摘要:

AbstractA multivariate model of the process by which managers decide to release public forecasts of their firms' earnings is developed, based on factors that are hypothesized to affect the demand for and the willingness to supply such forecasts. We test the model on data from a comprehensive sample of earnings forecasts, and find support for our hypotheses about the likely joint influence of those factors. Larger firm size, greater leverage, higher and more stable earnings rates and less rapid growth rates are found to be associated with an increased propensity for management to provide earnings forecasts for their firms.

ISSN:0143-6570    

DOI:10.1002/mde.4090150302

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractThe operational competitiveness of a production unit (PU) where resources are transformed into outputs of goods and services is a very important component of its overall competitiveness. A PU's operations are comprised of a number of purposeful activities that consume resources and generate rewards. The efficiency with which these activities are carried out determines the PU's operational competitiveness. A reliable rating system is prerequisite in order to control and improve operational competitiveness. In the present paper we adopt a multi‐activity view of the concept of operational competitiveness and develop a procedure to calculate ratings to help gauge the relative operational competitiveness of a set of PUs. The procedure is based on a nonparametric model but its implementation involves simple ratio‐type computations. The principal criteria for the procedure and the ratings resulting from its application are intuitive appeal, transparency, ease of computation, robustness and ability to reflect the prevailing managerial perspectives and competitive priorities. We demonstrate the application of the procedure to gauge the relative operational competitiveness of a major chartered bank's branch person

ISSN:0143-6570    

DOI:10.1002/mde.4090150303

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper examines the demand for cigarettes in South Africa over a 20‐year period from 1970 to 1989. Consumption per capita was found to be significantly determined by price and disposable income per capita; but not by advertising. Price and income elasticities and consumers' surplus were computed from the demand model. The question was raised as to whether or not consumers' surplus should be regarded as having been inferred from a health‐hazard‐discounted demand schedule. The answer depends on the degree to which smoking decisions are taken with full information or, conversely, are influenced by habit. Given the latter assumption, the consumers' surplus measured for cigarette consumption is nevertheless substantially higher than the estimated health costs of smoking as computed by the Medical Research Co

ISSN:0143-6570    

DOI:10.1002/mde.4090150304

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractExpense preference offers an alternative to profit‐maximization theory in explaining firms' operating strategies (Williamson, 1963; Rees, 1974). Expense‐preference theory suggests that when disctretionary behavior is allowed, corporate managers may choose to maximize individual utility instead of corporate profit. Expense‐preference behavior tends to be evidenced by higher expenditures on items for which managers have a positive personal preference than would be justified by profit maximization. Conditions under which significant managerial discretion can emerge include weak competition, strictly controlled entry, a high degree of regulation, separation of ownership and control, and existence of a strong public interest character for the firm or industry (Awh and Primeaux, 1985; Edwards, 1977). The hospital industry may be characterized as operating under all the above conditions. Hospital ownership can be classified as being either not‐for‐profit or proprietary. Profit‐maximization influences are generally not present in not‐for‐profit hospitals, thus further increasing managerial discretion with respect to operating expenses. This study provides support for the contention that expense‐preference behavior exists in not‐for‐profit hospitals as compared to proprietary hospitals. Specifically, we present evidence of considerable managerial discretion in the allocation of resources in not

ISSN:0143-6570    

DOI:10.1002/mde.4090150305

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractResearch into the capital structure of firms has been the subject of extensive empirical investigation but further progress may be constrained by the conventional paradigm underlying most of this work. This paper seeks to extend the debate by examining the endogenous influence of corporate strategy on financing decisions made by firms. While the theoretical specification of the possible relationship has to be developed further, various models were constructed and company data from Australia, an economy with some notoriety for fairly loose corporate debt management, was used to examine various hypothesized relationships. Our analysis suggests that corporate strategy influences capital structure, particularly for the most diversified firms, and that the emerging relationship is complex. Profit, cash flow, the rate of growth and the level of earnings risk are important additional internal influences on capital structure. The results are reasonably robust and indicate that this focus of enquiry has considerable potential for further resolution of the capital structure puzzle, as well as contributing to the debate on the impact of institutional shareholders on the corporate strategy of the firms in which they invest.

ISSN:0143-6570    

DOI:10.1002/mde.4090150306

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractThe performance effects of firm diversification remain unclear despite a large body of prior research that has yielded mixed results due to differing performance measures, diversification measures, samples and time periods. The objective of this research is to offer further information by using Tobin'sqto capture performance effects and Rumelt's related ratio as the diversification measure. The empirical results reveal no significant findings to relate diversification and performance. Given that the sample is composed of very large firms, the implication is that, at least for such large firms whose stock is likely held in well‐diversified portfolios, firm‐diversification strategies are unlikely to yield superior performa

ISSN:0143-6570    

DOI:10.1002/mde.4090150307

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractThis study examines the relationship between the implementation of the multidivisional (M‐form) organizational structure, capital structure and diversification strategy. Findings indicate that implementation of the M‐form structure from a hierarchical (U‐form) structure is associated with a general increase in the long‐term debt‐to‐equity ratio for all firms, a result that supports a free‐cash‐flow argument for the use of debt in restructuring to reduce the opportunism of management. Further, as implied by arguments from transaction cost economics, the debt‐to‐equity ration differs for different types of diver

ISSN:0143-6570    

DOI:10.1002/mde.4090150308

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090150301

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY