1,720,965 research outputs found
How does excess cash affect corporate financial performance?
No full textPurposeThis article analyzes the moderating role of investment opportunities, business risk and agency costs in shaping the nexus between excess cash and corporate performance.Design/methodology/approachThis research uses dynamic regression models (two-step system generalized method of moments) to analyze the data related to 200 Turkish companies listed on Borsa Istanbul (BIST) for the years between 2009 and 2020.FindingsThe findings indicate that when excess cash increases, the financial performance deteriorates only for firms with lower investments compared to firms with more investments. In addition, investment contributes to better financial performance for firms that hold cash surplus, whereas the influence of investment is insignificant for firms that have insufficient cash. Agency costs of equity exacerbate the adverse impact of excess cash on financial performance while agency costs of debt mitigate this effect. Excess cash reduces the financial performance of highly leveraged firms. However, this impact becomes insignificant when debt ratio decreases. The findings also show that investment has more significant role than business risk in building the precautionary motive to hold cash.Research limitations/implicationsThe findings of this article are limited to the Turkish market. Future research is still needed in other emerging markets to compare the results and reveal more about the effect of excess cash on firm performance, and how other factors can change this effect.Practical implicationsThe findings verify the increased significance of excess cash in the presence of investment opportunities and difficulties in accessing external funds. Nevertheless, the role of the equity related agency problem in reducing the benefits of cash surplus confirms the necessity of policies that support corporate governance, especially in emerging markets.Originality/valueThis article, according to the knowledge of author, is the first to examine the role of agency costs associated with debt and equity, and the compound effect of investment opportunities and business risk on the nexus between excess internal funds and corporate financial performance in emerging markets
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The dynamic relationship between firms' cash reserves and financial leverage: evidence from MENA emerging markets
No full textPurpose This paper investigates the impact of financial leverage on corporate cash holdings in the Middle East and North African (MENA) emerging markets. Design/methodology/approach The author applies the dynamic modeling approach to data from nonfinancial firms listed in 10 MENA countries between 2010 and 2019. The empirical model avoids the shortcomings of the prior literature by including indicators of the dynamics of the financial leverage to account for its persistence in the corporate cash holdings reserves. Findings This research reports a significant negative relationship between corporate cash holdings and financial leverage. The results support the pecking order model, suggesting that leverage can be regarded as a substitute for holding a larger amount of cash and marketable securities. The author argues that the negative relationship between financial leverage and corporate cash holdings reinforces the precautionary motive to have internal cash reserves rather than external debt to support capital and investment activities by firms in the MENA emerging markets. Practical implications The results of this research provide important insights into cash and capital structure management for nonfinancial listed firms in the MENA emerging markets. Specifically, the paper will help managers to understand the dynamic financial leverage determinants of holding cash in corporations in the MENA emerging markets and encourage policymakers to financially determine the corporate capital structure and cash holdings based on cost and benefits. Managing the firm's capital structure and cash holdings based on trade-offs between costs and benefits would enhance operating cash flow which may play an important role in creating value for shareholders. Originality/value Prior studies have commonly been concerned with the determinants of corporate cash holdings, but few have investigated the dynamic financial leverage determinants of corporate cash holdings. This paper draws attention to this issue within the context of MENA emerging markets. To the authors' best knowledge, this is the first study that explores the relationship between cash holdings and financial leverage in MENA emerging markets
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Firmaların finansal ve faaliyet kaldıracının karlılığa etkisi: BIST'ta ampirik bir çalışma
Get PDFBu çalışma, 2008-2017 yılları arasında Borsa İstanbul'da (BIST) hisse senetleri işlem gören 200 firması verileri ele alınarak faaliyet kaldıracının firma karlılığı üzerindeki etkisi ve bu etkide satışlar büyümesinin rolünü incelenmiştir. Ayrıca faaliyet ve iflas riskinin finansal kaldıraç ile firma karlılığı arasındaki ilişki üzerinde etkisi analiz edilmiştir. Araştırmada sunulan hipotezleri test etmek için T-testi, Mann- Whitney U testi, Havuzlanmış En Küçük Kareler ve Sabit Etkiler Regresyonları ve Yapısal Eşitlik modelleri uygulanmıştır. Yapılan analiz sonucunda faaliyet kaldıracının firma karlılığı üzerindeki etkisinin olumsuz olduğu ortaya çıkmıştır. Üstelik yüksek / düşük satışlar büyümesine sahip olan firmalar için faaliyet kaldıracının negatif etkisinin daha zayıf / daha güçlü olduğu gösterilmiştir. Finansal kaldıraç ile ilgili sonuçlar ise borç oranı arttıkça firma karlılığının azaldığı, borç oranının firma karlılığı üzerindeki negatif etkisinin faaliyet ve iflas riski ile yükseldiği gözlemlenmiştir. Düşük faaliyet ve iflas riskine sahip firmalara kıyasla, yüksek faaliyet ve iflas riskine sahip firmaların borç oranı artışının karlılık oranları üzerindeki negatif etkisi daha yüksektir. Sonuç olarak, satışların büyüme oranı düşük olan firmaların kârları, faaliyet kaldıracı düşürülerek artırılabilir. Diğer taraftan, yüksek faaliyet ve iflas riskine sahip firmaların karlılığını arttırmak için sermaye yapısında borç kullanımı düşürülmelidir.Using a sample of 200 firms listed on Istanbul Stock Exchange during the period 2008-2017, this study examines the effect of operating leverage on profitability, and the role of sales growth in determining this effect. Moreover, the study analyzes the effect of operating and bankruptcy risks on the relationship between financial leverage and profitability. T-Test, Mann- Whitney U test, Ordinary Least Squares (OLS) and fixed effects regressions and Structural Equations Modeling are used to test the research's hypotheses. The results indicated that operating leverage has a negative impact on profitability, and that this negative impact is weaker/stronger for firms with high/low sales growth. The results also showed that financial leverage has negative effect on profitability. Moreover, the negative impact of financial leverage on firm profitability is exacerbated by business risk and bankruptcy risk. The negative impact of debt ratio on profitability is higher for firms with high business and bankruptcy risks compared to firms with low business and bankruptcy risks. As a result, firms with low sales level should decrease operating leverage to improve their profitability. On the other hand, the profitability of firms with high business risk and bankruptcy risk can be enhanced by reducing debt ratio
Sermaye Yapısının Türkiye’deki İslami ve konvansiyonel bankalar performansı üzerinde etkisi: karşılaştırmalı bir araştırma
Get PDFJEL Sınıflandırma: G21, G32.
* Ismail KALASH, Dicle Üniversitesi, Türkiyeتناول البحث احلايل مقارنة هيكل رأس املال لدى املصارف اإلسالمية
والتقليدية يف تركيا ابإلضافة إىل دراسة أثر نسبة املديونية على أداء تلك
املصارف، حيث مت إجراء دراسة مقارنة بني 5 مصارف إسالمية و11 مصرف
تقليدي لفرتة زمنية متتد من عام 2008 إىل 2017 .تبني من النتائج أن
نسبة املديونية تؤثر بشكل إجيايب ومعنوي على أداء املصارف اإلسالمية، حيث
يزداد معدل العائد على إمجايل األصول، ومعدل العائد على حقوق امللكية
نتيجة ازدايد نسبة املديونية. من انحية أخرى تبني أن نسبة املديونية تؤثر
بشكل سليب على أداء املصارف التقليدية، حيث ينخفض معدل العائد على
إمجايل األصول نتيجة ارتفاع نسبة املديونية لدى املصارف التقليدية. إن نتائج
البحث تتوافق بشكل عام مع نظرية املوازنة بني منافع وتكاليف الديون، حيث
تكون تكاليف الديون )تكاليف الوكالة املرتبطة ابلدين وتكاليف اإلفالس(
منخفضة نسبيا زنة، وابلتايل فإن ً لدى املصارف االسالمية يف إطار نظرية املوا
ارتفاع نسبة املديونية لدى تلك املصارف سيساهم يف تعزيز أداءها نتيجة
االخنفاض النسيب للتكاليفBu çalışmanın amacı, Türkiye’deki İslami ve konvansiyonel bankaların
sermaye yapılarını karşılaştırmanın yanı sıra, borç oranın bankalar
performansı üzerindeki etkisini incelemektir. 2008-2017 yılları
arasında 5 İslami banka ile 11 konvansiyonel banka arasında bir
karşılaştırma yapılmıştır. Çalışma sonuçları, borç oranının İslami
bankalar performansı üzerindeki etkisinin pozitif ve istatiksel olarak
anlamlı olduğunu göstermiştir. İslami bankaların borç oranı arttıkça
aktif karlılık oranı ve öz sermaye karlılık oranı artar. Buna karşı, borç
oranının konvansiyonel bankalar performansı üzerindeki etkisinin
negatif olduğu ortaya çıkmıştır. Konvansiyonel bankaların borç oranı
arttıkça aktif karlılık oranı azalır. Çalışmanın sonuçları dengeleme
teorisi ile tutarlıdır. Dengeleme teorisi kapsamında, İslami bankaların
borç maliyetleri (borcun vekalet maliyetleri ve iflas maliyetleri)
düşüktür. Dolayısıyla, düşük maliyetlerden dolayı, İslami bankaların
borç oranındaki artış, bu bankaların performansını artıracaktır
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