Ab stract:EVA is a use ful tool for as sess ing com pany per for mance. It com bines fac tors, such as econ omy, ac count ing and mar ket in for ma tion in its as sess ment. This study em ployed EVA in an at tempt to com pare the com pa nies' per for mances of GLCs (gov ern ment-linked com pa nies) and non-GLCs. Based on a 4-year pooled panel data of 37 GLCs and 208 non-GLCs, the re sults show that com pa nies with gov ern ment as their stake holders tend to ex hibit lower EVA scores than the com pa nies with out gov ern ment stake holders in Ma lay sia. Larger size com pa nies were found to have lower EVA val ues. Com pa nies which have both the char ac ter is tics -which are si mul ta neously large in size and gov ern ment-owned, tend to be most ad versely af fected. Thus, any in cre ment in the size of com pany for GLCs would de crease or de stroy the value of the com pany, and to a greater degree, than companies without government holding.
The purpose of this research is to examine the trends in citizen satisfaction for e-government services as observed through service usefulness, service ease of use, information awareness and service quality. Furthermore, this study also investigates the impact of citizen satisfaction towards e-government services on E-government service continuance intention. Additionally, the moderating impact of online trust on the relationship between exogenous and endogenous variables is also observed. A sample of 364 questionnaires was observed as valid enough for the purpose descriptive statistics, correlational matrix and demographic analysis as well. Additionally, this research has applied two step approach while considering the measurement model assessment and structural model assessment. The study findings through measurement model confirms that there is no problem for the model validity and reliability along with other fit indices. After examining the measurement model, structural model is applied through Smart PLS-SEM approach for both direct and moderating effect. The study results confirm that there is a significant and positive impact of e-service ease of use, information awareness, e-service quality, and online trust on citizen satisfaction to e-government services. Furthermore, the study findings confirm that there is a significant moderating effect of online trust on the relationship between e-service usefulness-citizen satisfaction, between e-service ease of use-citizen satisfaction, between information awareness-citizen satisfaction, and between e-service quality-citizen satisfaction. The study findings would be great support to various stakeholders specifically to those who are responsible for managing and providing e-government services for better citizen satisfaction. Besides, some limitations like missing of cross departmental comparison, consideration of only UAE region, and data collection through survey questionnaire only. Future studies are highly recommended to address these limitations.
This paper empirically tests the market timing theory to prove that issuing behavior of managers is non-linear. Consistent with the literature we show that mangers increase use of equity to finance their deficit when equities are overvalued and resort to a higher proportion of debt when equities are undervalued. Our results further suggest that mangers however exhibit a distinctive pattern when timing the market. The increase in reliance on equity to finance their deficit during periods of equity overvaluation is non-linear and only significant when the degree of overvaluation is not excessive. Furthermore, during periods of undervaluation managers resort to higher levels of leverage to finance their deficit only when undervaluation levels are excessive. This has serious implications on the ability of the equity market timing as a stand-alone theory in explaining capital structure decisions and poses some interesting implications on the debt-equity choice question when financing the deficit.
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