Search results for "Lever"
showing 10 items of 191 documents
Valor de los Ahorros en Impuestos por Deuda en Colombia: Un Estudio Empírico (Value of Debt Tax Shields in Colombia: An Empirical Study)
2011
The English version of this paper can be found at http://ssrn.com/abstract=1919305This paper estimates the value of tax savings, using the method of discounted cash flows for 23 major industrial firms in the Bolsa de Valores de Colombia (Colombian Stock Market) between 2001 and 2010, showing that this value represents on average between 5.74% and 56.73% out of total firm value depending on discount rate for tax savings. Using Data Panel regressions, it also finds that the average leverage of firms is low relative to other countries. Given this fact, we explored the behavior of the total value of the firm, VT and found no evidence that debt creates value.
Bank-specific shocks and aggregate leverage: Empirical evidence from a panel of developed countries
2020
International audience; This paper investigates the link between shocks in the banking sector and aggregate leverage measured by the credit-to-GDP gap. Using a balanced panel of 15 countries for the period 1989–2016, we exploit the approach due to Gabaix (2011) and consider banking granular shocks as an indicator of banking distress. Using methods that account for potential endogeneity, we find that banking shocks Granger-cause aggregate leverage. In particular, banking shocks tend to increase the level of leverage and cause departures of the credit-to-GDP ratio from its long-term trend.
Home Country Institutions and Outward FDI: An Exploratory Analysis in Emerging Economies
2020
Although the internationalization of economies is driven by specific industry conditions or business-specific differences, the institutions that exist as background conditions directly determine firms&rsquo
Whether an innovation act as a catalytic moderator between corporate social responsibility performance and stated owned and non‐state owned enterpris…
2021
The objective of the study is to signify the impact of corporate social responsibility performance on state‐owned and non‐state‐owned enterprises' performance. The contributive concept of CSR performance has been formulated while contemplating total tax, staff expenditure, public welfare expenditure, social cost and total equity. To contemplate with deep insight, the moderating role of innovation input and output has been substantiated through empirical results. The data of 502 listed companies on Securities and Exchange Commission of Pakistan has been endorsed for years 2009–2018. Empirical underpinnings reveal that corporate social responsibility performance boosts the non‐state‐owned ent…
Using the Environmental Management System (EMS) to control the implementation and emergence the green strategies
2012
International audience; Over recent years, the Environmental Management System (EMS) has become one of the most recognized instruments for operationalizing the CSR concept in companies. The objective of this study is to analyze how this management system is used in companies when they implement the intended green strategies and explore the new green strategies. To achieve this objective, two theoretical frameworks are used: the new institutionalism in organizational analysis and the levers of control of business strategy. The research methodology is qualitative and is comprises of three phases: an exploratory study; a multi-sites case study; and a longitudinal study. The data are analyzed w…
Les leviers de contrôle de SIMONS : vers une compréhension des freins à l'équilibrage diagnostic / interactif
2015
Simons's researches in the mid-1990s offer an original framework for relations between control and strategy. The imprecision of the model, its vertical orientation focusing on top management were criticized and completed by additional researches. Adopting a transversal and vertical approach focused on middle managers, this research aims to analyze the development of diagnostics systems towards interactivity and brakes to such developments. The article analyzes the results of an intervention research conducted in a third-party logistics which has adopted a new measurement performance system, including its impact on diagnostic control systems used by middle managers.
How upper secondary students solve algebraic word problems in the area of mathematical modelling : A case study of one group of Norwegian students
2019
Masteroppgave matematikkdidaktikk MA500 - Universitetet i Agder 2019 For å imøtekomme nye utfordringer på skolen, i jobb og i livet, kan elever ha behov for åtilpasse og utvide den matematikken de kan. Dette krever at elever evner, i noen grad, åsette skolematematikken i forbindelse med hverdagslige kontekster og motsatt. Matema-tisk modellering er en av de hensiktsmessige mediene for å støtte sammenhengen mellomskolematematikken og virkeligheten. Forskning har vist at det er en sterk tilbøyelighet ipensumet mot matematisk modellering og at i stedet høynivå matematikk er ansett somviktig, mest på videregående nivå. Igjen, forskning viser at elever har større utfordringermed abstrakte (fakta…
When fiscal consolidation meets private deleveraging
2020
Abstract Inspired by the recent experience in some euro area countries, we analyze the interaction between fiscal consolidation and private deleveraging in a model of a small open economy in a monetary union. The coexistence of long-term private debt and collateral constraints on new loans implies that, following an adverse financial shock, the economy enters a slow private deleveraging process, the duration of which is endogenous to collateral and debt dynamics. In this context, large and/or front-loaded consolidations increase the length and depth of private deleveraging, causing higher relative output losses over the medium run. As a result, such aggressive consolidation strategies entai…
From NGOs to Banks: Does Institutional Transformation Alter the Business Model of Microfinance Institutions?
2017
© 2016 Elsevier Ltd In the microfinance industry an increasing number of providers are undergoing an institutional transformation from NGO to a shareholder-owned and typically regulated financial entity. Little is known about the extent to which this transformation affects the way microfinance institutions (MFIs) conduct their business. Our results obtained by applying an event study methodology to 66 transformed MFIs suggest that portfolio yield is driven down by 3.9 percentage points due to transformation, indicating that clients get more favorable interest rates. MFIs are able to significantly cut down their operational expenses, of which 1.1 percentage points can be attributed to transf…
Structural reforms in a debt overhang
2014
We assess the effects of reforms in product and labor markets in a model economy featuring credit restrictions and pre-existing long-term debt. Both elements, which are core features of the current scenario faced by some euro area countries, combine to produce a slow and protracted deleveraging of the private sector and a persistent recession following a negative financial shock. In this environment, we show that product and labor market reforms may stimulate output and employment even in the short run, despite their defl ationary effects. Furthermore, by favoring a faster recovery of investment and collateral values, product market reforms bring forward the end of deleveraging and the exit…