scholarly journals Auditors, Underwriters, and Firm Owners’ Interaction in an IPO Environment: The Case of OECD Nations

2021 ◽  
Vol 13 (11) ◽  
pp. 6281
Author(s):  
Sheela Sundarasen ◽  
Kamilah Kamaludin ◽  
Izani Ibrahim ◽  
Usha Rajagopalan ◽  
Nevi Danila
Keyword(s):  
Positive Impact ◽  
Common Law ◽  
Civil Law ◽  
Least Square ◽  
Interactive Effects ◽  
Cross Sectional ◽  
Key Stakeholders ◽  
Research Findings ◽  
Firm Owners ◽  
The Relationship

This study explores the effects of interactions among key stakeholders, i.e., auditors, underwriters, and firm owners on IPOs’ first-day returns in selected OECD nations. It also examines the alteration effects of legal origin (Common law and Civil law) on the relationship between the interacted key stakeholders and IPOs’ first-day returns. A total of four thousand one hundred and sixty-four IPOs from twenty-eight OECD nations are included in this study. Since it is cross-sectional data, a two-stage least square regression is applied. The empirical outcomes indicate that, in general, the interacted reputable underwriters and auditors have a positive impact on IPOs’ first-day return. The relationship is modified between common law and civil law nations, whereby in civil law nations, no significance is demonstrated except for the interaction between the reputable auditors and underwriters. In the common law nation, interactions between reputable auditors and ownership retention have an impact on IPOs’ first-day return. The research findings provide outlooks into an IPO framework for issuers, investors, and regulators. Issuers may want to weigh carefully the costs and benefits of hiring credible auditors and underwriters when going public as they act as signaling agents. As for the investors, they should take into consideration the involvement of reputable underwriters and auditors and the degree to which the IPO firms retain ownership, as the interactive effects give clear signals on firm valuation and IPOs’ first-day returns. Regulators may find the findings informative concerning the creation of a more organized regulatory and financial system that could lead to a deeper and more open financial market.

scholarly journals A Study on the Relationship between Earnings Quality and Capital Cost-Takes the China Listed Companies as a Sample

2021 ◽  
pp. 48-56
Author(s):  
Chih-Yi Hsiao ◽  
Hui-Hui Kuang ◽  
Hui-Ling Li ◽  
Jia-Li Liu
Keyword(s):  
Earnings Management ◽  
Earnings Quality ◽  
Least Square Method ◽  
Listed Companies ◽  
Capital Cost ◽  
Least Square ◽  
Accounting System ◽  
Ordinary Least Square ◽  
Research Findings ◽  
The Relationship

The phenomenon of false financial statements still exists. However, in addition to the risk of being punished, what kind of price do companies have to pay? In recent decades, with China's rapid progress in economic, the relevant accounting system and corporate governance standards are actively improving, and the earnings quality is improving. This paper takes China's listed companies from 2015 to 2019 as samples, and adopts quantile regression supplemented by ordinary least square method to explore the relationship between earnings quality and capital cost. The research findings show that the higher the earnings management, the higher the capital cost, especially for the company with low capital cost. Nevertheless, for the extremely company with high capital cost, earnings management can reduce the capital cost. The research results can provide the focus of regulators of listed companies and reference for the revision of relevant accounting system.

scholarly journals Determinants of Farmers’ Confidence in Agricultural Production Recovery during the Early Phases of the COVID-19 Pandemic in China

Agriculture ◽  
2021 ◽  
Vol 11 (11) ◽  
pp. 1075
Author(s):  
Yanqi Xie ◽  
Apurbo Sarkar ◽  
Md. Shakhawat Hossain ◽  
Ahmed Khairul Hasan ◽  
Xianli Xia
Keyword(s):  
Social Support ◽  
Agricultural Production ◽  
Agricultural Development ◽  
Negative Impact ◽  
Positive Impact ◽  
Probit Model ◽  
Risk Minimization ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
The Relationship

The COVID-19 pandemic has adversely impacted the agricultural supply chain, export of agricultural products, and overall food security. However, minimal exploration has been attempted of farmers’ confidence in agricultural production recovery after the COVID-19 pandemic. Therefore, this study intends to explore the determinants of farmers’ confidence in agricultural production recovery in China during the early stages of the COVID-19 pandemic. More specifically, we analyzed the relationship between risk expectation and social support on the farmers’ confidence in agricultural production recovery by using the ordered probit model. Cross-sectional survey data were collected from February to March 2020 from 458 farm households in the 7 provinces of China to produce the findings. We found that the risk expectation of farmers had a significant negative impact on farmers’ confidence in agricultural production recovery. Social support seemingly had a significant positive impact on the farmers’ confidence in agricultural production recovery, and could play a supportive role in moderating the relationship between risk expectation and farmers’ confidence in recovery. However, social support alleviates the adverse effect of risk expectation on farmers’ confidence in agricultural production recovery to a certain extent. In addition, there were intergenerational differences in the effects of risk expectation and social support on farmers’ confidence in agricultural production recovery. These results imply that policies establishing the risk early warning mechanisms for agricultural production and strengthening the social support from governments and financial institutions are likely to significantly impact agricultural development in the post-COVID-19 era. The formal and informal risk minimization mechanisms should extend their support to vulnerable sectors such as agribusiness.

Oversight of Administrative Justice Systems

2021 ◽  
Author(s):  
Sarah Nason
Keyword(s):  
Common Law ◽  
Civil Law ◽  
Council Of Europe ◽  
Justice Systems ◽  
Administrative Courts ◽  
The Relationship ◽  
Administrative Justice

Administrative justice systems have developed in light of social, cultural, political, and legal changes. Given this background, how can the collection of laws, institutions, procedures, and principles constituting administrative justice be subject to effective oversight? This chapter evaluates some of the bodies that have developed, at various points in time in various contexts, purportedly as a means to oversee all, or the majority of, particular administrative justice systems. It categorizes administrative justice oversight bodies into five main (non-exhaustive) types: 1) statutory whole network oversight bodies; 2) non-statutory whole network oversight; 3) academic-led oversight; 4) membership organizations; and 5) top administrative court oversight. The first four types are, or have been, most prevalent in common law systems, while the fifth tends to be more associated with civil law jurisdictions having a distinct hierarchy of administrative courts. This chapter focuses on the first four types of oversight. It explains and evaluates them against particular characteristics; the breadth of administrative justice; the relationship between oversight and reform; the influence of politics on oversight; the tasks of oversight bodies, their independence and funding; and evidencing their impacts. It briefly examines oversight activity by international bodies such as the Council of Europe and concludes with suggested characteristics for effective future oversight.

What Are the Leading Bank-Specific and Macroeconomic Factors Influencing Islamic Bank Performance?

2021 ◽  
pp. 153-171
Author(s):  
Mosharrof Hosen
Keyword(s):  
Positive Impact ◽  
Least Square ◽  
Capital Adequacy ◽  
Islamic Banks ◽  
Cross Sectional ◽  
Macroeconomic Factors ◽  
Mena Countries ◽  
Ordinary Least Square ◽  
Islamic Bank ◽  
Asset Quality

Despite the proven sustainability and growth of Islamic banks during the financial crisis period, many scholars criticise the current performance of Islamic banks. Therefore, policymakers are continuously getting worried due to inconclusive finding of different research related to Islamic bank profitability. To shed the light of raising concern, this study investigates the issue from considering both macroeconomic and bank-specific factors. The annual cross-sectional data has been collected from 46 Islamic banks in 10 selected MENA countries over the period 2015-2019. The standardized pooled ordinary least square (OLS) approach's findings revealed that bank size, capital adequacy, GDP, and inflation have a significant positive impact on Islamic banks' return on asset, but asset quality has no significant effect on ROA. In contrast, most of the variables have an insignificant effect of ROE. Investors, financial analysts, and policymakers will get benefits from this study's results to secure their investment by successfully controlling the above-mentioned leading factors.

Costs and Benefits of Urbanization

2019 ◽  
pp. 40-78
Author(s):  
Kala S. Sridhar
Keyword(s):  
Positive Impact ◽  
Policy Implications ◽  
Republic Of China ◽  
Rural And Urban ◽  
Income Ratio ◽  
Urban Rural ◽  
Research Findings ◽  
Urban Income ◽  
The Relationship ◽  
Benefits And Costs

Urbanization has both benefits and costs. This chapter summarizes research findings on how urbanization enhances productivity and economic growth in both rural and urban sectors, taking the case of India. It studies the relationship between urbanization and growth. Based on extensive data analyses of urbanization, it finds no impact of urban–rural inequalities on urbanization, but significant impact on the population of the largest city in the state. When accounting for the two-way relationship between urbanization and the rural–urban income ratio, it finds that urbanization increases urban–rural inequalities initially, but at higher levels reduces them. Urbanization benefits rural development since the chapter finds that it has a positive impact on increasing the rural–urban income ratio, and the evidence regarding remittances. Policy implications regarding telecommuting and investments in urban infrastructure are summarized. Lessons from India and the People’s Republic of China for each other’s urbanization are discussed.

The Relationship between Disability Non-Discrimination Law and Quota Schemes

2019 ◽  
pp. 94-117
Author(s):  
Lisa Waddington
Keyword(s):  
Public Sector ◽  
Common Law ◽  
Civil Law ◽  
People With Disabilities ◽  
Public And Private ◽  
The Public ◽  
The Common ◽  
Public And Private Sector ◽  
The Relationship

This chapter explores the relationship between disability quota schemes and non-discrimination law in Europe. While at first sight they seem to sit uneasily beside each other, the chapter reveals how, in some instances, quota schemes can serve to facilitate compliance with non-discrimination legislation. At the same time, the chapter explores seeming incompatibilities between the two approaches and considers whether there are differences between common and civil law jurisdictions in this respect. Tentative conclusions suggest that there is a greater willingness to establish quota schemes through legislation in civil law jurisdictions compared to common law jurisdictions, and that quota schemes in civil law jurisdictions are more likely to provide for the imposition of a levy in the case that employers fail to meet their quota obligations through employing the required number of people with disabilities. There also seems to be some indication that there is greater awareness of the potential for conflict or tension, in various forms, between non-discrimination law and quota schemes in common law jurisdictions than in civil law jurisdictions. Finally, the two schemes operating in the common law states are only applicable to the public sector—whilst in civil law states quotas are generally applied to both public and private sector employers. This may indicate different perceptions regarding the role of public sector employers and the legitimacy of imposing quota requirements.

2. English legal system—an overview

2018 ◽  
Author(s):  
Steve Wilson ◽  
Helen Rutherford ◽  
Tony Storey ◽  
Natalie Wortley
Keyword(s):  
European Union ◽  
Criminal Law ◽  
Legal System ◽  
Common Law ◽  
Civil Law ◽  
European Convention ◽  
The European Union ◽  
Parliamentary Sovereignty ◽  
Legal Concepts ◽  
The Relationship

This chapter provides an overview of the English legal system, introducing fundamental legal concepts, such as the nature of law and parliamentary sovereignty, and the differences between criminal law and civil law legal terminology, such as terminology and the outcomes. The sources of law, legislation in the form of Acts of Parliament or statutes and delegated legislation and common law or judge-made law are outlined. An outline of the courts is given, including the judges and the jurisdiction of the courts. The relationship between the English legal system and the European Union (EU) and the European Convention on Human Rights (ECHR) is explained.

Muslims’ willingness to pay for certified halal food: an extension of the theory of planned behaviour

2019 ◽  
Vol 11 (1) ◽  
pp. 14-30 ◽  
Author(s):  
Mohammad Iranmanesh ◽  
Maryam Mirzaei ◽  
Seyed Mehrshad Parvin Hosseini ◽  
Suhaiza Zailani
Keyword(s):  
Willingness To Pay ◽  
Theory Of Planned Behaviour ◽  
Positive Impact ◽  
Religious Commitment ◽  
Cross Sectional ◽  
Planned Behaviour ◽  
Content Type ◽  
Self Identity ◽  
Halal Food ◽  
The Relationship

Purpose The purpose of this paper is to extent the theory of planned behaviour (TPB), when extended by self-identity and religious commitment (RC), and is able to predict Muslim consumers’ willingness to pay (WP) for certified halal food. Design/methodology/approach A survey of 277 Muslim consumers in Malaysia was conducted and the cross-sectional data were analysed using the partial least squares technique. Findings Attitude (ATT) and religious self-identity (RSI) were found to have a positive impact on WP for certified halal food. Additionally, RC has a positive effect on ATT and RSI and has a positive moderating effect on the relationship between perceived behavioural control and WP. Practical implications The findings can benefit halal food companies by offering an insight into the willingness of Muslim consumers to pay for certified halal food. Originality/value The findings contribute to the research on halal foods by illustrating the factors that determine Muslim consumers’ WP for certified halal food. This study also extends the understanding of the TPB to the halal food context.

scholarly journals Institutional characteristics, signaling variables and IPO initial returns

2019 ◽  
Vol 3 (1) ◽  
pp. 29-49 ◽  
Author(s):  
Sheela Devi D. Sundarasen
Keyword(s):  
Initial Public Offering ◽  
Firm Value ◽  
Civil Law ◽  
Oecd Countries ◽  
Legal Framework ◽  
Least Square ◽  
Institutional Characteristics ◽  
Cross Sectional ◽  
Content Type ◽  
Public Offering

Purpose This paper aims to provide empirical evidence on the extent of alteration institutional characteristics, i.e. legal origin and corruption levels, may have on the signaling effects of auditors’ reputation, underwriters’ reputation and ownership retention on initial public offering (IPO) initial returns in OECD countries. Design/methodology/approach Cross-sectional data composed of 6,182 IPOs from 30 OECD countries are used for 2003-2012. Ordinary least square with multiple linear regressions is used to test the hypotheses. Findings The findings indicate that the legal framework and corruption level of a country alters the signaling effects of underwriters’ reputation, auditors’ reputation and ownership retention in an IPO environment. These three variables mitigate information asymmetry, signal firm value to potential investors and ultimately decrease IPO initial returns. This relationship is more significant in the civil law countries. Corruption levels negatively moderate the relationship in the common law and Scandinavian civil law countries but have no significance in the German and French civil law countries, indicating the importance of the signaling variables in these two civil law countries. Originality/value This study examines the extent of the alterations that the legal framework and the corruption levels cause to the signaling relationship between auditors’ reputation, underwriters’ reputation and ownership retention on IPO initial returns in selected OECD countries.

scholarly journals Mediation effect of organizational culture on the relationship between perceived ethics and SMEs performance

2016 ◽  
Vol 9 (2) ◽  
pp. 505 ◽  
Author(s):  
Abdullahi Hassan Gorondutse ◽  
Haim Hilman
Keyword(s):  
Organizational Culture ◽  
Social Responsibility ◽  
Reliability And Validity ◽  
Partial Least Square ◽  
Least Square ◽  
Mediation Effect ◽  
Superior Performance ◽  
Cross Sectional ◽  
North West ◽  
The Relationship

Purpose: This research aims to examine the association between perceived ethics and SMEs performance; also determine the mediation effect of organizational culture on the relationship.Design/methodology/approach: Based on the literature review, this research developed a conceptual model of Perceived ethics, organizational culture and performance. This research applied purposive sampling to gather data from owners/managers of SMEs in Kano State North-West of Nigeria. Apart from assessing the reliability and validity of the constructs through confirmatory factor analysis, this research also used Partial Least Square Techniques (PLS) of analysis approach to test the proposed hypothesis.Findings: Statistical result reveals that the relationship between perceived ethics and SMEs performance was found to be significant at p.value less than 0.001. Similarly as postulated the organizational culture mediates the relationships with significant value.Research limitations/implications: The sample for this study is based on SMEs and cross sectional in nature, In addition, the present study employed quantitative techniques future study can employed qualitative or case study method for design and analysis of information.Practical implications: The finding of this study can assist practitioners and policy makers in SMEs to support the idea of social responsibility in designing strategic plan for superior performance. As whole, the outcome of this research will assist managers for better understanding of the business social responsibility antecedents under the perspective SMEs.Originality/value: This paper has tried to provide a comprehensive understanding about business social responsibility antecedents under the perspective SMEs context in Nigeria. Since there was a lack of such research in SMEs context, this research can provide theoretical contribution and managerial basis for future researches as well as implications for the managers.

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