Despite the heightened popularity of entrepreneurship education, there remain open questions regarding best practices in co-curricular programs. Using the theory of planned behavior, the authors examine how students’ intention is shaped to increase the likelihood of participation in entrepreneurship co-curricular programs. To the best of the authors’ knowledge, this study is the first to examine the relation between entrepreneurial identity and entrepreneurial intention theory. They find the popular personality trait, openness, is related to ambition, which reveals the interaction between personal elements (personality/identity) and contextual elements (aspirations to success/intention), a novel finding in the literature. This further illustrates the interconnectedness between the theory of planned behavior and the entrepreneurial event model 相似文献
This paper examines the influence of institutional differences on corporate risk management practices in the USA and the Netherlands. We compare results to surveys in each country using a strategy that corrects for differences over industry and size classes across the Dutch and US samples. We document several differences in the firms’ uses and attitudes towards derivatives and attempt to attribute them to the differences in the institutional environments between the USA and the Netherlands. We find that institutional differences appear to have an important impact on risk management practices and derivatives use across US and Dutch firms. 相似文献
In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated. Due to market imperfections, one of these markets may reflect information faster. The use of high-frequency data and the choice for a small unit time interval to measure these lead-lag relations comes at the cost of some or many missing observations, causing traditional estimators to either under- or overestimate covariances and correlations. We use a new estimator to estimate lead-lag relationships between the cash AEX index, options and futures. We find that futures returns lead both options and cash index returns by approximately 10 minutes. The relationship between options and the cash market is not completely unidirectional. 相似文献
We examine investment behavior among exchange-listed Korean manufacturing firms before and after the 1997 financial crisis using firm-level panel data. Starting with the standard Q-theory of investment, we augment it by allowing for a sales accelerator and the possibility of cash constraints, categorizing firms based on their age, size and affiliation to an industrial conglomerate (i.e., chaebol). We find that Tobin’s Q is a robust determinant of investment in a pooled sample for 1992–2001, but that it became more important for small firms and less important for chaebol-affiliated firms after the crisis. Investment by chaebol firms also became more sensitive to the availability of internal cash balances after the crisis. We interpret this as reflecting a shift in the Korean economy to a stronger market orientation after the crisis and to a business climate in which the quality of potential projects became more important relative to capital market imperfections in determining the destination of investment funds. 相似文献
We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly assume equal impact of these determinants. Second, although we concur with the conventional direct impact of country-specific factors on the capital structure of firms, we show that there is an indirect impact because country-specific factors also influence the roles of firm-specific determinants of leverage. 相似文献
Using the big six Canadian chartered banks quarterly financial statements and daily stock market data from 1982 to 2018, we examine the impact of non-interest income on Canadian banks’ risk, performance and capital under the different major regulatory changes made to the Bank Act of Canada. Our results show that Canadian banks’ expansion into non-traditional activities had slightly decreased their risks and significantly improved their performance benefitting from income diversification. Moreover, while adhering to capital adequacy regulation, reshuffling banks’ portfolio towards non-traditional activities did not reduce Canadian banks’ capital ratio. In spite of the re-regulation towards universal banking against ring-fencing, this feature buttresses the effectiveness of capital adequacy regulation in Canada in linking banks capital allocation with their risk taking. 相似文献
As organizational buying systems grow more complex and sophisticated, suppliers increasingly rely on buyer advocacy: an individual buyer’s efforts to influence his/her colleagues such that the supplier’s standing is improved. Drawing from cognitive response theory, the authors hypothesize an inverted U-shaped relationship between a buyer’s advocacy for a supplier and the customer’s purchases from that supplier. They theorize that this effect is moderated by the advocate’s industry experience and customer–supplier relationship characteristics. An analysis of multisource data from a B2B service provider (Study 1) supports the predicted inverted U-shaped relationship, while a unique dataset from a large industrial supplier (Study 2) provides broad support for the hypothesized moderators. Finally, a randomized experiment (Study 3) replicates key findings and corroborates the theorized cognitive response mechanisms. Findings contribute to the limited literature on buyer advocacy within the organizational buying domain and offer practical implications for suppliers and buyers.