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Revisiting the takeover efficiency argument and the role of the board
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A study of cross‐border profit shifting channels: Evidence from Australia
Abstract
We investigate two cross-border profit shifting channels used by foreign multinational enterprises (MNEs) in Australia and assess the effectiveness of the related measures adopted by the Australian Parliament to combat base erosion and profit shifting (BEPS). Overall, we find that Australian subsidiaries of foreign MNEs used tax-induced intra-group transfer pricing and, to a lesser extent, interest expense loading to shift profit out of Australia throughout the period from 2007 to 2020. However, we find no evidence indicating that profit shifting out of Australia via the two channels has reduced after the implementation of related BEPS countermeasures in Australia from 2013.
Local Food Entrepreneurship in Rural India: Modelling the Challenges
International Journal of Rural Management, Ahead of Print.
Local food entrepreneurship plays a vital role in promoting and distributing regional foods. To link local food with the market, there is a need to develop local food systems that promote and support local food, its distribution and consumption. Local food entrepreneurs are constrained due to various factors prevailing in the entire rural ecosystem, which hinders their prospects of business expansion. This study focussed on identifying the commercially feasible local food products that can be produced and marketed by local entrepreneurs. Also, this study is an effort towards identifying and analysing the challenges perceived by local food entrepreneurs in rural India. The challenges were identified through a literature review and the personal interviews of the rural entrepreneurs and were then modelled through the DEMATEL (decision-making trial and evaluation laboratory) approach. The modelling of challenges helped in identifying the priority areas, based on which focused strategies were suggested for the promotion of local food entrepreneurs. From this study, it emerged that product quality issues, lack of buyers and inconsistent government policies are the most significant challenges perceived by entrepreneurs. This study also includes resource mapping for the local entrepreneurs to present a comprehensive scenario of the prevailing ecosystem.
Local food entrepreneurship plays a vital role in promoting and distributing regional foods. To link local food with the market, there is a need to develop local food systems that promote and support local food, its distribution and consumption. Local food entrepreneurs are constrained due to various factors prevailing in the entire rural ecosystem, which hinders their prospects of business expansion. This study focussed on identifying the commercially feasible local food products that can be produced and marketed by local entrepreneurs. Also, this study is an effort towards identifying and analysing the challenges perceived by local food entrepreneurs in rural India. The challenges were identified through a literature review and the personal interviews of the rural entrepreneurs and were then modelled through the DEMATEL (decision-making trial and evaluation laboratory) approach. The modelling of challenges helped in identifying the priority areas, based on which focused strategies were suggested for the promotion of local food entrepreneurs. From this study, it emerged that product quality issues, lack of buyers and inconsistent government policies are the most significant challenges perceived by entrepreneurs. This study also includes resource mapping for the local entrepreneurs to present a comprehensive scenario of the prevailing ecosystem.
Cross-impact of order flow imbalance in equity markets
Model-free analysis of real option exercise probability and timing
The crowding‐out effects of innovation information disclosure on peers’ innovation: Evidence from innovation‐driven M&As in China
Abstract
This study investigates the impact of rivals' announcements of innovation-driven mergers and acquisitions (M&As) on focal firms' ex-post corporate innovation performance. Exploiting a hand-collected dataset of Chinese listed firms from 2011 to 2018, we find that focal firms file fewer patents after rivals' announcements of innovation-driven M&As. Further analyses show that focal firms become more conservative and hold more cash when rivals intend to obtain innovation resources through M&As. We find that such crowding-out effects are more pronounced for focal firms that are more financially constrained, those facing higher competition, those whose rivals are industry leaders, and those operating in traditional industries.
When social media backfires – intrusive ties in entrepreneurship
The International Journal of Entrepreneurship and Innovation, Ahead of Print.
This study critically explores the potential negative impacts of social media for entrepreneurship, and acknowledges online interactions as a part of the social dynamics surrounding entrepreneurship. The study departs from theories on entrepreneurship as a context-dependent social process and uses Granovetter’s concept of ties as a theoretical lens. To develop an understanding of the social aspects of entrepreneurship, this study employs qualitative methods of inquiry and combines a netnographic approach with ethnography. This study illustrates the need to include interactions on social media platforms as a part of the social context for entrepreneurs, and introduces the concept of intrusive ties for explaining how individuals online can, forcibly, make themselves part of the entrepreneurial process.
This study critically explores the potential negative impacts of social media for entrepreneurship, and acknowledges online interactions as a part of the social dynamics surrounding entrepreneurship. The study departs from theories on entrepreneurship as a context-dependent social process and uses Granovetter’s concept of ties as a theoretical lens. To develop an understanding of the social aspects of entrepreneurship, this study employs qualitative methods of inquiry and combines a netnographic approach with ethnography. This study illustrates the need to include interactions on social media platforms as a part of the social context for entrepreneurs, and introduces the concept of intrusive ties for explaining how individuals online can, forcibly, make themselves part of the entrepreneurial process.
Entrepreneurial learning and entrepreneurial performance: evidence from Chinese farmer entrepreneurs
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CEO turnovers and capital structure persistence
Abstract
Firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their chief executive officer (CEO) for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time-series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing policy of the firm. Significant capital structure changes take place immediately after a new executive takes office and leverage ratios remain relatively stable for the remaining tenure of the CEO.