Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To emp...Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.展开更多
Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the incom...Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the income model of public goods utility concerning the rural elite and ordinary villagers;research the incentive of social capital for the rural elite and villagers,and impact of social capital on the rural elite and villagers.Three inferences can be drawn from the model:the precondition for the elite to prompt the collective cooperation is having " good reputation" ;" good reputation" of the elite in the supply of public goods can abate farmers' motive of " free rider" ;the role of the elite in organizing the supply of public goods can save the transaction costs in the process of collective action.Taking the case of Shunhe Village,Panyu District,Guangzhou City,I explain this model.Finally,some policy recommendations are put forth as follows:rebuilding the community credit;giving full play to the role of the rural elite in the supply of public goods in rural areas.展开更多
Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the ...Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the consequences of collective turnover. Based on the case study of the Qidian founders＇ collective turnover, we build a holistic theoretical framework to show the dynamics and continuity over time, influenced by the complexity of context. Our main conclusions are as follows： （1） collective turnover has a cascade effect, causing a series of secondary and derivative events, （2） collective turnover has both proximal and distal impacts on human capital flow, operational performance and financial performance, （3） whether or not a collective turnover has a positive or negative effect depends on the context factors. An event chain perspective that extends collective turnover theory and organizational behavior theory is used. We advocate for an integrate understanding of the consequences of collective tumover. In addition, this research will provide practical, instructive policies to intervene in collective turnover.展开更多
文摘Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.
文摘Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the income model of public goods utility concerning the rural elite and ordinary villagers;research the incentive of social capital for the rural elite and villagers,and impact of social capital on the rural elite and villagers.Three inferences can be drawn from the model:the precondition for the elite to prompt the collective cooperation is having " good reputation" ;" good reputation" of the elite in the supply of public goods can abate farmers' motive of " free rider" ;the role of the elite in organizing the supply of public goods can save the transaction costs in the process of collective action.Taking the case of Shunhe Village,Panyu District,Guangzhou City,I explain this model.Finally,some policy recommendations are put forth as follows:rebuilding the community credit;giving full play to the role of the rural elite in the supply of public goods in rural areas.
基金The study is supported by China＇s National Nature Science Foundation （No. 71472094, 71132001）. We gratefully acknowledge the invaluable comments and advice from Professor Bing Ren （任兵）. We thank the editors and two anonymous reviewers for their constructive and generative comments throughout the review process.
文摘Unlike previous studies that have primarily focused on the causes and processes, this research emphasizes the consequences of collective turnover. Starting from a literature review, we use event chains to explore the consequences of collective turnover. Based on the case study of the Qidian founders＇ collective turnover, we build a holistic theoretical framework to show the dynamics and continuity over time, influenced by the complexity of context. Our main conclusions are as follows： （1） collective turnover has a cascade effect, causing a series of secondary and derivative events, （2） collective turnover has both proximal and distal impacts on human capital flow, operational performance and financial performance, （3） whether or not a collective turnover has a positive or negative effect depends on the context factors. An event chain perspective that extends collective turnover theory and organizational behavior theory is used. We advocate for an integrate understanding of the consequences of collective tumover. In addition, this research will provide practical, instructive policies to intervene in collective turnover.
