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Articles 1 - 8 of 8
Full-Text Articles in Finance and Financial Management
International Tax Competition And Foreign Direct Investment In The Asia-Pacific Region: A Panel Data Analysis, Chengwei Xu, Alfred M. Wu
International Tax Competition And Foreign Direct Investment In The Asia-Pacific Region: A Panel Data Analysis, Chengwei Xu, Alfred M. Wu
Research Collection School Of Accountancy
Purpose: The purpose of this study is to investigate how a country's competitive tax policy influences its inward foreign direct investments (FDI) in the Asia–Pacific region, even when given particular constraints (e.g., population, public governance, skilled labor, and so on) exist. Design/methodology/approach: The paper uses the system GMM estimation approach to test the hypothesis. Data on FDI, corporate income tax, and various confounding factors were drawn from Ernst and Young's worldwide corporate tax guide, the World Bank, and other sources to create a panel of 28 economies over the period 2000–2016. Findings: The present research confirms the negative association between …
China's Anti‐Corruption Campaign And Financial Reporting Quality, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
China's Anti‐Corruption Campaign And Financial Reporting Quality, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Research Collection School Of Accountancy
We examine the impact of China’s anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fullydiscontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference-in-differences research design with firm fixed effects and PSM to examine the pre- …
Gender And Beauty In The Financial Analyst Profession: Evidence From The United States And China, Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra
Gender And Beauty In The Financial Analyst Profession: Evidence From The United States And China, Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra
Research Collection School Of Accountancy
We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts are less likely to be voted as All-Stars. The conclusion is the opposite for Chinese analysts. We find that female analysts in China are less likely to be voted as All-Stars, but the likelihood increases with their facial attractiveness. These findings implicate a beauty penalty for female analysts in the …
In Fair Value We Trust, Or Not, Joyce Tang, Nick Leong, Pan, Gary, Keng Kevin Ow Yong, Chu Yeong Lim, Tee Yong Jeffrey Ng
In Fair Value We Trust, Or Not, Joyce Tang, Nick Leong, Pan, Gary, Keng Kevin Ow Yong, Chu Yeong Lim, Tee Yong Jeffrey Ng
Research Collection School Of Accountancy
The objective of financial reporting is to provide financial information that is useful to existing and potential investors, lenders and other creditors (IASB’s Conceptual Framework ED/2015/3). General purpose financial reports provide information about the financial position of a reporting entity, as well as information about the effects of transactions and other events that will change a reporting entity’s economic resources and claims (para 1.12 ED/2015/3). Investor confidence and trust in the financial statements is a crucial component for financial markets to function smoothly. This report presents the attitudes and concerns of over 700 respondents toward fair value accounting. The survey …
Financial Health And Corporate Performance Of Listed Manufacturing Companies In Hong Kong And Singapore – A Comparative Study Of The Two Asian Tigers, Foo S.L.
Research Collection School Of Accountancy
Hong Kong and Singapore are two leading economies in Asia Pacific. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in these two markets. A linear regression was conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a fourteen-year period are also analyzed. The analysis covers the period from 2000 to 2013(inclusive) and yielded a statistically positive correlation between ROE and the Z-Score for both markets. Singapore and Hong Kong …
Managerial Agency Costs Of Socialistic Internal Capital Markets: Empirical Evidence From China, Jiwei Wang, Kangtao Ye
Managerial Agency Costs Of Socialistic Internal Capital Markets: Empirical Evidence From China, Jiwei Wang, Kangtao Ye
Research Collection School Of Accountancy
This study provides empirical evidence of managerial agency costs in socialistic internal capital markets. Listed Chinese companies are required to disclose the amount of resources that are reallocated to other firms of the parent company, which provides us with a direct measure of the socialistic subsidization of weak member firms by strong member firms within a business group. We hypothesize that in strong member firms, managerial compensation is less sensitive to firm performance because cross-subsidization makes it difficult for group CEOs to hold the managers in strong firms accountable for their own firms' performance, and also increases the noise in …
Value Discount Of Business Groups Surrounding The Asian Financial Crisis: Evidence From Korean Chaebols, James Jinho Chang, Young Jun Cho, Won Kang, Hyun-Han Shin
Value Discount Of Business Groups Surrounding The Asian Financial Crisis: Evidence From Korean Chaebols, James Jinho Chang, Young Jun Cho, Won Kang, Hyun-Han Shin
Research Collection School Of Accountancy
We examine the effect of business group membership on firm value in each pre-and postcrisis Korea. Consistent with prior studies, results show that group affiliated chaebol firms suffer value discount relative to non-chaebol firms in the precrisis period. However, we also find that chaebol firms experience an improvement in firm value relative to non-chaebol firms after the financial crisis. These findings imply that the value discount of business groups reported in prior studies is not an inevitable consequence of diversification, but can be alleviated or overcome by structural reforms in business practices or economic conditions.
The Change In Corporate Transparency Of Korean Firms After The Asian Financial Crisis: An Analysis Using Analysts' Forecast Data, Jinho Chang, Young Jun Cho, Hyun-Han Shin
The Change In Corporate Transparency Of Korean Firms After The Asian Financial Crisis: An Analysis Using Analysts' Forecast Data, Jinho Chang, Young Jun Cho, Hyun-Han Shin
Research Collection School Of Accountancy
Using analysts' forecast error and forecast dispersion of firms covered by the I/B/E/S database, this study examines the change in information asymmetry of Korean firms around the financial crisis of 1997. Results show that the information asymmetry of Korean firms is lower after the financial crisis than before, implying that corporate transparency did, in effect, improve with the change in business environment. In addition, this study finds that chaebol firms have higher information asymmetry than non-chaebol firm, and also that the corporate transparency improvement of chaebol firms is not higher than that of non-chaebol firms in the post-crisis period despite …