We examine the influence of takeover competition on three acquisition choices: (i) public versus private target acquisitions; (ii) stock versus cash financed acquisitions; and (iii) related versus unrelated acquisitions. We find strong evidence of acquirers’ preference for public targets, stock swaps and business focus, in the face of takeover competition. Further, we find that the takeover competition has a positive influence on the bid premium paid to acquirer public targets and those financed with stock issues; competitive bids offered to acquire related targets are associated with significantly low bid premiums. In the short-term announcement window, competition-induced bids to acquire public targets and those financed with stock are penalised by the capital market. However, only stock-financed takeovers undertaken in a competitive takeover market show a long-run decline in performance of acquirers. 相似文献
Although previous studies revealed the positive effect of CSR perceptions on customer behaviour, the relationship between CSR and perceived firm innovativeness (PFI) has been underexplored. The purpose of this paper is twofold. First, it attempts to propose and validate a model to comprehend the relationship between CSR and PFI. Second, it aims to investigate the mediating role of corporate image stemming from CSR and PFI in order to foster customer advocacy intentions. Data were collected from 360 customers of the retail banking industry in Pakistan, and the results indicate that customers’ CSR perceptions directly and positively influence PFI. Interestingly, corporate image fully mediates the relationship between PFI and advocacy intentions, whereas it plays a partial mediation role in the CSR-advocacy intentions relationship. The findings of this research expand the corpus regarding the roles of CSR and PFI in creating advocacy intentions among customers through the corporate image.
We examine the impact of a scandal on the information content in the “Heard on the Street” column of the Wall Street Journal. Following the scandal in 1984, the column is found to have a reduced impact on stock prices for both buy and sell recommendations. However, the stock price response to information later published in the column before the publication day is smaller for the post-scandal period. This result suggests that after the scandal, editors and authors may have become more cautious in guarding against information leaks in the column. The scandal does not appear to have changed the impact of the column on trading volume. 相似文献
Guided by the role congruity theory (RCT), this paper examines the mismatch in female-leader role stereotypes and how this mismatch may lead to prejudicial evaluations against female leaders. It also tests how gender equality practices and leadership development programmes (LDPs) may mitigate prejudicial evaluations against female leaders. Following a quantitative approach, this study uses a paired sample t-test and linear approach (i.e. multiple regression) to model the relationships and test the hypotheses formulated. Drawing on a survey of 392 employees working in 4- and 5-star hotels in Jordan, the study shows that employees stereotype successful leaders to be more masculine than feminine while they attribute both feminine and masculine stereotypes to women. There is, thus, an element of congruity in female-leader role stereotypes which reduces prejudicial evaluations against female leaders. Moreover, the results indicate that gender equality practices and LDPs significantly enhance the emergence and effectiveness of women leaders. The importance of this study derives from extending the RCT through a contextual investigation in the hotel sector in Jordan. This was done by considering two additional constructs, i.e. gender equality practices and LDPs that mitigate prejudice against female leaders. 相似文献
This article studies the impact of the rice price increase between 2005 and 2010 on consumption in rural Bangladesh. Using the Household Income and Expenditure Survey (HIES) data, we compare net rice buyers and sellers to self‐sufficient households. To identify the effect of rice price changes on household consumption of rice, nonrice food and nonfood items, we employ a difference‐in‐differences (DiD) technique. Our findings indicate that the surge in domestic rice prices between 2005 and 2010 reduced the nonrice food consumption of net rice buyer households by 7%, compared to the households who are self‐sufficient in rice production. However, it did neither affect their rice nor their nonfood consumption. In contrast, while we find no significant effect of rice price increases on the rice consumption of net rice sellers, we observe a 9% increase in their nonrice food consumption. In such situation, a subsidy on low‐quality rice may be effective in fulfilling the nutritional requirement of low‐income households. 相似文献
Previous studies have indicated increasing trends of hospitalized fall-related injuries amongst elderly. Whether this is true also in Sweden is unknown though it is important to study considering the potential societal impact. Data were obtained regarding hospitalized injuries with falls as external cause among those aged 65 years and above with information on injury type, gender and age, on a yearly basis, from 2001 to 2010. Age- and sex-specific incidence rates were calculated (per 100,000 population) for all fall-related injuries, and for each injury type and trend lines were drawn. Linear regression analyses and percentage change were calculated for the types of fall-related injuries. A decreasing incidence was observed in the younger age groups (65–79 years) with greater decreases amongst women (women: ?14.6%, men 65–79 years: ?10.5%). However, increasing rates were observed in the older age group (80 years and above), with greater increases amongst men (women: 4.3%, men: 11.4%). Superficial injuries showed greater increases than fractures amongst those aged 80 years and above. This study indicates that older elderly in Sweden are increasingly being hospitalized for less serious injuries. This changing injury panorama is important to include in the future planning of both health care and fall-related prevention. 相似文献
Previous studies to explain why companies utilize particular human resource management (HRM) strategies have not adequately addressed the influence of contextual variables such as size, location, ownership, competitive pressure, technological change, age and growth. In this study, we investigate the extent to which these contextual variables are related to HRM strategy in seventy-six private-sector firms located in Hong Kong. Our analysis uses structural equations to examine the relationships among contextual variables and HRM strategy to develop and retain managers. The results show that contextual variables have both direct and indirect effects on an organization's HRM strategy. The indirect effects occur through the top management involvement of the HR function within an organization. Use of a human capital development HRM strategy reduces organizational uncertainty about having an adequate supply of managers to meet firm objectives. Contrary to our expectation, in Hong Kong firms, greater reliance on internal development and promotion tends to increase uncertainty and greater competition tends to reduce training investment. Both of these unanticipated relationships may reflect the high mobility of managers peculiar to the Hong Kong labour market. 相似文献