Top PDF The effect of firm’s logo on its performance: Evidence from oil industry

The effect of firm’s logo on its performance: Evidence from oil industry

The effect of firm’s logo on its performance: Evidence from oil industry

Nowadays, trade mark is one of the most important components of the products in both consumers and producers’ perspectives. In this study, two separate but related mechanism through which the trademark is supposed to create value for customers, were investigated. Likeness/ description and functional-aesthetic benefits were taken into consideration. This research shows the positive effects of logo on customer commitment regarding the performance. Commitment reflects customers’ desire for cooperation by considering the effects of a logo. Logo will help customers easily identify and select a brand. This research proves that, from the customer's perspective, trademarks contain meaning, and thus include brief information on the struggle for marketing. In case of the purpose, this study is an applied research and in terms of data-gathering it is a descriptive – survey one. Since the population of the survey was unlimited, initial investigations indicated that 384 questionnaires should be distributed based on Morgan table. Using structural equation modeling, the survey results showed that descriptive-cognitive, functional benefits and aesthetic tendencies had significant influences on customer commitment in regards of performance.
Mostrar mais

8 Ler mais

Effects of capital structure on markups and competitive performance: evidence from Portugal

Effects of capital structure on markups and competitive performance: evidence from Portugal

A common way of competition between firms in an industry is price competition. In more mature industries when products tend to be perceived as a commodity by consumers, many companies compete on the basis of prices. Firms increase market share by cutting prices thereby also reducing their markup. Particularly, in times of crisis a firm’s capital structure can restrict the extent to which a firm can reduce its markup. During economic downturns tighter covenants and the related cost of debt can restrict a company’s ability to compete. This paper investigates the effect of capital structure on competitive behaviour of Portuguese companies. This is analysed at two levels. First, by looking at the effect of leverage on markups during demand shocks at the industry level and, second, by analysing competitive performance over the business cycle at the firm level. 1
Mostrar mais

44 Ler mais

Effect of board diversity and skill profile on firm performance

Effect of board diversity and skill profile on firm performance

Knight et al. (1999) and Hambrick et al. (1996) found contrasting results to Maznevski (1994). Knight et al. (1999) concluded that demographic diversity and consensus were negatively related. They found that heterogenous teams led to a reduction in team performance because they took more time and needed to make more efforts to make decisions as a group. This led to communication problems and higher rate of group conflicts. Hambrick et al. (1996) studied diversity and its effects on decision making at 32 US airline companies. They compared decision making at the top management levels between homogenous and heterogenous teams and found that the former performed better than the latter. Their rationale for these results was that groups made of distinct individuals were less likely to agree with each other and hence led to lower consensus within the teams whilst the opposite happened within homogenous groups and let to quicker decision making, which led to better response to competitor’s actions within the industry. These researchers highlighted the disadvantages of more diverse groups, which were mainly lack of integration and increased friction leading to slower decision making among the teams.
Mostrar mais

69 Ler mais

1 A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

1 A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

for this factor. Klepper (2007) reviews several stylized facts related to the performance of spinoffs, where the evidence points to a better performance of spinoffs from better performing firms. In particular, studies on the population of Brazilian (Muendler et al. (2012)), Danish (Eriksson and Kuhn (2007) and Dahl and Reichstein (2007)) and Swedish firms (Andersson and Klepper (2013)) suggest that, from the three groups, pulled spinoffs survive longer. With the exception of Dahl and Reicshtein (2007), pushed spinoffs also tend to perform better than other start-ups. Given both the theoretical arguments and the empirical evidence, we expect that pulled spinoffs have the lowest exit risks across all entrant types. Regarding pushed spinoffs, the predictions are not so clear. To the extent that spinoff performance is correlated with the performance of the mother firm, as hypothesized above, we expect pushed spinoffs to perform worse than the pulled spinoffs. However, we do not have a clear prediction on how they compare with other entrants. In fact, it is possible that factors such as the experience of its founders, both in an industry and as a group, prevail over the fact that they came from a dying firm.
Mostrar mais

26 Ler mais

Effect of national cultural differences on the performance of cross border merger

Effect of national cultural differences on the performance of cross border merger

(www.helplinelaw.com). Surely the company would have gained awareness of way of doing things that are atypical to national culture. Post-acquisition process followed by the company should also be researched to see the consequences of cultural diversity on the firm’s performance. That is how the acquirer brings in its corporate culture into the acquired company. Morosini (1998) postulates that the execution mode followed by the acquirer underscores the influence cultural distance exhibits on the performance of the acquirer. Three different execution modes that a company could follow in the post acquisition phase are ‘integration’, ‘restructuring’ and ‘independence’. While in the first two cases there is interference by the acquiring company in the management of acquired company, hence calling for issues related to cultural diversity, in the case of independence the acquired company operates at an arm’s length from the parent company. It could, therefore, be postulated that a firm could negate the impact of cultural diversity by adopting eventual changes, whereby it allows the acquired firm to operate autonomously initially and later restructures or integrates the operations.
Mostrar mais

18 Ler mais

Does CSR Influence firm performance indicators? evidence from Chinese pharmaceutical enterprises

Does CSR Influence firm performance indicators? evidence from Chinese pharmaceutical enterprises

The well-known stakeholder theory proposed by Freeman [25] was propagated in 1984. Stakeholder theory suggests that managers need to focus on the groups who influence and are influenced by an enterprise’s business activities. Managing relationships with stakeholders, such as stockholders, employees, customers, and community, etc., is imperative for a firm to reach success. CSR relates to the way a company treats stakeholders in terms of moral obligation. Carroll [24] stated that stakeholder theory can explain the motivation of CSR practices, and this is a promising theory to “match” the CSR concept. Not surprisingly, stakeholder theory has been one of the most commonly used notions in CSR literature. In 1990, the focus of CSR shifted to more pragmatic issues [26]. Specifically, scholars tried to link CSR benefits to practical business cases and attempted to address the tangible gains an enterprise may collect from CSR engagement [27]. During the late 1990s, researchers were inclined to incorporate CSR into strategic management so as to establish a connection between the concept and the market outcome [28]. Scholars attempted to associate the CSR strategy with the business strategy level and figure out how a firm could achieve both financial and social benefits for its stakeholders to ensure competitiveness [29]. Since the 20th century, the development of value creation took place in the CSR field. In particular, CSR practices enable companies to add value, such as attracting valuable human resources, cultivating firm image, and so on [30]. Another movement of CSR in the new millennium was the concern for sustainability. CSR was treated as an enterprise’s commitment to maximize long-term positive effects and minimize negative impacts on society [31]. Consequently, CSR practices can be embraced as a key component in organizational objectives in order to achieve sustainability [32]. The evolution of CSR is presented in Figure 1.
Mostrar mais

18 Ler mais

Innovation and performance in hotel industry: evidence from Portugal

Innovation and performance in hotel industry: evidence from Portugal

Business performance can be defined as “the achievement of organizational goals related to profitability and growth in sales and markets share, as well as the accomplishment of general firm strategic objectives” (Hult et al., 2004; p. 431). Companies carry out innovations in order to contribute to their performance (Damanpour, 1991), either in order to survive in rapidly changing market environments or to improve their effectiveness and results. Innovativeness and capacity to innovate are important determinants of business performance regardless of its market turbulence (Hult et al., 2004). However, empirical research on the relationship between innovation and company performance has also led to some controversial results (e.g Pikkemaat and Peters, 2005; Campo, Dias and Yagüe, 2014). Rosenbusch, Brinckmann, and Bausch (2011) concluded based on their extensive literature review that in case of small and medium sized enterprises, the relationship between innovation and performance depends to large extent on the context, whilst highlighting such factors as the company age, the type of innovation and cultural context. Pikkemaat and Peters (2005) found no relation between the innovation degree and entrepreneurs’ satisfaction with the hotel’s revenue in small and midsize Alpine hotels and Campo et al. (2014) found hotel´s tendency to innovate not contributing directly and positively to hotel´s short term performance.
Mostrar mais

219 Ler mais

Do investors price industry risk? Evidence from the cross-section of the oil industry

Do investors price industry risk? Evidence from the cross-section of the oil industry

Our work is closely related to the bulk of the literature that focuses on how industry specificities affect asset pricing. A series of papers indicate the industry features that might impact asset pricing (see, for example, Asness et al 2000; Cohen et al 2003; Hou 2003; Moskowitz and Grinblatt 1999). Hou and Robinson (2006) focus on industry features such as industry concentration and posit that the structure of product markets may affect stock returns. Those researchers argue that operating decisions arise from an equilibrium in the product market that potentially reflects strategic interactions among market participants. Therefore, the structure of product markets may affect the risk of a firm’s cashflows and, hence, a firm’s equilibrium rate of return. If the structure of product markets affects asset prices, then either the market structure affects risk directly or it is somehow correlated with investor perceptions in a way that links it to behavioral phenomenons. The results of those studies reveal that firms in concentrated industries earn lower returns. Lewellen et al (2010) show that several risk-based asset pricing models are rejected because they fail to explain the cross- section of returns on industry portfolios, while Chou et al (2012) show that industry portfolio returns cannot be fully explained by well-known asset pricing models.
Mostrar mais

30 Ler mais

Boardroom Gender Diversity and Firm Financial Performance: Evidence from the Banking Sector in Georgia

Boardroom Gender Diversity and Firm Financial Performance: Evidence from the Banking Sector in Georgia

However, if we look back to the recent history we will see that women were widely promoted in management during the Soviet Union times due to the Communist ideal of equality of opportunity. The consequence was that females were not only represented in those traditional industries such as healthcare and hospitality but they were well accepted in other service industries such as financial services and technology. 3 On the other hand, after the collapse of the Soviet Union, the process of transition from planned economy to the market economy was really painful for the country. The process of privatization created a big gap between the rich and poor layers in the society. Moreover, political instability of the new government led to huge unemployment in the early 1990s. Notably women were significantly affected due to the collapse of all the traditional women’s fields such as food industry, textile, chemical production, etc. Even though they tried to adapt to the new market standards most of them were unable to find employment according to their
Mostrar mais

42 Ler mais

A study on the effects of human resources strategies on the organizational performance: Evidence from Pharmaceutical industry

A study on the effects of human resources strategies on the organizational performance: Evidence from Pharmaceutical industry

competitive supremacy, value making, and guaranteeing long-term growth, increasingly depend on the human capital role of the organization, which means the collection of knowledge, attitude, conduct, capabilities and experience of the personnel (Allen & Wright, 2006). Therefore, it can be said that human force could be considered as the most important competitive advantage for any firm and managers should know how to deal with this strategic factor and learn how to use this competitive advantage, more efficiently. The concept of human resources management was introduced in the mid 80’s with the goal of providing ways to manage employee and to help improve the performance of organizations (Samei, 2009). Human resources management includes managing the most valuable assets of any company, which include the employees who work there and individually or together help the company reach its objectives. To reach this goal, one of the fundamental methods is to enter the strategic management into the human resources area and to create or to select suitable strategies for the work force occupied at the organization (Akhavan & Pezashkan, 2012).
Mostrar mais

8 Ler mais

A study on the effect of intellectual capital on firm performance: Evidence from Tehran Stock Exchange

A study on the effect of intellectual capital on firm performance: Evidence from Tehran Stock Exchange

Traditionally, land, labor and capital used to be considered the most valuable assets in economics. For years, physical assets were considered the main determinants of the performance of any economic activity. However, the fast expansion of science, technology and finally the globalization altered the pattern and structure of the production system. The new production system is mainly driven by technology, knowledge, expertise and relationships with stakeholders, which may collectively be described as Intellectual Capital (IC). In the new economic system known as the knowledge economy, intangible or intellectual assets have eventually recognized as the prominent resources. Companies like software, finance, pharmaceutical; banking, hotel etc. depend entirely on a considerable extent on the IC for earning revenues. Production or manufacturing firms use IC with its physical assets to sharpen their competitive edge. Goh (2005) studied intellectual capital performance of commercial banks in Malaysia. Makki and Lodhi (2009) investigated the impact of intellectual capital on return on investment in Pakistani corporate sector.
Mostrar mais

8 Ler mais

Bank Privatization and Market Structure of the Banking Industry: Evidence from a Dynamic Structural Model

Bank Privatization and Market Structure of the Banking Industry: Evidence from a Dynamic Structural Model

Table 6 reports the structural parameters estimates. Structural parameters are estimated in units of the scale factor in the EV distribution and do not have a level interpretation. Only relative magnitudes matter. To facilitate the interpretation of the coefficients, in the second column of the table we show the coefficient divided by the absolute value of the entry costs estimate. Standard errors of the parameters are calculated by block bootstraping CCPs, logits for the activity decisions of public players and state transitions 50 times. We estimate the structural model 50 times, one for each block bootstrap draw of beliefs and state transitions. We estimate the standard errors for our parameters from the bootstrap sample. A similar procedure has been applied in Ryan (2012) and Collard-Wexler (2013).
Mostrar mais

37 Ler mais

Mat. Res.  vol.17 número1

Mat. Res. vol.17 número1

Biofragmentation involves the cleavage of the long polymer chains due to the mixed action of abiotic factors and microbial communities, which secretes enzimes or generates free radicals. A polymer is considered as fragmented, when low molecular weight molecules are found within the media. After being transported into the cytoplasm, the small molecules integrate the metabolism pathways. This step is called assimilation and is essential to produce microbial energy, biomass and metabolites. As mineralization takes place, CO 2 , N 2 , CH 4 , H 2 O and different salts from completely oxidized metabolites are released in the extracellular environment. Assimilation allows microorganisms to growth and to reproduce while consuming substrate from the environment 2,3 .
Mostrar mais

10 Ler mais

THREE ESSAYS ON THE MARKET FOR CEOs

THREE ESSAYS ON THE MARKET FOR CEOs

in this graph (as shown by the changes in the numbers of observations below the line chart). If our hypothesis on the persistence of conditions at the first job holds true, we would expect very similar shapes for all full lines in the two figures. For example, individuals who started their career at smaller (worse quality/less successful) firms, would also work on average for smaller firms 10, 20 or 30 years later. However, such pattern does not emerge in any of the figures. The lines for average firm sizes take on very diverging shapes; more often than not they exhibit very weak similarity in shape. More frequently in Figure 3.2 than in Figure 3.1, they intersect on several instances which means that CEOs who started out at a larger firm may later end up either in a smaller firm, or in a larger firm - there is no pattern identifiable or easily perceptible from the plots. Furthermore, the full lines for average firm size at the start of career correspond to the shape of the dotted lines representing the macro conditions at the start of career only to a very small extent. Although the number of observations for each depicted entry year is fairly equally distributed, we need to keep in mind the selection bias in our data. All the individuals we consider become CEOs at some point. Some of them become CEOs faster than others (on average, they take around 20 years), so the period for which we can follow each of them in their CEO position in our data is also quite different (on average, 7.5 years).
Mostrar mais

162 Ler mais

The effect of market distress on mutual fund performance: international evidence

The effect of market distress on mutual fund performance: international evidence

Our main hypothesis is that countries with more competitive mutual fund industries would present lower performance during recession periods. In more competitive countries, investors are more sophisticated and react more to poor performance (see Ferreira et al, 2013) by selling more heavily their positions. As a consequence, mutual fund managers are forced to rebalance their portfolios by selling assets, particularly those with higher risk-taking positions, at distressed or “fire sale” prices and therefore experience severe losses. Coval and Stafford (2007) and Wu (2017) show that “fire sales” in mutual funds that experience large outflows lead to a negative stock price pressure. Also, Massa and Zhang (2012: 1) show that during the 2007-2009 financial crisis there was a “…significant jump for both stock illiquidity and fire-sale pressure of foreign stocks”. They argue that if a fund holds domestic stocks (e.g. U.S. stocks) and stocks from foreign companies (e.g. Japanese companies), and if there is turbulence in the U.S. market, it is likely to result in“… constrained U.S. funds facing withdrawals at home, also liquidation of their holdings of Japanese stocks, leading to a deterioration of liquidity in the Japanese market” (Massa and Zhang, 2012: 1).
Mostrar mais

73 Ler mais

The modification process of AlSi21CuNi silumin and its effect on change of mechanical properties of the alloy

The modification process of AlSi21CuNi silumin and its effect on change of mechanical properties of the alloy

Considering mechanism of modification of these precipitations one should take into account that effect of modification of hypereutectic silumins depends on earlier transition to liquid phase of sparingly soluble crystals of primary silicon [1-3]. Tests performed by authors of the studies [4-10] enable utilization of modification treatments together with making use of a various micro additives in order to improve properties of hypereutectoid alloys.

4 Ler mais

Views of CEOs on Firm Performance

Views of CEOs on Firm Performance

Advocates of internal ownership emphasize the posiive effects of employee paricipaion in deci‐ sion‐making and profit sharing (Jones & Svejnar, 1982), especially concerning employee moivaion, conflict resoluion and the employees' idenificaion with firm's goals (Nui, 1988). Employee paricipa‐ ion also helps to increase producivity, decrease ab‐ senteeism and create beter condiions for learning, and all these aspects together have a posiive im‐ pact on a firm's compeiiveness (Estrin, Jones & Svejnar, 1987). Nonetheless, internal ownership has its weaknesses. They are mainly linked with the free‐rider effect, which is a paricular problem in large firms with a low level of control over decision‐ making (Jensen & Meckling, 1979). In addiion, stud‐ ies have found a low level of investment orientaion and flexibility of such firms; both aspects having a negaive influence on potenial external investors (Aghion & Blanchard, 1998; Hrovain & Uršič, 2002). The weaknesses of firms with an internal own‐ ership structure simultaneously consitute the strengths of firms with external ownership. While many studies (e.g. Barrell & Holland, 2000) show posiive effects of external ownership on firm per‐ formance, a few studies in this field (Earle, Estrin & Leshchenko, 1994; Anderson, Young & Murrel, 1999) have not found a posiive correlaion be‐ tween the two. One of the possible reasons for this, menioned by some authors, is the phenomenon of ownership dispersion, which oten has a negaive impact on firm performance (Anderson et al., 1999). Researchers share the view that internal ownership
Mostrar mais

13 Ler mais

GROWTH PERFORMANCE, CARCASS CHARACTERISTICS, MEAT QUALITY OF GROWING PIGS FED DIETS SUPPLEMENTED WITH CRUDE GLYCERIN DERIVED FROM PALM OIL DESEMPENHO PRODUTIVO, CARACTERÍSTICAS DE CARCAÇA E QUALIDADE DA CARNE DE SUÍNOS EM CRESCIMENTO ALIMENTADOS COM DIETA

GROWTH PERFORMANCE, CARCASS CHARACTERISTICS, MEAT QUALITY OF GROWING PIGS FED DIETS SUPPLEMENTED WITH CRUDE GLYCERIN DERIVED FROM PALM OIL DESEMPENHO PRODUTIVO, CARACTERÍSTICAS DE CARCAÇA E QUALIDADE DA CARNE DE SUÍNOS EM CRESCIMENTO ALIMENTADOS COM DIETA

In which: PNI is partial net income per pig per experimental group, PNC is partial net income per pig carcasses by experimental group, Py is price of kg of live swine, Y is body weight of pigs at the end of the experiment, Px is price cumulative weighted kg food, X is amount of food consumed before the sacrifice, n is number of pigs for slaughter/replica, i is experimental treatment, L is lean yield (%), and Pz is price of pork (kg). The prices of raw materials used for economic analysis were set according to the local market in the savannah of Bogotá, and the purchase prices of raw materials were used for testing in Colombian pesos. The price of pork was 4458 $/kg to market Bogotá in April 2011 (14) .
Mostrar mais

12 Ler mais

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

, while t table 1.987 (df = n-2, p-value = 0.05). Because t count> t table, and obtained a significance value 0.000 <p value (0.05) it means that the positive effects are statistically significant (HA accepted). These means ROA (Y4) has positive and significant impact on firm value (Z). These indicates that ROA can be used to predict the value of the company. The results of this study are consistent with theories and opinions Modligiani and Miller that the enterprise value is determined by the earning power of assets. The results of this study also supports research conducted by Vishnani and Shah (2008), Ulupui (2007), Yuniasih and Wirakusuma (2007), who found that the ROA has positive and significant impact on corporate value. But it’s not supported by Pranata Suranta (2004), Kaaro (2002) who found that ROA has negative effect on the firm value. The influence of asset turnover ratio (Y5) on firm value (Z) indicated by the path coefficients (P 11) - 0.026, it’s means asset turnover ratio negatively affect firm value, then the HA rejected. The calculation result obtained t count -0.382, while t table 1.987 (df = n-2, p-value = 0.05). Since t count <t table, and obtained a significance value 0.704> p value (0.05) it means that negative effects are statistically insignificant. These means asset turnover ratio (Y4) have negative effect on firm value (Z) but not significant. The results of this study support Ulupui (2007) that the asset turnover is affect negative but not significan on stock returns. But not in line with the results of Kennedy (2003) which showed a variable asset turnover significantly influence stock returns.
Mostrar mais

11 Ler mais

Effect Of Shape And Plan Configuration On Seismic Response Of Structure

Effect Of Shape And Plan Configuration On Seismic Response Of Structure

Abstract: Earthquake is a very important aspect to be considered while designing structures. Lot of work has been reported by many researchers who worked to study the effect of structures with irregular plan and shape. Being inspired from the work contributed in the study on effects of earthquake on irregular shaped building in plan, this paper presents effects of plan and shape configuration on irregular shaped structures. Buildings with irregular geometry respond differently against seismic action. Plan geometry is the parameter which decides its performance against different loading conditions. The effect of irregularity (plan and shape) on structure have been carried out by using structural analysis software STAAD Pro. V8i. There are several factors which affect the behavior of building from which storey drift and lateral displacement play an important role in understanding the behaviour of structure. Results are expressed in form of graphs and bar charts. It has been observed from the research that simple plan and configuration must be adopted at the planning stage to minimize the effect of earthquake.
Mostrar mais

5 Ler mais

Show all 10000 documents...

temas relacionados