bluuebunny/crossref_metadata_2025_split huggingface dataset:
Unit roots and structural breaks in PNG macroeconomic time series
Authors: Narayan Seema , Smyth Russell 
Published: October 2008

PurposeThe purpose of this paper is to examine the time series properties of 26 macroeconomic variables in Papua New Guinea (PNG) over the period 1970‐2006.Design/methodology/approachBoth unit root and stationarity tests without a structural break and the Lagrange Multiplier (LM) unit root test with one and two structural breaks developed by Lee and Strazicich are applied to each of the 26 macroeconomic variables in PNG. Compared to popular ADF‐type endogenous unit root tests such as those proposed by Zivot and Andrews and Lumsdaine and Papell, the LM unit root test with one and two structural breaks has the advantage that it is unaffected by breaks under the null.FindingsThe unit root and stationarity tests without structural breaks find at best mixed evidence of mean reversion and/or trend reversion for most variables. This result is likely to reflect the failure of these tests to allow for structural breaks, given the power to find stationarity declines if the data contain a structural break that is ignored. When the LM unit root test with one and two structural breaks is applied, it is found that at least 23 of the 26 macroeconomic variables are trend stationary.Originality/valueThe time series properties of macroeconomic variables have important implications for several macroeconomic theories. There are, however, few studies of the time series properties of macroeconomic variables in developing countries and no comprehensive studies for any of the Pacific Island countries. This paper begins to fill this gap as the first to provide a systematic examination of the time series properties of macroeconomic variables in Paua New Guinea.
Exchange market pressure in a small Pacific Island country: a study of Fiji: 1975‐2005
Authors: Jayaraman T.K. , Choong Chee‐Keong 
Published: October 2008

PurposeUnder the fixed exchange rate regime Fiji's currency, which is pegged to a basket of currencies of its major trading partners, has been experiencing severe pressures. The purpose of this paper is to study annual exchange market pressure (EMP) over a 31‐year (1975‐2005) period and attempt to determine the factors behind EMP.Design/methodology/approachThe paper employs the autoregressive distributed lag (ARDL) bounds testing procedure, which is applied to a multivariate model covering four variables, namely EMP in index numbers, and budget deficit, domestic credit to private sector and external debt, all the three expressed as percentages of gross domestic product. Additionally, an uncertainty variable is added to the regression analysis with a view to finding out whether political uncertainty has been responsible for speculative attacks on currency. Existence of a cointegration vector is then investigated. It is then followed by Granger‐causality tests in an error‐correction model with view to exploring the short‐ and long‐term relationships between the variables.FindingsThe study findings are: there existed a long‐run relationship between EMP and budget deficit, domestic credit to private sector, external debt and political uncertainty; and EMP was positively related to budget deficit, domestic credit to private sector and external debt as well as speculative pressures exercised by political uncertainty.Originality/valueThe empirical study on EMP in the South Pacific Island countries and in Fiji in particular is the first of its kind. The paper is expected to promote further interest in the studies of currencies of small island countries.
Forecasting Fiji's exports and imports, 2003‐2020
Authors: Narayan Paresh Kumar , Narayan Seema , Chand Prasad Biman 
Published: October 2008

PurposeThe purpose of this paper is to forecast Fiji's exports and imports for the period 2003‐2020.Design/methodology/approachTo achieve the goal of this paper, the autoregressive moving average with explanatory variables (ARMAX) model was applied. To this end, the paper drew on the published export demand model and the import demand model of Narayan and Narayan for Fiji.FindingsThe paper's main findings are: Fiji's imports will outperform exports over the 2003‐2020 period; and current account deficits will escalate to be around F$934.4 million on average over the 2003‐2020 period.Originality/valueExports and imports are crucial for macroeconomic policymaking. It measures the degree of openness of a country and it signals the trade balance and current account balances. This has implications for inflation and exchange rate. By forecasting Fiji's exports and imports, the paper provides policy makers with a set of information that will be useful for devising macroeconomic policies.
An econometric model of the determinants of private investment and a CGE model of the impact of democracy on investment and economic growth in Fiji
Authors: Narayan Paresh Kumar 
Published: October 2008

PurposeThe purpose of this paper is to construct an econometric model of the determinants of private investment with a particular focus on the impact of democracy on investment.Design/methodology/approachThe first step was to econometrically derive the long‐run elasticities; then to modify the Fiji computable general equilibrium (CGE) model to incorporate the investment function. Also the econometrically derived long run elasticities in the CGE model were used.FindingsIt was found that democracy has a positive and statistically significant impact on private investment in Fiji. The paper's simulation of Fiji becoming a fully democratic country on investment and other macroeconomic fundamentals, based on a CGE model, reveals that real gross domestic product and real national welfare increase by around 0.01 and 0.05 per cent, respectively; government savings and revenue performance improves; there is a trade balance surplus; and both private consumption and disposable income increase by around 0.05 and 0.12 per cent, respectively.Originality/valueThis is the first study that uses a CGE model to examine the impact of democracy, via investment, on other macroeconomic fundaments. No other study is known to have modelled democracy in a CGE framework.
The determinants of corporate debt ownership structure
Authors: Antoniou Antonios , Guney Yilmaz , Paudyal Krishna 
Published: October 2008

PurposeThis paper aims to investigate the determinants of choice between private and public debt for British and German listed companies.Design/methodology/approachThe paper is based on three strands of theories: the “liquidation and renegotiation” hypothesis; the “moral hazard and adverse selection” hypothesis; the “flotation cost” hypothesis. The regression analysis was adopted to test these hypotheses. The specific econometric method used for panel data is generalised method of moments (GMM).FindingsThe evidence records a few similarities in debt‐mix structure of German and UK firms but it also detects some important differences. Therefore, the paper concludes that the relation between dependent and explanatory variables is country‐dependent. This can be attributed to the differences in corporate governance mechanisms and institutional features of the countries.Research limitations/implicationsThe limitation mainly has come from data unavailability for public debt. Future research could be to extend the number of countries to have a better idea for the impact of institutional factors on corporate debt‐mix.Practical implicationsThe findings confirm that the debt ownership decision of listed firms is not only the result of their own characteristics but also the outcome of legal and financial environment and corporate governance traditions in which they operate. The way managers decide about the type of debt financing is not universal. Furthermore, the factors such as liquidation and renegotiation, moral hazard and adverse selection, flotation costs are found to be significantly relevant while deciding the mix of corporate debt.Originality/valueThis study offers a unique comparison of the evidence from a bank‐based economy (Germany) and a market‐based economy (UK) that should have direct implications on the choice between bank debt and public debt. Firms with a long‐run debt ownership target attain it through an adjustment process. The authors are not aware of any other study on debt ownership that controls for endogeneity using the GMM technique.
The impact of corporate governance on the timeliness of corporate internet reporting by Egyptian listed companies
Authors: Ezat Amr , El‐Masry Ahmed 
Published: October 2008

PurposeThis study seeks to examine the key factors that affect the timeliness of corporate internet reporting (CIR) by the Egyptian listed corporations on the Cairo and Alexandria Stock Exchange.Design/methodology/approachThe authors use firm characteristics and corporate governance variables to investigate the influence on the timeliness of CIR. They also develop a disclosure index to measure the timeliness of CIR for the listed Egyptian corporations.FindingsThe primary analysis finds a significant relationship between the timeliness of CIR and firm size, type of industry, liquidity, ownership structure, board composition and board size. The results indicate that firms typically in the service sector, that are large and have a high rate of liquidity, a high proportion of independent directors, a large number of board directors and a high free float disclose more timely information on their web sites. Furthermore, a significant association between the entire independent variables and some items of timeliness of CIR is found.Originality/valueThis study is one of the first empirical studies to investigate the relationship between the corporate governance and the timeliness of CIR in an emerging market.
Financial decisions as determinants of ownership structure
Authors: Pindado Julio , de la Torre Chabela 
Published: October 2008

PurposeThe aim of this paper is to analyse how financial decisions influence corporate ownership structure of Spanish family and non‐family controlled firms.Design/methodology/approachThe authors derived two models in line with financial theory, which have then been estimated by using a sample of Spanish companies. Panel data methodology and estimation by the generalized method of moments allow the unobservable heterogeneity to be eliminated and the endogeneity problem controlled.FindingsThe main findings are as follows. First, increases in debt lead outside owners and managers to limit the risk they bear by reducing their holdings. Such reductions are also found in family controlled firms. Second, both outside owners and managers are encouraged to increase their stakes in the firm in view of higher dividends. This reaction is also observed in family controlled firms, and it is even stronger in the managers of family controlled firms. Third, outside owners in non‐family firms increase their holdings when a new investment project is undertaken, whereas the reaction of family controlled firms is the opposite. The expected positive effect of investment on insider ownership is only observed in family controlled firms.Practical implicationsWhen analysing the determinants of corporate ownership structure, the analysis should be controlled for family ownership.Originality/valueOverall, this paper contributes to the strand of literature on the determinants of corporate ownership structure in two ways: first, by focusing on the role played by financial decisions; and second, by accounting for family control.
An empirical survey of the motivation for share repurchases in the UK
Authors: Dixon Rob , Palmer Graham , Stradling Bob , Woodhead Anne 
Published: October 2008

PurposeMost research on share repurchases is based on the USA. Recently, the rate of share repurchases by UK companies has increased significantly; such a marked increase in activity would suggest a change in strategic factors generating this activity. This paper aims to focus on UK practice, the motivations of UK companies to repurchase shares and compares similar research in the USA.Design/methodology/approachStrategic motives for share repurchase activity are examined by a questionnaire survey of the finance directors of the top UK 200 companies. The outcome is compared to equivalent US research. The theoretical underpinning of the survey is based on six prominent hypotheses from the academic literature.FindingsThe results indicate that a primary motive of share repurchases in the UK is to achieve an optimal capital structure, and that the requirement to cancel shares is fundamental to buy‐back decisions in the UK.Research limitations/implicationsUSA/UK comparison has limitations, nevertheless it highlights differences and possible reasons. A follow‐up study in the current market conditions may give further clarity. Also, a survey of smaller quoted companies may further enhance our understanding of the motives.Practical implicationsThe likelihood is of this trend being maintained, especially in view of legal development.Originality/valueIndividual respondents indicated that finance directors have a genuine interest in this topic and that further research would be beneficial in both practical and academic use. Share buy‐backs can be an effective part of the overall strategy of a company, however the effects of a repurchase are ultimately short term.
The impact of board independence and ownership structure on the timeliness of corporate internet reporting of Irish‐listed companies
Authors: Abdelsalam Omneya , El‐Masry Ahmed 
Published: October 2008

PurposeThis study seeks to provide valuable new insight into the timeliness of corporate internet reporting (TCIR) by a sample of Irish‐listed companies.Design/methodology/approachThe authors apply an updated version of Abdelsalamet al.TCIR index to assess the timeliness of corporate internet reporting. The index encompasses 13 criteria that are used to measure the TCIR for a sample of Irish‐listed companies. In addition, the authors assess the timeliness of posting companies' annual and interim reports to their web sites. Furthermore, the study examines the influence of board independence and ownership structure on the TCIR behaviour. Board composition is measured by the percentage of independent directors, chairman's dual role and average tenure of directors. Ownership structure is represented by managerial ownership and blockholder ownership.FindingsIt is found that Irish‐listed companies, on average, satisfy only 46 per cent of the timeliness criteria assessed by the timeliness index. After controlling for size, audit fees and firm performance, evidence that TCIR is positively associated with board of director's independence and chief executive officer (CEO) ownership is provided. Furthermore, it is found that large companies are faster in posting their annual reports to their web sites. The findings suggest that board composition and ownership structure influence a firm's TCIR behaviour, presumably in response to the information asymmetry between management and investors and the resulting agency costs.Practical implicationsThe findings highlight the need for improvement in TCIR by Irish‐listed companies in many areas, especially in regard to the regular updates of information provided on their web sites.Originality/valueThis study represents one of the first comprehensive examinations of the important dimension of the TCIR in Irish‐listed companies.
The relationship between capital structure and ownership structure
Authors: Al‐Najjar Basil , Taylor Peter 
Published: October 2008

PurposeThe study aims to investigate the comparatively under‐researched relationship between ownership structure and capital structure in an emerging market. It is also one of the first studies to apply both single and reduced‐form equation methods using a panel data approach. Design/methodology/approach – The study applies econometrics modelling using both single equation and reduces equation models for panel data.FindingsThe results demonstrate that Jordanian firms follow the same determinants of capital structure as occur in developed markets, namely: profitability, firm size, growth rate, market‐to‐book ratio, asset structure and liquidity. In addition, institutional ownership structure is found to be determined by: assets structure, business risk (BR), growth opportunities and firm size. Finally, the results reveal that assets tangibility, firm size, growth opportunities and BR are considered to be joint determinants of ownership structure and capital structure.Practical implicationsThe practical implication of the study is that investors and managers should consider both capital structure and ownership structure when they take their investment decisions.Originality/valueThis is the first study of the interaction between institutional ownership and capital structure in Jordan where there are differences, as regards institutional and financial structures, relative to those in developed markets.
Ownership structure and corporate governance in China: some current issues
Authors: Wei Gang , Geng Mingzhai 
Published: October 2008

PurposeThis paper seeks to investigate some current issues of ownership structure and corporate governance in China.Design/methodology/approachThe methodology is a review, analysing issues of ownership structure and reviewing problems in corporate governance, followed by some suggestions for improvement.FindingsIt is found that the heavily concentrated equity ownership in the hands of large state‐owned shareholders mainly decides the status quo of the corporate governance system in China. In order to improve the effectiveness of corporate governance of Chinese‐listed companies, it is imperative to restructure roles of the government, restrict hands of controlling shareholders, enhance independence of the board of directors, reform the supervisory board, set up independent directors‐dominated sub‐committees and align the interests of managers with those of the shareholders.Research limitations/implicationsThis paper only investigates Chinese‐listed companies because of data availability.Practical implicationsIt has implications for policy makers in China insofar as it offers evidence concerning ownership structure and corporate governance of Chinese‐listed companies. It also helps investors and trading partners (especially foreign ones) understand corporate governance and the investment environment in China.Originality/valueThis study contributes to the literature by extending the mainly US‐based board literature to China where there are important institutional differences in ownership structure and corporate governance system.
Board composition, ownership structure and dividend policies in an emerging market
Authors: Abdelsalam Omneya , El‐Masry Ahmed , Elsegini Sabri 
Published: October 2008

PurposeThe purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period.Design/methodology/approachUsing pooled cross‐sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors' composition and ownership structure on dividend policies in Egypt.FindingsIt is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios.Originality/valueThis study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.
The primacy of data?
Authors: Lee Nick , Greenley Gordon 
Published: October 2008

PurposeThe purpose of this editorial is to stimulate debate and discussion amongst marketing scholarship regarding the implications for scientific research of increasingly large amounts of data and sophisticated data analytic techniques.Design/methodology/approachThe authors respond to a recent editorial in WIRED magazine which heralds the demise of the scientific method in the face of the vast data sets now available.FindingsThe authors propose that more data makes theory more important, not less. They differentiate between raw prediction and scientific knowledge – which is aimed at explanation.Research limitations/implicationsThese thoughts are preliminary and intended to spark thinking and debate, not represent editorial policy. Due to space constraints, the coverage of many issues is necessarily brief.Practical implicationsMarketing researchers should find these thoughts at the very least stimulating, and may wish to investigate these issues further.Originality/valueThis piece should provide some interesting food for thought for marketing researchers.
Paths to marketing's future: a sub‐first tier GATORE principle perspective
Authors: Nathaniel Carr B. 
Published: October 2008

PurposeThis paper seeks to propose steps marketing stakeholders should and can take to facilitate increasing the speed at which marketing proceeds to evolve – toward the stars and beyond.Design/methodology/approachDrawing from the literature advanced by first‐tier scholars the confusion surrounding marketing's future is examined.FindingsMarketing, in its various manifestations, has been, is, and will continue to be, of enormous human benefit.Originality/valueThis paper recommends that all marketers subscribe to the normative marketing stakeholders' model presented and the open‐minded exchange is prescribed.
Antecedents of the intention to seek samples
Authors: Prendergast Gerard , Tsang Alex S.L. , Yu Lo Chit 
Published: October 2008

PurposeThe purpose of this study is to examine the antecedents of consumers' intention to seek samples, a previously unexplored aspect of consumer behavior.Design/methodology/approachUsing as a backdrop Ajzen's theories of reasoned action and planned behavior, a survey of 154 respondents tested the proposition that attitude toward sample seeking behavior, and the congruity between a person's self‐concept and their image of the type of person who engages in sample seeking behavior (i.e. self‐concept congruity), are linked to the intention to seek samples.FindingsAttitudes toward sample seeking and self‐concept congruity, as well as their interaction, were found to positively predict the intention to seek samples.Originality/valueThis research is the first of its kind to identify the predictors of sample seeking. By addressing the traits that predict sample seeking, marketers can stimulate consumers to seek out samples, and this can in turn stimulate product trial and diffusion. The paper also offers directions for future research.
Dealing with environmental uncertainty
Authors: Johnston Michael , Gilmore Audrey , Carson David 
Published: October 2008

PurposeThe purpose of this commentary is to discuss environmental uncertainty and to illustrate the value of scenario planning for small to medium‐sized enterprises (SMEs) operating in a volatile environment.Design/methodology/approachThe literature regarding strategy formulation, environmental uncertainty and scenario planning is reviewed and considered in the context of managerial decision making.FindingsGiven the way managers learn to “know” what is happening in their business environment, scenario planning can be adapted for use by SME owner/managers.Originality/valueAlthough scenario planning was developed for use by large companies, this paper illustrates that it can be used by smaller firms.