Impact of board gender diversity on dividend payments: Evidence from some emerging economies

This study investigates the impact of board gender diversity on dividend payments in the context of emerging economies. Using a dataset of listed firms from India, China and Russia over the period 2007–2014, we find strong and robust evidence indicating that board gender diversity is negatively related to cash dividend payments in all emerging economies. Moreover, we find that state-ownership positively moderates the relationship between gender diversity and dividend payments. However, this effect is observed only for China and Russia. In additional analyses, we find that the negative link between board gender diversity and dividend payments is more pronounced during the financial crisis. However, the moderating role of state-ownership does not remain significant during the financial crisis.     

Privatizations around the world: economic or political determinants?

The article examines economic, political, and institutional determinants of privatization using a panel of 50 countries over the period of 1988–2006. Our sample includes developed, developing, and transition economies. Privatization activity is measured by the number of privatization deals as well as the revenue raised and analyzed using the negative binomial regression and Tobit regression respectively. Although more privatization activity is usually taking place in countries displaying satisfactory economic performance in some respect, the role of economic factors turns out to be limited. The results identify a number of political and institutional determinants but some effects are specific to a particular type of economy. For example, in developing countries, right‐wing governments are associated with privatizations while new, not necessarily right‐wing governments, are behind privatization in Eastern Europe. The role of financial development is also varied, with sound financial institutions related to successful privatization in developed and developing countries but not in transition economies.     

Money donations intentions among Muslim donors: an extended theory of planned behavior model

• The investigation into determinants of money donation intentions while employing an extended theory of planned behavior model is limited to developed country contexts. However, given the challenges facing charitable organizations and scant theoretical evidence from developing world, such an examination can contribute pragmatically. The current study establishes the impact of subjective norms, perceived behavioral control, past behavior, and attitude on respondents' money donation intentions to charities in Pakistan. The respondents (N = 223), a non‐student population living in the city of Gujranwala, completed a survey. The collected data are analyzed by means of a multivariate analysis, which was comprised of regression and correlation. The results reveal a strong support to the extended theory of planned behavior model in establishing the relationship between identified independent and dependent variables in a developing country context of Pakistan. The study contributes to the establishment of a few strategies, which are useful for managers working in charitable organizations to attract and retain donors to support several causes.

Copyright © 2015 John Wiley & Sons, Ltd.     

Brand Power Relationships: A Co-Evolutionary Conceptual Framework

Abstract

In the era of the Internet and networking, stakeholders increasingly acquire power by influencing brand value and meanings. However, this does not imply that marketing managers have lost their power over brand creation and management. Thus, the aim of this study is to explore brand power relationships taking the co-evolutionary perspective as conceptual lenses. In particular, this article seeks to address the competitive relationship between the corporation and its stakeholders in determining the corporate brand evolution over time, suggesting that corporate brand management is successful when co-evolving power relationships are established. The relational interplay between managers and stakeholders is framed into the Brand Power Relationship Model that suggests four potential evolutionary paths. It offers new brand typologies supported by examples from business practices, which mirror four different ways of managing and adapting brands over time; namely, through the None’s Brand, the Managers’ Brand, the Stakeholders’ Brand, and the Co-Evolutionary Brand. Focusing on the latter, this study depicts managers and stakeholders as having reciprocal influences and co-determining themselves, thus triggering interrelated relational effects that influence corporate brand evolution over time. The bilateral power of managers and stakeholders is framed into a further model, focused on corporate brand co-evolution. It is proposed that corporate brands can successfully co-create their value and meanings over time only if corporations co-evolve with their environment—in this study, multiple external stakeholders.     

Re‐Visiting Financial Development and Economic Growth Nexus: The Role of Capitalization in Bangladesh

This paper revisits the relationship between financial development and economic growth in Bangladesh by incorporating trade openness in production function using quarter frequency data over the period of 1976‐2012. We applied combined Bayer–Hanck cointegration approach to examine cointegration among the series. Our empirical evidence suggests that development of financial sector facilitates economic growth but capitalization impedes it. In addition, trade openness stimulates economic growth. Labour is also positively linked to economic growth. The vector error correction model Granger causality results divulge that financial development causes real per capita gross domestic product (GDP) growth, and resultantly, real per capita GDP growth causes financial development in a Granger sense. The results also show that trade and labour Granger cause economic growth. The findings of the paper provide insights for policymakers to use financial development and trade openness as a tool for sustained economic growth in the long run. The paper also suggests policymakers to utilise capitalization in a way that is beneficial for economic growth of Bangladesh.     

Malmquist indices of productivity growth for Islamic and conventional banks in Malaysia

This paper studies the total factor productivity （TFP） of banks in Malaysia with the emphasis on comparing the relative productivities of Islamic and Conventional banks. The Malmquist index approach is used to decompose productivity growth into technical efficiency and technological change. The productivity growth is measured and decomposed into technical change and efficiency change. The efficiency change is further decomposed into pure efficiency change and scale efficiency. It is found that Islamic banks＇ productivity growth is limited by its lack of technological change compared to its conventional counterparts. Nonetheless, both types of banks are operating at the correct level in terms of scale or size.     

Intertemporally Dependent Preferences and the Welfare Cost of Capital Income Taxation

The welfare cost of capital income taxation is analyzed utilizing intertemporally dependent preference operationalized using a variable rate of time preference. It is shown that if households exhibit increasing marginal impatience, then the welfare cost of capital income taxation is inversely related to the elasticity of the rate of time preference with respect to consumption. Therefore, the welfare cost of capital income taxation reported using time additive preferences may not be robust. Numerical examples show that the use of time additive preferences could result in the welfare cost of capital income taxation to be overestimated by as much as 25%.     

贸易条件趋势与进出口波动:基于1980~2006年亚洲国家和地区的实证研究——兼论其对中国的启示

本文对亚洲国家在1980~2006年间贸易条件趋势及进出口波动的平稳性进行了实证研究。实证研究结果表明:出口增长不一定能够长期改善贸易条件,进口增长也并不一定长期恶化贸易条件,而确保进口波动的长期平稳才是促使亚洲国家贸易条件呈现长期平稳趋势的关键因素。同时,本文发现中国大陆在这期间的出口增长对其贸易条件的改善作用不足以抑制贸易条件在短期恶化的趋势,这与中国大陆在现今国际外贸市场的激烈竞争之下出口商品的单位价格逐渐下降有关。本文对此提出了几点建议。     

Impact of psychological capital on innovative performance and job stress

We investigated the impact of psychological capital (PsyCap) on supervisory‐rated innovative performance and job stress. Data collected from a diverse sample (N = 237 paired responses) of employees from various organizations in Pakistan provided good support for the hypotheses. The results indicate that PsyCap is positively related to innovative job performance and negatively related to job stress. High PsyCap individuals were rated as exhibiting more innovative behaviours by their supervisors than low PsyCap individuals. Particularly, we found that high PsyCap individuals were more likely to generate, acquire support for, and implement novel ideas in their workplace. Similarly, individuals with high PsyCap reported lower levels of job stress as compared to their low PsyCap counterparts. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.