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Full-Text Articles in Business
The Effect Of Ownership Structure On Leverage Decision: New Evidence From Chinese Listed Firms, Qigui Liu, Gary Tian, Xiaoming Wang
The Effect Of Ownership Structure On Leverage Decision: New Evidence From Chinese Listed Firms, Qigui Liu, Gary Tian, Xiaoming Wang
Faculty of Commerce - Papers (Archive)
This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this …
Earnings Management And The Effect Of Earnings Quality In Relation To Stress Level And Bankruptcy Level Of Chinese Listed Firms, Feng Li, Indra Abeysekera, Shiguang Ma
Earnings Management And The Effect Of Earnings Quality In Relation To Stress Level And Bankruptcy Level Of Chinese Listed Firms, Feng Li, Indra Abeysekera, Shiguang Ma
Faculty of Commerce - Papers (Archive)
This paper investigates the link between earnings management and earnings quality for the Chinese firms listed in the Shanghai and Shenzhen stock exchanges from 2003 to 2007. The earnings quality is measured by four separate earnings attributes: accruals quality, earnings persistence, earnings predictability, and earnings smoothness. We find that the stressed/bankrupt firms prefer opportunistic earnings management; the non-stressed/non-bankrupt firms are more likely to choose more efficient earnings management than the stressed/non-bankrupt firms. We find that earnings management performs better than earnings quality in predicting future profitability. We also find that the earnings quality has deteriorated over the sample period; the …
Understanding The Propensity Of Chinese University Students For Leisure Travel Within Australia, Yun Zhang, Lois Burgess, Gregory M. Kerr
Understanding The Propensity Of Chinese University Students For Leisure Travel Within Australia, Yun Zhang, Lois Burgess, Gregory M. Kerr
Faculty of Commerce - Papers (Archive)
The provision of education to international students in Australia is increasingly important tothe higher education sector as well as other industry sectors including tourism. Althoughprevious studies have identified the contributions of international students to tourism, thereare limited studies investigating leisure travel behaviour based on student nationality andsegments within nationalities. As the first stage of a broader study, this research by way ofopen-ended interviews, investigates the propensity of Chinese university students to travelwithin Australia. By way of qualitative data analysis the findings reveal a number ofparadoxes which need to be addressed in further research to better understand the attitudesand behaviours of …
A Comparison Of Factual/Low Context Versus Emotional/High Context Message Appeals: Persuading Chinese Smokers To Ring The Chinese Quitline, Michael Camit, Gary I. Noble, Jennifer Ann Algie
A Comparison Of Factual/Low Context Versus Emotional/High Context Message Appeals: Persuading Chinese Smokers To Ring The Chinese Quitline, Michael Camit, Gary I. Noble, Jennifer Ann Algie
Faculty of Commerce - Papers (Archive)
This study does not support the notion developed from cross cultural advertising literature that members of a particular cultural group will prefer a particular message advertising appeal if it reflects values that are congruent to its culture. An experimental design is applied to examine whether emotional/ high context appeals (n=120) are more persuasive than factual/ low context appeals (n=124) among target groups from collectivist cultural backgrounds. Analysis of Chinese smokers’ pre-and-post intentions to contact the Chinese Quitline after viewing print advertisements determined that there was no difference between the two ad groups’ shift scores. The common use of direct translations …
Models Of Trust-Sharing In Chinese Private Enterprises, Zhong Qin, Guibin Zhang
Models Of Trust-Sharing In Chinese Private Enterprises, Zhong Qin, Guibin Zhang
Faculty of Commerce - Papers (Archive)
This paper presents two related models of development patterns of Chinese private enterprises. They illustrate incentive-based reasons for ownership arrangements of private enterprises, and highlight how institutional foundations of trust, particularly government and family-based cultural values, play an important role in influencing the development of private enterprises. These models attempt to explain why government and family-based culture are crucial for the ownership structure and management of private enterprises. The main argument in the models is that the structure of family businesses can be viewed, in essence, as a form of trust-sharing (Guanxi-sharing) arrangement within the firm. Furthermore, the increase in …
Non-Tradable Share Reform And Convergence Between Chinese Cross-Listed A And H Shares, Yuan Fang Zhao, Andrew S. Tan, Gary G. Tian
Non-Tradable Share Reform And Convergence Between Chinese Cross-Listed A And H Shares, Yuan Fang Zhao, Andrew S. Tan, Gary G. Tian
Faculty of Commerce - Papers (Archive)
This paper explores the impact of China's two recent stock market reforms, i.e.non-tradable share reform and QFII procedures, on the price linkages of A- and H- sharesby using the technique of cointegration. We found that although A-share index andH-share index is still segmented, the price linkages between individual A-shares and theircross-listed H-shares have been straightened since the two policies implemented. Weargued that ownership restrictions contributed to the market segmentation of Chinese andHong Kong's stock markets and the integration process of China and Hong Kong seemsto be a gradual progress.
Government And Family Guanxi In Chinese Private Enterprises, Guibin Zhang, Zhong Qin
Government And Family Guanxi In Chinese Private Enterprises, Guibin Zhang, Zhong Qin
Faculty of Commerce - Papers (Archive)
Domestic private enterprises have dramatically re-emerged in China's unique transition from a planned to a market-oriented economy, where the private sector plays an increasingly important role. Over the last quarter of a century, there has been a decline in 'red-hat' enterprises and an increased dominance of family businesses among private enterprises.This paper employs the concept of trust, which stems from traditional culture and comprises two important components (government and family), to investigate the changing patterns of corporate governance. The core argument of this paper is that family trust is replacing government trust within Chinese private enterprises. The study of the …
An Exploratory Study Of Turnaround In Chinese And Malay Firms In The Malaysian Context, Ah Ba Sim
An Exploratory Study Of Turnaround In Chinese And Malay Firms In The Malaysian Context, Ah Ba Sim
Faculty of Commerce - Papers (Archive)
While research on turnaround in the Asian context is a recent phenomenon, there is little research on firms of different cultural and ethnic background within Asian countries. This paper reports the findings of an exploratory study on the impact of different ethnic background, ownership types and role of government on corporate recovery and turnaround using case studies of a Chinese and a Malay firm in Malaysia. The findings reveal turnaround characteristics similar to those reported in recent literature on Asian turnaround as well as differences between the Chinese and Malay firm. These findings are discussed and implications for future research …
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Faculty of Commerce - Papers (Archive)
Numerous studies in the finance literature have investigated technical analysis to determine its validity as an investment tool. This study is an attempt to explore whether some forms of technical analysis can predict stock price movement and make excess profits based on certain trading rules in markets with different efficiency level. To avoid using arbitrarily selected 26 trading rules as did by Brock, Lakonishok and LeBaron (1992) and later by Bessembinder and Chan (1998), this paper examines predictive power and profitability of simple trading rules by expanding their universe of 26 rules to 412 rules. In order to find out …
Racialized Gendering Of The Accountancy Profession: Toward An Understanding Of Chinese Women's Experiences In Accountancy In New Zealand, Soon Nam Kim
Faculty of Commerce - Papers (Archive)
In the last two decades or so there has been lively academic and political debate about the continued gendering process ofthe accountancy profession. Less attention, however, has been given to the impact of racialization of the accountancy profession on the lives of ethnic minorities and even less attention to ethnic minority women. Yet a growing body of evidence has forced critical researchers to clarify the additional barriers to success ethnic minority women face in the accountancy profession due to a confluence ofrace/ethnicity and gender/sex discrimination. This study of Chinese women accountants' experiences in New Zealand demonstrates that because of their …