簡介：RESEARCHININTERNATIONALBUSINESSANDFINANCE32201436–49CONTENTSLISTSAVAILABLEATSCIENCEDIRECTRESEARCHININTERNATIONALBUSINESSANDFINANCEJOURNALHOMEPAGEWWWELSEVIERCOM/LOCATE/RIBAFTHEIMPACTOFWORKINGCAPITALMANAGEMENTONFIRMPROFITABILITYINDIFFERENTBUSINESSCYCLESEVIDENCEFROMFINLANDJULIUSENQVISTA,MICHAELGRAHAMB,?,JUSSINIKKINENCANORDEABANK,FINLANDBSCHOOLOFBUSINESSSTOCKHOLMUNIVERSITY,SWEDENCDEPARTMENTOFACCOUNTINGANDFINANCEUNIVERSITYOFVAASA,FINLANDARTICLEINFOARTICLEHISTORYRECEIVED30AUGUST2013RECEIVEDINREVISEDFORM5MARCH2014ACCEPTED6MARCH2014AVAILABLEONLINE15MARCH2014KEYWORDSWORKINGCAPITALBUSINESSCYCLESPROFITABILITYJELCLASSIFICATIONG30G31G32ABSTRACTTHERECENTECONOMICDOWNTURNOF2007–2008HASBROUGHTRENEWEDFOCUSONWORKINGCAPITALPOLICIESINTHISPAPERWEEXAMINETHEROLEOFBUSINESSCYCLESONTHEWORKINGCAPITAL–PROFITABILITYRELATIONSHIPUSINGASAMPLEOFFINNISHLISTEDCOMPANIESOVERAN18YEARPERIODWEFINDTHEIMPACTOFBUSINESSCYCLEONTHEWORKINGCAPITAL–PROFITABILITYRELATIONSHIPISMOREPRONOUNCEDINECONOMICDOWNTURNSRELATIVETOECONOMICBOOMSWEFURTHERSHOWTHATTHESIGNIFICANCEOFEFFICIENTINVENTORYMANAGEMENTANDACCOUNTSRECEIVABLESCONVERSIONPERIODSINCREASEDURINGPERIODSOFECONOMICDOWNTURNSOURRESULTSDEMONSTRATETHATACTIVEWORKINGCAPITALMANAGEMENTMATTERSAND,THUS,SHOULDBEINCLUDEDINFIRMS’FINANCIALPLANNING?2014ELSEVIERBVALLRIGHTSRESERVED1INTRODUCTIONTHISPAPERINVESTIGATESTHEEFFECTOFTHEBUSINESSCYCLEONTHELINKBETWEENWORKINGCAPITAL,THEDIFFERENCEBETWEENCURRENTASSETSANDCURRENTLIABILITIES,ANDCORPORATEPERFORMANCEEFFICIENTWORKING?CORRESPONDINGAUTHORATSTOCKHOLMUNIVERSITY,STOCKHOLMBUSINESSSCHOOL,S10691STOCKHOLM,SWEDENTEL4686747451EMAILADDRESSESJULIUSENQVISTNORDEACOMJENQVIST,MICHAELGRAHAMRMITEDUAU,MGRFEKSUSEMGRAHAM,JNUWASAFIJNIKKINENHTTP//DXDOIORG/101016/JRIBAF20140300502755319/?2014ELSEVIERBVALLRIGHTSRESERVED38JENQVISTETAL/RESEARCHININTERNATIONALBUSINESSANDFINANCE32201436–49THELARGESTPOTENTIALFORIMPROVEMENTINWORKINGCAPITALCOULDBEFOUNDWITHINTHEOPTIMIZATIONOFINTERNALPROCESSESTHISSUGGESTSTHATTHISAREAISNOTPRIORITIZEDINTIMESOFBUSINESSGROWTHWHICHISTYPICALOFTHEGENERALECONOMICEXPANSIONPERIODSANDISEXPOSEDINECONOMICDOWNTURNSOUREMPIRICALFINDINGSHAVEPRACTICALUSAGEESPECIALLYINTHEEVENTOFTHERECENTFINANCIALCRISISOF2007–2008ANDTHEASSOCIATEDDISTRESSEDSTATEOFTHEGLOBALECONOMYTHELIQUIDITYOFMANYCOMPANIESCOMESUNDERINTENSEPRESSUREANDCASHBECOMESASCARCERESOURCEDUETOTHETIGHTCREDITMARKETCONDITIONSANDDECREASEDDEMANDAROUNDSUCHPERIODSEVIDENTLY,THISCONDITIONACCENTUATESTHEIMPORTANCEOFEFFICIENTWORKINGCAPITALPRACTICESINTERESTINGLY,AEUROPEWIDESURVEYONWORKINGCAPITALINDICATESTHATVERYLITTLEHASBEENDONETOSIGNIFICANTLYINCREASEWORKINGCAPITALEFFICIENCYBETWEEN2004AND2008,WHICHINCLUDESTHEONSETOFTHECURRENTFINANCIALCRISISPWC,2009THEECONOMICIMPLICATIONSOFOURRESULTSFORCORPORATELIQUIDITYPOSITIONANDIMPROVINGPROFITABILITYHIGHLIGHTSTHEIMPORTANCEOFWORKINGCAPITALTOCOMPANIES,NOTONLYINTIMESOFDISTRESS,BUTASADAILYROUTINEGENERALLYITMAYBEADVANTAGEOUSFORFIRMSTOSHARPENTHEIRFORECASTSOFFUTUREECONOMICCONDITIONSTOENABLETHEMPREPAREADEQUATEINVESTMENTSINWORKINGCAPITALINECONOMICDOWNTURNSTHISMAYINCLUDEANALYSESOFCUSTOMERPAYMENTPROCESSTOUNDERSTANDWHYCUSTOMERSPAYWHENTHEYPAYTOMITIGATEEXCESSRECEIVABLESANDPROVIDEAREFERENCEPOINTIFRECEIVABLESFURTHERINCREASEASARESULTOFECONOMICHARDSHIPADDITIONALLYECONOMICDOWNTURNSCOULDLEAVECOMPANIESWITHEXCESSINVENTORYTHATCANBEDIFFICULTTOLIQUIDATETHUSASUPERIORFORECASTINGWOULDENABLEFIRMSMAINTAINEFFECTIVEINVENTORYBASETHECRIMPINGCONSUMERDEMANDINECONOMICDOWNTURNHASIMPORTANTIMPLICATIONSFORECONOMICPOLICYFIRMSAREGENERATORSOFEMPLOYMENTANDINCOMEANDECONOMICPOLICYTHATALLEVIATEPRESSURESONWORKINGPOLICYMAYHELPMAINTAINTHISREDUCEDDEMANDINECONOMICDOWNTURNSRAPIDLYEXHAUSTSTHEWORKINGCAPITALOFBUSINESSESECONOMICPOLICYAIMEDATBOOSTINGCASHFLOWSOFFIRMS,EITHERDIRECTLYORINDIRECTLY,CANBEOFENORMOUSBENEFITINALLEVIATINGPRESSUREONWORKINGCAPITALFORINSTANCE,GOVERNMENTSMAYPERMITBUSINESSESTOAPPLYACCELERATEDDEPRECIATIONFORINVESTMENTSALREADYUNDERTAKENADDITIONALLYANAFFIRMATIVEANDPOSITIVEPOLICYONTAXCREDITS,CUTS,DEFERRALSANDREFUNDSDURINGTHESEPERIODSMAYINCREASEBUSINESSABILITYTOFINANCEWORKINGCAPITALINTERNALLYDURINGECONOMICDOWNTURNSTHEREMAINDEROFTHISPAPERISORGANIZEDASFOLLOWSSECTION2PRESENTSABRIEFREVIEWOFTHELITERATUREPRESENTSTHEHYPOTHESESFOREMPIRICALTESTINGSECTIONS3AND4DISCUSSDATAANDMODELSTOBEESTIMATEDTHEEMPIRICALRESULTSAREPRESENTEDINSECTION5ANDSECTION6CONCLUDES2RELATEDLITERATUREANDHYPOTHESES21LITERATUREREVIEWMANYFIRMSHAVEINVESTEDSIGNIFICANTAMOUNTSINWORKINGCAPITALANDANUMBEROFSTUDIESHAVEEXAMINEDTHEDETERMINANTSOFTHISINVESTMENTFOREXAMPLEKIMETAL1998ANDOPLERETAL1999,CHIOUETAL2006ANDD’MELLOETAL2008FINDTHATTHEAVAILABILITYOFEXTERNALFINANCINGISADETERMINANTOFLIQUIDITYTHUSRESTRICTEDACCESSTOCAPITALMARKETSREQUIRESFIRMSTOHOLDLARGERCASHRESERVESOTHERSTUDIESSHOWTHATFIRMSWITHWEAKERCORPORATEGOVERNANCESTRUCTURESHOLDSMALLERCASHRESERVESHARFORDETAL,2008FURTHERMOREFIRMSWITHEXCESSCASHHOLDINGASWELLASWEAKSHAREHOLDERRIGHTSUNDERTAKEMOREACQUISITIONSHOWEVERTHEREISAHIGHERLIKELIHOODOFVALUEDECREASINGACQUISITIONSHARFORD,1999KIESCHNICKANDLAPLANTE2012PROVIDEEVIDENCELINKINGWORKINGCAPITALMANAGEMENTTOSHAREHOLDERWEALTHTHEYFINDTHATTHEINCREMENTALDOLLARINVESTEDINNETOPERATINGCAPITALISLESSVALUABLETHANTHEINCREMENTALDOLLARHELDINCASHFORTHEAVERAGEFIRMTHEFINDINGSREPORTEDINTHEPAPERFURTHERSUGGESTTHATTHEVALUATIONOFTHEINCREMENTALDOLLARINVESTEDINNETOPERATINGWORKINGISSIGNIFICANTLYINFLUENCEDBYAFIRM’SFUTURESALESEXPECTATIONS,ITSDEBTLOAD,ITSFINANCIALCONSTRAINTS,ANDITSBANKRUPTCYRISKFURTHERTHEVALUEOFTHEINCREMENTALDOLLAREXTENDEDINCREDITTOONE’SCUSTOMERSHASAGREATEREFFECTONSHAREHOLDERWEALTHTHANTHEINCREMENTALDOLLARINVESTEDININVENTORIESFORTHEAVERAGEFIRMTAKENTOGETHERTHERESULTSINDICATETHESIGNIFICANCEOFWORKINGCAPITALMANAGEMENTTOTHEFIRM’SRESIDUALCLAIMANTS,ANDHOWFINANCINGIMPACTSTHESEEFFECTSATHINTHREADOFTHELITERATURELINKSBUSINESSCYCLESTOWORKINGCAPITALINATHEORETICALMODEL,MERVILLEANDTAVIS1973POSITTHATINVESTMENTANDFINANCINGDECISIONSRELATINGTOWORKINGCAPITAL

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簡介：5100英文單詞，英文單詞，29萬英文字符，中文萬英文字符，中文8800字文獻出處文獻出處CHIDAMBARAMV,RAMACHANDRANAASTUDYONEFFICACYOFEMPLOYEETRAININGREVIEWOFLITERATUREJBUSINESSTHEORYPRACTICE,2012,133275282ASTUDYONEFFICACYOFEMPLOYEETRAININGREVIEWOFLITERATURECHIDAMBARAMVIJAYABANU,RAMACHANDRANAMUDHAABSTRACTTHESUCCESSOFANYORGANIZATIONDEPENDSONAPPROPRIATEUSEOFHUMANASSETSAVAILABLEINTHEORGANIZATIONALLOTHERASSETSCOULDONLYBESUPPLEMENTARYTOHUMANASSETSTOWARDSAUGMENTINGTHEHUMANRESOURCESANDTOCOPEWITHCHANGES–BOTHINTERNALANDEXTERNAL,THEORGANIZATIONHASTOCONCENTRATENECESSARILYONDEVELOPINGTHEABILITY,WISDOMANDSKILLSOFITSWORKFORCEFORTHEDEVELOPMENTOFHUMANASSET,‘TRAINING’BECOMESTHEBASETRAININGISATOOLTOATTAININDIVIDUAL,ORGANIZATIONALNEEDSRELATEDTOTHEJOBSUNDERTAKENANDISALSOINTENDEDTOIMPROVETHEWORKCULTUREOFTHEGROUPINVOLVEDINAGROUPTASKANIDEALTRAININGPROGRAMMECANBEEXPECTEDTOCHANGETHEATTITUDE,SKILLSANDDEVELOPFORWARDVISIONOFTHEPARTICIPANTSTOWARDSTHETASKTHISPAPERSUMMARIZESTHERESULTSOFTHELITERATUREREVIEWONTHEEFFECTIVENESSOFTRAININGPROGRAMMESOFEMPLOYEESFROMDIVERSEPERSPECTIVEKEYWORDSTRAINING,LEARNING,ORGANIZATION,GROUP,INDIVIDUAL,EFFECTIVENESS1INTRODUCTIONTHEWORKERSOREMPLOYEESWORKINGINORFORANORGANIZATIONARENOWBEINGCONSIDEREDAS‘HUMANASSETS’EVENTHOUGHDIFFERENTTERMSLIKE‘STAFF’,‘MANPOWER’,‘PERSONNEL’,ETCARESTILLINCURRENCYTHEEMERGINGTRENDISTOTREATTHEMAS‘HUMANASSETS’OR‘HUMANRESOURCES’THESUCCESSOFANYORGANIZATIONDEPENDSONAPPROPRIATEUSEOFHUMANASSETSAVAILABLEINTHEORGANIZATIONALLOTHERASSETSCOULDONLYBESUPPLEMENTARYTOHUMANASSETSTOWARDSAUGMENTINGTHEHUMANRESOURCESANDTOCOPEWITHCHANGES–BOTHINTERNALANDEXTERNAL,THEORGANIZATIONHASTOCONCENTRATENECESSARILYONDEVELOPINGTHEABILITY,WISDOMANDSKILLSOFITSWORKFORCETHETRAININGEFFECTIVENESSISDEPENDENTONTWOCONSIDERATIONS,1TRAINERSAREFULLYRESPONSIBLEFORTRAININGANDIFTHEEMPLOYEESDONOTSHOWRESULTS,THETRAINERSHOULDBEHELDACCOUNTABLE2TRAININGEFFECTIVENESSDEPENDSONTHEKINDOFATMOSPHEREANDCULTURETHATISPREVALENTBACKATHOMEMEHTA1970TRAININGPROGRAMMESSHOULDFOCUSONCORPORATEPLANNING,ORGANIZATIONALDEVELOPMENTANDPERSONNELMANAGEMENTSRINIVASAN1977CONSTANTCHANGESTAKEPLACEINTHEINTERNALANDEXTERNALLEVELSOFBUSINESSUNITSITISNECESSARYFORTHEORGANIZATIONTORESTRUCTUREANDREINFORCETHEHUMANASSETSTOADAPTITSELFTOCHANGESBUSINESSDOESNOTHAVEUNANIMOUSMETHODOLOGIESFOREVALUATIONANDITDEPENDSONSUITABILITYBIVAINIS,MORKVENAS2008ITISOFPARAMOUNTIMPORTANCETOANYORGANIZATIONTOSTRIVEFORTHEDEVELOPMENTOFITSEMPLOYEESASESTEEMEDMEMBERSOFTHEORGANIZATIONALMANAGEMENTTEAMFORTHEDEVELOPMENTOFHUMANASSET,‘TRAINING’BECOMESTHEBASETRAININGISATOOLTOATTAININDIVIDUAL,ORGANIZATIONALNEEDSRELATEDTOTHEJOBSUNDERTAKENANDISALSOINTENDEDTOIMPROVETHEWORKCULTUREOFTHEGROUPINVOLVEDINAGROUPTASKANIDEALTRAININGPROGRAMMECANBEEXPECTEDTOCHANGETHEATTITUDE,SKILLANDDEVELOPFORWARDVISIONOFTHEPARTICIPANTSTOWARDSTHETASKTHISPAPERSUMMARIZESTHERESULTSOFTHELITERATUREREVIEWONTHEEFFECTIVENESSOFTRAININGPROGRAMMESOFEMPLOYEESFROMDIVERSEPERSPECTIVEFOUNDTRAININGPROGRAMMESLESSEFFECTIVEWITHRESPECTTOTHEIRCONTRIBUTIONSTOJOBPERFORMANCE,THEYDIDENDORSETHEUSEFULNESSOFFORMALTRAININGMAHESWARI1981ASHIFTFROMKNOWLEDGETOATTITUDEISTHEMAINOBJECTIVEOFTRAININGANDIDENTIFIESTHREEAREASOFTRAININGTECHNICAL,SKILLSANDKNOWLEDGEHESUGGESTSTHATTHEEMPHASISONTHESETHREEMUSTVARYACCORDINGTOTHELEVELSOFTHEEMPLOYEESBHATIA1981ASTUDYONGRADUATEENGINEERINGTRAINEESINTHREELARGEPUBLICSECTORORGANIZATIONSFOUNDTHATTHETRAINEESPERCEIVEDBOTHTHEMETHODANDCONTENTSOFTHETRAININGASDEMOTIVATINGANDDISSATISFYINGAGARWAL1982TRAININGFORPERSONNELMANAGERSSHOULDBEDIRECTEDTOWARDSATTITUDESANDBELIEFSUNDERLYINGMANAGERIALPHILOSOPHYANDTHEIRINTERRELATEDNESSSETH1984THENEEDFORBEHAVIOURALINPUTSISVITALINANYTRAININGPROGRAMMEORGANIZEDFORSUPERVISORSGHOSH1984THESTUDYISEVALUATINGMANAGEMENTTRAININGANDDEVELOPMENTDEALSWITHPRETRAININGEVALUATIONTHESTUDYINCLUDESEVALUATIONOFTRAININGCONTEXT,INPUTEVALUATION,POSTTRAININGEVALUATION,TRANSFEROFLEARNINGANDJOBIMPROVEMENTTHESTUDYISSUGGESTEDFORJOBEVALUATIONASAFOLLOWUPAFTERSIXMONTHSTOONEYEARALLTHESEASPECTSHAVEBEENEVALUATEDFORTHEEXECUTIVESTRAININGPROGRAMMEORGANIZEDINTHE‘ADMINISTRATIVESTAFFCOLLEGE’,HYDERABAD,WHICHBRINGSOUTTHEIMPACTOFINSTITUTIONALPROGRAMMESVIRMANI,SETH1985TWOMODELSHAVEBEENSUGGESTEDTOEVALUATETRAININGEFFECTIVENESSFIRSTISTHEEXPECTATIONACHIEVEMENTMODELCONSISTINGOFMATCHINGPOSTTRAININGACHIEVEMENTWITHPRETRAININGEXPECTATIONOFTHEBOSS,PEERS,THESUBORDINATESANDTRAINEEHIMSELFTHESECONDISTHEEXPERIMENTALCONTROLGROUPMODELWHEREAGROUPOFEMPLOYEESWHOHAVEGONETHROUGHTRAININGISCOMPAREDINTERMSOFTHEIRPERFORMANCEWITHTHOSEWHOHAVENOTSIKKA1985THEDATAHAVEBEENCOLLECTEDFROM119MANAGERSINTHESTEELINDUSTRYWHOHADATTENDEDTRAININGINACOMPANYOREXTERNALTRAININGPROGRAMMESAQUESTIONNAIREHASBEENADMINISTEREDANDRESPONSESARETALLIEDMOSTRESPONDENTSWEREFOUNDTOBESATISFIEDWITHTHEINSTRUCTORS,THESIZEOFTRAININGGROUP,THETRAININGDURATION,THEREADINGMATERIALANDTHETRAININGEQUIPMENTTHEYALLTHOUGHTTHATTHEENVIRONMENTDIDHELPINCARRYINGOUTSOMEOFTHELEARNINGTHATTOOKPLACEDURINGTRAININGJAIN1985INTHEWORKEVALUATIONMETHODOLOGYFORTRAININGBASEDONVARIOUSRESEARCHFINDINGSOFFOODANDAGRICULTURALORGANIZATIONSOFUNITEDNATIONS,RECOMMENDEDSYSTEMATICEVALUATIONFOR‘AGRICULTURALTRAINING’PROGRAMMESISORGANIZEDBYAGRICULTUREEXTENSIONAGENCIESANDHRAPRADESHSTATEELECTRICITYBOARDEVALUATEDPARTICULARLYGROWTH,ORGANIZATIONSTRUCTUREANDPROBLEMSINACHIEVINGMANAGERIALPERFORMANCEITHASBROUGHTOUTOBJECTIVESOFTRAININGANDCOURSECONTENT,METHODFOLLOWEDFOREFFECTIVETRAININGINSERVICEUNDERTAKINGBHATNAGAR1987HUMANRESOURCEDEVELOPMENTINPUBLICENTERPRISEDEALTWITHACONCEPTUALANALYSISOFHUMANRESOURCEDEVELOPMENT,ORGANIZATIONALDEVELOPMENT,PERFORMANCEAPPRAISALANDCARRIERDEVELOPMENTOFSTEELAUTHORITYOFINDIALIMITEDBANSAL1991INTHESTUDYONHRDPRACTICESININDIANINDUSTRIESACOMPARATIVESTUDYOFBHELANDNATIONALFERTILIZERSLIMITEDWASMADEWITHVARIOUSHUMANRESOURCEDEVELOPMENTCONCEPTS,OBJECTIVESANDPRACTICESANDCONSIDEREDTRAININGASASUBSYSTEMJAIN1996THEPREVIOUSSTUDIESBASEDONINSTITUTIONALTRAININGPROGRAMMESDONOTEVALUATEHOWTHEYBENEFITTOTHEINDUSTRIESCONCERNEDTHEINSTITUTIONALTRAININGPROGRAMMESDONOTCONCENTRATEONFUTURENEEDSOFINDIVIDUALORGANIZATIONS,WHICHVARYINENVIRONMENTANDPRODUCTIONPROCESSSO,THEENVIRONMENTALCONDITIONAMONGTHECENTERSOFLEARNINGANDAPPLICATIONSOFLEARNINGARENOTHOMOGENEOUSFURTHER,THEIMPACTOFTRAININGDEPENDSONTHECALIBEROFTHEPARTICIPANTS,WHICHVARIESFROMINDIVIDUALTOINDIVIDUAL

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簡介：CHAPTER69DIVIDENDPOLICYOFSTATEOWNEDCOMPANIESEVIDENCEFROMTHERUSSIANFEDERATIONOLGABELOMYTTSEVAANDLARISAGRINKEVICHABSTRACTTHISPAPERANALYZESTHEFEATURESOFTHEDIVIDENDPOLICYOFCOMPANIESINEMERGINGCAPITALMARKETSSTATEOWNERSHIPINTHECAPITALSTRUCTUREOFLARGECORPORATIONSISCONSIDEREDASONEOFTHEMAJORFEATURESTHEPAPERSPECIFIESTHEFEATURESOFTHEDIVIDENDPOLICYANDPROVIDESASTATISTICSANALYSISOFDIVIDENDPAYOUTRATIOANDDIVIDENDYIELDOFRUSSIANSTATEOWNEDJOINTSTOCKCOMPANIESTHERECOMMENDATIONSPRESENTEDINTHESTUDYAPPLYTOGOVERNMENTREGULATIONOFTHEDIVIDENDPOLICYINRUSSIANSTATEOWNEDJOINTSTOCKCOMPANIESKEYWORDSDIVIDENDPOLICY?STATEOWNEDCOMPANIES691INTRODUCTIONDIVIDENDPOLICYISONEOFTHEMOSTCOMPLEXANDCONTROVERSIALASPECTSOFFINANCIALSTUDIESBLACK1976,P510SUPPORTEDASIMILARVIEWWHENSTATEDTHATDIVIDENDPICTURE“SEEMSLIKEAPUZZLE,WITHPIECESTHATDONOTFITTOGETHER”BREALEYETAL2010DESCRIBEDDIVIDENDPOLICYASONEOFTHETOPTENUNSOLVEDPROBLEMSINFINANCECONSEQUENTLY,STUDIESONDIVIDENDPOLICYHAVEPRODUCEDASIGNIFICANTNUMBEROFCONTRADICTORYHYPOTHESES,THEORIESANDIDEASTHEPROBLEMISTHATTHEYMAINLYFOCUSONDEVELOPEDMARKETSANDFAILTOPROVIDEENOUGHKNOWLEDGEONDIVIDENDPOLICYINEMERGINGMARKETSANDTHEIRSEGMENTSTHESCIENTISTSWHOCONDUCTTHEIRRESEARCHINTHEFIELDOFDIVIDENDPOLICYINEMERGINGMARKETSARENOTNUMEROUSGLENETALOBELOMYTTSEVADEPARTMENTOFFINANCEANDACCOUNTING,NATIONALRESEARCHTOMSKSTATEUNIVERSITY,PRLENINA36,634036TOMSK,RUSSIAEMAILOLBELF123RULGRINKEVICHDEPARTMENTOFWORLDECONOMYANDTAXATION,NATIONALRESEARCHTOMSKSTATEUNIVERSITY,PRLENINA36,634036TOMSK,RUSSIAEMAILNASTY_SATURNMAILRU?SPRINGERINTERNATIONALPUBLISHINGAG2017DPROCHáZKAED,NEWTRENDSINFINANCEANDACCOUNTING,SPRINGERPROCEEDINGSINBUSINESSANDECONOMICS,DOI101007/9783319495590_69749ITSHOULDBENOTEDTHATSTUDIESONTHEDIVIDENDPOLICYOFSTATEOWNEDCOMPANIESARECURRENTLYFRAGMENTARYANDINCOMPLETEFURTHERMORE,THEYHAVEBEENCONDUCTEDONLYFORASELECTIONOFCOUNTRIESWITHEMERGINGCAPITALMARKETS693EMERGINGCAPITALMARKETSDIVIDENDPOLICYDIVIDENDPOLICYOFISSUERSINEMERGINGCAPITALMARKETSISSIGNIFICANTLYDIFFERENTFROMTHATOFISSUERSINDEVELOPEDMARKETSTHEAUTHORAGREESWITHGLENETAL1995,P9THAT“DIVIDENDPOLICYINTHOSEMARKETSISOFTENVERYDIFFERENTFROMTHENORMSTHATHAVEBEENACCEPTEDINDEVELOPEDCOUNTRIES”AIVAZIANETAL2003,P387HOLDSASIMILARVIEW,“EMERGINGMARKETFIRMSAREMORESENSITIVETOSOMEOFTHEVARIABLES,INDICATINGTHEGREATERFINANCIALCONSTRAINTSUNDERWHICHTHEYOPERATE”THEPROMINENTFEATURESOFTHEDIVIDENDPOLICYINDEVELOPINGCAPITALMARKETSAREOUTLINEDBELOWTHESTATEASAMAJORITYSHAREHOLDERINTHECAPITALSTRUCTUREOFLARGECORPORATIONSTHISFEATUREQUITEOFTENIMPLIESIRRATIONALSPENDINGANDINEFFICIENTINVESTMENTPOLICYSTATEOWNERSHIPINENTERPRISESRESULTSINACONFLICTOFINTERESTSBETWEENTHESHAREHOLDERANDTHEMANAGER,BOTHREPRESENTEDBYTHESTATETHESTATEASASHAREHOLDERIMPLEMENTSAFISCALFUNCTIONANDISINTERESTEDINMAXIMIZINGDIVIDENDS,WHILETHESTATEACTINGASAMANAGERCANTAKEINEFFICIENTMEASURESTHATAFFECTDIVIDENDPAYMENTTHEREFORE,REGULATIONOFDIVIDENDSLEVELINTHECORPORATEGOVERNANCEOFSTATEOWNEDENTERPRISESISAPRIMARYOBJECTIVEDEVELOPINGCOUNTRIESINCLUDEAGROUPOFCOUNTRIESINTRANSITIONFROMCENTRALPLANNINGTOFREEMARKETTHESEAREPRIMARILYPOSTSOVIETCOUNTRIES,WHICHALSOCOMPRISERUSSIATHEPARTICIPATIONOFTHESTATEASASHAREHOLDERINTHESEECONOMIESISEXTREMELYHIGHDIVIDENDSINTHISCASECANBETREATEDASADISCIPLINARYINSTRUMENTITSHOULDBEEMPHASIZEDTHATSTATEOWNERSHIPINTHECAPITALSTRUCTUREHASSOMEADVANTAGESOVEROTHERINVESTORS,INCLUDINGMINORITYSHAREHOLDERSASARESULT,STATEOWNEDCOMPANIESENCOUNTERFEWERDIFFICULTIESINRAISINGFUNDSCONSEQUENTLY,THEYCANAFFORDHIGHERDIVIDENDPAYMENTSBOUBAKRIETAL2009THESAMEVIEWWASEXPRESSEDBYGUL1999WHOSPECIFIEDTHATPRIVATECOMPANIESFINDITMOREDIFFICULTTOOBTAINDEBTFINANCINGANDTHEYAREFORCEDTORELYONRETAINEDEARNINGSFORINVESTMENTSTHESTATECANACTASASAFEGUARDFORTHEMINORITYSHAREHOLDERSBYCONTROLLINGINSIDERSHAREHOLDERSANDPAYINGLARGERDIVIDENDSGLENETAL1995,EFFECTIVELYIMPROVINGCOMPANY’SREPUTATIONINTHEEYESOFFOREIGNINVESTORSNASERETAL2004CONCENTRATIONOFSTOCKOWNERSHIPANDWEAKCORPORATEGOVERNANCETHATLEADTOEXPROPRIATIONOFTHECOMPANY’SRESOURCESFORTHEBENEFITOFINDIVIDUALSHAREHOLDERSACCORDINGTOTHISPOINT,SHAREHOLDERSANDOTHERSTAKEHOLDERSMAYDISTORTINCENTIVESINDECISIONMAKING,WHICHULTIMATELYREDUCESCORPORATEPERFORMANCELOWANDUNSTABLEDIVIDENDPAYMENTSINMOSTCASES,COMPANIESINEMERGINGMARKETSREINVESTMOSTOFTHEPROFITSDIVIDENDPAYMENTSDONOTEXCEED10OF69DIVIDENDPOLICYOFSTATEOWNEDCOMPANIES751

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簡介：字?jǐn)?shù)英文字?jǐn)?shù)英文21772177單詞，單詞，1273712737字符；中文字符；中文39493949漢字漢字出處出處GANJIGANJIJ,J,EMAMIANEMAMIANMH,H,MAASOUMIMAASOUMIR,R,ETETALALTHETHEEXISTINGEXISTINGAPPROACHESAPPROACHESTOTOSEXUALITYSEXUALITYEDUCATIONEDUCATIONTARGETINGTARGETINGCHILDRENCHILDRENAREVIEWREVIEWARTICLEJARTICLEJIRANIANIRANIANJOURNALJOURNALOFOFPUBLICPUBLICHEALTH,HEALTH,2017,2017,467467890898890898外文文獻外文文獻THEEXISTINGAPPROACHESTOSEXUALITYEDUCATIONTARGETINGCHILDRENAREVIEWARTICLEABSTRACTBACKGROUNDWEAIMEDTOASSESSWHATISALREADYKNOWNABOUTSEXUALITYEDUCATIONSERELATEDPOLICYORPRACTICALISSUESUSINGREVIEWMETHODSTOSEARCHANDCRITICALLYAPPRAISETHEEXISTINGSEAPPROACHESTARGETINGCHILDRENUNDERAGE12YRMETHODSWECOMPLETEDTHEDATACOLLECTIONBYANEXTENSIVESEARCHOFTHEENGLISHANDPERSIANPUBLISHEDANDUNPUBLISHEDLITERATURE,EVIDENCEFROMEXPERTSINTHETOPIC,ANDBYSEARCHINGCITATIONSTHEMESHTERMSWERESEXUALITYANDTRAINING,SEXUALITYEDUCATIONANDPROGRAMSORAPPROACHES,SEXUALITYANDCHILDREN,SEXUALITYEDUCATIONANDPARENTS,SEXORSEXUALITYEDUCATION,SEXEDUCATIONANDPARENTSORCAREGIVERSASYSTEMATICSEARCHOFMEDICALANDHEALTHRELATEDDATABASES,THECOCHRANELIBRARYANDWEBOFSCIENCEWASUNDERTAKENFORTHEYEARS1970–2015TOGETHERWITHCITATIONSEARCHING,REFERENCELISTCHECKINGANDRECOMMENDATIONSFROMSTAKEHOLDERSTOIDENTIFYEVIDENCEFORSERESULTSACCORDINGTOTHEINCLUSIONCRITERIA,20DOCUMENTSWEREIDENTIFIEDTHEYWERESYNTHESIZEDINTOTHREEMAINCATEGORIESASSEXUALITYRELATEDKNOWLEDGE,ATTITUDES,ANDPARENTSSKILLSTOMANAGECHILDRENSSEXUALBEHAVIORANDRELATEDEDUCATIONEMPLOYEDAPPROACHESTOCHILDRENSSEXUALITYWEREREPORTEDTOBEEFFECTIVEINANDTHESKILLSTHEYGAINCANCHANGETHEIRFUTURETHEREFORE,SEBYPARENTS,ASONEOFTHEMAINCOMPONENTSOFSEXUALSOCIALIZATION,ISONEOFTHEBESTSTRATEGIESFORCHILDRENSSEXUALHEALTHPROMOTIONSEXUALBEHAVIORSARECOMMONINCHILDRENANDMORETHAN50OFCHILDRENGETINVOLVEDINDIFFERENTTYPESOFSEXUALBEHAVIORSBEFORETHEAGEOF13LIKEOTHERAGEGROUPS,CHILDRENNEEDGOODCARE,SUPERVISION,ANDEDUCATIONDURINGTHEIRSEXUALDEVELOPMENT,ANDTHEIRMAINCAREGIVERSARETHEIRFIRSTLINEEDUCATORSPARENTSARECHILDRENSFIRSTANDFOREMOSTTEACHERSINTHEFIELDOFSEXUALITYMOSTPARENTSHAVENOTRECEIVEDSUCHEDUCATIONANDWHENITCOMESTOSE,THEYTENDTOASSIGNTOSCHOOLSWHATTHEYTHEMSELVESARENOTWILLINGTODOINIRAN,THEMAJORITYOFPARENTSARENOTWELLEDUCATEDWITHREGARDTOSEXUALITYRELATEDISSUESINADDITION,THEREISNOSCHOOLBASEDSEXUALHEALTHEDUCATIONASARESULT,ITSHARDANDFEARFULFORPARENTSTOENGAGETHEIRCHILDRENINCONVERSATIONSABOUTSEXUALITYDESPITETHEIMPORTANCEOFPARENTSROLEINSE,THEYARENOTADEQUATELYPREPAREDTOCOMMUNICATEABOUTSEXUALISSUESTHEYAREMAINLYUNABLETOMANAGEPROPERLYTHEIRCHILDRENSSEXUALBEHAVIORSPARENTSLACKTHEADEQUATESKILLSINEMPOWERINGTHEIRYOUNGCHILDRENTOPROTECTTHEMSELVESAGAINSTSEXUALITYRELATEDRISKS,ENJOYSEXINADULTHOOD,ANDGETPREPAREDFORAHEALTHYANDINTIMATEINTERPERSONALINTERACTIONUSINGCOMPREHENSIVEPROGRAMSANDAPPROPRIATESTRATEGIESFOREDUCATINGCHILDRENONSEXUALITYSEEMSTOBEESSENTIALCULTURALINFLUENCESMAYALTERTHEEFFICIENCYOFANYEDUCATIONALPROGRAMSTHISREVIEWAIMEDTOASSESSWHATISALREADYKNOWNABOUTSERELATEDPOLICYORPRACTICEISSUE,BYUSINGSYSTEMATICREVIEWMETHODSTOSEARCHANDCRITICALLYAPPRAISETHEEXISTINGSEAPPROACHESTARGETINGCHILDRENUNDERAGE12METHODS