Search results for "ta512"
showing 10 items of 218 documents
Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold
2018
Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate U.S. equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. For energy sector equities, the dynamics of hedge ratios does not support using either crude oil or gold futures for cross-hedging during stock market crises.
Consequences of the Abandonment of Mandatory Joint Audit : An Empirical Study of Audit Costs and Audit Quality Effects
2016
Abstract This paper focuses on the unique Danish setting in examining the consequences of abandoning a mandatory joint audit regime. We study the effects on audit costs (measured by audit fees) and audit quality (measured by abnormal accruals) of the abandonment of the mandatory joint audit in Denmark in 2005. We perform our analysis on non-financial listed Danish companies for the 2002–2010 period. Our results show that a joint audit is associated with higher fees, but that the association between joint audit and abnormal accruals is insignificant. This suggests that the higher audit fees cannot be explained by higher audit quality. Our results are robust to alternative measurements of fee…
Local bank competition and small business lending after the onset of the financial crisis
2016
This paper examines whether the effects of the financial crisis on the volumes and prices of small business loans depended on the pre-crisis local competitive environment. To address this question, I employ a unique data set on Finnish cooperative banks. I find that the monthly volumes of new business loans decreased and the average loan margins increased after the onset of the crisis. The decrease in volumes and the increase in margins were greater in local banking markets that were more competitive before the crisis. The results for the loan margins are more robust than those obtained for the volumes. Auxiliary analyses suggest that the greater effects in the more competitive markets are …
Network embeddedness in the internationalization of biotechnology entrepreneurs
2018
This study investigates how entrepreneurs of biotech enterprises embed in domestic and international networks so as to internationalize. We advance a contextual framework of embeddedness of internationalizing entrepreneurs, providing a contribution (i) by synthesizing and applying existing conceptual insights from the networking literature to provide a more culturally sensitive view of getting embedded for international entrepreneurship in the biotech industry and (ii) by adding insights into the practices and (micro)processes of how and in what ways embeddedness integrates with the internationalization of biotech entrepreneurs. Our study involves six entrepreneurs from Canada, Finland, and…
Non-family employees in small family business succession: the case of psychological ownership
2013
This study is analysing non-family employees' perceptions on psychological ownership during the family business succession process. Three small family companies were chosen for the multiple case studies. The results of this study show that non-family employees are participating on the small family business succession and they do possess a strong psychological ownership towards the family business, their own work, and the founder generation. Non-family employees recognise the changing management and leadership in successions. Non-family employees' psychological ownership increases in succession. This has got influence on commitment and well being in unique way according to personal character…
The CEO autonomy–stewardship behavior relationship in family firms: The mediating role of psychological ownership
2014
Abstract This study investigates the relationship between a family business CEO's autonomy and stewardship behavior. Building on psychological ownership theory, we argue that psychological ownership mediates the autonomy–stewardship relationship. In contrast to prior studies, we differentiate between individual-oriented and collective-oriented psychological ownership as two distinct dimensions of individual psychological ownership. Our results reveal that CEO autonomy is an important determinant of stewardship behavior and that this relationship is only mediated by individual-oriented psychological ownership. Moreover, both individual-oriented and collective-oriented psychological ownership…
Institutional distance and international networking
2017
We focus on how small- and medium-sized enterprises (SMEs) adapt to differences in institutional logics (values, beliefs, and rules) in their networking when they enter an institutionally distant market. We address gaps in the literature, relating to the role of institutional logics in SME internationalization, and how institutional distance affects the formation of network ties. We show how the social interaction involved in internationalization is embedded in the institutional logics followed by partnering actors. Specifically, we demonstrate how institutional distance may constrain the networking activities of SMEs and identify practices that may support successful internationalization. …
The shortened Corporate Ethical Virtues scale
2018
So far, the field of business ethics lacks validated measures for assessing virtues at the organizational level. The aim of this study is to investigate the measurement invariance of a shortened Corporate Ethical Virtues scale. In this manner, we contribute to validating an instrument that is both psychometrically sound and efficient to use. We conducted two survey studies of two independent groups (managers and school psychologists). Confirmatory factor analysis supported the eight‐factor model of the scale, and we found it to be invariant in two different occupational groups. The managers gave higher appraisals of ethical culture than the psychologists did in seven out of the eight dimens…
Family firm prerequisites for international business operations: a production and marketing capabilities approach
2014
The purpose of this study is to compare SME family firms’ and non-family firms’ organisational prerequisites for international business operations. The main focus lies in the production and marketing capabilities needed for conducting international business. A quantitative study was conducted in Finland. A random sampling was done by utilising the database of the Confederation of Finnish Industries (EK). A sample of 2,000 firms was gathered from the target population, EK database, which consisted of 16,000 firms. The answer rate for the study was 28%. All together, 555 firms answered the mail survey. Three hundred thirty three respondents were coming from family firms and 222 replies repres…
Business in society or business and society: the construction of business–society relations in responsibility reports from a critical discursive pers…
2013
In this article, we analyse the discursive construction of business–society relations in Finnish businesses’ social and environmental responsibility reports. Drawing on critical discourse analysis, we examine how these discursive constructions maintain and reproduce various interests and societal conditions as a precondition of corporate social responsibility (CSR). Our study contributes to the recent discussion on discursive struggles in business–society relations and the role various interests play in this struggle. We find that not only are power asymmetries between actors veiled through the universalization of interests, but reporting can also be seen as a communicative action that prov…