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Do Multinational And Local Corporations Differ In Their Leverage Policies? Evidence From The MENA Region
Get PDFThis paper examines the leverage policies of multinational corporations (MNCs) in comparison to those of local corporations in the MENA region during the period between 2006 and 2012. Our results show that MNCs have lower leverage levels than local firms. We argue that MNCs have higher information asymmetries than other firms. As a result, managerial opportunism may be higher in these firms, thereby minimizing their ability to raise debt. In case of local firms, we show that their debt ratios are not different from other firms. Furthermore, we also show that our results do not hold for those multinational firms that have lower agency problems. We show that, for a given level of information asymmetries (operational and informational complexity), debt ratios of multinational firms are more than other firms. Our results show no impact of the extent of information asymmetries on debt ratios of local firms.
Relationship Between Crude Oil Prices And Economic Growth In Selected OPEC Countries
Get PDFThe aim of this study is to examine the degree of interdependence between oil prices and economic activity growth for four major countries (United Arab Emirates, Kuwait, Saudi Arabia, and Venezuela) in the Organization of the Petroleum Exporting Countries (OPEC) over the period from 3 September 2000 to 3 December 2010. We propose the frequency approach of Priestley and Tong (1973), which is the evolutionary co-spectral analysis. This method offers a time-varying dynamic correlation measure for different horizons, short-run and medium-run. To complete our study by analyzing long-run dependence, we use the cointegration procedure developed by Engle and Granger (1987). We show that oil price shocks in periods during period of fluctuations in the global business cycle and/or financial turmoil affect the relationship between oil and economic growth in OPEC countries
Doing Well By Doing Good In The Community: Evidence From Some South African Small Businesses
Get PDFResearchers and policy makers worldwide are convinced that only clear empirical evidence of the economic benefits of business social responsibility (BSR), rather than normative assertions, can motivate small businesses enough to accept and adopt it as an integral business practice. Unfortunately, empirical research so far has yielded mixed results, such that smaller businesses are right to be skeptical about adopting BSR. This paper reports the findings of empirical research on patterns of BSR engagement practices and growth in firms’ sales and gross profit among small and micro enterprises (SMMEs) in a South African setting. This is to determine how a small firm’s economic performance varies (if at all) with the degree of its BSR performance and the kind of BSR activity it engages in. The results suggest a high degree of BSR activity among firms with substantial portions of profit dedicated to BSR. However, contrary to expectations, very weak (minor) link was found between BSR performance and economic performance among the sample of small businesses on some but not all dimensions of BSR considered in the study. Nonetheless, it is recommended that managers and owners of small businesses be encouraged to adopt and practice BSR. Even if they do not do so for economic reasons, they would be right to do so to ‘atone’ for the widely acknowledged detrimental impacts of business on society.
Further Evidence Of The Creation Of Value Through The Management Of Net Working Capital: An Analysis Of S&P 500 Firms
Get PDFNet working capital is defined as the difference between current assets and current liabilities. A firm’s net working capital policy is important because it affects the firm’s cost of capital and market value. When net working capital is positive, it indicates that the firm is using long-term funds from lenders and/or shareholders to finance its current assets. Since long-term funds, in general, are more expensive than short-term funds, theoretically, the greater use of net working capital will increase the firm’s cost of capital and lower its market value, ceteris paribus. Consistent with the theory’s prediction, this study finds a negative relationship between the amount of net working capital used by S&P 500 firms and risk-adjusted shareholder returns in the 2009-2012 period
Fiscal Health Analysis Of Texas And Its Municipalities
Get PDFRecently insolvent municipalities have declared bankruptcy when they are unable to meet their bond debt or pay their outstanding liability obligations. This analysis looks at the fiscal health of Texas municipalities who have issued debt in the past two years to identify those suffering financial stress that would possibly result in the municipality seeking bankruptcy to resolve its fiscal issues. This investigation analyzes the State of Texas and local municipalities’ fiscal health using the revised Altman Z-Score with the government’s annual financial report data. Additional analysis relating the Z-score to entities’ bond rating is reported. These findings provide an effective mechanism for investors and interested citizens to evaluate and identify distressed governmental entities with a possible bankruptcy risk
Improving Writing Through The Peer-To-Peer Evaluation Process
Get PDFThis presentation will demonstrate the process utilized in graduate and undergraduate level classes at Hodges University to improve writing skills through a Peer-to-Peer evaluation. The research addresses the utilization of a rubric where students evaluate a minimum of two fellow classmates and share their critique in an online discussion board. Students evaluate classmates on assignment coverage, critical thinking, conceptual fluency, writing fluency, and information literacy. The rubric provides specific sub-categories that guide students as they evaluate classmates. Once the student evaluation process is complete, student research is critiqued by the professor prior to submission of the research paper. This presentation will cover usage of the rubric and statistical results from initial testing. Innovative professors must continue to enhance the quality of their online delivery in an effort to achieve the same educational outcomes acquired in a traditional classroom. While this process works very well in a traditional classroom setting, this presentation demonstrates how the same process can be utilized effectively in an online environment
Fixed And Growth Mindset In Education And How Grit Helps Students Persist In The Face Of Adversity
Get PDFStudents face a wealth of challenges in college for example a lack of support, sometimes making it difficult to persevere. However, in an academic environment that teaches grit and fosters growth, students can learn to persist. Those who believe intelligence is fixed and cannot be changed exert less effort to succeed. Students who persevere when faced with challenges and adversity seem to have what Angela Duckworth calls, grit. This is the idea behind a growth mindset in learning according to Dweck (1999, 2007, 2010) and Duckworth, Peterson, Matthews, and Kelly (2007). Grit can be defined as “…passion and perseverance for long-term goals…” (Frontiers In Psychology, 2014). One grit effect study was conducted in collaboration with the U.S. Army and the University of Pennsylvania to create predictors of retention. The purpose of this present work is to explore researched competencies related to persistence in reaching academic goals, review literature in grit and growth mindset related to learning and persistence, and examine what educators can do to foster grit and a growth mindset. Recommendations for increasing persistence and grit in college students will be provided
Response To Intervention For Young Children With Mild, Moderate/Severe Cognitive Disabilities: Literature Review
Get PDFThis study has discussed in-depth information about understanding the Response to Intervention (RTI) linking with children from pre-school to kindergarten (three to eight years old) who have Cognitive Disabilities (CD), including different levels from mild to moderate and/or severe. The study consists of five main sections – RTI, CD, RTI Linking with CD, teaching methods for children with CD, and how RTI helps disability in school. Each section is presented in comprehensive detail
Factors Influencing Student Participation In College Study Abroad Programs
Get PDFThis paper proposes a theoretical framework to investigate the factors that influence student participation in college study abroad programs. The authors posit that students’ general perceptions regarding the study abroad experience and their expectations of intercultural awareness from study abroad programs will impact their perceptions of personal growth, professional development, and intellectual growth to be derived from such programs. The expectations regarding personal growth, professional development, and intellectual growth will, in turn, directly impact students’ intention to participate in such programs. Program duration, cost, and student demographics, such as race and gender are other influencing factors. Following the presentation of the framework, strategies to effectively market study abroad programs are discussed.
Sustaining Student Gains From Online On-Demand Professional Development
Get PDFA multi-State, quasi-experimental study was conducted as a longitudinal, two-year follow-up of participation in an online, on-demand professional development (PD) program. The purpose was to ascertain whether student gains were sustained in a second year of PD participation. Data verified gains in Year 1 versus Pre-PD baseline, with continued gains in Year 2 atop those achieved in year 1 of PD participation, reflecting a positive trend and continued advantage over non-PD schools in the same districts. Results showed that student in PD schools gained 7.7% (p<.01) more in Math in year 2 atop 18.9% (p<.001) gains from year 1, versus gains of 0.5% (ns) and 4.2% (p<.01) for non-PD schools in the same districts. Similarly, students in the PD schools gained 10.2% (p<.01) more in Reading in year 2 atop 18.9% (p<.001) gains from year 1, versus gains of 0.5% (ns) and 4.2% (p<.01) for non-PD schools in the same districts. Total gains from baseline for PD schools were 28.1% (p<0.001) in Math for PD schools versus 4.7% (p<0.01) for the same districts collectively, and 30.2% (p<0.001) in Reading for PD schools versus 6.0% (p<0.01) for the same districts collectively. Findings support the high-participation use of Internet-based, on-demand professional learning for improving teacher effectiveness and sustained impacts on student performance