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21.
This paper reports the results of a survey of UK chief financial officers (CFOs) drawn from 72 large, 34 medium and 37 small companies on potentially important research topics in corporate finance. The paper suggests that there are gaps between extant academic research and the CFOs ‘needs for such research. The topics that the 143 CFOs would like to see on the research agenda include: the influence of tax laws on financial decision-making; investor reactions to companies concentrating on short-term gains to the almost total neglect of long-term benefits; effects of changes to the law on pension funds; cash flow planning and forecasting; regulators’ awareness of financial issues; and methods for determining the riskiness of a project. Of least importance to the CFOs are research on the significance of bankruptcy costs, influence of the City on corporate financial operations and impact of seasons on operational decisions. The degree of importance attributed to research topics seems to vary with firm size. In general, the findings of this study are similar to those from a survey of financial managers in the US. 相似文献
22.
Gordian A. Ndubizu R. S. Olusegun Wallace 《The International Journal of Accounting》2003,38(4):397-420
This study develops and tests the hypothesis that firms in the home country have capital market incentives to cross-border list on foreign stock exchanges that have similar financial reporting with local generally accepted accounting principles (GAAP). Non-U.S. firms' contracts and the underlying GAAP are based on the home-country culture and institutional climates. This connection with culture and institution makes the local GAAP's assessment of the contracts less spurious relative to foreign GAAP. Ball et al. [J. Account. Econ. 29 (2000) 1] note that contracting with stakeholders in the home markets is based on local GAAP's numbers, while cross-border listing provides settings in which the value relevance of local GAAP-based contracts is assessed based on foreign GAAP. Therefore, foreign investors' assessment of the contracts using foreign stock exchange GAAP or mindset of foreign GAAP is likely to result in an assessment noise, which is value irrelevant. The level of assessment noise depends on the differences between foreign and local GAAP. Because of the valuation implications of the assessment noise, we expect cross-border listing to diminish as the likelihood of assessment noise increases.As predicted, we find that assessment noise undermines cross-border listing on U.S. stock exchanges. Because U.S. and local GAAPs are based on different cultural and institutional environments, assessment noise arises if U.S. investors use the mindset of U.S. GAAP financial reports to assess local GAAP-based contracts of cross-border firms. The results are robust in the London Stock Exchange in which assessment noise is induced by interpreting local GAAP contracts as if they were based on U.K. GAAP. As expected, the influences of assessment noise on cross-border listings are more robust in the United States than in the United Kingdom. Our results suggest that harmonization of financial reporting is critical in attenuating the influences of assessment noise on global capital market developments. 相似文献
23.
Economic evaluation of the industrial production of Gbegiri bean soup mix was conducted using the NPV (net present value) and IRR (internal rate of return) methods. A uniform cash flow over a 10-year plant life with zero salvage value was assumed. Sensitivity analysis was conducted by varying the number of production days (330, 250 and 150 days) at 100% plant capacity and varying the plant capacity (100, 85 and 70%) for a 330-day production schedule. Some components of the operating cost reduced as the number of production days or the plant capacity were reduced. The production cost and product cost per unit increased with reduction in either the plant capacity utilisation or the number of days. The economic performance of the plant when operated for 150 days was not attractive. The results indicated that the plant should not be operated for less than 250 days in the year. Flexibility in the plant capacity utilisation in the range 70–100% yields a good economic performance. 相似文献
24.
Ajetomobi Joshua Olusegun 《中国经济评论(英文版)》2009,8(1):37-45
This study models supply response for major agricultural crops in Nigeria which include the standard arguments and price risk. The data comes from Central Bank of Nigeria annual reports and statement of account, National Bureau of Statistics' abstract of statistics and annual Agricultural survey manual. The data are analyzed using autoregressive distributed lag and cointegration and error correction models. The results indicate that producers are responsive not only to price but also to price risk and exchange rate. 相似文献
25.
Smita Das Clara Delavallade Ayodele Fashogbon Wale Olatunji Ogunleye Sreelakshmi Papineni 《Agricultural Economics》2023,54(2):179-219
Occupational sex segregation is a key driver of the gender gap in earnings. Using data from 11,691 aspiring agribusiness entrepreneurs in Nigeria, this article explores factors that drive sectoral choice, gender differences in the choice decision, and especially the role played by norms around gender roles. When given a choice of 11 agricultural value chains in a government program, we find the majority (54 percent) of the applicants chose to enter into the poultry value chain, and women were more likely to choose poultry than men. This article finds evidence of more restrictive gender norms in Northern Nigeria states, which lowers women's likelihood of entering into agricultural value chains where the potential for profit may be higher. The gender bias in sectoral choice is also attributed to differences in work experience especially in agricultural activities and in the chosen value chain, as well as in land ownership. Women with more experience in male-dominated agricultural value chains exhibit lower self-efficacy, which could reflect the challenges they face when deviating from social norms to operate within nontraditional value chains. 相似文献
26.
Dr. Olumide Olusegun Olaoye Prof. Phillip A. Olomola 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2023,91(1):85-115
The study investigated public debt sustainability in sub-Saharan Africa (SSA) by testing the reaction of the primary balance to positive and negative shocks in public debts in a panel of 45 SSA countries. The study adopts the innovative nonlinear fiscal reaction function and the dynamic panel threshold model to account for the potential asymmetric phenomenon in the public debt series. In line with extant studies, the study found that public debts in SSA are weakly sustainable and there is a highly procyclical fiscal policy bias in SSA countries, particularly in resource-rich countries, indicating that governments' fiscal policy responses are expansionary during economic upturns and contractionary during recessions, which may aggravate recessions and worsen debt situations across SSA. For robustness, the study compares the results with emerging and developed economies. The results indicate that in advanced economies, public debt is sustainable and that fiscal policy response is countercyclical. The research and policy implications are discussed. 相似文献