1,720,965 research outputs found
Three essays on the impact of regulatory changes on firms’ operation : a dissertation presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance, Massey Business School, School of Finance and Economics
Full text linkThis dissertation offers an in-depth exploration of how major and cross-country laws, such as anti-collusion, enhanced by a leniency program and the recently emerging free trade agreement, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), influence firms' operational efficiencies and strategies across various contexts. Employing rigorous methodologies, including advanced Difference-in-Differences (DiD) estimators and Propensity Score Matching (PSM-DiD), this research spans multiple countries and time periods to furnish a detailed understanding of regulatory impacts.
The first essay investigates the implications of leniency laws on firms' operational efficiency across 64 countries from 1990–2020. Findings reveal that in response to leniency laws, firms adopt a dual strategy: they initially extend credit terms, which pose short-term risks to asset turnover, while also optimizing fixed asset utilization for long-term sustainable growth. The study uncovers considerable heterogeneity in the laws' impact, notably more pronounced in developing economies and within specific cultural frameworks. The study identifies that leniency laws, in particular, affect larger and more profitable firms by leading them to extend more favorable payment terms. Additionally, the laws have a more pronounced impact on developing economies and cultures characterized by specific traits such as low power distance, collectivism, high uncertainty avoidance, and long-term orientation, as outlined by Hofstede (2011).
The second essay examines the influence of the CPTPP on Vietnamese firms from 2017–2021, a transformative era where Vietnam pivoted from an agrarian economy to a manufacturing powerhouse where operational efficiency plays a key role (Laiprakobsup & Chorkaew, 2018). This pivotal change, spurred by the “China Plus One” strategy, not only cements Vietnam’s status as a key player in global manufacturing but also warrants an in-depth analysis as to how its competitive labor and production costs, enhanced by a strategic location, contribute to its increasing economic allure. Our study reveals an initial dip in operational efficiency during the first year of the CPTPP, indicating a strategic realignment phase with increased fixed asset investments and trade credit extensions. However, subsequent years saw a substantial recovery in operational efficiency, marking the successful adaptation of the new trade conditions. The CPTPP's effects were particularly pronounced for high profitability, large-sized firms, those listed on HOSE, and, since 2020, those resilient to the impact of COVID-19. Financially constrained firms seek to use the CPTPP for revenue gains and stress relief but remain cautious about major investments due to debt management concerns. Our findings underscore the transformative role of major trade agreements, and the strategic shifts firms employ to harness these opportunities.
The third essay explores the influence of the CPTPP on Research and Development (R&D) investment strategies within Japanese firms. The CPTPP's Chapter 18, with its comprehensive intellectual property protections, presents an opportunity for Japan to rejuvenate its innovation sector, especially as the nation seeks to reclaim its status as a technological leader amid a historical decline in patent registrations. The study presents a detailed impact of the CPTPP on R&D activities within Japanese firms. While enhanced intellectual property protections boost R&D investment, this is counterbalanced by opportunities for market expansion. Manufacturing firms aligned with Japan's cultural long-term orientation consistently increase R&D activities, while service-oriented and technology-intensive firms initially scale down, but eventually recover. Financially constrained firms and those with high sales growth exhibit similar, but distinct patterns in R&D investment. All these findings are framed within the Pecking Order Theory and Japan's cultural norms.
Collectively, navigating through the intricacies of international industries and cultures, these essays shed light on the strategic adaptations of firms across the globe. They provide a valuable addition to the scholarly conversation and offer practical guidance for decision-makers worldwide
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe 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
Asymmetric information in the IPO aftermarket
No full textUsing the adverse selection component of the spread as a measure of asymmetric information, we investigate how asymmetric information evolves after firms go public. We find that the level of asymmetric information is lower immediately after the initial public offering (IPO) compared with its level after a period of seasoning. In addition, we test the hypothesis that the greater the underpricing of an IPO, the more information is produced in its aftermarket, and the lower the aggregate level of asymmetric information. Our results are consistent with the hypothesis and are robust after controlling for other factors. © 2005 Blackwell Publishing Ltd
Variations on the Author
Full text link“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
Full text linkWe 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
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