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Research Collection Lee Kong Chian School Of Business

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Full-Text Articles in Business

Predictability Of Eu Bank Stress Test Results, Kian Guan Lim Mar 2015

Predictability Of Eu Bank Stress Test Results, Kian Guan Lim

Research Collection Lee Kong Chian School Of Business

Since the global financial crisis of 2008 and the European sovereign debt crisis of 2009, the banking system in EU and in the Eurozone in particular has been under-performing and weak. The EU bank stress tests were conducted for capital adequacies and to avoid systemic risks. The first test results indicated that of over 120 banks, seven banks failed the stress tests. Spain, with 27 tested banks, made up the biggest portion of the test banks. In this paper we examine using nonlinear LOGIT and PROBIT regression models, the predictability of stress test failures on the sample of Spanish banks, …


Political Connections And Firm Value: Evidence From The Regression Discontinuity Design Of Close Gubernatorial Elections, Quoc-Anh Do, Yen Teik Lee, Bang D. Nguyen Mar 2015

Political Connections And Firm Value: Evidence From The Regression Discontinuity Design Of Close Gubernatorial Elections, Quoc-Anh Do, Yen Teik Lee, Bang D. Nguyen

Research Collection Lee Kong Chian School Of Business

Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political connections are more valuable for firms connected to winning challengers, for smaller and financially dependent firms, in more corrupt states, in states of connected firms’ headquarters and operations, and in closer, smaller, and active networks. Post-election, firms connected to the winner receive significantly more state procurement contracts and invest more than do firms connected to the loser.


How Do Institutional Investors Trade When Firms Buy Back Their Shares?, Sheng Huang, Zhe (Joe) Zhang Feb 2015

How Do Institutional Investors Trade When Firms Buy Back Their Shares?, Sheng Huang, Zhe (Joe) Zhang

Research Collection Lee Kong Chian School Of Business

We study how institutional investors trade when firms buy back shares. We find that institutions sell following share repurchase announcements. The institutional sell-off results in a more concentrated ownership by institutions, as the number of institutions in the investor base declines after accounting for the change in the universe of institutions. While some institutions sell shares passively to meet the firm demand for the market to clear, the overall institutional sell-off only accounts for 27% of shares bought back contemporaneously by firms. Many firms experience a net inflow of institutional investment. The institutional sell-off is greater in firms that experience …


Managing By Design: From The Editors, Marc Gruber, Nick De Leon, Gerard George, Paul Thompson Feb 2015

Managing By Design: From The Editors, Marc Gruber, Nick De Leon, Gerard George, Paul Thompson

Research Collection Lee Kong Chian School Of Business

The article discusses product design as a form of innovation, focussing on its use on products and services. Topics include design management and business performance; the emphasis placed consumer needs as a source of innovation; and a discussion of how to use a design-process to generate innovation in any field.


The Key To Successful Negotiating, Michael Benoliel Feb 2015

The Key To Successful Negotiating, Michael Benoliel

Research Collection Lee Kong Chian School Of Business

Negotiation is complex. For many it is challenging and stressful because they are not sufficiently trained in the new art and science of persuasion.


Infrastructure Provision, Gender And Poverty In Indian Slums, Prithi Parikh, Kun Fu, Himanshu Parikh, Allan Mcrobie, Gerard George Feb 2015

Infrastructure Provision, Gender And Poverty In Indian Slums, Prithi Parikh, Kun Fu, Himanshu Parikh, Allan Mcrobie, Gerard George

Research Collection Lee Kong Chian School Of Business

We examine the relationship between infrastructure provision and poverty alleviation by analyzing 500 interviews conducted in serviced and non-serviced slums in India. Using a mixed-method approach of qualitative analysis and regression modeling, we find that infrastructure was associated with a 66% increase in education among females. Service provision increased literacy by 62%, enhanced income by 36%, and reduced health costs by 26%. Evidence suggests that a gender-sensitive consideration of infrastructure is necessary and that a ‘one-size-fits-all’ approach will not suffice. We provide evidence that infrastructure investment is critical for well-being of slum dwellers and women in particular.


Who Shall Get More? How Intangible Resources And Aspiration Levels Affect The Valuation Of Resource Providers, Gokhan Ertug, Fabrizio Castellucci Feb 2015

Who Shall Get More? How Intangible Resources And Aspiration Levels Affect The Valuation Of Resource Providers, Gokhan Ertug, Fabrizio Castellucci

Research Collection Lee Kong Chian School Of Business

In this study, we identify the effects of reputation and status by determining how they are differently valued by organizations that are concurrently pursuing different goals. Building on research on intangible assets and on aspiration levels, we develop a framework to explain organizations’ valuation of resource providers. We expect organizations to value resource providers who possess a specific type of intangible asset higher as their performance, relative to aspirations, decreases on the outcome more closely tied to that particular asset. We also expect to observe this sensitivity primarily when the organization has a low level of the intangible asset in …


Trust Research Community Misses An Outstanding Scholar And Friend: Graham Dietz (1969-2014): Editorial, Peter Ping Li, Donald Lee Ferrin, Guido Möllering Feb 2015

Trust Research Community Misses An Outstanding Scholar And Friend: Graham Dietz (1969-2014): Editorial, Peter Ping Li, Donald Lee Ferrin, Guido Möllering

Research Collection Lee Kong Chian School Of Business

As the world of academic research seems to be increasingly dominated by impact factors and performance indicators, it takes a personal tragedy to remind us of the human bonds we enjoy as part of our research and the outstanding people we have the privilege of meeting on our academic journeys. For the trust research community, Graham Dietz was unsurpassed in inspiring others with his extraordinary passion and insight. We are very sad to share the news that Graham passed away on Saturday, 20 December 2014, following the aftereffects of a heart attack a week earlier.


Leader Humility In Singapore, Burak Oc, Michael R. Bashshur, Michael A. Daniels, Gary J. Greguras, James M. Diefendorff Feb 2015

Leader Humility In Singapore, Burak Oc, Michael R. Bashshur, Michael A. Daniels, Gary J. Greguras, James M. Diefendorff

Research Collection Lee Kong Chian School Of Business

The theoretical development and empirical testing of the effects of humility in the organizational sciences is surprisingly rare. This is especially pronounced in the study of leadership in Asian contexts. To address this we employ a qualitative approach to examine the conceptualization of leader humility in Singapore and assess whether this conceptualization differs from other emerging conceptualizations of leader humility. In Study 1, using semi-structured interviews of 25 Singaporeans, we identified nine major dimensions of humble leader behaviors and explored our participants' beliefs about culturally-based differences in leader humility. In Study 2 (N = 307), we generalized our findings …


Leader Humility In Singapore, Burak Oc, Michael Ramsay Bashshur, Michael A. Daniels, Gary John Greguras, James M. Diefendorff Feb 2015

Leader Humility In Singapore, Burak Oc, Michael Ramsay Bashshur, Michael A. Daniels, Gary John Greguras, James M. Diefendorff

Research Collection Lee Kong Chian School Of Business

The theoretical development and empirical testing of the effects of humility in the organizational sciences is surprisingly rare. This is especially pronounced in the study of leadership in Asian contexts. To address this we employ a qualitative approach to examine the conceptualization of leader humility in Singapore and assess whether this conceptualization differs from other emerging conceptualizations of leader humility. In Study I, using semi-structured interviews of 25 Singaporeans, we identified nine major dimensions of humble leader behaviors and explored our participants' beliefs about culturally-based differences in leader humility. In Study 2 (N = 307), we generalized our findings to …


Mindfulness At Work: Antecedents And Consequences Of Employee Awareness And Absent-Mindedness, Jochen Reb, Jayanth Narayanan, Zhi Wei Ho Feb 2015

Mindfulness At Work: Antecedents And Consequences Of Employee Awareness And Absent-Mindedness, Jochen Reb, Jayanth Narayanan, Zhi Wei Ho

Research Collection Lee Kong Chian School Of Business

The present study examines antecedents and consequences of two aspects of mindfulness in a work setting: employee awareness and employee absent-mindedness. Using two samples, the study found these two aspects of mindfulness to be beneficially associated with employee well-being, as measured by emotional exhaustion, job satisfaction, and psychological need satisfaction, and with job performance, as measured by task performance, organizational citizenship behaviors, and deviance. These results suggest a potentially important role of mindfulness at the workplace. The study also found that organizational constraints and organizational support predicted employee mindfulness, pointing to the important role that the organizational environment may play …


A Career Stage Perspective On Employees' Preferred Psychological Contract Contributions And Inducements, Chin Heng Low, Prashant Bordia Feb 2015

A Career Stage Perspective On Employees' Preferred Psychological Contract Contributions And Inducements, Chin Heng Low, Prashant Bordia

Research Collection Lee Kong Chian School Of Business

The employer–employee relationship is underpinned by a psychological contract, referring to employees’ beliefs about the exchange of employee contributions and employer inducements. While there is limited understanding of how employers can shape psychological contracts to meet employees’ needs and aspirations, meeting these needs requires understanding employees’ preferences for psychological contract contributions and inducements. The authors propose that career stage models can be used to achieve such understanding. Using the career stage models of Dalton, Thompson, and Price (1977) and Super (1957), insights are derived into the preferred contributions and inducements at various points in an employee’s career lifecycle. These insights …


Acknowledging Individual Responsibility While Emphasizing Social Determinants In Narratives To Promote Obesity-Reducing Public Policy: A Randomized Experiment, Jeff Niederdeppe, Sungjong Roh, Michael A. Shapiro Feb 2015

Acknowledging Individual Responsibility While Emphasizing Social Determinants In Narratives To Promote Obesity-Reducing Public Policy: A Randomized Experiment, Jeff Niederdeppe, Sungjong Roh, Michael A. Shapiro

Research Collection Lee Kong Chian School Of Business

This study tests whether policy narratives designed to increase support for obesity-reducing public policies should explicitly acknowledge individual responsibility while emphasizing social, physical, and economic (social) determinants of obesity. We use a web-based, randomized experiment with a nationally representative sample of American adults (n = 718) to test hypotheses derived from theory and research on narrative persuasion. Respondents exposed to narratives that acknowledged individual responsibility while emphasizing obesity’s social determinants were less likely to engage in counterargument and felt more empathy for the story’s main character than those exposed to a message that did not acknowledge individual responsibility. Counterarguing and …


An Anatomy Of State Control In The Globalization Of State-Owned Enterprises, Hao Liang, Bing Ren, Sunny Li Sun Feb 2015

An Anatomy Of State Control In The Globalization Of State-Owned Enterprises, Hao Liang, Bing Ren, Sunny Li Sun

Research Collection Lee Kong Chian School Of Business

Integrating agency theory with institutional analysis in international business, we propose a state-control perspective to analyze government-control mechanisms in emerging economies’ globalization of state-owned enterprises (SOEs). We identify two types of state control that influence SOEs’ globalization decisions and the degree of globalization: state ownership control and executives’ political connections, both of which are contingent upon the home country’s evolving institutional environments. Using a two-step corporate globalization decision model and 17,272 firm-year observations of non-financial, Chinese-listed companies, we find a strong impact of both types of state control on SOEs’ globalization, although the impacts differ between the periods before and …


Singapore: From Knowledge City To Start-Up 'Hub', Thomas Menkhoff, Hans-Dieter Evers Feb 2015

Singapore: From Knowledge City To Start-Up 'Hub', Thomas Menkhoff, Hans-Dieter Evers

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Anchors Weigh More Than Power: Why Absolute Powerlessness Liberates Negotiators To Achieve Better Outcomes, Michael Schaerer, Roderick I. Swaab, Adam D. Galinsky Feb 2015

Anchors Weigh More Than Power: Why Absolute Powerlessness Liberates Negotiators To Achieve Better Outcomes, Michael Schaerer, Roderick I. Swaab, Adam D. Galinsky

Research Collection Lee Kong Chian School Of Business

The current research shows that having no power can be better than having a little power. Negotiators prefer having some power (weak negotiation alternatives) to having no power (no alternatives). We challenge this belief that having any alternative is beneficial by demonstrating that weak alternatives create low anchors that reduce the value of first offers. In contrast, having no alternatives is liberating because there is no anchor to weigh down first offers. In our experiments, negotiators with no alternatives felt less powerful but made higher first offers and secured superior outcomes compared with negotiators who had weak alternatives. We established …


Momentum Life Cycle Around The World, Frank Weikai Li, K. C. John Wei Feb 2015

Momentum Life Cycle Around The World, Frank Weikai Li, K. C. John Wei

Research Collection Lee Kong Chian School Of Business

The momentum life cycle (MLC) hypothesis first proposed by Lee and Swaminathan (2000) applies also to global markets. Early-stage strategies significantly outperform the late-stage and conventional strategies in most countries. Individualism culture is positively associated with late-stage but unrelated to early-stage momentum profitability, suggesting that early- and late-stage momentums are driven by different underlying mechanisms. Consistent with Stein’s (2009) model that arbitrageurs could amplify mispricing, we find that late-stage momentum profits are more pronounced in countries with lower limits to arbitrage. Furthermore, we find that the MLC also applies to exchange traded funds in the United States.


Parody Social Media Accounts: Influence And Impact On Organizations During Crisis, Sarah Wan, Regina Koh, Andrew Ong, Augustine Pang Jan 2015

Parody Social Media Accounts: Influence And Impact On Organizations During Crisis, Sarah Wan, Regina Koh, Andrew Ong, Augustine Pang

Research Collection Lee Kong Chian School Of Business

With the uptake of the use of social media, the communication field has seen a rise in a new phenomenon: parody social media accounts. Through study of five such accounts, this paper shows how parody social media accounts can arise from a crisis or paracrisis, which is “a publicly visible crisis threat” that is triggered online (Coombs & Holladay, 2012, p. 409). The study also examines the behavior of these accounts and how they enforce negative perceptions and impede an organization's efforts and initiatives. Using the social-mediated crisis communication model as its theoretical lens, this study seeks to examine parody …


Building Relationships Through Integrated Online Media Platforms: Analysis Of Top 100 Global Brands, Wonsun Shin, Augustine Pang, Hyo Jung Kim Jan 2015

Building Relationships Through Integrated Online Media Platforms: Analysis Of Top 100 Global Brands, Wonsun Shin, Augustine Pang, Hyo Jung Kim

Research Collection Lee Kong Chian School Of Business

Many studies have examined organizations’ use of specific types of online media, but few studies have examined how organizations generate dialogues and develop relationships by using multiple online communication platforms. This study takes an integrated approach by examining how top global organizations incorporate brand Web sites, Facebook, and Twitter to cultivate relationships with stakeholders. Its findings suggest that those particular online media are used similarly, that is, more for information dissemination than user engagement and more for one-way than two-way communication. The findings also suggest that the types of products promoted can affect the way that organizations use different online …


Mncs And Csr Engagement In Asia: A Dialectical Model, Angela Ka Ying Mak, Suwichit Chaidaroon, Augustine Pang Jan 2015

Mncs And Csr Engagement In Asia: A Dialectical Model, Angela Ka Ying Mak, Suwichit Chaidaroon, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Using the Circuit of Culture as a guiding framework, this study highlighted how MNCs in Asian developing countries engage and negotiate with local stakeholders as they implement their CSR initiatives. Twenty-one qualitative semi-structured interviews were conducted with PR practitioners responsible for CSR projects in Asia. Thematic analysis was used to identify themes related to the framework elements. Results demonstrated how MNCs practice CSR in Asia through the five moments (identity, regulations, production, representations, and consumption). MNCs faced a number of dialectical tensions (e.g. following the country's laws, lack of CSR comprehension among employees, and resistance from the stakeholders). Effective strategies …


Within & Without: Singapore In The World; The World In Singapore, Eng Fong Pang, Arnoud De Meyer Jan 2015

Within & Without: Singapore In The World; The World In Singapore, Eng Fong Pang, Arnoud De Meyer

Research Collection Lee Kong Chian School Of Business

Contents: We, the Citizens of Singapore by Priscilla Chia, Trenton James Riggs; Birth of a Nation: Ways of Celebrating by Celine Alexandra Fogde, Diana Khanh Nguyen, Paul Antoine Victor, Shu Chong Chen, Teo Yi Heng; Building Cross-cultural Bridges by Vani Shriya, Timoteo Marra, Svenja Nicole Schulte, Seow Guan Wen, Niklas Miro Utrobicic; Faces and Facets of Singapore by Felix Brockerhoff, Elizabeth Fong Lin, Kevin Ng Boon Kiat, Racheal Wong Shu Yi, Tam Zhi Yang; Missing the Forest for the (Super) Trees by Nick Chiam Zhi Wen, Teo Yi Heng; Singapore: The Country Where You Cannot Chew Gum? by Felix Brockerhoff; …


Cross-Border Lbos, Cao, Jerry X., Douglas Cumming, Meijun Qian, Xiaoming Wang Jan 2015

Cross-Border Lbos, Cao, Jerry X., Douglas Cumming, Meijun Qian, Xiaoming Wang

Research Collection Lee Kong Chian School Of Business

This paper examines the relation between legal conditions and leveraged buyouts (LBOs) in 49 countries. The data indicate that sophisticated PE fund managers carrying out large international LBOs can only partially mitigate costs associated with inefficient legal protections. LBOs are more active in countries with strong creditor rights. Club deals are more likely to occur in countries with weak creditor rights. Cross-border LBO investment is more common from strong creditor rights countries to weak creditor rights countries. Premiums offered to shareholders are on average negatively correlated with creditor rights for both domestic and cross-border LBOs.


The Business Of Creative Industries, Chong, Mark Jan 2015

The Business Of Creative Industries, Chong, Mark

Research Collection Lee Kong Chian School Of Business

Creative industries worldwide are an important driver of economic growth and cultural influence. In addition to creating numerous jobs for the economy, creative industries can also shape public perception of countries, regions and cities (and hence place brand). Singapore, too, understands the potential for creative ideas to transform the economy. Among its more high-profile projects include attracting Lucasfilm and video gaming giant Ubisoft to set up base in the country.


How Are We Doing After 30 Years? A Meta-Analytic Review Of The Antecedents And Outcomes Of Feedback-Seeking Behavior, Frederik Anseel, Adam S. Beatty, Winny Shen, Filip Lievens, Paul R. Sackett Jan 2015

How Are We Doing After 30 Years? A Meta-Analytic Review Of The Antecedents And Outcomes Of Feedback-Seeking Behavior, Frederik Anseel, Adam S. Beatty, Winny Shen, Filip Lievens, Paul R. Sackett

Research Collection Lee Kong Chian School Of Business

This study provides meta-analytic estimates of the antecedents and consequences of feedback-seeking behavior (FSB). Clear support was found for the guiding cost/benefit framework in the feedback-seeking domain. Organizational tenure, job tenure, and age were negatively related to FSB. Learning and performance goal orientation, external feedback propensity, frequent positive feedback, high self-esteem, a transformational leadership style, and a high-quality relationship were positively associated with FSB. Challenging some of the dominant views in the feedback-seeking domain, the relationship between uncertainty and FSB was negative and the relationship between FSB and performance was small. Finally, inquiry and monitoring are not interchangeable feedback-seeking tactics. …


Asset Allocation In The Chinese Stock Market: The Role Of Return Predictability, Jian Chen, Fuwei Jiang, Jun Tu Jan 2015

Asset Allocation In The Chinese Stock Market: The Role Of Return Predictability, Jian Chen, Fuwei Jiang, Jun Tu

Research Collection Lee Kong Chian School Of Business

In this article the authors investigate asset allocation in the Chinese stock market from the perspective of incorporating return predictability. Based on a host of return predictors, they find significant out-of-sample return predictability in the Chinese stock market. They then examine the performance of active portfolio strategies—such as aggregate market timing as well as industry, size, and value-rotation strategies—designed to profitably exploit return predictability. Strong evidence is found by the authors that these portfolio strategies incorporating return predictability can deliver superior performance—up to 600 basis points per annum and almost double the Sharpe ratios—compared with the passive buy-and-hold benchmarks that …


Social Entrepreneurship Intentions Of Nonprofit Organizations, Wee Liang Tan, So-Jin Yoo Jan 2015

Social Entrepreneurship Intentions Of Nonprofit Organizations, Wee Liang Tan, So-Jin Yoo

Research Collection Lee Kong Chian School Of Business

Little is known about social entrepreneurship in nonprofit organizations (NPOs), especially about the factors that influence social entrepreneurship intentions at organizational level. Would existing NPOs, as opposed to new ones formed to embark on new social initiatives, strike out into a new territory, or engage in new ventures? What are the necessary internal organizational conditions? This study explores the direct effect of the organizational attributes on a NPO's intention to start a social enterprise. With a sample of 92 charities in Singapore, we found that NPOs led by CEOs with commercial experience, and NPOs possessing high collective efficacy and organization …


Patents, Innovation, And Performance Of Venture Capital-Backed Ipos, Jerry X. Cao, Fuwei Jiang, Jay R Ritter Jan 2015

Patents, Innovation, And Performance Of Venture Capital-Backed Ipos, Jerry X. Cao, Fuwei Jiang, Jay R Ritter

Research Collection Lee Kong Chian School Of Business

We study the predictive power of patents on the long-run performance of venture capital (VC)-backed initial public offerings (IPOs). We show that VC-backed IPOs that have at least one patent at the time of the IPO substantially outperform other VC-backed IPOs, with 3-year buy-and-hold market-adjusted returns of -7.1% vs. -23.3%. On average, VC-backed IPOs without patents perform similarly to non-VC-backed IPOs. We also report that VC-backed IPOs from 1981-1998 outperformed other IPOs, but the pattern has reversed for IPOs from 1999-2006. Although a smaller proportion of non-VC-backed IPOs possess patents, those with patents also outperform those without patents.


Diversity In Medical School Admission: Insights From Personnel Recruitment And Selection, Filip Lievens Jan 2015

Diversity In Medical School Admission: Insights From Personnel Recruitment And Selection, Filip Lievens

Research Collection Lee Kong Chian School Of Business

This issue of Medical Education includes four papers that focus upon recruitment and selection. My personal involvement with this field has occurred through my research on situational judgement tests (SJTs), most of which has been conducted in the broader field of personnel recruitment and selection for the workforce. As such, I read the four studies with two questions in mind: (i) on what issues have the respective strands of recruitment and selection diversity research in the medical education and workforce domains converged? (ii) What new insights emerging from workforce diversity can inform medical education research?


Corporate Social Performance, Analyst Stock Recommendations, And Firm Future Returns, Xueming Luo, Heli Wang, Sascha Raithel, Qinqin Zheng Jan 2015

Corporate Social Performance, Analyst Stock Recommendations, And Firm Future Returns, Xueming Luo, Heli Wang, Sascha Raithel, Qinqin Zheng

Research Collection Lee Kong Chian School Of Business

This study posits that security analysts heed corporate social performance information and factor it into their recommendations to general investors. In particular, as corporate social performance is often uncertain and ambiguous to general investors, analysts may serve as the informational pathway connecting corporate social performance to firm stock returns. Thus, we argue that analyst recommendations mediate the relationship between corporate social performance and firm stock returns. On the basis of not only a qualitative study with literature searches and interviews of stock analysts but also a quantitative study with two longitudinal samples of large firms, we find support for these …


Establishing Hr Professionals' Influence And Credibility: Lessons From The Capital Markets And Investment Banking Sector, Paul Aldrich, Graham Dietz, Timothy Adrian Robert Clark, P.Eter Hamilton Jan 2015

Establishing Hr Professionals' Influence And Credibility: Lessons From The Capital Markets And Investment Banking Sector, Paul Aldrich, Graham Dietz, Timothy Adrian Robert Clark, P.Eter Hamilton

Research Collection Lee Kong Chian School Of Business

Through two separate studies involving 47 interviews inside 22 institutions in the capital markets and investment banking sector, we explore the levels of influence and sources of credibility for senior HR professionals, and examine the challenges they face in establishing credibility. We compare these findings against previous research, which has identified several determinants of HR's influence and credibility. Our findings confirm that HR's modest influence is contingent on the predispositions and convictions of key stakeholders, notably the CEO, but also depends on the decision being taken. We find that the basis for senior HR professionals' credibility is more individual than …