Search results for: Jordanian Firms

Authors: Mohammed Benlemlih

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Using a sample of 22,839 US firm-year observations over the 1991-2012 period, we find that high CSR firms pay more dividends than low CSR firms. The analysis of individual components of CSR provides strong support for this main finding: five of the six individual dimensions are also associated with high dividend payout. When analyzing the stability of dividend payout, our results show that socially irresponsible firms adjust dividends more rapidly than socially responsible firms do: dividend payout is more stable in high CSR firms. Additional results suggest that firms involved in two controversial activities -the military and alcohol - are associated with low dividend payouts. These findings are robust to alternative assumptions and model specifications, alternative measures of dividend, additional control, and several approaches to address endogeneity. Overall, our results are consistent with the expectation that high CSR firms may use dividend policy to manage the agency problems related to overinvestment in CSR.

Keywords: corporate social responsibility, dividend policy, Lintner model, agency theory, signaling theory, dividend stability

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Authors: Hanan Yousef, Nisreen Naji Al-Khawaldeh

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The present study investigates the use of the expression of refusal by native speakers of Jordanian Arabic (NSsJA) in different social situations (i.e. invitations, suggestions, and offers). It also investigates the influence of gender on the refusal realization patterns within the Jordanian culture to provide a better insight into the relation between situations, strategies and gender in the Jordanian culture. To that end, a group of 70 participants, including 35 male and 35 female students from different departments at the Hashemite University (HU) participated in this study using mixed methods (i.e. Discourse Completion Test (DCT), interviews and naturally occurring data). Data were analyzed in light of a developed coding scheme. The results showed that NSsJA preferred indirect strategies which mitigate the interaction such as "excuse, reason and, explanation" strategy more than other strategies which aggravate the interaction such as "face-threatening" strategy. Moreover, the analysis of this study has revealed a considerable impact of gender on the use of linguistic forms expressing refusal among NSsJA. Significant differences in the results of the Chi-square test relating the effect of participants' gender indicate that both males and females were conscious of the gender of their interlocutors. The findings provide worthwhile insights into the relation amongst types of communicative acts and the rapport between people in social interaction. They assert that refusal should not be labeled as face threatening act since it does not always pose a threat in some cases especially where refusal is expressed among friends, relatives and family members. They highlight some distinctive culture-specific features of the communicative acts of refusal.

Keywords: gender, Jordanian Arabic, politeness, refusals, speech act

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Authors: Liqiang Chen

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This study investigates the effects of political connections on the association between firms’ business strategy and their tax aggressiveness in an emerging economy such as China. By studying all public Chinese firms in the period from 2011 to 2017, we find that firms adopting innovative business strategy are more tax aggressive overall, but innovative firms with political connections are less tax aggressive compared to those without political connections. Moreover, we document several channels through which political connections affect the association between innovative business strategy and tax aggressiveness. In particular, we show that the mitigation effect of political connections on tax aggressiveness is stronger for innovative firms located in areas with a lower marketization index and for innovative firms with a lower leverage level or with less earnings management. Our results are robust to an instrumental variable approach to account for possible endogenous bias. Our study contributes to the understanding of firms’ tax behaviors in an emerging economy setting and suggests that there are costs associated with political connections, such as foregone tax saving opportunities, which are understudied in the prior literature.

Keywords: tax aggressiveness, business strategy, political connections, emerging economy

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Authors: Abedalbasit M. Abedalhafiz, Aman Kasawneh, Zyad Altahynah, Ahmad Okor

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The purpose of this study was to determine the construct validity of the morale sprit scale (MSS). Ninety faculty members from colleges of physical education at Jordanian universities were chosen to participate in this study. The design of this study was an ex-post facto. The MSS consists of (48) items that measure different dimensions of morale spirit among faculty members. Principle axis factoring with oblique rotation was utilized to uncover the underlying structure of the instrument. The findings revealed eight factor solution explaining (72.825%). Seven factors were accepted according to the conditions of accepting factors. The seven factors were named morale as reflection of faculty and department's administration, regulations and instructions, working environment and conditions, promotions and incentives and salaries, relations between the faculty member's, the trend toward the college and university, the trend toward self factors.

Keywords: Factorial validity, morale sprit, faculty members, Jordanian Universities

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Authors: A. Hayrapetyan, A. Simon, P. Marques, G. Renart

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Business survival is a question of greatest interest for any economy. Firm characteristics that can explain or predict performance and, ultimately, business survival become of the greatest significance, as the sustainable longevity of any business can mean health for the future of the country. Family Firms (FFs) are one of the most ubiquitous forms of business worldwide, as more than half of European firms (60%) are considered as family firms. Therefore, the inherent characteristics of FFs are one of the possible explanatory variables for firm survival because FFs have strategic goals that differentiate them from other types of businesses. Although there is literature on the performance of FFs across generations, there are fewer studies on the factors that impact the survival of family and non-family FFs, as there is a lack of data on failed firms. To address this gap, this paper explores the differential survival of family firms versus non-family firms with a representative sample of companies of the region of Catalonia (Northeast of Spain) that were adhoc classified as family or nonfamily firms, as well as classified as failed or surviving, since no census data for family firms or for failed firms is available in Spain. By using the COX regression model on a representative sample of 629 family and non-family firms, this study investigates to what extent financial ratios, such as Liquidity, Solvency Rate can impact business survival, taking into consideration the socioemotional side of family firms, as well as revealing the differences between family and non-family firms. The findings show that the liquidity rate is significant for non-family firm survival, whereas not for family firms. On the other hand, FFs can benefit while having a higher solvency rate. Ultimately, this paper discovers that FFs increase their chances of survival when they are small, as the growth in size starts negatively impacting the socioemotional objectives of the firm. This study proves the existence of significant differences between family and non-family firms’ survival during economic crises, suggesting that the prioritization of emotional wealth creates distinct conditions for both types of firms.

Keywords: COX regression, economy crises, family firm, non-family firm, survival

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Authors: Ichiro Mukai

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The purpose of this study is to investigate whether firms applying International Financial Reporting Standards (IFRS), provide high-quality and comparable earnings information that is useful for decision making of information users relative to firms applying local Generally Accepted Accounting Principles (GAAP). Focus is placed on the earnings quality of listed firms in several developed countries: Australia, Canada, France, Germany, Japan, the United Kingdom (UK), and the United States (US). Except for Japan and the US, the adoption of IFRS is mandatory for listed firms in these countries. In Japan, the application of IFRS is allowed for specific listed firms. In the US, the foreign firms listed on the US securities market are permitted to apply IFRS but the listed domestic firms are prohibited from doing so. In this paper, the differences in earnings quality are compared between firms applying local GAAP and those applying IFRS in each country and industry category, and the reasons of differences in earnings quality are analyzed using various factors. The results show that, although the earnings quality of firms applying IFRS is higher than that of firms applying local GAAP, this varies with country and industry category. Thus, even if a single set of global accounting standards is used for all listed firms worldwide, it is difficult to establish comparability of financial information among global firms. These findings imply that various circumstances surrounding firms, industries, and countries etc. influence business operations and affect the differences in earnings quality.

Keywords: accruals, earnings quality, IFRS, information comparability

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Authors: Sarah E. Stief, Anne Theresa Eidhoff, Markus Voeth

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Despite all progress firms are facing the increasing need to adapt and assimilate digital technologies to transform their business activities in order to pursue business development. By using new digital technologies, firms can implement major business improvements in order to stay competitive and foster new growth potentials. The corresponding phenomenon of digital transformation has received some attention in previous literature in respect to industries such as media and publishing. Nevertheless, there is a lack of understanding of the concept and its organization within firms. With the help of twenty-three in-depth field interviews with German experts responsible for their company’s digital transformation, we examined what digital transformation encompasses, how it is organized and which opportunities and challenges arise within firms. Our results indicate that digital transformation is an inevitable task for all firms, as it bears the potential to comprehensively optimize and reshape established business activities and can thus be seen as a strategy of business development.

Keywords: business development, digitalization, digital strategies, digital transformation

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Authors: Tijjani Bashir Musa

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The recent global crisis which suddenly results to Nigerian stock market crash revealed some peculiarities of Nigerian firms. Some firms in Nigeria are performing but their stock prices are not increasing while some firms are at the brink of collapse but their stock prices are increasing. Thus, this study examines the relationship between firm performance and stock price in Nigeria. The study covered the period of 2005 to 2009. This period is the period of stock boom and also marked the period of stock market crash as a result of global financial meltdown. The study is a panel study. A total of 140 firms were sampled from 216 firms listed on the Nigerian Stock Exchange (NSE). Data were collected from secondary source. These data were divided into four strata comprising the most performing stock, the least performing stock, most performing firms and the least performing firms. Each stratum contains 35 firms with characteristic of most performing stock, most performing firms, least performing stock and least performing firms. Multiple linear regression models were used to analyse the data while statistical/econometrics package of Stata 11.0 version was used to run the data. The study found that, relationship exists between selected firm performance parameters (operating efficiency, firm profit, earning per share and working capital) and stock price. As such firm performance gave sufficient information or has predictive power on stock prices movements in Nigeria for all the years under study.. The study recommends among others that Managers of firms in Nigeria should formulate policies and exert effort geared towards improving firm performance that will enhance stock prices movements.

Keywords: firm, Nigeria, performance, stock price

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Authors: Ibrahim Darwish, Noora Abu Ain

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Referring to female relatives by male Jordanian speakers in public is governed by various linguistic and social constraints. Although Jordanian society is less conservative than it was a few decades ago, women are still considered the weaker link in society and men still believe that they need to protect them. Conservative Jordanians often avoid referring to their female relatives overtly, i.e., using their real names. Instead, they use covert names, such as pseudonyms, nicknames, pet names, etc. The reason behind such language use has to do with how Arab men, in general, see women as part of their honor. This study intends to investigate to what extent Jordanian males hide their female relatives’ names in public domains. The data was collected from spontaneous informal voice-recorded interviews carried out in the village of Saham in the far north of Jordan. Saham’s dialect is part of a larger Horani dialect used by speakers along a wide area that stretches from Salt in the south to the Syrian borders in the north of Jordan. The voice-recorded interviews were originally carried out as an audio record of some customs and traditions in the village of Saham in 2013. During most of these interviews, the researchers observed how the male participants indirectly referred to their female relatives. Instead of using real names, the male speakers used broad terms to refer to their female relatives, such al-Beit ‘the home,’ al-ciyaal ‘the kids’, um-x ‘the mother of x,’ etc. All tokens related to the issue in question were collected, analyzed and quantified about three age cohorts: young, middle-aged and old speakers. The results show that young speakers are more direct in referring to their female relatives than the other two age groups. This can point to a possible change in progress in the speech community of Saham. It is argued that due to contact with other urban speech communities, the young speakers in Saham do not feel the need to hide the real names of their female relatives as they consider them as equals. Indeed, the young generation is more open to the idea of women's rights and call for expanding Jordanian women’s roles in Jordanian society.

Keywords: gender differences, Horan, proper names, social constraints

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Authors: Eko Budi Santoso

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There is a growing interest in Corporate Social Responsibility (CSR) issues in developing countries such as Indonesia. Firms disclose their CSR activities, and some provide assurance to gain recognition as socially responsible firms. However, several of those socially responsible firms involve in tax scandals and raise a question of whether CSR disclosure is used to disguise firm misconduct or as a reflection of socially responsible firms. Specifically, whether firms engage in CSR disclosure and its assurance also responsible for their tax matters. This study examines the association between CSR disclosure and tax aggressiveness and the role of sustainability reporting assurance to the association. This research develops a modified index according to global reporting initiatives to measure CSR disclosure and various measurement for tax aggressiveness. Using a sample of Indonesian go public companies issued CSR disclosure, the empirical result shows that there is an association between CSR disclosure and tax aggressiveness. In addition, results also indicate sustainability reporting assurance moderate those association. The findings suggest that stakeholder in developing countries should examine carefully firms with active CSR disclosure before label it as socially responsible firms. JEL Classification: M14

Keywords: CSR disclosure, tax aggressiveness, assurance, business ethics

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Authors: Suresh Ramachandra

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Accounting values of firms are determined by strategies that firms pursue which are influenced by board characteristics specific to firms. Using two broad constructs of board characteristics, namely, board capital and board control, in the Malaysian context, this research attempts to infer their conjoint relevance to accounting values. The results of this research indicate that firms are able to increase their accounting values by deliberately selecting board characteristics which include director reputation and political affiliations.

Keywords: accounting values, board characteristics, board capital, board control

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Authors: Raghad Abu Salma, Beatrice Szczepek Reed

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Politeness is one of the most researched areas in pragmatics as it is key to interpersonal interactional phenomena. Many studies, particularly in linguistics, have focused on developing politeness theories and exploring linguistic devices used in communication to construct and establish social norms. However, the question of what constitutes polite language remains a point of ongoing debate. Prior research primarily examined politeness in English and its native speaking communities, oversimplifying the notion of politeness and associating it with surface-level language use. There is also a dearth of literature on politeness in Arabic, particularly in the context of Jordanian Arabic. Prior research investigating politeness in Arabic make generalized claims about politeness in Arabic without taking the linguistic variations into account or providing empirical evidence. This proposed research aims to explore how Jordanian Arabic influences its first language users in making and responding to requests, exploring participants' perceptions of politeness and the linguistic choices they make in their interactions. The study focuses on Jordanian expats living in London, UK providing an intercultural perspective that prior research does not consider. This study employs a mixed-methods approach combining discourse completion tasks (DCTs) with semi-structured interviews. While DCTs provide insight into participants’ linguistic choices, semi-structured interviews glean insight into participants' perceptions of politeness and their linguistic choices impacted by cultural norms and diverse experiences. This paper discusses previous research on politeness in Arabic, identifies research gaps, and discusses different methods for data collection. This paper also presents preliminary findings from the ongoing study.

Keywords: politeness, pragmatics, jordanian arabic, intercultural politeness

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Authors: Hammad Riaz, Abubakr Saeed

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Environmental Management System (EMS), i.e., ISO 14001 helps to build corporate reputation, legitimacy and can also be considered as firms’ strategic response to institutional pressure to reduce the impact of business activity on natural environment. The financial outcomes of certifying with ISO 14001 are still unclear and equivocal. Drawing on institutional and market learning theories, the impact of ISO 14001 on firms’ market performance is examined for Chinese firms. By employing rigorous event study approach, this paper compared ISO 14001 certified firms with non-certified counterpart firms based on different matching criteria that include size, return on assets and industry. The results indicate that the ISO 14001 has been negatively signed by the investors both in the short and long-run. This paper suggested implications for policy makers, managers, and other nonprofit organizations.

Keywords: ISO 14001, legitimacy, institutional forces, event study approach, emerging markets

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Authors: Dina Mahmoud Hammouri

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The study investigates the Jordanian EFL learners’ pragmatic competence through their production of the speech acts of responding to requests, making suggestions, making threats and expressing farewells. The sample of the study consists of 130 Jordanian EFL learners and native speakers. 2600 responses were collected through a Discourse Completion Test (DCT). The findings of the study revealed that the tested students showed similarities and differences in performing the strategies of four speech acts. Differences in the students’ performances led to pragmatic failure instances. The pragmatic failure committed by students refers to a lack of linguistic competence (i.e., pragmalinguistic failure), sociocultural differences and pragmatic transfer (i.e., sociopragmatic failure). EFL learners employed many mechanisms to maintain their communicative competence; the analysis of the test on speech acts showed learners’ tendency towards using particular strategies, resorting to modify strategies and relating them to their grammatical competence, prefabrication, performing long forms, buffing and transfer. The results were also suggestive of the learners’ lack of pragmalinguistic and sociopragmatic knowledge. The implications of this study are for language teachers to teach interlanguage pragmatics explicitly in EFL contexts to draw learners’ attention to both pragmalinguistic and sociopragmatic features, pay more attention to these areas and allocate more time and practice to solve learners’ problems in these areas. The implication of this study is also for pedagogical material designers to provide sufficient and well-organized pragmatic input.

Keywords: pragmatic failure, Jordanian EFL learner, sociopragmatic competence, pragmalinguistic competence

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Authors: Soressa Tolcha Jarra

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Looking into firm-level internationalization strategies and their effects on firms' productivity is needed in order to understand the role of firms’ participation in trading activities on the one hand and the effects of firms’ internalization strategies on firm-level productivity on the other. Thus, this study aims to investigate firms' imports of intermediates and export strategies and their impact on firm productivity using an establishment-level panel dataset from Ethiopian manufacturing firms over the period 2011–2020. Methodologically, the joint firm’s decision to import intermediates and estimate exports is undertaken by system GMM using Wooldridge's approach. The translog-production function is used to estimate firm-level productivity by considering a general Markov process. The size of the firm is used in a mediating role. The result indicates evidence of the self-selection of more productive firms into exporting and importing intermediates, which is indicative of sizable export and import market entry costs. Furthermore, there is evidence in favor of learning by exporting (LBE) and learning by importing (LBI) hypotheses for smaller and medium Ethiopian manufacturing firms. However, for large firms, there is only evidence in support of the learning by exporting (LBE) hypothesis.

Keywords: Ethiopia, export, firm productivity, intermediate imports

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Authors: Kudirat I. Zakariyyah, Iniobong B. John, Julius O. Faremi, David Adio-Moses

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One of the key contributors to firms’ growth, performance, and sustainability is entrepreneurial orientation (EO). Most studies on EO, however, are in other industries than construction and, more often, exploratory. The purpose of this study is thus to create an awareness on entrepreneurial orientation and its dimensions in contracting firms. Considering the need for sustainability, the study thus examined contracting firms’ entrepreneurial orientation dimensions that are required in order to keep pace with the demands for sustainable development. This was done by giving out questionnaires to a sample of 116 respondents from a population of 166 construction firms in Lagos state. Data were collected through a survey and analysed using mean scores and analysis of variance (ANOVA). The result revealed the prevalence of the four dimensions of EO, though in moderate proportion. In addition, the study identified review of organisational structure as the top entrepreneurial orientation dimension needed for sustainable development. The study concludes that the firms should identify the existing orientation dimensions and its relevance with sustainability so as to be able to know the required review that will be appropriate in the industry. It is recommended that the firms need to do more on raising the level of prevalence of the various orientation dimensions in order to achieve the merits of the different constructs of sustainability.

Keywords: construction, culture, entrepreneurial-orientation, dimension, sustainability

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Authors: Nonso Ochinanwata, Patrick Oseloka Ezepue

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This paper explores the process of creating and capturing born-global firm opportunities. It reviews the key constructs that underpin the establishment of born-global firms in sub-Saharan Africa. These include entrepreneurial orientation, resources and capabilities, collaboration, and contextual influences. The paper discusses how individuals and entrepreneurs in sub-Saharan Africa can establish home-based born-global firms that seek early international markets from inception. The paper suggests that sub-Saharan African governments should make a favourable microeconomics policy that will enable entrepreneurs and firms to acquire some certain minimal resources and capabilities, in order to develop global products and services.

Keywords: born global-firms, collaboration, internationalisation, dynamic capabilities, entrepreneurship, sub-Saharan Africa

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Authors: Ilham Benali, Nasser Hajji, Nawfal Acha

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Given the fact that the pharmaceutical industry is a commonly studied sector in the context of innovation, the majority of innovation research is devoted to the developed markets known by high research and development (R&D) assets and intensive innovation. In contrast, in developing countries where R&D assets are very low, there is relatively little research to mention in the area of pharmaceutical sector innovation, characterized mainly by two principal elements which are the presence of foreign-owned firms and licensed manufacturing agreements between local firms and multinationals. With the scarcity of research in this field, this paper attempts to study the effect of these two elements on the firms’ innovation tendencies. Other traditional factors that influence innovation, which are the age and the size of the firm, the R&D activities and the market structure, revealed in the literature review, will be included in the study in order to try to make this work more exhaustive. The study starts by examining innovation tendency in pharmaceutical firms located in developing countries before analyzing the effect of foreign-owned firms and licensed manufacturing agreements between local firms and multinationals on technological, organizational and marketing innovation. Based on the related work and on the theoretical framework developed, there is a probability that foreign-owned firms and licensed manufacturing agreements between local firms and multinationals have a negative influence on technological innovation. The opposite effect is possible in the case of organizational and marketing innovation.

Keywords: developing countries, foreign owned firms, innovation, licensed manufacturing agreements, pharmaceutical industry

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Authors: Abdul-Monim Batiha, Manar AlAzzam, Mohammed ALBashtawy, Loai Tawalbeh, Ahmad Tubaishat, Fadwa N. Alhalaiqa

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Background: Obesity is the major modifiable risk factor for many chronic illnesses especially high blood pressure. Objectives: To evaluate the relationship between anthropometric indices and high blood pressure, and which one was most strongly correlated with high blood pressure in Jordanian population. Methods: A cross-sectional study was conducted with a total 622 students and workers from three Jordanian universities. Results: Nearly half of the participant are overweight (34.7%) and obese (15.4%) and hypertension was detected among 138 (22.2%) of the participants. Linear correlation was significant (p<0.01) between both systolic blood pressure and diastolic blood pressure for all anthropometric indices, except for A body shape index and diastolic blood pressure was significant at p< 0.05. Stepwise multiple linear regression analysis was used to assess the influence of age and anthropometric measurements. Conclusions: The waist circumference was the only independent predictor of hypertension, showing that this simple measurement may be an importance marker of high blood pressure in Jordanian population.

Keywords: anthropometric indices, Jordan, blood pressure, cross-sectional study, obesity, hypertension, waist circumference

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Authors: Carole A. El Raheb, Hassan K. Abdel-Salam, Ingi Elcherif

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An architect carrying the design process alone is the main reason for the deterioration of the quality of the architectural product as the complexity of the projects makes it a multi-disciplinary work; then, the Integrative Design Process (IDP) must be applied in the architectural firm especially from the early design phases to improve the product’s quality and to eliminate the ignorance of the principles of design causing the occurrence of low-grade buildings. The research explores the Integrative Design (ID) principles that fit in the architectural practice. Constraints facing this application are presented with strategies and solutions to overcome them. A survey questionnaire was conducted to collect data from a number of recognized Egyptian Architecture, Engineering and Construction (AEC) firms that explores their opinions on using the IDP. This survey emphasizes the importance of the IDP in firms and presents the reasons preventing the firms from applying the IDP. The aim here is to investigate the potentials of integrating this approach into architectural firms emphasizing the importance of this application which ensures the realization of the project’s goal and eliminates the reduction in the project’s quality.

Keywords: application, architectural firms, integrative design principles, integrative design process, the project quality

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Authors: Eman Ahmed Alsaleh

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Background: Many studies published in other countries identified certain perceived benefits and barriers to physical activity among patients with coronary heart disease. Nevertheless, there is no data about the issue relating to Jordanian patients with coronary heart disease. Objective: This study aimed to describe the prevalence of level of physical activity, benefits of and barriers to physical activity as perceived by Jordanian patients with coronary heart disease, and the relationship between physical activity and perceived benefits of and barriers to physical activity. In addition, it focused on examining the influence of selected sociodemographic and health characteristics on physical activity and the perceived benefits of and barriers to physical activity. Methods: A cross-sectional design was performed on a sample of 400 patients with coronary heart disease. They were given a list of perceived benefits and barriers to physical activity and asked to what extent they disagreed or agreed with each. Results: Jordanian patients with coronary heart disease perceived various benefits and barriers to physical activity. Most of these benefits were physiologically related (average mean = 5.7, SD = .7). The most substantial barriers to physical activity as perceived by the patients were: feeling anxiety, not having enough time, lack of interest, bad weather, and feeling of being uncomfortable. Sociodemographic and health characteristics that significantly influenced perceived barriers to physical activity were age, gender, health perception, chest pain frequency, education, job, caring responsibilities, ability to travel alone, smoking, and previous and current physical activity behaviour. Conclusion: This research demonstrates that patients with coronary heart disease have perceived physiological benefits of physical activity, and they have perceived motivational, physical health, and environmental barriers to physical activity, which is significant in developing intervention strategies that aim to maximize patients' participation in physical activity and overcome barriers to physical activity.

Keywords: prevalence, coronary heart disease, physical activity, perceived barriers

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Authors: Burkhard Hehenkamp, Tahmina Faizi

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In this paper, we analyze the formation of cartels along with the stability of the cartel for the case of three firms that produce differentiated products and differ in their cost of production. Both cost and demand are linear, and firms compete in quantities once a cartel has been formed (or not). It turns out that the degree of product differentiation has a direct effect on the incentive to form a cartel. Firstly, when goods are complements or close substitutes, firms form a grand coalition. Secondly, for weak and medium substitutes, the firm with the lowest cost prefers to remain independent, while both other firms form a coalition. We also find that the producer profit of the stable coalition structure is nonmonotonic in the degree of product differentiation.

Keywords: collusion, cartel formation, cartel stability, differentiated market, quantity competition, oligopolies

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Authors: Hashem Dadashpoor, Sadegh Saeidi Shirvan

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While with the evolution of the economy towards a knowledge-based economy, innovation is a requirement for metropolitan regions, the adoption of an open innovation strategy is an option and a requirement for many industrial firms in these regions. Studies show that investing in research and development units cannot alone increase innovation. Within the framework of the theory of learning regions, this gap, which scholars call it the ‘innovation gap’, is filled with regional features of firms. This paper attempts to investigate the factors affecting the open innovation of firms in metropolitan regions, and it searches for these in territorial innovation models and, in particular, the theory of learning regions. In the next step, the effect of identified factors which is considered as regional learning factors in this research is analyzed on the innovation of sample firms by SPSS software using multiple linear regression. The case study of this research is constituted of industrial enterprises from two groups of food industry and auto parts in Toos industrial town in Mashhad metropolitan region. For data gathering of this research, interviews were conducted with managers of industrial firms using structured questionnaires. Based on this study, the effect of factors such as size of firms, inter-firm competition, the use of local labor force and institutional infrastructures were significant in the innovation of the firms studied, and 44% of the changes in the firms’ innovation occurred as a result of the change in these factors.

Keywords: regional knowledge networks, learning regions, interactive learning, innovation

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Authors: A. W. Chalmers, O. M. van den Broek

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This article examines the relationship between the global financial crisis and corporate social responsibility activities of financial services firms. It challenges the general consensus in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on recent insights into the institutional determinants of CSR, it is argued that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. This argument is tested in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, results indicate considerable evidence supporting the main argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

Keywords: corporate social responsibility (CSR), public scrutiny, global financial crisis, financial services firms

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Authors: Mohammad A. Al-Madi, Nagham A. Al-Madi, Fanan A. Al-Madi

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The current concept of the technology of cloud computing libraries has been increasing where users can store their data in a virtual space and can be retrieved from anywhere whilst using the network. By using cloud computing technology, industries and individuals save money, time, and space. Moreover, data and information about libraries can be placed in the cloud. This paper discusses the meaning of cloud computing along with its types. Further, the focus has been given to the application of cloud computing in modern libraries. Additionally, the advantages of cloud computing and the areas in which cloud computing be applied with current usage are discussed. Finally, the present situation of the Jordanian libraries is considered and discussed in further detail.

Keywords: cloud computing, community cloud, hybrid cloud, private cloud, public cloud

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Authors: Cameron Truong, Mikhail Bhatia, Yangyang Chen, Viet Nga Cao

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Using a sample of U.S. firms between 1996 and 2011, this paper documents a positive association between options trading volume and future stock price crash risk. This relation is evidently more pronounced among firms with higher information asymmetry, business uncertainty, and short-sale constraints. In a dichotomous cross-sectional setting, we also document that firms with options trading have higher future crash risk than firms without options trading. We further show in a difference-in-difference analysis that firms experience an increase in crash risk immediately after the listing of options. The results suggest that options traders are able of identifying bad news hoarding by management and choose to trade in a liquid options market in anticipation of future crashes.

Keywords: bad news hoarding, cross-sectional setting, options trading, stock price crash

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Authors: An-an Chiu, Shaio Yan Huang, Ling-Na Chen, Wei-Hua Lin

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Research has primarily focused on listed companies, less is done regarding small and medium-sized enterprises. Under the authorities' support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sized innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on Taiwan’s GISA firms and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result finds that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller-sized firms, tend to increase discretionary accruals. Finally, consistent with prior literature, CPA firms effectively serve as the role of external corporate governances on mitigating earnings management.

Keywords: GISA, earnings　management, CPA, seasoned equity offerings

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Authors: Tomotaka Yanagida

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The Corporate Governance Code, revised in 2015, requires firms listed within the first and second sections of Japan’s Tokyo stock exchange to select two or more independent outside directors (the Corporate Governance Code4-8). Therefore, Japanese listed firms must do this or explain the reason why they are not able to do so. This study investigates how the Corporate Governance Code affects Japanese listed firms. We find that the Corporate Governance Code increases the ratio of outside directors by nearly 8.8% for a sample of Japanese firms comprising nearly 4,200 firm-year observations from 2014 to 2015 using a difference-in-differences approach. This implies that they felt it would have been difficult to explain why it was not appropriate to have an outside director at the annual shareholders' meeting. Moreover, this suggests that they appoint outside directors as defined by the Corporate Governance Code, but maintain board size. This situation shows that compliance in Japan may simply be 'window dressing,' that is, more form than substance.

Keywords: board structure, comply or explain, corporate governance code, soft law

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

Abstract:

Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Sangyun Han, Minki Kim

Abstract:

R&D outsourcing is a strategy for acquiring the competitiveness of firms as an open innovation strategy. As increasing total R&D investment of firms, the ratio of amount of R&D outsourcing in it is also increased in Korea. In this paper, we investigate the determinants and effects of R&D outsourcing of firms. Through analyzing the determinants of R&D outsourcing and effect on firm’s performance, we can find some academic and politic issues. Firstly, in the point of academic view, distinguishing the determinants of R&D outsourcing is linked why the firms do open innovation. It can be answered resource based view, core competence theory, and etc. Secondly, we can get some S&T politic implication for transferring the public intellectual properties to private area. Especially, for supporting the more SMEs or ventures, government can get the basement and the reason why and how to make the policies.

Keywords: determinants, effects, R&D, outsourcing

Procedia PDF Downloads 506