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مشخصات مقاله
ترجمه عنوان مقاله اطلاعیه های درآمد، توجه سرمایه گذاران و حق بیمه اعلام درآمد
عنوان انگلیسی مقاله Earnings Notifications, Investor Attention, and the Earnings Announcement Premium
انتشار مقاله سال 2018
تعداد صفحات مقاله انگلیسی 49 صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
منتشر شده در نشریه الزویر
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط اقتصاد و مدیریت
گرایش های مرتبط اقتصاد مالی، مدیریت مالی، بیمه
مجله مجله حسابداری و اقتصاد – Journal of Accounting and Economics
دانشگاه Washington University in St. Louis – Olin Business School – United States
کلمات کلیدی توجه سرمایه گذار، حق بیمه اعلام درآمد، اعلان های سود
کلمات کلیدی انگلیسی Investor Attention, Earnings Announcement Premium, Earnings Notifications
شناسه دیجیتال – doi
https://doi.org/10.1016/j.jacceco.2018.05.002
کد محصول E9008
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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1 Introduction

The literature documents a pattern of positive returns around earnings announcements (EAs), commonly referred to as the earnings announcement premium (EAP). Studies either cite an information explanation, attributing this phenomena to (i) increased risk or market frictions because of the information revealed in the EA (Ball and Kothari 1991; Cohen et al. 2007; Patton and Verardo 2012; Levi and Zhang 2015; Savor and Wilson 2016), 1 or (ii) an attention explanation, because of greater investor attention around the announcement (Frazzini and Lamont 2007; Hirshleifer et al. 2008; Aboody et al. 2010; Lawrence et al. 2017). Recent research mainly supports the information view and questions the robustness of evidence for the attention explanation. These studies suggest that results supporting the attention explanation conflate the effects of information and attention, use empirical proxies that do not explain positive returns before the EA (when much of the EAP is generated), and are sensitive to variable construction choices (Cohen et al. 2007; Barber et al. 2013; Levi and Zhang 2015). Additionally, these two explanations have been mostly studied independently, with papers supporting one explanation largely overlooking the other. Research thus fails to describe how they might jointly explain the EAP. The objectives of this paper are to provide new evidence of the attention explanation and reconcile the two explanations. I proceed in three phases. First, I document an attention effect, similar to the EAP, for earnings notifications, which points to an attention effect for EAs, given their similar attention-grabbing properties. Second, I show that earnings notifications attenuate the attention-grabbing effect of EAs, allowing for empirical identification of the effect of attention on the EAP. Third, I provide further evidence of the attention effect and compare it to the information-based explanations, showing how both explain the EAP. In the first phase, I use a setting of earnings notifications, which, like EAs, are firm-initiated press releases distributed to investors via paid newswires and are therefore likely to grab attention. However, unlike EAs, notifications provide no additional information about firm performance. Thus I argue they provide a research setting that disentangles the effect of attention from that of new information. 2 I find abnormal returns of between 8 and 11 basis points, 41% more internet searches of the SEC’s repository of firm filings (EDGAR searches), and 5% higher trading volume on notification days. As additional evidence of an attention effect, I show that notification-day returns are higher for lower visibility firms (where additional attention should have a larger effect) and firms for which short selling is more constrained (which limits the trading choices to buying or abstaining from trade, increasing the effect of attention on returns). In the second phase, I show that earnings notifications attenuate attention to the EA. Given the similar attention-grabbing properties of notifications and EAs and the fact that the earnings notification occurs soon before the EA, the behavioral literature on habituation predicts a diminished response to the EA (Thompson and Spencer 1966; Groves and Thompson 1970; Rankin et al. 2009). Thus, to the extent that the EAP is caused by attention, the effect should diminish in the presence of an earnings notification. Consistent with this prediction, I find that, when firms provide notifications, returns are 0.24% higher over the five trading days before the EA (when notifications often occur) and 0.22% lower around the EA. EDGAR searches around the EA are also lower in the presence of earnings notifications.

نوشته مقاله انگلیسی رایگان در مورد اطلاعیه های درآمد، توجه سرمایه گذاران و حق بیمه اعلام درآمد – الزویر 2018 اولین بار در سایت آی اس آی دانلود ISIDL. پدیدار شد.


 

مشخصات مقاله
ترجمه عنوان مقاله نقدینگی سهام و دارایی های نقدی شرکت ها
عنوان انگلیسی مقاله Stock Liquidity and Corporate Cash Holdings
انتشار مقاله سال 2018
تعداد صفحات مقاله انگلیسی 19 صفحه
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منتشر شده در نشریه الزویر
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط حسابداری، مدیریت، اقتصاد
گرایش های مرتبط حسابداری مالی، مدیریت مالی، اقتصاد مالی
مجله اسناد تحقیقات مالی – Finance Research Letters
دانشگاه Hanqing Advanced Institute of Economics and Finance – Renmin University of China – China
کلمات کلیدی نقدینگی سهام؛ وجوه نقد نگهداری شده؛ decimalization
کلمات کلیدی انگلیسی stock liquidity; cash holdings; decimalization
شناسه دیجیتال – doi
https://doi.org/10.1016/j.frl.2018.06.018
کد محصول E9009
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بخشی از متن مقاله:

I. Introduction

Previous studies show that firms hold cash for several reasons, such as transaction motives, precautionary motives and agency motives (Opler et al., 1999; Bates et al., 2009). In static trade off theory, corporate cash holdings are determined by the marginal cost of liquidity assets shortage and the opportunity cost of holding liquidity assets. In agency theory, entrenched managers prefer to hold excess cash. Since cash allows managers to make investment without the monitoring and punishment from the capital market. In this paper, we argue that stock liquidity has a negative effect on corporate cash holdings. First, stock liquidity reduces the cost of equity issuing and debt financing (Butler et al., 2005; Huang et al., 2015), lowering the cost of liquidity assets shortage. Second, stock liquidity can enhance corporate governance through both increasing blockholder intervention and amplifying threat of exit (Edmans et al., 2013), making managers less entrenched. Hence, according to static trade off theory and agency theory, firms with liquid stocks will hold less cash. Our study has two main contributions. First, to our knowledge, this study is the first attempt to investigate the impact of stock liquidity on corporate cash holdings. Second, we use decimalization as a quasi-natural experiment to effectively mitigate endogenous concerns in our tests.

II. Data and Variables

We obtain our data from two data sources. Accounting variables are from COMPUSTAT and intra-day stock data is from TAQ. The sample period is from 1993 to 2013 and we exclude financial firms and utility firms. Following Opler et al. (1999), we measure cash holdings as the ratio of cash and short-term investments to net assets. We use the negative natural logarithm of the annual dollar effective spread as our liquidity measure. The annual dollar effective spread is calculated as the equallyweighted average of the daily dollar effective spread over a fiscal year for a stock. The daily dollar effective spread is defined as the simple average of the dollar effective spreads for each matched quote/trade1 over a trading day for each stock in our sample. Our control variables include firm size, market-to-book ratio, cash flow, net working capital, capital expenditures, leverage, industry cash flow volatility, dividend dummy, R&D and acquisitions expenditures, all of which have been shown having effects on corporate cash holdings in literature. Additionally, we control the close price at the end of the fiscal year to remove the influence of price level on the dollar effective spread. We also include year dummy variables and 2-digit SIC industry dummy variables to control year fixed effects and industry fixed effects in our regression tests. Table 1 gives the detailed descriptions for these variables. Summary statistics for variables are listed in Table 2. The average (median) cash holding is equal to approximately 31.2% (6.8%) of net assets.

نوشته مقاله انگلیسی رایگان در مورد نقدینگی سهام و دارایی های نقدی شرکت ها – الزویر 2018 اولین بار در سایت آی اس آی دانلود ISIDL. پدیدار شد.

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مشخصات مقاله
ترجمه عنوان مقاله درک نوسانات بازار سهام: نقش عدم اطمینان ایالات متحده چیست؟
عنوان انگلیسی مقاله Understanding stock market volatility: What is the role of U.S. uncertainty?
انتشار مقاله سال 2018
تعداد صفحات مقاله انگلیسی 9 صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
منتشر شده در نشریه الزویر
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط اقتصاد
گرایش های مرتبط اقتصاد مالی و اقتصاد پولی
مجله مجله اقتصاد و امور مالی آمریکای شمالی – North American Journal of Economics and Finance
دانشگاه School of Statistics and Mathematics – Central University of Finance and Economics – China
کلمات کلیدی عدم اطمینان ایالات متحده، مدل GARCH-MIDAS، نوسانات بازار سهام، خطرات بازار
کلمات کلیدی انگلیسی U.S. uncertainty, GARCH-MIDAS model, Stock market volatility, Market contagion
شناسه دیجیتال – doi
https://doi.org/10.1016/j.najef.2018.07.014
کد محصول E9010
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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بخشی از متن مقاله:
1. Introduction

Global financial market integration has received extensive attention among academics and practitioners alike (Barberis, Shleifer, & Wurgler, 2005; Bekaert and Harvey, 1995; Carrieri, Errunza, & Hogan, 2007). One of the interesting questions in the field concerns financial market contagion, which is often defined as a higher correlation of market returns or volatility across markets (Forbes & Rigobon, 2002). There is a wide variety of empirical studies that investigate this topic. Hamao, Masulis, and Ng (1990) examine the interdependence of prices and volatility across the Tokyo, London, and New York stock markets and find a volatility spillover across these markets. Solnik, Bourcrelle, and Le Fur (1996), Longin and Solnik (2001) show that international equity market correlation is usually larger in periods of bad market conditions or high volatility. Bekaert and Harvey (2003) employ a two-factor model to investigate contagion among different regions. As the U.S. has the world’s largest equity market, many studies focus on the spillover from the U.S. stock market. Ashanapalli and Doukas (1993) indicate that the U.S. stock market has considerable impact on the French, German, and UK markets, showing the exact direction of the spillover. Rapach, Strauss, and Zhou (2013) find that lagged U.S. returns significantly predict market returns in non-U.S. industrialized countries. Boubaker, Jouini, and Lahiani (2016) investigate the market contagion from the U.S. on select developed and emerging market during the global financial crisis. This study highlights a new channel of financial market contagion and a new source of stock market volatility: uncertainty. As we know, uncertainty is now an important factor in financial asset pricing and, as such, it influences investors’ consumption and portfolio decisions, which can lead to changes in asset prices (Drechsler, 2013). King and Wadhwani (1990) indicate that contagion occurs when rational agents attempt to infer information from other markets. The literature describes the theory of market contagion. As the U.S. has the world’s largest equity market, initial tremors in the U.S. economy and financial markets are not confined to the U.S. alone, but spread to other countries, indicating that foreign agents definitely focus on the U.S. economy and financial market conditions. The recent financial crisis in 2008 has already revealed that US stock market crash can transmit to other countries with surprising speed, and eventually evolves into a global crisis. As a source of such important market information, any economic uncertainty in the U.S. is immediately detected by foreign investors and can lead to changes in asset prices and volatility, thereby making it a channel of market contagion. Hence, it is plausible that the uncertainty of US stock market should play a critical role in international equity markets. There are many measures of uncertainty, including economic policy uncertainty (EPU, Baker, Bloom, & Davis, 2016), financial and macro uncertainty (FU and MU, Jurado, Ludvigson, & Ng, 2015; Ludvigson, Ma, & Ng, 2018), the macroeconomic uncertainty index (MUI, Bali, Brown, & Caglayan, 2014; Asgharian, Christiansen, & Hou, 2015), news-based implied volatility (NVIX, Monela & Moreira, 2017), and global uncertainty (GU, Ozturk & Sheng, 2017). Moreover, a rich amount of empirical studies use these measures of uncertainty to examine the relationships between uncertainty and asset returns or volatility (e.g., Asgharian et al., 2015; Bams, Blanchard, Honarvar, & Lehnert, 2017; Bekiros, Gupta, & Kyer, 2016; Conrad and Loch, 2015; Su, Fang, & Yin, 2017; Yao and Sun, 2018). The empirical results of these studies are similar and straightforward and uncertainty is usually positively associated with asset volatility.

نوشته مقاله انگلیسی رایگان در مورد درک نوسانات بازار سهام: نقش عدم اطمینان ایالات متحده – الزویر 2018 اولین بار در سایت آی اس آی دانلود ISIDL. پدیدار شد.


 

مشخصات مقاله
ترجمه عنوان مقاله اثر متقابل بین معاملات با اشخاص وابسته و مدیریت سود: نقش کیفیت حسابرسی
عنوان انگلیسی مقاله The Interplay between Related Party Transactions and Earnings Management: The role of Audit Quality
انتشار مقاله سال 2017
تعداد صفحات مقاله انگلیسی 45 صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
منتشر شده در نشریه الزویر
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط حسابداری
گرایش های مرتبط حسابرسی
مجله مجله بین المللی حسابداری، حسابرسی و مالیات – Journal of International Accounting Auditing and Taxation
دانشگاه  Assistant Professor of Accounting – The American University of Beirut – Lebanon
کلمات کلیدی معاملات بخش مرتبط؛ مدیریت سود؛ یونان
کلمات کلیدی انگلیسی Related Party Transactions; Earnings Management; Greece
شناسه دیجیتال – doi
https://doi.org/10.1016/j.intaccaudtax.2018.07.003
کد محصول E9002
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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1. Introduction

Considerable analysis of the nature and objectives of related party transactions (RPTs)2 has been published in the last decade. Numerous studies documented that RPTs are a potential means to expropriate outside shareholders through self-dealing (Ryngaert and Thomas, 2012); provide direct opportunities for related parties to extract resources from minority shareholders (Djankov et al., 2008), and have used as an alternative tool to manage earnings (Chen et al., 2011). Another view is that RPTs are used for legitimate commercial purposes (Gordon et al., 2004) and, in such circumstances, are not conducted to mask wealth extraction from minority shareholders (Gordon et al., 2007). However, it can still be argued that the presence of RPTs are a signal that the firm’s insiders are open to self-trading and could be suggestive of the presence of other opportunistic behaviors, such as earnings management (Kohlbeck and Mayhew, 2017). Academic research has been interested, over an extended period, in earnings management by companies (Chen et al., 2011). Prior studies have focused on earnings management through accruals-based approaches (Leuz et al., 2003; Dechow and Dichev 2002) or using real activities to create manipulation opportunities (Roychowdhury, 2006). However, , few prior studies have addressed the possible use of transactions with related parties as an enabler of earnings management (Thomas et al., 2004; Aharony et al., 2010; Jian and Wong, 2010). We note also that this stream of research draws inferences on the relationship between RPTs and earnings management from firms in Asian economies, and therefore, may not necessarily be applicable to other markets due to differences in institutional factors3 . An important question, which we believe is not addressed is whether firms conducting RPTs for earnings management purposes, manage earnings through RPTs or through accrual-based and real activities manipulation. We aim to investigate whether or not RPTs are associated with accrual-based and real earnings management. This will contribute to our knowledge of whether RPTs are used to manage earnings and how they are used for this purpose. We attempt to investigate whether firms conducting RPTs engage in other earnings management methods in a coordinated manner. To answer this question, we assess the association between RPTs, accrual-based earnings management and real earnings management. We argue that the amount of disclosed RPTs can indicate whether a firm uses RPTs as a separate tool for managing earnings as a substitute for other forms of earnings management or whether RPTs are used alongside accrual and real earnings management practices. A positive relationship will provide evidence that firms use RPTs jointly with other earnings management tools or at least show that RPTs are a valid signal that indicate that the managers of a company are more likely to be engaged in other opportunistic reporting phenomenon (Kohlbeck and Mayhew, 2017). On the other hand, a negative relationship may indicate that firms conducting RPTs are likely to use RPTs as an alternative tool to manage earnings that can substitute accrual-based or real earnings management. However, if no significant association exists, the argument that RPTs are legitimate business transactions could be supported (Gordon et al., 2004).

نوشته مقاله انگلیسی رایگان در مورد اثر متقابل بین معاملات با اشخاص وابسته و مدیریت سود – الزویر 2017 اولین بار در سایت آی اس آی دانلود ISIDL. پدیدار شد.

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مشخصات مقاله ترجمه عنوان مقاله برگشت کاهش ارزش: گزارش بی طرف یا مدیریت سود عنوان انگلیسی مقاله Impairment Reversals: unbiased reporting or earnings management? انتشار مقاله سال 2017 تعداد صفحات مقاله انگلیسی 41 صفحه هزینه دانلود مقاله انگلیسی رایگان میباشد. منتشر شده در نشریه امرالد نوع مقاله ISI فرمت مقاله انگلیسی  PDF رشته های مرتبط مدیریت، اقتصاد گرایش های مرتبط مدیریت مالی، اقتصاد مالی مجله مجله بین المللی حسابداری و مدیریت اطلاعات – International Journal of Accounting & Information Management دانشگاه ccounting and Finance Department – University College Cork – Ireland کلمات کلیدی برگشت کاهش ارزش، شستشوی بزرگ، تعهد غیر طبیعی، مدیریت سود، ارزش منصفانه کلمات کلیدی انگلیسی Reversal of impairments, big bath, abnormal accruals, earnings management, fair value شناسه دیجیتال – doi
https://doi.org/10.1108/IJAIM-08-2016-0084 کد محصول E9003 وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید. دانلود رایگان مقاله دانلود رایگان مقاله انگلیسی سفارش ترجمه این مقاله سفارش ترجمه این مقاله

دانلود آهنگ مسعود جلیلیان لجباز

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دانلود آهنگ جدید مسعود جلیلیان به نام لجباز

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خواننده نام آهنگ تنظیم دسته بندی
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دانلود آهنگ مسعود جلیلیان رفاقت

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مسعود جلیلیان رفاقت محسن امیری آهنگ غمگین

 

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دانلود آهنگ مسعود جلیلیان روز اول یادته

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مسعود جلیلیان روز اول یادته صابر احمدی آهنگ غمگین

 

 

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مشخصات مقاله
ترجمه عنوان مقاله تاثیر ریسک زنجیره تأمین بر عملکرد مالی شرکت ها
عنوان انگلیسی مقاله Supply chain risk’s impact on corporate financial performance
انتشار مقاله سال 2017
تعداد صفحات مقاله انگلیسی 20 صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
منتشر شده در نشریه امرالد
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط مدیریت، مهندسی صنایع
گرایش های مرتبط مدیریت مالی، مدیریت عملکرد، لجستیک و زنجیره تامین
مجله مجله بین المللی مدیریت عملیات و تولید – International Journal of Operations & Production Management
دانشگاه Department of Business and Management – National University of Tainan – Taiwan
کلمات کلیدی ریسک و عملکرد، عملکرد مالی، اندازه گیری ریسک، ریسک زنجیره تامین
کلمات کلیدی انگلیسی Risk and performance, Financial performance, Risk measurement, Supply chain risk
شناسه دیجیتال – doi
https://doi.org/10.1108/IJOPM-02-2016-0060
کد محصول E8968
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بخشی از متن مقاله:
1. Introduction

In modern business environments characterized by ever-increasing competition and globalization, managers use innovative technologies and strategies to achieve and sustain competitive advantages (Chan and Qi, 2003). Because supply chains (SCs) consist of all activities associated with the flow and transformation of goods from the raw material stage to the end user (Handfield and Nichols, 1999), effective supply chain risk management (SCRM) via coordination and collaboration among SC partners is key to ensuring profitability and continuity (Brindley, 2004; Tang, 2006). Not surprisingly, a considerable amount of literature has accumulated on the subject (e.g. Kleindorfer and Saad, 2005; Ritchie and Brindley, 2007; Rotaru et al., 2014; Zsidisin, 2003; Zsidisin and Ellram, 2003). One recent finding, for example, is that two organization-level factors, perceived operational similarity and market leadership, significantly influence the risk manager’s likelihood of learning what might trigger other firms’ operational losses (Hora and Klassen, 2013). Another finding is that improved internal integration of core business processes within a company enhances demand visibility and thus decreases demand risk (Kache and Seuring, 2014). However, despite the panoply of studies that acknowledge the importance of SCRs to firm performance (e.g. Bavarsad et al., 2014; Cao and Zhang, 2011; Ghadge et al., 2013; Ritchie and Brindley, 2007; Tracey et al., 2005; Zhao et al., 2013), relatively few analyze the impact of supply chain risk (SCR) on firm financial performance. Although few studies do examine the effects of SCR on financial performance, they largely rely on perceptual measures (e.g. Bavarsad et al., 2014; Cao and Zhang, 2011; Zhao et al., 2013), which fail to provide real financial performance quantitatively. Therefore, the main objective of this research is to assess how SCR affects firm financial performance from the perspective of marginal financial performance (MFP) by using a combined method of surveys and financial reports. Such assessment is significant, as the primary aspect of SCR, according to its definition, involves assessing the impact of an incident or failure in SC operations on financial performance (Zsidisin, 2003). The rest of this paper is organized as follows. Section 2 reviews related studies, Section 3 delineates the test hypotheses, Section 4 describes the sample collection and presents the research methodology, and Section 5 depicts the statistical tests and model building. Section 6 discusses the implications of the research results. Section 7 presents the research summary and conclusions.

نوشته مقاله انگلیسی رایگان در مورد تاثیر ریسک زنجیره تأمین بر عملکرد مالی شرکت ها – امرالد 2017 اولین بار در سایت آی اس آی دانلود ISIDL. پدیدار شد.