflation accounting on organizational decisions and financial performance of Kwa-Zulu Natal retail stores were evaluated in this study. The study used a quantitative research method. A total of 161 completed questionnaires were received from respondents in the selected 20 listed stores in Kwa-Zulu Natal. Thus, the Exploratory Factor Analysis and linear regressions were employed in this study. The empirical study reveals how inflation accounting significantly impacts organizational decisions and financial performance of the retail business with such coefficients (F (1, 159) = 49.269, p < .0005; F (1, 159) = 28.959, p < .0005). The findings of this study highlighted positive relationships between the variables that were used. Thus, the study recommends that retail stores always consider inflation changes and apply inflation accounting techniques to make adjustments to produce more accurate results in their financial statements. Heated discussions now surround the basis of financial performance measurement via historical cost accounting. This influences their decision making and financial performance positively.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130551927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evaluación de metodologías de planeación estratégica en pymes del sector confección: estudio de caso (Evaluation of Strategic Planning Methodologies at SMEs in the Clothing Sector: A Case Study)","authors":"Edwin Octavio Ciro-Gallo","doi":"10.22430/24223182.1634","DOIUrl":"https://doi.org/10.22430/24223182.1634","url":null,"abstract":"<b>Spanish Abstract:</b> en el marco de la complejidad que presentan las pymes en su contexto actual, la evaluación de metodologías de planeación estratégica se ha convertido en una herramienta efectiva en la búsqueda de soluciones estratégicas que le permitan ser más rentables y competitivas. Bajo esta perspectiva, este artículo propone la evaluación de una metodología de planeación en una pyme del sector confección en Antioquia. El desarrollo metodológico se ejecutó en 3 fases: diagnóstico inicial, diagnóstico de variables micro - macroeconómicas y marco misional y estratégico. La información se obtuvo mediante entrevistas semiestructuradas a empleados y directivos, y a la observación directa. Los resultados indicaron que la gestión en la planeación no es la más adecuada y radica en el desconocimiento de un modelo eficiente y el poco interés directivo. Además, la evaluación mostró que la herramienta es viable cuando la empresa construye el proceso de planeación. Se detectó que, de acuerdo al constante cambio que presentan las pymes, es preciso la realización de investigaciones de tipo longitudinal que permitan diseñar metodologías que se adapten a su estructura actual. Los modelos de planeación que estén enmarcados a su contexto real, consolidan en mayor nivel la estructuración administrativa y la generación de ventajas competitivas. La herramienta está en función del análisis de factores internos y externos.<br><br><b>English Abstract:</b> In the complexity of SMEs in their current context, evaluating strategic planning methodologies has been an effective tool to find strategic solutions that enable them to be more profitable and competitive. Therefore, this article evaluates a strategic planning methodology at an SME in the clothing sector in Antioquia, Colombia. Such evaluation was implemented in 3 stages: initial diagnosis, diagnosis of micro and macroeconomic variables, and mission and strategic framework. Semi-structured interviews with employees and managers as well as direct observation were used to collect information. The results indicate that their management of strategic planning is not the most adequate due to a lack of knowledge about an efficient model and managers’ little interest. Additionally, the evaluation showed that the tool can be implemented when the company defines its strategic planning. As a result of the constant changes SMEs undergo, cross-sectional studies should be conducted to design methodologies that can be adapted to their current structure. Planning models framed in their real context more greatly consolidate managerial structures and generate more competitive advantages. The tool is defined by internal and external factors.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"483 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120880709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Are Company Size, Financial Performance and Corporate Governance Related to Directors' Remuneration?","authors":"Norziana Lokman, Fattiadriati Mohd Tareh","doi":"10.5430/rwe.v11n6p12","DOIUrl":"https://doi.org/10.5430/rwe.v11n6p12","url":null,"abstract":"This study examined the relationship between the company-specific characteristics, namely, company size, company performance, and company leverage and the corporate governance attributes of a company which includes CEO duality and remuneration committee independence as the predictor factors that determine directors’ remuneration. A sample of 260 public listed companies on Bursa Malaysia was selected using stratified random sampling for the financial reporting of 2018. All data concerning the company characteristics and corporate governance attributes were obtained from the annual reports of the companies, which can be accessed from the Bursa Malaysia website. Pearson correlation and multi-regression analysis were used to analyse the data to determine the relationship of the predictor variables with director remuneration. On the one hand, the results of the study showed that directors’ remuneration is positively and significantly related to the size of the company. On the other hand, the financial performance of a company is positively but weakly related to directors remuneration. The remaining predictors have no relationship with directors’ remuneration. The finding suggested that the key determinant factor of directors’ remuneration is company size whereas company performance may have a small impact. Lastly, company compliance with the recommendation of the Malaysian Code on Corporate Governance did not guarantee the effectiveness of the monitoring function of the remuneration committee in ensuring that directors’ remuneration is commensurate with company performance. The result of the study provides additional evidence and support that company size and financial performance are linked to director remuneration. Also the finding of the study reconfirmed prior study that board leadership structure (CEO duality) and remuneration committee independent have no impact on directors’ remuneration.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129827947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Are Corporate Governance Mechanisms, Corporate Strategy and Corporate Financial Characteristics Related to Earnings Management?","authors":"GATR Journals Submitter, Clarissa Tonay, Paulina Sutrisno","doi":"10.35609/jfbr.2020.5.2(2)","DOIUrl":"https://doi.org/10.35609/jfbr.2020.5.2(2)","url":null,"abstract":"This study aims to examine the mechanism of corporate governance and several factors of corporate financial characteristics towards earnings management. Corporate governance mechanisms such as an independent board, board size, and audit committee size are expected to be able to limit management actions in carrying out earnings management. While the company's financial characteristics such as corporate strategy, company age, operating cash flow, company growth, profitability, company size and leverage are predicted to affect the earnings management. In previous studies, testing of corporate governance mechanisms and corporate financial characteristics of earnings management has been carried out, but there are still inconsistencies or debates from the results of previous studies so this study reexamined the existence of corporate governance mechanisms and corporate financial characteristics of earnings management in non-financial companies in Indonesia in period 2016-2018. The research problem in this study is whether corporate governance mechanisms such as independent board, board size, audit committee size and company financial characteristics such as corporate strategy, company age, operational cash flow, company growth, profitability, company size and leverage affect earnings management?\u0000\u0000\u0000Keywords: earnings management, corporate strategy, audit committee size, company age, operating cash flows","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131825701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ownership Structure and Earnings Management: Empirical Evidence from Listed Pharmaceuticals and Chemical Firms of Bangladesh","authors":"Dewan Azmal Hossain","doi":"10.2139/ssrn.3742211","DOIUrl":"https://doi.org/10.2139/ssrn.3742211","url":null,"abstract":"Objective – This study aims to examine the relationship between ownership structure (determined by institutional and foreign ownership) and earnings management in the context of Bangladeshi Pharmaceuticals and Chemical firms.\u0000Methodology/Technique – Out of 32 listed firms, this study examined 29 firms from the pharmaceuticals and chemical industry of Bangladesh from 2014 to 2018. Three firms are omitted as they got listed in 2018 and 2019 respectively. This study uses discretionary working capital accrual to measure earnings management that is the dependent variable. Ordinary least square regression analysis is conducted to assess the result of this study. Institutional and foreign ownership are independent variables. ROA, size, cash flow from operation, and leverage are control variables.\u0000Findings – It is found that institutional ownership is negatively related to earnings management and foreign ownership is positively related to earnings management but none of them are statistically significant indicating institutional and foreign ownership do not help in resolving or reducing the earnings management problems in the context of Bangladeshi pharmaceuticals and chemical firms.\u0000Novelty – Previous studies in Bangladesh deal only with the techniques of earnings management. To my knowledge, it is the first study that tries to assess the relationship of ownership structure defined by institutional and foreign shareholdings with earnings management in the context of Bangladeshi pharmaceuticals and chemical firms. These two ownership patterns are selected because they are supposed to increase the quality of financial information and also because in Bangladesh state and general shareholders are too dispersed to monitor the governance issues. The practical implications of this study is that investors should not consider institutional and foreign ownership percentage as a determining factor of good governance when considering investment decisions rather should look for other firm-specific factors as institutional and foreign shareholders are found to be inactive in increasing the quality of financial information in the context of Bangladesh. Policymakers should identify why institutional and foreign shareholders are not active and should revise the governance mechanisms accordingly.\u0000Type of Paper: Empirical\u0000Keywords: Ownership structure; Institutional Shareholdings; Foreign Shareholdings; Earnings Management; Bangladesh.\u0000Reference to this paper should be made as follows: Hossain, D.A. 2020. Ownership Structure and earnings management: Empirical evidence from listed pharmaceuticals and chemical firms of Bangladesh, J. Fin. Bank. Review, 5 (2): 58 – 69 https://doi.org/10.35609/jfbr.2020.5.2(3)\u0000JEL Classification: G40; G41; G49.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121966927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, IMO State, Nigeria","authors":"K. Ugwu, H. Osisioma, Leonard Onwuzuligbo, Nnaji-Ihedinmah, N. C","doi":"10.2139/ssrn.3709117","DOIUrl":"https://doi.org/10.2139/ssrn.3709117","url":null,"abstract":"This study examined the influence of change management on firm performance of deposit money banks in Owerri, Imo State. Descriptive survey design and the questionnaire were used in data collection. The total population comprised of 124 staff of Fidelity Bank, Access Bank, Eco-Bank and United Bank for Africa Plc. Out of 124 copies of the questionnaire administered to the participants, 116 were responded and used for the analysis, while, the remaining 6 were not returned and utilized. The research hypothesis was tested and analyzed using simple regression method to generate the result. The null hypothesis was rejected at 5 % level of significance. The study found that change management variable (leadership change) exerts a significant positive influence on firm performance (competitiveness) of banks in Owerri, Nigeria. The study recommends the followings; organizational leaders are advised to train their members in form of; coaching, counselling of other psychological support to encourage members to enforce change in the workplace. Again, managers are encouraged to communicate to all stakeholders effectively during corporate restructuring or redesigning of business process to enable them to see the necessity of change.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122457924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Working Conditions and Factory Survival: Evidence from Better Factories Cambodia","authors":"Raymond Robertson, Drusilla K. Brown, Rajeev Dehejia","doi":"10.1111/RODE.12719","DOIUrl":"https://doi.org/10.1111/RODE.12719","url":null,"abstract":"A large and growing literature has identified several conditions, including exporting, that contribute to plant survival. A prevailing sentiment suggests that anti-sweatshop activity against plants in developing countries adds the risk of making survival more difficult by imposing external constraints that may interfere with optimizing behavior. Using a relatively new plant-level panel dataset from Cambodia, this paper applies survival analysis to estimate the relationship between changes in working conditions and plant closure. The results find little, if any, evidence that improving working conditions increases the probability of closure. In fact, some evidence suggests that improvements in standards relating to compensation are positively correlated with the probability of plant survival.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129124192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regulating Principles of Disclosure of Information to Shareholders under G20/ОECD Principles","authors":"A. Shashkova","doi":"10.2139/ssrn.3504757","DOIUrl":"https://doi.org/10.2139/ssrn.3504757","url":null,"abstract":"The present research analyses Principles of Corporate Governance G20 OECD in the context of disclosure of information to the specified group of stakeholders – shareholders of a corporation. The analysis of court practice and both positive and negative examples of disclosure of information to shareholders is provided.<br><br>The core part of the research is dedicated to the problem of interaction between majority shareholder &amp; minority shareholders or the corporation itself while getting the information with application of British legislation to the matter, systems of “hard” and “soft” law. The author resumes on the necessity of practical application and control of particular recommendations of the Principles of Corporate Governance G20/OECD, i.e. cumulative voting for the board of directors. <br>","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131098773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}