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Corporate Finance

Singapore Management University

Articles 61 - 67 of 67

Full-Text Articles in Business Law, Public Responsibility, and Ethics

Audit Quality, Legal And Disclosure Environments, And Analysts' Forecast Accuracy: Some International Evidence, Jong-Hag Choi, Tony Kang, Young Koan Kwon, Yoonseok Zang May 2005

Audit Quality, Legal And Disclosure Environments, And Analysts' Forecast Accuracy: Some International Evidence, Jong-Hag Choi, Tony Kang, Young Koan Kwon, Yoonseok Zang

Research Collection School Of Accountancy

In this study, we investigate the relation between the quality of external audit and earnings predictability of firms situated in different legal and disclosure environments around the world. In a sample of multinational firms cross-listed in the United States, we find that the association between audit quality and forecast accuracy is stronger in weak legal and disclosure environments than in strong legal and disclosure environments. We interpret these results as suggesting that audit service can serve as an alternative device to improve market participants' information environment in weak legal and disclosure environments.

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Voluntary Decisions On Audit Committee Composition And Expertise And The Influence Of Board Of Director Characteristics: Further Evidence From Singapore, Jean-Luc Wolfgang Mitchell Van Der Zahn, Inderpal Singh Jan 2005

Voluntary Decisions On Audit Committee Composition And Expertise And The Influence Of Board Of Director Characteristics: Further Evidence From Singapore, Jean-Luc Wolfgang Mitchell Van Der Zahn, Inderpal Singh

Research Collection School Of Accountancy

No abstract provided.

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Ownership Structure, Investment Behaviour And Firm Performance In Japanese Manufacturing Industries, Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto Jan 2005

Ownership Structure, Investment Behaviour And Firm Performance In Japanese Manufacturing Industries, Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto

Research Collection Lee Kong Chian School Of Business

Using data spanning the 1996-98 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behaviour and financial performance are influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pension funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm' s financial performance and investment behaviour is considerably more complex than is depicted in simple principal-agent representations. Such a result emphasizes the …

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The Performance Implications Of Ownership Driven Governance Reform, Toru Yoshikawa, Phillip H. Phan Dec 2003

The Performance Implications Of Ownership Driven Governance Reform, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

This paper explores the performance impact of recent changes in foreign shareholdings and boardroom reforms in Japan. Empirical research on the impact of reform on the Japanese corporate governance system could provide useful lessons for their European counterparts who are themselves facing similar pressures to reform. We found that although participation of outside directors in strategic decision-making was associated with positive stock returns, the increase in the ratio of outside directors, the separation of the board members and executive officers, and the reduction of board size were not related to firm performance.

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Social Entrepreneurship In Singapore (German Version), Wee Liang Tan, Teck Meng Tan Mar 2002

Social Entrepreneurship In Singapore (German Version), Wee Liang Tan, Teck Meng Tan

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Alternative Corporate Governance Systems In Japanese Firms: Implications For A Shift To Stockholder-Centered Corporate Governance, Toru Yoshikawa, Phillip H. Phan Jun 2001

Alternative Corporate Governance Systems In Japanese Firms: Implications For A Shift To Stockholder-Centered Corporate Governance, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

In Asia, the recent catastrophic decline in regional stock markets, continuing currency crisis and failures of major financial institutions and industrial corporations have increased domestic and international interest in corporate governance. Nowhere is this greater than in Japan where financial institution reform has catapulted this to the fore. Agency theory and institutional theory, together with comparative case examples, are used in a study to derive some propositions on the dynamics of changing corporate governance systems in Japanese firms. The study argues for the co-existence of stakeholder and shareholder-centered corporate governance systems in Japan. This argument has an important implication for …

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Auditing Practices In Singapore, See Liang Foo Jan 1992

Auditing Practices In Singapore, See Liang Foo

Research Collection School Of Accountancy

The accounting profession in Singapore plays an important part in the country's economy because it ensures foreign investors' confidence that their investments are audited by competent, independent, and credible auditors. The emergence of joint stock companies in Singapore was made possible by the Indian Joint Stock Companies Act of 1857. The Act requires every company to maintain proper accounting and other records which will explain sufficiently the transactions and financial position of the company and to enable true and fair profit and loss account and balance-sheet and any documents required to be attached thereto to be prepared from time to …

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