bluuebunny/crossref_metadata_2025_split huggingface dataset:
Corporate governance and the social performance: investigation on Tunisian financial institutions
Authors: Nekaa Nejia , Boudabbous Sami 
Published: October 2018

PurposeThe purpose of this study is to show the specificities of the corporate governance of Tunisian financial institutions and the impact of the internal mechanisms of corporate governance of these institutions on their social performance. It is therefore interesting to establish the existing relationship between these mechanisms of corporate governance and the performance of a financial firm.Design/methodology/approachThis study aims to study the financial sector, generally characterized by its opacity, its regulation, its evolution and its obscurity. Therefore, a study based on the questionnaire method was recommended. The questionnaire is intended for managers. Therefore, the authors interviewed 138 managers of Tunisian financial institutions dispersed between agencies and headquarters in different regions (Gabes, Tozeur, Gafsa, Sfax, Sousse and Tunisia).FindingsAs a result, an impact on performance was observed according to the empirical study. Therefore, the authors can conclude an essential role of internal mechanisms for improving the social performance of a financial institution. The empirical findings in this paper lead to important conclusions. Indeed, the variables measuring the governance mechanisms have divergent effects on the social performance of the financial institutions subject to the sample. For the variables board of directors, confidence, culture, auditing, they have a positive effect. While, the incentive remuneration effect negatively the social performance.Originality/valueThis study will be based essentially on the financial sector in Tunisia: the credit institutions (22 banks), the establishments of leasing (eight companies of leasing), two factoring companies and two banks of cases which are listed on the Stock Exchange of Tunis (BVMT).
The relationship between the concept of competitive advantage and the value of Catur Paramitha on SMEs in Sarbagita
Authors: Rahyuda I. Ketut , Rahyuda Agoes Ganesha , Rahyuda Henny , Candradewi Made Reina 
Published: October 2018

Purpose
This study aimed to determine the relationship between the concept of competitive advantage and the value of Catur Paramitha on small and medium enterprises (SMEs) in Sarbagita.

Design/methodology/approach
The design of this research used a qualitative approach based on the grounded theory with explorative and phenomenological approaches.

Findings
The relationship of the concept of competitive advantage orientation and the value of Catur Paramitha on SMEs in Sarbagita forms the characters SMEs’ business actors, namely, first, fair competition without hurting or harming others can be avoided. Second, the emergence of business cooperation with various business characters can form a wise entrepreneurial spirit. Third, making the entrepreneur more professional in managing the business. Fourth, forming a happy attitude to help others, making cooperation.

Research limitations/implications
The integration of applied values of local wisdom on the concept of competitive advantage orientation in building business in SME sector in Bali as a guideline for managers and lead the business.

Originality/value
The originality of this research was conceptually, building the concept of competitive advantage with local wisdom in developed countries has done by many. However, the local wisdom in developed countries is very different from the local wisdom in Indonesia, especially in Bali. Not all the main characteristics of the basic concept of cultural values in developed countries are applicable and in accordance with local conditions and cultures in the context of country. In addition, the concept of competitive advantage in developed countries is often assumed to operate in a stable and predictable business environment.
Natural rubber institutional arrangement in efforts to accelerate rural economic development in the province of Riau
Authors: Syahza Almasdi , Backe Djaimi , Asmit Brilliant 
Published: October 2018

Purpose
This study aims to investigate the pattern and sequence growth or changes in formulating policy strategy.

Design/methodology/approach
In order to get an accurate information, in this study using rapid rural appraisal method (RRA). RRA is a method with participatory approach to obtain data/information and assessments, generally in the field in a relatively short time.

Findings
The result of index multiplier effect analysis in the rubber development region in 2010 was 1.83. In 2014 it dropped to 0.65. The conditions show decline in the rubber farming in the countryside. Natural rubber and its derivatives are believed to spur regional economic growth and be able to improve income distribution and poverty alleviation through employment. Institutional arrangement with the concept of natural rubber farming sustainability-based natural rubber (ABKA) provides two effects: first, the direct effect, i.e. the concept of ABKA provides direct benefits to the parties involved in the business. Second, indirect effects, namely, the concept of ABKA, provides benefits to the parties who are not directly involved in the company.

Originality/value
Originality of this paper shows that a participatory approach used in this research is an RRA and the location of the research is Riau, Indonesia, both of which have not been studied earlier.
The long run performance of secondary equity offerings on the Johannesburg Stock Exchange
Authors: da Cunha Jesse Alves , Seetharam Yudhvir 
Published: October 2018

Purpose
Opinions have been divided on whether there is a rational explanation to the reason behind seasoned equity offerings (SEOs) or whether the explanation lies within the behavioural intricacies attributed to stock market participants. The paper aims to discuss these issues.

Design/methodology/approach
This study investigates the long-run performance of firms conducting SEOs on the Johannesburg Stock Exchange (JSE) over the period of 1998–2015, by examining the return performance and operating performance of firms, along with the impact of investor sentiment on these variables.

Findings
The results of this study are inconsistent with the existing literature, which argues that the long-run performance of issuing firms signalled an initial underreaction to SEOs buoyed by over-optimistic investors.

Research limitations/implications
Instead, the long-run performance of issuing firms is adequately explained by the rational models centred on the risk-return framework, implying that investors are reacting swiftly to SEOs in an unbiased fashion.

Originality/value
Investor sentiment does not materially influence the long-run share performance or operating performance of issuing firms, casting doubt on the ability of the market timing theory to explain the long-run performance of SEOs. The authors thus find that SEO performance cannot be explained by behavioural-based reasoning, in contrast to some asset pricing studies on the JSE which indicate the role of sentiment in explaining returns.
Debt holdings and investment cash flow sensitivity of listed firms
Authors: Ahiadorme Johnson Worlanyo , Gyeke-Dako Agyapomaa , Abor Joshua Yindenaba 
Published: October 2018

Purpose
The purpose of this paper is to examine the effect of debt holdings on the sensitivity of firms’ investment to availability of internal funds.

Design/methodology/approach
For a panel data set of 27 Ghanaian listed firms for the period 2007–2013, the paper applies the Euler equation approach to the empirical modeling of investment.

Findings
The study finds support for the assertion that listed firms face less severe corporate control problems and lower financing constraints, and thus, have lower investment cash flow sensitivities. The study also finds that a significant positive sensitivity of investment to internal funds is associated with firms that have high debt holdings.

Practical implications
An implication of this study is that firms with high debt holdings face greater challenges in accessing external finance. These firms are likely to experience under-investment which at a macro level would translate into lower investments and economic growth for the country.

Originality/value
Empirical literature document that in the presence of market imperfections, investments of financially constrained firms become sensitive to the availability of internal finance. There are also contradictory evidences regarding the pattern of the observed investment cash flow sensitivity. This study examines the effect of debt holdings on the sensitivity of firms’ investment to availability of cash flow. This is yet to be empirically tested despite some theoretical explanations.
Is government borrowing crowding out long term debt resources
Authors: Hasnat Tanzeem , Ashraf Shahid 
Published: October 2018

PurposeThe purpose of this paper is to empirically investigate the possibility of financial crowding out in the long-term debt market in India taking the corporate bond market as a proxy.Design/methodology/approachThe study follows a two-pronged approach. First, it tests the corporate bond market sensitivity to interest rate, along with other determinants like commercial bank credit and government securities size using the autoregressive distributed lag approach. These are considered instrumental in the development of a long-term debt market. Second, it tests if the interest rate changes are fiscal deficit (FD) induced using Granger causality framework.FindingsIt finds evidence of both the interest rate sensitivity of the corporate bond market and the interest rates to be FD induced, thereby empirically validating the possibility of financial crowding out in the Indian debt market segment.Research limitations/implicationsBased on the results, it seems that any deviation from the path of fiscal prudence can prove dear in the development of the corporate bond market. Also, the banking sector is overexposed to the risks it is not geared to handle, given by the serious asset-liability mismatches and contraction it leads in the market debt, like the corporate bond market. The government securities market could be further developed, which would provide a cue to corporate segment further and also a benchmark yield curve.Originality/valueThe study adds to the very limited literature on the corporate bond market in India, especially in the empirical domain and possibly is the first attempt to empirically explore the aspect of financial crowding out with reference to corporate bond market.
The impact of within-industry diversification on firm performance
Authors: Pangboonyanon Varaporn , Kalasin Kiattichai 
Published: October 2018

PurposeThe purpose of this paper is to investigate how within-industry diversification affects the financial performance of small- and medium-sized enterprises (SMEs) in emerging markets (EMs). The authors draw on both the resource-based view and the institutional perspective and argue that within-industry diversification can enhance the financial performance of SMEs in EMs. Due to institutional voids in emerging economies, SMEs can gain additional benefits from scope economies, as well as from market returns, by filling product market voids and gaps in business ecosystems, while also enjoying low input and labor costs that reduce the coordination costs of diversification. This, in turn, enhances benefits of within-industry diversification, thereby resulting in higher financial profitability.Design/methodology/approachThis study employs panel data econometrics to estimate the model. The authors test hypotheses on 195 firms, originating from five countries in Southeast Asia, during the period of 2009–2014.FindingsThe empirical results support the arguments. Within-industry diversification has a positive impact on the performance of SMEs in EMs. These effects become weaker when the institutional contexts are more developed. Nevertheless, such effects become stronger when SMEs in EMs are more efficient.Research limitations/implicationsThe relationship between within-industry diversification and performance is a positive linear pattern, which differs from the pattern in advanced economies. In addition to unrelated diversification, the related diversification is preferable for firms in EMs.Practical implicationsThe paper provides implications for SMEs that aim to enhance their performance by engaging in single product lines and within-industry diversification.Originality/valueThis paper examines the different ways within-industry diversification can enhance SMEs performance in EM contexts.
International transfer pricing and income shifting in developing countries: evidence from Ghana
Authors: Agana Joseph Akadeagre , Mohammed Abu-Khanifa , Zamore Stephen 
Published: October 2018

Purpose
The purpose of this paper is to examine the potential use of international transfer pricing (ITP) as an income shifting mechanism by multinational corporations (MNCs) in developing countries. The paper postulates that income shifting through ITP is likely to be more pronounced in developing countries where weak institutions are present.

Design/methodology/approach
The paper uses a unique unbalanced panel data of 18 companies listed on the Ghana Stock Exchange covering the period of nine years (2008–2016), to investigate whether MNCs use ITP to shift income out of the country. The comparison is made using an indirect approach where performance (e.g. profit before tax) and post-performance measures (e.g. dividend payment) are used for an equal number of foreign and local companies. The empirical analyses include t-tests, pooled and random effects logistic regressions.

Findings
The results show significant differences between foreign controlled entities (FCEs) and Ghanaian controlled entities in terms of capability, profitability and dividend distribution. Since there is a positive between these measures, the results do not suggest possible income shifting by FCEs through ITP.

Research limitations/implications
This paper uses an indirect method of investigating income shifting among MNCs. For future studies, a more direct method can be adopted by examining import and export prices of specific products for both foreign and domestic firms.

Originality/value
The study investigates the possibility of income shifting arising from ITP practices among multinationals in developing countries. To the best of the authors’ knowledge, this paper is the first in this regard. Thus, the study contributes to the transfer pricing and income shifting literature by providing evidence from a developing country.
The effects of networks and autonomy on foreign-owned subsidiary competence development in Taiwan
Authors: Dahms Sven 
Published: October 2018

PurposeThe purpose of this paper is to investigate the role of networks and autonomy in competence development of foreign-owned subsidiaries (FOS) located in Taiwan.Design/methodology/approachSurvey data have been collected from FOS located in the mid-range emerging economy of Taiwan and analysed using structured equation modelling and fuzzy set qualitative comparative analysis (fsQCA) techniques.FindingsThe results show that decision-making autonomy and intra-organisational networks are important factors for primary and support competence development. However, by using fsQCA technique the authors also show that many subsidiaries differ from that main pattern. For instance, local business and non-business networks can also contribute to primary competence development, but only in high autonomy subsidiaries.Originality/valueThe originality of this paper lies in the detailed investigation of how fine grained network relationship strengths (intra-, business-, non-business local networks) affect different levels of subsidiary competencies (primary and support activities). The authors also provide novelty in applying a combination of symmetric (structural-equation modelling – partial least squared) and non-symmetric (fsQCA) analytical techniques.
The springboard network: multinationals in Latin America
Authors: Chaves Federico Quesada 
Published: October 2018

Purpose
The purpose of this paper is to provide empirical evidence regarding the springboard regionalization strategy implemented by multinationals entering Latin America and the organizational networks developed to serve this end.

Design/methodology/approach
Using the organizational network approach, a typology is developed to explain the Springboard network. Quantitative analysis is used, in the form of logistic binary regression, to study these networks composition.

Findings
From a sample of 154 subsidiaries extracted from the AMADEUS intelligent database, three categories for multinational’s networks are created, with the Spanish subsidiary acting as the leader: strategic centers (SCs), administrative centers (ACs) and regional headquaters (RHQs). Findings provide evidence of cultural features, industry behavior and the multinational’s size and entry mode influence these networks organization.

Research limitations/implications
It is proposed that culture and historical ties have evolved together and management scholars should be aware of this phenomenon. Specific limitation that this study exhibits is the data provided by AMADEUS and the fact that R&D information for both the Spanish and the Latin American subsidiary were not available.

Practical implications
Staffing composition and expatriate corporate policy should consider the springboard effect to manage springboard networks.

Social implications
Industries and authorities in all countries involved should be aware of their role in MNC strategies for regional expansion.

Originality/value
It is argued that a network of subsidiaries within the multinational can participation in the springboard behavior, which is determined by the culture that the multinational originates from, as well as the Spanish culture, creating a particular type of leadership.
Impact of oil and gas prices shocks on banks’ deposits in an oil and gas-rich economy
Authors: Saif-Alyousfi Abdulazeez Y.H. , Saha Asish , Md-Rus Rohani 
Published: October 2018

PurposeThe purpose of this paper is to investigate and compare the impact of oil and gas prices changes on bank deposits at the aggregate as well as at the level of commercial and Islamic banks in Qatar over the period 2000–2016.Design/methodology/approachUsing the BankScope Database as well as bank-level balance sheet and financial statements data, the authors use one-step system GMM dynamic model to examine and compare the association between oil and gas prices changes with bank deposits in Qatar. The authors also test hypotheses of direct and indirect impacts of oil and gas prices changes on bank deposits.FindingsThe results indicate that oil and gas prices changes have a direct impact on deposits of banks at the aggregate level in Qatar. However, the authors find that oil and gas price changes significantly affect deposits of Qatari commercial banks directly prompting enhanced lending by banks and the consequent business activities in the economy, while their impact on the deposits of Qatari Islamic banks is indirect, i.e. the impact is permeated through the macroeconomic and institutional characteristics of the country that are reinforced by the growing expectations and commercial sentiment of the country. The authors find that significant association between oil price changes and deposit growth during the global financial crisis 2008 has been distorted. However, the authors find that there was a sharp rise in the deposits of Islamic banks during the period of global financial crisis.Practical implicationsThe results of this study necessitate policy measures that can counter the effects of changes in oil and gas prices on the effectiveness of bank deposits.Originality/valueIt is widely recognized that oil and gas prices and the level of production are of great importance to the economic development of oil and gas exporting countries. So far, however, no econometric study has been reported in the literature which analyses and compares the impact of oil and gas prices changes on bank deposits of commercial and Islamic banks and also at the aggregate level in any of the oil-exporting economies. Thus, this study provides the first empirical evidence on distinct direct and indirect channels through which oil and gas prices changes may affect bank deposits.
Bank income smoothing in South Africa: role of ownership, IFRS and economic fluctuation
Authors: Ozili Peterson K. , Outa Erick Rading 
Published: October 2018

Purpose
The purpose of this paper is to examine the determinants of the use of loan loss provisions (LLPs) to smooth income by banks in South Africa. More specifically, the authors examine the influence of ownership, IFRS disclosure rules and economic fluctuation on the income smoothing behaviour of South African banks while controlling for the traditional determinants of bank income smoothing via LLPs.

Design/methodology/approach
The study employs fixed effect regression methodology to estimate the determinants of discretionary LLPs.

Findings
The authors find that South African banks do not use LLPs to smooth income when they are: under-capitalised, have large non-performing loans and have a moderate ownership concentration. On the other hand, income smoothing is pronounced when South African banks are rather more profitable during economic boom periods, well-capitalised during boom periods and is pronounced among banks that adopt IFRS and among banks with a Big 4 auditor. The authors also find that banks use LLPs for capital management purposes, and bank provisioning is procyclical with economic fluctuations.

Practical implications
Bank supervisors in South Africa should monitor the bank provisioning practices in South Africa closely to ensure that LLPs are not used as a substitute for bank capital. Banks in South Africa should not use sufficient provisioning as a substitute for sufficient bank capital. Second, the evidence for procyclical bank provisioning shows that provisioning by South African banks reinforce the current state of the economy and might compel bank supervisors in South Africa to consider the adoption of a dynamic provisioning system that is already adopted by bank supervisors in Spain, Peru, Uruguay, Colombia and Bolivia.

Originality/value
Bank income smoothing is an important issue because it has implications for banking stability and accounting transparency. There are few studies on bank income smoothing for emerging economies particularly in Africa where there are substantial differences in ownership and accounting rules. This is the first South African study to examine the influence of disclosure rules, ownership and economic cycle fluctuations on bank income smoothing behaviour via LLPs.