CINXE.COM

<!DOCTYPE html> <html lang="en" dir="ltr"> <head>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-P63WKM1TM1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-P63WKM1TM1'); </script>  <script type="text/javascript" > (function(m,e,t,r,i,k,a){m[i]=m[i]||function(){(m[i].a=m[i].a||[]).push(arguments)}; m[i].l=1*new Date(); for (var j = 0; j < document.scripts.length; j++) {if (document.scripts[j].src === r) { return; }} k=e.createElement(t),a=e.getElementsByTagName(t)[0],k.async=1,k.src=r,a.parentNode.insertBefore(k,a)}) (window, document, "script", "https://mc.yandex.ru/metrika/tag.js", "ym"); ym(55165297, "init", { clickmap:false, trackLinks:true, accurateTrackBounce:true, webvisor:false }); </script> <noscript><div><img src="https://mc.yandex.ru/watch/55165297" style="position:absolute; left:-9999px;" alt="" /></div></noscript>    <title>Search results for: firm attributes</title> <meta name="description" content="Search results for: firm attributes"> <meta name="keywords" content="firm attributes"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler ml-auto" type="button" data-toggle="collapse" data-target="#navbarMenu" aria-controls="navbarMenu" aria-expanded="false" aria-label="Toggle navigation"> <span class="navbar-toggler-icon"></span> </button> <div class="w-100"> <div class="d-none d-lg-flex flex-row-reverse"> <form method="get" action="https://waset.org/search" class="form-inline my-2 my-lg-0"> <input class="form-control mr-sm-2" type="search" placeholder="Search Conferences" value="firm attributes" name="q" aria-label="Search"> <button class="btn btn-light my-2 my-sm-0" type="submit"><i class="fas fa-search"></i></button> </form> </div> <div class="collapse navbar-collapse mt-1" id="navbarMenu"> <ul class="navbar-nav ml-auto align-items-center" id="mainNavMenu"> <li class="nav-item"> <a class="nav-link" href="https://waset.org/conferences" title="Conferences in 2024/2025/2026">Conferences</a> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/disciplines" title="Disciplines">Disciplines</a> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/committees" rel="nofollow">Committees</a> </li> <li class="nav-item dropdown"> <a class="nav-link dropdown-toggle" href="#" id="navbarDropdownPublications" role="button" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> Publications </a> <div class="dropdown-menu" aria-labelledby="navbarDropdownPublications"> <a class="dropdown-item" href="https://publications.waset.org/abstracts">Abstracts</a> <a class="dropdown-item" href="https://publications.waset.org">Periodicals</a> <a class="dropdown-item" href="https://publications.waset.org/archive">Archive</a> </div> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/page/support" title="Support">Support</a> </li> </ul> </div> </div> </nav> </div> </header> <main> <div class="container mt-4"> <div class="row"> <div class="col-md-9 mx-auto"> <form method="get" action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="firm attributes"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 1617</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: firm attributes</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1617</span> Corporate Governance Attributes and Financial Performance in Malaysian Listed Companies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Idris%20Adamu%20Alhaji">Idris Adamu Alhaji</a>, <a href="https://publications.waset.org/abstracts/search?q=Wan%20Fauziahbt%20Wan%20Yusoff"> Wan Fauziahbt Wan Yusoff</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study was conducted to identify the relationship between Corporate Governance attributes and Firm Performance, various studies, had been carried out mostly in developed countries, in order to identify the relationship between corporate governance attributes and firm performance. Since, the value creation of corporate governance can be measured through the firm performance, corporate governance act as a mechanism to align management's goals with the stakeholders especially to increase firm performance. Despite extensive study of corporate governance there is still an inconsistence relationship between corporate governance attributes and firm performance. Therefore, the aim of this paper is to identify the relationship between corporate governance attributes and firm performance. Five corporate governance element were used as independent variables which include: Independent director, board size, audit committee, leadership structure and board meeting. Meanwhile, the dependent variables are two firm performance measurements; return on equity (ROE) and earning per share (EPS). This study uses quantitative approaches whereby data were gathered from secondary source data were collected from Annual Reports of the companies, online journals etc. This study revealed that, there is a significant relationship between corporate governance attributes and firm performance. Therefore, the results show that good corporate governance practice influence firm performance. Finally, it's hoped that this study provides current corporate governance scenario in Malaysia that can be used to enhance the development of corporate governance of the country. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=return%20on%20equity" title=" return on equity"> return on equity</a>, <a href="https://publications.waset.org/abstracts/search?q=earning%20per%20share" title=" earning per share"> earning per share</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20performance" title=" financial performance"> financial performance</a> </p> <a href="https://publications.waset.org/abstracts/19819/corporate-governance-attributes-and-financial-performance-in-malaysian-listed-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/19819.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">466</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1616</span> Adoption of International Financial Reporting Standards and Earnings Quality in Listed Deposit Money Banks in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shehu%20Usman%20Hassan">Shehu Usman Hassan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Published accounting information in financial statements are required to provide various users - shareholders, employees, suppliers, creditors, financial analysts, stockbrokers and government agencies – with timely and reliable information useful for making prudent, effective and efficient decisions. The widespread failure in the financial information quality has created the need to improve the financial information quality and to strengthen the control of managers by setting up good firms structures. This paper investigates firm attributes from perspective of structure, monitoring, performance elements of listed deposit money banks in Nigeria. The study adopted correlational research design with balanced panel data of 14 banks as sample of the study using multiple regression as a tool of analysis. The result reveals that firms attributes (leverage, profitability, liquidity, bank size and bank growth) has as significant influence on earnings quality of listed deposit money banks in Nigeria after the adoption of IFRS, while the pre period shows that the selected firm attributes has no significant impact on earnings quality. It is therefore concluded that the adoption of IFRS is right and timely. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20quality" title="earnings quality">earnings quality</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20attributes" title=" firm attributes"> firm attributes</a>, <a href="https://publications.waset.org/abstracts/search?q=listed%20deposit%20money%20bank" title=" listed deposit money bank"> listed deposit money bank</a>, <a href="https://publications.waset.org/abstracts/search?q=Nigeria" title=" Nigeria"> Nigeria</a> </p> <a href="https://publications.waset.org/abstracts/28259/adoption-of-international-financial-reporting-standards-and-earnings-quality-in-listed-deposit-money-banks-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/28259.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">511</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1615</span> The Impact of Corporate Governance Attributes on Dividends Payouts Policy: Evidence from the Emerging Capital Market of Jordan </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Amneh%20Alkurdi">Amneh Alkurdi</a>, <a href="https://publications.waset.org/abstracts/search?q=Yasean%20Tahat"> Yasean Tahat</a>, <a href="https://publications.waset.org/abstracts/search?q=Hamzeh%20Almuali"> Hamzeh Almuali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Purpose: The primary objective of the present paper is to examine the impact of CG attributes, including the board size, independency, separation and managerial ownership) on firm dividend payouts policy; using a sample of 72 Jordanian listed companies for the period of 2007-2013. Methodology: The study does manually review the sample firm’s annual reports for data collection and use OLS regression to carry out this investigation. Findings: The findings indicate that CG attributes have a strong impact on dividend payouts policy. In particular, board size, independency and separation have had significant associations with dividends payouts indicating that such variables matter when determining on dividends which may mitigate the conflicts between stakeholders’ and managers’ interests. The results also indicate that managerial ownership has had no significant impact on the dividends policy suggesting that managers do not use the strength of their position to influence the dividends policy. Finally, the results show that firm size and profitability have had statistically positive associations with dividend payouts, while this was not the case for firm leverage and growth where significant and positive relationships were documented. Originality/implication: The current paper extends the extant literature in this field by investigating the impact of the board composition on dividends and provides some insights for policy makers in emerging markets. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=dividends%20payouts%20policy" title=" dividends payouts policy"> dividends payouts policy</a>, <a href="https://publications.waset.org/abstracts/search?q=jordan" title=" jordan"> jordan</a>, <a href="https://publications.waset.org/abstracts/search?q=accounting" title=" accounting"> accounting</a> </p> <a href="https://publications.waset.org/abstracts/83673/the-impact-of-corporate-governance-attributes-on-dividends-payouts-policy-evidence-from-the-emerging-capital-market-of-jordan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/83673.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">192</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1614</span> Corporate Governance and Firm Performance: An Empirical Study from Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammed%20Nishat">Mohammed Nishat</a>, <a href="https://publications.waset.org/abstracts/search?q=Ahmad%20Ghazali"> Ahmad Ghazali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study empirically inspects the corporate governance and firm performance, and attempts to analyze the corporate governance and control related variables which are hypothesized to have effect on firm’s performance. Current study attempts to assess the mechanism and efficiency of corporate governance to achieve high level performance for the listed firms on the Karachi Stock Exchange (KSE) for the period 2005 to 2008. To evaluate the firm performance level this study investigate the firm performance using three measures; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To check the link between firm performances with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to examine the relation among governance and corporate performance for 267 KSE listed Pakistani firms. The result shows that governance related variables like block shareholding by individuals have positive impact on firm performance. When chief executive officer is also the board chairperson then it is observed that performance of firm is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative influence on the firm performance and size of firm is positively related with performance of the firm. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20cost" title=" agency cost"> agency cost</a>, <a href="https://publications.waset.org/abstracts/search?q=KSE" title=" KSE"> KSE</a>, <a href="https://publications.waset.org/abstracts/search?q=ROA" title=" ROA"> ROA</a>, <a href="https://publications.waset.org/abstracts/search?q=Tobin%E2%80%99s%20Q" title=" Tobin’s Q"> Tobin’s Q</a> </p> <a href="https://publications.waset.org/abstracts/11219/corporate-governance-and-firm-performance-an-empirical-study-from-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11219.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">409</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1613</span> Determinants of Firm Financial Performance: An Empirical Investigation in Context of Public Limited Companies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Syed%20Hassan%20Amjad">Syed Hassan Amjad</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=debt" title="debt">debt</a>, <a href="https://publications.waset.org/abstracts/search?q=tax%20rate" title=" tax rate"> tax rate</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20financial%20performance" title=" firm financial performance"> firm financial performance</a>, <a href="https://publications.waset.org/abstracts/search?q=operating%20expenses" title=" operating expenses"> operating expenses</a>, <a href="https://publications.waset.org/abstracts/search?q=dividend%20per%20share" title=" dividend per share"> dividend per share</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20conditions" title=" economic conditions"> economic conditions</a> </p> <a href="https://publications.waset.org/abstracts/29104/determinants-of-firm-financial-performance-an-empirical-investigation-in-context-of-public-limited-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/29104.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">342</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1612</span> Demographic Diversity in the Boardroom and Firm Performance: Empirical Evidence in the French Context</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Elhem%20Zaatir">Elhem Zaatir</a>, <a href="https://publications.waset.org/abstracts/search?q=Taher%20Hamza"> Taher Hamza</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Several governments seek to implement gender parity on boards, but the results of doing so are not clear and could harm corporations and economies. The present paper aims to investigate the relationship between women’s presence on boards and firms’ performance in the context of the French listed firms during the quota period. A dynamic panel generalized method of moment estimation is applied to control the endogenous effect of board structure and reverse the causality impact of the financial performance. Our results show that the impact of gender diversity manifests in conflicting directions, positively affecting accounting performance and negatively influencing market performance. These results suggest that female directors create economic value, but the market discounts their impact. Apparently, they are subject to a biased evaluation by the market, which undervalues their presence on boards. Added to that, our results confirm a twofold nature of female representation in the French market. The effect of female directorship on firm performance varies with the affiliation of the directors. In other words, the positive impact of gender diversity on return on assets primarily originates from the positive effect of non-family-affiliated women directors on market performance rather than on the effect of family-affiliated women directors on ROA. Finally, according to our results, women’s demographic attributes namely the level of education and multiple directorships strongly and positively impact firm performance as measured by return on assets (ROA). Obviously, women directors seem to be appointed to the business case rather than as token directors. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=board%20of%20directors" title=" board of directors"> board of directors</a>, <a href="https://publications.waset.org/abstracts/search?q=women" title=" women"> women</a>, <a href="https://publications.waset.org/abstracts/search?q=gender%20diversity" title=" gender diversity"> gender diversity</a>, <a href="https://publications.waset.org/abstracts/search?q=demographic%20attributes" title=" demographic attributes"> demographic attributes</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a> </p> <a href="https://publications.waset.org/abstracts/97605/demographic-diversity-in-the-boardroom-and-firm-performance-empirical-evidence-in-the-french-context" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/97605.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">126</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1611</span> Board Structure, Composition, and Firm Performance: A Theoretical and Empirical Review</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Suleiman%20Ahmed%20Badayi">Suleiman Ahmed Badayi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Corporate governance literature is very wide and involves several empirical studies conducted on the relationship between board structure, composition and firm performance. The separation of ownership and control in organizations were aimed at reducing the losses suffered by the investors in the event of financial scandals. This paper reviewed the theoretical and empirical literature on the relationship between board composition and its impact on firm performance. The findings from the studies provide different results while some are of the view that board structure is related to firm performance, many empirical studies indicates no relationship. However, others found a U-shape relationship between firm performance and board structure. Therefore, this study argued that board structure is not much significant to determine the financial performance of a firm. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=board%20structure" title="board structure">board structure</a>, <a href="https://publications.waset.org/abstracts/search?q=composition" title=" composition"> composition</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a> </p> <a href="https://publications.waset.org/abstracts/3409/board-structure-composition-and-firm-performance-a-theoretical-and-empirical-review" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/3409.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">566</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1610</span> The Impact of other Comprehensive Income Disclosure and Corporate Governance on Earnings Management and Firm Performance</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yan%20Wang">Yan Wang</a>, <a href="https://publications.waset.org/abstracts/search?q=Yuan%20George%20Shan"> Yuan George Shan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study examines whether earnings management reduces firm performance and how other comprehensive income (OCI) disclosure and strong corporate governance restrain earnings management. Using a data set comprising 6,260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, the results indicate that OCI disclosure generally improves firm performance, but earnings management lowers firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promote firm performance. The implications of the findings are relevant policy-makers and regulators in assisting them evaluate the consequences of convergence of Chinese Accounting Standards with the International Financial Reporting Standards. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=other%20comprehensive%20income" title="other comprehensive income">other comprehensive income</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=China" title=" China"> China</a> </p> <a href="https://publications.waset.org/abstracts/106120/the-impact-of-other-comprehensive-income-disclosure-and-corporate-governance-on-earnings-management-and-firm-performance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/106120.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">231</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1609</span> What Do Board Members Learn from Their External Connectedness? The Case of Firm Diversification</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Pei-Gi%20Shu">Pei-Gi Shu</a>, <a href="https://publications.waset.org/abstracts/search?q=Yin-Hua%20Yeh"> Yin-Hua Yeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Chao-Ting%20Chen"> Chao-Ting Chen</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Using a dataset consisting of 7,120 firm-year observations from the Taiwan stock market over the 2007-2011 sample period, we find a significantly negative relationship between board external connectedness and firm diversification. We propose a learningeffect hypothesis indicating that an externally connected board member’s experiences in other companies directly affect his recommendations regarding the underlying firm’s diversification. The partial correlation between diversification and the performance of firms with externally connected board members is used as a proxy for the learning effect. The empirical results show that the learning effect is asymmetrically embedded in firm diversification, with negative experiences having a greater effect on firm diversification than positive experiences. Externally connected board members are associated with reduced diversification in one firm after they learn that diversification is detrimental to value in other companies. Moreover, the diversification of a firm due to board external connectedness is moderated by the controlling owner’s interest alignment and entrenchment. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=board" title="board">board</a>, <a href="https://publications.waset.org/abstracts/search?q=external" title=" external"> external</a>, <a href="https://publications.waset.org/abstracts/search?q=connectedness" title=" connectedness"> connectedness</a>, <a href="https://publications.waset.org/abstracts/search?q=diversification" title=" diversification"> diversification</a> </p> <a href="https://publications.waset.org/abstracts/20807/what-do-board-members-learn-from-their-external-connectedness-the-case-of-firm-diversification" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/20807.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">462</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1608</span> Firm Level Productivity Heterogeneity and Export Behavior: Evidence from UK</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Umut%20Erksan%20Senalp">Umut Erksan Senalp</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this study is to examine the link between firm level productivity heterogeneity and firm’s decision to export. Thus, we test the self selection hypothesis which suggests only more productive firms self select themselves to export markets. We analyze UK manufacturing sector by using firm-level data for the period 2003-2011. Although our preliminary results suggest that exporters outperform non-exporters when we pool all manufacturing industries, when we examine each industry individually, we find that self-selection hypothesis does not hold for each industries. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=total%20factor%20productivity" title="total factor productivity">total factor productivity</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20heterogeneity" title=" firm heterogeneity"> firm heterogeneity</a>, <a href="https://publications.waset.org/abstracts/search?q=international%20trade" title=" international trade"> international trade</a>, <a href="https://publications.waset.org/abstracts/search?q=decision%20to%20export" title=" decision to export"> decision to export</a> </p> <a href="https://publications.waset.org/abstracts/12912/firm-level-productivity-heterogeneity-and-export-behavior-evidence-from-uk" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/12912.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">365</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1607</span> The Role of Language Strategy on International Survival of Firm: A Conceptual Framework from Resource Dependence Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sazzad%20Hossain%20Talukder">Sazzad Hossain Talukder</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Survival in the competitive international market with unforeseen environmental contingencies has always been a concern of the firms that led to adopting different strategies to deal with different situations. Language strategy is considered to enhance the international performance of a firm by organizing language diversity and fostering communications within and outside the firm. Yet there is a lack of theoretical attention or model development on the role of language strategy on firm international survival. From resource dependence perspective, the adoption of language strategy and its relationship with firm survival are determined by the firm´s capability to prevent dependency concentration and/or increase relative power on the external environment. However, the impact of language strategy on firm survival is complex and multifaceted as the strategy influence firm performance indirectly through communication, coordination, learning and value creation. The evidence of various types of language strategies and different forms of firm survival also bring in complexities to understand the effects of a language strategy on the international survival of a firm. Based on language literatures and resource dependence logic, certain propositions are developed to conceptualize the relationship between language strategy and firm international survival in this conceptual paper. For the purpose of this paper, a conceptual model is proposed to examine how different kinds of language strategy foster reduction of resource dependency that lead to firm international survival in respond to local responsiveness and global integration. In this proposed model, it is theorized that language strategy has a positive relationship with the international survival of the firm, as the strategy is likely to reduce external resource dependency and increase the ability to continue independent operations both in short and long term. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=language%20strategy" title="language strategy">language strategy</a>, <a href="https://publications.waset.org/abstracts/search?q=language%20diversity" title=" language diversity"> language diversity</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20international%20survival" title=" firm international survival"> firm international survival</a>, <a href="https://publications.waset.org/abstracts/search?q=resource%20dependence%20logic" title=" resource dependence logic"> resource dependence logic</a> </p> <a href="https://publications.waset.org/abstracts/98483/the-role-of-language-strategy-on-international-survival-of-firm-a-conceptual-framework-from-resource-dependence-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/98483.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">280</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1606</span> The Effects of Corporate Governance on Firm’s Financial Performance: A Study of Family and Non-family Owned Firms in Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Saad%20Bin%20Nasir">Saad Bin Nasir</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=board%20size" title="board size">board size</a>, <a href="https://publications.waset.org/abstracts/search?q=board%20composition" title=" board composition"> board composition</a>, <a href="https://publications.waset.org/abstracts/search?q=Leadership%20Structure" title=" Leadership Structure"> Leadership Structure</a>, <a href="https://publications.waset.org/abstracts/search?q=board%20meetings" title=" board meetings"> board meetings</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=family%20and%20non-family%20owned%20firms" title=" family and non-family owned firms"> family and non-family owned firms</a> </p> <a href="https://publications.waset.org/abstracts/41248/the-effects-of-corporate-governance-on-firms-financial-performance-a-study-of-family-and-non-family-owned-firms-in-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/41248.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">373</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1605</span> Internationalization Strategies and Firm Productivity: Manufacturing Firm-Level Evidence from Ethiopia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Soressa%20Tolcha%20Jarra">Soressa Tolcha Jarra</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Looking into firm-level internationalization strategies and their effects on firms' productivity is needed in order to understand the role of firms’ participation in trading activities on the one hand and the effects of firms’ internalization strategies on firm-level productivity on the other. Thus, this study aims to investigate firms' imports of intermediates and export strategies and their impact on firm productivity using an establishment-level panel dataset from Ethiopian manufacturing firms over the period 2011–2020. Methodologically, the joint firm’s decision to import intermediates and estimate exports is undertaken by system GMM using Wooldridge's approach. The translog-production function is used to estimate firm-level productivity by considering a general Markov process. The size of the firm is used in a mediating role. The result indicates evidence of the self-selection of more productive firms into exporting and importing intermediates, which is indicative of sizable export and import market entry costs. Furthermore, there is evidence in favor of learning by exporting (LBE) and learning by importing (LBI) hypotheses for smaller and medium Ethiopian manufacturing firms. However, for large firms, there is only evidence in support of the learning by exporting (LBE) hypothesis. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ethiopia" title="Ethiopia">Ethiopia</a>, <a href="https://publications.waset.org/abstracts/search?q=export" title=" export"> export</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20productivity" title=" firm productivity"> firm productivity</a>, <a href="https://publications.waset.org/abstracts/search?q=intermediate%20imports" title=" intermediate imports"> intermediate imports</a> </p> <a href="https://publications.waset.org/abstracts/188234/internationalization-strategies-and-firm-productivity-manufacturing-firm-level-evidence-from-ethiopia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/188234.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">36</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1604</span> Corporate Governance and Firm Performance in the UAE</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Bakr%20Ali%20Al-Gamrh">Bakr Ali Al-Gamrh</a>, <a href="https://publications.waset.org/abstracts/search?q=Ku%20Nor%20Izah%20B.%20Ku%20Ismail"> Ku Nor Izah B. Ku Ismail</a> </p> <p class="card-text"><strong>Abstract:</strong></p> We investigate the relationship between corporate governance, leverage, risk, and firm performance. We use a firm level panel that spans the period 2008 to 2012 of all listed firms on Abu Dhabi Stock Exchange and Dubai Financial Market. After constructing an index of corporate governance strength, we find a negative effect of corporate governance on firm performance. We, however, discover that corporate governance strength indirectly improves the negative influence of leverage on firm performance in normal times. On the contrary, the results completely reversed when there is a black swan event. Corporate governance strength plays a significantly negative role in moderating the relationship between leverage and firm performance during the financial crisis. We also reveal that corporate governance strength increases firms’ risk and deteriorates performance during crisis. Results provide evidence that corporate governance indirectly plays a completely different role in different time periods. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=risk" title=" risk"> risk</a>, <a href="https://publications.waset.org/abstracts/search?q=leverage" title=" leverage"> leverage</a>, <a href="https://publications.waset.org/abstracts/search?q=the%20UAE" title=" the UAE"> the UAE</a> </p> <a href="https://publications.waset.org/abstracts/24418/corporate-governance-and-firm-performance-in-the-uae" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/24418.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">550</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1603</span> Innovative Activity and Firm Performance: The Case of Eurozone Periphery</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ilias%20A.%20Makris">Ilias A. Makris</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this work, we attempt to analyse the contribution of innovative activities to firm performance and growth. We examine economic data from some of the economies that were heavily affected by current economic crisis: the countries of southern Europe (Portugal, Italy, Greece, and Spain) and Ireland. Following literature, an appropriate econometric model is developed and several indicators are tested in order to disclose possible relation with innovative activity. Findings confirm the crucial effect of innovative process in economic activity, in firm and country level. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Eurozone%20periphery" title="Eurozone periphery">Eurozone periphery</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=innovative%20activity" title=" innovative activity"> innovative activity</a>, <a href="https://publications.waset.org/abstracts/search?q=R%26D" title=" R&D"> R&D</a> </p> <a href="https://publications.waset.org/abstracts/17640/innovative-activity-and-firm-performance-the-case-of-eurozone-periphery" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/17640.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">502</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1602</span> Firm Performance and Evolving Corporate Governance: An Empirical Study from Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammed%20Nishat">Mohammed Nishat</a>, <a href="https://publications.waset.org/abstracts/search?q=Ahmad%20Ghazali"> Ahmad Ghazali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study empirically examines the corporate governance and firm performance, and tries to evaluate the governance, ownership and control related variables which are hypothesized to affect on firms performance. This study tries to evaluate the effectiveness of corporate governance mechanism to achieve high level performance among companies listed on the Karachi Stock Exchange (KSE) over the period from 2005 to 2008. To measure the firm performance level this research uses three measures of performance; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To link the performance of firms with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to test the link between corporate governance and firm performance for 267 KSE listed Pakistani firms. The result shows that corporate governance variables such as percentage block holding by individuals have positive impact on firm performance. When CEO is also the chairperson of board then it is found that firm performance is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative impact on the performance of the firm and firm size is positively related with the firms performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20cost" title=" agency cost"> agency cost</a>, <a href="https://publications.waset.org/abstracts/search?q=Karachi%20stock%20market" title=" Karachi stock market"> Karachi stock market</a> </p> <a href="https://publications.waset.org/abstracts/16838/firm-performance-and-evolving-corporate-governance-an-empirical-study-from-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16838.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">357</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1601</span> The Impact of Family Involvement in Management on Firm’s Innovation: Evidence From Chinese Family Firms</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Chen%20Jun">Chen Jun</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates the impact of family involvement, a pivotal factor shaping the management structure of family firms, on the firm’s innovation outputs. The independent variable focuses on the percentage number of family members serving as directors, supervisors and senior management. Our hypothesis suggests that family involvement tends to make management more conservative, thereby increasing the likelihood of impeding innovation investments and resulting in adverse effects on innovation output. Our findings reveal that Chinese family firms with high family involvement exhibit poorer innovation outputs compared to those with lower family involvement. Subsample analyses indicate that this negative influence of family involvement on innovation output is strengthened as the firm faces higher industry competition and a low marketization context. The findings of our paper contribute to the literature on family involvement by empirically illustrating how family involvement hinders innovation efforts and performance in Chinese family firms. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=family%20firm" title="family firm">family firm</a>, <a href="https://publications.waset.org/abstracts/search?q=family%20involvement" title=" family involvement"> family involvement</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20innovation" title=" firm innovation"> firm innovation</a>, <a href="https://publications.waset.org/abstracts/search?q=Chinese%20family%20firm" title=" Chinese family firm"> Chinese family firm</a> </p> <a href="https://publications.waset.org/abstracts/178782/the-impact-of-family-involvement-in-management-on-firms-innovation-evidence-from-chinese-family-firms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/178782.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">64</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1600</span> E-Consumers’ Attribute Non-Attendance Switching Behavior: Effect of Providing Information on Attributes</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Leonard%20Maaya">Leonard Maaya</a>, <a href="https://publications.waset.org/abstracts/search?q=Michel%20Meulders"> Michel Meulders</a>, <a href="https://publications.waset.org/abstracts/search?q=Martina%20Vandebroek"> Martina Vandebroek</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Discrete Choice Experiments (DCE) are used to investigate how product attributes affect decision-makers’ choices. In DCEs, choice situations consisting of several alternatives are presented from which choice-makers select the preferred alternative. Standard multinomial logit models based on random utility theory can be used to estimate the utilities for the attributes. The overarching principle in these models is that respondents understand and use all the attributes when making choices. However, studies suggest that respondents sometimes ignore some attributes (commonly referred to as Attribute Non-Attendance/ANA). The choice modeling literature presents ANA as a static process, i.e., respondents’ ANA behavior does not change throughout the experiment. However, respondents may ignore attributes due to changing factors like availability of information on attributes, learning/fatigue in experiments, etc. We develop a dynamic mixture latent Markov model to model changes in ANA when information on attributes is provided. The model is illustrated on e-consumers’ webshop choices. The results indicate that the dynamic ANA model describes the behavioral changes better than modeling the impact of information using changes in parameters. Further, we find that providing information on attributes leads to an increase in the attendance probabilities for the investigated attributes. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=choice%20models" title="choice models">choice models</a>, <a href="https://publications.waset.org/abstracts/search?q=discrete%20choice%20experiments" title=" discrete choice experiments"> discrete choice experiments</a>, <a href="https://publications.waset.org/abstracts/search?q=dynamic%20models" title=" dynamic models"> dynamic models</a>, <a href="https://publications.waset.org/abstracts/search?q=e-commerce" title=" e-commerce"> e-commerce</a>, <a href="https://publications.waset.org/abstracts/search?q=statistical%20modeling" title=" statistical modeling"> statistical modeling</a> </p> <a href="https://publications.waset.org/abstracts/117427/e-consumers-attribute-non-attendance-switching-behavior-effect-of-providing-information-on-attributes" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/117427.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">140</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1599</span> Total Quality Management in Companies Manufacturing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Malki%20Nadia%20Fatima%20Zahra">Malki Nadia Fatima Zahra</a>, <a href="https://publications.waset.org/abstracts/search?q=Kellal%20Cheimaa"> Kellal Cheimaa</a>, <a href="https://publications.waset.org/abstracts/search?q=Brahimi%20Houria"> Brahimi Houria</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Aim of the study is to show the role of total Quality Management on firm performance; the research relied on the views of sample managers working in the Marinel pharmaceutical company. The research aims to achieve many objectives, including increasing awareness of the concepts of Total Quality Management on Firm Performance, especially in the manufacturing firm, providing a future vision of the possibility of success, and the actual application of the Principles of Total Quality Management in the manufacturing company. The research adopted a default model was built after a review and analysis of the literature review in the context of one hypothesis main points at the origin of a group of sub-hypotheses. The research presented a set of conclusions, and the most important of these conclusions was there is a relationship between the Principles of TQM and Firm Performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=total%20quality%20management" title="total quality management">total quality management</a>, <a href="https://publications.waset.org/abstracts/search?q=TQM%20dimension" title=" TQM dimension"> TQM dimension</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=strategies" title=" strategies"> strategies</a> </p> <a href="https://publications.waset.org/abstracts/179411/total-quality-management-in-companies-manufacturing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/179411.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">68</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1598</span> Understanding Consumer Behavior Towards Business Ethics: Is it Really Important for Consumers</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=%C3%96mer%20Akkaya">Ömer Akkaya</a>, <a href="https://publications.waset.org/abstracts/search?q=Muammer%20Zerenler"> Muammer Zerenler</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Ethics is important for all shareholders and stakeholders that a firm has in its environment. Whether a firm behaves ethically or unethically has a significant influence on consumers’ decision making and buying process. This research tries to explain business ethics from consumers’ perspective. The survey includes several questions to explain how consumers react if they know a firm behave unethically or ethically. What are consumers’ expectations regarding the ethical behavior of firm? Do consumer reward or punish the firms considering the ethics? Does it really important for consumers firms behaving ethical? <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=business%20ethics" title="business ethics">business ethics</a>, <a href="https://publications.waset.org/abstracts/search?q=consumer%20behavior" title=" consumer behavior"> consumer behavior</a>, <a href="https://publications.waset.org/abstracts/search?q=ethics" title=" ethics"> ethics</a>, <a href="https://publications.waset.org/abstracts/search?q=social%20responsibility" title=" social responsibility"> social responsibility</a> </p> <a href="https://publications.waset.org/abstracts/30957/understanding-consumer-behavior-towards-business-ethics-is-it-really-important-for-consumers" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30957.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">361</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1597</span> Value of Mergers</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Reza%20Yaghoubi">Reza Yaghoubi</a>, <a href="https://publications.waset.org/abstracts/search?q=Stuart%20Locke"> Stuart Locke</a>, <a href="https://publications.waset.org/abstracts/search?q=Jenny%20Gibb"> Jenny Gibb</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates sources of value in mergers and acquisitions. While much emphasis is put on operating synergies from acquisitions the evidence provided in this study shows that the difference between the WACCs of the combined firm and the merging firms may have a significant role on the value effect of mergers. These findings suggest that changes in the capital structure of the combined firm, compared to capital structures of the acquirer and the target, play a key role in determining the value of an acquisition. Moreover, findings of this study suggest that reducing the cost of capital of the combined firm, compared to the merging firms, is value creating even in the absence of operating synergies. Furthermore, this study shows that the component of value associated with the difference between the WACCs of the combined firm and the acquirer is mainly determined by leverage of the acquiring firm and the method of payment. While cash payment is value creating, high leverage of the acquirer prior to an acquisition can destroy value by raising the cost of capital of the firm. This is especially important to managers when they are planning an acquisition. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=acquisitions" title="acquisitions">acquisitions</a>, <a href="https://publications.waset.org/abstracts/search?q=mergers" title=" mergers"> mergers</a>, <a href="https://publications.waset.org/abstracts/search?q=synergy" title=" synergy"> synergy</a>, <a href="https://publications.waset.org/abstracts/search?q=value" title=" value"> value</a>, <a href="https://publications.waset.org/abstracts/search?q=WACC" title=" WACC"> WACC</a> </p> <a href="https://publications.waset.org/abstracts/30712/value-of-mergers" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30712.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">269</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1596</span> Mutual Fund Anchoring Bias with its Parent Firm Performance: Evidence from Mutual Fund Industry of Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Tahir">Muhammad Tahir</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Purpose The purpose of the study is to find anchoring bias behavior in mutual fund return with its parent firm performance in Pakistan. Research Methodology The paper used monthly returns of equity funds whose parent firm exist from 2011 to 2021, along with parent firm return. Proximity to 52-week highest return calculated by dividing fund return by parent firm 52-week highest return. Control variables are also taken and used pannel regression model to estimate our results. For robust results, we also used feasible generalize least square (FGLS) model. Findings The results showed that there exist anchoring biased in mutual fund return with its parent firm performance. The FGLS results reaffirms the same results as obtained from panner regression results. Proximity to 52-week highest Xc is significant in both models. Research Implication Since most of mutual funds has a parent firm, anchoring behavior biased found in mutual fund with its parent firm performance. Practical Implication Mutual fund investors in Pakistan invest in equity funds in which behavioral bias exist, although there might be better opportunity in market. Originality/Value Addition Our research is a pioneer study to investigate anchoring bias in mutual fund return with its parent firm performance. Research limitations Our sample is limited to only 23 equity funds, which has a parent firm and data was available from 2011 to 2021. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=mutual%20fund" title="mutual fund">mutual fund</a>, <a href="https://publications.waset.org/abstracts/search?q=anchoring%20bias" title=" anchoring bias"> anchoring bias</a>, <a href="https://publications.waset.org/abstracts/search?q=52-week%20high%20return" title=" 52-week high return"> 52-week high return</a>, <a href="https://publications.waset.org/abstracts/search?q=proximity%20to%2052-week%20high" title=" proximity to 52-week high"> proximity to 52-week high</a>, <a href="https://publications.waset.org/abstracts/search?q=parent%20firm%20performance" title=" parent firm performance"> parent firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=pannel%20regression" title=" pannel regression"> pannel regression</a>, <a href="https://publications.waset.org/abstracts/search?q=FGLS" title=" FGLS"> FGLS</a> </p> <a href="https://publications.waset.org/abstracts/164836/mutual-fund-anchoring-bias-with-its-parent-firm-performance-evidence-from-mutual-fund-industry-of-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/164836.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">119</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1595</span> The Determinant Factors of Technology Adoption for Improving Firm’s Performance; Toward a Conceptual Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zainal%20Arifin">Zainal Arifin</a>, <a href="https://publications.waset.org/abstracts/search?q=Avanti%20Fontana"> Avanti Fontana</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Considering that TOE framework is the most useful instrument for studying technology adoption in firm context, this paper will analyze the influence of technological, organizational and environmental (TOE) factors to the Dynamic capabilities (DCs) associated with technology adoption strategy for improving the firm’s performance. Focusing on the determinant factors of technology adoption at the firm level, the study will contribute to the broader study of resource base view (RBV) and dynamic capability (DC). There is no study connecting directly the TOE factors to the DCs, this paper proposes technology adoption as a functional competence/capability which mediates a relationship between technology adoptions with firm’s performance. The study wants to show a conceptual model of the indirect effects of DCs at the firm level, which can be key predictors of firm performance in dynamic business environment. The results of this research is mostly relevant to top corporate executives (BOD) or top management team (TMT) who seek to provide some supporting ‘hardware’ content and condition such as technological factors, organizational factors, environmental factors, and to improve firm's ‘software ‘ ability such as adaptive capability, absorptive capability and innovative capability, in order to achieve a successful technology adoption in organization. There are also mediating factors which are elaborated at this paper; timing and external network. A further research for showing its empirical results is highly recommended. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=technology%20adoption" title="technology adoption">technology adoption</a>, <a href="https://publications.waset.org/abstracts/search?q=TOE%20framework" title=" TOE framework"> TOE framework</a>, <a href="https://publications.waset.org/abstracts/search?q=dynamic%20capability" title=" dynamic capability"> dynamic capability</a>, <a href="https://publications.waset.org/abstracts/search?q=resources%20based%20view" title=" resources based view "> resources based view </a> </p> <a href="https://publications.waset.org/abstracts/31897/the-determinant-factors-of-technology-adoption-for-improving-firms-performance-toward-a-conceptual-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/31897.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">332</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1594</span> Competitive Advantages of a Firm without Fundamental Technology: A Case Study of Sony, Casio and Nintendo</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Kiyohiro%20Yamazaki">Kiyohiro Yamazaki</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A purpose of this study is to examine how a firm without fundamental technology is able to gain the competitive advantage. This paper examines three case studies, Sony in the flat display TV industry, Casio in the digital camera industry and Nintendo in the home game machine industry. This paper maintain the firms without fundamental technology construct two advantages, economic advantage and organizational advantage. An economic advantage involves the firm can select either high-tech or cheap devices out of several device makers, and change the alternatives cheaply and quickly. In addition, organizational advantage means that a firm without fundamental technology is not restricted by organizational inertia and cognitive restraints, and exercises the characteristic of strength. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=firm%20without%20fundamental%20technology" title="firm without fundamental technology">firm without fundamental technology</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20advantage" title=" economic advantage"> economic advantage</a>, <a href="https://publications.waset.org/abstracts/search?q=organizational%20advantage" title=" organizational advantage"> organizational advantage</a>, <a href="https://publications.waset.org/abstracts/search?q=Sony" title=" Sony"> Sony</a>, <a href="https://publications.waset.org/abstracts/search?q=Casio" title=" Casio"> Casio</a>, <a href="https://publications.waset.org/abstracts/search?q=Nintendo" title=" Nintendo"> Nintendo</a> </p> <a href="https://publications.waset.org/abstracts/56971/competitive-advantages-of-a-firm-without-fundamental-technology-a-case-study-of-sony-casio-and-nintendo" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/56971.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">288</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1593</span> Effect of Freight Transport Intensity on Firm Performance: Mediating Role of Operational Capability</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Bonaventure%20Naab%20Dery">Bonaventure Naab Dery</a>, <a href="https://publications.waset.org/abstracts/search?q=Abdul%20Muntaka%20Samad"> Abdul Muntaka Samad</a> </p> <p class="card-text"><strong>Abstract:</strong></p> During the past two decades, huge population growth has been recorded in developing countries. Thisled to an increase in the demand for transport services for human and merchandises. The study sought to examine the effect of freight transport intensity on firm performance. Among others, this study sought to examine the link between freight transport intensity and firm performance; the link between operational capability and firm performance, and the mediating role of operational capability on the relationship between freight transport intensity and firm performance. The study used a descriptive research design and a quantitative research approach. Questionnaireswereusedfor the data collection through snowball sampling and purposive sampling. SPSS and Mplus are being used to analyze the data. It is anticipated that, when the data is analyzed, it would validate the hypotheses that have been proposed by the researchers. Base on the findings, relevant recommendations would be made for managerial implications and future studies. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=freight%20transport%20intensity" title="freight transport intensity">freight transport intensity</a>, <a href="https://publications.waset.org/abstracts/search?q=freight%20economy%20transport%20intensity" title=" freight economy transport intensity"> freight economy transport intensity</a>, <a href="https://publications.waset.org/abstracts/search?q=freight%20efficiency%20transport%20intensity" title=" freight efficiency transport intensity"> freight efficiency transport intensity</a>, <a href="https://publications.waset.org/abstracts/search?q=operational%20capability" title=" operational capability"> operational capability</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a> </p> <a href="https://publications.waset.org/abstracts/155103/effect-of-freight-transport-intensity-on-firm-performance-mediating-role-of-operational-capability" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/155103.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">148</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1592</span> Extent of Derivative Usage, Firm Value and Risk: An Empirical Study on Pakistan Non-Financial Firms</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Atia%20Alam">Atia Alam</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Growing liberalisation and intense market competition increase firm’s risk exposure and induce corporations to use derivatives extensively as a risk management instrument, which results in decrease in firm’s risk, and increase in value. Present study contributes towards existing literature by providing an in-depth analysis regarding the effect of extent of derivative usage on firm’s risk and value by using panel data models and seemingly unrelated regression technique. New evidence is established in current literature by dividing the sample data based on firm’s Exchange Rate (ER) and Interest Rate (IR) exposure. Analysis is performed for the effect of extent of derivative usage on firm’s risk and value and its variation with respect to the ER and IR exposure. Sample data consists of 166 Pakistani firms listed on Pakistan stock exchange for the period of 2004-2010. Results show that extensive usage of derivative instruments significantly increases firm value and reduces firm’s risk. Furthermore, comprehensive analysis depicts that Pakistani corporations having higher exchange rate exposure, with respect to foreign sales, and higher interest rate exposure, on the basis of industry adjusted leverage, have higher firm value and lower risk. Findings from seemingly unrelated regression also provide robustness to results obtained through panel data analysis. Study also highlights the role of derivative usage as a risk management instrument in high and low ER and IR risk and helps practitioners in understanding how value increasing effect of extent of derivative usage varies with the intensity of firm’s risk exposure. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=extent%20of%20derivative%20usage" title="extent of derivative usage">extent of derivative usage</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20value" title=" firm value"> firm value</a>, <a href="https://publications.waset.org/abstracts/search?q=risk" title=" risk"> risk</a>, <a href="https://publications.waset.org/abstracts/search?q=Pakistan" title=" Pakistan"> Pakistan</a>, <a href="https://publications.waset.org/abstracts/search?q=non-financial%20firms" title=" non-financial firms"> non-financial firms</a> </p> <a href="https://publications.waset.org/abstracts/70972/extent-of-derivative-usage-firm-value-and-risk-an-empirical-study-on-pakistan-non-financial-firms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/70972.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">356</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1591</span> Moderating Effects of Family Ownership on the Relationship between Corporate Governance Mechanisms and Financial Performance of Publicly Listed Companies in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ndagi%20Salihu">Ndagi Salihu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Corporate governance mechanisms are the control measures for ensuring that all the interests groups are equally represented and management are working towards wealth creation in the interest of all. Therefore, there are many empirical studies during the last three decades on corporate governance and firm performance. However, little is known about the effects of family ownership on the relationship between corporate governance and firm performance, especially in the developing economy like Nigeria. This limit our understanding of the unique governance dynamics of family ownership with regards firm performance. This study examined the impact of family ownership on the relationship between governance mechanisms and financial performance of publicly listed companies in Nigeria. The study adopted quantitative research methodology using correlational ex-post factor design and secondary data from annual reports and accounts of a sample of 23 listed companies for a period of 5 years (2014-2018). The explanatory variables are the board size, board composition, board financial expertise, and board audit committee attributes. Financial performance is proxy by Return on Assets (ROA) and Return on Equity (ROE). Multiple panel regression technique of data analysis was employed in the analysis, and the study found that family ownership has a significant positive effect on the relationships between corporate governance mechanisms and financial performance of publicly listed firms in Nigeria. This finding is the same for both the ROA and ROE. However, the findings indicate that board size, board financial expertise, and board audit committee attributes have a significant positive impact on the ROA and ROE of the sample firms after the moderation. Moreover, board composition has significant positive effect on financial performance of the sample listed firms in terms of ROA and ROE. The study concludes that the use of family ownership in the control of firms in Nigeria could improve performance by reducing the opportunistic actions managers as well as agency problems. The study recommends that publicly listed companies in Nigeria should allow significant family ownership of equities and participation in management. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=profitability" title="profitability">profitability</a>, <a href="https://publications.waset.org/abstracts/search?q=board%20characteristics" title=" board characteristics"> board characteristics</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20theory" title=" agency theory"> agency theory</a>, <a href="https://publications.waset.org/abstracts/search?q=stakeholders" title=" stakeholders"> stakeholders</a> </p> <a href="https://publications.waset.org/abstracts/114637/moderating-effects-of-family-ownership-on-the-relationship-between-corporate-governance-mechanisms-and-financial-performance-of-publicly-listed-companies-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/114637.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">140</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1590</span> The Satisfaction of International Tourists toward Thai Economy and Bangkok's Attributes</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ladaporn%20Pithuk">Ladaporn Pithuk</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This research attempts to explore the satisfaction of international tourists toward Thai economy and Bangkok attributes. Due to tourism industry provides high rate of revenue for Thailand, and the outcome from this business drives every sections of Thailand. Unfortunately, some incidents in the country, such as some turmoil, have ruined the city’s image which obviously impacts to tourism industry. Hence, this survey was established to better understand the tourist’s satisfaction in these matters. The size of this research was 400 international tourists who visit Bangkok, Thailand during the 1st – 20th March 2009 and age between 20 – 65 years. The results reveal that tourists satisfy with all of Bangkok’s attributes including general attractions, heritage attraction, maintenance factors and cultural attraction. Also, tourists’ perception toward Thai politics is significantly related to their satisfaction of Bangkok’s attributes but their perception toward Thai economy is not significantly correlated to their satisfaction of Bangkok’s attributes. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Bangkok%E2%80%99s%20attributes" title="Bangkok’s attributes">Bangkok’s attributes</a>, <a href="https://publications.waset.org/abstracts/search?q=satisfaction%20of%20international%20tourists" title=" satisfaction of international tourists"> satisfaction of international tourists</a>, <a href="https://publications.waset.org/abstracts/search?q=Thai%20economy" title=" Thai economy"> Thai economy</a>, <a href="https://publications.waset.org/abstracts/search?q=and%20tourism%20industry" title=" and tourism industry"> and tourism industry</a> </p> <a href="https://publications.waset.org/abstracts/43946/the-satisfaction-of-international-tourists-toward-thai-economy-and-bangkoks-attributes" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/43946.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">276</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1589</span> Foreign Debt and Firm Performance: Evidence from French Non-Financial Firms</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Salma%20Mefteh-Wali">Salma Mefteh-Wali</a>, <a href="https://publications.waset.org/abstracts/search?q=Marie-Josephe%20Rigobert"> Marie-Josephe Rigobert</a> </p> <p class="card-text"><strong>Abstract:</strong></p> We investigate the impact of foreign currency debt on firm performance for a sample of non-financial French firms studied over the period 2002 to 2012. As foreign currency debt is both a financing and hedging instrument against foreign exchange risk, we mobilize optimal hedging theory and capital structure theory. When we study the impact on firm value, our main results show that before and after the financial crisis of 2008, foreign debt had the same behavior as domestic debt. We find that during the crisis period, foreign debt positively affects firm value. Investors perceive foreign debt as a natural hedging instrument that is likely to reduce the costs of underinvestment, alleviate cash flow volatility, limit the costs of financial distress, and generate tax shield benefits. Also, our results show that foreign leverage negatively affects the firm performance proxied by ROA and ROE, during and after the financial crisis. However, this impact is positive in the pre-crisis period. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=foreign%20currency%20derivatives" title="foreign currency derivatives">foreign currency derivatives</a>, <a href="https://publications.waset.org/abstracts/search?q=foreign%20currency%20debt" title=" foreign currency debt"> foreign currency debt</a>, <a href="https://publications.waset.org/abstracts/search?q=foreign%20currency%20hedging" title=" foreign currency hedging"> foreign currency hedging</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a> </p> <a href="https://publications.waset.org/abstracts/64691/foreign-debt-and-firm-performance-evidence-from-french-non-financial-firms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/64691.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">311</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">1588</span> Impact of Working Capital Management Strategies on Firm's Value and Profitability</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Jonghae%20Park">Jonghae Park</a>, <a href="https://publications.waset.org/abstracts/search?q=Daesung%20Kim"> Daesung Kim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=working%20capital" title="working capital">working capital</a>, <a href="https://publications.waset.org/abstracts/search?q=working%20capital%20management" title=" working capital management"> working capital management</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20value" title=" firm value"> firm value</a>, <a href="https://publications.waset.org/abstracts/search?q=profitability" title=" profitability"> profitability</a> </p> <a href="https://publications.waset.org/abstracts/84913/impact-of-working-capital-management-strategies-on-firms-value-and-profitability" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/84913.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">189</span> </span> </div> </div> <ul class="pagination"> <li class="page-item disabled"><span class="page-link">&lsaquo;</span></li> <li class="page-item active"><span class="page-link">1</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=2">2</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=3">3</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=4">4</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=5">5</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=6">6</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=7">7</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=8">8</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=9">9</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=10">10</a></li> <li class="page-item disabled"><span class="page-link">...</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=53">53</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=54">54</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=firm%20attributes&page=2" rel="next">&rsaquo;</a></li> </ul> </div> </main> <footer> <div id="infolinks" class="pt-3 pb-2"> <div class="container"> <div style="background-color:#f5f5f5;" class="p-3"> <div class="row"> <div class="col-md-2"> <ul class="list-unstyled"> About <li><a href="https://waset.org/page/support">About Us</a></li> <li><a href="https://waset.org/page/support#legal-information">Legal</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/WASET-16th-foundational-anniversary.pdf">WASET celebrates its 16th foundational anniversary</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Account <li><a href="https://waset.org/profile">My Account</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Explore <li><a href="https://waset.org/disciplines">Disciplines</a></li> <li><a href="https://waset.org/conferences">Conferences</a></li> <li><a href="https://waset.org/conference-programs">Conference Program</a></li> <li><a href="https://waset.org/committees">Committees</a></li> <li><a href="https://publications.waset.org">Publications</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Research <li><a href="https://publications.waset.org/abstracts">Abstracts</a></li> <li><a href="https://publications.waset.org">Periodicals</a></li> <li><a href="https://publications.waset.org/archive">Archive</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Open Science <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Philosophy.pdf">Open Science Philosophy</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Award.pdf">Open Science Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Society-Open-Science-and-Open-Innovation.pdf">Open Innovation</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Postdoctoral-Fellowship-Award.pdf">Postdoctoral Fellowship Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Scholarly-Research-Review.pdf">Scholarly Research Review</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Support <li><a href="https://waset.org/page/support">Support</a></li> <li><a href="https://waset.org/profile/messages/create">Contact Us</a></li> <li><a href="https://waset.org/profile/messages/create">Report Abuse</a></li> </ul> </div> </div> </div> </div> </div> <div class="container text-center"> <hr style="margin-top:0;margin-bottom:.3rem;"> <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank" class="text-muted small">Creative Commons Attribution 4.0 International License</a> <div id="copy" class="mt-2">© 2024 World Academy of Science, Engineering and Technology</div> </div> </footer> <a href="javascript:" id="return-to-top"><i class="fas fa-arrow-up"></i></a> <div class="modal" id="modal-template"> <div class="modal-dialog"> <div class="modal-content"> <div class="row m-0 mt-1"> <div class="col-md-12"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> </div> </div> <div class="modal-body"></div> </div> </div> </div> <script src="https://cdn.waset.org/static/plugins/jquery-3.3.1.min.js"></script> <script src="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/js/bootstrap.bundle.min.js"></script> <script src="https://cdn.waset.org/static/js/site.js?v=150220211556"></script> <script> jQuery(document).ready(function() { /*jQuery.get("https://publications.waset.org/xhr/user-menu", function (response) { jQuery('#mainNavMenu').append(response); });*/ jQuery.get({ url: "https://publications.waset.org/xhr/user-menu", cache: false }).then(function(response){ jQuery('#mainNavMenu').append(response); }); }); </script> </body> </html>