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Full-Text Articles in Business
Does Control-Ownership Divergence Impair Market Liquidity In An Emerging Market? Evidence From China, Xiaojun Chu, Qigui Liu, Gary Tian
Does Control-Ownership Divergence Impair Market Liquidity In An Emerging Market? Evidence From China, Xiaojun Chu, Qigui Liu, Gary Tian
Faculty of Business - Papers (Archive)
This paper examines how institutional characteristics of emerging economies influence the effect of control-ownership divergence on market liquidity. We find that the divergence is negatively associated with liquidity and that this negative relationship is more pronounced in firms with more severe agency problems and information asymmetry. We argue that in an emerging market, the negative effect of the divergence on liquidity is worsened by state ownership and poorer shareholder protection, both of which result in more severe agency conflicts; we also find, however, that this effect is alleviated by the NTS reform, which aligns the interest of different shareholders.
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Faculty of Business - Papers (Archive)
This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.
Bank Ownership And Efficiency In Post-Conflict Era Of Sri Lanka: Evidence From Aggregate Efficiency Technique, Bolanda Hewa Thilakaweera, Charles Harvie, Amir Arjomandi
Bank Ownership And Efficiency In Post-Conflict Era Of Sri Lanka: Evidence From Aggregate Efficiency Technique, Bolanda Hewa Thilakaweera, Charles Harvie, Amir Arjomandi
Faculty of Business - Papers (Archive)
Deviating from conventional methods in comparing the group performance of banks this study extends the established literature to compare efficiency between foreign and domestic banks, by employing comprehensive weighted aggregate efficiency measures derived through bootstrap simulations for the banking sector for the post - confli ct era of Sri Lanka. The study also compares the banking sector performance between initial and later parts of the post - conflict period, using weighted aggregate efficiency measures. At the end of the armed conflict between LTTE 1 and Sri Lankan government forces the banking sector experienced considerable expansion in terms of banking density …
Does Ownership Affect Bank Performance? An Analysis Of Vietnamese Banks In The Post - Wto Entry Period, Le Thanh Phuong, Charles Harvie, Amir Arjomandi
Does Ownership Affect Bank Performance? An Analysis Of Vietnamese Banks In The Post - Wto Entry Period, Le Thanh Phuong, Charles Harvie, Amir Arjomandi
Faculty of Business - Papers (Archive)
This study investigates the impact of financial reforms, bank characteristics, and time trends on the performance of the Vietnamese banking sector under the assumption that ownership can result in a divergence of technologies utilised by different bank groups (including state - owned, private, and foreign banks), and the fact that these groups may respond differently to the same environmental variables . By combining a meta - frontier analysis with double - bootstrap two - stage DEA the authors analyse the impact of en vironmental variables on bank efficiency across separate groups operating under different technologies. Accordingly, this paper, firstly, employs …
Ownership Characteristics And Earnings Management In China, Fei Guo, Shiguang Ma
Ownership Characteristics And Earnings Management In China, Fei Guo, Shiguang Ma
Faculty of Business - Papers (Archive)
Chinese firms are characterized by multiple ownership and high ownership concentration. In this research, we conduct an intensive investigation into the determination of ownership characteristics in earnings management behaviors for Chinese domestic listed firms. Our results indicate that earnings management is determined by the motivations of different types of ownerships. In particular, when a state agency is the largest owner, firms are less likely to undertake earnings management, although the state ownership ratio is positively associated with earnings management. Tradable ownership and particularly concentrated tradable ownership reduce earnings management, while total ownership concentration fosters earnings management.