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Articles 31 - 60 of 114
Full-Text Articles in Business
Seeing The "Forest" Or The "Trees" Of Organizational Justice: Effects Of Temporal Perspective On Employee Concerns About Unfair Treatment At Work, Irina Cojuharenco, David Patient, Michael R. Bashshur
Seeing The "Forest" Or The "Trees" Of Organizational Justice: Effects Of Temporal Perspective On Employee Concerns About Unfair Treatment At Work, Irina Cojuharenco, David Patient, Michael R. Bashshur
Research Collection Lee Kong Chian School Of Business
What events do employees recall or anticipate when they think of past or future unfair treatment at work? We propose that an employee’s temporal perspective can change the salience of different types of injustice through its effect on cognitions about employment. Study 1 used a survey in which employee temporal focus was measured as an individual difference. Whereas greater levels of future focus related positively to concerns about distributive injustice, greater levels of present focus related positively to concerns about interactional injustice. In Study 2, an experimental design focused employee attention on timeframes that differed in temporal orientation and temporal …
Integrating Distributed Work: Task Design, Communication And Tacit Coordination Mechanisms, Kannan Srikanth, Phanish Puranam
Integrating Distributed Work: Task Design, Communication And Tacit Coordination Mechanisms, Kannan Srikanth, Phanish Puranam
Research Collection Lee Kong Chian School Of Business
We investigate coordination strategies in the remote delivery of business services (i.e. Business Process Offshoring). We analyze 126 surveys of offshored processes to understand both the sources of difficulty in the remote delivery of services as well as how organizations overcome these difficulties. We find that interdependence between offshored and onshore processes can lower offshore process performance. Investment in coordination mechanisms such as modularity, ongoing communication and generating common ground across locations ameliorate the performance impact of interdependence. In particular, we are able to show that building common ground - knowledge that is shared and known to be shared - …
Maritime Trade Evolutions And Port City Developments In Asia, X. J. Yang, Joyce M. W. Low, Loon Ching Tang
Maritime Trade Evolutions And Port City Developments In Asia, X. J. Yang, Joyce M. W. Low, Loon Ching Tang
Research Collection Lee Kong Chian School Of Business
Historically, almost all goods transported worldwide have been carried by sea with the current estimate stands at approximately 90 percent by volume and 70 percent by worth. Maritime industry is an important economic sector as it has a direct impact on the prosperity of a region and/or city. This chapter presents a review on maritime trade evolution in Asia from the thirteenth centuries to the post-World War II, followed by an examination on the contemporary development of some major Asia ports. From the extant port literature, a list of factors affecting port competition and development is identified and reviewed. The …
Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, Roger Loh, Mitchell Craig Warachka
Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, Roger Loh, Mitchell Craig Warachka
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Communicating Crisis: How Culture Influences Image Repair In Western And Asian Governments, Yvonne Siew‐Yoong Low, Jeni Varughese, Augustine Pang
Communicating Crisis: How Culture Influences Image Repair In Western And Asian Governments, Yvonne Siew‐Yoong Low, Jeni Varughese, Augustine Pang
Research Collection Lee Kong Chian School Of Business
Purpose: The purpose of this paper is to seek to understand the differences in image repair strategies adopted by two governments that operate in the Western and Asian societies when faced with similar crises. Design/methodology/approach: Textual analyses are presented of communication of Hurricane Katrina and Typhoon Morakot by the Taiwanese and US governments, respectively. Findings: Faced with similar accusations of slow response, the Asian culture, represented by the Taiwanese Government, used predominantly mortification and corrective action strategies. The Western culture, represented by the US Government, used predominantly bolstering and defeasibility and a mixed bag of other strategies such as shifting …
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Research Collection Lee Kong Chian School Of Business
Traditional real options analysis addresses the problem of investment under uncertainty assuming a risk-neutral decision maker and complete markets. In reality, however, decision makers are often risk averse and markets are incomplete. We confirm that risk aversion lowers the probability of investment and demonstrate how this effect can be mitigated by incorporating operational flexibility in the form of embedded suspension and resumption options. Although such options facilitate investment, we find that the likelihood of investing is still lower compared to the risk-neutral case. Risk aversion also increases the likelihood that the project will be abandoned, although this effect is less …
Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer
Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer
Research Collection Lee Kong Chian School Of Business
Overvaluation may motivate a firm to use its stock to acquire a target whose stock is not as overpriced (Shleifer and Vishny (2003)). Though hypothetically desirable, these acquisitions in practice create little, if any, value for acquirer shareholders. Two factors often impede value creation: payment of a large premium to the target and lack of economic synergies in the acquisition. We find that overvaluationdriven stock acquirers suffer worse operating performance and lower long-run stock returns than control firms that are in the same industry, similarly overvalued at the same time, have similar size and Tobin’s q, but have not pursued …
Asset Performance Evaluation With Mean-Variance Ratio, Zhidong Bai, Kok Fai Phoon, Keyan Wang, Wing-Keung Wong
Asset Performance Evaluation With Mean-Variance Ratio, Zhidong Bai, Kok Fai Phoon, Keyan Wang, Wing-Keung Wong
Research Collection Lee Kong Chian School Of Business
Bai, et al. (2011c) develop the mean-variance-ratio (MVR) statistic to test the performance among assets for small samples. They provide theoretical reasoning to use MVR and prove that our proposed statistic is uniformly most powerful unbiased. In this paper we illustrate the superiority of our proposed test over the Sharpe ratio (SR) test by applying both tests to analyze the performance of Commodity Trading Advisors (CTAs). Our findings show that while the SR test concludes most of the CTA funds being analyzed as being indistinguishable in their performance, our proposed statistics show that some funds outperform the others. On the …
Do Merger-Related Operating Synergies Exist?, Gennaro Bernile, Scott W. Bauguess
Do Merger-Related Operating Synergies Exist?, Gennaro Bernile, Scott W. Bauguess
Research Collection Lee Kong Chian School Of Business
Executives frequently forecast large operating efficiency gains from mergers. Using these projections, we study the impact of operating synergies on merger performance. Investors' reaction to mergers varies directly with the availability of these forecasts and the gains they imply, and post-merger operating performance increases with the predictable component of forecasted synergies based on deal characteristics. The realized improvements, however, do not depend on the availability of forecasts or the surprise they convey, and post-merger stock returns reconcile discrepancies between investors' ex ante beliefs and mergers' ex post performance related to management forecasts. Overall, the evidence supports the neoclassical view that …
Vital Facets Of Business Sustainability, Lieven Demeester
Vital Facets Of Business Sustainability, Lieven Demeester
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Regret Aversion In Reason-Based Choice, Terry Connolly, Jochen Reb
Regret Aversion In Reason-Based Choice, Terry Connolly, Jochen Reb
Research Collection Lee Kong Chian School Of Business
This research examines the moderating role of regret aversion in reason-based choice. Earlier research has shown that regret aversion and reason-based choice effects are linked through a common emphasis on decision justification, and that a simple manipulation of regret salience can eliminate the decoy effect, a well-known reason-based choice effect. We show here that the effect of regret salience varies in theory-relevant ways from one reason-based choice effect to another. For effects such as the select/reject and decoy effect, both of which were independently judged to be unreasonable bases for deciding, regret salience eliminated the effect. For the most-important attribute …
Political Connection And Firm Value, James S. Ang, David K. Ding, Tiong Yang Thong
Political Connection And Firm Value, James S. Ang, David K. Ding, Tiong Yang Thong
Research Collection Lee Kong Chian School Of Business
We study the effect of political connection (PC) on company value in an environment where low PC is due to better institutions and not confounded by favorable social/cultural factors. We find that in Singapore, the only country that fits this description, PC in general adds little to the value of a company. However, in industries that are subject to more stringent government regulations, PC appears to be somewhat important. Robustness checks show that alternative PC variables give rise to similar results, and the addition of control variables do not drastically change the findings. Politically connected firms have higher managerial ownership …
Size And Return: A New Perspective, Fangjian Fu, Wei Yang
Size And Return: A New Perspective, Fangjian Fu, Wei Yang
Research Collection Lee Kong Chian School Of Business
We document robust empirical evidence that, after controlling for idiosyncratic volatility, large stocks earn significantly higher returns than small stocks. Our empirical results indicate that idiosyncratic volatility is positively related to return, but negatively related to size. Hence, failure to control for idiosyncratic volatility generates a downward omitted variable bias and leads to the widely documented negative relation between size and return. We explain the two contrasting size-return relations, with and without the control for idiosyncratic volatility, in a parsimonious equilibrium model that incorporates three empirical regularities: some individual investors are under-diversified; small stocks have higher idiosyncratic volatilities than large …
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo
Research Collection Lee Kong Chian School Of Business
We develop a portfolio selection framework for the valuation of projects and other illiquid investments for an investor who can invest in a portfolio of private, illiquid investment opportunities as well as in securities in financial markets, but who cannot necessarily replicate project cash flows using financial instruments. We demonstrate how project values can be solved using an inverse optimization procedure and prove several general analytical properties for project values. We also provide an illustrative example on the modeling and pricing of multiperiod projects that are characterized by managerial flexibility.
Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng
Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng
Research Collection Lee Kong Chian School Of Business
In this paper, we analyze mixed 0-1 linear programs under objective uncertainty. The mean vector and the second moment matrix of the nonnegative objective coefficients is assumed to be known, but the exact form of the distribution is unknown. Our main result shows that computing a tight upper bound on the expected value of a mixed 0-1 linear program in maximization form with random objective is a completely positive program. This naturally leads to semidefinite programming relaxations that are solvable in polynomial time but provide weaker bounds. The result can be extended to deal with uncertainty in the moments and …
Situational Judgment Tests As A New Tool For Dental Student Selection, Tine Buyse, Filip Lievens
Situational Judgment Tests As A New Tool For Dental Student Selection, Tine Buyse, Filip Lievens
Research Collection Lee Kong Chian School Of Business
Cognitive tests are used to select students into dental school, yet cognitive predictors explain only part of the variance in academic performance. Therefore, interviews and personality tests are often used to measure noncognitive (e.g., interpersonal) characteristics. Recently, situational judgment tests (SJTs) have drawn attention since there is evidence that SJTs can be valid predictors in medical admission contexts. This study examines the validity of an SJT measuring interpersonal skills for predicting academic performance of dental students. Incremental validity over cognitive tests is also examined. In this study, 796 dental students who passed the admission exam for medical and dental students …
Disproportional Ownership Structure And Pay-Performance Relationship In China, Jerry Cao, Xiaofei Pan, Gary Tian
Disproportional Ownership Structure And Pay-Performance Relationship In China, Jerry Cao, Xiaofei Pan, Gary Tian
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of ownership structure on executive compensation in China's listed firms. We find that the cash flow rights of ultimate controlling shareholders have a positive effect on the pay-performance relationship, while a divergence between control rights and cash flow rights has a significantly negative effect on the pay-performance relationship. We divide our sample based on ultimate controlling shareholders' type into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms. We find that in SOE controlled firms cash flow rights have a significant impact on accounting based pay-performance relationship. In privately controlled firms, …
Relation-Specific Creative Performance In Voluntary Collaborations: A Micro-Foundation For Competitive Advantage?, Terence Ping Ching Fan, Duncan Robertson
Relation-Specific Creative Performance In Voluntary Collaborations: A Micro-Foundation For Competitive Advantage?, Terence Ping Ching Fan, Duncan Robertson
Research Collection Lee Kong Chian School Of Business
A fundamental question in the strategy literature is how sustainable competitive advantage can be generated within one firm and yet difficult to copy by another. We offer one solution to this conundrum by way of relation-specific performance that is developed in creative projects – where the individuals involved have significant latitude on the intended objectives as well as their collaborators on these projects. Because higher-level cognition is involved in navigating such projects from conception to implementation, there is heightened relation-specificity in their performance – as measured by how widely they are adopted by third-party users. This relationspecificity means that any …
Digitisation's Impacts On Publics: Public Knowledge And Civic Conversation, Alessandro Lovari, Soojin Kim, Kelly Vibber, Jeong-Nam Kim
Digitisation's Impacts On Publics: Public Knowledge And Civic Conversation, Alessandro Lovari, Soojin Kim, Kelly Vibber, Jeong-Nam Kim
Research Collection Lee Kong Chian School Of Business
This paper proposes a new way of classifying publics in terms of their adoption and use of digitalised communication technologies. A CATI (computer aided telephone interview) survey of 1,014 citizens revealed that people in Siena, Italy, show different patterns and gaps in adopting new media and technologies as well as in using them in their civic participation and engagement. Based on the survey results, four types of publics are suggested (inactive, analogical, hybrid, and digital publics) and a demographic profile of each public including age, gender, and education is provided. The relationships among public types, level of education, and gender …
Embeddedness And New Idea Discussion In Professional Networks: The Mediating Role Of Affect-Based Trust, Roy Y. J. Chua, Michael W. Morris, Paul Ingram
Embeddedness And New Idea Discussion In Professional Networks: The Mediating Role Of Affect-Based Trust, Roy Y. J. Chua, Michael W. Morris, Paul Ingram
Research Collection Lee Kong Chian School Of Business
This article examines how managers' tendency to discuss new ideas with others in their professional networks depends on the density of shared ties surrounding a given relationship. Consistent with prior research which found that embeddedness enhances information flow, an egocentric network survey of mid-level executives shows that managers tend to discuss new ideas with those who are densely embedded in their professional networks. More specifically, embeddedness increases the likelihood to discuss new ideas by engendering affect-based trust, as opposed to cognition-based trust. Implications for network and creativity research are discussed.
Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri
Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of corporate governance on the adverse selection component of the bid-ask spread of stocks listed on the Singapore Exchange. These companies have been identified by Credit Lyonnais Securities Asia (CSLA) with the highest level of corporate governance among 25 emerging markets. We measure corporate governance by several criteria: discipline, transparency, independence, accountability, responsibilities, fairness, and social awareness. The results show that corporate governance has an inverse relationship with adverse selection. However, only the transparency dimension exhibits a significant inverse relationship with adverse selection. In addition, Government-Linked Companies (GLCs) are shown to have a smaller adverse …
A Macro Perspective To Micro Issues, Devasheesh P. Bhave, Stephane Brutus
A Macro Perspective To Micro Issues, Devasheesh P. Bhave, Stephane Brutus
Research Collection Lee Kong Chian School Of Business
Comments on an article by Elaine D. Pulakos and Ryan S. O'Leary. The authors argue that bringing the focus on the relationship between the manager and the employee will mend performance management. We concur with the broad assessment that an excessive focus on technical improvements in performance management systems is misplaced and that implementation issues plague performance management. But we believe that poor implementation is an operational challenge not because of the practice itself but rather on account of misalignment. They also allude to a consideration of alignment. They also glosses over the issue of internal alignment or the fact …
Financial Hedging Decision On Procurement Risk For Newsvendor Model With Value-At-Risk Constraint, Yuan Wen, Qing Ding, Jian Chen
Financial Hedging Decision On Procurement Risk For Newsvendor Model With Value-At-Risk Constraint, Yuan Wen, Qing Ding, Jian Chen
Research Collection Lee Kong Chian School Of Business
Manufacturers must now deal with increasingly fluctuating procurement prices for commodities and industrial component parts. However, it is hard for them to pass cost increases on to downstream markets efficiently. Therefore, manufacturers have sought to solve this problem with various supply management tactics. While vertical integration of key suppliers or signing long-term contracts is possible, financial hedging emerges as the most effective approach to counter commodities price risks. In situations where market demand uncertainty is still unresolved and often interplays with upstream price volatilities, Value-at-Risk (VaR) can help managers handle the multi-fold uncertainties and their potential interactions, by effectively measuring …
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
Research Collection Lee Kong Chian School Of Business
The buzz around sovereign wealth funds has been turned down a notch, but they remain a hot topic. The accusations of sovereign wealth funds having hidden agendas remain, but with the very public losses suffered by some during the recent financial turmoil, such talk has even less credibility. And given that most of those losses were from investments in US, UK, and European financial institutions, hope that sovereign wealth funds would be the saviors of Wall Street has also faded. At its base, four trends continue to keep sovereign wealth funds in focus. First, there is the phenomenal rise of …
Publishing In Amj: Part 1: Topic Choice: From The Editors, Jason A. Colquitt, Gerard George
Publishing In Amj: Part 1: Topic Choice: From The Editors, Jason A. Colquitt, Gerard George
Research Collection Lee Kong Chian School Of Business
The authors reflect on the criteria of effective topics that get published in the journal. They state that effective topics allow researchers to pursue an interesting direction that ignites and maintains curiosity, uncovers actionable insights, and builds an ambitious study. They talk about several topics that had an ambitious scope, such an an examination of social capital and career success, and topics that touch upon multiple perspectives. They recommend against topics that are too familiar.
The Impact Of Transnational Intellectual Property Rights On Firms’ Knowledge Formation: Evidence From China-Us Patent Dyads, Kenneth Guang-Lih Huang
The Impact Of Transnational Intellectual Property Rights On Firms’ Knowledge Formation: Evidence From China-Us Patent Dyads, Kenneth Guang-Lih Huang
Research Collection Lee Kong Chian School Of Business
As firms and organizations increasingly operate and conduct R&D in emerging economies, “transnational patenting” – patenting of the same invention across more than one country – is becoming the cornerstone of their intellectual property strategy. Drawing on works from signaling theory and intellectual property strategy, I examine the dynamics and impact of transnational patenting on technological knowledge formation across distinct intellectual property right (IPR) institutions. Using a novel dataset of 4226 China-US patent dyads covering 1104 firms and organizations, I find patent grant to technological invention under a weak IPR institution such as China significantly increases (by up to 108%) …
Sec Rule 105 And Price Discovery In The Secondary Market, C. Charoenwong, David K. Ding, P. Wang
Sec Rule 105 And Price Discovery In The Secondary Market, C. Charoenwong, David K. Ding, P. Wang
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh
Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh
Research Collection Lee Kong Chian School Of Business
We study earnings management (EM) efforts surrounding seasoned bond offerings using discretionary current accruals. We find that issuers tend to inflate earnings performance prior to an offering. In order for EM efforts to effectively mislead ratings agencies and the bond market, they must lead to inflated bond ratings and decreased offering yields. Regression results indicate the opposite; aggressive EM efforts are associated with lower initial ratings and higher offering yields. We also find a statistically lower proportion of subsequent downgrades for firms with the most aggressive EM efforts, which is inconsistent with these firms’ inflated initial ratings. While some firms …
Internationalizing Through Franchising - Singapore's Gambits In The Gcc: Mining The Silver Around The Gold, Caroline Yeoh, Joses Wong
Internationalizing Through Franchising - Singapore's Gambits In The Gcc: Mining The Silver Around The Gold, Caroline Yeoh, Joses Wong
Research Collection Lee Kong Chian School Of Business
No abstract provided.
The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens
The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens
Research Collection Lee Kong Chian School Of Business
So far, a substantial amount of assessment center (AC) studies have aimed to improve the quality of the AC method by focusing on the assessors. However, systematic studies about the role-player in AC exercises are nonexistent. This is surprising as the role-player might serve as a key figure for consistently evoking job-relevant behavior across candidates. Therefore, this study focused on the 'role' of role-players in ACs. We examined the effects of instructing role-players to use prompts among 233 candidates. Results suggest that role-players are able to use prompts and that their negative impact on candidates' reactions is negligible. In addition, …