This paper investigates capital structure determinants of New Zealand-listed firms. This study is an extension from previous studies conducted by Boyle andEckhold (1997) and, Wellalage &Locke (2012). Boyle and Eckhold and, Wellalage and Locke examine capital structure choices in New Zealand, especially the debt choices of NZ's corporate firms. Using a balanced-panel of 79 New Zealand-listed firms, this study employs a balanced panel method, using dynamic-panel Instrumental Variable-Generalised Methods of Moments (IV-GMM) as it corrects heteroskedasticity and endogeneity problems which might result in an unbiased and inconsistent estimation. All variables, apart from non-debt tax shields and profitability exhibit a significant impact on total debt. Overall, these variables confirm the trade-off theory,

No abstract

This study attempts to examine the impact of working capital management (WCM) on profitability and examine the working capital conditions of several companies listed on the Indonesia Stock Exchange (IDX). The sample used is 135 listed firms and were selected from each sector, such as plantation, pharmaceutical, telecommunication, investment, retail, and the cement and metal industries from 2000 to 2019. The variables employed in this study are working capital investment strategy (WCIS), working capital financing strategy (WCFS), cash conversion cycle (CCC), days sales outstanding (DSO), days inventory outstanding (DIO), days payable outstanding (DPO), debt ratio (DR), size, age, and current ratio (CR). The ordinary least squares (OLS) was employed to analyze the data. The results revealed that the working capital investment approach has a positive and significant effect on return on assets (ROA) in all regression models used; the working capital financing approach has a negative effect on ROA but not significant; the working capital investment approach to the gross profit margin in all models shows a negative and significant coefficient; and the working capital financing approach shows a negative and significant sign for all capital used. Based on the type of industry, companies that use a lot of aggressive working capital investment approaches are the agriculture industry and the infrastructure, utility and transportation industries. Meanwhile, companies that mostly take a conservative working capital investment approach are the consumer goods industry, the basic chemical industry and the miscellaneous industry. Contribution/Originality: This study is one of very few studies that have investigated working capital management on profitability and also examines the working capital conditions of several companies on the Indonesia Stock Exchange (IDX) using considerable and diverse firms as the sample. tenure of current liabilities and choose the right kind of debt that matches the tenure of a firm's assets. Working capital is required for a firm to carry out its daily operations. Working capital is the overall value of a firm's current assets, which are also referred to as gross working capital, and consist of cash, receivables, inventory Asian Economic and Financial Review

This study aims to investigate the effects of financial and digital literacy on growth of small and medium enterprises (SMEs) managed by women in Indonesia. Data were collected through questionnaires of women entrepreneurs in Palembang, Indonesia. For the purpose of comparison, data of men entrepreneurs were also collected. The variables employed are latent variables such as financial literacy, digital literacy, SME’s growth which are derived from a series of questions to indicate each variable. A total of 240 women and 240 men were analyzed using structural equation modelling (SEM). The results reveal that both financial and digital literacy had positive and significant effects on return on assets. On the other hand, only digital literacy had positive and significant effects on growth. The findings further evidence that women had a lower level of digital knowledge compared to men. Furthermore, the results show that in the short term, financial literacy and digital literacy are important to understand and implement. But in the long run, digital literacy plays an important role because it impacts business growth. This is in line with an increasingly fierce market competition where the market is also shifting from traditional markets to modern markets. Not only the market, but consumers are also shifting from traditional consumers to digital consumers.

Abstract:The committee on board includes audit committee and nomination committee that currently has been questioned as to whether the firm value is also affected by the committees' performance that has been the subject of attention. Apparently, this study is the first to attempt providing an evidence of committees' role on to the extent of its contribution to firm value in the context of Indonesian Sharia-listed firms as the establishment of Islamic-compliance firms is currently experiencing an upward trend in many countries. Hence it is enticing to examine the impact of committee on board as part of corporate governance mechanisms on firm value in the Indonesian Sharia-listed firms. Using an Indonesian Sharia-listed firms which counts for 30 firms in the quarterly period of 2009 to 2015, this study employs a 720 balanced panel, using Generalized Least Square. The results reveal that the audit committee and the nomination committee have a significant impact on firm value (Tobin's Q). The non-significant result for ROA suggesting that the mixed measured of book and market is viewed more reliable for investors as it indicates the overall performance measure. Meanwhile the result of the number of audit committee meeting yielded no significant impact on firm value; this may be due to no restrictions on the number of positions of audit committee serves in firms, therefore,

No abstract

Purpose -The purpose of this paper is to examine whether the registered charities in New Zealand have adopted the principle-based corporate governance practices similar to those adopted by the publicly-listed companies and the effect corporate governance practices have on their financial performance measured by technical efficiency, allocative efficiency and quick ratio. The paper addresses four important questions: how registered charities in New Zealand are managed and controlled; whether the funds donated to registered charities are utilised effectively; the nature of the corporate governance practiced by registered charities in New Zealand; and the nature of compliance to the Charities Act 2005. Design/methodology/approach -Panel data for the registered charities over the period 2008-2010 are analysed using ordinary least squares (OLS) regression and Tobit model regression. Technical efficiency, allocative efficiency and quick ratio are used as the dependent variables. Findings -The findings indicate that there is no reporting requirement for the registered charities under the Charities Act 2005 to report detailed information regarding the board make-up, board committees, board meetings, etc. and therefore, registered charities have not reported such information. The results show also that board gender diversity is an important corporate governance mechanism to mitigate agency problem in charitable organisations in New Zealand. However, large board size and large donors have potential to increase agency costs in charitable organisations in New Zealand. Research limitations/implications -Caution should be exercised when interpreting and generalising the paper's results, as this study is a case study of registered charities in New Zealand and data comprised only large charities that have revenue over NZ$20 m. It should also be noted that there was a small sample size, which may have had a bearing on the results. Practical implications -This study offers insights for policy makers and practitioners interested in adopting similar corporate governance practices within their country. Social implications -Within New Zealand, issues relating to management and control of charitable organisations are better understood and as a consequence, development of sector-wise standards could be initiated. Originality/value -This research is novel as it investigates the nature of corporate governance practices relating to the registered charities in New Zealand. The availability of data provided by Charities Commission made this research possible.

This study attempts to investigate the impact of board structure and ownership structure on firm performance of blue chip firms listed in Indonesia Stock Exchange. Blue chip firms is referred as LQ45 in Indonesian Stock Exchange, and it consists of 45 the most liquid firms among other firm listed in Indonesian Stock Exchange. Using balanced panel of 45 blue chip firms which spans from 2010 to 2014; this study employs a logistic regression. The findings reveal that apart from independent commissioner and audit committee, all variables have a significant impact on firm performance.