The Open Business Journal最新文献

{"title":"Determinants of Dividend Payout Ratios: Evidence from United States","authors":"Amarjit Gill, N. Biger, R. Tibrewala","doi":"10.2174/1874915101003010008","DOIUrl":"https://doi.org/10.2174/1874915101003010008","url":null,"abstract":"The paper seeks to extend Amidu and Abor (1) and Anil and Kapoor (2) findings regarding the determinants of dividend payout ratios by examining the same for the American service and manufacturing firms. We find that for the entire sample the dividend payout ratio is the function of profit margin, sales growth, debt-to-equity ratio, and tax. For firms in the Services industry the dividend payout ratio is the function of profit margin, sales growth, and debt-to-equity ratio. For manufacturing firms we find that dividend payout ratio is the function of profit margin, tax, and market-to-book ratio. We also found that the results are different when the dividend payout ratio is defined as the ratio between the cash dividend that the after-tax cash flow, not the after tax earnings of the companies.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130494243","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":"The Dynamics Towards Multiple Strategic Options: A Conceptual Approach","authors":"Marc Logman","doi":"10.2174/1874915100902010108","DOIUrl":"https://doi.org/10.2174/1874915100902010108","url":null,"abstract":"Ambidextrous strategies are strategies in which multiple strategic options are combined (for instance innovation and cost leadership). This paper shows that various companies often end up in following an ambidextrous strategy, due to a typical evolution in \"contradictions\" that characterize their strategic problem context. Often a company starts facing dichotomies in the beginning, while facing paradoxes in a later stage. Such a dynamic trajectory is illustrated, using AMD as a case study. The case study shows that an ambidextrous strategy is often not a choice, but the result of a dynamic process with no other choice left.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133882464","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":"Comparison of Performance of Korean Regional and National Banks: 1992-2004","authors":"Kang H. Park","doi":"10.2174/1874915100902010095","DOIUrl":"https://doi.org/10.2174/1874915100902010095","url":null,"abstract":"This paper compares the performance of regional banks and national banks in Korea for the period of 1992- 2004 by examining how the profitability of these two groups differs, identifying major determinants of profitability for each group, and explaining their similarities and differences. Two competing hypotheses, the market power hypothesis and the efficient structure hypothesis, are tested in an integrated model. The results obtained from the panel data indicate that economic growth, efficiency, and non-performing loans are significant variables in explaining profitability for both regional and national banks. On the other hand, the exchange rate and capital ratio affect bank profitability significantly for national banks, but not for regional banks, while the inflation rate and the net interest margin are important variables only for regional banks. Market concentration has no influence on bank profitability, and the market share is a significant variable for national banks, but it shows inconclusive results for regional banks.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"48 25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117352847","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":"Surviving Through the Global Downturn: Employee Motivation and Performance in Healthcare Industry","authors":"Abubakr Suliman, Nawal Al-Sabri","doi":"10.2174/1874915100902010086","DOIUrl":"https://doi.org/10.2174/1874915100902010086","url":null,"abstract":"This paper examines demographic variables, work motivation, job satisfaction and work performance in a government healthcare sector in the Middle East. A self administered questionnaire was developed to randomly survey 300 employees in order to examine the significance, strength and nature of the relationship between the above mentioned variables. Results revealed that some demographic variables play significant role in explaining the variance in motivation, satisfaction and performance. Both satisfaction and motivation found to play important role in predicting work performance, whereas job satisfaction found to be significantly and positively related to work motivation. Implications of the findings for both practitioners and researchers are also discussed in the paper with some recommendations for future research in the field.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130158833","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":"The Impact of Adopting an Experiential Service Learning Group Project on Teaching Effectiveness","authors":"R. Motameni","doi":"10.2174/1874915100902010069","DOIUrl":"https://doi.org/10.2174/1874915100902010069","url":null,"abstract":"It is a well-established fact that learning is facilitated when the student participates completely in the learning process and is confronted with practical problems. \"Experiential Learning\" occurs when students participate in some activity, reflect upon the activity, use their analytical skills to derive some useful insight from the experience, and then incorporate their new understanding(s) into real business situations. The incorporation of \"Service Learning\" which is using the \"Experiential Learning\" conceptual framework has become widespread in numerous colleges and universities. Nevertheless, while there has been a steady increase in the understanding of how service-learning affects students and communities, there remains a dearth of research on how using \"Service Learning\" pedagogy impacts faculty. Few studies have focused on the faculty side of \"Service Learning\". The literature review of this paper indicated a significant lack of any evidence that illustrates the impact of adopting a service learning project on a student's perception of an instructor's teaching effectiveness. The overall purpose of this article was to assess such impact. The result of this experimental study strongly suggests that inclusion of a \"Service Learning\" project in a marketing course, in addition to creating a unique and distinguishable factor in a student's mind regarding civic engagement, will positively change their perception of the instructor's teaching effectiveness too. The second conclusion is that the necessary resources including all relevant information, readings, guidelines, plans, and forms should carefully be created with easy access to them by students(e.g., via a website).","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125380345","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":"The Alignment of Interests of the “Private Sector” and the Citizens During a Transition Period in Transition Economies","authors":"James S. Ang, Elli Kraizberg","doi":"10.2174/1874915100902010064","DOIUrl":"https://doi.org/10.2174/1874915100902010064","url":null,"abstract":"The ownership of over 1600 firms in the Czechoslovak Socialist Republic has been transferred to the private sector in the early 90’s. Twelve years later, less than 5% of the firms are still public companies and it is estimated that the assets of over 90% of the firms have been stripped and sold to various operators [1-5]. When governments decided to privatize state owned enterprise and distribute shares to the citizens, it needs to solve two problems. The first is how to level the playing field for the disadvantaged citizens, who are less sophisticated and too diverse to organize against expropriation by others. The second is to obtain new financing for the privatized firms. We propose an original scheme in which the less sophisticated citizens make ‘sidecar’ investment along side the sophisticated, but with a right to redeem their shares. The scheme assures the citizens do not misallocate funds to less valuable firms, or pay more than what the sophisticated pay. It also align the interests of the citizens and the sophisticated investors such as investment funds.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"4 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123693491","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":"The Anomalous Stock Market Behavior of Big and Low Book-to-Market Equity Firms in April: New Evidence from Japan","authors":"Chikashi Tsuji","doi":"10.2174/1874915100902010054","DOIUrl":"https://doi.org/10.2174/1874915100902010054","url":null,"abstract":"This paper shows that in Japan, big and low book-to-market equity firms experience higher risk-adjusted re- turns in April. We also reveal that volatility in April is significantly lower than in other months. Furthermore, we demon- strate that several trading strategies using this April effect can produce profitable returns, even after considering transac- tion costs. Moreover, additional analysis using the trading volume of financial institutions implies that the abnormally higher returns of big firms and low book-to-market equity firms appear to be derived not from the tax-loss selling effect but mainly from the dressing-up behavior of Japanese financial institutions at the end of the fiscal year.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"39 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127666219","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":"The Determinants of Capital Structure in the Service Industry: Evidence from United States","authors":"Amarjit Gill, N. Biger, C. Pai, Smita Bhutani","doi":"10.2174/1874915100902010048","DOIUrl":"https://doi.org/10.2174/1874915100902010048","url":null,"abstract":"The paper seeks to extend Biger, Nguyen, and Hoang' (2008) findings regarding the determinants of capital structure. Empirical results show that that leverage is negatively related to the firm's profitability. This paper offers useful insights for the service industry owner/operators and managers based on empirical evidence.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"280 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122916088","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":"The Distribution and Valuation of Corporate Control","authors":"Elli Kraizberg, John L. Teall","doi":"10.2174/1874915100902010028","DOIUrl":"https://doi.org/10.2174/1874915100902010028","url":null,"abstract":"Direct empirical valuation of corporate control has been hampered by the absence of systematic observable data and verifiable equilibrium models. This paper provides a new analytical framework for valuing voting rights, linking the value of control to the distribution of shares among shareholders along with corresponding Shapley and Owen Power In- dices. The new framework presented here transforms values generated by power indices into game theory/equilibrium fi- nancial values We illustrate our model using numerical methodologies based on share prices paid by agents seeking to control firms as well as market prices paid by shareholders who simply defer control to other agents. The paper also de- rives a simple version of a demand function for corporate control in a setting similar to Jensen and Meckling (1). Using a unique data set of dual class shares, we compare empirical methodologies estimating the value of control to the analytical methodology provided in this paper. This paper structures a new analytical power-based framework intended to value control of the firm as a function of the distribution of its shares, demand function for corpo- rate control and equilibrium conditions that have not been applied in the literature. The model presented here is able to identify the value of control that is associated with shares that are traded in the market by non-control seekers. Using basic assumptions such as an initial \"balance of threat\" among various rivals who compete for control, the model generates a game theory/equilibrium solution so that values generated by power indices are transformed into equilibrium financial values. An important implication of the model is that overall corporate equity, net of the value of control, is not a simple product of prevailing share market prices and the number of outstanding shares, since even share prices that are held by non-control seekers include a control pre- mium. Prevailing market prices of shares will reflect the dis- tribution of control and the extent to which the transfer of particular shares might impact the outcome of a corporate election. Hence, the marginal value of control associated with a particular share being transferred is expected to be quite different from the average value of control reflected in the overall value of equity. Furthermore, the identities and characteristics of buyers and sellers of given shares impact the values of those shares without necessarily affecting the value of assets yielding private benefits. This paper contributes to existing models valuing private benefits based on share class price differences (e.g., Lease, McConnell and Mikkelson (2) and (3) and Levy (4)) by in- corporating the important relationship between shares distri- bution and value of corporate control. This paper has several","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"166 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116113547","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":"The Determinants of Chief Financial Officer’s Compensation in the Service Industry","authors":"Amarjit Gill, N. Biger, C. Pai, Harvinder S. Mand, Suraj P. Sharma","doi":"10.2174/1874915100902010043","DOIUrl":"https://doi.org/10.2174/1874915100902010043","url":null,"abstract":"This study examines the relationship between i) the firm size and the Chief Financial Offer's (CFO) compensa- tion and ii) the corporate performance and the CFO compensation in the service industry. Empirical results show that the CFO compensation is positively related to the firm size, net profit margin, and asset turnover. This paper offers useful in- sights for the service industry owners/operators based on empirical evidence.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134551360","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}