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Articles 2071 - 2100 of 3153
Full-Text Articles in Business
What Is Behind The Asset Growth And Investment Growth Anomalies?, Fangjian Fu
What Is Behind The Asset Growth And Investment Growth Anomalies?, Fangjian Fu
Research Collection Lee Kong Chian School Of Business
Existing studies show that firm asset and investment growth predict cross-sectional stock returns. Firms that shrink their assets or investments subsequently earn higher returns than firms that expand their assets or investments. I show that the superior returns of the low asset and investment growth portfolios are due to the omission of delisting returns in CRSP monthly stock return file and that the poor returns of the high asset and investment growth portfolios are largely driven by the subsample of firms that have issued large amounts of debt or equity in the previous year. Controlling for the effects of the …
Effects Of Cultural Ethnicity, Firm Size, And Firm Age On Senior Executives’ Trust In Their Overseas Business Partners: Evidence From China, Crystal X. Jiang, Roy Y. J. Chua, Masaaki Kotabe, Janet Y. Murray
Effects Of Cultural Ethnicity, Firm Size, And Firm Age On Senior Executives’ Trust In Their Overseas Business Partners: Evidence From China, Crystal X. Jiang, Roy Y. J. Chua, Masaaki Kotabe, Janet Y. Murray
Research Collection Lee Kong Chian School Of Business
We investigate trust relationships between senior business executives and their overseas partners. Drawing on the similarity-attraction paradigm, social categorization theory, and the distinction between cognition- and affect-based trust, we argue that executives trust their overseas partners differently, depending on the partners’ cultural ethnicity. In a field survey of 108 Chinese senior executives, we found that these executives have higher affect-based trust in overseas partners of the same cultural ethnicity as themselves; cognition-based trust is associated with affect-based trust differently when overseas partners are of the same or different cultural ethnicity. We also examine the role of relative firm size and …
The Impact Of Brand Quality On Shareholder Wealth, Sundar G. Bharadwaj, Kapil R. Tuli, Andre Bonfer
The Impact Of Brand Quality On Shareholder Wealth, Sundar G. Bharadwaj, Kapil R. Tuli, Andre Bonfer
Research Collection Lee Kong Chian School Of Business
This study examines the impact of brand quality on three components of shareholder wealth, stock returns, systematic risk and idiosyncratic risk. The study finds that brand quality enhances shareholder wealth as unanticipated changes in brand quality are positively associated with stock returns and negatively related to changes in idiosyncratic risk. However, unanticipated changes in brand quality can also erode shareholder wealth as they have a positive association with changes in systematic risk. The study introduces a contingency theory view to the marketing-finance interface by analyzing the moderating role of two factors that are widely followed by investors. The results show …
Resource-Based Theory And Corporate Diversification: Accomplishments And Opportunities, William P. Wan, Robert E. Hoskisson, Jeremy C. Short, Daphne W. Yiu
Resource-Based Theory And Corporate Diversification: Accomplishments And Opportunities, William P. Wan, Robert E. Hoskisson, Jeremy C. Short, Daphne W. Yiu
Research Collection Lee Kong Chian School Of Business
Corporate diversification, a major strategic management research topic, has been influenced significantly by resource-based theory. In this review, the authors make two main contributions to this literature. First, they discuss the historical development of corporate diversification research employing the resource-based theory perspective and related concepts, highlighting important insights to date. They then review this literature and discuss its main contributions. Second, the authors identify open issues and suggest opportunities for future contributions and describe ways that research on corporate diversification using the resource-based theory perspective could be further enriched by integration with theoretical insights culled from the organizational economics, new …
Communication, Organizing And Organization: An Overview And Introduction To The Special Issue, Francois Cooren, Timothy Kuhn, Joep P. Cornelissen, Timothy Adrian Robert Clark
Communication, Organizing And Organization: An Overview And Introduction To The Special Issue, Francois Cooren, Timothy Kuhn, Joep P. Cornelissen, Timothy Adrian Robert Clark
Research Collection Lee Kong Chian School Of Business
This paper provides an overview of previous work that has explored the processes and mechanisms by which communication constitutes organizing (as ongoing efforts at coordination and control of activity and knowledge) and organizations (as collective actors that are 'talked' into existence). We highlight differences between existing theories and analyses grounded in communication-as-constitutive (CCO) perspectives and describe six overarching premises for such perspectives; in so doing, we sharpen and bound the explanatory power of CCO perspectives for organization studies more generally. Building on these premises, we develop an agenda for further research, call for greater cross-fertilization between the communication and organization …
When Does The Socio-Cultural Context Matter? Communal Orientation And Entrepreneurs' Resource Accumulation Efforts In Africa, Jane N. O. Khayesi, Gerard George
When Does The Socio-Cultural Context Matter? Communal Orientation And Entrepreneurs' Resource Accumulation Efforts In Africa, Jane N. O. Khayesi, Gerard George
Research Collection Lee Kong Chian School Of Business
We examined the effect of entrepreneurs’communal orientation and social capital on entrepreneurs’ acquisition of resources, and the cost of raising those resources. Using an errors-in-variables estimation in a sample of 242 Ugandan entrepreneurs from Kampala, we find that shared identity is positively associated with the quantity of resources raised by entrepreneurs, whereas shared identity and communal orientation are associated with a higher cost of raising resources. Further, communal orientation positively moderates the relationship between kin composition and the quantity of resources raised; whereas communal orientation negatively moderates the relationship between trust, shared identity, and resources. In contrast, a high communal …
The Validity And Incremental Validity Of Knowledge Tests, Low-Fidelity Simulations, And High-Fidelity Simulations For Predicting Job Performance In Advanced-Level High-Stakes Selection, Filip Lievens, Fiona Patterson
The Validity And Incremental Validity Of Knowledge Tests, Low-Fidelity Simulations, And High-Fidelity Simulations For Predicting Job Performance In Advanced-Level High-Stakes Selection, Filip Lievens, Fiona Patterson
Research Collection Lee Kong Chian School Of Business
In high-stakes selection among candidates with considerable domain-specific knowledge and experience, investigations of whether high-fidelity simulations (assessment centers; ACs) have incremental validity over low-fidelity simulations (situational judgment tests; SJTs) are lacking. Therefore, this article integrates research on the validity of knowledge tests, low-fidelity simulations, and high-fidelity simulations in advanced-level high-stakes settings. A model and hypotheses of how these 3 predictors work in combination to predict job performance were developed. In a sample of 196 applicants, all 3 predictors were significantly related to job performance. Both the SJT and the AC had incremental validity over the knowledge test. Moreover, the AC …
Designing Pareto-Optimal Selection Systems: Formalizing The Decisions Required For Selection System Development, Wilfried De Corte, Paul R. Sackett, Filip Lievens
Designing Pareto-Optimal Selection Systems: Formalizing The Decisions Required For Selection System Development, Wilfried De Corte, Paul R. Sackett, Filip Lievens
Research Collection Lee Kong Chian School Of Business
The article presents an analytic method for designing Pareto-optimal selection systems where the applicants belong to a mixture of candidate populations. The method is useful in both applied and research settings. In an applied context, the present method is the first to assist the selection practitioner when deciding on 6 major selection design issues: (1) the predictor subset, (2) the selection rule, (3) the selection staging, (4) the predictor sequencing, (5) the predictor weighting, and (6) the stage retention decision issue. From a research perspective, the method offers a unique opportunity for studying the impact and relative importance of different …
Entry Into New Niches: The Effects Of Firm Age And The Expansion Of Technological Capabilities On Innovative Output And Impact, Reddi Kotha, Yangfeng Zheng, Gerard George
Entry Into New Niches: The Effects Of Firm Age And The Expansion Of Technological Capabilities On Innovative Output And Impact, Reddi Kotha, Yangfeng Zheng, Gerard George
Research Collection Lee Kong Chian School Of Business
We provide evidence that young firms systematically differ from older firms in their innovative output when they enter ‘new to the firm’ technological niches. We analyze data from 128 biotechnology firms since their inception and track these firms over time. Our analyses reveal that the organizational age at which the firm branches into new technological niches significantly influences its innovative activity. We refine the focus of the extant literature by separately examining the effects of branching on the quantity of innovative output and the impact that this output has on the technology domain. Subsequent to branching into new niches, we …
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 - …
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 …
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 …
Financial Capital And Startup Survival, Jeongsik Lee, Wei Zhang
Financial Capital And Startup Survival, Jeongsik Lee, Wei Zhang
Research Collection Lee Kong Chian School Of Business
Are entrepreneurs liquidity-constrained? We attempt to answer this question by investigating the impact of financial capital on startup survival. The analysis of about 5,000 startups from the Kauffman Firm Survey data shows that, controlling for human capital, having some type of financial capital increases survival chances, supporting the existence of liquidity constraints. Interestingly, however, the effects are not uniform across types of capital: securing loans is associated with higher survival likelihood but receiving equity investments shortens startup longevity. Accounting for the endogeneity in financing using the Inverse Probability Treatment Weighted (IPTW) estimation reveals that the negative effect of equity capital …
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 …
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.
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 …
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 …
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 …
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.
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 …
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 …
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.
Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang
Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang
Research Collection Lee Kong Chian School Of Business
We document a significant and negative effect of the change in a firm's leverage ratio on its stock prices. We find that the negative effect is stronger for firms that have higher leverage ratios, higher likelihood of default, and face more severe financial constraints. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.
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 …
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.
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 …
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 …
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 …