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Full-Text Articles in Business

The Global Sustainability Footprint Of Sovereign Wealth Funds, Hao Liang, Luc Renneboog Jun 2020

The Global Sustainability Footprint Of Sovereign Wealth Funds, Hao Liang, Luc Renneboog

Research Collection Lee Kong Chian School Of Business

With the emergence of sovereign wealth funds (SWFs) around the world managing equity of over $8 trillion, their impact on the corporate landscape and social welfare is being scrutinized. This study investigates whether and how SWFs incorporate environmental, social, and governance (ESG) considerations in their investment decisions in publicly listed corporations, as well as the subsequent evolution of target firms' ESG performance. We find that SWF funds do consider the level of past ESG performance as well as recent ESG score improvement when taking ownership stakes in listed companies. These results are driven by the SWF funds that do have …

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Risk Premium Spillovers Among Stock Markets: Evidence From Higher-Order Moments, Marinela Adriana Finta, Sofiane Aboura Jun 2020

Risk Premium Spillovers Among Stock Markets: Evidence From Higher-Order Moments, Marinela Adriana Finta, Sofiane Aboura

Research Collection Lee Kong Chian School Of Business

We investigate the volatility and skewness risk premium spillovers among the U.S., U.K., German, and Japanese stock markets. We define risk premia as the difference between risk-neutral and realized moments. Our findings highlight that during periods of stress, cross-market and cross-moment spillovers increase and that these increases are mirrored by a decrease in within-market effects. We document strong bidirectional spillovers between volatility and skewness risk premia and emphasize the prominent role played by the volatility risk premium. Finally, we show that several announcements drive the time-varying risk premium spillovers.

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The Complexity Of Business Schools, Kai Peters, Howard Thomas Jun 2020

The Complexity Of Business Schools, Kai Peters, Howard Thomas

Research Collection Lee Kong Chian School Of Business

Kai Peters and Howard Thomas wonder how long business schools can survive the growing complexity of their industry.

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Gender And Beauty In The Financial Analyst Profession: Evidence From The United States And China, Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra Jun 2020

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 …

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Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy Jun 2020

Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy

Research Collection School Of Accountancy

In recent years, chief financial officers (CFOs) have been called upon to do many things. They have stepped beyond their traditional technical finance functions, embracing technology and innovations to partner chief executive officers (CEOs) and boards on strategic issues. But if asked at the end of 2019, probably no CFO would place "managing through a global pandemic and economic crisis at the same time" among their top five things to do in 2020. Like many others, CFOs are being asked to do even more in a very short timeframe.

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Transparency And Fairness In Organizational Decisions: An Experimental Investigation Using The Paired Ultimatum Game, Jared Nai, Reddi Kotha, Phanish Puranam Jun 2020

Transparency And Fairness In Organizational Decisions: An Experimental Investigation Using The Paired Ultimatum Game, Jared Nai, Reddi Kotha, Phanish Puranam

Research Collection Lee Kong Chian School Of Business

Organizations often keep secret their decisions about what employees receive (e.g., salary, budgets, benefits) to manage fairness concerns. We propose that this can be counterproductive because of a mechanism we call the “escalation of deservingness under secrecy”, where the existence of peers can inflate one’s own sense of deservingness, even when the actual allocations to peers are unknown. Building on the ultimatum game, we developed a Paired Ultimatum Game (PUG) in which a player and a peer respondent engage with the same offeror simultaneously but with no direct competition between respondents. Across three experiments- a live interaction study as well …

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Cross-Border Acquisitions And Employment Policies, Hao Liang, Luc Renneboog, Cara Vansteenkiste Jun 2020

Cross-Border Acquisitions And Employment Policies, Hao Liang, Luc Renneboog, Cara Vansteenkiste

Research Collection Lee Kong Chian School Of Business

Using novel firm-level data on employment quality in an international sample of M&A deals, this paper investigates the cost-benefit trade-off faced by acquirers when providing generous employment policies. We find that shareholders react more positively to deal announcements by acquirers providing generous employee incentives when the deal is domestic, but negatively when the deal is cross-border. These effects are primarily driven by the provision of monetary incentives and are strongest for firms in skilled industries. We argue that generous employment policies increase synergy gains and reduce labor adjustment costs in a domestic takeover. In cross-border deals, however, costs associated with …

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Across The Great Divides: Gender Dynamics Influence How Intercultural Conflict Helps Or Hurts Creative Collaboration, Roy Y. J. Chua, Mengzi Jin Jun 2020

Across The Great Divides: Gender Dynamics Influence How Intercultural Conflict Helps Or Hurts Creative Collaboration, Roy Y. J. Chua, Mengzi Jin

Research Collection Lee Kong Chian School Of Business

Collaborating across cultures can potentially increase creativity due to access to diverse ideas and perspectives, but this benefit is not always realized. One reason is that the conflict that arises in intercultural creative collaboration is a double-edged sword and how it is managed matters. In this research, we examine how the gender of collaborating dyads influences the link between intercultural conflict (task and relationship) and creative collaboration effectiveness. Through two studies (a laboratory study and a field survey), we found that intercultural task conflict has a negative effect on creative collaboration in men dyads but a positive effect on creative …

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Learning From Digital Failures? The Effectiveness Of Firms’ Divestiture And Management Turnover Responses To Data Breaches, Gui-Deng Say, Gurneeta Vasudeva Jun 2020

Learning From Digital Failures? The Effectiveness Of Firms’ Divestiture And Management Turnover Responses To Data Breaches, Gui-Deng Say, Gurneeta Vasudeva

Research Collection Lee Kong Chian School Of Business

We examine whether firms learn from digital technology failures in the form of data breach events, based on the effectiveness of their failure responses. We argue that firms experiencing such technological failures interpret them broadly as organizational problems, and undertake unrelated divestitures and top management turnover to achieve better standardization and to remove dysfunctional routines. We test our hypotheses on unrelated subsidiary divestitures and chief technology officer (CTO) turnovers undertaken by 8,760 publicly traded U.S. firms that were at risk of experiencing data breaches in- volving the loss of personally identifiable information during the period 2005–2016. We find that data …

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A Simple New Scoring System For Predicting The Mortality Of Severe Acute Pancreatitis: A Retrospective Clinical Study, Lei Wang, Yan-Bo Zeng, Jia-Yun Chen, Qian Luo, Rowan Wang, Ruijie Zhang, Zhichao Zheng, Yuan-Hang Dong, Wen-Bin Zou, Xiaoqing Xie, Yi-Qi Du, Zhao-Shen Li Jun 2020

A Simple New Scoring System For Predicting The Mortality Of Severe Acute Pancreatitis: A Retrospective Clinical Study, Lei Wang, Yan-Bo Zeng, Jia-Yun Chen, Qian Luo, Rowan Wang, Ruijie Zhang, Zhichao Zheng, Yuan-Hang Dong, Wen-Bin Zou, Xiaoqing Xie, Yi-Qi Du, Zhao-Shen Li

Research Collection Lee Kong Chian School Of Business

It is critical to accurately identify patients with severe acute pancreatitis (SAP) in a timely manner. This study aimed to develop a new simplified AP scoring system based on data from Chinese population.We retrospectively analyzed a consecutive series of 585 patients diagnosed with SAP at the Changhai hospital between 2009 and 2017. The new Chinese simple scoring system (CSSS) was derived using logistic regression analysis and was validated in comparison to 4 existing systems using receiver operating characteristic curves.Six variables were selected for incorporation into CSSS, including serum creatinine, blood glucose, lactate dehydrogenase, heart rate, C-reactive protein, and extent of …

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The Triumph Of Nonsense In Management Studies: A Commentary, Peter Kai, Howard Thomas Jun 2020

The Triumph Of Nonsense In Management Studies: A Commentary, Peter Kai, Howard Thomas

Research Collection Lee Kong Chian School Of Business

Professor Dennis Tourish’s recent essay (AMLE, March 2020) provides an analysis of why business schools and management education are perceived to be in a state of crisis. This commentary focuses on one important aspect of Tourish’s criticism of the management education field; namely, the quality, value, and appropriateness of the field’s research in advancing knowledge. His main criticisms are that the failure of management research arises from its extremely strong focus on theory development, its inadequate writing, and the formulaic, template style and formal structure of research papers in leading journals. Indeed, the rules and practices underlying the …

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How To Develop Collaborative Projects That Drive Innovation, Paul Carlile, Steven Davidson, Howard Thomas Jun 2020

How To Develop Collaborative Projects That Drive Innovation, Paul Carlile, Steven Davidson, Howard Thomas

Research Collection Lee Kong Chian School Of Business

Boston University’s Questrom School of Business is creating an innovative approach to identifying co-operative ways to improve business education.

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The Profile Of The ‘Good Judge’ In Hrm: A Systematic Review And Agenda For Future Research, François S. De Kock, Filip Lievens, Marise P. Born Jun 2020

The Profile Of The ‘Good Judge’ In Hrm: A Systematic Review And Agenda For Future Research, François S. De Kock, Filip Lievens, Marise P. Born

Research Collection Lee Kong Chian School Of Business

In light of the pivotal importance of judgments and ratings in human resource management (HRM) settings, a better understanding of the individual differences associated with being a good judge is sorely needed. This review provides an overview of individual difference characteristics that have been associated with the accurate judges in HRM. We review empirical findings over >80 years to identify what we know and do not know about the individual difference correlates of being an accurate judge. Overall, findings suggest that judges' cognitive factors show stronger and more consistent relationships with rating accuracy than personality-related factors. Specific intelligences in the …

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Removing Situation Descriptions From Situational Judgment Test Items: Does The Impact Differ For Video-Based Versus Text-Based Formats?, Philipp Schäpers, Filip Lievens, Jan-Philipp Freudenstein, Joachim Hüffmeier, Cornelius J. König, Stefan Krumm Jun 2020

Removing Situation Descriptions From Situational Judgment Test Items: Does The Impact Differ For Video-Based Versus Text-Based Formats?, Philipp Schäpers, Filip Lievens, Jan-Philipp Freudenstein, Joachim Hüffmeier, Cornelius J. König, Stefan Krumm

Research Collection Lee Kong Chian School Of Business

Recent research has shown that many text-based situational judgment test (SJT) items can be solved even when the situational descriptions in the item stems are not presented to test takers. This finding challenges the traditional view of SJTs as low-fidelity simulations that rely on ‘situational’ (context-dependent) judgment. However, media richness theory and construal level theory suggest that situation descriptions presented in a richer and more concrete format (video format) will reduce uncertainty about inherent requirements and facilitate the perception that the situation is taking place in the here and now. Therefore, we hypothesized that situational judgment would be more important …

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Are Corporate Spin-Offs Prone To Insider Trading?, Patrick Augustin, Menachem Brenner, Jianfeng Hu, Marti Subrahmanyam Jun 2020

Are Corporate Spin-Offs Prone To Insider Trading?, Patrick Augustin, Menachem Brenner, Jianfeng Hu, Marti Subrahmanyam

Research Collection Lee Kong Chian School Of Business

Despite abundant empirical evidence of informed trading ahead of major corporate events, no such evidence has been reported in the case of corporate spinoff (SP) announcements. This is surprising, as SP announcements are unexpected, and are also associated with a positive price jump in the parent company’s stock. Using a sample of 280 US announcement events from 1996 to 2013, we document significant pre-announcement informed trading activity in options for about 9 to 16% of events in our sample. In contrast, we find statistically insignificant evidence of informed trading in stocks, suggesting that informed traders employ leverage through options. In …

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Strategic Alliances As Treatment For Covid-19 And Beyond, Theodor Florian Cojoianu, Aoife Brophy Haney, Alet Meiring Jun 2020

Strategic Alliances As Treatment For Covid-19 And Beyond, Theodor Florian Cojoianu, Aoife Brophy Haney, Alet Meiring

Research Collection College of Integrative Studies

Novel strategic alliances have been emerging quickly in response to the Covid-19 crisis. We know much at alliance and firm-level about the benefits and challenges associated with different types of alliance configurations, however there are still gaps in our knowledge about the connection between alliances and impacts on society and the environment. In this paper, we use a novel dataset of 217 strategic alliances that have emerged between January and April 2020 in response to the Covid-19 crisis. We analyze which alliances have emerged and how these alliances are tackling different needs related to the crisis. We find that alliances …

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A Transnational Network For Public Sector Innovation: The Impact Of A Global Digital Government Reform Network On Public Administration At The Domestic Level, Beomgeun Cho, R. Karl Rethemeyer Jun 2020

A Transnational Network For Public Sector Innovation: The Impact Of A Global Digital Government Reform Network On Public Administration At The Domestic Level, Beomgeun Cho, R. Karl Rethemeyer

Research Collection School of Social Sciences

This study investigates the impact of a global E-government reform network on an individual country's E-government performance. As keeping pace with changing environments becomes one of the essential tasks for governments to retain problem-solving capacity, scholars have paid a lot of attention to the determinants of public sector innovation. However, how the ideas of reform and innovation have been communicated at the international or intergovernmental level has been paid less attention. To fill the gap in the literature, we have constructed a social network dataset covering 179 countries for the period 2010 to 2013. This dataset records whether countries sent …

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Place-Making/Management: The Policy And Practice Of Arts-Centred Spatial Interventions In Singapore, Su Fern Hoe Jun 2020

Place-Making/Management: The Policy And Practice Of Arts-Centred Spatial Interventions In Singapore, Su Fern Hoe

Research Collection School of Social Sciences

Singapore has won numerous accolades and garnered global attention for its physical infrastructure and iconic architecture. Despite these achievements, its government has recognized that certain parts of the city still lack a certain human vitality and buzz. Additionally, like other post-industrial cities, the production of a positive urban experience has been identified as that critical competitive advantage that would differentiate Singapore from other cities. Consequently, the Singapore government adopted a strategy called ‘place management’ in 2008 to inject ‘heart and soul’ into the city, and deliver a liveable, globally competitive and amenity-rich urban environment for its increasingly educated and upper …

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#Thirsty4change: Bubble Tea Goes Sustainable, Singapore Management University May 2020

#Thirsty4change: Bubble Tea Goes Sustainable, Singapore Management University

Social Space

The global bubble tea market was valued at US$1.96 billion in 2016 and is projected to reach US$3.21 billion by 2023. However, the bubble tea craze comes as a heavy price to the environment. Since plastic cups and straws—used to contain and consume the drinks—are non-biodegradable, most of these end up in oceans and cause severe harm to animals that mistake the plastic for food. Used bubble tea cups also cannot be placed into “Plastics”-designated recycling bins as they contain too much liquid and leftover “pearls”, usually made of tapioca. To date, there have been efforts to address bubble-tea-related waste, …

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Covid-19 And The Future Of Chinese Manufacturing, Singapore Management University May 2020

Covid-19 And The Future Of Chinese Manufacturing, Singapore Management University

Perspectives@SMU

China is expected to maintain a prominent role in global supply chains despite the COVID-19 pandemic, which has renewed discussions about whether countries around the world have become too reliant on Chinese manufacturing, according to one of The Chinese University of Hong Kong’s (CUHK) leading researchers on global economic networks

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Subcontracting And Sweatshops During Coronavirus – The Wake-Up Call Businesses Need?, Singapore Management University May 2020

Subcontracting And Sweatshops During Coronavirus – The Wake-Up Call Businesses Need?, Singapore Management University

Perspectives@SMU

Coronavirus continues to impact the already struggling retail sector. Wesfarmers, one of Australia's largest listed companies and the owner of bargain retailers Kmart and Target, recently announced the closure of some 75 Target stores, with another 90 to be converted to the more profitable Kmart outlets. Fears remain for some 1000 Target workers whose jobs are at risk.

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A Path To Digitalisation Featuring The Dbs Story, Robin Speculand May 2020

A Path To Digitalisation Featuring The Dbs Story, Robin Speculand

Perspectives@SMU

Digitalisation of businesses has been rapidly increasing over the last few years and now it has become a necessity, rather than an option, for many. The article provides a path and model for leaders to transform their business. It starts by recognising that businesses need a digital vision driven by customers’ requirements and explains how to build centricity and be ready for the future.

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Getting On The E-Commerce Carousell, Singapore Management University May 2020

Getting On The E-Commerce Carousell, Singapore Management University

Perspectives@SMU

Carousell has achieved impressive user numbers. Can the online marketplace now convert that into profitability?

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Does Litigation Deter Or Encourage Real Earnings Management, Sterling Huang, Sugata Roychowdhury, Ewa Sletten May 2020

Does Litigation Deter Or Encourage Real Earnings Management, Sterling Huang, Sugata Roychowdhury, Ewa Sletten

Research Collection School Of Accountancy

In this paper, we rely on an exogenous shock to examine the impact of litigation risk on real earnings management (REM). We conduct differences-in-differences tests centered on an unanticipated court ruling that reduced litigation risk for firms headquartered in the Ninth Circuit. REM increases significantly following the ruling for Ninth-Circuit firms relative to other firms, consistent with litigation risk deterring REM. Additional analyses reveal that REM rises more following the ruling when firms issue more optimistic disclosures. The evidence is consistent with litigation deterring REM by constraining managers' ability to issue optimistic and misleading disclosures that can conceal the myopic …

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Do Firms Adapt To Climate Change? Evidence From Establishment-Level Data, Frank Weikai Li, Yupeng Lin, Zuben Jin, Zilong Zhang May 2020

Do Firms Adapt To Climate Change? Evidence From Establishment-Level Data, Frank Weikai Li, Yupeng Lin, Zuben Jin, Zilong Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines firms’ adaptation to long-term changes in climatic conditions. Using detailed information of establishments owned by U.S. public firms from 1990 to 2012, we show that higher abnormal temperatures over the previous five years in a county lead to a significant reduction in local employment and the number of establishments. Further tests suggest that the decline in employment and establishments is largely due to a decline in local consumer demand rather than lower labor productivity. We also find that firms more likely take adaptive actions when their managers are more likely to believe in, or are concerned about, …

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A Data-Driven Analysis On The Impact Of High-Speed Rails On Land Prices In Taiwan, Joyce M. W. Low, Byung Kwon Lee May 2020

A Data-Driven Analysis On The Impact Of High-Speed Rails On Land Prices In Taiwan, Joyce M. W. Low, Byung Kwon Lee

Research Collection Lee Kong Chian School Of Business

High-speed rail (HSR) networks boost inter-city accessibility across a country and stimulate economic growth in inner cities. These economic gains, however, can often be accompanied by sharp increases in land and property prices along the lines that raise governmental concerns. This study examined the effect of the introduction of HSR on land prices in Taiwan and how the extent of such an effect varied with the stages of economic, societal, and infrastructural developments in different cities in Taiwan. Based on extensive published data, an empirical study was conducted using an integrated methodology comprising system dynamics, multivariate regression, and principal component …

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Spillover Effects From Unintended Trials On Attitude And Behavior: Promoting New Products Through Access-Based Services, Adrian Lehr, Marion Buettgen, Sabine Benoit, Katrin Merfeld May 2020

Spillover Effects From Unintended Trials On Attitude And Behavior: Promoting New Products Through Access-Based Services, Adrian Lehr, Marion Buettgen, Sabine Benoit, Katrin Merfeld

Research Collection Lee Kong Chian School Of Business

Access-based services (ABS) provide an opportunity for brands to promote their new products by enabling (unintended) trials. However, the mechanisms and impact of consumer exposure to products in ABS and the subsequent potential spillover effects on both the brand and the product perception are largely unknown. Our hypotheses are derived from the information integration theory (IIT) and subsequently tested. Study 1 is a field study investigating an unintended trial moderated by involvement and positive experience. The results indicate the positive effects of the unintended trial on product and brand attitudes, brand purchase intention, and word of mouth. In line with …

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Does Intergeneration Succession Influence Stock Prices Of Family Businesses?, Kunlun Zou, Rong Wu, Pu Chen May 2020

Does Intergeneration Succession Influence Stock Prices Of Family Businesses?, Kunlun Zou, Rong Wu, Pu Chen

Research Collection Lee Kong Chian School Of Business

China’s A-shares family listed companies are facing a period of high intergenerational succession. This has attracted the attention and research of many scholars. The existing studies mainly focus on the motives, methods, and influencing factors of family business’ intergenerational succession, and there are few studies involving the reaction of the capital markets. This article takes 45 listed family businesses as samples and uses the synthetic control method to examine the impact and the degree of influence that intergenerational succession has on stock price movements. Thereafter, a difference-in-differences estimation is conducted to test for robustness. At the conclusion of our research, …

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How Technology Is Driving Business Change, Havovi Joshi May 2020

How Technology Is Driving Business Change, Havovi Joshi

Asian Management Insights

How technology is driving business change.

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Developing Online Business Strategy With Millennials Through Partnership With University, Yuanto Kusnadi, Gary Pan May 2020

Developing Online Business Strategy With Millennials Through Partnership With University, Yuanto Kusnadi, Gary Pan

Research Collection School Of Accountancy

The COVID-19 pandemic has brought about a significant shift in shopping behaviour from offline to online among Singaporean consumers. According to data from data analytics firm Nielsen, 37 per cent of Singaporean consumers have increased online shopping activities since the COVID-19 outbreak. This shift towards online shopping, food delivery and e-groceries may persist beyond the COVID-19 period. While the increase in online shopping has benefited online stores, many businesses who do not yet have an online presence or have not been paying much attention to conducting sales online were caught off-guard during the circuit breaker period which has resulted in …

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