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1.
Journal of Accounting Literature ; JOUR(2/3):154-176, 44.
Article in English | Web of Science | ID: covidwho-2082361

ABSTRACT

Purpose This paper presents a systematic literature review, including content and bibliometric analyses, of the impact of a crisis on financial reporting quality. In addition, this review identifies emerging research themes and provides future directions. Design/methodology/approach The adopted systematic literature review approach finds 29 highly cited articles on the effect of a crisis on financial reporting quality, with an additional seven studies for analysis identified in a review of emerging literature. Findings This study consolidates prior research findings on financial reporting quality during a crisis under four major themes: (1) earnings quality and its determinants;(2) audit quality around a crisis;(3) conservatism, valuation effects and corporate governance;and (4) financial stability and regulations. Mixed and inconclusive findings are documented for most themes, suggesting that this literature is still in its infancy and that room exists for further theoretical refinement. Practical implications The study's findings potentially have important ramifications for managers, standard setters, government regulators and policymakers. By highlighting examples of changes in firms' reporting practices during a crisis, the study provides a context in which to understand the influence or potential influence of the current coronavirus (COVID-19) pandemic on firms' financial reporting practices. Originality/value To the best of the author's knowledge, this is the first study to systematically review and synthesise prior research findings on the quality of financial reporting during economic crises. The study identifies many unexplored research areas regarding crises, with possible direct implications for financial reporting practices. The impact of these issues needs to be carefully considered and understood, with the current coronavirus pandemic demonstrating that firms have the opportunity to compromise ethical aspects of their decisions as they experience pressure to maximise profits.

2.
International Journal of Public Administration ; : 1-10, 2022.
Article in English | Web of Science | ID: covidwho-2069962

ABSTRACT

We build on the experience of the COVID-19 crisis to investigate how a State owned and a private company, such as the national health system, are managed when a crisis may occur. We develop our analysis considering an incomplete contract model. We concentrate our attention on the incentives for economic agents assuming that the State expropriates property rights in the crisis event. The choice between public and private health system depends on three key elements: expropriation degree of the State/power of the private sector, damage of cost reduction innovations, probability of a crisis event. If the probability of the crisis is high, the damage is significant and the contracting power of the manager is strong then public ownership may be optimal because cost innovations are more aligned to the first best solution than in case of a private ownership.

3.
Journal of Business Research ; 153:115-127, 2022.
Article in English | Web of Science | ID: covidwho-2069263

ABSTRACT

Commercial sharing services (CSSs) provide consumers with temporary access to products or services. Consumers can use CSSs to communicate an identity by renting products from specific brands. Applying the theory of the extended self, we proposed an attachment-based account of CSS usage. Across four studies, we found consistent evidence that consumers were less likely to rent the products of their strongly attached brands via CSSs because these brands were regarded as part of their extended selves, and thus sharing these products with others would contaminate the self. However, this effect was mitigated when consumers' psychological ownership of the shared product was augmented. Our findings reveal that psychological ownership can replace the role of actual ownership in the sharing context, rendering profound implications for understanding the relationships among self, brand, and product in sharing services.

4.
Hastings Law Journal ; 73(6):1555-1616, 2022.
Article in English | Web of Science | ID: covidwho-2068201

ABSTRACT

Antitrust law is at the center of today's public debate. It has even emerged as a rare unifying force, with bipartisan promises to combat the concentration of economic power. Meanwhile, the business community is grappling with mounting systematic risks arising from climate change, income inequality, and the COVID-19 pandemic. Unexpectedly, the largest asset managers in the world find themselves on the front lines of these battles. Due to the rise of index investing, these "universal owners" manage portfolios that are so large and diversified, their holdings mirror the entire economy. Their diversification protects them against idiosyncratic risk, but greatly exposes them to systematic risks. The universal owners are keenly aware of their exposure to these risks. They are turning to their portfolio companies and increasing demands on directors and managers to "serve a social purpose" and reduce their negative externalities. Public-regarding pronouncements from CEOs of Wall Street's biggest firms ring hollow to many shareholder primacy loyalists. But the skeptics downplay the economic logic underlying this paradigm shift-cliversified shareholders do not want companies to externalize their negative impacts onto the rest of the investors' portfolios. Many companies are rising to the challenge and making bold commitments. Some are recognizing that, to overcome pervasive social and environmental challenges, they must collaborate with their competitors. This Article reveals that current antitrust law is a barrier to this collaboration and offers a policy proposal for aligning antitrust law with the demands upon the prosocial corporation. The COVID-19 pandemic has reminded us that we are all interconnected. Climate change will continue to deepen that understanding. The problems we face are difficult, but they are not insurmountable. To solve them, however, antitrust law must empower more collaboration.

5.
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice ; 42(8):2017-2036, 2022.
Article in Chinese | Scopus | ID: covidwho-2056375

ABSTRACT

Faced with the double shock of COVID-19 and Sino-US trade conflict, how to upgrade technology and products and then establish a "dual circulation" development pattern has become the major challenges for Chinese government and enterprises. Under the framework of heterogeneous enterprise theory, this paper introduces foreign ownership structure into enterprise skill demand function, and discusses the influence of foreign ownership structure on the skill upgrade of export enterprises and domestic enterprises. And this paper make empirical verification for the model deductions, based on the data of industrial enterprise from 2000 to 2008. The results confirm that:1) The skilled wage of export enterprises are always higher than that of domestic enterprises based on the same proportion of foreign capital;2) The skilled wage of domestic-sale and export firms will increase with higher proportion of foreign capital, but the characteristics of the latter only holds for foreign-ownership enterprises;3) Once the proportion of foreign exceed 0.5, it will induce a dramatic change for corporate culture, and thus impulse the skilled wage jump up into a higher level which is more prominent among exporters. It is showed that continuing to expand the level of opening to the outside world, lifting control on foreign capital, strengthening the cooperation between domestic and foreign capital can more effectively promote the technology promotion and skill upgrading of Chinese enterprises, and jointly accelerate the establishment of an expanding domestic market and a leading trade power. © 2022 Systems Engineering Society of China. All rights reserved.

6.
International Journal of Economics and Management ; 16(2):147-162, 2022.
Article in English | Scopus | ID: covidwho-2045280

ABSTRACT

The purposes of this paper are (i) to examine 3 driving factors affecting China A-shares market performance;namely systematic risk, idiosyncratic risk, and market sentiment, and (ii) to investigate the relationship between state-owned enterprise (SOE) & non-SOE and stock returns. In addition, the study also analyze normal condition and the impacts of Sino-US trade war and Covid-19 pandemic. This study employs monthly data which is divided into two parts namely (i) 2004-2020 period and (ii) 2018-2020 period. Multiple classic asset pricing models are employed to investigate the impacts of the 3 driving factors on stock returns. The results showed that these 3 driving factors exert significant influence on China A-shares in 2004-2020, However, the impact of market sentiment is weak during the period 2018-2020. Furthermore, market risks, firm size and B/M factor show great impacts on both SOE and non-SOE, profitability factor affecting non-SOE stock return is more important than investment which improves SOE stock return. This study proposes that investors and companies pay more attention to systematic risk and idiosyncratic risk, which potentially have greater impact on the stock market and to reduce unnecessary economic losses © International Journal of Economics and Management

7.
Financ Res Lett ; : 103372, 2022 Sep 22.
Article in English | MEDLINE | ID: covidwho-2041760

ABSTRACT

We examine the resilience of Chinese banks during the COVID-19 pandemic by investigating non-performing loan (NPL) ratios. We find that despite the reduction in the growth rate of total bank lending, bank NPL ratios significantly increase during the COVID-19 crisis. Banks with high-quality capital are more effective in controlling their NPL ratios during the Crisis. Big Five banks, state-owned banks and domestic banks have lower NPL ratios than their counterparts during the Crisis.

8.
Journal of Accounting and Public Policy ; 41(4), 2022.
Article in English | Web of Science | ID: covidwho-2041883

ABSTRACT

This paper analyzes the impact of COVID-19 on firm-level stock behaviors (including stock price volatility, trading volume and stock returns). Using US data, this paper examines whether confirmed cases (and deaths) of COVID-19 or COVID-19-associated online searches affect stock behaviors. The results show that our five COVID-19 proxies are all positively associated with stock price volatility and trading volume and negatively associ-ated with stock returns. This paper further investigates the mitigating effect of corporate governance (viz., board and ownership structures) in this COVID-19 crisis. Overall, the results suggest that good corporate governance can mitigate the impact of COVID-19 on stock price volatility and trading volume but may not help to enhance stock returns. This paper also considers key policies used to tackle the COVID-19 pandemic and finds that government intervention plays an important role in stabilizing stock markets in this COVID-19 crisis. (c) 2021 Elsevier Inc. All rights reserved.

9.
Global Policy ; 13(4):579-584, 2022.
Article in English | ProQuest Central | ID: covidwho-2037875

ABSTRACT

Since the beginning of the COVID‐19 crises the establishment of new state‐owned funds with expiration dates has accelerated. This new type of fund acquires shares or silent partnerships, or it would take over other components of a company's equity. Through recapitalization, the state funds' assets grow when the injection of capital is needed and the funds shrinks during periods of economic recovery. In other words, the expiration date ensures the eventual transfer of equity stakes to private ownership. While this is a sensible choice for avoiding generous public handouts for ailing firms some unintended long‐term risks remain. Many debt and equity investments have been directed into sectors such as the automotive, energy, or aviation industries. These sectors will face increasing pressure in the future due to structural and policy‐induced changes (e.g., decarbonization efforts to reduce climate change).

10.
Journal of World Trade ; 56(5):757, 2022.
Article in English | ProQuest Central | ID: covidwho-2034532

ABSTRACT

In early 2020, the world economy plunged into a major recession due to the Coronavirus disease 2019 (COVID-19) pandemic, and non-performing loans (NPLs) went back on the agenda for banks and regulators in many countries. This is a timely article as it focuses on an attention-drawing regulatory catalyst for changes to the position of foreign investors in the Chinese NPLs disposal market. It uses the Phase One Trade Deal between the United States (US) and China as an opportunity to assess whether or not China is ready to shift towards a new approach for foreign investors trading in the primary NPLs market. Existing studies have been quick to conclude that the US–China Phase One Trade Deal will lead to a policy shift in the Chinese NPLs market through Article 4.5 contained therein. If the US– China Phase One Trade Deal is reviewed in its entirety and if China's concepts of stability, its state ownership policy and its recent treaty practice are all carefully considered, however, the involvement of foreign investment in the NPLs market may be viewed less optimistically. Using the US–China Phase One Trade Deal as a prism, it can be seen that bilateralism in trade policy may have its own limitations. China's perception of and policy towards international institutions and regimes show its willingness to integrate into the existing multilateral trade order even though its policy is still obscure and hesitant. Washington should be prepared to soften its decoupling stance to promote cooperation and coordination of the two countries in multilateral institutions.

11.
Canadian Journal of Nonprofit and Social Economy Research ; 11(2):16-19, 2020.
Article in English | Scopus | ID: covidwho-2030588

ABSTRACT

The COVID-19 pandemic has laid bare many of the weaknesses in our social and economic systems, exacerbating some of these challenges and drawing attention to others as we, collectively, find a way forward that results in a sustainable, inclusive, and equitable future for all. Around the world, community economic development (CED) initiatives already foster inclusive economic revitalization, access to capital for business development, local ownership of resources, job creation, poverty reduction, and environmental stewardship. At a larger scale, CED can provide the foundation for COVID-19 re-covery. This article outlines key policy proposals for CED-based recovery in Canada and elsewhere. Through the lens of reconciliation with Indigenous Peoples, intersectionality, and a just transition to a low-carbon future, the Canadian Community Economic Development Network proposes the implementation of a national social innovation and social finance strategy and other complementary proposals for a post-COVID-19 world. © 2020, University of Alberta Library. All rights reserved.

12.
Financ Innov ; 8(1): 74, 2022.
Article in English | MEDLINE | ID: covidwho-2021349

ABSTRACT

This paper investigates how economic policy uncertainty affects firms' frequency and their choice of financial instruments to raise capital. By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms, we find that during periods of high economic uncertainty, firms raise capital more frequently with a preference toward debt financing. The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia. The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.

13.
Sustainability ; 14(16):10442, 2022.
Article in English | ProQuest Central | ID: covidwho-2024167

ABSTRACT

By combining agency theory and the resource- and capabilities-based view, this paper aims to unveil the influence of family firm heterogeneity on environmental performance. Previous results are inconsistent about how the specific features of this type of business contribute to better environmental protection performance. We analyse a number of variables related to the management, ownership and corporate governance characteristics of the family business and their individual influence on environmental performance. We test our hypotheses using a database of 748 family firms in the Spanish tourism sector. This economic sector, which is mostly composed of family businesses, puts great pressure on the environment. As such, family firms must take an active role in the resolution of the environmental problems that afflict society. We find that the effects of a family-controlled ownership and management structure on environmental performance are negative. Family-founder firms with a high degree of family control also are shown to have a negative relationship with environmental performance. However, the existence of a formal management mechanism, such as a management committee, emerges as the most powerful structural factor in facilitating the achievement of environmental objectives. The conclusions drawn from this study allow us to outline future lines of research as well as recommendations for practitioners. Our study responds to the call made in the literature to delve deeper into the heterogeneity of the family business, and specifically to determine which of its characteristic features allow this type of business to achieve better environmental performance.

14.
Mathematics ; 10(17):3218, 2022.
Article in English | ProQuest Central | ID: covidwho-2023889

ABSTRACT

Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.

15.
Journal of Vacation Marketing ; 2022.
Article in English | Web of Science | ID: covidwho-2020994

ABSTRACT

The tourism sector was badly affected by the ongoing Covid-19 pandemic, creating thereby a need to advance knowledge on developing strategies for bringing tourists to back their favourite destinations. Although studies in tourism literature in the last two years addressed several issues relating to the pandemic, ironically not many have explored the role of tourists' attitude towards a destination. Specifically, there have hardly been any discussions on the tourists' psychological ownership vis-a-vis destination affinity (DA). It's an irony because they play crucial roles in leading tourists to revisit their favourite destinations. Using the 'Psychological Resilience Theory', this study focuses on the Covid-19 crisis and examines the relationship between attitude towards the destination, psychological ownership towards the destination, DA, and desire to revisit the destination post-Covid-19 crisis. Data (N = 274) was collected online from Indian tourists and hypothesis testing was done using PROCESS SPSS macro. The findings of the study indicated the mediating impact of DA and moderating role of psychological resilience. This study offers several important implications for tourism literature and the sector at large.

16.
Journal of Family Business Management ; 2022.
Article in English | Web of Science | ID: covidwho-2018506

ABSTRACT

Purpose The purpose of this study is threefold: 1) to examine the relevance of specific strategic orientations for family businesses in the context of an intense crisis such as the COVID-19 pandemic;2) to investigate the role of a family adaptability in surviving the crisis;and 3) to assess how proactive strategic responses connected with marketing or retrenchment responses connected with reducing costs relate to the expected survival of the crisis. Design/methodology/approach The method adopted is a quantitative research approach. The theoretical framework uses a partial least squares structural equation modeling (PLS-SEM) for the data collected from an online survey of a sample of 544 family businesses in the accommodation industry. Findings This paper makes three main findings. First, family businesses that invest in operational marketing actions as a strategic response to the crisis have a high expectation of surviving the crisis. Second, family businesses that reduce their operational and labor costs as a strategic response have a low expectation of surviving the crisis. Third, the family business's adaptability is also fundamental to their expectation of survival. Originality/value This is the first paper to identify the possible reactions of family businesses to the COVID-19 crisis. the authors show that there are proactive or retrenchment strategic responses, and the authors relate those responses to the expectancy of surviving the crisis. This is also the first study to examine the relevance of family adaptability as a measure of the resilience of family businesses and, therefore, as a determinant of the expectation of surviving the crisis.

17.
Corporate Governance: The International Journal of Business in Society ; 2022.
Article in English | Web of Science | ID: covidwho-2018449

ABSTRACT

Purpose This study aims to examine the effects of audit committee attributes on corporate philanthropic donations before and during the COVID-19 pandemic. Design/methodology/approach The study targets Nigeria's listed firms between 2019 and 2020. We hand-collected the data from the available published annual reports of 141 and 128 firms for 2019 and 2020, respectively. Therefore, the authors used a total of 269 firm-year observations for the study. The authors used ordinary least square regression to analyze the data and Tobit regression to establish the robustness of the results. Findings The results indicate that the frequency of audit committee meetings has a significant positive relationship with corporate philanthropic donations before and during COVID-19. In the case of audit committee independence, it has only a significant positive relationship with corporate philanthropic donations during the pandemic. However, the findings reveal that audit committee size and foreign directors on the audit committee do not influence corporate philanthropic donations before and during COVID-19. Research limitations/implications The study considers audit committee characteristics out of the corporate governance mechanisms that can influence the philanthropic donations of the listed firms in Nigeria over two years from 2019 and 2020. Practical implications The findings have practical implications for encouraging the audit committee to support philanthropic donations for the welfare of the poor and the needy, particularly in difficult times like the COVID-19 period. The results could also help regulators and policymakers to provide regulations and policies that can encourage firms to participate actively in philanthropic activities to their best ability. Social implications Motivating firms to provide philanthropic donations for the welfare of underprivileged persons could strongly support the government's effort to minimize the socioeconomic problems caused by COVID-19. Originality/value The study contributes to the scant literature that establishes the impact of audit committee attributes on firm philanthropic donations toward helping the poor and the needy in difficult periods.

18.
R Soc Open Sci ; 9(8): 220061, 2022 Aug.
Article in English | MEDLINE | ID: covidwho-2018417

ABSTRACT

The sense of owning a body (ownership) and controlling its actions (agency) are two main pillars of bodily self-consciousness (BSC). Although studies suggest that BSC signals and morality may be associated, whether such association has a positive or negative direction remains unclear. To investigate this issue, we conducted two pre-registered, online studies, in which a total of 1309 participants completed BSC- and morality-related questionnaires and undertook a task where they could cheat for monetary gain. We found that participants with high sense of ownership displayed high moral identity, which supports the notion that ownership is used to associate the self with positive characteristics. Moreover, high agency was associated with increased moral identity when sense of power is high. Results regarding deception are less clear, and might relate to the impact of COVID-19. Our results concerning moral identity may inspire policies that rely on changes of corporeal awareness to contrast immorality.

19.
Dissertation Abstracts International: Section B: The Sciences and Engineering ; 83(10-B):No Pagination Specified, 2022.
Article in English | APA PsycInfo | ID: covidwho-2012837

ABSTRACT

The purpose of this dissertation research was to understand the experiences of adults over the age of 60 who own a nontraditional pet as a companion. According to the research reviewed, dogs and cats provide positive mental and physical health benefits to their owners and to those who spend time with them in a therapeutical environment. Nontraditional pets, however, are rarely discussed in the literature. A generic qualitative inquiry was used to collect data from semistructured interviews 10 participants over the age of 60-seven women and three men. The participants were located by using purposive sampling via social media advertising. Due to COVID-19 precautions, all interviews were conducted using Zoom calls. The participants owned only nontraditional pets at the time of the interviews: rabbits, birds, goats, garden snails, fish, and a tortoise. An inductive thematic analysis was used to process the data and identify patterns. Four themes emerged from the patterns in the data: (a) a loving emotional bond is formed with nontraditional pet companions, (b) a central experience of nontraditional pets is companionship, (c) adults over 60 describe responsibility as the catalyst for caring for nontraditional pets, and (d) the experience of having a nontraditional pet includes remembering and creating memories. Positive emotions were expressed by all participants when discussing their nontraditional pets. These findings corresponded to the positive aspects that previous research noted about the more traditional ownership of a cat or dog. Future researchers might consider studying adults of all ages or focusing on one type/species of nontraditional pet. (PsycInfo Database Record (c) 2022 APA, all rights reserved)

20.
Animals (Basel) ; 12(17)2022 Aug 31.
Article in English | MEDLINE | ID: covidwho-2005915

ABSTRACT

Dog ownership and dog walking brings various health benefits for urban dwellers, especially since the COVID-19 pandemic, but trigger a number of controversies. Dog parks have become increasingly significant public resources in the pandemic to support these benefits while facing intense conflicts. To develop effective dog parks in urban settings, growing numbers of scholars have provided insights into the design and management strategies for addressing the benefits and conflicts. The objective of this study is to synthesize and analyze various aspects of dog park design and management and to assess identified strategies for enhancing their benefits while mitigating their drawbacks. Following the PRISMA guidelines, a systematic study was conducted to synthesize the benefits, conflicts, and management strategies of dog parks, supported by Citespace. Benefits and conflicts in dog park design and management have been synthesized and organized according to their frequency of presence and the statistical results. We analyzed and assessed existing design and management strategies. Through this systematic study, we discovered the need obtain o po experimental evidence on effective dog park design and management to enhance their benefits while mitigating their sources of conflict and limitations in the intensity of park visitors' physical activity in off-leash areas. Guidelines for the design and management strategies for effective dog parks were made to enhance their benefits while alleviating conflicts in the future development of sustainable dog parks that promote healthy relationships between canines and residents in urban built environments.

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