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

{"title":"The Impact of the Digital Transformation of Business on Corporate Governance. An Overview of Recent Studies","authors":"Ilya Ivaninskiy","doi":"10.17323/j.jcfr.2073-0438.13.3.2019.35-47","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.13.3.2019.35-47","url":null,"abstract":"This article presents a survey of recent studies on the impact of digitalisation, and particularly blockchain technology, oncorporate governance and the principal-agent conflict in companies. The principal-agent conflict has been a centerpieceof the corporate governance research for more than 40 years. However, recent technological developments, andblockchain in particular, has created new avenues for exploration.We survey the implications of blockchain for the principal-agent conflict in three parts: 1) the organisationalenvironment, and the creation of the conflict; 2) common observable instances of conflict; 3) actions necessary tomaximise the value of blockchain implementation. We limit the studied conflict to the relationship between shareholdersand management. We also limit the blockchain use cases to those currently in testing. The applications for blockchain insecurities trading and for corporate functions automation via ‘smart’ contracts are both analysed. We also evaluate theimplications for investor activism.Our results indicate that passive investor behaviour is at the core of the environment that creates conflict. One of thekey drivers of low activity is a non-transparent voting process resulting in low participation rates. Studies indicate thatblockchain can solve this issue, thus mitigating the conflict, and is an attractive proposition for board members. Themost frequent instances of conflict are related to the composition of boards of directors and compensation schemesobserved at shareholder voting. Using blockchain for settlement would eliminate ambiguity in shareholder registersand prevent such strategies as “empty voting”. Smart contracts promise automation of governance functions like audit,which also weakens conflict. Even skeptics agree that voting is a promising application for blockchain. However, thereis evidence that blockchain poses its own problems, and that smart contracts are associated with practical risks. Somecritics argue that blockchain is less efficient than conventional corporate procedures.Blockchain is among the top digital technologies that business leaders have to monitor closely. As such, this overview ofthe most up-to-date thinking on the subject is relevant for anyone interested in the future of corporate governance andthe digitalisation of business processes. This evaluation serves to highlight the current status of this innovative resource,outlining for both professionals and newcomers what exactly blockchain’s potential uses and implications are, while alsooutlining where a lack of quantitative research creates opportunities for further contributions to the research field. Thisstudy will also be instructive for those investigating blockchain implementation and the optimal characteristics of thesolution.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127779709","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":"Financial Risk and Performance of Small and Medium Enterprises in Nigeria","authors":"Amenawo I. Offiong, Chris O. Udoka, James Godwin Bassey","doi":"10.21511/imfi.16(4).2019.10","DOIUrl":"https://doi.org/10.21511/imfi.16(4).2019.10","url":null,"abstract":"Small and medium enterprises (SMEs) are imperative for the growth of a striving economy because they cater for a huge level of manpower and vast resources. Therefore, it is essential that their stability and performance should be ensured in order to promote the economic growth of Nigeria. SMEs are pronged to unsecured financial risk, which can lead to the collapse of the enterprises. Various studies have been done on the small and medium enterprises’ contribution to the Nigerian economic growth, but only few have addressed how financial risks affect it. This study aims to investigate how financial risk affects SMEs` performance. In other to achieve this exploratory research design was used and data were sourced from Central Bank of Nigeria (CBN) statistical bulletin from 1986 to 2017. The study uses autoregressive distributed lag (ARDL) techniques as the tool of analysis. It reveals a negative and insignificant relationship between financial risk and SMEs` performance in Nigeria in the long run. However, exchange rate risk, liquidity risk, interest rate risk and inflation risk have a significant, but negative impact on small and medium enterprises in the short run, as well as the long run. Financial risk adversely affects the performance of Nigerian SMEs and, therefore, should be controlled to enhance their performance.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121714291","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":"Toward an Empirical Investigation of the Pecking Order Theory: Evidence from Chinese Listed Firms","authors":"Xiao Jiang, J. Shen, Chien‐Chiang Lee","doi":"10.2139/ssrn.3497564","DOIUrl":"https://doi.org/10.2139/ssrn.3497564","url":null,"abstract":"The financing method of Chinese listed firms has been studied for a long time, but with inconclusive indications. This paper thus adopts Chinese listed firms’ data from 2003 to 2015 to investigate the pecking order theory by testing the relationship between financing deficit and long-term debt to capital ratio. The empirical analysis documents a positive relationship between financing deficit and changes in the long-term debt ratio, which indicates, to some extent, that the pecking order theory is justified in these firms. Moreover, we find that the market timing effect exudes a substantial negative impact on the pecking order theory, resulting in the listed firms having a considerable incentive to use equity financing when their market value is high. Furthermore, the dynamics of the state ownership structure of Chinese firms adheres to the pecking order theory, suggesting that state-owned enterprises (SOEs) prefer to use long-term debt financing. Finally, the ownership concentration ratio also verifies the pecking order theory, implying that controlling shareholders’ preferred financing method is long-term debt. In general, our empirical analysis shows that stock market performance has a strong impact on capital structure, SOEs have easier access to long-term debt financing, and Chinese listed firms with greater concentrated ownership structure are more prone to use long-term debt.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132398101","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":"Determinants of Labour Productivity: Comparison between Developing and Developed Countries of Asia‐Pacific","authors":"Pami Dua, Nitin Garg","doi":"10.1111/1468-0106.12294","DOIUrl":"https://doi.org/10.1111/1468-0106.12294","url":null,"abstract":"The current study investigates the trends in labour productivity of the major developing and developed economies of the Asia‐Pacific region and examines its determinants over the period 1980–2014. The study analyses capital deepening, human capital, technology, share of agriculture in GDP, financial development, institutional quality, inflation as well as macroeconomic variables as potential determinants of productivity, and identifies the differences in the impact of these factors on the productivity of developing and developed countries. Using panel cointegration and group‐mean fully modified ordinary least squares estimation, the study finds that capital deepening, human capital, technology, institutional quality and macroeconomic variables (i.e. government size and openness) are significant determinants of labour productivity of both developing and developed economies of the Asia‐Pacific region. The study further finds that while both trade openness and foreign direct investment affect productivity of developing economies positively, only trade openness has a positive and significant impact on the productivity of developed economies. The share of agriculture in GDP affects the labour productivity of developing Asia‐Pacific economies significantly but not that of developed economies. Furthermore, capital deepening has a much higher impact on the productivity of developing Asia‐Pacific economies than that of developed economies.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125544597","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":"Business Performance and Competitive Advantage: Multi Perspective Analysis of SMEsin Bali","authors":"N. W. Sukartini, A. A. A. M. Kencanawati, N. K. Lasmini","doi":"10.34218/ijm.10.6.2019.011","DOIUrl":"https://doi.org/10.34218/ijm.10.6.2019.011","url":null,"abstract":"The aims of this paper are to analyze business performance and competitiveness of SMEs in Bali from the perspective of human resource competency and market orientation. This research was conducted with 100 owners of SMEs of wood craft in Bali. The data were collected through interview, observation, questionnaire, and documentation, then analyzed using the following techniques: (1) descriptive statistic; and (2) structure equation models. The results of the analysis show that: (1) the business performance and competitiveness of SMEs are categorized as fair; (2) Human resource competency has a positive and significant effect on market orientation and business performance of SMEs; (3) business performance has a positive and significant effect on the competitiveness of SMEs; (4) market orientation has a positive and significant effect on the business performance and competitiveness of SMEs. The relevant suggestions for this study are (1) improving HR managerial skills by participating in training; (2) improving product quality by minimizing costs through innovation; (3) Empowering the government to play a role in helping SMEs to open market access.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134479143","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":"Islamic Ethics, Capital Structure and Profitability of Banks, What Makes Islamic Banks Different?","authors":"Kaouther Toumi","doi":"10.1108/imefm-05-2016-0061","DOIUrl":"https://doi.org/10.1108/imefm-05-2016-0061","url":null,"abstract":"\u0000Purpose\u0000The paper aims to investigate whether the Islamic banks (IBs) and the conventional banks (CBs) could be distinguished from one another on the basis of their capital structure, profitability and their respective determinants with using a multivariate statistical method for analysis of data.\u0000\u0000\u0000Design/methodology/approach\u0000The paper provides a comparative study based on a predictive model, the binary logistic regression, using a sample of 53 listed CBs and 45 listed IBs from the Middle East region for the period 2006-2014.\u0000\u0000\u0000Findings\u0000The binary logistic regression reveals that profitability and capital structure are good predictors that help to distinguish between the two categories of banks. Results suggest that higher are the net margin and capital ratio, higher is the probability that the bank is Islamic. For the return on assets, results show that lower is this value; higher is the likelihood that the bank is Islamic. Regarding their related determinants, the findings suggest first that banks with higher dividend payout policy, financing ratio, costs ratio and insolvency risk are more likely to be Islamic. Second, results suggest that banks with lower collaterals, size and credit risk are more likely to be Islamic.\u0000\u0000\u0000Research limitations/implications\u0000The study contributes to the growing literature on corporate finance and Islamic banking. Analyzing the capital structure and profitability of the two categories of banks is important for investors, financial analysts and regulators. Understanding the differences contributes to understand how following Islamic finance principles and being under Sharīʿah governance could impact the bank profitability and financial decision, as well as investors behavior.\u0000\u0000\u0000Originality/value\u0000The study contributes to the scare literature dedicated to the use of the multivariate statistical methods for the analysis of data to compare the financial characteristics of IBs and CBs.\u0000","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121046019","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 Macro Economic Forces on Corporate Governance Performance of Indian Companies: An Exploratory Study","authors":"Sajit Jacob","doi":"10.2139/ssrn.3491556","DOIUrl":"https://doi.org/10.2139/ssrn.3491556","url":null,"abstract":"This paper investigates the influence of macroeconomic forces on Corporate Governance (CG) performance in India. The main goal is to identify the macroeconomic factors and their nature of effects on CG through econometric analysis. As part of this investigation, statistical significance of corporate characteristics such as age, size and industry membership on CG performance index (CGPI) is examined. Joint effects and independent effects of corporate characteristics on CGPI are investigated. A list of macroeconomic variables identified from international studies are used to understand the factors influencing CGPI in different categories. Generalized Linear Model (GLM) and Ordinary Least Squares (OLS) regression are utilized in this study for econometric modeling. This study help rate the progress of economic reforms from the point of CG performance, plan further reforms and enable investors to choose the right firms. Major findings of the paper are; there exists statistically significant influence from age and size on the CG performance in every category of CGPI. OLS examination for identifying macroeconomic factors that influences CGPI reveals different sub-sets of the factors influencing different categories of CGPI. GLM analysis enables characterizing ideal high CGPI corporate as from services industry, with corporate age beyond 58 and market capitalization around INR 1430 crores with average CGPI of 66.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127867749","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":"Segmenting the Non-users of E-channels Category in Emerging Markets","authors":"A. Mahrous","doi":"10.2139/ssrn.3486160","DOIUrl":"https://doi.org/10.2139/ssrn.3486160","url":null,"abstract":"The technological communications revolution has led to disruptions in many retail markets. Many famous brands have closed their brick and mortar stores and only focus on online stores. However, this shift hasn‟t extended in some segments, cultures and countries. For example, senior customer segments tend to prefer offline channels. Also, many customers in many cultures and countries still want to try or see the products before they purchase. Therefore, the rise of show rooms has been witnessed recently. Furthermore, international marketers and scholars have always emphasized the need to study the non-users segment of e-channels to determine who can be attracted to online channels and those who are persistent offline channel users. Therefore, this working paper wants to shed the light on the need to segment non-users of online channels to identify the sub-segments within them that should be services with different marketing strategies (e.g., show rooms, online stores with augmented reality attributes, brick and mortar stores).","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127076742","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":"Singapore’s Puzzling Embrace of Shareholder Stewardship: A Successful Secret","authors":"Dan W. Puchniak, Samantha S. Tang","doi":"10.2139/ssrn.3474151","DOIUrl":"https://doi.org/10.2139/ssrn.3474151","url":null,"abstract":"In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive institutional investors into actively engaged shareholders. In the UK corporate governance context, this idea made sense. Institutional investors collectively own a sizable majority of the shares in most of the UK’s listed companies. In turn, if the UK stewardship code could incentivize them to effectively monitor management – to act as “good shareholder stewards” – the managerial short-termism and excessive risk-taking, which were identified as contributors to the GFC, could be avoided. \u0000 \u0000The UK’s idea to adopt a stewardship code sparked a global shareholder stewardship movement. Unsurprisingly, Singapore as a corporate governance leader in Asia, adopted a stewardship code. Based on a superficial textual analysis, the Singapore Code appears to be a near carbon-copy of the UK Code. However, this article, which provides the first in-depth comparative analysis of stewardship in Singapore, demonstrates how Singapore has turned the UK model of stewardship on its head. Rather than enhancing the shareholder voice of institutional investors, shareholder stewardship has been used in Singapore as a mechanism for entrenching its successful state-controlled and family-controlled system of corporate governance. This development has been entirely overlooked by prominent international observers and would be beyond the wildest imaginations of the original architects of the UK Code. Viewed through an Anglo-American lens, this use of “stewardship” may suggest that Singapore has engaged in a corporate governance sham. However, we argue the opposite: it appears to be a secret to Singapore’s continued corporate governance success and provides a much-needed Asian (as opposed to Anglo-American) model of good corporate governance for Asia.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"145 24","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120937105","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":"UNEP-FI Principles for Responsible Banking and the CBN Code of Corporate Governance: Improving on the Corporate Governance Discourse in Nigeria","authors":"Ikemefuna Stephen Nwoye","doi":"10.2139/ssrn.3471431","DOIUrl":"https://doi.org/10.2139/ssrn.3471431","url":null,"abstract":"This paper seeks to evaluate the UNEP FI Principles for Responsible Banking and the Code of Corporate Governance by identifying areas of convergence and divergence as they relate to issues of responsible banking and adherence to acceptable ethical standard and best practice; as well as benefits that Nigerian Banks can derive from adhering to the UNEP FI Principles.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133894436","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}