Recent Submissions

  • Do seasoned offerings improve the performance of issuing firms? Evidence from China

    Zhang, D.; Wu, Yuliang; Ye, Q.; Liu, J. (2018)
    This study provides new evidence that the performance of issuing firms varies by issue type, based on survival analysis methods. Our non-parametric results show that firms raising capital through rights issues, and notably through cash offers, experience a greater risk of delisting following issuance, as compared to those issuing convertible bonds. Our Cox model analyses demonstrate that plain equity issues, in contrast to convertible issues, are subject to different degrees of regulatory discipline, obligations and incentives in shaping survival trajectory. Further, high ownership concentration, agency issues intrinsic to equity offerings, weak shareholders' protection, and corporate ownership and governance and corporate control development at the time of an offer markedly influence post-issue survival. Plain equity issues, notably cash offers, are strongly linked with the agency costs of free cash flows. A large and truly independent board, allied to a separation of CEO and chairman powers, acts as a primary restraint on managers' self-interested behaviour. Such a cohesive governance mechanism can restrain rent-seeking in the firm's fundraising initiative. These observations hold when we take into account information available before an issue, at the time of an issue, and after an issue, demonstrating the robustness of our findings.
  • Evaluating financial performance of insurance companies using rating transition matrices

    Sharma, Abhijit; Jadi, D.M.; Ward, D. (2018-11)
    Financial performance of insurance companies is captured by changes in rating grades. An insurer is susceptible to a rating transition which is a signal depicting current financial conditions. We employ Rating Transition Matrices (RTM) to analyse these transitions. Within this context, credit quality can either improve, remain stable or deteriorate as reflected by a rating upgrade or downgrade. We investigate rating trends and forecast rating transitions for UK insurers. We also provide insights into the effects of the global financial crisis on financial performance of UK insurance companies, as reflected by rating changes. Our analysis shows a significant degree of rating changes, as reflected by rating fluctuations in rating matrices. We conclude that insurers with higher (better) rating grades depict rating stability over the long-run. An unexpected but interested finding shows that insurers with good rating grades are nevertheless susceptible to rating fluctuations. General insurers are more likely to be rated and they demonstrate higher levels of rating grade variations over the period studied. Using comparative rating transition matrices, we find more variations in rating movements in the post-financial crisis period. We also conclude that general insurers reflect less stable rating outlooks compared to life and general insurers.
  • Inflation linkages within the Eurozone: core vs. periphery

    Magkonis, Georgios; Sharma, Abhijit (2018)
    We examine the process of inflation transmission among GIIPS countries (Greece, Ireland, Italy, Portugal and Spain) and Germany. Our findings suggest that inflation spillovers have increased since 2001. We also find that peripheral economies are (dis‐)inflation transmitters to the core. This finding is significant for policy formulation, given the very low inflation environment that currently exists in the Euro area and the macroeconomic implications that arise from this.
  • Neutralization techniques as a moderating mechanism: ethically questionable behavior in the Romanian consumer context

    Fukukawa, Kyoko; Zaharie, M-M.; Romonti-Maniu, A-I. (2018)
    Based on an empirical investigation in the context of Romania, this paper identifies a moderating role of neutralization techniques within ethically questionable consumer behavior. The quantitative study is based upon a synthesized model of Theory of Planned Behavior incorporating the factor of perceived unfairness and neutralization techniques. Significantly, neutralization techniques are shown to have a negative, but definite impact on the action to behave unethically. This leads to their consideration as a process of thinking, rather than as static judgement. As such, neutralization techniques are conceptually distinctive to the other factors. The paper analyses the results specific to the Romanian context, but noting implications for an understanding of the morality of markets with similar historical, political and economic conditions. Overall, the findings offer a more nuanced reading of consumer behavior. The paper places moral flexibility in terms of a specific cultural context, but also reveals how neutralization techniques can moderate ethically questionable behaviors beyond matters of self-interest, which in turn has implications for how companies can consider their responsibilities in relation to their customers.
  • The influence of transformed government on citizen trust: insights from Bahrain

    Mahmood, M.; Weerakkody, Vishanth J.P.; Chen, W. (2018)
    The trust and confidence of citizens in their governments has been declining in recent decades. Electronic government (e-government) is seen as a means to reverse this trend. Despite conflicting conclusions in the literature, there is a consensus that e-government-led transformation can improve citizen confidence and trust in government. This research investigates the influence of e-government-led transformation on citizen trust and confidence in the context of a developing country, the Kingdom of Bahrain. A conceptual model is developed, tested and validated using an online survey targeting ordinary citizens of the country. Based on 313 responses, the findings suggest that citizen trust and confidence is positively influenced by a government transformation, and this relationship is mediated by both government performance and citizen satisfaction. In addition, the results show that key factors must be met to achieve transformed government through the use of e-government systems: transparency, accountability, and meeting citizens’ expectations.
  • Exploring de-facto accountability regimes in Muslim NGOs

    Yasmin, S.; Ghafran, Chaudhry; Haniffa, R. (2018)
    This paper aims to deepen and advance our understanding of the de-facto accountability processes and practices within Muslim non-governmental organisations (NGOs). We employ a three-fold accountability framework of felt, imposed and adaptive accountability, supported by insight from the Islamic perspective to elucidate our empirical findings. We adopt this framework because it enables us to localise the notions of accountability, allowing a more complete understanding of the de-facto nature of Muslim NGO accountability to emerge within the context of religious ideals and between accountabilities that are externally imposed and those that are internally generated.
  • Knowledge sharing for innovation performance improvement in Micro/SMEs: An insight from the creative sector

    Tassabehji, Rana; Mishra, Jyoti L.; Dominguez-Pery, C. (2018)
    As the economy becomes more reliant on innovative, knowledge-intensive firms, understanding the interaction between knowledge and improving innovation performance is increasingly important. Despite the majority of UK businesses being micro, small or medium-sized enterprises (micro/SMEs), knowledge management research has tended to focus on large companies, and the findings may not be applicable to micro/SMEs, especially in the creative sector. Moreover, the important role played by knowledge sharing in innovation can be critical to successful performance for smaller players in the creative sector where resources are limited. Our study presents an insight from micro/SMEs operating in a highly knowledge-intensive and innovative creative industry - games/entertainment software development. Using a mixed method approach, we investigate knowledge sharing and its contribution to firm innovation performance improvements. Our findings suggest that micro/SMEs are at the forefront in the creative sector precisely because of their smaller size. Our study reveals evidence of knowledge donation but limited evidence of knowledge collection in the knowledge sharing process in micro/SMEs. We develop a knowledge sharing model for innovation performance improvement in micro/SMEs. This highlights the importance of industry context, individual knowledge and organisational size in the role of knowledge sharing in innovation performance.
  • Millennial Chinese consumers' perceived destination brand value

    Luo, J.; Dey, B.L.; Yalkin, C.; Sivarajah, Uthayasankar; Punjaisri, K.; Huang, Y.; Yen, D.A. (2018-07)
    There has been a substantial rise in the number of Chinese tourists, with the Chinese millennials being important influencers. Yet very little is known about their tourism behavior, particularly how their perceived destination brand values influence their destination loyalty. This study brings in the consumers’ perceived brand value concept from the branding literature to investigate Chinese millennial tourists’ destination loyalty. An online survey was adopted to collect data from 287 Chinese millennial tourists. The findings offer insight into the relative effects of five dimensions of tourists’ perceived destination brand values on their destination loyalty. The findings also extend existing tourism literature, showing the moderating effects of destination brand globality, destination status (domestic vs. international) and national brand attitude on the said relationships. Managerial implications to better target Chinese millennials are discussed together with future research directions.
  • Entrepreneurial orientation, environmental sustainability and new venture performance: Does stakeholder integration matter?

    Amankwah-Amoah, J.; Danso, A.; Adomako, Samuel (2018)
    Previous research has theorised that the link between entrepreneurial orientation (EO) and performance is mediated by environmental sustainability orientation (ESO). However, firm- level factors that may moderate this relationship are lacking. This paper attempts to fill this gap by examining how and when EO enhances new venture performance by considering ESO as mediator and stakeholder integration as an important contingent factor. Using primary data obtained from 242 chief executive officers (CEOs)/entrepreneurs, we found that the indirect relationship between EO and new venture performance is strengthened at high levels of stakeholder integration. Theoretical and practical implications are discussed
  • Post-Brexit trade survival: looking beyond the European Union

    Jackson, K.; Shepotylo, Oleksandr (2018-06)
    As the EU and UK negotiate a new relationship, this paper explores the welfare implications of this policy change and its interaction with major trade policy initiatives. We evaluate five Brexit scenarios, based on different assumptions regarding Brexit, TTIP and various free trade deals the UK may attempt to broker with the US or Commonwealth countries. We also consider the dynamics of welfare changes over a period of two decades. Our estimates suggest that the impact of Brexit is negative in all policy scenarios, with lower welfare losses under a soft Brexit scenario. The losses are exacerbated if TTIP comes into force, demonstrating the benefits of being a member of a large trade bloc. However, they occur gradually and can be partially compensated by signing new free trade agreements. To further minimise losses, the UK should avoid a hard Brexit.
  • Causality analysis of media influence on environmental attitude, intention and behaviors leading to green purchasing

    Trivedi, Rohitkumar; Patel, J.D.; Acharya, N. (2018-09)
    This research provides a comprehensive delineation of the process that leads to the formation of green behavior by including the role played by media and attitude towards environment-friendly packaging, along with ecological concern and perceived consumer effectiveness. The study offers a parsimonious framework that measures the major antecedents of environmental attitude divided into inward and outward orientation. Moreover, it also measures the effects of these environmental attitudes and attitude towards green packaging on green purchase intention. A total of 308 usable questionnaires were obtained from Indian consumers and data analysis was conducted using confirmatory factor analysis and structural equation modeling. The results show that inward environmental attitude and attitude towards green packaging play a pivotal role in shaping green purchase intention. Surprisingly, outward environmental attitude was found to be non-significant. Findings offer implications for marketing managers and public policy makers, as well as reveal fruitful avenues for further research.
  • From outsider to insider: how creative professional service firms internationalise

    McQuillan, Deirdre; Scott, P.S.; Mangematin, V. (2018)
    Purpose – The management of reputation and status is central to creative professional service firms (CPSFs) rendering the internationalisation process a particular challenge. We build on arguments that internationalisation requires moving from outsidership to insidership within client networks and focus on how CPSFs build signals about quality to start this process. Design/methodology/approach – The exploration draws from the international business, professional services and organizational status bodies of literature. A multiple case study design is developed comprising ten Irish architecture firms. In-depth semi-structured interviews were conducted. Findings - The findings clarify how relationships start in the internationalisation process through signal building. This allows firms to join client networks moving from outsidership to insidership. Our findings systemise three different approaches for CPSFs: from outsidership to insidership within a local market network, within a global industry network and within a global project network. Research Limitations/Implications – Research within other sectoral and geographical contexts could support transferability of the findings. Practical implications – The study has implications for CPSF’s international business strategies as it identifies multiple paths to gaining network insidership and the tactics employed to achieve this.
  • Business Intelligence

    Mahroof, K.; Matthias, Olga; Hussain, Zahid I. (2017-06)
  • Setting the footprint for managing a successful transition: Changing culture as a starting point

    Hussain, Zahid I.; Dimple, D. (2018-04)
    This research is an attempt to identify the kind of culture which is needed for a major transnational company to become a circular economy based organization based on the guidelines of Ellen McArthur Foundation. It aims to identify and learn from organizations with the relevant culture on the particular traits which may assist other organizations foster the culture required to implement a circular economy strategy. The information gathered is expected to contribute empirical information on culture management for circular economy strategy and an attempt to fill in the literature gap on strategy, mind-set shift and culture change, especially in transitioning towards sustainable business practices. The thesis mind-map and outline of chapters have been provided. Literature pointed out that alignment between organizational culture and strategy ensures successful implementation. The development of a more sustainable economic model, the circular economy, has triggered organizations to look into their business strategies and adjust accordingly. This research is an attempt to identify and learn from organizations with relevant culture on the particular traits which may assist other organizations foster the culture required to implement a circular economy strategy. The researchers applied Johnson’s (2001) cultural web and other relevant literatures on organizational culture, leadership, collaboration, and form constructs for an exploratory case study. Several management qualities have been mentioned namely the development of cross-functional teams, establishment of relationships beyond transactional partnerships, a risk oriented learning environment, entrepreneurial organization culture and structure, and empathetic leadership.
  • What does Big Data has in-store for organisations: An Executive Management Perspective

    Hussain, Zahid I.; Asad, M.; Alketbi, R. (2017)
    With a cornucopia of literature on Big Data and Data Analytics it has become a recent buzzword. The literature is full of hymns of praise for big data, and its potential applications. However, some of the latest published material exposes the challenges involved in implementing Big Data (BD) approach, where the uncertainty surrounding its applications is rendering it ineffective. The paper looks at the mind-sets and perspective of executives and their plans for using Big Data for decision making. Our data collection involved interviewing senior executives from a number of world class organisations in order to determine their understanding of big data, its limitations and applications. By using the information gathered by this is used to analyse how well executives understand big data and how well organisations are ready to use it effectively for decision making. The aim is to provide a realistic outlook on the usefulness of this technology and help organisations to make suitable and realistic decisions on its investment. Professionals and academics are becoming increasingly interested in the field of big data (BD) and data analytics. Companies invest heavily into acquiring data, and analysing it. More recently the focus has switched towards data available through the internet which appears to have brought about new data collection opportunities. As the smartphone market developed further, data sources extended to include those from mobile and sensor networks. Consequently, organisations started using the data and analysing it. Thus, the field of business intelligence emerged, which deals with gathering data, and analysing it to gain insights and use them to make decisions (Chen, et al., 2012). BD is seem to have a huge immense potential to provide powerful information businesses. Accenture claims (2015) that organisations are extremely satisfied with their BD projects concerned with enhancing their customer reach. Davenport (2006) has presented applications in which companies are using the power of data analytics to consistently predict behaviours and develop applications that enable them to unearth important yet difficult to see customer preferences, and evolve rapidly to generate revenues.
  • Making use a new open-multipurpose framework for more realistic estimation process in project management

    Hussain, Zahid I.; Lazarski, A.B. (2016)
    The current turbulent times call for adaptability, especially in non-repetitive endeavours being a vital characteristic of project management. The research organized along five objectives commenced in the autumn of 2008 with a pilot study. Then it proceeded through an inductive research process, involving a series of interviews with well-recognized international experts in the field. In addition conceptualized long-running observation of forty-five days was used, before proposal of a new framework for improving the accuracy of estimates in project management. Furthermore, the framework’s “know-how to apply” description have been systematically reviewed through the course of four hundred twenty-five days of meetings. This achieved socially agreed understanding assured that it may be possible to improve accuracy of estimates, while having flexible, adaptable framework exploiting dependency between project context and conditioned by it, use of tools and techniques.

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