We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm valuations, better operating performance, and lower capital expenditures. Our results indicate that foreign and independent institutions, with potentially fewer business ties to firms, are involved in monitoring corporations worldwide. 相似文献
December 1, 1996 a new law was implemented in Portugal to gradually reduce the standard workweek from 44 to 40 h. We study how this mandatory reduction affected employment through job creation and job destruction. There was considerable regional, sectoral and firm-size variation in the share of workers who were affected by the working hours reduction. We exploit this variation to assess the impact of the workweek reduction. We find evidence that the working hours reduction had a positive effect on employment through a fall in job destruction. 相似文献
This study examines the effectiveness of macroprudential policies in reducing the banks' risk during the COVID-19 pandemic and compares these results with the systemic banking crises years. Based on a sample of 624 banks across 40 countries during the period 2006–2020, we find that loosening capital-aimed macroprudential policies effectively reduced banks' risk during the COVID-19 pandemic, while this behavior led to increased risk during the systemic crises years. In contrast, tightening the remaining macroprudential policies during the systemic crises years and during the pandemic proved effective in reducing banks' risk. Furthermore, we show that the magnitude of the impact of macroprudential policies was stronger during the systemic crisis than that during the pandemic. Finally, we show that the results are driven by the capital requirement prudential policy, both during the systemic crisis and the COVID-19 pandemic, although the conservation buffer and the leverage limit also contributes to the ineffectiveness of these policies during the COVID-19 pandemic. The banks' leverage and loan growth also play an enhancing role of the effects of the macroprudential policies. 相似文献
This article aims to identify the determinants that influence business tourism income and that may be controlled by economic agents and policy makers of destination countries. For the development of the empirical study, a dynamic panel model by the Generalized Method of Moments (GMM) was estimated using the Gretl 2016a software, and a sample of 122 countries for the period 2002–2013 (12 years) was used. The study reveals that, for the development of policies to stimulate the growth in the short and long-term of business tourism income, countries should develop measures that encourage capital investment in tourism and foreign direct investment. 相似文献
A strong dichotomy has traditionally been established between qualitative and quantitative approaches. This question has been the subject of intense debate from a methodological point of view, and in recent years there are clear signs that the conflict is being overcome; nevertheless, we are still some way from a genuine position of complementarity and integration, and the issue remains to be considered in the process of theorization along the tortuous path that leads from the particular to the general. The proposal in this article takes a further step forward as regards this question, this time with respect to the study of interactive behaviour. The key is once again the consideration of a “complete unit” of analysis, but the logic of the observational methodology process enables the perspectives to be sequenced: the study begins with a predominantly qualitative approach before subjecting the data to a given type of recording (through the important support of field formats) and coding (preferably computerized), thus producing a matrix of formally interchangeable data; finally, the criterion is reversed and the study continues under a predominantly quantitative perspective. 相似文献
This paper examines the performance of independent financial advisors (IFAs) in terms of their involvement in innovation activities, participation in business networks and open innovation as a strategy to cope with difficult market conditions caused by the recent economic downturn. Performance is assessed on the basis of average sales growth for years 2010–2012. The results of the study suggest that IFAs’ involvement in innovation activities, participation in networks and open innovation enhances business performance. The managerial implications are that IFAs may be able to achieve higher sales growth by participating in networks and engaging in innovation activities. The originality of this paper is that it provides an empirical assessment of possible strategies to support sales growth in small financial service sector firms facing volatile market conditions. 相似文献
Many researchers have suggested that meeting time, scope, and budget goals, sometimes called ‘project efficiency,’ is not the comprehensive measure of project success. Broader measures of success have been recommended; however, to date, nobody has determined empirically the relationship between efficiency and overall success or indeed shown whether efficiency is important at all to overall project success. Our aim in this article is to correct that omission. Through a survey of 1,386 projects we have shown that project efficiency correlates moderately strongly to overall project success (correlation of 0.6 and R2 of 0.36). Efficiency is shown through analysis to be neither the only aspect of project success nor an aspect of project success that can be ignored. 相似文献
With the downturn in the global socioeconomic panorama, the social entrepreneurship orientation (SEO) and the social performance of non-profit organizations (NPOs) have become subject to growing levels of attention. The objective of this study is to analyze the influence of SEO on the performance of NPOs. To this end, we deployed a quantitative methodology based on the application of a survey of NPOs, which received a total of 135 valid responses. Our results demonstrate a positive effect for the dimensions of social innovation and social proactivity even while reporting no effect for the acceptance of social risks on performance. These results hold important implications across two different levels: in terms of the NPOs and policy-makers.