ERN: Firms Temporal Investment & Financing Behavior (Topic)最新文献_第4页

A Literature Review of Financial Contracting Theory from the Islamic and Conventional Overviews: Contributions, Gaps, and Perspectives 伊斯兰和传统金融契约理论综述:贡献、差距和观点

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-07-02 DOI: 10.4197/islec.32-2.2

Hechem Ajmi, H. Abdulaziz, Salina Kassim, Walid Mansour

{"title":"A Literature Review of Financial Contracting Theory from the Islamic and Conventional Overviews: Contributions, Gaps, and Perspectives","authors":"Hechem Ajmi, H. Abdulaziz, Salina Kassim, Walid Mansour","doi":"10.4197/islec.32-2.2","DOIUrl":"https://doi.org/10.4197/islec.32-2.2","url":null,"abstract":"This paper discusses the financial contracting theory from the conventional\u0000and Islamic perspectives. It provides an overview of the contributions in this field and\u0000discusses the gaps in the literature. In addition, it proposes two relevant approaches\u0000namely the financial contracting enforceability approach and the adverse selection\u0000analysis in order to deal with conflicts of interest among economic agents. The first\u0000approach is meant to assess the contract that maximizes the value of the firm subject to\u0000the enforcement constraint for the agent and the participation constraint for the\u0000principal. The second approach considers an adverse selection framework in order to\u0000determine the principal’s subjective perception of the risk of default when equity and\u0000debt financings are used. Similarly, it suggests avenues for future research. Firstly, it\u0000calls for a deeper understanding of venture capital as a potential model of mushārakah.\u0000Secondly, it puts stress on the importance of examining crowd-funding functioning\u0000from the principal-agent point of view. Thirdly, it sheds some light on the necessity to\u0000yield financial explanation about the excessive use of murābaḥah instead of ijārah. In a\u0000nutshell, we assume that the alternative approaches can be adopted to provide relevant\u0000insights regarding the proposed future researches.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116644618","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}

引用次数: 4

Leases and Over-investment 租赁和过度投资

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-06-06 DOI: 10.2139/ssrn.3400090

Tim V. Eaton, Craig Nichols, James M. Wahlen, Matthew M. Wieland

{"title":"Leases and Over-investment","authors":"Tim V. Eaton, Craig Nichols, James M. Wahlen, Matthew M. Wieland","doi":"10.2139/ssrn.3400090","DOIUrl":"https://doi.org/10.2139/ssrn.3400090","url":null,"abstract":"What factors enhance investment efficiency in leased assets, and what incentives give rise to over-investments? If firms over-invest in leases, what economic consequences arise? We develop a model of expected investment in leased assets, and use the residuals from the model as proxies for inefficient investments. We find that, in contrast to investments in capital expenditures, leasing appears to be a mechanism for over-investment even among firms with high reporting quality and negative free cash flows. Examining economic consequences, we predict and find that over-investments in leased assets trigger increasing future sales growth but declining future earnings growth for as long as three years ahead. We also find a negative relation with contemporaneous stock returns, suggesting investors view over-investments in leases as value destructive. Finally, despite negative earnings and returns consequences, we find that over-investments in leases are associated with higher CEO compensation driven primarily by future sales growth. Our results should inform investors, board members, and researchers interested in investment efficiency, corporate governance, and leases.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130459307","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}

引用次数: 3

Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions 短期投资者、长期投资和公司价值:来自罗素2000指数的证据

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-05-14 DOI: 10.2139/SSRN.2720248

M. Cremers, Ankur Pareek, Z. Sautner

引用次数: 77

Equity Financing Risk 股权融资风险

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-01-30 DOI: 10.2139/ssrn.3089792

M. Medhat, Berardino Palazzo

引用次数: 0

Revisiting Bowman’s Paradox in Accounting Risk and Return: New Indian Evidence 重新审视鲍曼会计风险与收益悖论:新的印度证据

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-01-13 DOI: 10.2139/ssrn.3314850

R. DasGupta, Soumya Guha Deb

{"title":"Revisiting Bowman’s Paradox in Accounting Risk and Return: New Indian Evidence","authors":"R. DasGupta, Soumya Guha Deb","doi":"10.2139/ssrn.3314850","DOIUrl":"https://doi.org/10.2139/ssrn.3314850","url":null,"abstract":"This study revisits the Bowman’s (1980, 1984) risk-return Paradox using accounting risk and return proxies, for 1004 Indian firms, existing continuously between 2000 to 2015. We find strong evidence of a ‘partial’ paradox. Firms which are poorly performing or below-median in the ranking exhibit a paradox (negative risk-return association), while firms which are relatively superior performers (above-median), exhibit mostly a puzzling ‘U’ pattern (initially negative and then becoming positive). It seems that the relatively poor performing firms within the above-median group, are driven by high ‘aspirations’ to move up the pecking order, having required to face stronger challenges and competition, resort to desperate but risky measures without much success, resulting in a negative risk-return association. The relatively superior performers within this group however, are successful in leveraging their current superior position and adopt risky but successful strategies. These overall patterns seem to be robust and stand good across full sample, across sub-samples based on age, size, leverage or time even after adjustment for industry and the firm’s own past performance.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126859360","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}

引用次数: 2

Inhibiting Factors Towards Rural Access to Credit Among Small and Medium Enterprises: An Empirical Perspective 制约农村中小企业信贷的因素:一个实证视角

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2019-01-10 DOI: 10.2139/ssrn.3313520

I. Ondabu

{"title":"Inhibiting Factors Towards Rural Access to Credit Among Small and Medium Enterprises: An Empirical Perspective","authors":"I. Ondabu","doi":"10.2139/ssrn.3313520","DOIUrl":"https://doi.org/10.2139/ssrn.3313520","url":null,"abstract":"This study has discussed the key inhibiting factors towards rural access to credit among small and medium enterprises. This study relied on secondary data which was reviewed and summarized using the desktop approach. Initially, the study identified 58 journal articles which however after conducting a tentative scrutiny, 32 journals were selected using random sampling method and whose discussion and scrutiny gave rise to this research article. Many SMEs were found to experience many challenges ranging from low innovative power, inadequate management training and experience, inability to adapt to technological changes, inadequate education and skills, poor infrastructure, poor communication to lack of credit facilities. The study has established that the age of the small and medium enterprise, size of the small and medium enterprise, location of the small and medium enterprise; collateral and the quality of audited financial statements form the main factors inhibiting rural access to credit among small and medium enterprises. The study recommends that that SMEs embrace preparation of quality audited financial statements to act as evidence of their history and ability to repay debt capital as it is usually the requirement of the credit institutions to avail the same. The study also recommends to policy makers on the need to waive the tough and punitive credit requirements such as age of the SME, SME size, SME location and collateral with a bid of increasing more credit access to rural SMEs.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114635468","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}

引用次数: 0

The Expected Investment Growth Premium 预期投资增长溢价

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-12-17 DOI: 10.2139/ssrn.3195406

Jun Li, Huijun Wang, Jianfeng Yu

引用次数: 3

Corporate Pyramids, Geographical Distance, and Investment Efficiency of Chinese State-Owned Enterprises 企业金字塔、地理距离与中国国有企业投资效率

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-10-15 DOI: 10.2139/ssrn.3122712

Wei Opie, G. Tian, H. Zhang

{"title":"Corporate Pyramids, Geographical Distance, and Investment Efficiency of Chinese State-Owned Enterprises","authors":"Wei Opie, G. Tian, H. Zhang","doi":"10.2139/ssrn.3122712","DOIUrl":"https://doi.org/10.2139/ssrn.3122712","url":null,"abstract":"Abstract We investigate how the state's intervention in the investment decisions of Chinese local SOEs is affected by corporate control distance in the form of pyramidal layers and the geographical distance between the SOEs and their government controllers. Although both the corporate control distance and the geographical distance affect the state's costs of acquiring information about the SOEs, the former is created intentionally by the state to delegate decision rights, and the latter is largely exogenous. We find that local SOEs’ investment efficiency is positively associated with the extensiveness of pyramids but negatively related to the geographical distance. The positive impact of pyramid-building on investment efficiency remains strong even when information costs captured by the geographical distance are low. However, the two distance measures lose their impact on investment efficiency when local governments reclaim control through a vertical interlock of chairman. Our results indicate that the credibility of the government's intention to delegate decision rights is vital to the SOEs’ efficiency when government intervention is the norm in China.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124054024","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}

引用次数: 40

Construed Shared Expectations: Facilitating Access to Early-Stage Equity Financing Across Structural Holes 解读共同预期:促进跨越结构性漏洞的早期股权融资

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-08-30 DOI: 10.2139/ssrn.3241552

Carlos. Martinez

{"title":"Construed Shared Expectations: Facilitating Access to Early-Stage Equity Financing Across Structural Holes","authors":"Carlos. Martinez","doi":"10.2139/ssrn.3241552","DOIUrl":"https://doi.org/10.2139/ssrn.3241552","url":null,"abstract":"This paper aims to understand access to early-stage equity financing in environments with structural holes among social classes, a common characteristic in developing countries. Previous studies have overlooked the effects of the inequalities between vertical structures on access to entrepreneurial equity financing; therefore, they fail to explain how entrepreneurs from the low and middle classes develop trust and connections with business angels, who are generally wealthy individuals. The grounded theory method was used to analyze 33 semi-structured interviews with Central American actors related to entrepreneurial financing. Based on the grounded evidence and the social capital dimensions framework, the study proposes a model explaining how the institutional work carried out by investors, businesspersons, and other actors improved access to entrepreneurial financing in developing countries by enabling two social capital mechanisms. The contribution to social capital theory is twofold. Firstly, the paper illuminates the causal relationship between the cognitive and relational social capital dimensions by explaining how trust ties are generated between actors from disconnected networks. Secondly, the paper extends the bridging brokerage mechanism: It explains the role of the broker not only as an information gatekeeper between two disconnected networks but as a promoter of the strong ties between the members of such networks. The study has practical implications for organizations interested in promoting high-growth entrepreneurship in developing countries.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132843092","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}

引用次数: 0

Timely Loan Loss Recognition in the Banking System and Firms’ Debt Structure 银行系统及时确认贷款损失与企业债务结构

ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-08-30 DOI: 10.2139/ssrn.3059342

Xiao Li, Jeffrey Ng, W. Saffar

引用次数: 1