Search results for "International management"

Label Style and Color Contribution to Explain Market Price Difference in Italian Red Wines Sold in the Chinese Wine Market

2017

This study employs a hedonic price methodology to investigate the implicit price of individual labelling characteristics of Italian red wines sold in the Chinese market. Our results highlight the most important quality attributes (extrinsic and intrinsic) given in the label capable to explain price difference. In particular, reveal significant premium price for wine origin, identified in particular through the DOC/DOCG appellation given in the label, and for clean labels or labels with particular designs. On the contrary, a price discount has been revealed for Italian wines produced with local grape varieties and with a label characterised by warm colors. These results, partly in disagreeme…

Changes in the international wine market competitiveness

2017

This study offers a contribution to understanding the complexity of the international wine trade analysing the specialisation patterns of 14 among the most important wine world actors in the period 2007–2016, in order to verify if the patterns of comparative advantages for the trade of this countries have experienced significant changes. Using the Lafay index, as a comparative advantage measure, our results reveal deep changes in the global wine market exchange. Our result constitutes a base element for the future development of the competitive scenario and provides some both theoretical and practical implications. In the baseline projection, the maintenance of the competitive position is…

Cross-autocorrelations in European stock returns

2016

This paper examines lead-lag relationships between monthly index returns from 18 European industries. Several interesting and clear relationships are found that call into question the efficiency of European stock markets. While the Automobiles & Parts sector lags more than half of the other sectors, the Financial Services, Technology, and Telecommunications sectors lead many others. In particular, the leadership of the Technology sector has strengthened in recent years.

Activisme et proxy fight. Quand les actionnaires déclarent la guerre au management

2009

Les attentes des actionnaires minoritaires sont relativement heterogenes : les salaries ou les fournisseurs qui detiennent des actions ne sont pas uniquement preoccupes par les dividendes ou les plus-values, contrairement aux actionnaires patrimoniaux. Ces derniers, qui peuvent etre insatisfaits par certaines decisions strategiques ou operationnelles prises par les dirigeants, ont la possibilite d’agir pour proteger leurs interets, en s’engageant notamment dans une bataille de procuration. Dans cet article, les auteurs insistent sur les principales difficultes rencontrees par les actionnaires contestataires lors de ces batailles, sur les facteurs cles de succes, ainsi que sur les consequenc…

Reviving the lost spaces under urban highways and bridges: an empirical study

2019

Purpose The fast development of urban movement infrastructures has created neglected urban places in cities. This study aims to provide users’ preferences for designing lost spaces that are a by-product of elevated urban highways (UHs) and bridges to develop a conceptual model for better environmental design. Design/methodology/approach This research is conducted by a combination of both qualitative and quantitative methods. In the first phase, to explore the citizen’s environmental preferences based on the Q-sort technique and in-depth interviews, the ideas of 50 users were considered up to data saturation. The preferences of people for designs under urban bridges were extracted by conten…

Corporate Governance and Capital Structure: A Spanish Study

2016

This study explores the relationship between capital structure and corporate governance using a data panel of Spanish listed firms over the period 2005 to 2011. Specifically, two notable conflicts in the area of corporate governance have been analysed: (i) managerial ownership; and (ii) controlling shareholders ownership. Our findings confirm a non-monotonic relationship between both managerial ownership and ownership concentration, and capital structure. In order to mitigate endogeneity concerns, a number of robustness tests have been performed. The empirical evidence obtained yields a number of implications such as the shareholders' need to monitor entrenched managers, the insufficient pr…

Special Issue on Accounting and Politics

2020

During the last years many things have happened in the European accounting landscape. We observe the new proactive role of the EU Parliament that started in the aftermath of the financial crisis in...

The Importance of Alliances in Firm Capital Structure Decisions: Evidence from Biotechnology Firms

2015

Building on finance research, we argue that the ex post hazards arising from alliance formation depend upon the firm's financial condition. Financial distress jeopardizes the continuity of an alliance and the value of the investments involved. Thus, firms should reduce leverage to signal continued commitment and to induce investments from alliance partners. Accordingly, we find that a firm's current alliance propensity predicts its subsequent capital structure decisions and that this relationship is most pronounced in the presence of other exchange hazards. Our paper contributes to alliance research and to the growing literature discussing the strategic consequences of capital structure. Co…

2019

Research Summary We explore the qualitative differences in entries and exits over time. Using qualitative and quantitative data on 96 firms over 200 years, we study industry evolution from the perspective of individual decision‐making situations. Our historical and statistical analyses reveal the vital role of technology investments in determining firm outcomes, and the technological, institutional and governance dynamics that lead firms to invest or to abstain. Our main theoretical and methodological contribution concerns the importance of the multiplicity of firm‐level rationalities and decisions as fundamentals in theorizing on industry evolution. Managerial Summary What determines firm …

Revolving doors: are they valued in the Spanish stock market?

2016

Purpose The purpose of this paper is to examine the effect of political connections in the value of companies listed on the Spanish stock market. Design/methodology/approach The authors study two issues on this topic: the impact on the company value of the appointment as director of an ex-politician through an event study; and the long run stock market performance of companies with political connections. The authors employ a sample of listed firms in the Spanish stock market for which the authors collected data about their political connections. The authors perform the study during a wide period (1996-2011), comprising four legislatures. Findings The results show that from the market persp…