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Social and Behavioral Sciences Commons™
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Articles 1 - 9 of 9
Full-Text Articles in Social and Behavioral Sciences
Heineken's Acquisition Of Asia Pacific Breweries: Accounting For Business Combinations And Ownership Interests, Pearl Hock Neo Tan, Chu Yeong Lim
Heineken's Acquisition Of Asia Pacific Breweries: Accounting For Business Combinations And Ownership Interests, Pearl Hock Neo Tan, Chu Yeong Lim
Research Collection School Of Accountancy
On July 20, 2012, Heineken, a Dutch brewery offered S$5.125 billion (Singapore dollars; approximately US$4.1 billion) to buy Asia Pacific Breweries Ltd (APB; formerly, Malayan Breweries Limited) from its Singapore-based joint venture partner, Fraser and Neave, Limited. (F&N). At that point, Heineken and F&N had joint control over APB through the joint venture vehicle Asia Pacific Investments Pte Ltd (APIPL). Brewery business under the joint arrangement had moved on quite predictably from the time APB was formed in 1931. However, the calm changed to high drama when Thai Beverage, owned by one of Thailand's tycoons, made a bid for F&N …
The Flow Of Funds In Asean, Philip C. Zerrillo
The Flow Of Funds In Asean, Philip C. Zerrillo
Research Collection Lee Kong Chian School Of Business
In his novel, Memoirs of a Geisha, Arthur Golden wrote, “Water can carve its way even through stone. And when trapped, water makes a new path.” Something similar seems to be happening with the flow of funds in ASEAN.
Gender And Connections Among Wall Street Analysts, Lily Hua Fang, Sterling Huang
Gender And Connections Among Wall Street Analysts, Lily Hua Fang, Sterling Huang
Research Collection School Of Accountancy
We examine how alumni ties with corporate boards differentially affect male and female analysts’ job performance and career outcomes. Connection improves men’s job performance — forecasting accuracy and recommendation impact — significantly more than women’s. Controlling for performance, connection further contributes to men’s, but not women’s, likelihood of being voted by institutional investors as “star” analysts, a marker of career success. These asymmetric effects are stronger in more opaque firms and among younger analysts, but is absent from a placebo test. Our evidence indicates that men reap higher benefits from social networks than women in both job performance and subjective …
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Dissertations and Theses Collection
Motivated by the centrality measures constructed in Larcker, So and Wang (2013), I affirm that board connectedness positively affect firm performance in Singapore, and even if we were to measure firm performance by Tobin's Q. The impact on firm performance persists over at least four years. Controlling for Corporate Governance using a proprietary database, the Singapore Corporate Governance Index, only the Eigenvector centrality under simple-weighted and hyperbolic-weighted projections survives the robustness test, suggesting that firstly, the local proxy of Corporate Governance based on OECD principles possibly controls for what is proxied by the Betweenness, Closeness and Degree centrality measures, and …
Cross Border Public Offering Of Securities In Fostering An Integrated Asean Securities Market: The Experiences Of Singapore, Malaysia And Thailand, Wai Yee Wan
Research Collection Yong Pung How School Of Law
In 2015, the Association of South-East Asian Nations (ASEAN) Economic Community was formally established and its aim was to achieve, among other things, an integrated securities market within ASEAN.
Before the formal establishment of the ASEAN Economic Community, in 2009, with a view towards achieving the objective of securities integration, Singapore, Malaysia and Thailand adopted the ASEAN Disclosure Standards, a set of harmonized disclosure standards for issuers making cross-border initial public offerings (IPOs). These participating Member States also entered into a framework for the expedited review for cross-listings. However, more than 5 years later, there is no documented use of …
Why Do Publicly Listed Firms Evade Taxes: Evidence From China, Travis Chow, Bin Ke, Hongqi Yuan, Yao Zhang
Why Do Publicly Listed Firms Evade Taxes: Evidence From China, Travis Chow, Bin Ke, Hongqi Yuan, Yao Zhang
Research Collection School Of Accountancy
Taking advantage of the mandatory disclosure of detected corporate tax evasions in China, we examine why publicly listed firms evade taxes. Different from most prior studies that focus on corporate income tax avoidance, we consider tax evasions related to both income taxes and non-income taxes. We also use a bivariate probit model to account for the partial observability of corporate tax evasion. Many of our regression results using the bivariate probit model are different from the results using the reduced form probit model that ignores the partial observability of tax evasion. Many of our results are also different from those …
Do Politically Connected Directors Affect Accounting Quality? Evidence From China's Anti-Corruption Campaign (Rule 18), Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Do Politically Connected Directors Affect Accounting Quality? Evidence From China's Anti-Corruption Campaign (Rule 18), Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Research Collection School Of Accountancy
We examine the impact of politically connected directors on accounting quality using a quasi experiment in China. In October 2013, “Rule 18” was issued to prohibit government and party officials, who were concurrently holding public offices or had recently retired from such positions within the last three years, from serving as directors for publicly listed firms. The regulation is part of China’s anti-corruption campaign, and it has led to a large number of politically connected directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fully discontinued, the political connections of the firms …
Multinational Firms And Cash Holdings: Evidence From China, Weijun Wu, Yang Yang, Sili Zhou
Multinational Firms And Cash Holdings: Evidence From China, Weijun Wu, Yang Yang, Sili Zhou
Research Collection Lee Kong Chian School Of Business
To adapt to globalization, Chinese multinational firms have more exploitation of cash. This paper shows that Chinese multinational corporations (MNCs) do not hold significantly more cash relative to domestic firms unless these multinationals heavily relay on the foreign sales. In addition, the multinationals of non-State-Owned Enterprises (Non-SOEs) exhibit the insignificant difference in cash holdings for non-multinationals. We also find that Chinese MNCs invest more but are less profitable, especially in non-SOE subsample. Overall, we conclude that the need of cash liquidity of multinational corporations in China is different from those in U.S.
Ownership And Identities Of The Largest Shareholders And Dividend Policy: Evidence From Vietnam, Trien Vinh Le, Trang Huyen Le
Ownership And Identities Of The Largest Shareholders And Dividend Policy: Evidence From Vietnam, Trien Vinh Le, Trang Huyen Le
Research Collection School Of Accountancy
This study investigates the relationship between the level of shareholdings and identities of the largest shareholders, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from 2009 to 2013. The fixed effect model is employed to analyze the balanced panel data. The results show that the higher the level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the largest shareholders. The …