Business and Economic Horizons最新文献_第3页

The analysis of capital structure for property-liability insurers: a quantile regression approach 财产责任保险公司资本结构的分位数回归分析

Business and Economic Horizons Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.57

J. Hung, Vincent Y. L. Chang

引用次数: 1

The influence of “offer for sale” by existing shareholders on investors’ reaction in the IPO immediate aftermarket 现有股东“要约出售”对IPO后市场投资者反应的影响

Business and Economic Horizons Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.56

Norliza Che-Yahya, Ruzita Abdul-Rahim, R. M. Rashid

{"title":"The influence of “offer for sale” by existing shareholders on investors’ reaction in the IPO immediate aftermarket","authors":"Norliza Che-Yahya, Ruzita Abdul-Rahim, R. M. Rashid","doi":"10.15208/BEH.2018.56","DOIUrl":"https://doi.org/10.15208/BEH.2018.56","url":null,"abstract":"This study investigates the influence of \"offer for sale\" by existing shareholders on investors’ reaction in the IPO immediate aftermarket. The \"offer for sale\" is measured by the proportion of shares offered to public from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO. The \"offer for sale\" activity suggests that proceed from the shares sold at an IPO would go into the pocket of the existing shareholders. That is, the proceed does not actually meet the primary goals of the IPO to raise funds for business expansion. IPO firms that go public mainly through \"offer for sale\" activity are expected to receive less demand during IPO from potential investors as the investors are less optimistic in firms which their shares are offered mostly through \"offer for sale\" activity relative to firms which their shares are newly issued. Thus, firms which their shares are offered through \"offer for sale\" activity are predicted to produce poor initial aftermarket return and trading. Using a final sample of 419 Malaysian IPOs issued from January 2000 to December 2015, regression results of this study reveal that firms which their shares are offered highly through \"offer for sale\" report poor and lower initial aftermarket return and trading volume. The results support the proposition of this study that investors are less optimistic in firms which their shares are offered mostly through \"offer for sale\" activity.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45430429","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: 13

Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian Stock Exchange 在印尼证券交易所上市的非金融企业的公司治理和股息支付率

Business and Economic Horizons Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.58

L. O. Sumail

引用次数: 14

Antecedents of burnout and its relationship to internal audit quality 职业倦怠的前因及其与内部审计质量的关系

Business and Economic Horizons Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.55

Mohannad Obeid Al Shbail, Zalailah Salleh, Mohd Nazli Mohd Nor

引用次数: 27

Budget deficit and growth: in search of ceiling for Bangladesh 预算赤字与增长：为孟加拉国寻求上限

Business and Economic Horizons Pub Date : 2018-08-14 DOI: 10.15208/BEH.2018.52

S. Abdullah, A. Azad, Salina Siddiqua

{"title":"Budget deficit and growth: in search of ceiling for Bangladesh","authors":"S. Abdullah, A. Azad, Salina Siddiqua","doi":"10.15208/BEH.2018.52","DOIUrl":"https://doi.org/10.15208/BEH.2018.52","url":null,"abstract":"The impact of fiscal deficit measured by deficit in national budget on the growth of respective economy has been a widely researched area with plenty of debatable results. Shedding light in search of the optimum level of budget deficit, the current paper tried to contribute to the field of literature on this issue which is perhaps inadequate as far as Bangladesh economy is concerned. A total of 40 years of time series data spanning form 1975 - 76 to 2014 - 15 has been employed. Identification of integration order of the variables was examined performing Augmented Dickey Fuller (ADF), Phillips - Perron (PP) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests. Establishing the existence of cointegration among variables following the Johansen’s procedure, long run cointegrating vector has been estimated depending on VECM. The threshold has been identified solving the estimated long run cointegrating relationship for a local maximum. Findings can be summarized by saying that the long run impact of budget deficit on growth would remain positive; nevertheless, there would be no short run adjustment. Depending on the model definition and the particular exogenous variable(s), the threshold budget deficit has been measured to range between 4.55 to 5.0 percent of GDP.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44888291","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

Working capital policies and value creation of listed non-financial firms in Ghana: a panel FMOLS analysis 加纳非金融上市公司营运资金政策与价值创造:面板FMOLS分析

Business and Economic Horizons Pub Date : 2018-08-14 DOI: 10.15208/BEH.2018.51

S. Frimpong

{"title":"Working capital policies and value creation of listed non-financial firms in Ghana: a panel FMOLS analysis","authors":"S. Frimpong","doi":"10.15208/BEH.2018.51","DOIUrl":"https://doi.org/10.15208/BEH.2018.51","url":null,"abstract":"The aim of the study was to determine effects aggressive/ conservative working capital policies have on the value creation. Data from 10 listed non-financial companies on the Ghana Stock Exchange spanning from 2004-2015 was used for this study. The study adopted quantitative research design applied to panel cointegration technique and panel fully modified ordinary least square methodology. The panel cointegration results indicated that there was a long-run equilibrium association between working capital variables and shareholders’ value creation. The panel FMOLS results indicated that aggressive current asset investment policies enhance market-to-book ratio in the long-run. On the other hand, conservative current asset financing policies enhance market-to-book ratio in the long-run. This study has two contributions. First, prior studies investigated the connection existing between components of working capital management and shareholder value creation without investigating the specific policies these firms are pursuing and their effect on the shareholders’ value creation. Second, this study employs a contemporary econometric methodology in analyzing the data.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45803356","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

Global financial crisis 2008 and its vulnerability in SAARC countries 2008年全球金融危机及其在南盟国家的脆弱性

Business and Economic Horizons Pub Date : 2018-08-14 DOI: 10.15208/BEH.2018.53

I. Setyawati

{"title":"Global financial crisis 2008 and its vulnerability in SAARC countries","authors":"I. Setyawati","doi":"10.15208/BEH.2018.53","DOIUrl":"https://doi.org/10.15208/BEH.2018.53","url":null,"abstract":"The key objective of the study is to analyze the impact of global financial crisis on export in countries of SAARC region. For current empirical analysis, this study used a gravity model to investigate export of final goods from SAARC countries to high income countries during the period 2003 to 2014. The independent and dependent variables were used in the natural logarithm form of dummy variables. The geographical distance between capitals of trading partners and importer’s and exporter’s GDPs are used as standard independent variables. Consequently, this study includes their dummy variables demonstrating common official language, membership in regional trading agreements and financial crisis. Therefore, to examine the impact of last crisis, model comprises dummy variable (y2007, y2008, y2009 and y2010) representing critical years of study. Moreover, this study also used random effect approach which required that at least one assumption should be fulfilled which is zero correlation of independent variables. The current study concluded that financial markets of SAARC countries remained less vulnerable to financial crisis or bad-loan crisis because of having less exposure to subprime assets and high capital to risk assets ratio. However, trade of goods and services of the SAARC countries with the developed economy resulted in negative effects on most of the SAARC countries. Moreover, the study also revealed that financial crisis had serious repercussion for the other countries of the SAARC region due to lack of appropriate response and that a timely response by countries could save the prolonged negative influence of financial crisis.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48072245","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: 1

Corruption awareness and ethical decision making in Indonesia 印度尼西亚的腐败意识和道德决策

Business and Economic Horizons Pub Date : 2018-07-19 DOI: 10.15208/BEH.2018.41

A. Ashari, M. Nanere, Philip Trebilcock

引用次数: 7

Determinants of corporate cash holding: evidence from UK listed firms 企业现金持有的决定因素：来自英国上市公司的证据

Business and Economic Horizons Pub Date : 2018-07-19 DOI: 10.15208/BEH.2018.40

Le Duc Hoang, Phi Long Tran, T. Ta, D. M. Vu

引用次数: 12

Socialization: An important factor of redenomination success in Indonesia 社会化：印尼重新提名成功的重要因素

Business and Economic Horizons Pub Date : 2018-07-19 DOI: 10.15208/BEH.2018.49

B. Prabawani, Ita Hanika Musfirowati, Eri Werdani Riandhita

{"title":"Socialization: An important factor of redenomination success in Indonesia","authors":"B. Prabawani, Ita Hanika Musfirowati, Eri Werdani Riandhita","doi":"10.15208/BEH.2018.49","DOIUrl":"https://doi.org/10.15208/BEH.2018.49","url":null,"abstract":"Redenomination discourse has become a concern, again, in line with the instructions of the Indonesian President to the Finance Minister to re-socialize the program to the society. Socialization is important given the Indonesian society is geographical, demographical, and psychographic heterogeneous. The heterogeneous society is potential to have a low understanding level of what and how redenomination would be applied, while the ignorance would trigger rush and hyperinflation. Hence, a research is needed to acknowledge the people understanding about redenomination. This is a door knocking survey which involved 600 respondents in Semarang, Kudus, and Banjarnegara as representatives of Indonesian society with diverse backgrounds. The data were processed using Cramer's V Test and Crosstab. The results show that Indonesians' understanding of redenomination is low, especially the people living far from the government centers. In addition, educational factors and occupations are the main factors that determine the level of understanding on redenomination. There is an indication that the higher the education, the higher the public understanding of redenomination. Similarly, people with the Teachers/Lecturers profession, working in the formal sector, and have managerial positions, have a better understanding of redenomination, than people who are not working or working in the informal sector.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49262409","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