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Full-Text Articles in Business
Do Venture Capitalists Play A Monitoring Role In An Emerging Market? Evidence From The Pay-Performance Relationship Of Chinese Entrepreneurial Firms, Jerry Cao, Qigui Liu, Gary Tian
Do Venture Capitalists Play A Monitoring Role In An Emerging Market? Evidence From The Pay-Performance Relationship Of Chinese Entrepreneurial Firms, Jerry Cao, Qigui Liu, Gary Tian
Faculty of Business - Papers (Archive)
This paper investigates venture capitalists' monitoring of managerial behaviour by examining their impact on CEO pay-performance sensitivity across various controlling structures in Chinese firms. We find that the effectiveness of venture capitalists' monitoring depends on different types of agency conflict. In particular, we find that venture capital (VC) monitoring is hampered in firms that experience severe controlling-minority agency problems caused by disproportionate ownership structures. We provide further evidence that VC is more likely to exert close monitoring in firms that have greater managerial agency conflict, and thus require more direct monitoring. However, controlling-minority agency problems have a greater impact on …
Theories To Define And Understand Family Firms, Mary Barrett
Theories To Define And Understand Family Firms, Mary Barrett
Faculty of Business - Papers (Archive)
My earlier chapter in this volume on the four phases of learning in family firms relies on some important theories about the nature of family firms and how they differ from non-family firms. This chapter explains them briefly.
Internationalization Of Malaysian Firms And The Effects Of Major External Economic Crises, Ah Ba Sim
Internationalization Of Malaysian Firms And The Effects Of Major External Economic Crises, Ah Ba Sim
Faculty of Business - Papers (Archive)
This paper examines and analyzes the internationalization of international firms from Malaysia over two time periods of major external economic crises, the Asian financial crisis and the global economic crisis based on a study of four case firms. The findings indicate variations and changes in strategies during early and continued internationalization over the 11 year time studied. These findings and their research implications are examined and discussed.
The Effect Of Financial Status On Earnings Quality Of Chinese-Listed Firms, Feng Li, Indra Abeysekera, Shiguang Ma
The Effect Of Financial Status On Earnings Quality Of Chinese-Listed Firms, Feng Li, Indra Abeysekera, Shiguang Ma
Faculty of Business - Papers (Archive)
This article investigates the relation between accounting-based earnings quality attributes and the financial status of Chinese companies listed in Shanghai and Shenzhen stock exchanges from 2005 to 2007 by classifying them as either "healthy" or "bankrupt" firms. The authors find that accruals quality, earnings predictability, and earnings smoothness are significantly different between healthy and bankrupt firms, but not earnings persistence. Additional analysis undertaken indicates that firm categories (healthy, financially distressed, and bankrupt) based on financial status does not indicate distinct differences in earnings quality attributes.
Dynamic Forecasts Of Financial Distress Of Australian Firms, Maria Kim, Graham Partington
Dynamic Forecasts Of Financial Distress Of Australian Firms, Maria Kim, Graham Partington
Faculty of Business - Papers (Archive)
Dynamic forecasts of financial distress have received far less attention than static forecasts, particularly in Australia. This study, therefore, investigates dynamic probability forecasts for Australian firms. Novel features of the modelling are the use of time-varying variables in forecasts from a Cox model. Not only is this one of relatively few studies to apply dynamic variables in forecasting financial distress, but to the authors' knowledge it is the first to provide forecasts of survival probabilities using the Cox model with time-varying variables. Forecast accuracy is evaluated using receiver operating characteristics curves and the Brier Score. It was found that the …
Does Banks' Dual Holding Affect Bank Lending And Firms' Investment Decisions? Evidence From China, Xiaofei Pan, Gary Tian
Does Banks' Dual Holding Affect Bank Lending And Firms' Investment Decisions? Evidence From China, Xiaofei Pan, Gary Tian
Faculty of Business - Papers (Archive)
This study investigates the effect of banks' dual holding on bank lending and firms' investment decisions using a sample of listed firms in China. We find that dual holding leads to easier access to bank loans, a result that is more pronounced for non-state-owned enterprises (non-SOEs) than SOEs. We also find that dual holding distorts banks' lending decisions and harms the investment efficiency for SOEs, while resulting in optimal lending decisions and enhanced investment efficiency for non-SOEs. For non-SOEs, further analysis suggests that optimal lending decisions and efficient investment can be achieved for firms with higher ownership concentration, and firms …