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Full-Text Articles in Business
Effect Of Credit Ratings On Airport Financing And Management, Kazusei Kato, Koichiro Tezuka, Joyce M. W. Low
Effect Of Credit Ratings On Airport Financing And Management, Kazusei Kato, Koichiro Tezuka, Joyce M. W. Low
Research Collection Lee Kong Chian School Of Business
This paper analyzes the effect of airport ownership structure on management efficiency as reflected through their credit ratings. A game-theoretical model is proposed to examine the role of credit ratings in mitigating the moral hazard problem of public-owned airports. The analytical results derived from the model are then used to supplement a supporting case study. Notwithstanding the fact that the less competitive environment of a public-owned entity and its credit ratings might bring some welfare loss , this research concludes that public-owned airports have some advantages.
Political Connections, Founding Family Ownership And Leverage Decision Of Privately Owned Firms, Qigui Liu, Gary G. Tian
Political Connections, Founding Family Ownership And Leverage Decision Of Privately Owned Firms, Qigui Liu, Gary G. Tian
Faculty of Commerce - Papers (Archive)
In this paper, we examine the effect of political connections versus founding family ownership on the relationship between disproportional ownership structure and leverage decisions of privately owned firms listed in Chinese market. We find that disproportional ownership has positive effect on leverage, indicating that controlling shareholder tends to use both disproportional ownership structure and debt to expropriate. We also find that the interacted term between disproportional ownership and political connections has a positive impact on leverage ratio, and disproportional ownership structure is negatively related with leverage ratio of founding-family controlled firms, which indicate a substitute effect between political connections and …
The Ownership And Ownership Concentration? The Impact On The Performance Of China's Firms, Shiguang Ma, Tony Naughton, Gary G. Tian
The Ownership And Ownership Concentration? The Impact On The Performance Of China's Firms, Shiguang Ma, Tony Naughton, Gary G. Tian
Faculty of Business - Papers (Archive)
This paper investigates the impact of ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership concentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and …
Migrant Remittances, Financial Sector Development And The Government Ownership Of Banks, Arusha V. Cooray
Migrant Remittances, Financial Sector Development And The Government Ownership Of Banks, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
This study investigates the influence of migrant remittances on twodimensions of the financial sector, namely, size and efficiency. Evidence suggests thatmigrant remittances contribute to increasing the size and efficiency of the financialsector. The study, in addition, examines the impact of remittances on financial sectorsize and efficiency through the government ownership of banks channel. While theresults suggest that remittances lead to larger increases in financial sector size incountries in which the government ownership of banks is lower and increases inefficiency in countries in which the government ownership of banks is higher, thegovernment is found to play an important role in promoting …
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Faculty of Commerce - Papers (Archive)
This paper examines the impact of disproportional ownership structure on the pay-performance relationship in China’s listed firms. We find that the cash flow rights of the ultimate controlling shareholder have a positive effect on this relationship while a divergence between the control rights and cash flow rights has a significantly negative effect. By dividing our sample into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms, we find that cash flow rights in SOE controlled firms have a significant impact on accounting based pay performance and cash flow rights in privately controlled firms also affect the …
How Does The Separation Of Ownership And Control Affect Corporate Performance: The Impact Of Earnings Management In China, Yuqing Zhu, Gary G. Tian, Shan Zhao
How Does The Separation Of Ownership And Control Affect Corporate Performance: The Impact Of Earnings Management In China, Yuqing Zhu, Gary G. Tian, Shan Zhao
Faculty of Commerce - Papers (Archive)
This paper examines the impact of disproportional ownership on true firm performance when firm performance is adjusted for the effect of earnings management. Results from regression analysis indicate that the separation between control and cash flow rights of family/or individual-controlled listed firms in China decreases firm performance when firm performance is adjusted for the effect of earnings management than when firm performance is measured as reported performance. The results also show that separation is significantly positively related with true firm performance in firms with low cash flow rights concentration. The main disproportional ownership mechanism, pyramidal structures is also investigated in …