Does corporate governance matter for stock returns volatility in the Brazilian context?

Cardoso, Guilherme Freitas; Carr, Dannie Delanoy; Rogers, Pablo

doi:10.1108/cg-03-2019-0083

Cited by 13 publications

(10 citation statements)

References 48 publications

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“…Environmental jolts may lead to market volatility and make firm performance less stable (Cardoso et al, 2019;Funchal and Pinto, 2018;Udin et al, 2017). Because of its buffering role, the impact of organizational slack on firm performance has attracted research interest for several decades (Kim et al, 2008;Nohria and Gulati, 1996).…”

Section: Discussionmentioning

confidence: 99%

Exploring the role of organizational slack in the COVID-19 pandemic: an empirical study of the manufacturing industry

2021

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Purpose Drawing on the behavioral theory of the firm (BTF), this study aims to understand the role of organizational slack in the manufacturing industry during the COVID-19 pandemic. Design/methodology/approach Using panel data of publicly traded manufacturing firms in the USA over a 12-quarter time period, this study uses generalized least squares modeling to test the hypothesized relationships. Findings Results show that the COVID-19 pandemic has a negative impact on manufacturing firms’ performance and organizational slack weakens the negative relationship between the COVID-19 pandemic and firm performance. In addition, when a positive performance aspirational gap (PAG) exists, the negative relationship between COVID-19 pandemic and firm performance in firms with high levels of organizational slack is further weakened. Originality/value This study contributes to organizational studies by investigating the contingent impact of organizational slack in the setting of COVID-19 pandemic. This study also contributes to the BTF by investigating how firm PAG, combined with the abundance of organizational slack, moderates the impact of COVID-19 pandemic on firm performance.

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Section: Discussionmentioning

confidence: 99%

Exploring the role of organizational slack in the COVID-19 pandemic: an empirical study of the manufacturing industry

2021

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“…A one-year lag of both the outcome variables (ROA and stock volatility) are also used as predictors to control the evident serial correlation and endogeneity in Models 1 and 2. The ROA is a commonly used accounting (Abdullah, 2014;Hahn and Lasfer, 2016;Ntim, 2015;Rahman et al, 2017Rahman et al, , 2016, while the stock volatility is a market-based commonly used firms' performance measure (Cardoso et al, 2019). The study uses a purely quantitative approach to a balanced panel data of 1,600 observations (320 firms for 5 years) from 2010 to 2014.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Women directors and corporate performance: firm size and board monitoring as the least focused factors

Rahman

Zahid

2021

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Purpose This paper aims to examine the impact of women directors on corporate performance (CP) and the mediating role of board monitoring in their relationship. Design/methodology/approach The ordinary least squares with panel corrected standard errors are used as a primary estimator along with three other estimators to check the robustness of the estimations and address the potential endogeneity in a stratified random sample of 320 non-financial Malaysian companies listed on Bursa Malaysia (Stock Exchange) between 2010 and 2014. Findings It is found that women directors on the board not only improve firms’ return on assets but also reduce the volatility of their stocks. However, these findings are more applicable in small firms as compared to large firms. Besides, it is also noted the board monitoring significantly mediates the relationship between women directors and CP. Practical implications As the monitoring role of women directors improves CP, substantial efforts may be put in to increase their meritorious representation on the boards. The regulators could pay equal attention to the small firms. Additionally, the number of board meetings may also be increased for strengthening the monitoring abilities of the board to improve CP. Originality/value The study contributes to the existing literature, as little attention has been paid to the mediation of board monitoring in the nexus of women directors and CP in the past.

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“…Although the quantitative results of relevant studies on urban structure explained some of its characteristics, they couldn't provide a comprehensive understanding of the relationship between cities from the perspective of economic and social development. Based on the growth pole theory and point axis theory, this study explores the diagnosis and analysis of economic and social development from three levels of the centrality distribution and echelon structure of urban agglomeration and makes a quantitative evaluation of gradient structure by using gradient index model and cluster analysis (Cardoso et al, 2019). Taking CPUA as an example, the scale structure system of large and medium-sized urban agglomeration was analysed, which are composed of 30 prefecture-level cities in Henan, Shanxi, Shandong, Anhui, and Hebei.…”

Section: Introductionmentioning

confidence: 99%

Analysis of socio-economic spatial structure of urban agglomeration in China based on spatial gradient and clustering

Tao

Ping

et al. 2021

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Research background: Previous studies on the economic and social development of urban agglomerations mostly focus on a single primacy comparative analysis and efficiency evaluation. Spatial structure differentiation is an important feature of urban agglomeration. The lack of economic and social analysis on the spatial structure makes it impossible to determine the development positioning of each city in the urban agglomeration, which affects the sustainable economic devel-opment ability of these areas. Purpose of the article: The objective of the article is to analyze the spatial development law and experience of urban agglomeration, this study explores the practice of economic and population spatial structure of city areas in China. For this purpose, CPUA and its central city Zhengzhou was taken as an example, the spatial gradient structure of example was analyzed. Methods: Using economic and population data of 32 cities in this region, growth pole theory, and pole-axis theory, the economic and population spatial structure of urban agglomeration, the spatial gradient structure of central cities in urban agglomerations were analyzed with the method of cluster about radiation index. Findings & value added: (1) In the process of the formation of CPUA, the geo-graphical spatial pattern plays a decisive role in economic and social development. This is an experience from developing countries. (2) CPUA presents a gradient development pattern with Zhengzhou as the center, and economic and social development gradually radiates to the metropolitan area, the core development area, and the character development demonstration area. (3) The economic and social gradients of Zhengzhou, the central city, present the hierarchy rules and characteristics which are driven by the Beijing-Guangzhou-Railway axis and the Longhai-Railway axis. (4) The central city of Zhengzhou still presents insufficient primacy in regional development, which shows that Zhengzhou accounts for 6% of the population of the Central Plains Economic Zone and 14% of GDP, and insufficient agglomeration. Different countries at different stages of economic development have different urban agglomeration development models. The conclusions from China provide new decision-making ideas and methods for spatial structure research and development strategy analysis of urban agglomerations.

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Does corporate governance matter for stock returns volatility in the Brazilian context?

Cited by 13 publications

References 48 publications

Exploring the role of organizational slack in the COVID-19 pandemic: an empirical study of the manufacturing industry

Exploring the role of organizational slack in the COVID-19 pandemic: an empirical study of the manufacturing industry

Women directors and corporate performance: firm size and board monitoring as the least focused factors

Analysis of socio-economic spatial structure of urban agglomeration in China based on spatial gradient and clustering

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