Shaping of Strategic Behavior: How Macro-Environmental Effects Pattern the Country-Level Participation of Non-US Firms in US Equity Markets

This paper examines the effects of macro-environmental variables on country-level patterns of participation by firms on the US NASDAQ stock exchange. NASDAQ’s popularity can be linked to the strength of its technological system, as well as the high frequency of listings of technology-oriented firms. Using concepts from organization theory, strategy and international business, we consider the impact of political, legal, cultural, and colonial heritage status on the strategic capital-seeking behavior of non-US companies in US markets. We empirically demonstrate that similarity in legal systems and a shared colonial heritage will influence the probability of a non-US country having firm participation on the NASDAQ. The results also indicate that the effects of institutional forces are not static processes     

Shaping of Strategic Behavior: How Macro-Environmental Effects Pattern the Country-Level Participation of Non-US Firms in US Equity Markets

This paper examines the effects of macro-environmental variables on country-level patterns of participation by firms on the US NASDAQ stock exchange. NASDAQ's popularity can be linked to the strength of its technological system, as well as the high frequency of listings of technology-oriented firms. Using concepts from organization theory, strategy and international business, we consider the impact of political, legal, cultural, and colonial heritage status on the strategic capital-seeking behavior of non-US companies in US markets. We empirically demonstrate that similarity in legal systems and a shared colonial heritage will influence the probability of a non-US country having firm participation on the NASDAQ. The results also indicate that the effects of institutional forces are not static processes     

Emerging capital markets: A case study of equity markets in Pakistan

The Pakistan financial system displays all the classic characteristics of an emerging market: market capitalisation amounts to only 5.5% of GNP; less than 0.3% of the population are shareholders, resources mobilised through the capital market are insignificant compared to that through the banking system, and equities account for about 4% of the assets of the financial system.The pricing of both equity and debenture capital is administratively set by the Government. This has resulted in the shares of well-managed companies being issued at below market clearing price. Consequently, new shareholders benefit at the expense of original shareholders. Underwriters are denied any useful function and underwriting commission does not reflect perceived issue risk.There is a paucity of stock of well-run companies. The market also suffers from inadequate information flow and faces some fundamental institutional weaknesses. If the share buying habit is to increase and if savings are to be channelled into financial markets, appropriate mechanisms need to be developed for both broker and investor protection.The views expressed in this paper are those of its authors and do not necessarily represent the opinions of the International Finance Corporation. The information presented here in has been obtained from sources believed to be reliable, but is not guaranteed as to completeness or accuracy.     

Competitive sustainability and stakeholder engagement: Exploring awareness,motivation, and capability

In adding to competitive dynamics and sustainability literature, this study examines the role of a supplier and consumer on a focal firm's sustainability competitiveness through the awareness, motivation, and capability (AMC) perspective and stakeholder engagement research. Regression analyses are performed utilizing secondary sustainability and financial data to test proposed environmental and social competitiveness hypotheses. A constraint factor model is also tested. This study finds that a focal firm's motivation is positively associated with its own sustainability competitiveness. The study also finds that awareness and capability are negatively associated with environmental and social competitiveness. Finally, whereas suppliers' AMC have no significant impact, customer awareness and capability do. The findings reflect both conformity and divergence from the AMC model when applying it to a supply chain context as well as enhance the managerial understanding of how a supply and customer base can impact their own sustainability competitiveness.     

Establishing the use of cloud computing in supply chain management

Despite having various benefits associated with greater information flow in the supply chain, empirical cloud computing research is scarce in the supply chain management domain. This paper explores the managerial perceptions on the use of cloud computing in supply chain management. Specifically, this paper seeks to address: how cloud computing impacts information sharing among supply chain partners, the impact of trust in cloud information sharing and the impact of cloud computing on supply chain performance. Using a multi-method research design we present a combined semi-structured interviews of four different companies in the United States and a survey to analyze and empirically assess our results. Structural equation modeling was used to analyze the results of this study. Our analysis provides empirical support based on managerial perceptions regarding cloud computing, information sharing and supply chain performance. The data provide evidence on the impact of cloud computing in enhancing information sharing. This information sharing through cloud computing appears to positively impact supply chain performance. This paper also provides support on the important role of inter-organizational trust in facilitating the use of cloud computing for information sharing purposes.     

Improving the outcomes of youth with medical limitations: Evidence from the National Job Corps Study

Improving work outcomes for youth with disabilities and reducing their reliance on disability benefits are important policy priorities, but existing interventions have shown limited promise. We provide new evidence to inform this discussion by re-analyzing data from the 1990s National Job Corps Study, a randomized field experiment conducted nationwide in the United States. Job Corps, which provides comprehensive training to economically disadvantaged youth, is the nation's largest youth program outside of the school system. We examine youth who had medical limitations when they enrolled in the experiment, a group that has not previously been studied. During the 4 years after random assignment, participation in Job Corps increased the earnings of youth with medical limitations—substantially more so than for youth without medical limitations—and additionally reduced their receipt of disability cash benefits. Interventions designed specifically for such youth have not typically demonstrated reductions in benefit receipt. Hence, our re-analysis of the field experiment suggests that Job Corps could be a promising model for helping some youth with disabilities gain a foothold in the labor market and achieve greater self-sufficiency.     

The impact of human,social, and psychological capital on academic spin-off internationalization

Journal of International Entrepreneurship - Academic spin-offs (ASOs) are companies with a strong international vocation for two main reasons: first, they market their products and services in...