On the Mystery of Financial Conservatism: Insights from Pakistan

Yasmin, Ammara; Rashid, Abdul

doi:10.1080/1540496x.2018.1553158

Cited by 14 publications

(8 citation statements)

References 80 publications

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“…С 1996 по 2015 г. более 34% компаний в тот или иной период имели нулевой долг . Консервативной долговой политики придерживаются игроки как на развитых, так и на развивающихся рынках (Cui, 2020;Ghoul et al, 2018;Yasmin, Rashid, 2019). В существующих исследованиях отмечается, что, хотя принадлежность фирм с нулевым долгом не ограничивается какими-то конкретными отраслями, максимальное число таких компаний сосредоточено в секторах информационных и коммуникационных технологий (ИКТ) и здравоохранения (рис.…”

Section: кирилл повхunclassified

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2023

Foresight and STI Governance

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Crisis situations, like the COVID-19 pandemic, have historically been identified as times of enhanced innovation and entrepreneurial activities. Innovation actors are required to respond quickly to a new situation bearing in mind the effects of actions across their network of partners and competitors as well as rising economic complexity. Indeed, first indications suggest that this pandemic is no different and has facilitated the use of digital technologies. In order to assess these developments, this paper studies new service offerings based on digital technologies using the example of three major Russian banks. We found that banks have now developed into technology platforms that use their experience to engage in areas like education, advanced robotics, and health care. Technologies developed by partner organizations, such as the integration of blockchain solutions, have spread rapidly. Thereby, banks have obtained a strategic advantage for launching innovations in the financial industry, including technology and knowledge transfers from other industries.

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Section: кирилл повхunclassified

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2023

Foresight and STI Governance

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“…Apesar de a alavancagem conservadora dar sinais de declínio nos últimos anos (2016-2019), verifica-se que o fenômeno teve períodos de constante crescimento nas empresas brasileiras, principalmente nas de capital fechado, o que coaduna com o observado em outros países, como Estados Unidos, Reino Unido, Japão e Paquistão (Strebulaev & Yang, 2013;Dang, 2013;Takami, 2016;Yasmin & Rashid, 2019).…”

Section: Tabelaunclassified

Rentabilidade e alavancagem conservadora de empresas brasileiras

Adam

Moreno

Andriani

et al. 2023

RAM, Rev. Adm. Mackenzie

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Resumo Objetivo: O estudo tem como objetivo analisar a relação entre a rentabilidade e a alavancagem conservadora das empresas brasileiras. Originalidade/valor: O estudo contribui para a literatura ao investigar a rentabilidade como um determinante fundamental da alavancagem conservadora das empresas brasileiras, sendo possível entender se essa influência é baseada numa perspectiva de flexibilidade ou de restrição financeira. Design/metodologia/abordagem: A pesquisa se caracteriza como descritiva, documental e quantitativa. A amostra do estudo foi constituída por 271 empresas de capital aberto e 8.823 empresas de capital fechado. Os dados foram coletados na base Refinitiv Eikon para o período entre 2012 e 2019 (oito anos). Para a análise dos dados, o estudo utilizou a regressão logística no software Stata. Resultados: Os resultados indicam que, em média, 5,05% das empresas de capital aberto possuem alavancagem zero, e 29,08% das empresas de capital fechado possuem alavancagem contábil inferior a 5%. No contexto das empresas de capital aberto, quanto mais rentável a empresa, maior a probabilidade de apresentar alavancagem quase zero, corroborando a perspectiva da flexibilidade financeira. Já para as empresas de capital fechado que são menos rentáveis, há maior probabilidade de apresentarem alavancagem zero, o que coaduna com a perspectiva da restrição financeira.

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“…Logit regression is the most suitable econometric technique when the dependent variable is binary i.e. zero-leverage (Yasmin & Rashid, 2019). Logit regression is the statistical fitting of an s-curve logit function to a dataset to calculate the probability of the occurrence of a specific categorical event based on the values of a set of independent variables.…”

Section: Model and Techniquementioning

confidence: 99%

Corporate Social Responsibility and Zero Leverage

2022

JEM

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This paper aims to investigate the link between Corporate Social Responsibility (CSR) and Zero Leverage (ZL) policy of firms. We use panel logistic multivariate regression to determine the socially responsible behavior of ZL firms and their levered counterparts. Our proxies for CSR are corporate social responsibility disclosure and corporate tax contribution against the proxies of ZL and almost zero-leverage (AZL). The sample firm-year observations of Pakistani listed firms from 2009-2018 are further divided in subsamples for short term ZL and long term ZL firms. We also test the constraints hypothesis for our sample firms. We found that CSR and ZL policy complement each other, adding to the firm's financial and social sustainability. The positive relationship between CSR and ZL is more significant in dividendpaying firms. Further, results support that financially unconstrained socially responsible firms have more probability to choose ZL or AZL policy. This study provides initial evidence regarding the relationship between CSR behavior and ZL policy of firms. Further, this study is the pioneer to introduce tax contribution as a proxy of CSR.

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On the Mystery of Financial Conservatism: Insights from Pakistan

Cited by 14 publications

References 80 publications

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Rentabilidade e alavancagem conservadora de empresas brasileiras

Corporate Social Responsibility and Zero Leverage

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