Tag Archives | Writing

Gill, Amarjit, Léo-Paul Dana, and John Obradovich. “Independent directors and the decision of US manufacturing firms about the amount of dividends.” International Journal of Business and Globalisation 15, no. 1 (2015): 96-108. doi: 10.1504/IJBG.2015.070226

Abstract: One of the most important factors that stock investors use to make investment decision in the stock market is the amount of dividends that company has paid in the past and is expected to pay in the future. The purpose of this study is to examine the impact of independent directors on the decision of US manufacturing firms about the amount of dividends. The study used a sample of 183 US manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of five years (from 2009-2013). By applying a co-relational and non-experimental research design, this study found that the presence of independent directors positively impacts the decision of US manufacturing firms about the amount of dividends. The results also show that the decision of US manufacturing firms about the amount of dividends is positively associated with audit committee, firm size, firm age and financial performance and negatively associated with operating risk. The findings may be useful for financial managers, operations managers, financial management consultants, stock market investors and other stakeholders.

Gill, Amarjit, Nahum Biger, and John Obradovich. “The Impact of Independent Directors on the Cash Conversion Cycle of American Manufacturing Firms.” International Journal of Economics and Finance 7, no. 1 (2015): 87-96. doi: 10.5539/ijef.v7n1p878

Abstract: This study examined the impact of independent directors on the cash conversion cycle of American manufacturing firms. A sample of 189 American manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of five years (from 2009–2013) was used. The findings indicate that the presence of independent directors on the board of directors shortens the inventory period and cash conversion cycle of manufacturing firms. The study contributes to the literature on the factors that shorten the cash conversion cycle of the firm. The results may be used by financial managers and operations managers.

Gill, Amarjit, Nahum Biger, Léo–Paul Dana, John D. Obradovich, and Ansari Mohamed. “Financial Institutions and the Taxi–cab Industry: An Exploratory Study in Canada.” International Journal of Entrepreneurship and Small Business 22, no. 3 (January 1, 2014): 326–42. doi:10.1504/IJESB.2014.063779

Abstract: A current challenge taxi–cab owner/operators face in Canada is the lack of financing for taxi–cabs. This article examines business opportunities and lending risk; it also provides risk management strategies for financial institutions to manage the risk of lending to the taxi–cab industry. Members of the boards of directors and shareholders from the Canadian taxi–cab industry, and lenders from financial institutions that do not provide financing to taxi–cab owner/operators, were interviewed. Board members and shareholders were asked about their perceptions regarding business opportunity, risk, and their willingness to provide collateral for taxi–cab loans. Lenders of financial institutions were asked about their reasons for not providing taxi–cab loans. The findings of this study show that there is a reasonably attractive opportunity for financial institutions to offer financing for taxi–cab owner/operators. However, the findings also show that there are both systematic and unsystematic risks in lending to the taxi–cab industry. This offers recommendations on risk management strategies for Canadian lenders to mitigate the risk in lending to the Canadian taxi–cab industry. Our findings may be useful for new and existing financial/lending institutions, lenders, investors, and taxi–cab owner/operators.