Jan Smolarski - Academia.edu (original) (raw)

Papers by Jan Smolarski

Journal of Business Ethics, 2016

Business & Society, 2018

This article examines the political perspective of corporate social responsibility from the stand... more This article examines the political perspective of corporate social responsibility from the standpoint of normative Islam. We argue that large firms within Muslim majority countries have the moral obligation to assist governments in addressing challenges related to sustainable socioeconomic development and in advancing human rights. In substantiating our argument, we draw upon the Islamic business ethics, stakeholder theory, and corporate governance literatures, as well as the concepts of Maqasid al Shariah (the objectives of Islamic law) and fard al ‘ayn (obligation upon all individuals within society) versus fard al kifayah (obligation upon some individuals within society) to introduce a normative model elucidating critical Islamic precepts. Finally, we propose an Islamic “political” corporate governance framework, which democratizes firm decision making by embedding “core” stakeholders, nongovernmental organizations (NGOs), and Shariah scholars in the corporate board, thereby enh...

Asian Review of Accounting, 2019

Purpose The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief ... more Purpose The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief Program (TARP) on executive compensation during the financial crisis. Since it remains unclear if TARP restored public confidence in financial institutions, the authors also analyze what effect such regulations had on investors’ confidence in the information provided by earning with respect to executive compensation during this critical period. Design/methodology/approach To test the assertions, the authors employ an Earnings Response Coefficient model, which captures the association between firms’ earnings surprise (ES) and perceived earnings informativeness. The authors implement both a long- and short-window test to obtain a better understanding of the effects of TARP on financial institutions’ earnings informativeness. The authors use the long-window approach to gather evidence about whether and how financial institutions’ ES are absorbed into security prices conditional on both thei...

Human Systems Management, 2010

Possibility theory is applied to assessing the relative risk associated with very rare, high-cons... more Possibility theory is applied to assessing the relative risk associated with very rare, high-consequence hazards. The probability of rare negative events has to be estimated from a few past occurrences that are spread over long exposure periods, with countermeasures added in response to each event to attempt to guard against recurrence. Traditional risk assessments based on conditional probability and statistical expected value are very sensitive to the uncertainty associated with rare events. A new measure of possibility for events whose probability is not well measurably different from zero is proposed and illustrated in the context of possible release of hazardous material from a high containment research laboratory and in the context of large insurance company failures. Strategies for managing and reducing risk that do not depend on well-measured probabilities are discussed.

Review of Accounting and Finance, 2011

PurposeThe purpose of this paper is to examine the use of financial information and valuation met... more PurposeThe purpose of this paper is to examine the use of financial information and valuation methods among private equity funds in Europe and India. The authors analyze differences in the choice of valuation methods and how the use of financial information differs among funds in the UK, Pan Europe and India.Design/methodology/approachA survey approach was utilized in collecting proprietary data from European and Indian private equity funds. The data were classified according to fund type, country grouping, size, risk profile, labor cost and industry structure and analyzed using MANOVA and ANOVA.FindingsThe results show that the use of valuation models is relatively homogeneous across countries and that the use of financial information appears to be driven to a large extent by fund type and fund focus. The use of audited financial statements appears to increase as firms mature. Significant differences were found in standard financial adjustments between the two fund types and betwee...

Academy of Management Proceedings

Integral to the process of imbuing organizations with meaning is educating future managers to lea... more Integral to the process of imbuing organizations with meaning is educating future managers to lead with a sense of morality and purpose. Fundamentally, this is the role of ethical management education. While this field has developed substantially in the US and other developed economies, little scholarly attention has addressed the status and development of business ethics education in the Islamic world; our paper attempts to fill this gap. To this end, we analyze the state of ethics education in Saudi Arabia by measuring business students’ inclination toward corporate social responsibility. We conduct a two-part content analysis to evaluate the presence and quality of ethics education at the graduate/undergraduate levels. And finally, we propose a curriculum framework that integrates Islamic and Western moral philosophy to cultivate managers, in the Islamic world, with a global mindset focused on creating meaningful organizations. Ultimately, this paper demonstrates that business ethics education in Saudi...

Journal of Accounting and Finance, 2017

Internationalisation can be crucial to the long-term success of smallto mediumsized businesses, e... more Internationalisation can be crucial to the long-term success of smallto mediumsized businesses, especially since they are expected to show international growth at an early stage. Our research explores whether firms using an opportunistic portfolio approach are more successful in their efforts to internationalise than are firms using the stage and network approaches. Our research may be characterized as a multi-company longitudinal clinical case study using triangulation to analyse data. The sample consists of six Nordic business-to-business, high-technology firms with sales of €100,000 to €10 million. Four of the six firms had significant revenue from the food industry, petrochemicals, pharmaceuticals, bulk and speciality chemicals and the pulp and paper industry. The results indicate that the opportunistic portfolio model provides some explanation of how firms can internationalise successfully. Journal of Business Chemistry Vol. 2, Issue 2 May 2005 © 2005 Institute of Business Admi...

Griffith University. Navigation trail. Home > Griffith Research Online > Statistics for ite... more Griffith University. Navigation trail. Home > Griffith Research Online > Statistics for item "Permissibility of Options For Hedging Purposes in Islamic Finance". Statistics for item "Permissibility of Options For Hedging Purposes in Islamic Finance". ...

Journal of Accounting & Organizational Change

Purpose This paper aims to examine the applicability of real options methodology with respect to ... more Purpose This paper aims to examine the applicability of real options methodology with respect to developing internal transfer pricing mechanisms. A pervasive theme in existing models is their inability to handle the dynamic and volatile nature of today’s business environment, as well as their lack of objective managerial flexibility. The authors address these and other issues and develop a transfer pricing mechanism based on Black–Scholes and the binomial options pricing methodology, which is better suited in today’s dynamic business environment. Design/methodology/approach The authors use a conceptual approach in developing theoretical justifications and show, practically, how a transfer price can be developed using two different real options pricing models. Findings The authors find that real options transfer price mechanism (real options framework [ROF]) can effectively deal with many of the issues that permeate a modern organization with complex multi-dimensional operations. The...

Journal of Financial Management, Markets and Institutions

This paper models hedge fund exposure to risk factors and examines time-varying performance of he... more This paper models hedge fund exposure to risk factors and examines time-varying performance of hedge funds. From existing models such as asset-based style (ABS)-factor model, standard asset class (SAC)-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that explain most of the variance in performance of each hedge fund portfolio based on investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating a time-varying factor exposure feature would be the best way to measure hedge fund performance. Furthermore, the optimal models with fewer factors exhibit greater explanatory power than existing models. Using rolling regressions, our customized investment strategy model shows how hedge funds are sensitive to risk factors according to market conditions.

Http Dx Doi Org 10 3905 Jpe 2008 702788, Feb 22, 2009

Journal of Accounting and Finance, Feb 1, 2013

ABSTRACT This paper models exposure of hedge fund to risk factors and examines time-varying perfo... more ABSTRACT This paper models exposure of hedge fund to risk factors and examines time-varying performance of hedge funds. From existing models such as ABS-factor model, SAC-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that most explain variance in performance of each hedge fund portfolio by investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating time-varying factor exposure feature would be the best way to appropriately measure hedge fund performance. Furthermore, the optimal models with fewer factors exhibit greater explanatory power than existing models. Time-varying model customized by investment strategy of hedge funds would clearly show how sensitive to risk factors managements of hedge funds are according to market conditions.

The Journal of Private Equity, 2008

International Entrepreneurship and Management Journal, 2011

One of the basic premises of venture capital is leverage, which often means adding money and othe... more One of the basic premises of venture capital is leverage, which often means adding money and other resources to speed up growth. As a result, small- to medium-sized venture funded firms are expected to show significant growth at an early stage. Our research examines how equity based-venture funding methods affect SME performance and internationalization. We divide venture capital financing into

Asian Review of Accounting, Mar 18, 2015

ABSTRACT

Http Dx Doi Org 10 3905 Jpe 2006 635428, Feb 22, 2009

ABSTRACT

Journal of Business Ethics, 2016

Business & Society, 2018

This article examines the political perspective of corporate social responsibility from the stand... more This article examines the political perspective of corporate social responsibility from the standpoint of normative Islam. We argue that large firms within Muslim majority countries have the moral obligation to assist governments in addressing challenges related to sustainable socioeconomic development and in advancing human rights. In substantiating our argument, we draw upon the Islamic business ethics, stakeholder theory, and corporate governance literatures, as well as the concepts of Maqasid al Shariah (the objectives of Islamic law) and fard al ‘ayn (obligation upon all individuals within society) versus fard al kifayah (obligation upon some individuals within society) to introduce a normative model elucidating critical Islamic precepts. Finally, we propose an Islamic “political” corporate governance framework, which democratizes firm decision making by embedding “core” stakeholders, nongovernmental organizations (NGOs), and Shariah scholars in the corporate board, thereby enh...

Asian Review of Accounting, 2019

Purpose The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief ... more Purpose The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief Program (TARP) on executive compensation during the financial crisis. Since it remains unclear if TARP restored public confidence in financial institutions, the authors also analyze what effect such regulations had on investors’ confidence in the information provided by earning with respect to executive compensation during this critical period. Design/methodology/approach To test the assertions, the authors employ an Earnings Response Coefficient model, which captures the association between firms’ earnings surprise (ES) and perceived earnings informativeness. The authors implement both a long- and short-window test to obtain a better understanding of the effects of TARP on financial institutions’ earnings informativeness. The authors use the long-window approach to gather evidence about whether and how financial institutions’ ES are absorbed into security prices conditional on both thei...

Human Systems Management, 2010

Possibility theory is applied to assessing the relative risk associated with very rare, high-cons... more Possibility theory is applied to assessing the relative risk associated with very rare, high-consequence hazards. The probability of rare negative events has to be estimated from a few past occurrences that are spread over long exposure periods, with countermeasures added in response to each event to attempt to guard against recurrence. Traditional risk assessments based on conditional probability and statistical expected value are very sensitive to the uncertainty associated with rare events. A new measure of possibility for events whose probability is not well measurably different from zero is proposed and illustrated in the context of possible release of hazardous material from a high containment research laboratory and in the context of large insurance company failures. Strategies for managing and reducing risk that do not depend on well-measured probabilities are discussed.

Review of Accounting and Finance, 2011

PurposeThe purpose of this paper is to examine the use of financial information and valuation met... more PurposeThe purpose of this paper is to examine the use of financial information and valuation methods among private equity funds in Europe and India. The authors analyze differences in the choice of valuation methods and how the use of financial information differs among funds in the UK, Pan Europe and India.Design/methodology/approachA survey approach was utilized in collecting proprietary data from European and Indian private equity funds. The data were classified according to fund type, country grouping, size, risk profile, labor cost and industry structure and analyzed using MANOVA and ANOVA.FindingsThe results show that the use of valuation models is relatively homogeneous across countries and that the use of financial information appears to be driven to a large extent by fund type and fund focus. The use of audited financial statements appears to increase as firms mature. Significant differences were found in standard financial adjustments between the two fund types and betwee...

Academy of Management Proceedings

Integral to the process of imbuing organizations with meaning is educating future managers to lea... more Integral to the process of imbuing organizations with meaning is educating future managers to lead with a sense of morality and purpose. Fundamentally, this is the role of ethical management education. While this field has developed substantially in the US and other developed economies, little scholarly attention has addressed the status and development of business ethics education in the Islamic world; our paper attempts to fill this gap. To this end, we analyze the state of ethics education in Saudi Arabia by measuring business students’ inclination toward corporate social responsibility. We conduct a two-part content analysis to evaluate the presence and quality of ethics education at the graduate/undergraduate levels. And finally, we propose a curriculum framework that integrates Islamic and Western moral philosophy to cultivate managers, in the Islamic world, with a global mindset focused on creating meaningful organizations. Ultimately, this paper demonstrates that business ethics education in Saudi...

Journal of Accounting and Finance, 2017

Internationalisation can be crucial to the long-term success of smallto mediumsized businesses, e... more Internationalisation can be crucial to the long-term success of smallto mediumsized businesses, especially since they are expected to show international growth at an early stage. Our research explores whether firms using an opportunistic portfolio approach are more successful in their efforts to internationalise than are firms using the stage and network approaches. Our research may be characterized as a multi-company longitudinal clinical case study using triangulation to analyse data. The sample consists of six Nordic business-to-business, high-technology firms with sales of €100,000 to €10 million. Four of the six firms had significant revenue from the food industry, petrochemicals, pharmaceuticals, bulk and speciality chemicals and the pulp and paper industry. The results indicate that the opportunistic portfolio model provides some explanation of how firms can internationalise successfully. Journal of Business Chemistry Vol. 2, Issue 2 May 2005 © 2005 Institute of Business Admi...

Griffith University. Navigation trail. Home > Griffith Research Online > Statistics for ite... more Griffith University. Navigation trail. Home > Griffith Research Online > Statistics for item "Permissibility of Options For Hedging Purposes in Islamic Finance". Statistics for item "Permissibility of Options For Hedging Purposes in Islamic Finance". ...

Journal of Accounting & Organizational Change

Purpose This paper aims to examine the applicability of real options methodology with respect to ... more Purpose This paper aims to examine the applicability of real options methodology with respect to developing internal transfer pricing mechanisms. A pervasive theme in existing models is their inability to handle the dynamic and volatile nature of today’s business environment, as well as their lack of objective managerial flexibility. The authors address these and other issues and develop a transfer pricing mechanism based on Black–Scholes and the binomial options pricing methodology, which is better suited in today’s dynamic business environment. Design/methodology/approach The authors use a conceptual approach in developing theoretical justifications and show, practically, how a transfer price can be developed using two different real options pricing models. Findings The authors find that real options transfer price mechanism (real options framework [ROF]) can effectively deal with many of the issues that permeate a modern organization with complex multi-dimensional operations. The...

Journal of Financial Management, Markets and Institutions

This paper models hedge fund exposure to risk factors and examines time-varying performance of he... more This paper models hedge fund exposure to risk factors and examines time-varying performance of hedge funds. From existing models such as asset-based style (ABS)-factor model, standard asset class (SAC)-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that explain most of the variance in performance of each hedge fund portfolio based on investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating a time-varying factor exposure feature would be the best way to measure hedge fund performance. Furthermore, the optimal models with fewer factors exhibit greater explanatory power than existing models. Using rolling regressions, our customized investment strategy model shows how hedge funds are sensitive to risk factors according to market conditions.

Http Dx Doi Org 10 3905 Jpe 2008 702788, Feb 22, 2009

Journal of Accounting and Finance, Feb 1, 2013

ABSTRACT This paper models exposure of hedge fund to risk factors and examines time-varying perfo... more ABSTRACT This paper models exposure of hedge fund to risk factors and examines time-varying performance of hedge funds. From existing models such as ABS-factor model, SAC-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that most explain variance in performance of each hedge fund portfolio by investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating time-varying factor exposure feature would be the best way to appropriately measure hedge fund performance. Furthermore, the optimal models with fewer factors exhibit greater explanatory power than existing models. Time-varying model customized by investment strategy of hedge funds would clearly show how sensitive to risk factors managements of hedge funds are according to market conditions.

The Journal of Private Equity, 2008

International Entrepreneurship and Management Journal, 2011

One of the basic premises of venture capital is leverage, which often means adding money and othe... more One of the basic premises of venture capital is leverage, which often means adding money and other resources to speed up growth. As a result, small- to medium-sized venture funded firms are expected to show significant growth at an early stage. Our research examines how equity based-venture funding methods affect SME performance and internationalization. We divide venture capital financing into

Asian Review of Accounting, Mar 18, 2015

ABSTRACT

Http Dx Doi Org 10 3905 Jpe 2006 635428, Feb 22, 2009

ABSTRACT