Resumo em Inglês:

Abstract Purpose This study employees cash flow rights and the contestability of multiple large shareholders to explore the impact of multiple large shareholders on investment efficiency in Chinese setting. Theoretical framework We introduce Asymmetric Information Theory and Theory of Principal and Agent o support our study. Design/methodology/approach Empirical study (including PSM method, IV method, threshold method and so on) is used in this study. Moreover, this paper selects the non-financial listed companies of A share enlisted in both the Shanghai and the Shenzhen Stock Markets from the period of 2007 to 2016 as the sample. Findings Our findings show a positive correlation between multiple large shareholders and absinvestment among Chinese listed firms. Practical & social implications of research Different from the previous views that multiple large shareholders have positive governance effects, we provide evidence that multiple large shareholders have negative governance effects. And we provide new evidence that controlling shareholders would collude with multiple large shareholders to seek for excess private benefits by enhancing enterprise absinvestment. Originality/value This study contributes to the literature in several important ways. First, it shows a positive correlation between multiple large shareholders and absinvestment, which extends the research of Jiang et al. (2018), which found that multiple large shareholders can profoundly enhance investment efficiency. Second, this paper is the first to introduce a threshold model to study the impact of controlling shareholders on the relation between multiple large shareholders and absinvestent, demonstrating that the positive relation between them is strengthened by promoting the governance effect of controlling shareholders.

Resumo em Inglês:

Abstract Purpose We propose a new SCORE model, inspired by Piotroski's (2000) well-known F-SCORE. But here we examine past, present, and future earnings forecasts in this binary model, which is also made up of nine signals. Theoretical framework This research investigates whether a basic accounting-based fundamental analysis method can affect the distribution of returns earned by an investor when applied to a board portfolio of higher growth stocks with high fundamentals (book value). Design/methodology/approach At the end of the fiscal year, we determine the market value of the equity and the BM of the Euronext 100 companies. After forming the BM, we keep the organizations with the highest BM and enough financial statement data to calculate the various performance indicators. The analysis covers the years from 2000 to 2020, a period of 21 years. Findings We demonstrate that by selecting businesses with strong fundamentals, a high SCORE investor's yearly mean return can be boosted by at least 30%. Practical & social implications of research Concerning the study's weaknesses, one of them is the high SCORE of the model providing limited data, which may skew the conclusions. Originality/value This study illustrates how, when applied to a board portfolio of high book-to-market firms with growth potential, a simple accounting-based fundamental strategy can alter the distribution of returns earned by an investor.

Resumo em Inglês:

Abstract Purpose We analyze how debt burden and income taxes affect the earnings quality of Portuguese SMEs, using earnings persistence as a proxy for earnings quality. More specifically, we intend to find out whether the high indebtedness of these firms causes a greater tax effect than debt effect. Theoretical framework While credit banks represent the main source of financing for SMEs, they tend to reduce their earnings in order to avoid taxes. However, this activity can be costly for their development, given that banking institutions demand earnings persistence to reduce the risk of default, in accordance with contract theory. Design/methodology/approach We collect data for 140 Portuguese SMEs over the period from 2015 to 2021 to run panel data regressions. Findings Debt and earnings persistence are negatively related, so this relationship tends to degrade earnings quality, which is inconsistent with capturing bank confidence. Furthermore, debt maintains the negative effect with income taxes in the model. However, in this combination, income taxes become significant to explain the negative influence on earnings persistence, which is consistent with tax avoidance. Finally, we control for firm size, which is positively associated with earnings persistence. Overall, taking together the determinants of debt, income tax and size, Portuguese SMEs do not have persistent earnings. Practical & social implications of research This study may be useful for several stakeholders of Portuguese SMEs, namely tax authorities, creditors, managers and academics, as it shows that debt and especially taxes have a negative impact on the earnings persistence, which signals a decrease in the quality of financial reporting. Originality/value In the most leveraged Portuguese SMEs, debt is not a governance mechanism to control managers’ decisions, as more debt reduces earnings persistence, meaning that managers are not sensitive to capturing creditors’ confidence. In addition, the tax effect is more relevant than the debt effect for earnings persistence. Faced with interest rate rigidity, managers exploit the discretionary nature of tax decisions.

Resumo em Inglês:

Abstract Purpose To assess the determinants of the capital structure of Brazilian credit unions. Theoretical framework Capital structure represents one of the central topics in corporate finance theory and decisions about capital structure are among the most important in the strategic management of an organization. Based on the literature on non-financial firms and banks, and further grounded in the trade-off and pecking order theories, determinants that can explain the capital structure of credit unions were selected. Design/methodology/approach The determinants were investigated for 889 Brazilian individual credit unions with information available at the Central Bank of Brazil from 2008 to 2021, totaling 10,132 annual observations, using panel data regression models. Findings Capital structure is negatively influenced by profitability and risk, and positively by size. For tangibility, there is no evident influence. Furthermore, the pecking order theory is more suitable for the case of credit unions. Practical & social implications of research The deepening of knowledge about determinants can help regulatory authorities in the development of public policies that aim to protect credit unions from systemic risk, promoting the growth of the sector, which plays an important role as an agent of social and economic development. Originality/value This study is pioneering in that it presents results indicating that the determinants traditionally considered for non-financial companies and banks are also valid for credit unions, even though they are organizations with different characteristics from the rest.

Resumo em Inglês:

Abstract Purpose This study examines the relationship between three dimensions of transactional leadership, contingent reward, active management by exception, and passive management by exception, and their impact on the company’s social performance in the Mexican maquiladora industry. Theoretical framework A literature review of 120 articles on transactional leadership and organizational performance identifies 24 variables observed in the three dimensions of transactional leadership and 10 variables for social performance. Design/methodology/approach A questionnaire was applied to managers in the maquiladora industry and 156 responses were obtained. Structural equation modeling (SEM) based on partial least squares (PLS) was applied to test six hypotheses or relationships between the transactional dimensions and social performance. Findings There is a strong relationship between the dimensions of transactional leadership and social performance, except for the passive management by exception dimension, which shows no direct or positive effect on social performance. Practical & social implications of research In the Mexican maquiladora industry, passive management by exception is negatively impacted by contingent reward and hurts social performance, and managers must avoid this dimension. However, contingent reward strongly supports passive management by exception and social performance. Originality/value This research provides a framework for developing Mexico’s maquiladora industry leaders, indicating the most important dimensions and activities required to guarantee social performance.

Resumo em Inglês:

Abstract Purpose The purpose of this study was to examine the antecedents that influence SME managers’ intentions to engage in corporate social responsibility (CSR) and whether these intentions translate into actual CSR engagement behaviour. Theoretical framework This study used the Theory of Planned Behaviour to examine the influence of SME managers’ attitudes, subjective norms and perceived behavioural control on their intention to engage in CSR activities. Trait Theory and Expected Utility Theory were also used to explain the influence of risk orientation and participative leadership style on their attitudes towards CSR. Design/methodology/approach Primary data were collected using questionnaires. The data, which consisted of 301 respondents, were analysed using PLS-SEM. Findings Risk orientation and participative leadership style had a significant influence on the managers’ attitudes. Attitudes, subjective norms and perceived behavioural control were also found to have a significant effect on their intention to engage in CSR, which subsequently influenced their actual CSR behaviour. Practical & social implications of research For policy makers, this study provides a reference for encouraging CSR engagement among SMEs. For managers and owners of SMEs, it identifies the antecedents that are important for a positive attitude towards CSR engagement. Originality/value The findings enrich the literature on risk orientation and participative leadership, which are important antecedents of managers’ CSR attitudes. The findings also support the applicability of the Theory of Planned Behaviour in the area of CSR engagement in the context of SMEs.

Resumo em Inglês:

Abstract Purpose This study analyses workers' perceptions of the advantages and disadvantages of teleworking in the context of the Covid-19 pandemic, identifies factors that influence these perceptions, and verifies workers' intentions to maintain this work arrangement after the pandemic. Theoretical framework By conducting a comprehensive literature review, we identified the advantages and disadvantages of teleworking and selected factors that have a significant influence over it. Design/methodology/approach This is an exploratory and quantitative study, with primary data collection using a survey to identify the context of the teleworking experience and workers' perceptions of the advantages and disadvantages associated with this work arrangement. The sample obtained was 304 individuals. The data collected were processed using descriptive and inferential statistical analysis. Findings The teleworking experience was essentially positive. Most workers intend to maintain this arrangement after the pandemic. The conditions offered by the organizations and the existence of an adequate workspace at home were factors that strongly influenced workers' perceptions of the advantages and disadvantages of teleworking. Practical & social implications of research Considering workers' perceived benefits and willingness to remain teleworking, organizations should implement and manage teleworking programs with the understanding that organizational factors greatly influence the teleworker's experience and are critical to the success of this practice. Originality/value This study provides additional data concerning the teleworking experience during the Covid-19 pandemic and, to the best of our knowledge, it is one of the first studies to focus on the perception of Portuguese workers regarding the advantages and disadvantages of teleworking and to identify influencing factors.

Resumo em Inglês:

Abstract Purpose New organizational arrangements are crucial for firms that want to innovate, particularly for those that are highly dependent on digital technologies. Hence, innovative behaviors play a vital role in resetting organizational practices. This research examines the impact of innovative ideas on innovation performance-oriented behaviors and tries to understand the role of employees’ experimentation and collaboration-oriented behaviors. Theoretical framework The organizational behavior and innovation literature is the theoretical lens used to support research. Design/methodology/approach The literature review focuses on a stream of research on innovative behaviors, raising questions about behavioral relationships. A set of hypotheses is tested through structural equation modeling (SEM) to investigate the associated effects of innovative ideas, experimentation, collaboration, and innovative performance-oriented behaviors in a digital transformative context. The sample consists of 106 employees from a Brazilian e-commerce firm. Findings The findings reveal that only collaboration-oriented behaviors have a positive mediating effect between innovative ideas and innovation performance-oriented behaviors. Experimentation-oriented behaviors have no effect as mediators on innovation performance-oriented behaviors or as influencers on collaboration-oriented behaviors. Innovative ideas have no direct effect on innovation performance-oriented behaviors, but they do have a positive effect when mediated by collaboration and experimentation. Practical & social implications of research Collaboration and experimentation-oriented behaviors are explored separately, and this distinction is also important for innovation management theory and for firms by showing how two specific types of behaviors, which are differently correlated, influence innovation performance-oriented behaviors in dynamic environments. Originality/value The study’s main contribution is related to it demonstrating the value of innovative behaviors for innovation management in practice, showing that a different behavioral approach can support firms in achieving innovativeness.