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Articles 2461 - 2490 of 3153
Full-Text Articles in Business
The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang
The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of investor protection on the value creation of LBOs. We find that target shareholders’ wealth gain is higher in countries with better investor protection. The impact of investor protection on takeover premium is larger for LBO than non-LBO transactions. We also find evidence suggesting that club LBOs are not priced lower than non-club deals after accounting for endogeneity problem. These results suggest that investor protection law may act as an important safeguard for minority shareholders in LBO transactions.
The Relative Importance Of Task, Citizenship And Counterproductive Performance To Job Performance Ratings: Do Rater Source And Team-Based Culture Matter?, Filip Lievens, James M. Conway, Wilfried De Corte
The Relative Importance Of Task, Citizenship And Counterproductive Performance To Job Performance Ratings: Do Rater Source And Team-Based Culture Matter?, Filip Lievens, James M. Conway, Wilfried De Corte
Research Collection Lee Kong Chian School Of Business
This study contributes to our understanding of which factors predict raters' policies for combining performance components into an overall job performance rating. We used a work-roles framework to examine the effects of rater source and team-based culture. The sample consisted of 612 individuals in three job categories (3 17 nurses, 168 personnel recruiters and 127 sales representatives). Respondents rated employee performance profiles that were described on task, citizenship and counterproductive performance. Raters' weights differed by (a) organizational culture (low- vs. high-team-based); (b) rating source (supervisor vs. peer) and (c) job. In a team-based culture, more weight was given to citizenship …
Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire
Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire
Research Collection Lee Kong Chian School Of Business
Previous studies on Japanese corporate governance were largely based on the agency theory framework, and can be seen as attempts to understand the unique monitoring mechanisms in the Japanese context. This paper briefly reviews prior research and then discusses the recent changes in the environment that have been affecting Japanese corporate governance. Our central argument is that there is both change and continuity in Japanese Corporate Governance. We also present emerging research from an institutional theory perspective. In this line of research, corporate governance is treated as part of a nation’s institutional framework and hence, researchers need to understand unique …
A Cross-Nations, Cross-Cultures, And Cross-Conditions Analysis On The Equivalence Of The Balanced Inventory Of Desirable Responding (Bidr), Andrew Li, Jochen Reb
A Cross-Nations, Cross-Cultures, And Cross-Conditions Analysis On The Equivalence Of The Balanced Inventory Of Desirable Responding (Bidr), Andrew Li, Jochen Reb
Research Collection Lee Kong Chian School Of Business
This article examines measurement equivalence of the Balanced Inventory of Desirable Responding (BIDR) across two nations (the United States and Singapore), two cultural values (horizontal individualism and horizontal collectivism) and two motivational conditions (standard and faking). One sample of undergraduate students from each country (N Singapore = 158, N United States = 166) participated in this study, and a within-subject experimental design is used. Specifically, at Time 1, participants were simply asked to respond to the BIDR and the INDCOL (standard condition). At Time 2, the participants were instructed to engage in social desirability (faking condition). Multigroup confirmatory factor analyses …
Investment Patterns In Singapore's Central Provident Fund System, Benedict S. K. Koh, Olivia S. Mitchell, Toto Tanuwidjaja, Joelle Fong
Investment Patterns In Singapore's Central Provident Fund System, Benedict S. K. Koh, Olivia S. Mitchell, Toto Tanuwidjaja, Joelle Fong
Research Collection Lee Kong Chian School Of Business
Rising elderly life expectancies imply the need to accumulate sufficient savings for retirement. This paper investigates the role of recent changes in the investment menu of the Singaporean Central Provident Fund (CPF) system. Our research explores the investment patterns of CPF participants and articulates their implications for policymakers. We find that most investors use their money for housing purchase and default the remainder to the CPF investment pool. The bulk of non-housing saving sits in bank accounts paying a low return. A fraction of workers does elect outside investment products, with high-income earners and males taking more risk than low-income …
Business Market Value Merchants, James Anderson, Nirmalya Kumar, James A. Narus
Business Market Value Merchants, James Anderson, Nirmalya Kumar, James A. Narus
Research Collection Lee Kong Chian School Of Business
To get a fair return on the superior value that their offerings deliver to customers, progressive B-to-B companies transform their sales forces from value spendthrifts into value merchants. These companies foster value merchants in more ways than simply compensating salespeople on profitability. As a result, their salespeople become value merchants, making business with customers more profitable by finding value drains and value leaks--rather than by seeking price cuts to retain or gain business.
Speaking Out: The Responsibilities Of Management Intellectuals: A Survey, Stephen Dunne, Stefano Harney, Martin Parker
Speaking Out: The Responsibilities Of Management Intellectuals: A Survey, Stephen Dunne, Stefano Harney, Martin Parker
Research Collection Lee Kong Chian School Of Business
This article discusses our analysis of over 2,000 articles publishedwithin 20 top business and management journals. The article empirically demonstrates how little attention is being paid by the work published within these journals to contemporary political issues across the globe. We also demonstrate the extent to which the same is true of ‘critical’ journals such as Organization. To this end we argue that mass scholarly ranking mechanisms, such as the British Research Assessment Exercise (RAE),create a general state of myopia on the part of business and management scholars towards a variety of political issues, even making a virtue out of …
What Does Exercise-Based Assessment Really Mean?, Filip Lievens
What Does Exercise-Based Assessment Really Mean?, Filip Lievens
Research Collection Lee Kong Chian School Of Business
My commentary addresses Lance’s (2008) recommendation to reorient assessment center (AC) practice away from dimensions toward exercise-based assessment. As exercise-based assessment is dealt with only in general terms in Lance’s article, I aim to delineate what exercise-based assessment really means. Two points are made. First, I arguethattakingdimensionsawayfromACs does not mean that assessee behavior is no longer determined by latent traits because behavior is inherently trait determined. Second, I elaborate on the practical and research implications of exercise-based assessment because these implications are underdeveloped in Lance.
Do Poison Pills Increase Firm Risk?, Thomas Turk, Jeremy C. Goh, Candace Ybarra
Do Poison Pills Increase Firm Risk?, Thomas Turk, Jeremy C. Goh, Candace Ybarra
Research Collection Lee Kong Chian School Of Business
Management scholars have argued that an active takeover market discourages risk-taking by managers and that takeover defenses serve to counter the risk-reducing pressures of an active takeover market. This study employs the Black and Scholes Option Pricing Model to determine whether or not adoption of poison pill securities increases investor perceptions of firm risk. The results provide evidence that the Option-Implied Standard Deviations of common stock returns increase significantly on the poison pill adoption date, on average. Furthermore, the implied standard deviations remained significantly above pre-adoption levels for several days after the poison pill adoption, suggesting that the perceived increase …
Short-Horizon Contrarian And Momentum Strategies In Asian Markets: An Integrated Analysis, Thomas H. Mcinish, David K. Ding, Chong Soo Pyun, Udomsak Wongchoti
Short-Horizon Contrarian And Momentum Strategies In Asian Markets: An Integrated Analysis, Thomas H. Mcinish, David K. Ding, Chong Soo Pyun, Udomsak Wongchoti
Research Collection Lee Kong Chian School Of Business
In this paper, we test the profitability of short-term contrarian and momentum strategies, which take into account the effects of trading activity, size/value characteristics, and asymmetric investor responses to news regarding stock markets in Japan, Taiwan, Korea, Hong Kong, Malaysia, Thailand, and Singapore during 1990–2000. Except for the Taiwanese and Korean markets, “winner” (“loser”) portfolios experience subsequent reversal (momentum) of stock prices. Among actively traded stocks, significant contrarian profits can be obtained from only “winner” portfolios in Japan, while sizeable momentum profits from “loser portfolios” in both Japan and Hong Kong.
Further Evidence On The Approximation Of Confidence Intervals For Sharpe Style Weights: The Case Of Australian Listed Managed Funds, Kok Fai Phoon, John Watson, Jayasinghe Wickramanayake
Further Evidence On The Approximation Of Confidence Intervals For Sharpe Style Weights: The Case Of Australian Listed Managed Funds, Kok Fai Phoon, John Watson, Jayasinghe Wickramanayake
Research Collection Lee Kong Chian School Of Business
No abstract provided.
The Implications Of Debt Heterogeneity For R&D Investment And Firm Performance, Parthiban David, Jonathan P. O'Brien, Toru Yoshikawa
The Implications Of Debt Heterogeneity For R&D Investment And Firm Performance, Parthiban David, Jonathan P. O'Brien, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
An assumption in prior research is that debt is homogeneous and provides inappropriate governance for R&D investments. We argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance. Using a sample of Japanese firms, we find that firms that align their debt structures with their R&D investments perform better than those that are misaligned. Furthermore, firms tend to align their debt structure with R&D investments, but only after deregulation permits relatively free access to various types of debt.
R&D Project Scheduling When Activities May Fail, Bert De Reyck, Roel Leus
R&D Project Scheduling When Activities May Fail, Bert De Reyck, Roel Leus
Research Collection Lee Kong Chian School Of Business
An R&D project typically consists of several stages. Due to technological risks, the project may have to be terminated before completion, each stage having a specific likelihood of success. In the project planning and scheduling literature, this technological uncertainty has typically been ignored and project plans are developed only for scenarios in which the project succeeds. In this paper we examine how to schedule projects in order to maximize their expected net present value when the project activities have a probability of failure and when an activity's failure leads to overall project termination. We formulate the problem, show that it …
The Dark Side Of Authority: Antecedents, Mechanisms, And Outcomes Of Organizational Corruption, Ruth V. Aguilera, Abhijeet K. Vadera
The Dark Side Of Authority: Antecedents, Mechanisms, And Outcomes Of Organizational Corruption, Ruth V. Aguilera, Abhijeet K. Vadera
Research Collection Lee Kong Chian School Of Business
Corruption poisons corporations in America and around the world, and has devastating consequences for the entire social fabric. In this article, we focus on organizational corruption, described as the abuse of authority for personal benefit, and draw on Weber's three ideal-types of legitimate authority to develop a theoretical model to better understand the antecedents of different types of organizational corruption. Specifically, we examine the types of business misconduct that organizational leaders are likely to engage in, contingent on their legitimate authority, motives, and justifications. We conclude by suggesting managerial implications of our theoretical model and propose directions for future research. …
Corporate Entrepreneurship As Resource Capital Configuration In Emerging Market Firms, Daphne W. Yiu, Chung-Ming Lau
Corporate Entrepreneurship As Resource Capital Configuration In Emerging Market Firms, Daphne W. Yiu, Chung-Ming Lau
Research Collection Lee Kong Chian School Of Business
Network-based resource capital such as political capital, social capital, and reputational capital are critical in providing firms with special access to various resources and legitimacy in emerging markets. However, how these generic nonmarket forms of capital are transformed into value-adding, industry-specific, and firm-specific uses, which subsequently enhance firm competitiveness, remained unanswered. Adopting a dynamic capability approach, this paper posits that corporate entrepreneurship performs a unique role of resource capital configuration and transformation in emerging market firms by continuously renewing firm competences so that congruence with the changing environment can be achieved. Building on this conceptualization, we argue that the positive …
An Efficient Method For Maximum Likelihood Estimation Of A Stochastic Volatility Model, Junying, Shirley Huang, Jun Yu
An Efficient Method For Maximum Likelihood Estimation Of A Stochastic Volatility Model, Junying, Shirley Huang, Jun Yu
Research Collection Lee Kong Chian School Of Business
In this paper an efficient, simulation-based, maximumlikelihood (ML) method is proposed for estimating Taylor’sstochastic volatility (SV) model. The new method isbased on the second order Taylor approximation to the integrand.The approximation enables us to transfer the numericalproblem in the Laplace approximation and that inimportance sampling into the problem of inverting two highdimensional symmetric tri-diagonal matrices. A result recentlydeveloped in the linear algebra literature shows thatsuch an inversion has an analytic form, greatly facilitatingthe computations of the likelihood function of the SVmodel. In addition to provide parameter estimation, the newmethod offers an efficient way to filter, smooth, and forecastlatent log-volatility. The …
The Effect Of Rivals When Firms Emerge From Bankruptcy, Gary L. Caton, Jeffrey Donaldson, Jeremy Goh
The Effect Of Rivals When Firms Emerge From Bankruptcy, Gary L. Caton, Jeffrey Donaldson, Jeremy Goh
Research Collection Lee Kong Chian School Of Business
Studies on the announcement effects of bankruptcy filings have found that when a firm files for Chapter 11 bankruptcy protection its shareholders suffer significant losses. A recent paper extends these findings by investigating the announcement effect on rival companies, while another examines the equity performance of firms emerging from bankruptcy. We combine these two lines of inquiry by examining the effect on rivals when a firm emerges from the protection of Chapter 11. We find both significant negative stock market returns and significant negative revisions in analysts’ earnings forecasts for rivals of successfully reorganized companies.
Harmful Help: The Costs Of Backing Up Behavior In Teams, Christopher M. Barnes, J. R. Hollenbeck, David Turley Wagner, D. S. Derue, J. D. Nahrgang, K. M. Schwind
Harmful Help: The Costs Of Backing Up Behavior In Teams, Christopher M. Barnes, J. R. Hollenbeck, David Turley Wagner, D. S. Derue, J. D. Nahrgang, K. M. Schwind
Research Collection Lee Kong Chian School Of Business
Prior research on backing-up behavior has indicated that it is beneficial to teams (C. O. L. H. Porter, 2005; C. O. L. H. Porter et al., 2003). This literature has focused on how backing-up behavior aids backup recipients in tasks in which workload is unevenly distributed among team members. The authors of the present study examined different contexts of workload distribution and found that, in addition to the initial benefits to backup recipients, there are initial and subsequent costs. Backing-up behavior leads backup providers to neglect their own taskwork, especially when workload is evenly distributed. Team members who receive high …
Firm Diversification And Earnings Management: Evidence From Seasoned Equity Offerings, Chee Yeow Lim, Tiong Yang Thong, David K. Ding
Firm Diversification And Earnings Management: Evidence From Seasoned Equity Offerings, Chee Yeow Lim, Tiong Yang Thong, David K. Ding
Research Collection Lee Kong Chian School Of Business
Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high …
Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang
Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang
Research Collection Lee Kong Chian School Of Business
This article develops a Kalman filter model to track dynamic mutual fund factor loadings. It then uses the estimates to analyze whether managers with market-timing ability can be identified ex ante. The primary findings are as follows: (i) Ordinary least squares (OLS) timing models produce false positives (nonzero alphas) at too high a rate with either daily or monthly data. In contrast, the Kalman filter model produces them at approximately the correct rate with monthly data; (ii) In monthly data, though the OLS models fail to detect any timing among fund managers, the Kalman filter does; (iii) The alpha and …
Commercialization Of Science: A Longitudinal Study Of Knowledge Distance, Firm Capabilities, And The Structure Of Licensing Contracts, Reddi Kotha, Gerard George
Commercialization Of Science: A Longitudinal Study Of Knowledge Distance, Firm Capabilities, And The Structure Of Licensing Contracts, Reddi Kotha, Gerard George
Research Collection Lee Kong Chian School Of Business
Though the popularity of research on technology transfer offices (TTOs) has vastly increased, there is little empirical evidence of how the potential value for a technology is estimated and negotiated in a license. Limited qualitative work and empirical work (e.g., Owen-Smith, 2005) tap into the underlying decisions before a technology can be licensed. Consequently, we know very little on how a particular technology is valued and its impact on contract design. In this study, we analyze the content, design, and performance of 847 licensing contracts between university technology transfer offices and firms.
Situational Judgment Tests: A Review Of Recent Research, Filip Lievens, Helga Peeters, Eveline Schollaert
Situational Judgment Tests: A Review Of Recent Research, Filip Lievens, Helga Peeters, Eveline Schollaert
Research Collection Lee Kong Chian School Of Business
Purpose - The purpose of this paper is to give an empirically-based review of the strengths and weaknesses of situational judgment tests (SJTs).Design/methodology/approach - The features, history, and development of SJTs are discussed. Next, a computerized search (from 1990-2007) is conducted to retrieve empirical studies related to SJTs. The effectiveness of SJTs is discussed in terms of reliability, criterion-related validity, incremental validity, construct-related validity, utility, adverse impact, applicant perceptions, fakability, and susceptibility to practice and coaching effects.Findings - Strengths of SJTs are that they show criterion-related validity and incremental validity above cognitive ability and personality tests. SJTs have also less …
Values, Ideologies, And Frames Of Reference In Employment Relations, John W. Budd, Devasheesh P. Bhave
Values, Ideologies, And Frames Of Reference In Employment Relations, John W. Budd, Devasheesh P. Bhave
Research Collection Lee Kong Chian School Of Business
Employment relations—which form most of the 20th century was called industrial relations, and what some now call human resources and industrial relations—is a multidisciplinary field studying all aspects of work and the employment relationship (Ackers and Wilkinson, 2003; Budd, 2004; Kaufm an, 2004). A multidisciplinary approach means that competing values and assumptions underlie the analyses, policies, and practices of employment relations scholars, practitioners, and policymakers. Unfortunately, these underlying beliefs are often implicit rather than explicit, or, with the longstanding focus on how industrial relations processes work, sometimes ignored altogether. But understanding the employment relationship, corporate human resource management practices, labor …
Technological Change Management Strategies In Asian Small-Scale Businesses: Trends In Singapore, Thomas Menkhoff, Yue Wah Chay
Technological Change Management Strategies In Asian Small-Scale Businesses: Trends In Singapore, Thomas Menkhoff, Yue Wah Chay
Research Collection Lee Kong Chian School Of Business
Based on survey data on the change management behavior of Chinese small and medium sized enterprises (SMEs) in Singapore, the paper explores how small entrepreneurs are coping with the city-state's turbulent business environment, processes of technological advancement and accelerated change. Differences between so-called opportunistic entrepreneurs and small business ventures are examined. Conceptually, the paper is informed by theories of change management, strategic choice, entrepreneurship and Chinese business. Special emphasis is put on the identification of demographic characteristics of "technological change masters" in Singapore's small business sector so as to gain an understanding of both the dynamism and relative passivity of …
The Role Of The Board And Its Interaction With The Successor's Human Capital In The Asian Family Enterprise, Soo-Hoon Lee, Phillip H. Phan, Toru Yoshikawa
The Role Of The Board And Its Interaction With The Successor's Human Capital In The Asian Family Enterprise, Soo-Hoon Lee, Phillip H. Phan, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
This study examined the human and social capital factors associated with higher post-succession firm performance in family enterprises in Singapore. We also investigated the moderating influence of the board of directors in terms of its service role as stewards of the enterprise. We found that a successor's industry experience and diversity of network ties were positively associated with firm performance and boards that focused their role as advisors to the successor enhanced post-succession firm performance.
Too Little Or Too Much? Untangling The Relationship Between Corporate Philanthropy And Corporate Financial Performance, Heli Wang, Jaepil Choi, Jiatao Li
Too Little Or Too Much? Untangling The Relationship Between Corporate Philanthropy And Corporate Financial Performance, Heli Wang, Jaepil Choi, Jiatao Li
Research Collection Lee Kong Chian School Of Business
What is the relationship between corporate philanthropy and corporate financial performance? Some scholars argue that corporate philanthropy facilitates stakeholder cooperation and helps secure access to critical resources controlled by those stakeholders, suggesting that corporate philanthropy should be positively associated with corporate financial performance. In contrast, other scholars take a negative stance, suggesting that corporate philanthropy diverts valuable corporate resources and tends to inhibit corporate financial performance. Existing empirical studies have not found conclusive evidence on the corporate philanthropy-financial performance relationship. Integrating and extending existing perspectives, this study develops the argument that the relationship between corporate philanthropy and financial performance is …
When Asian Small And Medium-Sized Family Firms Spread Their Wings, Wee Liang Tan
When Asian Small And Medium-Sized Family Firms Spread Their Wings, Wee Liang Tan
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Technology Strategy And China's Technology Capacity Building, Arnoud De Meyer
Technology Strategy And China's Technology Capacity Building, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
China has the potential to become a major source of innovation for the world. The scientific investment is in place and rapidly growing. But in order to reap the benefits of this investment its organisations will have to become better at managing innovation. One of the key elements of innovation management is the determination and implementation of a sound technology strategy. The purpose of this paper is to offer a framework and a detailed overview of what it entails to develop and implement a technology strategy. The paper emphasizes the alignment of the strategy with the organisational competencies and the …
Cost Structures In Defined Contribution Systems: The Case Of Singapore's Central Provident Fund, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Cost Structures In Defined Contribution Systems: The Case Of Singapore's Central Provident Fund, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Research Collection Lee Kong Chian School Of Business
Retirement systems are increasingly asked to do an ever-better job of enhancing the performance of pension investments. The Singaporean Central Provident Fund permits pension system participants to keep their money in a government-run investment pool, or if they wish, they may select professionally managed unit trusts for their retirement accumulations. Opting for investment choice also exposes members to additional investment costs not charged by the government-managed account. This paper explores the charges levied by the private fund managers and we show that foreign ownership, active style of management and equity/balanced funds tend to be most expensive. We conclude with a …
A Trust-Based Consumer Decision-Making Model In Electronic Commerce: The Role Of Trust, Perceived Risk, And Their Antecedents, Dan J. Kim, Donald L. Ferrin, H. Raghav Rao
A Trust-Based Consumer Decision-Making Model In Electronic Commerce: The Role Of Trust, Perceived Risk, And Their Antecedents, Dan J. Kim, Donald L. Ferrin, H. Raghav Rao
Research Collection Lee Kong Chian School Of Business
Are trust and risk important in consumers' electronic commerce purchasing decisions? What are the antecedents of trust and risk in this context? How do trust and risk affect an Internet consumer's purchasing decision? To answer these questions, we i) develop a theoretical framework describing the trust-based decision-making process a consumer uses when making a purchase from a given site, ii) test the proposed model using a Structural Equation Modeling technique on Internet consumer purchasing behavior data collected via a Web survey, and iii) consider the implications of the model. The results of the study show that Internet consumers' trust and …