Firm Valuation

The completion of this doctoral thesis represents not only the culmination of intensive research but also reflects the invaluable support and guidance of many individuals and organizations. First and foremost, I would like to express my profound gratitude to my supervisor, Dr. M.B. Srinivasan, for his unwavering guidance, insightful feedback, and continuous encouragement throughout this research journey. His expertise in sustainable business practices and research methodology has been instrumental in shaping this study. I am deeply indebted to Aramex-Sinotrans Express Company Limited for granting me access to conduct this research. Special thanks go to the management team and employees who generously shared their time and experiences through interviews and surveys. Their candid responses and rich insights form the foundation of this study. My sincere appreciation extends to Dr. Ma Lourdes, Miss Hannah Pang, Dr. Joanne Wong, the faculty members and administrative staff for their academic support and administrative assistance throughout my doctoral program. The collaborative environment fostered by both institutions has greatly enriched my research experience. My deepest gratitude goes to my family, who have been my pillars of strength throughout this challenging journey. To my beloved wife Casty, thank you for your boundless love, unwavering support, and incredible patience during the countless late nights and weekends devoted to research. Your encouragement and understanding have been my greatest source of motivation. To my mother Amy, your lifelong emphasis on education and constant support have made this achievement possible. And to my precious daughter Charlie, your smiles and innocent curiosity have brought joy and renewed energy to this academic pursuit. Your understanding when "daddy needs to study" has touched my heart deeply. This accomplishment is as much yours as it is mine. v I am grateful to my employers and colleagues for their flexibility and support, which allowed me to balance my professional responsibilities with academic pursuits. While many have contributed to this work, any errors or omissions remain entirely my own responsibility.

Most international studies in this area of research use country-level data. , , use firmlevel data for cross-country comparisons of capital structure. and also analyze how country variables affect the characteristics of bank loans. These papers offer mixed evidence on the influence of institutions on firm capital structure. in an analysis of large listed companies in G-7 countries find that factors identified as cross-sectionally correlated with firm leverage in the United States are similarly correlated in other countries as well. suggest that the same determinants of capital structure prevail in ten developing countries. This research together suggests that institutional differences are unimportant in both developed and developing countries, although the authors compare separate regressions for each country and do not use explicit variables for the institutional environment in their estimations. explicitly introduces creditor right protection in the analysis of a sample of listed and unlisted companies in eight European countries. Her results suggest that the relevance of institutional variables depends on firm size. Larger listed companies have easier access to international financial markets, so their corporate finance decisions are less subject to the institutional constraints in domestic markets. Institutional characteristics, however, have a greater impact in unlisted companies. For these companies, stronger creditor protection makes loans for investing in intangible assets more available and guarantees access to long-term debt for firms in sectors with highly volatile returns. find that institutional factors are critical determinants of firm capital structure in a cross-section of 39 developed and developing countries. A country's legal and tax system, level of corruption, and the availability of

Purpose– This paper aims to investigate the link between a sustainable supply chain and companies’ financial performance (FP) and provide empirical evidence about the relationship between these two constructs. This link is an important, but still unclear, subject.Design/methodology/approach– Multivariate measures of sustainable supply chain performance and companies’ FP are used for Granger causality tests on a large, diverse sample of 3,900 companies in a time frame of eight years (2004-2011).Findings– Results indicate general bidirectional causality between sustainable supply chain performance and companies’ margins and revenue. However, the link between firms’ profitability and sustainable supply chain performance is unidirectional. In addition, the recent financial crisis altered this link between the studied constructs. Finally, a wide diversity in relationship patterns between sustainable supply chain performance and companies’ FP emerges when the full sample is divided into d...

This article seeks to empirically answer whether Australian shareholders support corporate social responsibility ('CSR') or prefer companies to maximise shareholder returns. Legally, companies can consider a wide range of stakeholder interests when deciding what is in the best interests of the company. Generally, most companies continue to pursue the shareholder primacy norm by seeking to maximise shareholder value. However, corporate Australia's support for the Voice to Parliament (and before that, the plebiscite on marriage equality) departed from the shareholder primacy norm in lending its support to these causes through CSR activities. Missing from this discussion is the voice of shareholders. A survey of 236 Australians suggests that most investors would prefer companies 'stick to their knitting' and maximise profits. Where investors were willing to forgo some profit, the amounts are low. Yet, perversely, these investors hold prosocial attitudes in their consumer and donor decisions.

In this paper, we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity (BE). In addition, policies aimed at satisfying community interests help reinforce the credibility of social responsibility policies with other stakeholders. We test these theoretical contentions by using panel data comprised of 57 global brands originating from 10 countries (USA,

MAKERERE UNIVERSITY COLLEGE OF BUSINESS AND MANAGEMENT SCIENCES SCHOOL OF BUSINESS MASTERS OF SCIENCE IN INVESTMENT AND RISK MANAGEMENT COURSE CODE: MRM 7104 FINANCIAL ANALYSIS AND FIRM VALUATION LECTURER: DR ERIC NZIBONERA NAMES MUWONGE RAPHAEL REGISTRATION NUMBER 2024/HD06/12323U STUDENTS NUMBER 2400712323 SIGNATURE DATE 2 | P a g e QUESTION ONE a) Use examples to describe the concept of earnings management in investment analysis and explain the motives for earnings management. EARNINGS MANAGEMENT Definitions: Earnings Management occurs when managers use judgement to modify financial records in financial statements and structuring transactions to either deceive certain stakeholders about the company's underlying economic performance or affecting contractual results that rely on recorded accounting numbers. Therefore, Earnings Management can be said to deceive users of financial statements for personal gain. The person involved in earnings management is, therefore, considered to be fully aware of what is being done and the motives behind. Earnings Management is synonymous with Creative Accounting, Financial Engineering, and Cosmetic Accounting. It is an accounting technique used by managers to generate financial information that is overly positive. Organizations are tempted to manipulate earnings to increase the reported profit or minimize losses. The term Earnings Management is related to US researchers, while European researchers usually use the term Creative Accounting. According to the Chartered Institute of Accountants in Australia & New Zealand, Earnings Management exists in almost all industries regardless of size or location. The view that Earnings Management is synonymous with Financial Statements Fraud is wrong because Financial Statements Fraud produces financial reports based on fictitious transactions, whereas Earnings Management occurs when transactions or events are manipulated or distorted. Earnings

The oil and gas industry of the Nigerian have caused several avoidable environmental degradations to the host communities of the operating firms with the outfits having little or no attention to contributing or incurring much costs to the conservation of these environments for future uses. This study evaluates the relationship between environmental cost disclosure and profitability (performances) of firms in oil and gas industry in Nigeria. Time series data were collected from published annual reports of ten sampled companies for ten years (2010-2019) based on data availability. Ex post facto design was used. Environmental costs were represented in terms of waste management cost, pollution control cost, fines and litigation cost and community development cost while return on assets, ROA, was used as proxy to firm profitability. Pearson product moment coefficient of correlation and multiple regression analysis were used to analyze the data. Econometric result reveals that environmental cost has no significant effect on the performance of oil and gas firms in Nigeria.

Sustainability is an element that is increasingly considered within the organisation. Therefore, the aim of this scientific article is to explore the contributions of supply chain management (SCM) to organisational sustainability. The study was based on a closed-ended question distributed to strategic managers from eleven business sectors, and the answers to this question were selected according to our objectives and grouped to generate six questions that were applied through a questionnaire to a total of 220 companies from the three economic sectors, companies that have implemented sustainable SCM practices. The main findings from the descriptive analysis used for the data show that sustainability practices integrated into SCM, such as sustainable sourcing, green design, and supply chain loop. Improving relationships with suppliers and customers by promoting closed-loop corporate social responsibility (CSR) values has a positive impact on organisational sustainability. These practices reduce environmental impact, improve financial performance, enhance reputation, and increase stakeholder satisfaction. The main conclusion of this study is that the adoption of sustainable SCM practices is critical to organisational sustainability. Organisations must prioritise sustainability in their SCM decisions to ensure their long-term success.

The research was conducted to examine the influence of capital structure, company growth, profitability on company value in infrastructure and transportation sector companies. This type of research is causalcomparative and the data used is secondary data in the form of annual reports and financial reports of infrastructure and transportation companies for the 2020-2023 period. Sample selection was carried out using a purposive sampling method, with a sample of 13 companies. The analysis used is multiple linear regression analysis with the SPSS test tool. The research results showed that together capital structure, company growth and profitability had an effect on company value. Even though the company growth variable has no effect on company value, the variable has a positive directional value.

Purpose -This study examines the relationship between the multi-layer corporate governance model of Islamic banking and bank performance. Methodology -The random-effects GLS method for the regression analysis and two-step generalized methods of moments for the robustness check of the findings were utilized. Findings -The results show that boards are strong and the CEO's are powerful in Islamic banks. While the return variables of Islamic banks are positively correlated with the financial disclosure index and board structure variables, they are negatively correlated with the risk closure index and CEO related variables. The corporate governance and financial disclosure indices lessen the profitability of Islamic banks as they are negatively significant with performance variables. The governance mechanism provides a weak explanation for the changes in shareholders' value of Islamic banks, which shows that conventional banks have better, more effective, governance system than Islamic banks in this regard.

The study examined the effect of debt financing on the financial performance of selected private commercial banks in Ethiopia. Multiple linear regression models were utilized, with return on equity as the dependent variable and short-term debt to total assets, total debt to total assets, total debt to total equity and interest coverage ratio as the independent variables to analyse the effect of debt on banks' performance. The study used an explanatory research design with a quantitative research approach. Secondary data for the sample of 5 private commercial banks were collected from the period (2017-2022) using targeted sampling techniques. Both descriptive and inferential statistics were used with the help of Statistical software E view 10 and the results are presented in tables. Based on the random effect regression model output this study concluded that the short-term debt to total asset ratio has a negative related and statistically insignificant effect on return on equity. The total debt to total asset and interest coverage ratio are positively related and statistically significant to return on equity while total debt to total equity has a negative relationship and is statistically significant with return on equity.

— The purpose of the research is to evidence the role of corporate environmental disclosure in mediating the relationship between supply chain management and corporate financial performance. Food and beverage companies listed in Indonesia Stock Exchange in period of 201 4 -201 8 are the sample of the current research. Path Analysis wit h Partial Least Squares-Structural Equation Modeling (SEM) is used to analyze data . The research finding found that supply chain management directly affects to corporate financial performance and supply chain management indirectly affect to corporate financial performance through corporate environmental disclosure. Theoritical implication of the research is that the research supports the existing theory. While practical implication of the research is that CED can be used to gain personal branding from stakeholders and to protect from SCMaction. Thus, it can increase financial and economic performance to keep company legitimate.

Mergers and acquisitions in the Medical Device Industry are the primary mode of exit for early stage companies. The focus of this thesis is to examine factors which influence the value of these M&A transactions from the target and acquiring firm perspectives and to understand the value creation that occurs. Publicly available electronic and published data sources were used to build a database of 674 M&A transactions and 113 IPO events for deals with published deal values and terms between January 1996 and October 2006. In this work, we demonstrate that transaction deal value varies between various medical device industry sectors. Factors that were shown to significantly correlate with M&A transaction deal value included the Sales of the target company, Market Capitalization value of the acquiring company, type of regulatory approval, and whether the company had venture backing prior to acquisition. M&A transactions that involved targets that were Public companies had significantly higher deal values than those that were private. Using 3day event window analysis, returns of acquiring companies were shown to be slightly negative and significantly less than the S&P composite index returns over the same period. Previous studies suggest that managers in larger firms tend to use overvalued stock and empire building behavior, resulting in overbidding or pay more for acquisitions. No significant difference in deal value was associated with financing terms between cash and stock transactions. The use of earn outs had no effect on the deal value or the acquirer stock returns. Markets that are developing will continue to have increasing deal value as firms attempt to establish market share and or acquire breakthrough technologies. We found that there were positive correlation of M&A or IPO transaction value for companies in less mature markets where companies have opportunities to leap frog other companies in market position and share. Conversely, there is negative correlation of M&A or IPO transaction value for companies in more mature markets. The results are discussed in terms of the specific factors that influence the transaction value and the degree to which target and acquiring firms benefit from M&A transactions.

This paper builds on Capital Asset Pricing Model (CAPM) and its ability to validate market and firm specific risk. The effort is aimed at ascertaining the role of bankruptcy risk in determining the cost of capital in firms and its impact on corporate valuation. We also attempt to replace and analyze disparity of systematic and unsystematic components of risk with bankruptcy and risk of future liquidity. A similar study has recently been carried out in Indian market by Shirur (2013) for checking the validity of beta and cumulative risk measurement for identifying the presence of bankruptcy risk. This research may be the first attempt at analyzing such semantics with data from Pakistan. Therefore, the current study attempts to investigate the role of bankruptcy risk in determining the cost of capital in corporate valuation and the need of segregating systematic risk and unsystematic risk into liquidity risk and bankruptcy risk. The findings of this study suggest that unsystematic risk...

The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it pos...

This paper attempts to ascertain whether or not functional diversification is valueenhancing or value-destroying in the financial services sector. Based on a U.S. dataset comprising approximately 4060 observations covering the period 1985-2004, we report a substantial and persistent conglomerate discount among financial intermediaries. Our results suggest that it is diversification that causes the discount, and not that troubled firms diversify into other more promising areas. We also investigate the geographic dimension of diversification as well as the interaction between geographic scope and functional diversification and find that the value-destruction associated with functional diversification is not apparent in geographic diversification. A further finding is that there is a significant premium for the very largest of our sample firms (with total assets above 100bn USD) indicating that there are "too big to fail" guarantees for very large financial conglomerates.

In this paper, we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity (BE). In addition, policies aimed at satisfying community interests help reinforce the credibility of social responsibility policies with other stakeholders. We test these theoretical contentions by using panel data comprised of 57 global brands originating from 10 countries (USA,

RESUMEN La valoración de empresas, tradicionalmente, no ha recibido una atención prioritaria en el campo de la investigación empírica. En la actualidad se aprecia un importante desarrollo profesional que demanda información sobre la aplicación práctica de los fundamentos metodológicos de la valoración de empresas. En general los estudios empíricos a nivel internacional revelan divergencias entre la teoría y la práctica en diferentes aspectos del proceso valorativo. 914 ARTÍCULOS DOCTRINALES Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (1) «Existen muy pocos países de la OCDE que incluyan estadísticas sobre fusiones y adquisiciones dentro de sus datos oficiales» [FMI, 2004]. Para España puede verse el informe de KPMG [2004]. (2) En la actualidad denominada «Asociación Profesional de Sociedades de Valoración» [www.atasa.com]. ARTÍCULOS DOCTRINALES 915 Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (3) El concepto de valor económico es utilizado aquí en su sentido concreto, esto es, el valor intrínseco del bien o valor sustancial.

Transformative economies represent a heterogeneity of approaches and practices,
often related to the social and solidarity economy, that seek to undertake eco-social transitions
towards other alternative economic models. In the specific case of the circular economy,
there is controversy in the literature about whether or not it belongs to the group of transformative
economies, mainly depending on the specific approaches it adopts. In this article
we contribute to delimiting and evaluating the transformative scope of the different proposals
(based on criteria such as ecosocial commitment, or hierarchical/horizontal functioning), and
we identify some of the tensions that transformative economies face in practice (such as those
arising due to interactions with public institutions, maintenance of viability, or escalation). In
addition, we provide a case study from the Basque Country, in which we contrast two different
approaches: the vision of the circular economy typical of institutions like IHOBE and Basque
Government, oriented mainly towards competitiveness; and another approach typical of social
and solidarity economy networks, that is more oriented towards sufficiency. We conclude that
competitiveness-oriented approaches cannot be considered belonging to the transformative
economies; while sufficiency-oriented approaches do, as they often adopt other alternative
concepts of social circularity.

In today’s fast-paced financial markets, the need for advanced, efficient, and secure technology is paramount. Financial institutions must continually evolve to remain competitive, and at the core of this transformation is the integration of Artificial Intelligence (AI) and specialized software tools. A leader in this field, VXBanc offers a suite of solutions that enable financial firms to harness data-driven insights, optimize operations, and improve client service through robust technology frameworks. As financial firms look to build agility and resilience, the role of AI and software development has never been more critical.

The Role of AI in Financial Analysis
AI has transformed the landscape of data analysis across all sectors, but in finance, it has proven especially powerful. With the ability to process and analyze vast quantities of data, AI tools allow financial institutions to derive actionable insights in seconds, where traditional analysis might take hours or even days. AI in financial analysis enhances several core processes, including market trend prediction, risk assessment, fraud detection, and customer personalization.
One primary benefit of AI in financial analysis is its predictive capabilities. For financial firms, understanding future market trends or changes in customer behavior allows for proactive decision-making. AI algorithms can analyze historical data patterns and apply predictive models to forecast market movements, which can be invaluable for risk management. VXBanc’s AI analysis tools provide such capabilities, empowering firms to make more informed and timely decisions while navigating the complexities of global markets.

We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs perform better in the long-run than acquiring single-class IPO firms, and the better performance is mainly due to acquisitions in innovative industries. The results suggest that insiders of dualclass IPOs try to retain control during subsequent M&A activities. The governance structure in such firms allows them to make investments in high risk projects that enhance shareholder value in the long-run. Next, we examine the acquisition performance of family and non-family firms in the S&P 500 universe. Using style-adjusted and market-adjusted buy-and-hold returns (BHAR) and controlling for firm and merger characteristics, we find that the post-merger performance of family firms is significantly better than that of non-family firms. In particular, the mean one-year style-adjusted buy-and hold abnormal return is around 18% higher for family acquirers than for non-family acquirers. Further, contrary to the argument that founding family members make value-destroying diversifying acquisitions to minimize the risk of their personal portfolio, we do v not find that family firms lose value in diversifying acquisitions. This result is consistent with Stein's model (1997) showing that diversification helps to reduce the cost of capital of the firm.

The relationship between socially responsible leadership, the key driver of corporate social responsibility (CSR) practices, and organizational performance is a salient issue in the global context for both CSR scholars and practitioners. The purpose of this paper is to provide insights into the interplay of responsible leadership, CSR practices, and organizational outcomes. It analyses 241 staff's behaviors and their performance in institutions of higher learning in Uganda. It thereby enriches understanding of how leaders' socially responsible decisions impact upon CSR engagement and institution's performance. The results found out that socially responsible leaders are positively related with organizational performance. The aspects of morality, social responsibility, and capability aspects of responsible leadership are closely related to CSR. Our research has clear limitations. First, most selected institutions are renowned large institutions of higher learning. Private and Foreign-owned institutions of higher learning are excluded. Based on the data analysis, this study provides in-depth discussion of CSR situation in Uganda and its relationship with organization performance, which is one of the first studies to examine responsible leadership in Ugandan context and investigate the relationship between responsible leadership and organizational performance.

Decrescita produttiva quantitativa, riduzione degli sprechi, crescita della qualità di vita, crescita demografica in equilibrio con l’ambiente, ridistribuzione internazionale della ricchezza, centralità dell’uomo nel processo economico e sociale: ecco alcuni punti cardine del pensiero di Georgescu-Roegen per assicurare alla specie umana un futuro lungo e prosperoso . Affermazioni che oggigiorno a molti possono sembrare banali, ma se lo sono lo si deve a chi, come il Nostro, le ha elaborate decenni fa. Affer-mazioni che sono le conclusioni di un lungo percorso di studi, in-tuizioni, ricerche e riflessioni sostenute da una grande intelligenza, ma soprattutto da una grande passione e da una incrollabile volontà di contribuire alla comprensione della realtà in cui viviamo, al fine di correggere gli errori fatti finora e di preparare un futuro migliore alle generazioni che verranno.
Un percorso che spesso viene separato dagli studiosi in due periodi ben distintiti. Da una parte il periodo iniziale della carriera, con i lavori sull’utilità e sul comportamento del consumatore, contributi innovativi ma pur sempre rientranti nell’economia standard. Dall’altra il periodo dei contributi “rivoluzionari”, con l’allargamento epistemologico e l’introduzione della biologia e dell’entropia in economia, che portarono alla nascita della bioeconomia. Pur rappresentando due momenti diversi e due approcci distinti, non si deve dimenticare che senza i notevoli contributi dell’Autore alla teoria economica standard, non sarebbe maturata in lui la critica che lo porterà poi a quelle geniali intuizioni e a quelle conclusioni che lo hanno consegnato alla storia. Un aspetto di continuità che non viene richiamato con adeguata enfasi .
L’intento del presente lavoro è quello di analizzare l’evolversi del pensiero roegeniano, tenendo ben presente il collegamento tra le varie fasi: dai contributi alla teoria del consumatore alla critica dell’utilità, dall’introduzione dei concetti dialettici all’allarga-mento epistemologico della scienza economica, dall’analisi dell’evoluzione biologica umana e delle tensioni sociali che ne derivano all’assunzione dell’entropia come base scientifica per l’analisi economica, dall’uso delle risorse materiali ed energetiche all’individuazione del “godimento della vita” come fine ultimo del processo economico e dell’agire umano.
Il presente volume si propone come un utile strumento per la conoscenza dell’opera di Georgescu-Roegen, che, senza la pre-sunzione di voler essere esaustivo, si spera risulti capace di sinte-tizzare in modo fluido e coerente le varie fasi dell’evoluzione del pensiero dell’Autore, dalla nascita dei concetti fondamentali fino alle conclusioni a cui giunge. Conclusioni che possono ancor oggi, anzi, soprattutto oggi, essere da guida o almeno d’ispirazione e di riflessione, per un nuovo modo di pensare al nostro modo di vivere e al nostro futuro.

Our paper is a further contribution to the still very small empirical literature on the effects of competition on managerial incentive schemes. Based on a theoretical model that incorporates both strategic interaction between firms and a principal agent relationship, we investigate the relationships between product market competition, incentive schemes and firm valuation in a multivariate OLS framework. To take into account a possible endogeneity of the incentives provided to managers and Tobin's Q, our measure of firm value, we additionally employ a simultaneous equations framework. The sample comprises 156 Swiss firms for the year 2002, and the compensation data refer to the firms' top management and the board of directors in total. Our results suggest that more intensive product market competition is associated with stronger incentive schemes for managers and a lower firm value.

Beginning from creation, man has not been stationary but moved from place to place. These movements have had serious impact on the history of the world in general, Nigeria inclusive (Akanji, 2012). Migration is an inevitable part of the story of man, families, villages and nation-states (Ebri, 2017). So, human resource movements started with the existence of humans particularly as humans had to look for what to eat in famine season. However, 'Migration has the potentials to be one of the most politically controversial issues, especially in the societies where immigrants settle' (Ibiang, 2012). Consequently, its simple in a discussion of migration to concentrate on the effects of human resource inflow alone (Ibiang, 2012). Of equal importance, is the human resource outflow which could have significant effects, particularly on emerging/developing or underdeveloped countries in the World, such as Nigeria. Therefore, sound migration policies must not be restricted to national effects but must consider mutual global effects. These common global effects often sharply feature in economic development (Ojile & Tijani, 2017). Human resource movements are continually on the increase annually, with crucial impacts for both outflow and inflow countries ((Noja et al., 2018). Truly human resource flow is commonly caused by relative differences in the economic development of countries but for the case of political a sylumseekers (Noja et al., 2018). As the extent and complexity of human resource flows have increased, so have the common development implications of the movement of persons, skills, knowledge on and remittances for researchers and policy makers. Migration was defined by Lee, (1966) in a broad context as a temporal or lasting change in residence. Bauer et al (2004) defined migration as the movement of an individual or a group of people geographically from one place to another, surpassing political and administrative boundaries, in the attempt to domicile in a place other than the place of origin. Migration could be internal or external. It's internal where the movement of people is within the same locality or country, and external where the movement of people is across one country to another. Migrants may be persons, individual family units or large groups (Castles & Miller, 2009). This study synthesises some of the findings of the increasing discuss on human resource migration with a view of drawing policy interventions nationally and multilaterally that can be considered. Its fundamental thrust is policy options that maximise the resultant advantages of migration for enhancing entrepreneurial development, remittances and economic growth. Human resource migration affects both the areas of origin and destination. Some identified effects are; Economic, Political, Health and Social. Migration is a step that can affect households, the home communities, and the total economy of a country in several manners (Azam & Gubert, 2006).This paper seeks to assess the effect of human resource emigration on the Nigerian economy.

The paper addresses the link between the social component of corporate social responsibility and market value of equities. Preceding results on this topic are, to our knowledge, still scarce and not really conclusive. Using a both rich and worldwide dataset, Asset4-Thomson Reuters, we find that social expenses are clearly value-adding. Moreover, all the social subsets are positively related to a goodwill, even if those concerning human capital reveal to be more significant. Social expenses therefore prove to be a social investment, creating value for both social stakeholders and shareholders.

El futuro de las empresas, y las cooperativas en particular, por su contribución al progreso económico y social de las comunidades en las que desarrollan su actividad enfrentadas a una gran competencia y a un entorno muy cambiante, va a depender en gran medida de su capacidad de gestión estratégica en general y, más específicamente, de su capacidad para gestionar su comunicación. Ante la importancia creciente que la comunicación en general y la comunicación digital en particular tiene para el desarrollo de las cooperativas, es fundamental llevar a cabo investigaciones que profundicen en la gestión que éstas hacen de la misma. Dada la relevancia que para la economía tienen estas organizaciones, este trabajo se plantea como objetivo general analizar la gestión que de la comunicación digital hacen las cooperativas españolas, a través de la metodología cuantitativa de la encuesta a una muestra de 338 cooperativas. De los resultados se desprende que, si bien la comunicación es una herram...

Purpose: The purpose of the article is to determine the intensity of CSR activities undertaken by enterprises in Poland and to assess their profitability in terms of stakeholder groups. Design/Methodology/Approach: Questionnaire surveys were conducted on a representative group (by size and sectors of the economy) of 722 large and medium-sized enterprises in Poland in 2019. Respondents were CSR managers, among which three groups of people were identified for whom managing CSR is the only responsibility, is one of the basic responsibilities, CSR activities are one of the many responsibilities. The research hypotheses set out in the article regarding the intensity and profitability of CSR activities directed at individual stakeholders, as well as the complementarity of these activities and the characteristics of the respondents that differentiate their responses, were verified using arithmetic means, Pearson correlation coefficients and Chi-squared test. Findings: Research results indicate that enterprises direct CSR activities to primary stakeholders in the first place. Also, the profitability of CSR activities is usually higher valued in the case of primary stakeholders, while activities directed to the local community and the natural environment received higher ratings than activities directed at public authorities and capital providers. Respondents treat CSR activities directed at all stakeholders as complementary. The respondents' strongest opinions about the orientation of CSR activities and their profitability differentiate the workplace next is sector of the economy and the size of the enterprise has the least difference in assessment. Practical Implications: The results obtained encourage corrections of strategic directions of CSR activities, in the form of an increase in the importance (intensity) of CSR activities directed to local communities and the natural environment. Originality/Value: The research presented is so innovative that CSR managers were selected as the group of respondents. Assuming that the directions (intensity) of CSR activities are adopted (imposed) at the strategic level, the profitability of these activities determined at the operational level verifies the correctness of their orientation.

Asian pharmaceutical firms often take over a decade to develop new patentable technology, with costs running into billions of dollars. It is a widely held belief that the resulting patents determine the future viability of the firm. The purpose of this study is to examine the number of patent filings and the number of jurisdictional patent filings on the earnings of the firm. We find that a significant relationship exists between the number of patent filings and profitability, but no such relationship exists between the jurisdictional filings and profitability.

This study empirically evaluates the price impact of agency risk in firm valuation. Using a unique data set comprised of internal valuation documents, we find that venture capitalists use firm value discounts to cope with expected agency costs. These effects are economically large: e.g., whenever investors deem the management team inexperienced or cast doubt on management's efforts, a firm's equity value drops by 17-25%. This effect is robust to i) controlling for private business risk expectations, ii) controlling for financial statement data, firm and market characteristics, and iii) examining the effect of financial contracting mechanisms to reduce agency risks.

The research aims to analyze the factors that influence the selection of inventory valuation methods. This study employs case questions and SPSS version 24 to answer the research questions. Seventy-three manufacturing firms listed in the Indonesian stock exchange from 2010-2019 were selected with the purposive sampling method and analyzed with binary logistic regression. The results reveal that the selection of inventory valuation method affected taxes, net income, and ending inventory. Moreover, it is found that Inventory turnover and gross profit margin significantly affect inventory valuation selection methods. In contrast, current ratio and financial leverage do not significantly affect inventory valuation selection methods.

The research aims to analyze the factors that influence the selection of inventory valuation methods. This study employs case questions and SPSS version 24 to answer the research questions. Seventy-three manufacturing firms listed in the Indonesian stock exchange from 2010-2019 were selected with the purposive sampling method and analyzed with binary logistic regression. The results reveal that the selection of inventory valuation method affected taxes, net income, and ending inventory. Moreover, it is found that Inventory turnover and gross profit margin significantly affect inventory valuation selection methods. In contrast, current ratio and financial leverage do not significantly affect inventory valuation selection methods.

Debido a que no existe claridad sobre cómo se relacionan los elementos que conforman la Gestión del Conocimiento en el contexto de la economía solidaria, el objetivo del artículo es analizar la interacción entre las dimensiones de la gestión del conocimiento en las cooperativas de ahorro y crédito de Barranquilla (Colombia). Para esto se desarrolló un estudio positivista, explicativo, transeccional, no experimental y de campo en toda la población. Como instrumento se utilizó un cuestionario de escala ordinal tipo Likert, con cinco opciones de respuesta y confiabilidad de 0,95. El análisis de componentes principales (Análisis factorial) fue utilizado como herramienta estadística. Los resultados destacan que el capital humano presenta cargas significativas, tanto en el factor aprendizaje organizacional como en el de capital intelectual; explicando así el 62,9% de la gestión del conocimiento en este tipo de organizaciones. Lo que sugiere un vínculo entre ambos factores mediado por los individuos, contribuyendo así a la transformación del conocimiento tácito a explícito. Asimismo, se observa que los directivos le asignan mayor valor a las tecnologías cuando estas son integradas al capital estructural en forma de sistemas de apoyo. Se concluye que, en el contexto de las empresas estudiadas, el aprendizaje organizacional constituye un proceso natural y sistematizado que se diferencia de la gestión del conocimiento, cuando los líderes asumen responsabilidad sobre la acción.

This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

The research aims to analyze the factors that influence the selection of inventory valuation methods. This study employs case questions and SPSS version 24 to answer the research questions. Seventy-three manufacturing firms listed in the Indonesian stock exchange from 2010-2019 were selected with the purposive sampling method and analyzed with binary logistic regression. The results reveal that the selection of inventory valuation method affected taxes, net income, and ending inventory. Moreover, it is found that Inventory turnover and gross profit margin significantly affect inventory valuation selection methods. In contrast, current ratio and financial leverage do not significantly affect inventory valuation selection methods.

The research aims to analyze the factors that influence the selection of inventory valuation methods. This study employs case questions and SPSS version 24 to answer the research questions. Seventy-three manufacturing firms listed in the Indonesian stock exchange from 2010-2019 were selected with the purposive sampling method and analyzed with binary logistic regression. The results reveal that the selection of inventory valuation method affected taxes, net income, and ending inventory. Moreover, it is found that Inventory turnover and gross profit margin significantly affect inventory valuation selection methods. In contrast, current ratio and financial leverage do not significantly affect inventory valuation selection methods.

Since there is no clarity on how the elements that make up knowledge management are related in the context of the solidarity economy in Latin America, the objective of the article is to analyze the interaction between the dimensions of knowledge management in savings and credit cooperatives from Barranquilla (Colombia). For this, a positivist, explanatory, cross-sectional, non-experimental, and field study was developed in the entire population. As an instrument, a Likert-type ordinal scale questionnaire was used, with five response options
and a reliability of 0.95. The principal component analysis (factorial analysis) was used as a statistical tool. The results highlight that human capital presents significant burdens, both in the organizational learning factor and in that of intellectual capital; thus explaining 62.9%
of knowledge management in this type of organization. Which suggests a link between both factors mediated by individuals, thus contributing to the transformation of tacit to explicit knowledge. Likewise, it is observed that managers assign greater value to technologies when they are integrated into structural capital in the form of support systems. It is concluded that,
in the context of the companies studied, organizational learning constitutes a natural and systematized process that differs from KM, when leaders assume responsibility for action.

It is of great importance to gain a better understanding of the impact of external stakeholder groups on an organization’s supply chain management strategies and practices. The greater challenge is to know how the two constructs affects organization’s sustainability and performance. This study aims to investigate the relationship between stakeholder pressure (SP), sustainable supply chain management (SSCM), corporate sustainability performance (CSP) & financial performance (FP). For this we proposed a theoretical framework, modifying Wolf (2014) model, to incorporate the mediating role of sustainable SCM. Stakeholder pressure is captured by environment issues, and social supply chain issues. Sustainable SCM was measured by waste reduction (WR), green purchasing (GP) and social supply chain standards (SSCS). Empirical validity was established by conducting a survey using close ended questionnaire. Data was collected from 310 employees and analyzed using confirmatory factor analysis a...

Reporting of environmental information by firms shows the firms commitment to its customers and the general public. The report contains important environmental information concerning the corporate bodies environmental production activities and performance. A quality environmental disclosure provides notable information about management decisions and agreements about environmental evaluation. The disclosure can impact on the firm's future performance, risk and uncertainties. Furthermore, environmental disclosure helps existing and potential investors to reexamine their investment decision making (Hood &Nicholl, 2002; Boshnak, 2021) and whether to expand their businesses (Jaffer&Buniam 2004). Stakeholders need environmental information about the firm's environmental preventive activities and sustainable developmental which are expected to contain the firms' productive activities, performance and interactions with its host community. Environmental reporting benefits firms since it promotes company's social values, improves companies' image, reduces pressure from interest groups and shows firms social responsibility (O'Donovan 2002). Furthermore, environmental disclosure plays a vital role in enlightening and involving employees in environmental issues (Hood &Nicholl 2002). In addition, environmental information contributes to an increase in productivity and enhance regulatory compliance. However, on the other hand, non-disclosure of environmental information may lead to conflict between the host community and the firm and political cost (Latridis 2013; Boshnak, 2021). Nigeria as a developing country does not have mandatory regulations for environmental disclosure (Ayoola 2012). Consequently, the level of corporate environmental information disclosure by Nigerian firms in their annual reports is low. Nigerian firms prefer to disclose environmental information to attain ISO certification (Soomiyol et al. 2020) and to develop alliance with foreign experts and other financial users (Corbette& Koehler 2003). 1.1. Statement of Problem Environmental and sustainability reporting can partly be measured as a firm's accountability to its stakeholder (Livesey&Kearins 2002). Consequently, the reliability and transparency of the report is important since it represent accountability reports towards the increasing number of stakeholders. The low level of environmental information disclosure shows that these reports are ineffective measure to respond to the accountability issues of the various

El futuro de las empresas, y las cooperativas en particular, por su contribución al progreso económico y social de las comunidades en las que desarrollan su actividad enfrentadas a una gran competencia y a un entorno muy cambiante, va a depender en gran medida de su capacidad de gestión estratégica en general y, más específicamente, de su capacidad para gestionar su comunicación. Ante la importancia creciente que la comunicación en general y la comunicación digital en particular tiene para el desarrollo de las cooperativas, es fundamental llevar a cabo investigaciones que profundicen en la gestión que éstas hacen de la misma. Dada la relevancia que para la economía tienen estas organizaciones, este trabajo se plantea como objetivo general analizar la gestión que de la comunicación digital hacen las cooperativas españolas, a través de la metodología cuantitativa de la encuesta a una muestra de 338 cooperativas. De los resultados se desprende que, si bien la comunicación es una herram...

Prior theory suggests that the performance effects of a firm's diversification strategy depend on a firm's individual resources and capabilities and the setting within which it is operating. However, prior tests of this theory have examined the average diversification-performance relationship across all firms, instead of estimating the diversification-performance relationship at the individual firm level. Efforts to estimate this average relationship are inconsistent with a central assumption of much of strategic management theory-that firms maximize value by choosing strategies that exploit their heterogeneous resources and individual situation. By adopting an approach that allows an evaluation of the diversification-performance relationship for individual firms, this article shows that firms, both focused and diversified, tend to choose that diversification strategy-focus, related diversification, or unrelated diversification-that maximizes value.