Business Commons^™

Exploring Antecedents And Consequences Of Managerial Moral Stress, Justin B. Ames, James Gaskin, Bradley D. Goronson

Faculty Publications

The legitimacy of moral stress as a distinct form of general stress has long been debated in previous research. Moreover, individual-level antecedents of moral stress are yet to be tested among executives. This study investigates role identity saliency (by calculating the total saliency of roles and competition between roles) as an individual- level antecedent of managerial moral stress and turnover intent as a consequence of managerial moral stress among high-level strategic decision makers in organisations. We also analyse the moderating effect of moral attentiveness in these relationships. Survey data were collected from 264 strategic decision makers from small to large …

Assessing The Effects Of Service Variability On Consumer Confidence And Behavior, Clay M. Voorhees, Jonathan M. Beck, Praneet Randhawa, Kristen Bell Detienne, Sterling A. Bone

Faculty Publications

This research examines the effects of service variability on consumer confidence and behavior across multiple transactions in a service relationship. This article integrates discussions of service relationships and models of service variability. Leveraging a field study, the authors track over 12,000 experiences across 3,084 consumers for a 2-year period and model the impact of variability in these experiences on consumer relationships. The results reveal variability in a service relationship can significantly impact consumer confidence and that the nature of this relationship is nonlinear, revealing that small variations in quality will have strong effects on confidence and that these effects plateau …

Maximising Board Governance Effectiveness In Small And Medium-Sized Australian Independent Schools, Matthew Bambach

Theses: Doctorates and Masters

My experience of working with boards of independent schools has led me to conclude that boards often struggle to know how they might make their governance more effective. Very little has been written and few empirical studies have investigated governance of independent school boards in Australia, despite the considerable responsibility and power entrusted to them. This study asks how well such boards are governing and what they could do to engender fully effective governance.

Currently, there are no standards or instruments for assessing the effectiveness of board governance. This study identified seven governance effectiveness factors (GEFs) from the literature on …

Perspectives On Management Review Controls: Challenges And Solutions—Insights From A Qualitative Study Of The Issues, John Fogarty, Mark Beasley, Douglas F. Prawitt

Faculty Publications

This study focuses on subjective, judgment-based management review controls (MRCs) used by management teams of public companies (hereinafter referenced as “preparers” or “organizations”) as part of their efforts to address the risk of material misstatements in financial reporting and to effectively and efficiently provide management with reasonable assurance that internal control over financial reporting (ICFR) is effective. This report provides information and insight useful to preparers, auditors, and regulators on issues surrounding the design, implementation, execution, and documentation of MRCs, including issues in the context of ICFR assessments and attestations under Section 404 of the Sarbanes-Oxley Act of 2002 (SOX). …

Pharmaceutical Manufacturing In The 21st Century: Identification And Analysis Of Key Elements, Robert N. Mills

Honors Program: Senior Projects (Public)

The availability of quality pharmaceutical products impacts the lives of the global population on a daily basis. The importance of product availability and quality within pharmaceutical manufacturing requires that quality systems put into place are capable of accurately and robustly capturing the quality compliance, or lack thereof, of the various stages of production. This review intends to analyze current expert-recommended best practices within key elements of a pharmaceutical manufacturing quality control system and provide recommendations throughout. The quality elements discussed include Quality by Design method validation, necessary equipment determination, and equipment qualification, followed by documentation control and data flow.

Superseding Money Judgments In Texas: Four Proposed Reforms To Help The Business Litigant And To Further Improve The Texas Civil Justice System, James Holmes

St. Mary's Law Journal

Abstract forthcoming.

Soliciting Resources From Others: An Integrative Review, Jia Hui Lim, Kenneth Tai, Peter A. Bamberger, Elizabeth W. Morrison

Research Collection Lee Kong Chian School Of Business

Resource seeking, or the act of asking others for things that can help one attain one’s goals, is an important behavior within organizations due to the increasingly dynamic nature of work that demands collaboration and coordination among employees. Over the past two decades, there has been growing research in the organizational sciences on four types of resource seeking behaviors: feedback-, information-, advice-, and help-seeking. However, research on these four behaviors has existed in separate silos. We argue that there is value in recognizing that these behaviors reflect a common higher order construct (resource seeking), and in integrating the findings across …

Editors' Comments: Is Corporate Social Responsibility Research Undertheorized?, Heli Wang, Cristina Gibson, Udo Zander

Research Collection Lee Kong Chian School Of Business

Corporate social responsibility (CSR) is a concept that has brought about both progress and controversy. Under the banner of CSR, we have made progress in addressing some of the world’s most pressing challenges, yet corporations still struggle to figure out where, how, and when to devote their social efforts, and doubts abound as to whether corporate efforts are truly in the public’s best interest. Scholarly interest in CSR research has also flourished. As a pervasive topic in the business literature, CSR is being addressed not only in the management field but also in the domains of economics, finance, marketing, operations, …

Rethinking The Role Of Business School In Creating Corporate Managers, Khurram Parvez Raja, Muhammad Anowar Zahid

All Works

Distinguished from the traditional forms of business, namely proprietorship and partnership, a corporation emerged as a new type of business organization in the middle of the nineteenth century in American society, which accepted it only on the understanding that the corporate managers should be professionally well trained and socially beneficial (Khurana, 2010). In order to prepare these new professionals, the business schools came into being in America and elsewhere (Khurana, 2010). However, corporate scandals and financial crises of the late 20th and early 21st centuries posed a valid question about the originally expected role of corporate managers and, in turn, …

Investigating Environmental Performance Management, Vipin Gupta, Yi Zhang

All Works

© 2020, Fundacao Escola de Comercio Alvares Penteado. All rights reserved. Purpose – Even though there is a growing recognition of the externality costs of low environmental performance by firms, there continue to be significant inter-firm differentials in environmental performance management. We build on the theories of strategic management to inquire into the factors contributing to these differentials. Design/methodology/approach – Using a 2015 survey sample of Chinese small and medium enterprises, we empirically investigate the alternative thesis that the profit maximization motive constitutes the appropriate heuristic for the performance management of corporate social responsibility factors. Findings –The green capability of …

More Meaningful Ethics, Veronica Root Martinez

Faculty Scholarship

Firms have exponentially increased their investment in the creation and implementation of ethics and compliance programs over the past fifteen years. The convergence of more robust corporate enforcement actions and more sophisticated industry standards and practices surrounding compliance efforts has created a booming compliance industry with commonly accepted standards and responsibilities. Within these efforts is a formal acknowledgment by the government, industry leaders, and academics that ethics has a role to play in helping to prevent misconduct within firms and that compliance without concern for ethics is insufficient. The reality, however, is that within firms’ efforts to implement effective ethics …

Accruals And Volatility In A Real Options-Based Investment Approach: Evidence From Thai Market, Chayaporn Chuenurajit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between year-ahead net working capital accruals as a proxy of investment behavior and expected volatility during the period of 2009 to 2018 of listed non-financial firms in Thailand. I apply a real options-based investment framework to view accruals as a result of investment decision and investigate the impact of firm’s expected volatility. The results show that firms with higher expected volatility have lower level of year-ahead accruals which is consistent with Grenadier and Malenko (2010). Moreover, this study also indicates that high expected volatility period induces distressed firms to invest because they have opportunity to …

Analysts’ Consensus And Predictability Of Forward P/E Ratios, Thanakorn Petkajee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Analysts play a crucial role in providing some important investment data, such as firms’ performance analysis, target prices, the forward P/E ratios, and so on, to investors. This special project studies the impact of analysts’ consensus on predictability of the stocks listed on the Stock Exchange of Thailand. Two models of analysts’ forecast error are proposed and used as a proxy for predictability in the study. The first model of analysts’ forecast error, ln(AFE), is computed from the natural logarithm of the squared error in a median forecast of one year ahead, i.e. (Actual next 12M EPS – median forecast …

Arbitrage Profit From Pairwise Correlation: Evidence From Thailand, Salinporn Dachasiriprapha

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to examine the usefulness of the Dynamic Conditional Correlation in the aspect of pair trade. Since one of the challenges in the pair trading is pair formation, this research would like to fulfill and find a new method for pair formation. Also, not only find the effective way to form pair we also examine whether this strategy can generate an abnormal return by constructs the portfolio where short one stock and long another one, by this investor can enjoy a 2-way price spread. The finding in this suggests that first by using Dynamic Conditional Correlation to form …

Asia Reits Interdependence And The Impact Of Covid-19 Pandemic, Boonchai Asawapiched

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates Asia REIT interdependence and the impact of COVID-19 pandemic. The data of six major REIT markets in Asia (Japan, Singapore, Hong Kong, Thailand, Malaysia, and Taiwan) have been applied with Johansen cointegration test, Granger causality test, impulse response functions, and variance decomposition. In addition, U.S. REIT is incorporated to emphasis the its impact on Asia markets. The results indicate market integration at long-run period as REIT performance is closely related to the direct real estate market whereas REIT is affected by shocks and noise like stock in short-run. Moreover, it is found that Asia developed markets (Japan, …

Capital Structure Volatility And Dividend Policy: Evidence From Thai Listed Firms, Thippapha Glinlek

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study attempts to identify the factors affecting capital structure volatility using firm-specific on a sample of listed Thai firms from 2001 – 2020. This study documents that firm-specific factors impact capital structure volatility. Firms with higher growth opportunities, more profitable and have greater change in their assets tend to vary their capital structure more. In the second part, after determining the factors influencing capital structure volatility. This study provides the evidence of capital structure volatility (CSV) on dividend policies. And find that a high level of CSV is negatively associated with dividend policies. This paper also examines the variation …

Clayton Copula Value-At-Risk In Crisis And The Gold Optimal Weight: Evidence In Thailand, Pimsuda Tunyalagsanakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

In recent days, investors are facing higher market risk due to the pandemic situation, but this is not the only time, investors also experienced similar risk during the Global Financial Crisis in 2007. We are interested in the tool to accurately estimate the market risk and ways to keep the portfolio maintaining the good performance in the extreme situation. This paper particularly investigates the Value-at-risk (VaR), which is one of the simplest and helpful tools to estimate market risk. By using data of SET50 and Thai Baht Gold, this paper demonstrates the best way to compute VaR among the various …

Could Morningstar Sustainability Rating Be An Indicator For Downside Protection?, Purisa Ruengsrichaiya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates whether the Morningstar Sustainability Rating indicates the downside protection for the 2018 Global stock market downturn and 2020 Stock market crash by using daily time-series analysis and investigate whether fund characteristics have an effect on performance of each Morningstar Sustainability Rating by using a panel data analysis at a quarterly frequency for the active equity mutual fund in the US market. This paper finds the neutral performance in every group of ratings in any market period according to the neutral alpha or abnormal return and the fund characteristics influence the fund performance pattern which can observe that …

Cross Hedging Currency Risk From Frontier/Emerging Markets: Thai Portfolio Investors' Perspectives, Tanatuch Kujiranuwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

The study explored performances of cross-hedging emerging/frontier market currency risk with developed market currencies from Thai investors’ perspective. The results showed that Thai investors can use a cross-hedging strategy to reduce currency risk and improve risk adjusted return from their emerging market investment. Single cross hedging can reduce portfolio risk significantly as confirmed by the F-test. Multiple cross-hedging showed signs of improvement from single cross-hedging both in currency risk reduction and risk adjusted return improvement, but the statistical test failed to prove that the improvement is significant. While the portfolio return was penalized by the hedging cost. The risk reduction …

Demographic, Macroeconomic And Institutional Determinants Of Life Insurance Consumption: Evidence From Countries In Asia, Pattha Yodseranee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Objective of this paper is to examine the determinants of life insurance consumption in terms of demographic, macroeconomic and institutional conditions from 26 countries from Asia covering the period of 1980 to 2019. The variables including 4 demographic variables, 7 macroeconomic variables and 3 institutional variables are explored by fixed effect estimation. The study also further examines difference of impact in different countries characteristic, that divided into Muslim, High-income and High-aged dependency ratio countries. The findings show that life insurance consumption have significant positive relationship with life expectancy. For high-income country, found that the Aged dependency ratio had less impact …

Determinants Of Power Purchase Agreements And Levelized Cost Of Electricity In Renewable Energy Projects, Krit Yodpradit

Chulalongkorn University Theses and Dissertations (Chula ETD)

Similar to the concept of concessions, governments worldwide encourage investment in renewable energy by providing a fixed price under the power purchase agreement (PPA) to the renewable energy developers. Depending on each renewable energy technology, the PPA usually corresponds to the levelized costs of electricity (LCOE) or the average lifetime costs of electricity produced by a power plant. Hence, these two parameters play an important role in boosting renewable energy development. Little is however known about the determinants of the PPA and LCOE. Therefore, the paper tries to shed some light on the determinants of the PPA and LCOE of …

Do Women On Boards, Education Diversity And Corporate Governance Affect Firm Risk And Firm Performance In Thailand?, Juthamard Klomkhao

Chulalongkorn University Theses and Dissertations (Chula ETD)

The purposes of my study are to investigate the relationship among women on boards, education diversity, and corporate governance on firm risk and/or firm performance of listed companies in Thailand during 2010-2019. Surprisingly, I find an insignificant relationship between the proportion of female directors and firm risk (both total risk and idiosyncratic risk). Moreover, the findings show that women on boards strongly improve ROA, but significantly reduce Tobin’s Q. For education diversity, there is no significant relationship on any measures of firm performance. This study further discovers that an incremental effect of female education diversity on women directorship positively affects …

Does Algorithmic Trading Improve Liquidity Around Dividend Announcement? Evidence From The Stock Exchange Of Thailand, Chotika Chatchawanwanit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of the entry of algorithmic trading on Thailand’s stock market liquidity around dividend announcement during 2001 – 2016. We find some evidence to support that the entry of algorithmic trading in Thai stock market and their increase activities in the market help to provide more liquidity in term of trade volume in stock market liquidity especially after the dividend announcement releases. However, the rise of algorithmic trading tend to lead the market participants to consume liquidity in term of market depth at both best bid and bet offer rather than providing the standing orders in …

Does The Increase In Liquidity Attenuate Returns Anomalies In The Thai Stock Markets?, Supapat Sangkavadana

Chulalongkorn University Theses and Dissertations (Chula ETD)

From Chordia et al. (2014), in the recent period of increased liquidity, the majority of US stock market returns anomalies have attenuated. However, as Thailand is a retail-based stock market, the stock market returns anomalies might not attenuate in the period of increased liquidity. In this paper, I use data from SET and mai markets from 2005 to 2019 to conduct time series regression to test the hypothesis. My finding is, first, apart from momentum returns anomalies in the mai market, the size, value, and momentum returns anomalies still exist in Thai stock markets. Second, most of the returns anomaly …

Effects Of Abnormal Trading Volume In The Stock Exchange Of Thailand, Chatchanun Kallayasiri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research aims to investigate the opportunity to exploit the abnormal returns follow the abnormal trading volume events for the stock listed in the Stock Exchange of Thailand (SET) from 2010 to 2019. The result suggested that investors could use abnormal trading volume as a signal to invest and obtain extra-profit by holding the stock for a certain period of time. The result also indicated that there was evidence of trading volume’s information content that could be used to implement the zero-investment portfolio strategy which trades based on trading volume. The strategy suggested investors to take a long position in …

Herding Behavior ,Case Of Listed Companies In Thailand, Patipol Prawangsuk

Chulalongkorn University Theses and Dissertations (Chula ETD)

We examine herding behavior in the Thailand stock market under different market conditions, industries, firm sizes, and investor types. We also study herding behavior during the Covid19 period. Lastly, we further develop a new factor that is a qualified price-risk element for stock return. The results show evidence of herding behavior in the Thailand stock market during the extreme positive and negative markets condition. And the herding behavior exists in twenty sectors out of twenty-six. The small-cap portfolio shows a greater magnitude of herding behavior compares with a large-cap portfolio. During the covid19 period, the result indicates herding behavior is …

Impact Of Monetary Policy On Firm’S Risk-Taking Position And Investment Decision, Sakolwat Seneekosol

Chulalongkorn University Theses and Dissertations (Chula ETD)

The recent economic crisis drives monetary policy to boost the economic situation. However, the side effect of monetary policy also dilutes firms' behavior in both risk-taking and investment decisions. This research investigates the effect of monetary policy from the international and local level using firms in 5 Southeast Asia stock markets. The risk and investment decision measurement technique in this paper using Expected Default Frequency and the investment dummy variables. The risk-taking model is based on panel fixed effect regression and the investment decision model is using a fixed-effect logistic model. This paper also extends the analysis to cover the …

Inflation Level And Equity Mutual Fund Flows In Aggregate, Boontarikar Dangsritham

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigates the relationship of inflation level and aggregate equity mutual fund flows using Thai evidence. Sample period covered from 2006 to 2020. For the first objective, we investigate the relationship between realized inflation and net flow of money into equity mutual fund. Next, since investors are forward-looking, we extend the analysis to investigate the same relationship using forecasted inflation instead. Lastly, money supply is increasing since 2008 because of the first launch of QE. Also, inflation trend becomes lower since then. Our further exploration is whether there is a change in the relationship between inflation and aggregate equity …

Industry Size And Deal Initiation: Evidence From Merger And Acquisition, Sirilak Sriburapar

Chulalongkorn University Theses and Dissertations (Chula ETD)

Targets in small industries are more likely to initiate the deal than targets in large industries. Bidders are willing to pay more for target-initiated deals in small industries than in large industries. This research finds empirical evidence that industry size significantly impacts firms' decision to initiate the deal and bid premium. Targets in small industries are more plausibly to initiate the deal because the demand for target corporate assets is lower. Consequently, they receive lower premiums compared to targets in large industries. Surprisingly the impact of target-initiated deals on premiums significantly depends on target industry size, the negative impact of …

Inside The Black Box Of Financial Analysts: What Drives Systematic Forecast Optimism?, Christian Schmidt

Chulalongkorn University Theses and Dissertations (Chula ETD)

Despite past failures and a higher standard of regulation, excessive forecast optimism among financial analysts is still observable. It is mainly attributed to incentives provided by an underlying affiliated relationship. This paper investigates diverse market settings in the Thai stock market between 2005 and 2017 to break down the incentive structure in the analysts' forecasting process. First, banks and brokerage houses with an affiliated mutual fund family show an extreme forecast behavior, especially when the fund family is backed by high capital and has a large stake in the covered firm. Secondly, full-service banks are among the most optimistic analysts …