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Full-Text Articles in Business Law, Public Responsibility, and Ethics
Why "Democracy" And "Drifter" Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers, Koon Boon Kee
Dissertations and Theses Collection (Open Access)
Do managers exercise accounting discretion in an opportunistic or efficient manner? Good governance structures, which mitigate agency costs, are necessary to ensure that the accounting information supplied by management is not opportunistically manipulated. The output of quality accounting information, in turn, serves as an input to better governance structures. Thus, governance and earnings quality (EQ) are inexorably linked through a complementarity relationship. This suggests two previously unexamined relationships. Firstly, the governance effects on performance in the influential paper by Gompers, Ishii and Metrick (2003) is overrated without good EQ, measured by the magnitude of abnormal accruals (AA), as an input. …
Why Does Corporate Governance Matter? Evidence From Seasoned Bond Offerings, Fang Wang
Why Does Corporate Governance Matter? Evidence From Seasoned Bond Offerings, Fang Wang
Dissertations and Theses Collection (Open Access)
To examine the importance of corporate governance, I look at how management and investors behave in the event of seasoned bond offerings, controlling for the corporate governance structure of issuing firms. I find that companies with the weakest governance structure aggressively manipulate their earnings upwards during the two years prior to the debt issuances. And when the bond offerings are announced to the market, these same firms experienced positive abnormal returns over a three day event period, indicating that investors of poorly governed firms value a debt financing for the alleged decrease in agency cost.
Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu Hu
Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu Hu
Dissertations and Theses Collection (Open Access)
This paper addresses two questions. First, do good corporate governance practices add values to company or does it lead to higher stock returns in Singapore? Second, does poorly governed listed company in SGX tend to manage their earnings by using discretionary accruals? Following the approach of Gompers et al. (2003), we formed two portfolios consisting of well-governed and poorly governed companies. Well governed companies are able to maintain a higher return relative to poorly governed companies. I also look at the firm valuation from the adoption of corporate governance practices. Our result shows a positive relationship between firm valuation and …
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua
Dissertations and Theses Collection (Open Access)
Share repurchase in Singapore was legalized in 1998. It is well known that investors view share repurchase as good news. This study is based on share repurchase announcements from 2006 to 2009. The mean Cumulative Market-Adjusted Returns (CAR) for the period [0, +1] and [-1, +1] are significant at 1.25% and 1.33% respectively. In Singapore, there are positive abnormal returns following share repurchase announcements in support of the ―free cash flow‖ hypothesis. By using the Singapore Corporate Governance Index as a proxy, the weakly governed companies exhibit the strongest, positive and significant CAR of 2.62% for the period [0, +1]. …
The Impact Of Employees' Perception Of Corporate Social Responsibility On Job Attitudes And Behaviors: A Study In China, Dan Zheng
Dissertations and Theses Collection (Open Access)
Corporate social responsibility (CSR) is regarded as voluntary bahaviors that contribute to the soceity welfare. Based on the concept of sustainable development, corporations should not only stress on their economic and business outcomes, but also pay attention to their effect on the society and environment. Corporations are expected to engage in the improvement of their employees' quality of life, as well as the well-being of employees' families, local communities, and the overall society. With the acceleration of global integration, CSR has become a main concern by the public, and is considered as an essential part of the business strategy. It …