Business Commons^™

Institution Building And Variation In The Formation Of The Australian Wool Market, David Merrett, Simon Ville

Simon Ville

The relocation of the wool market from London to the major Australian port cities from the late nineteenth century required the formation of an institution to govern the auction business, namely the wool brokers' association. Regional variations, among Sydney, Melbourne, and Brisbane, occurred in the structure and effectiveness of the institution despite each regional association having been formed around the same time, for the same purpose, and with an overlap of participating firms. We draw on institution theory to guide our account and find that the impact of legacy factors and differences in market conditions explain the regional variations.

Toward Understanding The Subcultural Mosaic: Fragmentation Of The Culture And The Symbiotic Interplay Of The Market And Subcultures, Emre Ulusoy

Theses and Dissertations - UTB/UTPA

This study brought to light the need for a more nuanced analysis and approach for understanding the observed tendency toward eclectic, fragmented, and paradoxical subcultures in contemporary society. It was critical to explore the impact of market hegemony and the response of subcultures to this hegemony leading to the development of contemporary subcultural sensibilities. The central purpose of this research was to develop a theory of subculture that accounted for the fragmentation observed in contemporary culture, and how this fragmentation influences subcultures leading to fragmentation within subcultures. To this end, using in-depth interviewing, netnography, and participant observation, I investigated the …

Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen

Gary Tian

This study investigates the impact of aggregate economic risk on a company’s performance and failure in a panel estimation using 167 Jordanian companies during 1989-2003. Our finding shows that unanticipated changes in interest rate negatively and significantly affect firms’ performance measured by ROA, which suggests that an interest rate rise increases the cost of borrowing and then further negatively affects a firm’s profit. We also found that both the production manufacturing index and Islamic credit facilities positively and significantly affect a firm’s performance. The positive and significant impact of Islamic credit facilities reflects the importance and the significance of the …

The Stock Market Implication Of Political Connections: Evidence From Firms' Dividend Policy, Jerry Cao, Sheng Huang, Qigui Liu, Gary G. Tian

Gary Tian

Political connections are valuable for shareholders of privately-run firms especially in countries with weak legal institutions. We study the effect of a firm's political connections in the public equity market by focusing on its impact on the firms' dividend policy. Prior studies suggest that dividends signal the commitment for proper treatment of minority shareholders and thus high growth firms pay dividends to establish such a reputation for better access to equity market in the future. Using a sample of privately-owned Chinese firms, we find that politically connected firms are less likely to pay dividends and pay less if they pay. …

Intensity Of Adoption Of Direct Marketing Strategies Among Fruit And Vegetable Farmers In Tennessee, Carey Ann Wolanin

Masters Theses

Consumer interest in fresher foods has increased over the past few years and has stimulated the growth of direct-to-consumer outlets. Tennessee currently hosts many types of direct food outlets, including farmer markets, CSAs, roadside stands, and pick-your-own operations. Using data from a 2011 survey of Tennessee fruit and vegetable producers, factors associated with the percentage of sales fruit and vegetable producers make through direct-to-consumer outlets or intensity of adoption of direct-to-consumer marketing strategies are evaluated using fractional logit and logit regressions. Findings suggest that the percentage of sales a producer makes through direct-to-consumer outlets is associated with farmer age, the …

Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara

Anil Chandrakumara

Using panel data regression analysis for a sample of 171 companies, this paper examines the implications of capital structure of corporate entities in an emerging market, Sri Lanka. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital. It provides strong evidence to indicate that debt capital has a negative impact on firm performance. The study also found a significant negative relationship between tangibility and performance indicating inefficient utilization of non-current assets. The negative performance implications associated with over-utilization of short-term debts and the under-utilization non-current assets …

The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian

Qigui Liu

In this study we examined the value of political connections in firms' access to the IPO market using a sample of Chinese IPO applications from 2006 to 2010. We found a positive relationship between political connections and the probability of IPO approval, and this relationship is strengthened in entrepreneurial firms and weakened in those firms controlled by the state. We further provide evidence that entrepreneurial firms with a disproportional ownership structure and without high technology benefit more from political connections. Our additional tests showed that entrepreneurial (state) firms with political connections also performed better (worse) than firms without. We argue …

To What Extent Does The European Debt Crisis Affect Both The European And The Global Economies, Amy Yi Huang

Lewis Honors College Capstone Collection

The goal of my research is to analyze the relationship between the 2007-2009 United States financial crisis and the ongoing European Sovereign Debt Crisis and the Debt Crisis’ possible effects on the global economy and to examine the different approaches to reduce the devastating effects of the European Debt Crisis.

First, I am going to analyze the relationship between the bursting of the US Housing Bubble and the European Debt Crisis. According to Robert Kolb (2011), a Finance professor at the University of Chicago, the bursting of the US Housing Bubble in 2007 that resulted in the 2007-2009 economic recession …

Extending The Use Of Market Orientation: Transforming A Charity Into A Business, Paul A. Chad

Faculty of Commerce - Papers (Archive)

Charities play a crucial role within society but are facing growing competition. Adopting a market orientation assists for-profit organisations to improve performance and can potentially also assist charities. This paper examines the under-researched topic of how market orientation can be appropriately introduced into a charity, and the resultant effect upon performance. A charity that introduced market orientation is examined using a discourse transformation framework. Thematic analysis of in-depth interviews of employees identifies how management changed the organisation through use of a three-phase process of new managerialism, professionalism and embedding. Few if any papers have previously examined how management of a …

A Praxis Framework For Implementing Market Orientation Into Charities, Paul Chad, Judith Motion, Elias Kyriazis

Faculty of Business - Papers (Archive)

There is a scarcity of research regarding the process of introducing market orientation into the not-for-profit sector. Understanding this process would greatly assist the not-for-profit sector, which is under increasing pressure to obtain funds to operate and offer appropriate services. In this article, we examine the successful introduction of market orientation into three Australian charities and identify the stages of implementation. The introduction of market orientation is analyzed from a discourse transformation perspective and a praxis framework is developed. This is amongst the first studies examining the transition to a market orientation discourse within charity organizations and the first study …

Institution Building And Variation In The Formation Of The Australian Wool Market, David Merrett, Simon Ville

Faculty of Business - Papers (Archive)

The relocation of the wool market from London to the major Australian port cities from the late nineteenth century required the formation of an institution to govern the auction business, namely the wool brokers' association. Regional variations, among Sydney, Melbourne, and Brisbane, occurred in the structure and effectiveness of the institution despite each regional association having been formed around the same time, for the same purpose, and with an overlap of participating firms. We draw on institution theory to guide our account and find that the impact of legacy factors and differences in market conditions explain the regional variations.

Implementing Market Orientation In Charities: A Necessity For Survival, Paul Chad

Faculty of Business - Papers (Archive)

This article examines the highly under-researched area of exactly how a market orientation can be successfully implemented within an organisation. Market orientation is the key strategic orientation that assists for-profit organisations achieve improved performance and can potentially also assist charities that play a vital role within society but are facing increasing competition. Utilising a discourse transformation framework to case study a charity that introduced market orientation as its dominant strategic orientation, thematic analysis identifies how management transformed the organisation via a three-phase process and greatly improved performance. The new dominant market orientation was aided by elements of other strategic orientations, …

Does Political Capital Create Value In The Ipo Market? Evidence From China, Qigui Liu, Jinghua Tang, Gary Gang Tian

Faculty of Business - Papers (Archive)

This study examines the value of political capital in the Chinese IPO market. We find a positive relationship between a politically connected executive and the probability of IPO approval of entrepreneurial firms. We further identify that shareholders value those connections and give a market premium to connected firms after the firms go public. We provide evidence that other types of political capital gained through external sources, such as politically connected sponsors and PE investors, also bring benefits to the firms in their IPO approval, and these connections substitute for the effect of the executive's political connections on IPO approval. We …

Development Of A Market Orientation Research Agenda For The Nonprofit Sector, Paul Chad, Elias Kyriazis, Judy M. Motion

Faculty of Business - Papers (Archive)

Market orientation is the overarching framework by which practitioners and academics make sense of the interplay between customers, competition, stakeholders, and the organization within the commercial for-profit arena and is the way the marketing concept is put into practice. Many academics have argued that market orientation would also benefit nonprofit organizations by generating more funds in an increasingly competitive environment. The purpose of this article is to conduct a systematic review of market orientation, identify gaps, and develop a research agenda for market orientation research within the underresearched nonprofit sector. This research agenda highlights the structural, human resource, and cultural …