scholarly journals Antecedents of Dividend Payout Among Listed Non-Financial Companies listed in Nairobi Securities Exchanges, Kenya

2021 ◽  
Vol 06 (09) ◽  
Author(s):  
Simion K. Biwott ◽  
Keyword(s):  
Capital Expenditure ◽  
Listed Companies ◽  
Negative Association ◽  
Expected Returns ◽  
Interest Payment ◽  
Dividend Payout ◽  
Securities Exchanges ◽  
Signaling Effect ◽  
A Charge

: The objective of this study was to establish the antecedents of dividend payout among listed non-financial Companies listed in Nairobi Securities Exchanges, Kenya, with four specific objectives; to establish the effect of profitability, capital expenditure, leverage and liquidity on dividend pay-out of listed non-financial companies in NSE. The study was founded on Modigliani and miller hypothesis, signalling hypothesis, birds in hand fallacy, Agency and clientele policy. Using correlation research design, the study examined the antecedents of dividend pay-out of listed non-financial companies listed in Kenya for the period 2008 to 2019. The result showed a positive and significant relationship between dividend pay-out ratio and profitability, liquidity and leverage. It also shows negative association between dividend pay-out and capital expenditure. It was concluded that capital expenditure significantly influences dividend paid out negatively. Interest payment for long term debt takes priority as a charge on the profit made by the company. An improvement of a company's liquidity would lead to a better compensation to shareholder inform of dividend distributions. Listed companies therefore are expected to pay dividends when the companies are performing well because otherwise shareholders may question the proceeding of the announced profit or results to signaling effect. Listed companies should arrange the financing of capital expenditure so as ensure shareholder remains at an advantage and enable the company to recover its cost on capital and expected returns.

scholarly journals Corporate Innovation and Dividend Payout Policy: Evidence From China’s Listed Companies

IEEE Access ◽  
2021 ◽  
Vol 9 ◽  
pp. 61090-61100
Author(s):  
Liping Liao ◽  
Kwok Fai Geoffrey Tso ◽  
Jingjing Yang
Keyword(s):  
Listed Companies ◽  
Payout Policy ◽  
Dividend Payout ◽  
Corporate Innovation

scholarly journals Is Establishing a New Partnership Useful Information for Investors in the Smartphone Supply Market?

2021 ◽  
Vol 13 (10) ◽  
pp. 5573
Author(s):  
Insung Son ◽  
Sihyun Kim
Keyword(s):  
South Korea ◽  
Stock Price ◽  
Individual Investors ◽  
Trading Patterns ◽  
Market Impacts ◽  
The Us ◽  
Signaling Effect ◽  
Parts Suppliers ◽  
Country Specific

This study analyzed partner volatility (new, old, revocation partners) and country-specific signal effects (United States (US), Taiwan, Japan, and South Korea) for Apple iPhone parts suppliers from 2007 to 2018. Mid- to long-term stock price movements were also analyzed to define trading patterns by investor type. The results using logit regression analysis revealed that new partners and revocation partners each have a signaling effect perceived as positive and negative information in the short term, and the excess returns by country showed a positive signaling effect in the order of the US, Taiwan, South Korea, and Japan. The findings also suggest that the change in the new partners’ stock price after the preannouncement of new products was useful investment information. Moreover, information asymmetry was found between individual investors, institutions, and foreigners. Results indicate that new partner selection in the smartphone market impacts corporate value and serves as useful investment information.

ZnO nanowire optoelectronic synapse for neuromorphic computing

2021 ◽  
Author(s):  
Cong Shen ◽  
Xu Gao ◽  
Cheng Chen ◽  
Shan Ren ◽  
Jianlong Xu ◽  
...  
Keyword(s):  
Gate Dielectric ◽  
Charge Trapping ◽  
Zno Nanowire ◽  
Light Pulses ◽  
Neuromorphic Hardware ◽  
Electrical Pulses ◽  
High Recognition Accuracy ◽  
A Charge ◽  
O2 Desorption

Abstract Artificial synapses that integrate functions of sensing, memory and computing are highly desired for developing brain-inspired neuromorphic hardware. In this work, an optoelectronic synapse based on the ZnO nanowire (NW) transistor is achieved, which can be used to emulate both the short-term and long-term synaptic plasticity. Synaptic potentiation is present when the device is stimulated by light pulses, arising from the light-induced O2 desorption and the persistent photoconductivity behavior of the ZnO NW. On the other hand, synaptic depression occurs when the device is stimulated by electrical pulses in dark, which is realized by introducing a charge trapping layer in the gate dielectric to trap carriers. Simulation of a neural network utilizing the ZnO NW synapses is carried out, demonstrating a high recognition accuracy over 90% after only 20 training epochs for recognizing the Modified National Institute of Standards and Technology (MNIST) digits. The present nanoscale optoelectronic synapse has great potential in the development of neuromorphic visual systems.

The effect of equity ownership structure on non-conditional conservatism: an empirical study based on listed companies in Egypt

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laila Mohamed Alshawadfy Aladwey
Keyword(s):  
Financial Reporting ◽  
Ownership Structure ◽  
Listed Companies ◽  
Negative Association ◽  
Accounting Conservatism ◽  
Content Type ◽  
Conditional Conservatism ◽  
Equity Ownership ◽  
Equity Ownership Structure ◽  
The Relationship

Purpose This paper aims to examine the effect of different modes of equity ownership structure in unconditional conservatism of financial reporting for non-financial listed companies in Egypt. Design/methodology/approach Using a large sample of Egyptian non-financial listed companies for the period from 2011–2018, this paper used the ordinary least square regression model to test the impact of equity ownership equity on accounting conservatism based on an accrual-based measure developed by Givoly and Hayn (2000) and Ahmed and Duellman (2007). Findings The paper finds that, on average, Egyptian listed companies tend to demonstrate lower levels of unconditional conservatism during the period from 2011–2018. Regarding the different patterns of equity shareholding, a negative association between unconditional conservatism and managerial ownership is found. Briefly, the mild equity shareholding of managers in Egyptian listed companies is accompanied by higher demand for conservative reporting. Besides, a negative association is also reported for the relationship between concentrated ownership and unconditional conservatism in which the concentration of shareholding by a few numbers of individual investors lessen the demand for conservatism. By contrast, a non-significance relationship is reported neither for institutional shareholders nor for governmental ownership in their relationship with unconditional conservatism. Research limitations/implications The paper does not take into account the modifications conducted on the Egyptian accounting standards according to decree number 69 for the year of 2019 because they were not valid until the publishing of this paper. It considers only non-conditional conservatism. Practical implications First, the paper provides clear empirical evidence that Egyptian listed companies are adopting less-conservative accounting policies in their financial reporting during a high-tension period that witnessed several radical political and economic events. This evidence should stimulate regulators and policymakers to revisit the reporting standards to improve the quality of financial information and should also guide investors’ decisions because it helps in clarifying their interpretation of figures and trends reported in financial statements. Second, the paper would direct the attention of the Egyptian government to the importance of increasing their investment in the stock market to enhance its regulatory role. Third, it gives some implications to investors and policymakers toward the shape of the relationship between accounting conservatism and each pattern of equity shareholding in Egypt. Originality/value This paper visualizes an image toward the current state of equity ownership structure for listed companies in Egypt within a period that witnessed critical vulnerabilities and irregularities. In addition, it addresses how the accounting conservatism would be shaped according to the different types of equity shareholdings in Egypt.

Determinants of the Readability and Comprehensibility of Risk Disclosures

2019 ◽  
pp. 216-238
Author(s):  
Jonas da Silva Oliveira ◽  
Graça Maria do Carmo Azevedo ◽  
Augusta da Conceição Santos Ferreira ◽  
Susana Patrícia Henriques Martins ◽  
Cláudia Roberta de Araújo Alves Pinto
Keyword(s):  
Corporate Governance ◽  
Content Analysis ◽  
Impression Management ◽  
Management Strategies ◽  
Financial Statements ◽  
Listed Companies ◽  
Risk Information ◽  
Negative Association ◽  
Risk Disclosures

The chapter intends to determine if managers make use of impression management strategies to hide or obfuscate risk disclosures through the analyses of the risk information disclosed by Portuguese non-financial listed companies. A content analysis of the management reports, notes to the financial statements, and corporate governance reports of companies listed at Euronext Lisbon, in the years 2007, 2010, and 2013 was carried out. Findings indicate that the understandability of the risk information is positively associated with the company's size. Results also indicate that there is a negative association between the readability of risk information disclosed and the company's size and industry.

Boom and Bust Driven by Value-at-Risk

2019 ◽  
pp. 28-55
Author(s):  
Hyun Song Shin
Keyword(s):  
At Risk ◽  
Value At Risk ◽  
Hedge Fund ◽  
Balance Sheet ◽  
Asset Returns ◽  
Expected Returns ◽  
Capital Management ◽  
A Value ◽  
Boom And Bust

An example of a hedge fund illustrates a long-short strategy that maximises expected returns subject to a Value-at-Risk strategy. Balance sheet capacity depends on the measured volatility of asset returns and the book equity of the long-short hedge fund. The principles are illustrated by the case of Long Term Capital Management (LTCM).

scholarly journals The Impact of Renovation Capital Expenditure on Hotel Property Performance

2018 ◽  
Vol 60 (1) ◽  
pp. 25-39 ◽  
Author(s):  
Michael J. Turner ◽  
James W. Hesford
Keyword(s):  
Customer Satisfaction ◽  
Capital Expenditure ◽  
Significant Decline ◽  
Capital Expenditures ◽  
Short Term ◽  
Beneficial Impact ◽  
Long Term Impact ◽  
The Impact ◽  
Property Performance

This study investigates the impact of renovation capital expenditure on multiple measures of hotel property performance. We conduct analyses in two time periods: for a 3-year period immediately following renovation (short-term impact), and 3 to 6 years following renovation (long-term impact). The study is based on proprietary project, operational and financial data obtained for 305 renovation capital expenditure projects of individual properties within a single budget hospitality chain. We find renovation capital expenditures offer significant short-term beneficial impact in terms of increased revenue, profitability gains, higher customer satisfaction, and decreased repair and maintenance expense. Altogether, these outcomes should be advantageous to hotel property performance. In the long-term, a significant decline is apparent in revenue and profitability. Surprisingly, customer satisfaction does not decline, and repair and maintenance expense does not increase, which are both favorable.

GMO: The Value Versus Growth Dilemma

2017 ◽  
pp. 1-16
Author(s):  
George (Yiorgos) Allayannis ◽  
William Burton
Keyword(s):  
New Economy ◽  
Expected Returns ◽  
Investment Strategies ◽  
Growth Orientation ◽  
Value Investing ◽  
Growth Stocks ◽  
Interesting Story ◽  
Old Economy ◽  
Valuation Ratios

Dick Mayo, one of the most celebrated value investors in America was puzzled by the New Economy's continuous bias toward growth investment strategies. He examines the basics of his philosophy versus that of a growth orientation by evaluating the long-term expected returns of several value and growth stocks. This case can be used to pursue several objectives: (1) to define value and growth investing-where the differences lie and whether one approach is superior to the other or whether both have merit; and (2) to discuss issues related to consistency of one's investment philosophy. Should one stay true to one's philosophy even when the market seems to run counter to it for a prolonged period of time? Can value investing deliver value in this New Economy or is it only an Old Economy concept? The students are instructed to perform basic valuations of Cisco Systems (a growth company), CVS, R.R. Donnelley, and Manor Care (value companies) and compute their long-term expected returns. The case comes with an Excel spreadsheet containing the data and relevant valuation ratios for the above firms. The valuations are straightforward, but they tell an interesting story: the expected returns of glamorous stocks in reality may not be so glamorous.

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