Mergers and acquisitions: implications for acquirers’ market risk

2019 ◽  
Vol 45 (4) ◽  
pp. 545-562 ◽  
Author(s):  
Sailesh Tanna ◽  
Ibrahim Yousef
Keyword(s):  
Mergers And Acquisitions ◽  
Prior Experience ◽  
Systematic Risk ◽  
Cross Sectional ◽  
Content Type ◽  
Cash Payment ◽  
Increase Risk ◽  
Method Of Payment ◽  
Mean Differences ◽  
The Impact

Purpose The purpose of this paper is to investigate the impact of mergers and acquisitions (M&As) on acquiring company systematic risk using a global sample of 34,221 completed deals that occurred between the years 1977 and 2012, covering 163 countries and 85 industries. Design/methodology/approach Acquirers’ systematic risk (beta) is calculated using the capital asset pricing model. The change in acquirers’ beta post-merger is obtained using event study and tested for mean differences across various sub-categories of deals. Cross-sectional regressions are then performed to test several hypotheses relating to the impact of diversification, method of payment, target status and prior experience on acquirers’ risk. Findings For the overall sample, the evidence suggests that acquirers’ beta tends to increase post-merger, but only in cases where their pre-merger risk is relatively low in relation to the risk of the market. The authors also show that cash payment deals for publicly listed targets contribute to reducing acquirers’ risk while stock payment increase risk. Diversification, whether global or across industry, has no significant impact on risk. On the other hand, for serial acquirers, the risk is increased significantly with more M&As. Originality/value This study contributes in a unique way by providing global evidence on acquirers’ systematic risk using a very large and diverse sample of M&A deals and investigating not only the impact of diversification on risk but also of other deal characteristics (e.g. method of payment, target status, acquirers’ prior experience) which have not been previously examined.

Emerging trend of coffee cafe in Pakistan: factors affecting revisit intention

2019 ◽  
Vol 121 (9) ◽  
pp. 2132-2147 ◽  
Author(s):  
Talat Islam ◽  
Ishfaq Ahmed ◽  
Ghulam Ali ◽  
Zeshan Ahmer
Keyword(s):  
Structural Equation ◽  
Prior Experience ◽  
Coffee Consumption ◽  
Equation Modeling ◽  
Survey Method ◽  
Interpersonal Justice ◽  
Cross Sectional ◽  
Content Type ◽  
Revisit Intention ◽  
The Impact

Purpose The global increase in coffee consumption has increased competition among cafes, generating the need to find ways of increasing customers’ revisit. Considering this backdrop, the purpose of this paper is to investigate the impact of authenticity, interpersonal justice and prior experience on customer’s revisit intention, taking involvement as a mediator. Design/methodology/approach The data for this study were collected from 489 customers between April and July 2018 from an emerging coffee market. The customers were approached on a convenience basis and a questionnaire-based survey method was used to collect responses. Findings The data were analyzed using a two-stage structural equation modeling technique. The study noted authenticity, interpersonal justice and prior experience to not only have a direct impact on revisit intention but also having an indirect impact through involvement. Research limitations/implications This study is cross-sectional in nature, which is the foremost limitation of the study. Findings of the study reveal some unexplored dimensions of managing customers’ revisit intention, thus leaving a valuable message for the management of coffee cafes. Originality/value This study highlights the importance of authenticity, interpersonal justice, prior experience and involvement with respect to the revisit intention of the customers, as literature is scant on these variables.

Clients’ means of influence on mortgage valuation in Nigeria

2015 ◽  
Vol 33 (4) ◽  
pp. 367-385 ◽  
Author(s):  
Chukwuma C. Nwuba ◽  
Uche S. Egwuatu ◽  
Babatunde M. Salawu
Keyword(s):  
Risk Mitigation ◽  
Hierarchical Linear Model ◽  
Firm Characteristics ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Content Type ◽  
Mortgage Valuation ◽  
Research Designs ◽  
Client Pressure ◽  
The Impact

Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in Nigeria to establish and rank the means of influence clients employ, and the impact of firm characteristics on client influence. Design/methodology/approach – A combination of cross-sectional survey and focus groups research designs was adopted. Questionnaire structured on five-point Likert format was used to collect data from a sample of valuation firms in five Nigerian cities. Descriptive statistics, χ2, and moderated hierarchical linear model were used for data analysis. Findings – Clients’ means of influence on valuation are more of subtle approach than threat or coercion. The most prevalent means are respectively, plea for assistance, promise of continued retainership on banks’ valuer panels, and disclosing the loan amount. Client influence differs across cities; firm characteristics have no influence on client pressure. Practical implications – The research provides basis for valuation bodies to review practice rules and standards and seek for legislation for valuer independence. It can serve as material for teaching and training in professional ethics. Social implications – Biased valuations jeopardises credit risk mitigation process with potential for destabilising banks, finance sector, and consequences for the economy. Originality/value – The study provides empirical evidence of the nature of client influence across several major Nigerian cities. In contrast to existing Nigerian studies that focus on single cities, the study covers several cities. It therefore provides a broad basis for problem-solving and decision-making.

Leader positive humor and organizational cynicism: LMX as a mediator

2014 ◽  
Vol 35 (4) ◽  
pp. 305-315 ◽  
Author(s):  
Panagiotis Gkorezis ◽  
Eugenia Petridou ◽  
Panteleimon Xanthiakos
Keyword(s):  
Mediating Effect ◽  
Hierarchical Regression ◽  
Public Employees ◽  
Cross Sectional ◽  
Content Type ◽  
Organizational Cynicism ◽  
Member Exchange ◽  
Sectional Analysis ◽  
The Impact ◽  
The Relationship

Purpose – Leader-member exchange (LMX) has been proposed as a core mechanism which accounts for the impact of various antecedents on employee outcomes. As such, the purpose of this paper is to examine the mediating effect of LMX regarding the relationship between leader positive humor and employees’ perceptions of organizational cynicism. Design/methodology/approach – Data were collected from 114 public employees. In order to examine the authors’ hypotheses hierarchical regression analysis was conducted. Findings – As hypothesized, results demonstrated that LMX mediates the relationship between leader positive humor and organizational cynicism. Research limitations/implications – Data were drawn from public employees and, therefore, this may constrain the generalizability of the results. Also, the cross-sectional analysis of the data cannot directly assess causality. Originality/value – This is the first empirical study to examine the mediating effect of LMX in the relationship between leader humor and employees’ perceptions of organizational cynicism.

The effects of corporate brand symbolism on consumer satisfaction and loyalty

2016 ◽  
Vol 28 (3) ◽  
pp. 481-498 ◽  
Author(s):  
Tatiana Anisimova
Keyword(s):  
Social Life ◽  
Consumer Satisfaction ◽  
Single Point ◽  
Social Aspects ◽  
Consumer Loyalty ◽  
Cross Sectional ◽  
Corporate Brand ◽  
Content Type ◽  
Strategic Role ◽  
The Impact

Purpose – The purpose of this paper is to test the effects of corporate brand symbolism on consumer satisfaction and loyalty on a sample of Australian automobile consumers. Design/methodology/approach – Survey research was employed to test the study hypotheses. The regression analysis was used to evaluate the relationships between an independent variable (corporate brand symbolism) and dependent variables (consumer satisfaction and loyalty). Findings – Support was found for all hypotheses formulated in this study. Regression results reveal consistent favourable and significant effects of corporate brand symbolism on both consumer satisfaction and loyalty. Research limitations/implications – Although this paper makes contributions in international marketing, the cross-sectional nature of the data collection method limits the information gained to the single point in time. This research studied the impact of corporate brand symbolism on consumers of one original equipment manufacturers (OEM). Having a larger number of participating car manufacturers/OEMs would have provided a wider insight. However, time and resources limitation did not allow to study a larger sample. In the future, practitioners are recommended to further understand the relationship between self and social aspects of brand symbolism in order to formulate more targeted communication strategies. Practical implications – The findings of this study point to the strategic role of the brand in generating both satisfaction and loyalty. In the light of increasing advertising costs and decreasing consumer loyalty, strengthening corporate brand symbolism makes a lot of economic sense. The findings suggest that managers need to take into account consumer need for identity expression and consider this in their branding strategies. Social implications – Humans are social beings by nature. However, international brand research has paid relatively little attention to how products are used by consumers in everyday life, including their social life. Consumer behaviours increasingly depend on social meanings they imbue brands with beyond products’ functional utility. It is argued the focus of symbolic consumption needs to be broadened and integrated more with social science concepts. Originality/value – This study captures a construct of corporate brand symbolism by including self and social aspects of symbolism. The current study also comprehensively measures consumer loyalty, including cognitive, affective and behavioural types of loyalty.

Evaluating the effectiveness of interventions to reducing screen time in children: meta-analysis of randomized controlled trials

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Duygu Akçay ◽  
Nuray Barış
Keyword(s):  
Effect Size ◽  
Subgroup Analysis ◽  
Screen Time ◽  
Meta Analysis ◽  
Intervention Group ◽  
Evidence Base ◽  
Control Group ◽  
Content Type ◽  
Mean Differences ◽  
The Impact

Purpose The purpose of this paper is to evaluate the impact of interventions focused on reducing screen time in children. Design/methodology/approach Studies that aim to investigate the effects of interventions aimed at reducing the time spent in front of the screen (i.e. screen time). A Random-effects model was used to calculate the pooled standard mean differences. The outcome was to evaluate the screen time in children in the 0–18 age range. A subgroup analysis was performed to reveal the extent to which the overall effect size varied by subgroups (participant age, duration of intervention and follow). Findings For the outcome, the meta-analysis included 21 studies, and the standard difference in mean change in screen time in the intervention group compared with the control group was −0.16 (95% confidence interval [CI], −0.21 to −0.12) (p < 0.001). The effect size was found to be higher in long-term (=7 months) interventions and follow-ups (p < 0.05). Originality/value Subgroup analysis showed that a significant effect of screen time reduction was observed in studies in which the duration of intervention and follow-up was =7 months. As the evidence base grows, future researchers can contribute to these findings by conducting a more comprehensive analysis of effect modifiers and optimizing interventions to reduce screen time.

The impact of the COVID-19 pandemic on autistic adults – a survey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Conor James Davidson ◽  
Keri Lodge ◽  
Alwyn Kam
Keyword(s):  
Coping Strategies ◽  
Design Methodology ◽  
Online Survey ◽  
Negative Impact ◽  
Significant Deterioration ◽  
Cross Sectional ◽  
Content Type ◽  
Autistic People ◽  
Autistic Adults ◽  
The Impact

Purpose To date there has been limited research on the impact of the COVID-19 pandemic on autistic people. This study aims to present the results of a survey of autistic people (n = 51) conducted by a UK specialist autism team. Design/methodology/approach A cross-sectional online survey. Findings A total of 72% respondents reported either some or significant deterioration in mental health during the pandemic. The issues that caused most negative impact were uncertainty over what will happen next and disruption of normal routine. Respondents reported a variety of coping strategies to help them through the pandemic. Originality/value To date there has been little research looking specifically at the impact of the COVID-19 pandemic on autistic people. This paper adds weight to the evidence that the pandemic has had a particularly severe impact on autistic adults and includes useful information on potential coping strategies for this population.

Impact of social media usage on performance of construction businesses (CBs) in Abuja, Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luqman Oyekunle Oyewobi ◽  
Olufemi Seth Olorunyomi ◽  
Richard Ajayi Jimoh ◽  
James Olabode Bamidele Rotimi
Keyword(s):  
Social Media ◽  
Social Interaction ◽  
Structural Equation ◽  
Building Materials ◽  
Positive Impact ◽  
Research Approach ◽  
Cross Sectional ◽  
Content Type ◽  
Business Interest ◽  
The Impact

Purpose Many construction businesses are currently building and keeping social media pages for their enterprises to be visible to the public to improve their social interaction, promote business interest, build trust and relationships with their targeted audience on social media. The purpose of this study is to examine the impact of social mediausage on performance of construction businesses (CBs) in Abuja, Nigeria. Design/methodology/approach This study used a quantitative research approach by identifying constructs that reveal three aspects of organisation’s physiognomies that impact the process of espousing, implementing and using technological innovations in conducting businesses. Well-structured questionnaire was used to obtain data from 113 purposively sampled building materials’ merchant operating in Dei-Dei Market, Abuja, Nigeria. This study used partial least squares structural equation modelling technique to establish the relationship among the constructs. Findings The results of this study indicated that technology has significant relationship with social media adoption, whereas social media adoption has a very strong positive impact on organisation’s performance (P < 0.001) with respect to improved customer relations and services and enhanced information accessibility. Research limitations/implications This study has implications for CBs that wish to adopt social media to promote their businesses by presenting to them the opportunity to understand the impact of technology, environment and organisational potential in improving business performance. This study is cross-sectional in nature, and this calls for caution in interpreting the results. Originality/value This paper developed and tested a conceptual framework presented to understand the interrelationships amongst the constructs, which would be of great significance to business owners in developing their social interaction and promote business interest via social media. The outcome of this research is beneficial to researchers to further study how the different social media tools could help in influencing business decisions.

scholarly journals Liquidity Risk Management in Banking Sector under the Shadow of Systematic Risk and Economic Dynamics in Pakistan

2019 ◽  
Vol 7 (2) ◽  
pp. 167-183
Author(s):  
Hafiz Waqas Kamran ◽  
Dr. Abdelnaser Omran ◽  
Dr. Shamsul Bahrain bin Mohamed Arshad
Keyword(s):  
Banking Sector ◽  
Systematic Risk ◽  
Key Factors ◽  
Economic Dynamics ◽  
Cross Sectional ◽  
Data Set ◽  
Financial Firms ◽  
Development Indicator ◽  
World Development Indicator ◽  
The Impact

The aim of this present study is to investigate the impact of systematic risk and economic dynamics on liquidity reserve of banking firms in Pakistan. Data for stock return and market return is collected from Data stream, while for all other factors World Development Indicator (WDI) database is selected. The findings of Pooled Regression have suggested that Liquidity Reserves for overall banking Industry of Pakistan significantly affect by Systematic Risk and Key Economic Dynamics. Panel data Models are applied to check whether there is cross sectional heterogeneity in selected financial firms or not. The study period consists of last 15 years 2001-15, due to the availability of the data set. Moreover, other economic indicators like Lending Interest Rate and Inflation can be under observation for the future studies. As per the best perception of researchers, this is the first study in this context, addressing the Liquidity Management and selected key factors.

scholarly journals Is there a correlation between cognition and the ability to remember how to use assistive devices?

2019 ◽  
Vol 47 (1) ◽  
pp. 58-72
Author(s):  
Gerard Mc Carroll ◽  
Mary Cooke
Keyword(s):  
Null Hypothesis ◽  
Assessment Tool ◽  
Mmse Score ◽  
Primary Objective ◽  
Assistive Devices ◽  
Assessment Instrument ◽  
Cross Sectional ◽  
Content Type ◽  
Objective Evidence ◽  
The Impact

Purpose This study aims to establish a correlation between a patient’s mini mental state examination (MMSE) score and their ability to remember how to use common assistive dressing devices. Design/methodology/approach The study was a prospective, cross-sectional and correlational study. A final sample of 63 patients formed the study. Patients’ cognition was measured using the MMSE, and a new assessment tool was developed to assess patients’ ability to use three assistive devices and piloted on 15 patients to address normality, reliability, validity and clinical usefulness. Pearson’s rank correlation coefficient was used to establish direct correlations between the MMSE score and the assessment tool score. Eta squared was used to calculate the effect size to achieve an indication of the difference between the groups. Ethical approval had been granted by the regional ethics committee. The null hypothesis states that patients with an MMSE score of 22 or less show no difference in their ability to safely and appropriately use assistive devices provided and demonstrated by an occupational therapist than patients with an MMSE score of 23 or higher. Findings The null hypothesis was rejected and patients with an MMSE score of 22 or less showed a significant difficulty in their ability to use the three devices. Correlation coefficients showed significant positive correlations between MMSE scores and assistive devices scoring tool results for all three devices: Helping hand (r = 6.677, n = 60, p = 0.01), shoe horn (r = 0.649, n = 54, p = 0.01) and sock aid (r = 0.877, n = 54, p = 0.01). Originality/value The study is in an Irish context and demonstrated primary, objective evidence of the impact of impaired cognition on functional ability. Patients with cognitive deficits pose a larger safety challenge but still should be afforded an opportunity to use and benefit from assistive devices. The assessment tool is a new and unique instrument and although requires further development, may conceivably act not just as an assessment instrument but also an effective treatment tool.

Brand awareness: revisiting an old metric for a new world

2017 ◽  
Vol 26 (5) ◽  
pp. 469-476 ◽  
Author(s):  
Jenni Romaniuk ◽  
Samuel Wight ◽  
Margaret Faulkner
Keyword(s):  
Market Share ◽  
Brand Management ◽  
Brand Awareness ◽  
Underlying Structure ◽  
Cross Sectional ◽  
Content Type ◽  
Country Level ◽  
Global Brand ◽  
The Impact ◽  
Over Time

Purpose Brand awareness is a pivotal, but often neglected, aspect of consumer-based brand equity. This paper revisits brand awareness measures in the context of global brand management. Design/methodology/approach Drawing on the method of Laurent et al. (1995), this cross-sectional longitudinal study examines changes in brand awareness over time, with sample sizes of approximately 300 whisky consumers per wave in three countries: United Kingdom, Taiwan and Greece. Findings There is consistency in the underlying structure of awareness scores across countries, and over time, extending the work of Laurent et al. (1995). Results show that a relevant operationalisation of brand awareness needs to account for the history of the brand. Furthermore, the nature of the variation of brand awareness over time interacts with a brand’s market share. Research limitations/implications When modelling the impact of brand awareness researchers need to consider two factors – the brand’s market share and whether a more stable or volatile measure is sought. This avoids mis-specifying the country-level contribution of brand awareness. Practical implications Global brand managers should be wary of adopting a “one size fits all” approach. The choice of brand awareness measure depends on the brand’s market share, and the desire for higher sensitivity or stability. Originality/value The paper provides one of the few multi-country investigations into brand awareness that can help inform global brand management.

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