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Full-Text Articles in Business

Rent Appropriation Of Knowledge-Based Assets And Firm Performance When Institutions Are Weak: A Study Of Chinese Publicly Listed Firms, Cuili Qian, Heli Wang, Xuesong Geng, Yangxin Yu Apr 2017

Rent Appropriation Of Knowledge-Based Assets And Firm Performance When Institutions Are Weak: A Study Of Chinese Publicly Listed Firms, Cuili Qian, Heli Wang, Xuesong Geng, Yangxin Yu

Research Collection Lee Kong Chian School Of Business

A firm's strategic investments in knowledge-based assets through research and development (R&D) can generate economic rents for the firm, and thus are expected to affect positively a firm's financial performance. However, weak protection of minority shareholders, weak property rights, and ineffective law enforcement can allow those rents to be appropriated disproportionately by a firm's powerful insiders such as large owners and top managers. Recent data on Chinese publicly listed firms during 2007-2012 were used to demonstrate that the expected positive relationship between knowledge assets and performance is weaker in transition economies when a firm's ownership is highly concentrated and its …

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Upper Bounds On Return Predictability, Dashan Huang, Guofu Zhou Apr 2017

Upper Bounds On Return Predictability, Dashan Huang, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

Can the degree of predictability found in data be explained by existing asset pricing models? We provide two theoretical upper bounds on the R2 of predictive regressions. Using data on the market portfolio and component portfolios, we find that the empirical R2 are significantly greater than the theoretical upper bounds. Our results suggest that the most promising direction for future research should aim to identify new state variables that are highly correlated with stock returns instead of seeking more elaborate stochastic discount factors.

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On The Foundations Of Corporate Social Responsibility, Hao Liang, Luc Renneboog Apr 2017

On The Foundations Of Corporate Social Responsibility, Hao Liang, Luc Renneboog

Research Collection Lee Kong Chian School Of Business

A firm’s corporate social responsibility (CSR) practice and its country’s legal origin are strongly correlated. This relation is valid for various CSR ratings coming from several large datasets that comprise more than 23,000 large companies from 114 countries. We find that CSR is more strongly and consistently related to legal origins than to “doing good by doing well”-factors, and most firm and country characteristics such as ownership concentration, political institutions, and degree of globalization. In particular, companies from common law countries have lower level of CSR than companies from civil law countries, and Scandinavian civil law firms assume highest level …

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The Role Of Facial Appearance On Ceo Selection After Firm Misconduct, David M. Gomulya, Elaine M. Wong, Margaret E. Ormiston, Warren Boeker Apr 2017

The Role Of Facial Appearance On Ceo Selection After Firm Misconduct, David M. Gomulya, Elaine M. Wong, Margaret E. Ormiston, Warren Boeker

Research Collection Lee Kong Chian School Of Business

We investigate a particular aspect of CEO successor trustworthiness that may be critically important after a firm has engaged in financial misconduct. Specifically, drawing on prior research that suggests that facial appearance is one critical way in which trustworthiness is signaled, we argue that leaders who convey integrity, a component of trustworthiness, will be more likely to be selected as successors after financial restatement. We predict that such appointments garner more positive reactions by external observers such as investment analysts and the media because these CEOs are perceived as having greater integrity. In an archival study of firms that have …

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Signaler Credibility, Signal Susceptibility, And Relative Reliance On Signals: How Stakeholders Change Their Evaluative Processes After Violation Of Expectations And Rehabilitative Efforts, David Gomulya, Yuri Mishina Apr 2017

Signaler Credibility, Signal Susceptibility, And Relative Reliance On Signals: How Stakeholders Change Their Evaluative Processes After Violation Of Expectations And Rehabilitative Efforts, David Gomulya, Yuri Mishina

Research Collection Lee Kong Chian School Of Business

Prior studies have shown that a firm’s violation of expectations might lead to less favorable evaluations of that firm by stakeholders. However, the literature has been silent on whether and how the process by which stakeholders evaluate a firm could change subsequent to the violation. Drawing from signaling and screening theory, we examine how evaluative processes might change in the context of financial restatements. We find that investors appear to shift their relative reliance on particular signals in determining a firm’s stock price following an earnings restatement. These changes are at least partly reversed following the replacement of an incumbent …

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Licensing Contracts: Control Rights, Options And Timing, Pascale Crama, Bert De Reyck, Niyazi Taneri Apr 2017

Licensing Contracts: Control Rights, Options And Timing, Pascale Crama, Bert De Reyck, Niyazi Taneri

Research Collection Lee Kong Chian School Of Business

Research and development (R&D) collaborations, common in high-tech industries, are challenging to manage due to technical and market risks as well as incentive problems. We investigate how control rights, options, payment terms and timing allow the innovator to capture maximum value from its R&D collaborations with a marketer. Our study reveals a counterintuitive result; the innovator may, under certain conditions, prefer to grant launch control rights or buy-out options to the marketer despite the fact that both terms restrict its downstream actions. We demonstrate that a menu of contracts is not necessary to address the adverse selection problem as the …

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Board Representation In International Joint Ventures, Ilya R. P. Cuypers, Gokhan Ertug, Jeffrey J. Reuer, Ben Bensaou Apr 2017

Board Representation In International Joint Ventures, Ilya R. P. Cuypers, Gokhan Ertug, Jeffrey J. Reuer, Ben Bensaou

Research Collection Lee Kong Chian School Of Business

Relatively little attention has been paid to boards in international joint ventures (IJVs), and the composition of these boards in particular. We examine the determinants of foreign partners' representation on IJV boards in order to advance our knowledge of this facet of IJV governance. We argue that a foreign partner's representation on the IJV board is related to its equity contribution. However, we hypothesize that this relationship is moderated by IJV and host country characteristics that affect the importance of the internal and external roles IJV boards serve. These results provide insights into the conditions under which a partner might …

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Leviathan Inc. And Corporate Environmental Engagement, Po-Hsuan Hsu, Hao Liang, Pedro Matos Apr 2017

Leviathan Inc. And Corporate Environmental Engagement, Po-Hsuan Hsu, Hao Liang, Pedro Matos

Research Collection Lee Kong Chian School Of Business

In a special report in 2010, The Economist called the resurgence of state-owned mega-enterprises, especially those in emerging economies, “Leviathan Inc.”, and warned about the dangers of the state capitalism model. Traditionally, state-owned firms have been criticized for poor governance and questionable efficiency. In fact, they may be better positioned to deal with market failures and externalities. Our findings based on publicly-listed firms in 45 countries suggest that government-controlled companies engage more in environmental issues, and this engagement does not come at a cost to shareholder value. The effect is more pronounced among firms in emerging market economies and in …

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Short Selling And Economic Policy Uncertainty, Xiaping Cao, Yuchen Wang, Sili Zhou Apr 2017

Short Selling And Economic Policy Uncertainty, Xiaping Cao, Yuchen Wang, Sili Zhou

Research Collection Lee Kong Chian School Of Business

We study the trading behavior of short sellers in the presence of economic policy uncertainty (EPU). Daily short selling activity at either the aggregate level or the individual stock level is increasing in the EPU index (Baker, Bloom and Davis, 2016). EPU has great explanatory power for short trading. Cross-sectional tests show that the increase in short interest under high political uncertainty is from shorting stocks characterized by higher mispricing, greater policy sensitivity, higher illiquidity, greater volatility or analyst dispersion. Short sellers earn abnormal profits by trading on public information related to EPU.

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Corporate Donations And Shareholder Value, Hao Liang, Luc Renneboog Apr 2017

Corporate Donations And Shareholder Value, Hao Liang, Luc Renneboog

Research Collection Lee Kong Chian School Of Business

Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we distinguish between charitable and political donations, as well as between donations in cash and in kind. We find that charitable donations are positively related to financial performance and firm value, which is consistent with the value-enhancement hypothesis. This positive effect on firm value is stronger for cash than in-kind donations. In contrast, political donations do not appear to enhance shareholder value, but rather tend to reflect agency problems, as they are higher for firms with poor internal corporate …

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The Interplay Of Customer Experience And Commitment, Timothy Keiningham, Joan Ball, Sabine Benoit, Helen L. Bruce, Alexander Buoye, Julija Dzenkovska, Linda Nasr, Yi-Chun Ou, Mohamed Zaki Apr 2017

The Interplay Of Customer Experience And Commitment, Timothy Keiningham, Joan Ball, Sabine Benoit, Helen L. Bruce, Alexander Buoye, Julija Dzenkovska, Linda Nasr, Yi-Chun Ou, Mohamed Zaki

Research Collection Lee Kong Chian School Of Business

Purpose: This research aims to better understand customer experience, as it relates to customer commitment and provides a framework for future research into the intersection of these emerging streams of research. Design/methodology/approach: This research contributes to theoretical and practical perspectives on customer experience and its measurement by integrating extant literature with customer commitment and customer satisfaction literature. Findings: The breadth of the domains that encompass customer experience – cognitive, emotional, physical, sensorial and social – makes simplistic metrics impossible for gauging the entirety of customers’ experiences. These findings provide strong support of the need for new research into customer experience …

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Understanding The Information-Based Transformation Of Strategy And Society, Eric K. Clemons, Rajiv M. Dewan, Robert J. Kauffman, Thomas A. Weber Apr 2017

Understanding The Information-Based Transformation Of Strategy And Society, Eric K. Clemons, Rajiv M. Dewan, Robert J. Kauffman, Thomas A. Weber

Research Collection School Of Computing and Information Systems

The world economy is undergoing dramatic changes, largely driven by the new availability of fine-grained information. Innovative ways of using data—large and small—have also prompted a rethinking of the boundaries for the combination and use of knowledge. The strategic design of information flows in the economy has the upside of higher economic rents and competitive advantage, as well as the downsides of wealth inequality and abuse of power. This has brought a wide range of regulatory challenges. To understand the nature of these sweeping changes, it is important to examine the new ways information is used, and how information flows …

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Regulatory Pressure And Income Smoothing By Banks In Response To Anticipated Changes To The Basel Ii Accord, Chu Yeong Lim, Kevin Ow Yong Mar 2017

Regulatory Pressure And Income Smoothing By Banks In Response To Anticipated Changes To The Basel Ii Accord, Chu Yeong Lim, Kevin Ow Yong

Research Collection School of Accountancy

We examine the effects of the revised Basel II rules on bank managers’ discretionary behavior, specifically income smoothing and loan loss provisioning. As the revised rules exert greater regulatory pressure on corporate than retail banking, we predict corporate bank managers to reduce risk-taking activities or increase income smoothing. Analysis of segmental reports reveals greater (less) income smoothing in the corporate banking segments of low-capital (high-capital) banks during the Basel II period, with their managers recognizing loan loss provisions in a less timely fashion. We find no such effects for retail banking. Although we document an initially negative market reaction to …

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God’S Will, The Matrix, And The Chinese Bamboo Tree, Singapore Management University Mar 2017

God’S Will, The Matrix, And The Chinese Bamboo Tree, Singapore Management University

Perspectives@SMU

Suresh Shankar took the figurative red pill, went down the entrepreneurial rabbit hole and discovered the need to mesh the right-brain with the left

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A Tale Of Two Cities: Global Entrepreneurship Monitor 2016, Singapore Management University Mar 2017

A Tale Of Two Cities: Global Entrepreneurship Monitor 2016, Singapore Management University

Perspectives@SMU

In recent years, Hong Kong and Shenzhen have experienced an explosive growth in the start-up support ecosystem.

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Adapting And Evolving To Grow In The High-Tech Industry, Singapore Management University Mar 2017

Adapting And Evolving To Grow In The High-Tech Industry, Singapore Management University

Perspectives@SMU

MatchMove started as a gaming platform; it’s now a flourishing enterprise payment solutions company

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When Hippo Used Twitter To Manage Its Supply Chain, Singapore Management University Mar 2017

When Hippo Used Twitter To Manage Its Supply Chain, Singapore Management University

Perspectives@SMU

The Indian snack brand inspired its customers to be advocates

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Customer Satisfaction Index Of Singapore 2016: Full Year Overview, Institute Of Service Excellence, Smu Mar 2017

Customer Satisfaction Index Of Singapore 2016: Full Year Overview, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Customer Satisfaction Index of Singapore (CSISG) computes customer satisfaction scores at the national, sector, sub-sector, and company levels. The CSISG serves as a quantitative benchmark of the quality of goods and services produced by the Singapore economy over time and across countries. The fourth quarter results mark the end of measurement for CSISG 2016. Singapore’s 2016 national score was computed using the data collected during these four quarters.

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Cross-Border M&A: Challenges And Opportunities In Global Business Environment [Guest Editors' Introduction], Rosa Caizza, Katsuhiko Shimizu, Toru Yoshikawa Mar 2017

Cross-Border M&A: Challenges And Opportunities In Global Business Environment [Guest Editors' Introduction], Rosa Caizza, Katsuhiko Shimizu, Toru Yoshikawa

Research Collection Lee Kong Chian School of Business

Under a rapidly changing and globalizing environment, mergers and acquisitions (M&As) have become one of the most important strategic initiatives. In this context, cross-border M&As provide various opportunities and benefits such as expeditious entry into new markets by gaining local knowledge, supplier networks, government relationships, and customers embedded in the target firm.

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Learning From Others' Failures: The Effectiveness Of Failure Stories For Managerial Learning, Ronald Bledow, Bernd Carette, Jana Kuehnel, Daniela Pittig Mar 2017

Learning From Others' Failures: The Effectiveness Of Failure Stories For Managerial Learning, Ronald Bledow, Bernd Carette, Jana Kuehnel, Daniela Pittig

Research Collection Lee Kong Chian School of Business

We argue that other peoples' failures provide a neglected source of managerial learning that is associated with enhanced learning transfer. Due to their negative valence, stories about other peoples' failures as compared to stories about other peoples' successes should elicit a more pronounced motivational response, such that people elaborate the content of failure stories more actively. As a consequence, the knowledge gained from failure stories will more likely be applied on a transfer task. We expect this motivational response to failure stories and its benefits for learning to be most pronounced for people who view failures as valuable learning opportunities. …

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Asian Multiculturalism In Communication: Impact Of Culture In The Practice Of Public Relations In Singapore, Su Lin Yeo, Augustine Pang Mar 2017

Asian Multiculturalism In Communication: Impact Of Culture In The Practice Of Public Relations In Singapore, Su Lin Yeo, Augustine Pang

Research Collection Lee Kong Chian School of Business

This study aims to understand the role of cultural values in influencing public relations practice in Singapore. Given that Singapore exhibits a hybrid of cultures, it purposes to comprehend how multiculturalism is operationalized and to uncover if the values that have a greater influence on organizational communication resemble those in individualistic or collectivistic societies. Using Gudykunst's (1998) seven dimensions that influence individualism-collectivism on communication as a guide, this study interviewed 20 public relations practitioners in Singapore. Our findings showed that although the patterns expressed is slightly more consistent with those found in collectivistic cultures, it does not resemble collectivism in …

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Voluntary Fair Value Disclosures Beyond Sfas 157’S Three-Level Estimates, Sung Gon Chung, Beng Wee Goh, Jeffrey Ng, Kevin Ow Yong Mar 2017

Voluntary Fair Value Disclosures Beyond Sfas 157’S Three-Level Estimates, Sung Gon Chung, Beng Wee Goh, Jeffrey Ng, Kevin Ow Yong

Research Collection School Of Accountancy

Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates. Consistent with these disclosures being driven by management’s concerns about the reliability of their SFAS 157 estimates, we find that firms with more opaque estimates are more likely to provide such disclosures. We then examine whether these disclosures increase the reliability of fair value estimates. We find that they are associated with higher market pricing and lower information risk for Level 3 estimates. Further analyses of the contents of the reliability disclosures reveal that the following are particularly important to …

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Continuous Auditing: A New Instrument In The Cfo’S Toolbox, Clarence Goh Mar 2017

Continuous Auditing: A New Instrument In The Cfo’S Toolbox, Clarence Goh

Research Collection School Of Accountancy

In the past decade, rapid technological developments have led to the widespread adoption of enterprise resource planning systems. These ERP platforms not only allow different functional areas of a business to share data, but also enable businesses to generate financial information in real time.Such developments have fundamentally altered how businesses operate, and present both challenges and opportunities for CFOs and auditors.That’s because traditional audit methods have, to a significant extent, not kept up with these developments. Many audit procedures that are used today remain manual in nature, and are often costly in terms of both time and money. To a …

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Institutional Regime Shift In Intellectual Property Rights And Innovation Strategies Of Firms In China, Kenneth G. L. Huang, Xuesong Geng, Heli Wang Mar 2017

Institutional Regime Shift In Intellectual Property Rights And Innovation Strategies Of Firms In China, Kenneth G. L. Huang, Xuesong Geng, Heli Wang

Research Collection Lee Kong Chian School Of Business

This study develops a novel conceptual framework to understand the differential impact of formal institutional regime shift in intellectual property rights on the innovation and patenting strategies of Chinese and Western firms operating in China. We argue that to the extent that Chinese firms have been deeply embedded in China’s informal institutions,they are less responsive to formal institutional changes than Western firms operating in China. Using the major China patent law reform of 2001 as an exogenous event, we find results consistent with our key arguments: With the strengthening of the previously weak (utility model) patent protection, Chinese firms are …

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Related Parties As Used In Transfer Pricing, Jow Lee Ying, Yong Sing Yuan Mar 2017

Related Parties As Used In Transfer Pricing, Jow Lee Ying, Yong Sing Yuan

Research Collection School Of Accountancy

The paper examines the scope of related party transactions falling under the OECD Transfer Pricing Guidelines (TPG) and the transfer pricing regimes of selected tax jurisdictions. The OECD TPG does not deal with the concept of associated enterprises as used in Article 9 of the OECD Multilateral Tax Convention (MTC), while Article 9 of the OECD MTC does not define the terms used to describe associated enterprises. This gives rise to the question of what exactly was intended for under the scope of Article 9 and its consequent applicability. At the same time, many jurisdictions define related party transactions for …

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Conditional Conservatism And Debt Versus Equity Financing, Beng Wee Goh, Chee Yeow Lim, Gerald J. Lobo, Yen H. Tong Mar 2017

Conditional Conservatism And Debt Versus Equity Financing, Beng Wee Goh, Chee Yeow Lim, Gerald J. Lobo, Yen H. Tong

Research Collection School Of Accountancy

Extant research suggests that conditional conservatism reduces information asymmetry between a firm and its shareholders as well as its debtholders. However, there is little evidence on whether conditional conservatism reduces information asymmetry differentially for shareholders and debtholders. We use the setting of a firm's choice between equity versus debt when it seeks a significant amount of external financing to examine this research question. We find that when firms raise a significant amount of external financing, the use of equity (versus debt) increases with the level of conservatism. We also find that the reduction in cost of equity associated with conservatism …

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Exchange And Refund Of Complementary Products, Yoonju Han, Sandeep R. Chandukala, Hai Che Mar 2017

Exchange And Refund Of Complementary Products, Yoonju Han, Sandeep R. Chandukala, Hai Che

Research Collection Lee Kong Chian School Of Business

A common dilemma a consumer faces during product return pertains to the decision of exchanging the product or obtaining a refund. This issue becomes even more salient for durable goods, when the initial purchase involves complementary products from different categories. This research examines consumer’s trade-off decision between returning and keeping complementary products by exploring various retail actions (using umbrella branded products (UBP)) and customer characteristics. We also investigate the trade-off between product exchange and refund when consumer returns a product. We find interesting extensions to past research wherein UBP are returned less and result in greater exchange than refund. Furthermore, …

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Institutional Regime Shift In Intellectual Property Rights And Innovation Strategies Of Firms In China, Kenneth Guang-Lih Huang, Xuesong Geng, Heli Wang Mar 2017

Institutional Regime Shift In Intellectual Property Rights And Innovation Strategies Of Firms In China, Kenneth Guang-Lih Huang, Xuesong Geng, Heli Wang

Research Collection Lee Kong Chian School Of Business

This study develops a novel conceptual framework to understand the differential impact of formal institutional regime shift in intellectual property rights on the innovation and patenting strategies of Chinese and Western firms operating in China. We argue that to the extent that Chinese firms have been deeply embedded in China’s informal institutions, they are less responsive to formal institutional changes than Western firms operating in China. Using the major China patent law reform of 2001 as an exogenous event, we find results consistent with our key arguments: With the strengthening of the previously weak (utility model) patent protection, Chinese firms …

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When The Target May Know Better: Effects Of Experience And Information Asymmetries On Value From Mergers And Acquisitions, Ilya R. P. Cuypers, Youtha Cuypers, Xavier Martin Mar 2017

When The Target May Know Better: Effects Of Experience And Information Asymmetries On Value From Mergers And Acquisitions, Ilya R. P. Cuypers, Youtha Cuypers, Xavier Martin

Research Collection Lee Kong Chian School Of Business

Extending research on the effect of experience on acquisition outcomes, we examine how the differential in previous M&A experience between the target and the acquirer affects the value they, respectively, obtain when the acquirer takes over the target. Drawing on literature about organizational learning, negotiation, and information economics, we theorize that the party with greater experience will be able to obtain more value. Furthermore, we theorize that the effect of differential M&A experience on value obtained is contingent on the level of information asymmetry the acquirer faces with respect to the target, specifically as a function of the target's product-market …

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Individual Differences And Their Measurement: A Review Of 100 Years Of Research, Paul R. Sackett, Filip Lievens, Chad H. Van Iddekinge, Nathan R. Kuncel Mar 2017

Individual Differences And Their Measurement: A Review Of 100 Years Of Research, Paul R. Sackett, Filip Lievens, Chad H. Van Iddekinge, Nathan R. Kuncel

Research Collection Lee Kong Chian School Of Business

This article reviews 100 years of research on individual differences and their measurement, with a focus on research published in the Journal of Applied Psychology. We focus on 3 major individual differences domains: (a) knowledge, skill, and ability, including both the cognitive and physical domains; (b) personality, including integrity, emotional intelligence, stable motivational attributes (e.g., achievement motivation, core self-evaluations), and creativity; and (c) vocational interests. For each domain, we describe the evolution of the domain across the years and highlight major theoretical, empirical, and methodological developments, including relationships between individual differences and variables such as job performance, job satisfaction, and …

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