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- Research Collection School Of Accountancy (43)
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Articles 1 - 30 of 90
Full-Text Articles in Corporate Finance
A Social Norm Perspective On Distorted Information In China, Zhe Li, Massimo Massa, Nianhang Xu, Hong Zhang
A Social Norm Perspective On Distorted Information In China, Zhe Li, Massimo Massa, Nianhang Xu, Hong Zhang
Research Collection Lee Kong Chian School Of Business
Can social norms give rise to distorted information in China? We observe that China’s leading social norm related to alcohol consumption and social drinking enhance earnings management. An analysis of toxic alcohol scandals supports a causal interpretation. Further evidence suggests that the influence of alcohol may come from the negative externality that it creates, which is propagated by corporate leaders and cannot be attenuated by market-oriented institutions. Our results reveal a social norm externality that may have important normative implications.
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Journal of Humanities and Social Sciences
The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …
Blue Bird: Building The Right Path, Yuanto Kusnadi, Wee Kiat Lim
Blue Bird: Building The Right Path, Yuanto Kusnadi, Wee Kiat Lim
Research Collection School Of Accountancy
How Indonesia's leading mobility provider pursued twin transformations involving sustainable growth and digitalisation.
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Research Collection School Of Accountancy
Given the importance of research resource allocation within brokerage firms, we examine key factors that influence the issuance of individual vs. team analyst reports. Using a comprehensive sample of analyst reports from China for the 2008-2021 period, we find that this decision is influenced by (1) the brokerage firm's client interests, whereby firms held by the brokerage firm's mutual fund clients and firms that are the brokerage firm's underwriting clients receive more team than individual reports from the brokerage firm, and (2) the nature of corporate events, whereby routine events receive more team reports and nonroutine events receive more individual …
Government Guidance Funds And Corporate Innovation: An Empirical Examination Based On Hangzhou, Huaping Wang
Government Guidance Funds And Corporate Innovation: An Empirical Examination Based On Hangzhou, Huaping Wang
Dissertations and Theses Collection (Open Access)
Since the establishment of China's first market-oriented government guidance fund in 2002, these funds have actively played a supportive role in addressing market failures and promoting the innovative development of technology enterprises by reducing information asymmetry in the primary equity market, releasing positive signals, and alleviating financing constraints. With the establishment and development of China's multi-tiered government guidance fund system, related research has gradually emerged. However, current studies primarily explore whether government guidance funds have fulfilled their role in fostering innovation from a macro perspective, with limited in-depth discussion from a micro-level on how these funds should conduct their investment …
Audit Firms' Entry Into H-Share Audit Market And Mainland Audit Pricing: Evidence From China, Rui Zhang, Gaoliang Tian, Zichen Tian, Liuchuang Li
Audit Firms' Entry Into H-Share Audit Market And Mainland Audit Pricing: Evidence From China, Rui Zhang, Gaoliang Tian, Zichen Tian, Liuchuang Li
Research Collection School Of Accountancy
Purpose: This study aims to investigate whether mainland Chinese audit firms’ entry into the H-share market to provide audit services affects their mainland audit pricing. Design/methodology/approach: Using data on A-share listed companies in China from 2008 to 2018, a difference-in-differences model to test the research question is designed. Robustness tests are conducted to rule out alternative explanations and additional tests to shed light on the extent and inner workings of the main effect. Findings: The entry of mainland audit firms into the H-share audit market leads to a significant decrease in mainland audit pricing. Moreover, this main effect is (i) …
Is Asia On The Precipice Of A Currency Crisis? Exploring Regional Risks And Implications On The Global Economy, Hannah Deng
Is Asia On The Precipice Of A Currency Crisis? Exploring Regional Risks And Implications On The Global Economy, Hannah Deng
Independent Study Project (ISP) Collection
This paper examines the economic stability of Asia in the face of a potential currency crisis through drawing upon the historical context provided by the 1997 East Asian Financial Crisis. It systematically explores the characteristics and precursors of currency crises, analyzes the Asia-Pacific region’s response to past financial upheavals, and evaluates current macroeconomic vulnerabilities as well as policy frameworks. By juxtaposing the changes in Asia’s financial landscape from the late 20th century to the present, the study identifies persistent structural weaknesses and the region’s ongoing exposure to volatile global financial markets. It also considers the possibility of emerging markets establishing …
Corporate Law As Decolonization, Martin W. Sybblis
Corporate Law As Decolonization, Martin W. Sybblis
Faculty Articles
After centuries of colonial subordination, Black and Brown former colonies are still fighting to achieve the fruits of decolonization. The traditional theory is that former colonies will emerge from the colonial period with the legal mandate and international recognition needed to chart their own futures. But, for those Black and Brown British colonies that achieved political independence, it became clear that, without economic strength to care for their societies, legal separation could not deliver on its promise of freedom from subordination. This Article argues that investments in corporate law innovations by some jurisdictions, such as Bermuda, the British Virgin Islands, …
Female Ceos And Investment Efficiency In The Vietnamese Market, Jun Myung Song, Chune Young Chung
Female Ceos And Investment Efficiency In The Vietnamese Market, Jun Myung Song, Chune Young Chung
Sim Kee Boon Institute for Financial Economics
This paper proposes female CEOs’ overconfidence and risky behavior stem from gender stereotype threats. Using two subsamples from Vietnam—firms in the Northern and Southern regions—we empirically show that female CEOs in the North, where there is less gender stereotyping, tend to overinvest relative to male CEOs. However, in the South, they are indifferent. Additional analysis reinforces the main finding that female CEOs in the North tend to take more risks even when dealing with market volatility and uncertainty (e.g., the COVID-19 pandemic). Such risky behaviors do not deteriorate firm value but, instead, possibly improve firm performance.
Public Communication Of Audit Risks And Related-Party Transactions: Evidence From China, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Public Communication Of Audit Risks And Related-Party Transactions: Evidence From China, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Research Collection School Of Accountancy
This paper examines whether and how firms' engagement in related-party transactions (RPTs) is shaped by public communication of audit risks as required by the expanded audit report. Using the phased regulatory changes in China and a difference-in-differences design with firm fixed effects and matching, we find that firms significantly reduce their RPTs after the adoption of expanded audit reports (EARs). To investigate potential mechanisms, we find that (1) investor scrutiny increases after the adoption of EARs, (2) the reduction of RPTs is more pronounced when EARs are more likely to attract investor attention, and (3) the reduction of RPTs is …
Growing Up Under Mao And Deng: On The Ideological Determinants Of Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu
Growing Up Under Mao And Deng: On The Ideological Determinants Of Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu
Research Collection Lee Kong Chian School Of Business
Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to Deng around the 1978 economic reform—in a regression discontinuity framework. We find that the age discontinuity of politicians around 18 years old in 1978, who had already joined the Chinese Communist Party (CCP) or joined soon thereafter and later became municipal paramount leaders, has had a lasting effect on contemporary firm- and city-level policies. In particular, firms in cities with mayors that joined the CCP under the ideological regime of …
The Effect Of Risk Profile In Pandemi Outbreak To Banking Financial Performance Case Study In Indonesia, Fajar Abdullah
The Effect Of Risk Profile In Pandemi Outbreak To Banking Financial Performance Case Study In Indonesia, Fajar Abdullah
Journal Of Middle East and Islamic Studies
The risk profile that occurred within the scope of banking during the Covid 19 pandemic which was quantitatively reflected in the microeconomic ratios of the BOPO, NPF/NPL, FDR/LDR ratios, and macroeconomics in this case, inflation and the USD exchange rate, were the main factors in the decline in the soundness level bank which is reflected in the value of the bank's financial performance ratio, namely Return on Assets due to. The objects in this study are the general Islamic and conventional banking industry, with data observations including BOPO, NPF/NPL, FDR/LDR, inflation, and the USD exchange rate. By comparing the effect …
Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model, Yingjie Dong, Wenxin Huang, Yiu Kuen Tse
Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model, Yingjie Dong, Wenxin Huang, Yiu Kuen Tse
Research Collection School Of Economics
This paper examines the price comovement of cross-listed Chinese A- and H-shares using a panel model with latent factors and a heterogeneous long-run structure. Our model is more flexible than the cointegration system and is estimated using the data-driven Cup–Lasso method. The long-run H-share price discounts are heterogeneous across different groups of stocks. We have identified both stationary and nonstationary latent factors in the price differentials, which are driven by different economic variables. By analyzing the factor loadings of the nonstationary latent factor, we identify some trading-friction and information-friction variables that have effects on the price convergence between the A- …
Postmaterialism And Corporate Tax Avoidance, Yujia Cui, Jiwei Wang, Kangtao Ye
Postmaterialism And Corporate Tax Avoidance, Yujia Cui, Jiwei Wang, Kangtao Ye
Research Collection School Of Accountancy
Using a proprietary dataset of China tax audits, we found that firms owned by investors from countries with higher postmaterialism values were less likely to engage in tax-avoidance behavior in China. In addition, we found some evidence that the negative association between postmaterialism and tax avoidance is more pronounced when tax enforcement is stronger, indicating that national culture and formal institutions act as complements. To check the external validity of our main results, we further used a cross-country sample from 21 countries over 22 years. The evidence from the cross-country sample was consistent with the findings obtained from the China …
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting, Themin Suwardy, Chu Yeong Lim
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting, Themin Suwardy, Chu Yeong Lim
Research Collection School Of Accountancy
This study investigates the characteristics, nature and extent of proposed audit adjustments to the financial statements of listed companies in Singapore. Data was gathered from the 2018 to 2020 financial statements of 412 companies, along with views of close to 280 audit committee chairs and heads of finance (or similar designations) on the effectiveness of their companies’ finance function.
Conditional Relationship Between Distress Risk And Stock Returns, Su Hee Yun, Jung Min Kim
Conditional Relationship Between Distress Risk And Stock Returns, Su Hee Yun, Jung Min Kim
Research Collection Lee Kong Chian School Of Business
Purpose: Previous research on the relationship between a firm’s distress risk and future stock returns produces inconsistent results. This study attempts to explain the conflicting results of earlier studies by showing that systematic distress risk leads to positive rewards, while unsystematic distress risk leads to low stock returns. In addition, this study intends to elucidate the factors of systematic distress risk and unsystematic distress risk, respectively. In this way, this study informs the rational investor what kind of distress risk they should take. Design/methodology/approach: This study considers two distress-predictor sets to show a possibility between distress risk and stock returns …
Local Political Corruption And M&As, Chun Liu, Yang Chen, Shanmin Li, Liang Sun, Mengjie Yang
Local Political Corruption And M&As, Chun Liu, Yang Chen, Shanmin Li, Liang Sun, Mengjie Yang
Research Collection School Of Accountancy
We examine the relation between local political corruption and firms' cross-province M&As using provincial-level data on corruption in China. The results show that firms in more corrupt regions are less likely to engage in cross-province M&As. Further analyses reveal that the effects of local corruption on the probability of cross-province M&As are stronger when corrupt officers have greater impeding benefits or lower impeding costs. Meanwhile, Both ex-ante intervention and ex post punishment are important channels through which corrupt officers hinder firms' cross province M&As. Moreover, informal institutions, such as social capital and informal networks can help to alleviate the negative …
What Are The Four Traits Of Digitally Mature Organizations?, Clarence Goh, Gary Pan, Poh Sun Seow, Yuanto Kusnadi, Gek Choo Shirlena Tan
What Are The Four Traits Of Digitally Mature Organizations?, Clarence Goh, Gary Pan, Poh Sun Seow, Yuanto Kusnadi, Gek Choo Shirlena Tan
Research Collection School Of Accountancy
A study conducted by Deloitte Southeast Asia and the Singapore Management University said there are four traits that could identify digitally mature organisations based on how they manage the governance, risk, and compliance aspects of digital transformation.
What Is The Role Of Large Shareholders In Monitoring Corporate Performance?, Singapore Management University
What Is The Role Of Large Shareholders In Monitoring Corporate Performance?, Singapore Management University
Perspectives@SMU
Research in China suggests that increased stock liquidity provides large shareholders incentives to enhance monitoring activities and improve corporate governance
Examining The Phenomenon Of Rounding In Analysts’ Eps Forecasts: Evidence From Singapore, Clarence Goh
Examining The Phenomenon Of Rounding In Analysts’ Eps Forecasts: Evidence From Singapore, Clarence Goh
Research Collection School Of Accountancy
Prior studies have documented the phenomenon of rounding of analysts' earnings per share (EPS) forecasts in the USA. From the outset, it is unclear if analysts following Singapore firms also similarly engage in the rounding of their EPS forecasts. This study aims to investigate the extent to which analysts engage in rounding of EPS forecasts of firms listed on the Singapore Exchange.
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Research Collection School Of Accountancy
Using data from China, we examine whether and how the incentive to boost GDP growth at the government level affects earnings management at the firm level. We find that firms in provinces with GDP growth lower than the national level or the average of the adjacent provinces are more likely to engage in earnings management than firms in other provinces. Specifically, they are more likely to inflate revenues, overproduce, and delay asset impairment losses. The aggregate earnings management induced by GDP growth incentives accounts for about 0.5% of GDP. The results are stronger for local state-owned enterprises, in provinces with …
Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy
Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy
Research Collection School Of Accountancy
In recent years, chief financial officers (CFOs) have been called upon to do many things. They have stepped beyond their traditional technical finance functions, embracing technology and innovations to partner chief executive officers (CEOs) and boards on strategic issues. But if asked at the end of 2019, probably no CFO would place "managing through a global pandemic and economic crisis at the same time" among their top five things to do in 2020. Like many others, CFOs are being asked to do even more in a very short timeframe.
Does Intergeneration Succession Influence Stock Prices Of Family Businesses?, Kunlun Zou, Rong Wu, Pu Chen
Does Intergeneration Succession Influence Stock Prices Of Family Businesses?, Kunlun Zou, Rong Wu, Pu Chen
Research Collection Lee Kong Chian School Of Business
China’s A-shares family listed companies are facing a period of high intergenerational succession. This has attracted the attention and research of many scholars. The existing studies mainly focus on the motives, methods, and influencing factors of family business’ intergenerational succession, and there are few studies involving the reaction of the capital markets. This article takes 45 listed family businesses as samples and uses the synthetic control method to examine the impact and the degree of influence that intergenerational succession has on stock price movements. Thereafter, a difference-in-differences estimation is conducted to test for robustness. At the conclusion of our research, …
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
Research Collection Lee Kong Chian School Of Business
We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's property to descendants, we find that the performance and operating growth rate in family firms show significant enhancement compared with those of nonfamily firms. Moreover, the positive effects are greater for family firms that undergo a business succession with multiple sons and married daughters. Overall, our results suggest that changing to equal bequests of inheritance has a positive …
Understanding The Connection Of Performance And Z-Scores For Manufacturing Firms In South Korea, S.L. Foo, Shaakalya Pathak
Understanding The Connection Of Performance And Z-Scores For Manufacturing Firms In South Korea, S.L. Foo, Shaakalya Pathak
Research Collection School Of Accountancy
South Korea is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market. A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for the market. South …
An Examination Of Corporate Performance And Altman Z-Scores Of Indian Manufacturing Firms, See Liang Foo, Shaakalya Pathak
An Examination Of Corporate Performance And Altman Z-Scores Of Indian Manufacturing Firms, See Liang Foo, Shaakalya Pathak
Research Collection School Of Accountancy
India is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market. A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for the market. India registered …
Studying The Relationship Between Japanese Firms' Corporate Health And Results, See Liang Foo, Shaakalya Pathak
Studying The Relationship Between Japanese Firms' Corporate Health And Results, See Liang Foo, Shaakalya Pathak
Research Collection School Of Accountancy
Japan is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market (the Tokyo Stock Exchange). A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for …
An Analysis Of Z-Scores And Performance: Manufacturing Companies In Hong Kong, S.L. Foo, Shaakalya Pathak
An Analysis Of Z-Scores And Performance: Manufacturing Companies In Hong Kong, S.L. Foo, Shaakalya Pathak
Research Collection School Of Accountancy
Hong Kong is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market. A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for the market. Hong …
Corporate Governance: Avoid The Groupthink Pitfall, Themin Suwardy
Corporate Governance: Avoid The Groupthink Pitfall, Themin Suwardy
Research Collection School Of Accountancy
Consensus due to similar personal backgrounds, lack of diversity in views and failure to see things from others’ perspective can lead to bad decisions.
Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award, Sam Wesson
Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award, Sam Wesson
Loyola of Los Angeles International and Comparative Law Review
No abstract provided.