Faculty Publications and Presentations

Coporate Governance, Institutional Ownership, and the Decision to Pay the Amount of Dividends: Evidence from USA

John Obradovich et al. — Thu, 07 Feb 2013 05:03:46 PST

The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional ownership. The results show that when i) firm size is held constant, the decision to pay an amount of dividends is a positive function of CEO duality, board size, and internationalization, and a negative function of institutional ownership, ii) firm performance is held constant, the decision to pay dividends is a positive function of CEO duality, and a negative function of institutional ownership, iii) financial leverage is held constant, the decision to pay dividends is a positive function of CEO duality, board size, and internationalization, and a negative function of institutional ownership, and iv) firm growth is held constant, the decision to pay dividends is a negative function of institutional ownership.This study contributes to the literature on the factors that influence the decision to pay an amount of dividends. The findings may be useful for stock market investors, stakeholders, financial managers, and financial management consultants.

The Impact of Corporate Governance and Financial Leverage on the Value of American Firms

John Obradovich et al. — Thu, 07 Feb 2013 05:03:45 PST

This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms. The impact of corporate governance and financial leverage differs between manufacturing and service industries. Results show that board size negatively impacts the value of American manufacturing firms, and CEO duality, audit committee, financial leverage, firm size, and insider holdings positively impact the value of American manufacturing firms. Findings also show that board size negatively impacts the value of American service firms, and financial leverage and return on assets positively impact the value of American service firms. This study contributes to the literature on the factors that affect firm value. The findings may be useful for financial managers, investors, and financial management consultants.

Build Your Niche Practice with Preparation, Introspection, and Opportunity

John Karaffa — Fri, 18 Jan 2013 09:09:36 PST

Tax Planning for Incoming Professional Team Athletes

John Karaffa — Fri, 18 Jan 2013 09:09:34 PST

Intellectual Capital Disclosure and the IPO Prospectus: An Exploratory Study

Keith Harman — Tue, 08 Jan 2013 06:18:43 PST

ICD (Intellectual Capital Disclosure) was studied via content analysis of IPO (Initial Public Offering) filings by retailers versus software companies. Data were obtained from 106 firms’ SEC S-1 filings between 2001 and 2011. Key findings were: (1) ICD increased over time, (2) significant differences in the type of IC disclosed, (3) Structural Capital was the type of IC most frequently disclosed, (4) consistency among firms regarding the frequency with which specific IC components (e.g. brands) were disclosed, and (5) no significant difference in ICD when comparing retailers and software companies.

Implications to the Traditional Higher Education Model in a Time of New Economic and Demographic Realities

Phillip Imel — Thu, 29 Nov 2012 08:17:01 PST

In the world’s developed countries the tendency is to a decreasing or stagnant, aging population. Traditional higher education has occurred early in life with little retraining in adulthood. The current demographic and economic realities demand a change in the role of traditional higher education as it must be more flexible and portable. Higher education must play a central role in the lifelong learning process as new technologies become available. Changes will occur with or without the approval of the established higher education hierarchy as businesses and governments demand quicker, cheaper, and better delivery methods to the current system. Technology is changing at such a rapid pace that the current higher education system must retool as well.

The Russian Village, Urban Infrastructure Issues, and the Vertically Integrated Agriculture Model

Phillip Imel — Thu, 29 Nov 2012 08:17:00 PST

Russia’s population total has been in decline since 1992 and this is most evident in the villages of Russia. With the collapse of the Soviet Union and the large farm collectives, many villages’ raison d'être ceased to exist. Today people continue to leave the villages for what they consider to be the better economic promise of the larger cities. There are serious societal and infrastructure issues related to the village exodus to the larger municipalities. In this paper, a vertically integrated agriculture model is examined as one step towards a more vibrant village economy. A vertically integrated model based upon potatoes is proffered, but this same model could work in many areas of agricultural production.

The Impact Of Switching To International Financial Reporting Standards On United States Businesses

Ashley Harper et al. — Mon, 29 Oct 2012 06:10:18 PDT

There has been controversy brewing among accounting professionals regarding the impact of switching to International Financial Reporting Standards (IFRS) on United States corporations as deemed to converge in the near future (Deming, 2005). The viewpoint presented in this paper is that the United States should conform to the international standards primarily because a single set of standards creates uniformity and comparability for stakeholders regardless of their geographic location. This paper addresses the potential advantages and disadvantages of moving to a global set of standards as well as how the Financial Accounting Standards Board (FASB) will need to work with the International Accounting Standards Board (IASB) to align the current United States Generally Accepted Accounting Principles (GAAP) with the newly proposed international accounting standards. If adopted, a wide range of issues relating to the operations within a business will need consideration in the future. One of these issues include effects of taxes as businesses will need to become keenly aware of how a country’s tax law and auditing practices affect their operations. The paper presents the repercussions United States corporations will face as a result of the convergence and how future accounting professionals, investors, financial institutions and students of accountancy. They will need to continue to stay abreast of changes in this area as these changes can ultimately change the way accounting standards are practiced, credentialed and taught over the next decade.

Effective Outreach Strategy and Programs in Higher Education

Kimberly Byrd et al. — Thu, 18 Oct 2012 06:52:00 PDT

Outreach programs have been implemented in higher learning institutions to increase student retention and satisfaction. The challenges of outreach can increase when students are in an online environment. Online students do not have physical contact with their instructor and classmates and this can cause students to feel isolated and discouraged. Online higher learning institutions can approach outreach at various levels: no formalized outreach program for instructors, a formalized outreach program for instructors incorporating required outreach periodically throughout the course for at risk students, or a formalized outreach program for instructors incorporating weekly outreach throughout the course for at risk students. The following research provides insight into each of these approaches and how each program can impact student retention and success.

The Convergence Of Multinational Standards And Practices In International Financial Reporting

Ashley Harper et al. — Wed, 17 Oct 2012 06:21:26 PDT

The International Financial Reporting Standards (IFRS) is pending a move to incorporate a single set of accounting standards across International borders. The definitive decision for uniting the standards appears to be stalemated. The pending move by the United States to adopt financial reporting practices set forth by the IFRS to encompass a single set of reporting standards bears both advantages and disadvantages for multinational corporations. This paper examines some of the difficulties that can arise by using a single set of standards and addresses two significant studies regarding converging reporting standards. The paper concludes by discussing issues that could potentially arise if the standards are adopted in their entirety by the United States and the political issues that could emerge resultant of their adoption. The significance of international investment opportunities in foreign equity securities by investors in the United States and the significant number of foreign corporations registered on various securities exchanges around the world make the adoption and establishment of international reporting standards a challenge to many accounting professionals.

Engaging Students through Communication and Contact: Outreach Can Positively Impact Your Students and You!

Kimberly Byrd et al. — Tue, 16 Oct 2012 12:58:08 PDT

Student retention is a critical component to the success of any university, whether instruction is provided in a traditional or online setting. Creating an effective student retention program can positively impact student success and, ultimately, the reputation and the image of the institution. The implementation of a student retention program can be especially challenging in the online environment for both the instructors and the institution. Unlike a traditional university setting where students and instructors interact face-to-face, online programs need to rely on alternative methods to engage students. When online instructors take the time to create a consistent proactive outreach program students feel connected to the instructor and strive harder to be successful in the classroom. Online outreach programs can include tasks as simple as consistently emailing students, enlisting the help of student advisors, and taking time to phone students. Each approach has the potential to keep engaged students participating and can reengage non-participating students by ensuring a high level of faculty and student interaction.

The American Debt Crisis and the Effect on World Capital Markets

Phillip Imel — Tue, 16 Oct 2012 11:39:08 PDT

This is a research of the literature concerning American sovereign debt and possible effects on world capital markets. The American sovereign debt components were analyzed in the context of their present and future implications to worldwide capital markets. The American political situation was examined with possible outcomes of governmental service reduction and/or tax increases for debt reduction. The American political situation was also examined for possible outcomes of American business tax regulatory reforms that could entice businesses to inject capital into the economy spurring possible economic growth and capital formation. Together, these findings suggest that, in the short term, the lack of political will in America concerning the sovereign debt issue will continue to have negative effects on world capital markets and long term inactivity could lead to more serious issues.

Cost Efficiency Estimations and the Equity Returns for the US Public Solar Energy Firms in 1990–2008

Chris Kuo — Wed, 19 Sep 2012 09:16:47 PDT

This paper provides a direct estimate of the cost efficiencies of firms in the US solar energy industry. It suggests that the cost efficiency in the industry is associated with the risk-bearing behaviour of firms. Less efficient firms maintain low price-cost margins and high labour–capital ratios in order to compete with their efficient peers. The study then establishes the linkage between cost efficiency and stock returns. It shows that the change in cost efficiency, rather than cost efficiency itself, possesses a stronger explanatory power for stock returns. A buy-and-hold strategy for stock portfolios of different efficiency levels is then analysed. The 3-year returns of the inefficient firm portfolios tend to outperform the efficient firm portfolios. The finding further shows that the improvement in cost efficiency of the inefficient firms is larger than that of the efficient firms. Previous literature has indicated that inefficient firms have higher failure rate, so they are forced to improve cost efficiency.

Virtue, Vice, and the Globalization of World Economies

Stephen Preacher — Fri, 14 Sep 2012 08:28:12 PDT

This study postulates that the recent world financial crisis, symptomatically manifested in the financial markets, is more fundamentally the result of a systemic disregard for moral constraints. This has occurred at macroeconomic levels within the industrialized nations and has pervaded the global economy. Moral relativism has become the dominant ethical system in society and government, and has undermined the virtuous ideals and self-restraint that foster the benefits of capitalism. Coupled with advances in technology and globalization, the effect of vices such as avarice, irresponsibility, excessive risk tolerance and criminal activities have been exacerbated. Government manipulation and intervention has further served to distort the market mechanism and increase the moral hazard. The crisis has created a vital juncture for the future of capitalism. If the lessons of discipline, restraint and moral responsibility can be partially re-learned, the long-term future looks bright. But if the crisis results in more government regulation and intervention, over time, the markets will be distorted further. Distortion may cause additional shocks to the world economy and pressure for more centralized control of international market integration.

The Greatest Commandment: The Foundation for Biblical Servant Leadership

David Duby — Thu, 25 Aug 2011 06:00:37 PDT

Marketing Strategy and Alliances Analysis of Starbucks Corporation

Rebecca Larson — Wed, 30 Sep 2009 06:04:08 PDT

The Starbucks Corporation significantly utilizes alliances to expand market reach, improve product image, and develop greater company profitability. Starbucks, due to their market position and attributes, applies a Differentiation Focus strategy as defined by Porter’s Generic Market Theory. A review of Starbucks Corporation’s marketing strategies and alliance strategies proves that the company is being highly successful within this market scope.

Office Depot Environmental Steward Case Analysis

Rebecca Larson — Wed, 30 Sep 2009 06:04:08 PDT

This paper will address the case study focused on the environmental stewardship viewpoint and the guiding principles of paper procurement at Office Depot. An analysis of the case will be presented, additional topics addressed, and conclusion with recommendations provided.

Global Marketing Strategies and Implications for US Based Firms

Rebecca Larson — Wed, 30 Sep 2009 06:04:07 PDT

Global market strategies are essential for global market success. Much research has been done that denotes a direct correlation between profitability success and global market strategy success. There are several types of global market strategies by definition, but the conclusion of this author is that three possibilities surface: standardization, a form of adaptive or customized strategy, and the relatively new Global Market Strategy, or GMS. With the resulting review of each strategy, the US firm entry into the global marketing environment is reviewed.

The Future of Customer Relationship Management

Rebecca Larson — Wed, 30 Sep 2009 06:04:05 PDT

Customer Relationship Management is no longer considered a business trend, but an industry standard that is required to secure and maintain competitive advantage. CRM, when correctly and effectively utilized, results in increased profitability and greater customer loyalty, two key needs for any organization. This paper will address the future of CRM, and will support assumptions for future CRM value based on effective examples of modern day success. The internet can be effectively utilized for CRM, and one company that is an example of customer loyalty success is Harrah’s Casino. Furthermore, multi-channel approaches are essential for future CRM success, as shown by Amazon.com, who has developed a successful relationship marketing program.

The Rise of Viral Marketing through the New Media of Social Media

Rebecca J. Larson — Wed, 30 Sep 2009 06:02:54 PDT

This paper fully addresses the rationale of the need for corporate presence in social media, the value that can be derived from a well-developed viral marketing campaign, strategies for entry into this developing new media segment, and an analysis of why entry into social media is crucial for corporate success and brand management. There are marked advantages to the embracing of new formats for consumer interaction: “brands increase consumer loyalty by involving their customers in their decision-making processes, and the research provides substantial profiling intelligence as a basis for sales and marketing decisions” (Online communities, 2009, p. 13). Social media is the newest and most actively engaging forum for customer and company interaction.