bluuebunny/crossref_metadata_2025_split huggingface dataset:
Flips, flops and foreclosures: anatomy of a real estate bubble
Authors: Depken Craig A. , Hollans Harris , Swidler Steve 
Published: May 2011

PurposeThis paper aims to examine the anatomy of a real estate bubble. In the process, the paper identifies three phases of the market's evolution: flips, flops and foreclosures. An examination of the Las Vegas real estate market illustrates the three phases.Design/methodology/approachThe paper examines transaction data from the metropolitan Las Vegas area (Clark County) from 1994 to 2009. The first part of the analysis identifies the three phases of the bubble and is descriptive in nature. This is followed by more formal tests of Granger causality.FindingsIn the early part of the sample, a large percentage of transactions are speculative or “flips” causing prices to rapidly increase. Eventually, flipping loses its profitability and over the last three years, there is an increasing number of foreclosures leading to falling prices. The descriptive analysis of the Las Vegas market is augmented with causality tests which show that prices were the driving force behind all three phases in the market's evolution.Research limitations/implicationsFuture research might focus on underlying structural inter‐temporal relationships to augment the Granger causality tests.Practical implicationsAnalysis shows that price is the driving force behind a bubble and that loan modification programs alone will not solve the current housing crisis.Social implicationsGovernment entities might expand neighborhood stabilization programs to affect both demand and supply of homes. Moreover, it might be prudent to include information related to flipping on multiple listing service agreements. Additionally, local governments should be consistent in their record keeping.Originality/valueTo the best of the authors' knowledge, this is the first paper to examine the housing bubble using an extensive set of transaction data.
Recession and housing wealth
Authors: Searle Beverley 
Published: May 2011

PurposeThe purpose of this paper is to explore the changing role of housing wealth from an investment vehicle to a welfare resource. It also considers the implications of economic prosperity and decline in the UK on homeowners, intentions of equity withdrawal, and the consequences of managing household budgets.Design/methodology/approachThe paper takes the form of a quantitative longitudinal analysis of national data and panel survey, including random effects logistic regression model.FindingsHousing wealth is increasingly being used as a financial safety net across the life course. Homeowners are equally likely to have engaged in equity‐borrowing episodes during periods of economic prosperity as they are during periods of decline; particularly, lone parents with non‐dependent children and unemployed people. Housing tends to be used as a last resort once other forms of credit have been exhausted.Research limitations/implicationsThere are data constraints; equity withdrawal can only be calculated from 1994 and the latest wave of data available is 2008. The research is not therefore able to consider the full extent of the consequences of the current recession, however, it does provide an indication of the problems that may emerge.Social implicationsSocial implications arise from the concentration of resources into housing wealth; homeowners may suffer through having increased debt and there are implications for financial and sustainable welfare policy where home ownership is positioned as a nation's welfare resource.Originality/valueThe paper draws upon the author's recent work (in collaboration with others) which offers insights into the motivations for equity borrowing. This paper offers an original contribution through presenting empirical evidence on the effect of economic prosperity and economic decline on household behaviour, and adds new insights in respect of the implications for households who rely on housing wealth in the context of the current recession.
A framework to analyse the efficiency and governance of zakat institutions
Authors: Wahab Norazlina Abd. , Rahim Abdul Rahman Abdul 
Published: May 2011

PurposeThis paper aims to present a conceptual model on the efficiency and governance of zakat institutions that are responsible in collecting, managing and distributing zakat in Malaysia. Zakat is an Islamic religious “tax” charged on the rich and well‐to‐do members of the community for distribution to the poor and the needy as well as other beneficiaries based on certain established criteria according to the Qur'an. The main aim of zakat is to protect the socio‐economic welfare of the poor and the needy.Design/methodology/approachThe paper reviews and synthesises the relevant literature on efficiency, governance and zakat. The paper then developed and proposed a conceptual model to study the efficiency and governance of zakat institutions.FindingsThe paper identifies the appropriate methods to evaluate efficiency and governance of zakat institutions. Such evaluations are crucial for the Islamic financial system to function effectively in order to achieve the noble objectives of socio‐economic justice through proper distribution of wealth.Originality/valueThis paper presents a conceptual model of efficiency and governance of zakat institutions which would be useful for further empirical research in this area. The findings are not only relevant and applicable to Malaysia but also to other Muslim countries.
An empirical investigation of the audit expectations gap in Iran
Authors: Pourheydari Omid , Abousaiedi Mina 
Published: May 2011

PurposeThis paper investigates whether an audit expectation gap exists among independent auditors and users of financial statements in Iran.Design/methodology/approachThe study uses a survey instrument to identify the audit expectation gap in Iran. The research method is similar to that adopted by Schelluch, Best et al., Fadzly and Ahmad and Dixon et al.FindingsAudit expectation gaps are found to exist in the areas of auditor responsibility for fraud detection, soundness of the internal controls, and preparation of financial statements. Results indicate no significant difference between users and independent auditors regarding the reliability and utility of audited financial statements. The insignificant results in terms of audit function could be attributed to the culture of trust between auditors and stakeholders in Iran.Research limitations/implicationsDespite normal precautionary steps to increase the response rate, non‐response bias may affect the findings. Another limitation of the study is the different economic and cultural conditions of Iran compared to other countries. Therefore, caution should be used in generalizing the findings to other countries.Practical implicationsThe findings will help to reduce the expectation gaps through improvement in auditor‐user communication in the audit reports as well as educating users on the nature and functions of audits.Originality/valueThe paper extends previous studies on audit expectation gap in a different economic and cultural context, i.e. Iran.
Network structure and knowledge transfer in cluster evolution
Authors: Taplin Ian M. 
Published: May 2011

PurposeThe purpose of this paper is to investigate the nature of interactions amongst specialists in an embryonic and emerging network.Design/methodology/approachThe approach taken was qualitative research utilising ethnographic methods of interview of key actors.FindingsCooperative activities in the early phase of market growth facilitated information pooling crucial to the sector's growth; following industry legitimacy, there is less incentive or need for such pooling as information becomes codified. Governance structure change as a consequence of such an evolution in organizational form.Originality/valueThe paper examines how tacit knowledge sharing is crucial to industry growth through informal networks, then how such knowledge is less valuable once industry legitimacy has been established. Cooperation thus becomes increasingly replaced by competition between organization and the key actors therein.
Spiritual expression at work: exploring the active voice of workplace spirituality
Authors: Tombaugh Jay R. , Mayfield Clifton , Durand Roger 
Published: May 2011

PurposeThis study aims to provide preliminary evidence for a new conceptualization and measure of workplace spirituality labeled spiritual expression at work (SEW). While the extant literature focuses on the fulfillment of workers' spiritual needs, spiritual expression refers to the impact of personal spirituality on the everyday thoughts, behaviors and interactions of employees.Design/methodology/approachA pilot study (n=92) included item generation and an exploratory factor analysis of the five‐item SEW scale (SEWS). The primary validation study (n=348) consisted of: performing a confirmatory factor analysis of the SEWS; comparing the SEWS with other spirituality measures, including two measures of personal spirituality and two measures of values‐based workplace spirituality; psychometrically assessing the convergent, discriminant and predictive validity of the SEWS; and examining the correlations and regression results between the SEWS and the comparison measures.FindingsThe SEWS showed acceptable psychometric properties across both samples, and the results support the convergent, discriminate and predictive validities of the SEW construct.Research limitations/implicationsThis study is subject to the typical limitations of cross‐sectional research. However, meaningful results were obtained across two samples.Practical implicationsThese results suggest workers may express their spirituality regardless of their perceptions of the spiritual nature of the organization. In doing so, personal spirituality may impact important personal and organizational outcomes.Originality/valueThis study moves beyond existing research by showing a new way to assess workplace spirituality.
Internet banking and performance
Authors: Callaway Stephen K. 
Published: May 2011

PurposeThe purpose of this paper is to provide an empirical study demonstrating the impact of internet banking, specifically the traffic rank and reach of the web site, on bank performance.Design/methodology/approachThe current study measures the impact of web site rank, percent of total internet users, and number of external links, using data from Alexa.com on bank performance, measured by deposits per branch, net income, return on assets, noninterest income to earning assets, and noninterest expense to earning assets, using data reported from the FDIC.FindingsResults show some support for the importance of web site traffic rank and reach. Specifically, the percent of total internet users and the number of external links were related to both domestic deposits and total global deposits per branch. Moreover, traffic rank and reach were related to net income and noninterest income to earning assets.Research limitations/implicationsOne limitation of this study is that it did not examine web site quality or e‐service quality directly.Originality/valueThe paper demonstrates that greater web site traffic is associated with a greater ability to find new, alternative sources of revenue beyond traditional loans, but that spending more on developing the web site does not necessarily mean the ability to spend less on traditional branch overhead. As such, this paper has value for bank managers and researchers alike.
An analysis of Lehman Brothers bankruptcy and Repo 105 transactions
Authors: Hines Charles , Kreuze Jerry , Langsam Sheldon 
Published: May 2011

PurposeThe purpose of this paper is to investigate the bankruptcy of Lehman Brothers, with particular focus on its use of Repo 105 transactions.Design/methodology/approachThe use of the Lehman's bankruptcy report produced in part by Anton R. Valukas was used as a basis to explain how Lehman maintained acceptable leverage ratios through the use of Repo 105 transactions to paint a better picture of its financial position than actually existed.FindingsThe study concludes that Lehman's accounting method choice disguised its real problems, perhaps long enough for bankruptcy to become the only option.Practical implicationsLehman's bankruptcy becomes part of a growing history of business failures where accounting principles have become the focus. The failure of Lehman reminds us that financial reporting must remain transparent, allowing users to make informed decisions with confidence.Originality/valueThis bankruptcy provides a painful reminder that financial reporting must allow users to differentiate among investment alternatives, based on the relative, factual financial position of the investment. The credibility of our reporting model is at stake.
Firm versus industry financing structures in Nigeria
Authors: Ebeh Ezeoha Abel 
Published: May 2011

PurposeThe purpose of this paper is to examine whether industry‐specific factors play a more significant role in the financing decisions of firms than firm‐specific characteristics; and to determine the degree of uniformity that exists between a firm's capital structure and industry financing patterns in Nigeria.Design/methodology/approachThe described study makes use of fixed effects panel regression techniques. The dataset, which covers the period 1990‐2006, comes from a sample of 71 non‐financial firms quoted in the Nigerian Stock Exchange.FindingsThe study finds support for both the pecking order theory and the trade‐off theory of capital structure in Nigeria. Firms/industries that are more profitable have less proportion of debt, and those that have a higher level of asset tangibility use more long‐term finances. Empirically, the study reveals that the set of factors that explain firm‐specific determinants of capital structure do not statistically and significantly explain the way industries follow finance.Practical implicationsThe study affirms the need for firms to invest reasonable resources in setting up capital structure policies, rather than herd along industry patterns.Originality/valueThough studies on industry herding and financial leverage are not new, the paper gives interesting insights into the nature of the relationship in an atmosphere of shortage of capital supply and poor corporate performance.
Social capital and earnings distribution among female micro‐entrepreneurs in rural Nigeria
Authors: Oluranti Ogunrinola I. 
Published: May 2011

PurposeThe purpose of this paper is to examine the role that social capital plays in the determination and distribution of business earnings of female entrepreneurs in selected rural communities of Ogun State, Nigeria.Design/methodology/approachThe theoretical foundation of social capital and its relationship to informal finance was used in a modified Mincer's model to examine the distribution of earnings among a sample of members of informal self‐help groups. The study relied on a set of secondary data collected from a survey of 275 female micro‐entrepreneurs in five rural communities in Ogun State, Nigeria. The analysis of data was done with the use of SPSS computer software while the ordinary least squares regression technique was used in the models' estimation.FindingsThe findings show that though human capital variables contribute to earnings in the usual Mincer's parlance, social capital as well as neighbourhood effect variables appear much more important determinants.Originality/valueThe study quantified and applied five social capital variables in the estimated earnings function and three of these variables were found to be statistically significant in their effects on earnings distribution among the study sample. The study concluded by advocating a multi‐disciplinary approach to the study of enterprise development as well as a coordinated approach by the government to promote self‐help organisations among women in the rural areas.
Integrating corporate responsibility and sustainable development
Authors: Hahn Rüdiger 
Published: May 2011

PurposeFor many years, the content and applicability of various forms of corporate responsibility (CR) for issues in the domain of sustainable development have been discussed within business and society. At times, both concepts are somehow connected to each other but so far they have not been put into a truly holistic and mutual perspective. The purpose of this paper is to introduce a normative concept integrating both aspects into holistic management thinking.Design/methodology/approachFirst, an interdisciplinary ethical reasoning for CR and sustainable development will be given based on the fundamental work of Kant, Rawls, Margalit and others. Based on these lines of thought, both concepts will be integrated into an advanced two‐stage approach of responsibilities to overcome possible shortcomings of an isolated analysis (and application) of either of the two.FindingsThe paper provides an initial normative ethical reasoning why CR and sustainable development should be integrated into holistic management thinking. It discusses CRs for an enabling framework of sustainable development on grounds of a two‐stage approach of integrative responsibilities.Social implicationsThe paper will encourage thought leaders in business and society to integrate the goals of sustainable development into management thinking.Originality/valueInstead of mutually advancing each other, sustainable development and CR so far have not been put into a truly holistic perspective, which potentially limits the significance of both concepts. The paper fills this gap and seeks to overcome these limitations. It offers an inclusive approach to management thinking which combines the micro perspective of businesses with the macro perspective of society.
Systemic thinking from a scientific and spiritual perspective
Authors: Allevato Eugene , Marques Joan 
Published: May 2011

PurposeThe purpose of this paper is to enhance awareness and foment the concept of “eco‐citizenship” within today's students in higher education.Design/methodology/approachThe paper takes the form of a literature review on environmental issues and spiritual thinking, student reports, discussion.FindingsThe paper's three main findings are: the need to develop educational methodologies that allow students to become advocates of a new society and way of thinking is insufficiently addressed so far; exposing students to such learning triggers a factual mindset change; and faculty and student engagement on matters of spirituality and environmental issues is becoming pivotal in a period where natural resource limitations in conjunction with overpopulation are stressing ecological systems to a threshold where it cannot be sustainable any further.Research limitations/implicationsFurther implementation of similar courses, and monitoring of students' long‐term behavioral changes are suggested to verify if such courses trigger a domino effect in terms of the emergence of the “eco‐citizen”.Originality/valueThis was the first time that such an educational approach was employed, where students not only critically investigated the course material in respect to environmental science and spirituality but also became facilitators to their own community, assisting in the development of good citizenship and enhancement of responsibility. It is clear to the authors that community interaction is very important in the curriculum design as the working ground to bring real world experience to the classroom as well as for the development of environmental and spiritual awareness. Based on the students' community activities and personal comments, in regard to the course focus and its effectiveness in changing their attitudes towards a more sustainable way of living, it was demonstrated that the course was successful.
CSR strategy in multinational firms: focus on human resources, suppliers and community
Authors: De Chiara Alessandra , Russo Spena Tiziana 
Published: May 2011

PurposeAccording to recent developments in the literature, the spread of corporate social responsibility (CSR) principles would inevitably have a significant impact on foreign activities of multinational corporations (MNCs). Two forces seem to have influenced multinational firms' behavior: social maturity from international society and cultural evolution of political thought in several developed countries (DCs). The literature has already pointed out the importance of the multinational firm's function as a moral agent, identifying different components of respect for a sustainability management system. Based on these assumptions, the purpose of this paper is to frame MNCs' behavior within CSR, stressing the importance of a different approach to the management of local resources and stakeholders. The paper will argue for a shift of perspective concerning workers, suppliers and community, from resources to be exploited to partners and co‐creators of MNC values.Design/methodology/approachIn the research design, the authors use the case method, choosing a multiple case studies research composed of five firms, with three criteria: international firms with an international supply chain, firms with a formalized CSR management and organization process and the accessibility of firm data.FindingsIn this paper, CSR emerges as the comparative advantage concept that forms the basis of the international distribution of multinational activities, calling for a new theoretical viewpoint that necessitates a rethinking of MNCs' strategies.Originality/valueMNCs are opening toward responsible and sustainable business strategies. Workers, suppliers and communities represent the true challenge ahead, and the management of relationships with these actors is the starting point for an internationalization in a more integrated ethical and economic view.