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Full-Text Articles in Business
The Stock Market Implication Of Political Connections: Evidence From Firms' Dividend Policy, Jerry Cao, Sheng Huang, Qigui Liu, Gary G. Tian
The Stock Market Implication Of Political Connections: Evidence From Firms' Dividend Policy, Jerry Cao, Sheng Huang, Qigui Liu, Gary G. Tian
Gary Tian
Political connections are valuable for shareholders of privately-run firms especially in countries with weak legal institutions. We study the effect of a firm's political connections in the public equity market by focusing on its impact on the firms' dividend policy. Prior studies suggest that dividends signal the commitment for proper treatment of minority shareholders and thus high growth firms pay dividends to establish such a reputation for better access to equity market in the future. Using a sample of privately-owned Chinese firms, we find that politically connected firms are less likely to pay dividends and pay less if they pay. …
When The Going Gets Tough: Board Capital And Survival Of New Economy Ipo Firms, Nongnit Chancharat, Chandrasekhar Krishnamurti, Gary G. Tian
When The Going Gets Tough: Board Capital And Survival Of New Economy Ipo Firms, Nongnit Chancharat, Chandrasekhar Krishnamurti, Gary G. Tian
Gary Tian
The high profile corporate collapse of Enron and WorldCom has been attributed to corporate governance failures. This implicit linkage between governance failures and corporate failures raises the important question of whether good governance will mitigate the probability of failure of a firm faced with extreme financial duress. Additionally, recent studies question the assumption that a single board structure will be optimal for all firms. We empirically address this issue in the context of survival of new economy Australian IPOs. We characterize governance by board structure and leadership. Our results show that one of the key principles of the Cadbury Code …
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Xiaofei Pan
This paper examines the impact of disproportional ownership structure on the pay-performance relationship in China’s listed firms. We find that the cash flow rights of the ultimate controlling shareholder have a positive effect on this relationship while a divergence between the control rights and cash flow rights has a significantly negative effect. By dividing our sample into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms, we find that cash flow rights in SOE controlled firms have a significant impact on accounting based pay performance and cash flow rights in privately controlled firms also affect the …
An Exploratory Study Of Internationalization Strategies Of Malaysian And Taiwanese Firms, Ah Ba Sim, J Rajendran Pandian
An Exploratory Study Of Internationalization Strategies Of Malaysian And Taiwanese Firms, Ah Ba Sim, J Rajendran Pandian
Ah Ba Sim
There is as yet limited empirical research on the internationalization processes, strategies and operations of Asian MNEs from countries at different levels of development. Drawing on primary data from matched case studies of emergin Taiwanese and Malaysian MNEs in the textiile and electronics industries, this paper examines and analyses their internationalization characteristics and strategies within the IDP perspective. The findings indicate that the emerging Taiwanese and Malaysian MNEs, while exhibiting characteristics such as that described in extant theories also suggest some differences. The empirical findings, limitations and areas fro further research are discussed.
Capital Structure And Firm Performance In Emerging Economies: An Empirical Analysis Of Sri Lankan Firms, Anura De Zoysa, Muhammad Chowdhury, Palli Mulla K A Chandrakumara, Athula Manawaduge
Capital Structure And Firm Performance In Emerging Economies: An Empirical Analysis Of Sri Lankan Firms, Anura De Zoysa, Muhammad Chowdhury, Palli Mulla K A Chandrakumara, Athula Manawaduge
Anil Chandrakumara
This paper offers an empirical analysis of the impact of capital structure on firm performance in thecontext of an emerging marketÿSri Lanka. The study applies both pooled and panel data regressionmodels for a sample of 155 Sri Lankan-listed firms. The results demonstrate that most of the SriLankan firms finance their operations with short-term debt capital as against the long-term debtcapital and provide strong evidence that the firm performance is negatively affected by the use of debtcapital. The study also finds a significant negative relationship between tangibility and performanceindicating inefficient utilization of non-current assets. The negative performance implicationsassociated with over-utilization of …
Political Connections, Founding Family Ownership And Leverage Decision Of Privately Owned Firms, Qigui Liu, Gary Tian
Political Connections, Founding Family Ownership And Leverage Decision Of Privately Owned Firms, Qigui Liu, Gary Tian
Qigui Liu
In this paper, we examine the effect of political connections versus founding family ownership on the relationship between disproportional ownership structure and leverage decisions of privately owned firms listed in Chinese market. We find that disproportional ownership has positive effect on leverage, indicating that controlling shareholder tends to use both disproportional ownership structure and debt to expropriate. We also find that the interacted term between disproportional ownership and political connections has a positive impact on leverage ratio, and disproportional ownership structure is negatively related with leverage ratio of founding-family controlled firms, which indicate a substitute effect between political connections and …
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
Qigui Liu
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 …
Entrepreneurial Orientation (Eo) And Performance Of Government-Linked Companies (Glcs), Wei-Loon Koe
Entrepreneurial Orientation (Eo) And Performance Of Government-Linked Companies (Glcs), Wei-Loon Koe
Journal of Entrepreneurship, Management and Innovation JEMI
Quite often, people have negative views on government-linked companies (GLCs) due to the unsatisfactory performance of some key players. In order to improve the performance of GLCs in the country, Malaysian government implemented GLC Transformation Program (GLCT) in 2004. As the program is approaching its ending phase, some efforts are needed to assess the performance of GLCs. This study aimed to examine the influence of EO dimensions on the performance of GLCs. The sample of this study consisted of 153 subsidiaries and branches of G20. Based on the multiple regression analysis performed, this study found that all the five dimensions …