bluuebunny/crossref_metadata_2025_split huggingface dataset:
How do they adjust their capital structure along their life cycle? An empirical study about capital structure over life cycle of Pakistani firms
Authors: Ahsan Tanveer , Wang Man , Qureshi Muhammad Azeem 
Published: August 2016

PurposeThe purpose of this study is to explain the adjustment rate made to target capital structures by listed non-financial firms in Pakistan during the courses of their life cycles and to determine what factors influence their adjustment rates.Design/methodology/approachThe study used multivariate analysis to classify 39 years (1972-2010) of unbalanced panel data from listed non-financial Pakistani firms in terms of their growth, maturity and decline stages. Further, it used a fixed-effects panel data model to determine the factors that influence capital structure and adjustment rates during the life-cycle stages of firms.FindingsThe study observed a low–high–low leverage pattern during the growth, maturity and decline stages of businesses in line with tradeoff theory. Furthermore, the study observed an adjustment rate for growing firms of between 49.3-37.9 per cent, for mature firms of between 35.5-17.5 per cent and for declining firms of between 22.2-15.1 per cent toward their respective leverage targets. Furthermore, it was found that growing firms have higher leverage adjustment rates because, by having more investment opportunities, these firms can alter their capital structures easily by changing the composition of their new issues.Practical implicationsErratic economic conditions in Pakistan have created an uncertain business environment. Therefore, even mature Pakistani firms remain skeptical about the sustainability of positive trends among current economic indicators. Furthermore, to avoid uncertainty, Pakistani firms grab short-term opportunities by using quickly available short-term debt as a main financing source. Government should introduce long-term policies that will stabilize the business environment and strengthen the financial, as well as the judicial, institutions of the country so that these firms may benefit from long-term investment opportunities and access more options for raising external financing. The results of this study will also help policymakers for other Asian economies where the capital markets are underdeveloped and where firms have higher leverage ratios, such as Thailand, Indonesia and Malaysia.Originality/valueThis is the first study in Pakistan that has used a multivariate approach to classify firms into their different life-cycle stages and to discover the leverage adjustment rates of firms during those life-cycle stages.
Do Indonesian firms practice target capital structure? A dynamic approach
Authors: Haron Razali 
Published: August 2016

Purpose
This study aims to investigate the dynamic aspects in the capital structure decisions of firms in Indonesia, offering an extension to the existing literature on Indonesia via a dynamic model, including the existence of target capital structure, the influencing factors, the speed of adjustments and the supporting theories to explain the findings.

Design/methodology/approach
This study uses a dynamic partial adjustment model estimated based on a generalized method of moments.

Findings
Indonesian firms do practice target capital structure and are influenced by firm-specific factors like profitability, business risk, firm size, liquidity and share price performance due to time-varying factors. A rapid adjustment toward target leverage is detected, thus supporting the existence of the dynamic trade-off theory (TOT). The pecking order theory (POT) also has significant influence, particularly after the new reformation of financing policy, where retained earnings are also preferred as a source of financing apart from merely external financing through bank loans. There are also traces of market timing influences where firms also seem to time their equity issuance.

Research limitations/implications
Despite relatively utilizing recent data and bigger sample firms compared to the previous limited studies on Indonesia, the results of this study, however, need to be cautiously interpreted. First, the sample chosen focused on listed firms, hence may not be generalized to all Indonesian firms, listed and unlisted. Second, the study does not separate firms by sectors and their leverage positions, that is under-levered and over-levered, so as to note that financial decisions may also be affected by the sector in which the firms operate and their leverage positions. These are to be considered in future research.

Practical implications
There is strong evidence that the corporate financing behavior of Indonesian firms is governed by the POT and TOT. Both are dealing with the function of debt. The financial sector reformation does have a positive impact on the banking sector, but not the local corporate bond market. Therefore, regulators and policymakers should bear in mind that banking as well as private bond market in Indonesia must be tailored in such a way that both could act as intermediaries of debt financing, as bond market represents an important component of a diversified financial sector.

Originality/value
This study fills the gap by providing an extension to the existing literature and a deeper insight of the capital structure of Indonesian firms using a more robust dynamic model.
High frequency traders in a simulated market
Authors: Hanson Thomas A. 
Published: August 2016

Purpose
An agent-based market simulation is utilized to examine the impact of high frequency trading (HFT) on various aspects of the stock market. This study aims to provide a baseline understanding of the effect of HFT on markets by using a paradigm of zero-intelligence traders and examining the resulting structural changes.

Design/methodology/approach
A continuous double auction setting with zero-intelligence traders is used by adapting the model of Gode and Sunder (1993) to include algorithmic high frequency (HF) traders who retrade by marking up their shares by a fixed percentage. The simulation examines the effects of two independent factors, the number of HF traders and their markup percentage, on several dependent variables, principally volume, market efficiency, trader surplus and volatility. Results of the simulations are tested with two-way ANOVA and Tukey’s post hoc tests.

Findings
In the simulation results, trading volume, efficiency and total surplus vary directly with the number of traders employing HFT. Results also reveal that market volatility increased with the number of HF traders.

Research limitations/implications
Increases in volume, efficiency and total surplus represent market improvements due to the trading activities of HF traders. However, the increase in volatility is worrisome, and some of the surplus increase appears to come at the expense of long-term-oriented investors. However, the relatively recent development of HFT and dearth of appropriate data make direct calibration of any model difficult.

Originality/value
The simulation study focuses on the structural impact of HF traders on several aspects of the simulated market, with the effects isolated from other noise and problems with empirical data. A baseline for comparison and suggestions for future research are established.
What explains the recourse of US commercial banks to securitization?
Authors: Bensalah Nesrine , Fedhila Hassouna 
Published: August 2016

PurposeThe purpose of this paper is to investigate the reasons that urge US banks to securitize.Design/methodology/approachThe authors apply a logistic regression model to a sample of 5,394 observations. The dependent variable takes 1 if the bank securitizes and 0 if not. The authors use also, a Heckman selection model to account for the potential dependence between the decision to securitize and the decision of which assets to securitize.FindingsThe results indicate that liquidity, credit risk transfer, regulatory capital arbitrage and profitability are the most important factors that drive securitization in the USA. Moreover, the nature of the asset securitized appears to be dependent on the objective that the bank pursues. For funding and capital arbitrage objectives, the bank needs to securitize its mortgage loans. However, for credit risk transfer purposes, it has to opt for a non mortgage securitization. The nature of the asset securitized can thus, be used as a signal for bank’s intentions to securitize.Originality/valueThis study contributes to a better understanding of the reasons that urge banks to securitize. It also presents, using a Heckman selection procedure, a detailed analysis that discriminates between different types of securitization.
Equity fund performance
Authors: Liu Bin , Di Iorio Amalia , De Silva Ashton 
Published: August 2016

PurposeThis paper aims to investigate whether idiosyncratic volatility is priced in returns of equity funds while controlling for fund size and return momentum.Design/methodology/approachFollowing Fama and French (1993), an idiosyncratic volatility mimicking factor and a fund-size factor are constructed. The pricing ability of this idiosyncratic volatility mimicking factor is investigated in the context of Carhart (1997).FindingsIdiosyncratic volatility is an important pricing factor even when controlling for fund size and momentum. In addition, idiosyncratic volatility is strongly and positively associated with the momentum effect. Further, when controlling for the association between the momentum effect and idiosyncratic volatility, the explanatory power of the momentum factor almost disappears, which suggests the pricing of idiosyncratic volatility mediates momentum and returns.Originality/valueThese findings imply that both the idiosyncratic volatility factor and the fund-size factor should not be ignored by fund managers when evaluating the performance of the equity funds.
Mergers and acquisitions: a review (part 2)
Authors: Yaghoubi Reza , Yaghoubi Mona , Locke Stuart , Gibb Jenny 
Published: August 2016

PurposeThis paper aims to review the relevant literature on mergers and acquisitions in an attempt to provide a comprehensive account of what we know about mergers and which parts of the puzzle are still incomplete.Design/methodology/approachThis literature review consists of three key sections. The first part of this paper summarises the literature on the cyclical nature of mergers referred to in the literature as merger waves. The second section reviews the causes and consequences of takeovers; it first reviews the causes, or drivers, of acquisitions, while focusing on the fact that acquisitions happen in waves and then reviews the consequences of takeovers, with a predominant focus on the impacts of mergers on the economic performance of acquirers. The third part of the review summarises the theories, as well as previous empirical studies, on determinants of announcement returns and post-acquisition performance of combined firms.FindingsMerger activity demonstrates a wavy pattern, i.e. mergers are clustered in industries through time. The causes suggested for this fluctuating pattern include industry- and economy-level shocks, mis-valuation and managerial herding. Market reaction to announcement of acquisitions is, on average, slightly negative for acquirer stocks and significantly positive for target stocks. The combined abnormal return is positive. These findings have been consistent over several decades of investigation. Prior research also identifies a number of factors that are related to performance of acquisitions. These factors are categorised and reviewed in five different groups: acquirer characteristics, target characteristics, bid characteristics, industry characteristics and macro-environment characteristics.Originality/valueThis review illustrates a number of issues. Prior research is heavily biased towards gains to acquirers and factors that affect these gains. It is also biased towards finding sources of value creation through mergers despite the fact that several theories suggest that mergers can be value-destroying. In fact, value destruction is often attributed to managers’ self-interest (agency problem) and mistakes (hubris). However, the mechanisms through which mergers destroy value are rarely addressed. Aside from that, the possibility of simultaneous creation and destruction of value in acquisitions is not often considered. Finally, after several decades of investigation, a key question is not completely answered yet: “What are the sources of value in mergers and acquisitions?”
Does the sentiment of investors explain differences between predicted and realized stock prices?
Authors: Spilioti Stella N. 
Published: August 2016

Purpose
The purpose of this paper is to use the Barberis et al. (1998)’s valuation model to calculate the fundamental value of a stock and examine whether the differences between predicted and realized stock prices are explained both by psychological factors (that affect investor reaction to information) and by key macroeconomic variables.

Design/methodology/approach
This paper adopts a time-series analysis, as well as a panel data approach, to examine whether the price deviations from fundamental values are because of macroeconomic and psychological factors, using data from the London Stock Exchange.

Findings
The results indicate that these differences are explained by important macroeconomic variables, as well as by the sentiment of investors (that is used as a proxy of the psychological factors).

Originality/value
Based on the above results, this paper suggests that the price deviations from fundamental values are not treated as model estimation errors as proposed by Penman and Sougiannis (1998) but rather as deviations that are because of psychological factors, as well as to macroeconomic conditions.
Employees factors importance in Lean Six Sigma concept
Authors: Spasojevic Brkic Vesna , Tomic Branislav 
Published: August 2016

Purpose
– Lean management and Six Sigma concepts are derived from two different points of view, but it is evident that the role of employees is crucial in both concepts. The purpose of this paper is to survey which employees’ behaviour dimensions can lead organization to better concepts integration and how Lean Six Sigma activity contributes to employees’ performance.

Design/methodology/approach
– Research methodology is designed to empirically check, on large sample of companies in multinational company supply chain, if employees’ factors are both predictor and response variables of Lean Six Sigma concept. To check stated hypothesis factor, reliability and multiple regression analysis are used.

Findings
– The first finding of this study is that reward system and training are significant predictors of Lean Six Sigma activities. The second part of findings shows that Lean Six Sigma dimensions, such as Define, Measure, Analyze, Improve, and Control/Define, Measure, Analyze, Design, and Validate, 5S and Kanban positively influences employees’ performance, described by employee satisfaction, absenteeism, salaries and benefits, employees’ commitment and employee turnover rate.

Research limitations/implications
– Poka-Yoke application is not found as a significant predictor of employees’ performance. Accordingly, to explore that interesting finding, possible future research topic is more detailed analysis of Poka-Yoke application in similar supply chains. A longitudinal analysis using structural equation is possible direction of future work, too.

Practical implications
– This survey answers the need for Lean and Six Sigma unified methodology achievement in soft factors area and gives applicable results for companies in supply chain that produces low-volume, high-complexity products.

Originality/value
– Original and valuable conclusion is that employees’ factors are both predictor and response variables of Lean Six Sigma concept application.
Cloud-based cyber-physical systems and quality of services
Authors: Mourtzis Dimitris , Vlachou Ekaterini 
Published: August 2016

Purpose
– The purpose of this paper is to review and explore the evolution, advances and future trends of cloud manufacturing, placing the focus on the quality of services. Moreover, moving toward the new trend of cyber-physical systems (CPS), a cloud-based cyber-physical system (CBCPS) is proposed combining the key enabling techniques of this decade, namely Internet of Things (IoT), cloud computing, Big Data analytics and CPS.

Design/methodology/approach
– First, an extensive review is made on cloud computing and its applications in manufacturing sectors, namely product development, manufacturing processes and manufacturing systems management. Second, a conceptual CBCPS which combines key enabling techniques including cloud computing, CPS and IoT is proposed. Finally, a review on the quality of the services (QoS) presented in the second step, along with the main security issues of cloud manufacturing, is conducted.

Findings
– The findings of this review indicate that the combination of the key enabling techniques presented in the CBCPS will lead to a new manufacturing paradigm capable of facing the new challenges and trends. The opportunities, as well as the challenges and barriers of the proposed framework are presented, concluding that the transition into this whole new era of networked computing and manufacturing has a valuable impact, but also generates several security and quality issues.

Originality/value
– The paper is the first to specifically study the QoS as a factor in the proposed manufacturing paradigm.
Devolution, Evolution, Revolution … Democracy? What's Really Happening to English Local Governance?
Authors: Blunkett David , Flinders Matthew , Prosser Brenton 
Published: August 2016

AbstractThe Cities and Local Government Devolution Bill 2015–2016[HL] was introduced into the House of Lords as Bill No. 1 in the 2015–2016 parliamentary session. The Bill forms a critical element of the government's high‐profile policy of devolving powers and responsibilities to local areas within England. The transition from first‐generation ‘city deals’ to second‐generation ‘devolution deals’ within five years provides a sense of the pace and development of the reform agenda but there is also a strong sense that something is missing. ‘Missing’ in the sense of an understanding of the specific type of devolution on offer, ‘missing’ in the sense of how an explosion of bilateral new ‘deals’ will be offset against the obvious risks of fragmentation and complexity, and ‘missing’—most importantly—in relation to the democratic roots that might be put in place to counterbalance the economic thrust and make the reform agenda sustainable. It is in exactly this context that this article argues that the full potential of the current devolution agenda will only be realised when the Conservative government fulfils its September 2014 commitment to wider civic engagement about how England is governed.
A ATUAÇÃO DE CONSELHOS GESTORES NA INCLUSÃO SOCIAL
Authors: Fernandes Zenilda Botti 
Published: August 2016

Este trabalho tem por objetivo analisar a atuação dos Conselhos no monitoramento e na formulação das políticas públicas, na promoção da equidade, da dignidade humana e na busca por envolver a sociedade nos processos de democratização na tomada de decisões sobre as demandas sociais. O estudo se reveste da maior importância por tratar‐se de uma experiência em andamento no Brasil e mais especificamente na Amazônia paraense, a partir das ações desenvolvidas pelo Conselho Estadual da Pessoa com Deficiência (CEDPD‐PA), onde tenho atuado como conselheira e vice‐presidente, representando as instituições de ensino superior do Estado do Pará, há 4 anos. Para fundamentar as discussões, serão abordados os paradigmas que marcaram o século XX (Pinto, ), as concepções de Estado (Bobbio, et al., 228, v.1; Weffort, ,v.1) e controle social e participação (Silva, 2010). Para compreender a configuração das políticas públicas no Brasil, é preciso contextualizar o processo de democratização com a promulgação da Constituição Federal de 1988 (BRASIL, ), que estabeleceu novas diretrizes sobre controle social, que desde então, vem contribuindo para a efetivação das políticas públicas brasileiras. A história econômica, política e social do país, com seus avanços e recuos; suas contradições e lutas, têm configurado um “modus operandi” como estratégia de governabilidade, desde a ditadura militar (1964 a 1985) até os dias atuais. No que diz respeito à inclusão de pessoas com deficiência, o país é signatário de um arcabouço legal que tem possibilitado o acesso a bens e serviços e à garantia dos direitos sociais como a saúde, a educação e a moradia. Entretanto, a descentralização e o controle social local (Fleury, ), tem oscilado entre o ideal e o real, e este trabalho é uma oportunidade de debater e conhecer as iniciativas governamentais e a participação da sociedade civil nas três esferas de governo e como estão contribuindo para a conscientização e a efetivação dos direitos humanos e a consolidação do Estado republicano no Brasil. Nesse sentido, os Conselhos gestores de políticas públicas têm desempenhado papel relevante para a consolidação da democracia e da cidadania (de Carvalho, ) em cada região do país por meio da participação, fruto da conquista de movimentos populares. Ao mesmo tempo, esta investigação de cunho qualitativo (Bogdan and Biklen, ), possibilita ampliar a produção acadêmica sobre a temática.
A TRANSIÇÃO PARA A VIDA ATIVA EM JOVENS COM DIFICULDADES INTELECTUAIS E DESENVOLVIMENTAIS: O CASO DA CERCIMB/PORTUGAL
Authors: Fernandes Helena Estevam , Lima‐Rodrigues Luzia Mara 
Published: August 2016

As pessoas com Deficiência Intelectual e Desenvolvimental (DID) têm maior dificuldade em obter e manter um emprego do que as pessoas sem esta condição. Este estudo de Mestrado em Educação Especial, realizado na Cerci Moita/Barreiro (Cercimb), Portugal, teve como objetivo determinar fatores de inclusão e exclusão de jovens com DID no mercado laboral, segundo a opinião do órgão de gestão, dos técnicos de formação, dos empregadores e dos formandos e ex‐formandos da Cercimb. Da análise dos dados, foi possível identificarem‐se fatores conducentes ou não à inclusão destes jovens no mercado laboral, assim como, através da análise SWOT, posicionar os processos de transição implementados pela Cercimb face às instituições de ensino que a circundam.
COMPETÊNCIA PARENTAL: AUTO‐PERCEÇÃO E MUDANÇA
Authors: Dias Sandra , Pimentel Júlia Serpa 
Published: August 2016

Baumrind () comprovou a influência dos estilos e da competência parental no desenvolvimento do filho e Dunst () relaciona‐os com a competência parental percebida, a qual deve ser considerada no modelo de intervenção centrado na família (Dunst, ).Este modelo ancorou o projeto Oficinas de Pais, da Associação Pais em Rede, de filhos com perturbações neurodesenvolvimentais, que compreendia 3 níveis: Apoio Emocional; Corresponsabilização (COR); Pais Prestadores de Ajuda (Dias, ).Os resultados do COR na competência parental percebida dos seus participantes, medidos, em 2011 e 2012, através de questionários de auto‐avaliação, indicam que: globalmente, existiram alterações positivas nas competências de controlo e de resistência ao stress; a extensão das alterações diminuiu com a idade do filho e; a incidência das alterações diferenciou‐se por patologia.Conclui‐se que a idade dos filhos é um fator relevante para a eficácia da ação junto dos pais e que esta deve atender à patologia dos filhos.