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Authors:Mikhail Walden, Paul Lajbcygier Abstract: Australian Journal of Management, Ahead of Print. Cloning hedge fund indexes circumvents the many challenges associated with direct hedge fund investment. Theoretically, hedge fund indexes could have nonlinear exposures to the economic risk factors that drive their returns and may require nonlinear clones. By using flexible statistical models, we enable the choice between linear and nonlinear clones. We demonstrate that for certain hedge fund styles, nonlinear index clones are crucial for high fidelity replication. Nonlinear clones both facilitate economic insights to cloning and enhance the best linear clones.JEL classification: G10, G23, C15 Citation: Australian Journal of Management PubDate: 2022-06-13T01:24:11Z DOI: 10.1177/03128962221102184
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Authors:Nawaf Almaskati, Ron Bird, Danny Yeung, Yue Lu Abstract: Australian Journal of Management, Ahead of Print. We examine and compare the extent to which the reaction of investors to earnings announcements is influenced by a firm’s governance profile and prevailing market conditions. We find that firms with better governance characteristics experience a larger initial reaction to both good and bad earnings announcements regardless of the prevailing sentiment and uncertainty conditions. However, the influence of governance is constrained to the announcement period. We demonstrate that changes in market uncertainty and/or investor sentiment are related to the post-earnings announcement drift. We also find that a major channel through which greater corporate governance influences the market response to unexpected earnings news is by lowering information uncertainty and so providing greater clarity of the implication of the news for firm value. Finally, we establish that two types of uncertainties (market and information) have very different influence on investor’s response to information signals.JEL Classification: D81, G10, G14, G30, G32 Citation: Australian Journal of Management PubDate: 2022-06-09T04:44:56Z DOI: 10.1177/03128962221096492
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Authors:Amin Ullah Khan, Yousaf Ali Abstract: Australian Journal of Management, Ahead of Print. Cold supply chain (CSC) comprises temperature-sensitive processes, starting from the supply of raw materials, manufacturing, and finally the delivery of finished goods to the end consumers via transport services. Pandemics such as COVID-19 pose threats to its overall functioning and to cater to this issue, the study will ensure the sustainable functioning of CSC by recommending resilience strategies. To do so, the COVID-19 disruptions in the CSC and the resilient sustainability strategies were collected via a vigorous literature review and were analyzed via a Fuzzy QFD technique. The results concluded “crisis simulation,” “identification and securing of logistics,” and “digitalization of cold supply chain” as the top three strategies to ensure the resilience of CSC under disruptions caused by COVID-19. The study recommends necessary steps to the policymakers to ensure a resilient and quality effective CSC. The application of the study proves to be the first of its kind in a developing country such as Pakistan.JEL Classification: C54, D81, H12 Citation: Australian Journal of Management PubDate: 2022-06-09T01:16:03Z DOI: 10.1177/03128962221095596
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Authors:Ying Zhu, Ryan W Tang, Ke Xing Abstract: Australian Journal of Management, Ahead of Print. The place-based regional industrial strategies provide a novel approach to examining the role of science parks in enhancing regional innovation with place-based policies. With qualitative interviews and case analyses, this study investigates how a place-based science park affects innovation activities of technology-focused companies. Our research findings demonstrate paradoxical nature with both positive and negative aspects of firms’ strategies that cope with obstacles such as the lack of funding for R&D and weak policy on IP protection. These obstacles hinder the collaboration on innovation and strengthen the effect of economic uncertainty on companies’ short-term survival orientation. Important implications for both theory and practice are discussed with possible future research directions identified.JEL Classification: O32, M10, M38 Citation: Australian Journal of Management PubDate: 2022-05-25T09:19:54Z DOI: 10.1177/03128962221098134
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Authors:Inam Ul Haq, Dirk De Clercq, Muhammad Umer Azeem Abstract: Australian Journal of Management, Ahead of Print. The study examined how employees’ experience of resource-draining coworker incivility might undermine their job performance, with a focus on how this harmful process might be explained by perceptions of organizational isolation and moderated by susceptibility to self-pity. Three-wave survey data, collected among employees and their supervisors in various industries, indicated that an important reason that employees’ exposure to rude coworker treatment escalated into diminished performance outcomes was a belief that the employing organization was the source of their sense of abandonment. As a mediator, perceived organizational isolation exerted an especially prominent effect among employees who had a general tendency to pity themselves in difficult circumstances. Organizations accordingly can contain the risk that disrespectful coworker relationships translate into tarnished performance by discouraging employees to feel bad for themselves in the face of work-related hardships.JEL Classification: M50 Citation: Australian Journal of Management PubDate: 2022-05-24T09:13:09Z DOI: 10.1177/03128962221092088
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Authors:Yuanyuan Hu, Shouming Chen, Wenchuan Huang Abstract: Australian Journal of Management, Ahead of Print. This study aims to determine why a firm would ever engage in sustainable supply chain management (SSCM) during a turbulent era. Combining stakeholder theory, the resource-based view, and the literature on SSCM, we argue that SSCM can alleviate negative market reactions to severe external crises. Based on analyses of a sample of firms listed in China from 2019 to 2020, the results robustly display a positive relationship between SSCM and the abnormal returns surrounding the outbreak of COVID-19. The findings of this study extend the supply chain literature by constituting an important addition in external crisis times rather than only in normal times.JEL Classification: M14 Citation: Australian Journal of Management PubDate: 2022-05-17T09:00:53Z DOI: 10.1177/03128962221094870
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Authors:Sarowar Hossain, Jenny Jing Wang Abstract: Australian Journal of Management, Ahead of Print. We examine the association between abnormal audit fees and audit quality using Australian data. We find that audit quality, measured by auditors’ propensity to issue going concern opinions for financially distressed companies, discretionary accruals, and clients’ propensity to meet or beat earnings benchmarks, declines as positive abnormal audit fees increase in magnitude. Our findings support an economic bonding argument that positive abnormal audit fees reflect the extent of economic bonding between the auditor and the client. We also find that negative abnormal audit fees are negatively associated with the absolute value of discretionary accruals. Our findings suggest that academic researchers, practitioners, regulators, and others interested in assessing the effect of auditor remuneration on auditor independence and audit quality should be concerned with audit fees that are above a normal level rather than audit fees that are below a normal level of audit fees.JEL Classification: M42, M49 Citation: Australian Journal of Management PubDate: 2022-05-12T11:03:30Z DOI: 10.1177/03128962221093831
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Authors:Ailing Pan, Lei Xu, Bin Li, Runze Ling, Luyan Zheng Abstract: Australian Journal of Management, Ahead of Print. We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets.JEL Classification: G31, G32, O33 Citation: Australian Journal of Management PubDate: 2022-05-03T06:29:30Z DOI: 10.1177/03128962221092179
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Authors:Cong Zhou, Weili Xia, Taiwen Feng, Jijiao Jiang Abstract: Australian Journal of Management, Ahead of Print. Although green supply chain integration (GSCI) is important, its influence on environmental innovation remains inconclusive. Based on information processing theory, we explore how the two dimensions of GSCI (i.e. green supplier and customer integration) affect two types of environmental innovation (i.e. incremental or radical environmental innovation) via information sharing and information redundancy, as well as the moderating role of knowledge combination. We test hypotheses using two-waved survey data from 206 Chinese manufacturers and structural equation model analysis. The results indicate that information sharing with customer mediates the impact of green customer integration on radical environmental innovation, while information redundancy mediates the effects of green supplier integration on environmental incremental and radical innovation. In addition, information sharing with supplier negatively affects information redundancy, while information sharing with customer positively affects information redundancy. We also find that knowledge combination strengthens the positive effects of information sharing with supplier and customer on incremental environmental innovation and the negative impact of information redundancy on radical environmental innovation. Our findings contribute to GSCI and environmental innovation literature. Citation: Australian Journal of Management PubDate: 2022-05-03T06:25:07Z DOI: 10.1177/03128962221092089
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Authors:Lai T Hoang, Joey Wenling Yang Abstract: Australian Journal of Management, Ahead of Print. This article examines institutions’ investment strategies towards environmental and social (E&S) stocks in the first quarter of 2020, coinciding with the COVID-19 pandemic outbreak. Backed with both institutional- and firm-level analyses, we find that institutional investors shift towards stocks with higher E&S performance. The high E&S portfolios exhibit lower risk and return characteristics, outperforming (underperforming) their peers on market-down (-up) days. Further analysis shows this shift towards E&S is not a permanent transition, rather it reversed with the market rebound in the second quarter, thereby suggesting that the underlying driver of institutional E&S investment strategy in the pandemic is downside-risk protection.JEL Classification: G01, G12, G23, M14 Citation: Australian Journal of Management PubDate: 2022-03-25T10:15:13Z DOI: 10.1177/03128962221078943
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Authors:Thi Huong Dao, Quoc Trung Tran, Thi Mai Nguyen, Tran Sy Nguyen Abstract: Australian Journal of Management, Ahead of Print. Debt financing plays an important role in corporate financial decisions. Therefore, the cost of debt is an interesting topic in corporate finance. Using a sample of 153,784 observations across 30 countries from 2003 to 2016, we find that creditor rights positively affect the cost of debt. In addition, the effect of shareholder rights is weaker in countries with stronger creditor protection.JEL Classification: G32, G34 Citation: Australian Journal of Management PubDate: 2022-03-04T11:42:24Z DOI: 10.1177/03128962221083375
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Authors:Lingwei Li, Linlu Liu, Hai Wu Abstract: Australian Journal of Management, Ahead of Print. The average workforce education near firms’ research centers facilitates firms’ matching with innovation talents and acquisition of knowledge. This study documents a positive association between the average education level in the metropolitan statistical areas (MSAs) where firms’ research centers are located and the quantity and quality of innovation outputs. The results are confirmed by controlling for various measures of MSA-level economic, population, and employment conditions, as well as research-center level analyses which control for firm-year fixed effects. We further find that local workforce education is more important for firms that are large, less labor-intensive, in non-high-tech industries and located in low education regions. The evidence highlights the importance of having access to well-educated local workforce for corporate innovation.JEL Classification: G30, J24, O31 Citation: Australian Journal of Management PubDate: 2022-02-25T11:12:30Z DOI: 10.1177/03128962221077453
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Authors:Lei Xu, Bin Li, Chen Ma, Jingyu Liu Abstract: Australian Journal of Management, Ahead of Print. We establish a link between supply chain finance (SCF) and the diversification of core firms through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly reduce diversification with a stronger impact on firms of lower supply chain concentration. Our exploration, from the perspectives of resource occupation, innovation incentive and market power improvement, suggests that SCF may allow the core firms to better focus on their major businesses. Further tests suggest that SCF may significantly reduce the diversification by private and non-manufacturing firms, and those of high executive shareholding. It may also lead to reduced agency costs and enhanced production efficiency with positive economic consequences. Our findings may have such policy implications that SCF may significantly serve the real economy and help sustain high-quality economic growth in the Asian Era.JEL Classification: G11, G32, O12 Citation: Australian Journal of Management PubDate: 2022-02-04T11:01:22Z DOI: 10.1177/03128962221075366
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Authors:Caroline Knight, Sharon Parker, Matthew J W McLarnon, Ramon Wenzel Abstract: Australian Journal of Management, Ahead of Print. Adopting a person-centred approach, we integrate the job demands-control-support model with relational work design theory to investigate employee work design profiles involving autonomy, workload, social support and prosocial characteristics (representing the combined influence of task significance and beneficiary contact). For a sample of Australian not-for-profit employees (N = 2421), we identified four work design profiles: ‘active connected’, ‘passive disconnected’, ‘high strain disconnected’ and ‘controlled disconnected’. The most favourable profile, active connected, demonstrated the highest vigour and social worth, and was predicted by people being in higher managerial positions and having permanent employment contracts. The high strain disconnected and controlled disconnected profiles were associated with greater psychological exhaustion. Longer working hours predicted membership of the high strain disconnected profile.JEL Classification: L31, L30, L20, L29 Citation: Australian Journal of Management PubDate: 2022-01-31T08:11:20Z DOI: 10.1177/03128962211073021
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Authors:Rui Ma, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti Abstract: Australian Journal of Management, Ahead of Print. Bitcoin is becoming a popular financial asset and means of transacting. However, little is known about an important aspect of the bitcoin market: its liquidity. We consider whether various dimensions of liquidity evident in other asset classes are present in bitcoin spot and futures liquidity. We find variations in spot liquidity across bitcoin exchanges and a strong commonality in bitcoin spot and futures market liquidity. The pricing of spot and futures bitcoin is relatively inefficient, and liquidity plays an important role. Deterioration in liquidity also contributes to bitcoin crash risk and large return declines.JEL Classification: G11, G23 Citation: Australian Journal of Management PubDate: 2022-01-31T08:10:03Z DOI: 10.1177/03128962211069615
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Authors:Yifan Shao, David Barnes, Chong Wu Abstract: Australian Journal of Management, Ahead of Print. The unprecedented outbreak of COVID-19 has left many multinational enterprises facing extremely severe supply disruptions. Besides considering triple-bottom-line requirements, managers now also have to consider supply disruption due to the pandemic more seriously. However, existing research does not take these two key objectives into account simultaneously. To bridge this research gap, based on the characteristics of COVID-19 and similar global emergency events, this article proposes a model that aims to solve the problem of sustainable supplier selection and order allocation considering supply disruption in the COVID-19 era. It does so by using a multi-stage multi-objective optimization model applied to the different stages of development and spread of the pandemic. Then, a novel nRa-NSGA-II algorithm is proposed to solve the high-dimensional multi-objective optimization model. The applicability and effectiveness of the proposed model is illustrated in a well-known multinational producer of shortwave therapeutic instruments.JEL Classification: M11 Citation: Australian Journal of Management PubDate: 2022-01-22T08:42:34Z DOI: 10.1177/03128962211066953
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Authors:Lingjia Li, Shuo Shan, Yongyi Shou, Mingu Kang, Young Won Park Abstract: Australian Journal of Management, Ahead of Print. Sustainable sourcing is an important sustainability practice yet its impact on the firm’s agility performance remains unexamined. Combining the extended resource-based view and contingency theory, this study hypothesizes that sustainable sourcing improves agility performance and this effect is enhanced by organizational ambidexterity and supply chain disruption. Using a sample of 790 manufacturing firms, the regression results show the positive performance effect of sustainable sourcing and the moderating roles of both combined ambidextrous orientation and supply chain disruption. This study makes contributions to the relevant literature on sustainable supply chain management, organizational ambidexterity and agility, and offers insightful managerial implications.JEL Classification: M10, M14 Citation: Australian Journal of Management PubDate: 2022-01-20T05:16:49Z DOI: 10.1177/03128962211071128
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Authors:Feifei Yang, George A Shinkle, Mirjam Goudsmit Abstract: Australian Journal of Management, Ahead of Print. We examine how the complementarity of control formalization and control flexibility influences organizational performance across contexts of varying competitive turbulence. We build contingency arguments anchored in the efficiency logic of control theory and investigate both the restrictive and facilitative views of control formalization. Our empirical evidence is based on a survey of top executives from 536 organizations across the United States, Australia, China, and Israel. We find that control formalization and control flexibility are complementary in environments of low competitive turbulence. With increasing turbulence, the complementarity diminishes and shifts toward substitutive effects.JEL Classification: L2 Citation: Australian Journal of Management PubDate: 2022-01-19T09:04:29Z DOI: 10.1177/03128962211067648
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Authors:Li Cui, Ziyi Jin, Ying Li, Yating Wang Abstract: Australian Journal of Management, Ahead of Print. Supply chain resilience (SCRES) plays an important role in dealing with disruptions in a highly turbulent business environment and has received a fair amount of attention from industry and academia. This study explores the relationships among control mechanisms (process, social, and outcome control), SCRES (proactive and reactive resilience), and sustainability performance (economic, environmental, and social performance). Structural equation modeling is used to analyze data collected from 322 Chinese manufacturing firms. This study finds that process control and social control have a positive impact on the two dimensions of SCRES, while outcome control has no significant impact on SCRES. Proactive and reactive resilience both have a significant positive impact on the three dimensions of sustainability performance. The results deepen the understanding of the enablers and performance of SCRES. They also provide managerial insights into how to use control mechanisms to build SCRES capability for sustainable development.JEL Classification: M1 Citation: Australian Journal of Management PubDate: 2022-01-19T09:00:30Z DOI: 10.1177/03128962211066532
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