Intellectual capital and institutional governance as capital structure determinants in the tourism sector

Dalwai, Tamanna; Sewpersadh, Navitha Singh

doi:10.1108/jic-03-2021-0085

Cited by 17 publications

(11 citation statements)

References 130 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Specifically, we use ROA and return on equity (ROE) as profitability measures, and Tobin's Q as a measure of DMU market value. According to the literature (Appuhami & Bhuyan, 2015;Buallay, 2018;Costa, 2012;Dalwai & Mohammadi, 2020;Dalwai & Sewpersadh, 2021;Isola et al, 2020;, we controlled for three variables: firm size (SIZE), which was measured by the natural logarithm of total assets; financial leverage (LEV), which was measured by dividing the DMU's total liabilities by its shareholders' equity; and firm age (AGE) as a proxy for learning, which was measured by the natural logarithm of the DMU's age since inception. Accordingly, the following regression model describes this study's dependent, independent, and control variables.…”

Section: Regression Modelmentioning

confidence: 99%

Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance?

Habib¹,

Dalwai

2023

J Knowl Econ

Self Cite

View full text Add to dashboard Cite

This study explores the efficiency of intellectual capital (ICE) and working capital management (WCME) in the GCC industrial sector and its potential impact on firm performance. The data were gathered from Standard & Poor’s database from 2015 to 2019. This study uses data envelopment analysis (DEA), regression analysis, and robustness tests to accomplish its aims. The results indicate that most firms do not employ their intellectual and working capital investments well and need improvement actions to achieve the best practices. The regression model results reveal that ICE and WCME significantly and positively influence firms’ performance. The results of this study support the resource-based, trade-off, and pecking order theories. The study findings have important implications for many stakeholders; for example, they would be helpful for firm decision-makers in managing their investments in intellectual and working capital to achieve the best practices and improve a firm's performance. In addition, the findings would be helpful for financiers, because high-performance firms are likely to have more reasonable valuations that facilitate debt financing. Moreover, the findings have noteworthy implications for trading procedures as investors aspire to attractive economic returns for their investments in corporations that pasture ICE and WCME issues. Additionally, these findings have important implications for employee job satisfaction and retention by improving IC management.

show abstract

Section: Regression Modelmentioning

confidence: 99%

Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance?

Habib¹,

Dalwai

2023

J Knowl Econ

Self Cite

View full text Add to dashboard Cite

show abstract

“…Thus, Debt FF1 is a dichotomous variable. Prior studies (Almustafa et al ., 2023; Dalwai and Sewpersadh, 2023; Dalwai et al ., 2023) have also used leverage as a measure of financial flexibility; thus, this study uses the same as a second measure (Debt FF2).…”

Section: Methodsmentioning

confidence: 99%

Impact of economic policy uncertainty on financial flexibility before and during the COVID-19 pandemic

Dalwai

2023

JABES

Self Cite

View full text Add to dashboard Cite

PurposeThis study examines the influence of economic policy uncertainty on financial flexibility before and during the coronavirus disease 2019 (COVID-19) pandemic. Few prior studies have examined this association specifically for debt and cash flexibility.Design/methodology/approachUsing quarterly data from 2016 to 2022, 1014 observations were collected from the S&P Capital IQ database for listed tourism companies in India. The pre-pandemic period is defined as 2016 Q1 to 2020 Q1, whereas the pandemic period is from 2020 Q2 to 2022 Q3. The data are analysed using ordinary least squares, probit, logit and difference-in-difference (DID) estimation.FindingsThe evidence of this study suggests a negative association of economic policy uncertainty with debt flexibility during the COVID-19 pandemic. The findings also suggest that COVID-19 induced economic policy uncertainty results in high cash flexibility. This meets the expectations for the crisis period, as firms are likely to hold more cash and less debt capacity to manage their operations. The results are robust for various estimation techniques.Research limitations/implicationsThis study is limited to one emerging country and is specific to one non-financial sector. Future research could extend to more emerging countries and include other non-financial sector companies.Practical implicationsThe findings of this research are useful for tourism sector managers as they can effectively manage their cash and debt flexibility during crisis periods. They will need to prioritise cash flexibility over debt flexibility to manage operations effectively. Policymakers need to provide clear and stable economic policies to help firms manage their debt levels during a crisis.Originality/valueTo the best of the author's knowledge, no existing studies have investigated the influence of economic policy uncertainty on the financial flexibility of tourism companies before and during the COVID-19 pandemic. Furthermore, this study establishes a novel set of critical determinants, such as economic policy uncertainty.

show abstract

“…By reviewing past researches and theoretical foundations related to measuring and disclosing information in the field of intellectual capital reporting, it can be seen that previous fields such as the resource-based theory (Garaboya and Ahonen, 2011; legitimacy theory and legitimacy (Parshakov and Shakina, 2020) and institutionalist theory (Dalvai and Siupersadeh, 2021) are among the topics that can be considered in the development of intellectual capital reporting (Yi et al ., 2015). For example, the resource-based theory, taking into account the optimal performance of companies through sustainable intellectual capital reporting, is considered to seek the use of unique resources in order to strengthen the integrity of resources and increase the capabilities of responding to the external environment.…”

Section: Literature Reviewmentioning

confidence: 99%

Antecedents and consequences of sustainable intellectual capital reporting: evidence from Iran

Kordi

Abdoli

Valiyan

2023

JAMR

View full text Add to dashboard Cite

PurposeWith the emergence of the basis of intellectual capital, competitive advantage was considered as the focus of competitive strategies, and the knowledge resulting from this approach became the basis for the development and strategic directions of companies in various fields of the company such as finance and accounting. The purpose of this study is sustainable intellectual capital reporting framework and evaluation of key examples in the context of capital market companies.Design/methodology/approachThe methodology of this study was exploratory from the point of view of the developmental result and based on the type of objective and qualitative and quantitative basis was used to collect the data. The statistical population in the qualitative part was university experts and in the quantitative part financial managers of capital market companies. Data collection tools were interviews in the qualitative part and fuzzy scales and language comparison checklists in the quantitative part. Therefore, first through three stages of coding, the dimensions of the model were identified, and based on the fuzzy Delphi analysis, the reliability level was determined through the average between the first round and the second round of Delphi. Finally, through the default tests, the appropriate fuzzy model was first determined, and then hierarchical fuzzy analysis based on TODIM's approach was used to determine the most favorable axis of sustainable intellectual capital reporting.FindingsThe results in the qualitative part indicate the existence of 3 categories and 6 components and 39 conceptual themes in the form of a six-dimensional model. In the quantitative part, the results showed that by confirming the dimensions identified through fuzzy Delphi analysis, the most desirable axis of intellectual capital reporting is the component of technological capital reporting, which can play a more effective role in sustainable reporting.Originality/valueThis study, relying on the importance of the consequences of sustainable intellectual capital reporting, tries to evaluate the consequences of this field of financial reporting due to the lack of a coherent theoretical framework about capital market companies. In addition, the framework presented in this study promotes integrated thinking for firms to it would provide some level of incentive to those charged with governance concerning the voluntary compliance with the sustainable intellectual capital reporting framework.

show abstract

Intellectual capital and institutional governance as capital structure determinants in the tourism sector

Cited by 17 publications

References 130 publications

Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance?

Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance?

Impact of economic policy uncertainty on financial flexibility before and during the COVID-19 pandemic

Antecedents and consequences of sustainable intellectual capital reporting: evidence from Iran

Contact Info

Product

Resources

About