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Do Sell-side Analysts React Too Pessimistically to Bad News for Minority-led Firms? Evidence from Target Price Valuations
In: SMU Cox School of Business Research Paper No. 21-20
SSRN
PENGGUNAAN ALGORITMA DIJKSTRA DALAM PERENCANAAN RUTE EVAKUASI BENCANA LONGSOR DI KOTA SEMARANG
Finding fastest route is necessary for evacuation process when a disaster happened. Route that generated slightly made evacuation process easily. The availability about route distance and line direction can be considered when route finding process takes place. Geographic information systems can be used with Dijkstra algorithms in the network analyst as a method to find a route that serves to reduce losses that occur when the landslide occurred. In combination with ArcView system where there is an avenue script that can be modified to build a system. By utilizing Dijkstra algorithms in the network analyst, the search becomes faster and can provide information on how long the evacuation route should be, which will help the government in the decision-making process of disaster mitigation. Validation of the system is done by comparing manual counting with Dijkstra algorithms and automatic counting by the network analyst. The difference between manual counting and network analyst as far as two meters, so that the system closer to the real and could be used for determining evacuation route. © 2015 GJGP UNDIP. All rights reserved.
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SSRN
Peer Effects in Equity Research
In: Journal of Financial and Quantitative Analysis accepted
SSRN
Working paper
Social Connections and Outside CEO Appointments
SSRN
Working paper
A Measure of Financial Statement Benchmarking
In: The Accounting Review, Band 98 (6), S. 253-281
SSRN
Firm performance and CEO turnover: the moderating role of CEO attributes
In: Corporate governance: international journal of business in society, Band 23, Heft 7, S. 1778-1801
ISSN: 1758-6054
Purpose
This study aims to examine the effects of firm performance on chief executive officer (CEO) turnover and the moderating role of CEO attributes on the firm performance–CEO turnover relationship.
Design/methodology/approach
Probit regressions were used to examine the relationship between various CEO attributes and CEO turnover and the moderation effect of firm performance on the CEO attributes–CEO turnover relationship. The sample comprises firms from the FTSE 350 Index covering the period 1999–2018.
Findings
The results indicate that firm performance negatively and significantly impacts CEO turnover. Further analysis reveals that selected CEO attributes, namely, CEO internal experience, CEO network size and CEO age, moderate the relationship between firm performance and CEO turnover. Specifically, CEO internal experience and performance combine to reduce the likelihood of CEO turnover. However, CEO network size and age when combined with firm performance increase the likelihood of CEO turnover.
Practical implications
The results imply that boards should pay more attention to CEO attributes in their decisions to hire and fire executive managers as these factors may affect a wide variety of firm outcomes.
Originality/value
This paper makes key contributions to the CEO turnover and corporate governance literature by providing evidence of key factors other than performance that can affect the CEO dismissal decision. Specifically, this study shows that CEO attributes such as CEO internal experience, CEO networks and CEO age far outweigh the importance of performance as a factor influencing CEO turnover decisions.
Analysts' Foreign Ancestral Origins and Firms' Information Environment
In: Wang, K.T., Luo, G. and Yu, L. (2022), Analysts' Foreign Ancestral Origins and Firms' Information Environment. China Accounting and Finance Review, Forthcoming
SSRN
Analysts' Foreign Ancestral Origins and Firms' Information Environment
In: China Accounting & Finance Review, Band 24, Heft 1
SSRN
Friends in Media: Implications of Media Connections for Analyst Forecast Optimism
In: FINANA-D-23-00739
SSRN
CEO extraversion and the cost of equity capital
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association
ISSN: 1475-6803
AbstractWe examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm‐specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of equity capital. These results are statistically and economically meaningful and do not appear to be driven by reverse causality, endogenous matching, look‐ahead bias, or bias in analysts' earnings forecast.
SSRN
CEO polychronicity and SME internationalization
In: Multinational business review, Band 30, Heft 4, S. 526-545
ISSN: 2054-1686
Purpose
This study, leveraging the upper echelon and social network theories, aims to explore the association between chief executive officers (CEO's) polychronicity and small and medium size enterprises (SMEs') international performance under the complete mediation effect of social networks. The paper explores this relationship under the moderation effect of CEO perceived time pressure and synchrony preference.
Design/methodology/approach
The paper investigates a moderated mediating relationship based on a sample of 186 UK firms.
Findings
The findings of this study suggest that social network fully mediates the CEO polychronicity and firm international performance relationship. Furthermore, CEO perceived time pressure moderates the social network and SME international performance relationship such that it reduces the positive indirect association between CEO polychronicity and SME international performance. CEO synchrony preference, on the contrary, enhances the positive indirect association between CEO polychronicity and SME performance.
Originality/value
Extant research suggests SMEs having a more robust set of organizational capabilities helps them network and avail foreign market knowledge. However, research exploring antecedents of this organizational capability is scant.
Konzernumbau: Philips stellt sich neu auf
In: kma: das Gesundheitswirtschaftsmagazin, Band 28, Heft 4, S. 74-76
ISSN: 2197-621X
Nach einem katastrophalen Jahr 2022 sucht der niederländische Medtech-Konzern nach einem Weg aus der Krise. Der im vergangenen Herbst neu berufene Chief Executive Officer (CEO) Roy Jakobs will das operative Geschäft schnell rentabler machen. Analysten sind jedoch skeptisch, der millionenfache Rückruf defekter Atemgeräte belastet das Unternehmen nach wie vor schwer.