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EN
Research background: Peer effects, in which individuals learn and imitate their peers' behaviors, have been widely recognized in different contexts. Particularly, with increasingly fierce competition, firms can no longer make financial decisions in isolation when facing terrible external operational environments. In contrast, observing peers' actions in corporate policies can help reveal intentions regarding what peers are doing, which is vital for policymakers and financial managers. Studies on the existence of capital structure peer effects in the Chinese context have been conducted, but the mechanisms of peer effects are still ambiguous at present. Purpose of the article: This study aims to examine peer effects in capital structure and discover the mechanisms in the Chinese context. Understanding the mechanisms behind peer effects can help scholars and policymakers obtain more insights into the working mechanisms of peer effects. Furthermore, how the industry- and firm-specific characteristics affect peer effects and the selection of mechanisms should be analyzed. Methods: Using the fixed effects model (industry effect and year effect) and propensity score matching (PSM), as well as market leverage and heterogeneous stock shocks, we investigate peer effects, the mechanisms, and the effects of specific factors from industries and firms based on the sample of Chinese non-financial A-share listed firms on the Shanghai and Shenzhen stock markets from 2014 to 2021. Findings & value added: Study results show that peer effects exist in the corporate capital structure in the Chinese capital markets. Unlike previous studies, this analysis captures three mechanisms: the industrial average, industrial leaders, and industrial-similar firms. The intensity of peer effects and selection of mechanisms are influenced by both industry-specific characteristics (the degree of industrial competition and financing constraints) and firm-specific characteristics (firm size and market share).
EN
Considerations in the article highlight the relationship between lifelong learning and the development of competences of the individual. Institutional and personal resources affect the participation in further education through finance, structure of the offer, form and content of education, certification, as well as one's own idea of the condition of competences. Scientific analyses of individual experience in learning, modes of learning, resistance to learning, meanings, and resulting decisions concerning learning demonstrate the need to support the individual in the decision making process and in continuing education. Specific conditions for the development of competences in the health professions, on the example of care work and nursing, have been formulated at the intersection of different perspectives.
PL
Rozważania w artykule naświetlają związek uczenia się przez całe życie z rozwojem kompetencji jednostki. Instytucjonalne i osobiste zasoby wpływają na uczestnictwo w edukacji dalszej poprzez finanse, strukturę oferty, formy i treści kształcenia, certyfikowanie i własne wyobrażania o stanie kompetencji. Naukowe analizy indywidualnych doświadczeń w uczeniu się, trybów uczenia się, oporu w uczeniu się, znaczeń i wynikających stąd decyzji dotyczących uczenia się dowodzą konieczności wspierania jednostki w procesie podejmowania decyzji i kontynuowania nauki. Na przecięciu różnych perspektyw zostały sformułowane konkretne uwarunkowania rozwoju kompetencji w zawodach służby zdrowia na przykładzie opieki i pielęgnacji.
DE
Nachfolgende Ausführungen beleuchten den Zusammenhang der Anforderungen des Lebenslangen Lernens in Bezug auf Kompetenzentwick-lung respektive deren Erhalt sowie die Dispositionsfähigkeit des Individuums als bedeutende Größe. Institutionelle und personelle Ressourcen beeinflussen die Weiterbildungspartizipation im beruflichen Kontext mittels Finanzierung, Ange-botsformen und -Inhalte, Angebotsstrukturen, Zertifizierung und auch berufsspezifischer Kompetenzvorstellungen. Die bildungswissenschaftlichen Betrachtungen der individuellen Lernerfahrungen, Lernmodi, ggf. Lernwiderstän-de, Deutungen und daraus resultierenden Bildungsentscheidungen zeigen Transfer- und Unterstützungsnotwendigkeiten auf. In der Zusammenführung der Perspek-tiven werden nachfolgend konkrete Voraussetzungen der Ermöglichung von Kom-petenzentwicklung in den Gesundheitsfachberufen am Beispiel der Pflege formu-liert.
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