Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
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    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

HUMAN RESOURCES (103 journals)                     

Showing 1 - 92 of 92 Journals sorted alphabetically
Accounting and Business Research     Hybrid Journal   (Followers: 20)
Accounting and the Public Interest     Full-text available via subscription   (Followers: 2)
Accounting Auditing & Accountability Journal     Hybrid Journal   (Followers: 26)
Accounting Education: An International Journal     Hybrid Journal   (Followers: 15)
Accounting Forum     Hybrid Journal   (Followers: 22)
Accounting, Organizations and Society     Hybrid Journal   (Followers: 41)
Advances in Accounting     Hybrid Journal   (Followers: 10)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 26)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 5)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 22)
Annual Review of Organizational Psychology and Organizational Behavior     Full-text available via subscription   (Followers: 49)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 208)
Asian Review of Accounting     Hybrid Journal  
Attachment & Human Development     Hybrid Journal   (Followers: 7)
Australian Accounting Review     Hybrid Journal   (Followers: 3)
British Accounting Review     Hybrid Journal   (Followers: 11)
Coaching : Theorie & Praxis     Open Access   (Followers: 3)
Contemporary Accounting Research     Full-text available via subscription   (Followers: 34)
Corporate Governance and Organizational Behavior Review     Open Access  
Critical Perspectives on Accounting     Hybrid Journal   (Followers: 16)
EURO Journal on Decision Processes     Hybrid Journal   (Followers: 1)
European Accounting Review     Hybrid Journal   (Followers: 20)
European Journal of Training and Development     Hybrid Journal   (Followers: 14)
Evidence-based HRM     Hybrid Journal   (Followers: 3)
FOR Rivista per la formazione     Full-text available via subscription  
German Journal of Human Resource Management     Hybrid Journal   (Followers: 4)
Human Relations     Hybrid Journal   (Followers: 60)
Human Resource and Organization Development Journal     Open Access   (Followers: 6)
Human Resource Development International     Hybrid Journal   (Followers: 19)
Human Resource Development Quarterly     Hybrid Journal   (Followers: 29)
Human Resource Development Review     Hybrid Journal   (Followers: 27)
Human Resource Management     Hybrid Journal   (Followers: 73)
Human Resource Management Journal     Hybrid Journal   (Followers: 73)
Human Resource Management Research     Open Access   (Followers: 19)
Human Resource Management Review     Hybrid Journal   (Followers: 59)
Human Resource Research     Open Access  
Intangible Capital     Open Access   (Followers: 1)
International Journal of Accounting and Finance     Hybrid Journal   (Followers: 16)
International Journal of Accounting Information Systems     Hybrid Journal   (Followers: 4)
International Journal of Accounting, Auditing and Performance Evaluation     Hybrid Journal   (Followers: 9)
International Journal of Banking, Accounting and Finance     Hybrid Journal   (Followers: 14)
International Journal of Behavioural Accounting and Finance     Hybrid Journal   (Followers: 9)
International Journal of Critical Accounting     Hybrid Journal   (Followers: 2)
International Journal of Economics and Accounting     Hybrid Journal   (Followers: 1)
International Journal of Ethics and Systems     Hybrid Journal   (Followers: 2)
International Journal of Human Capital and Information Technology Professionals     Full-text available via subscription   (Followers: 3)
International Journal of Human Resource Management     Hybrid Journal   (Followers: 52)
International Journal of Human Resource Studies     Open Access   (Followers: 13)
International Journal of Human Resources Development and Management     Hybrid Journal   (Followers: 24)
International Journal of Management Development     Hybrid Journal   (Followers: 13)
International Journal of Management Education     Hybrid Journal   (Followers: 11)
Journal of Accounting & Organizational Change     Hybrid Journal   (Followers: 3)
Journal of Accounting and Economics     Hybrid Journal   (Followers: 44)
Journal of Accounting and Public Policy     Hybrid Journal   (Followers: 7)
Journal of Accounting Education     Hybrid Journal   (Followers: 6)
Journal of Accounting Research     Hybrid Journal   (Followers: 34)
Journal of Advances in Management Research     Hybrid Journal   (Followers: 1)
Journal of Chinese Human Resource Management     Hybrid Journal   (Followers: 4)
Journal of Contemporary Accounting & Economics     Hybrid Journal   (Followers: 4)
Journal of Enterprising Communities People and Places in the Global Economy     Hybrid Journal  
Journal of Global Responsibility     Hybrid Journal   (Followers: 3)
Journal of HR intelligence     Open Access   (Followers: 2)
Journal of Human Capital     Full-text available via subscription   (Followers: 11)
Journal of Human Development and Capabilities : A Multi-Disciplinary Journal for People-Centered Development     Hybrid Journal   (Followers: 22)
Journal of Human Resource and Sustainability Studies     Open Access   (Followers: 1)
Journal of Human Resource Costing & Accounting     Hybrid Journal   (Followers: 5)
Journal of Human Values     Hybrid Journal   (Followers: 5)
Journal of International Accounting, Auditing and Taxation     Hybrid Journal   (Followers: 5)
Journal of Marketing and HR     Open Access   (Followers: 2)
Journal of Organizational Effectiveness : People and Performance     Hybrid Journal   (Followers: 6)
Journal of Professions and Organization     Free   (Followers: 5)
Journal of Service Management     Hybrid Journal   (Followers: 6)
Kelaniya Journal of Human Resource Management     Open Access  
New Horizons in Adult Education and Human Resource Development     Hybrid Journal   (Followers: 11)
NHRD Network Journal     Full-text available via subscription  
Open Journal of Leadership     Open Access   (Followers: 18)
Organizational Behavior and Human Decision Processes     Hybrid Journal   (Followers: 73)
Pacific Accounting Review     Hybrid Journal   (Followers: 2)
Personality and Individual Differences     Hybrid Journal   (Followers: 25)
Personnel Assessment and Decisions     Open Access  
Personnel Review     Hybrid Journal   (Followers: 16)
Psychologie du Travail et des Organisations     Hybrid Journal  
Public Personnel Management     Hybrid Journal   (Followers: 13)
Qualitative Research in Accounting & Management     Hybrid Journal   (Followers: 7)
Research in Human Development     Hybrid Journal   (Followers: 5)
Review of Accounting Studies     Hybrid Journal   (Followers: 28)
Review of Public Personnel Administration     Hybrid Journal   (Followers: 12)
Review of Quantitative Finance and Accounting     Hybrid Journal   (Followers: 9)
Revista Gestión de las Personas y Tecnología     Open Access  
South Asian Journal of Human Resources Management     Full-text available via subscription   (Followers: 3)
Sri Lankan Journal of Human Resource Management     Open Access   (Followers: 1)
Strategic HR Review     Hybrid Journal   (Followers: 6)

           

Similar Journals
Journal Cover
Review of Quantitative Finance and Accounting
Journal Prestige (SJR): 0.477
Citation Impact (citeScore): 1
Number of Followers: 9  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1573-7179 - ISSN (Online) 0924-865X
Published by Springer-Verlag Homepage  [2469 journals]
  • The evolution of trade credit: new evidence from developed versus
           developing countries

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      Abstract: Abstract Using a large sample of listed firms from 72 countries over the period 1990–2019, we document a marked decrease in trade credit that is more pronounced for firms in developed economies relative to those in emerging economies. We find little evidence that firm characteristics drive this trend, as their relation with trade credit remains relatively stable throughout the sample period. We test several competing propositions and find that the listing decade, institutional factors, and financial development explain the downward trajectory in trade credit. We also report diminishing returns to trade credit that are higher in the US and other developed economies than in emerging economies. These results are robust to alternative definitions of trade credit and to controlling for several firm-specific and macroeconomic factors.
      PubDate: 2022-05-11
       
  • Influences of family ownership on dividend policy under mandatory dividend
           rules

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      Abstract: Abstract We explore the relationship between family ownership and dividend policy in an insider financial system under mandatory dividend rules. In a civil law insider institutional setting like ours, the concentration of management control in the hands of family members in combination with poor corporate governance makes the expropriation of minorities more likely for high levels of family ownership leading potentially to lower dividend payouts. We theorize on the competing effects of the alignment and entrenchment hypotheses of family control and how the dividend supply and demand mechanisms explain dividend payout decisions. We empirically demonstrate a U-shaped relationship between dividends and family ownership- akin to previously documented dividend patterns across Anglo-American firms- in line with the alignment effects on the supply of dividends and the entrenchment effects on the demand of dividends. Meanwhile, high levels of family ownership increase the likelihood that the mandatory (minimum) dividend requirement is waived. Investment opportunities and the firm’s risk profile moderate the shape and strength of the above relationships.
      PubDate: 2022-05-11
       
  • Partisan political connections, ethnic tribalism, and firm performance

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      Abstract: Abstract This paper investigates the impact of partisan political connections and ethnic tribalism on firm performance in a hyper-partisan political environment. Although existing literature generally shows that political connections improve firm performance, we argue that under the theory of electoral competition, political connections can be a double-edged sword because of the tension of partisan politics. Hence, we expect that changes in government can affect firm performance. Using a unique dataset from Nigeria, we find that political connections are valuable when a firm's patron party is in power, whereas they are detrimental to firm value when their patron party is in opposition. Furthermore, we find that CEO ethnic tribal affiliation with the President improves firm performance even when the firm's patron party is in opposition. This paper extends the literature on political connections and helps managers and policymakers understand the timely use of political connections in a hyper-partisan environment.
      PubDate: 2022-05-01
       
  • The financial and prudential performance of Chinese banks and Fintech
           lenders in the era of digitalization

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      Abstract: Abstract The years 2013 to 2019 marked an explosion in Fintech in China. We analyze the financial and prudential performance of 40 exchange-traded banks and 25 listed Fintech lenders in China during this watershed period. Among other things, traditional banks experienced rising operating costs, declining profit margins and softening loan quality. Consistent with a process of adaptation, traditional bank performance stabilized in the latter part of the study period (2018-19) after an initial period of decline. Study findings also highlight rising business and regulatory costs for Fintech providers over the course of the study frame. A marked deterioration in online lenders’ Special Mention and Non-Performing Loan (SML & NPL) positions arose during the period. Within the traditional bank group, smaller entities with fewer growth options and greater foreign ownership fared worst in prudential terms. Traditional banks’ financial and prudential performance also declines with time since IPO. Relative to joint stock commercial, city and rural banks, state-owned lenders registered more resilient performance, especially in relation to asset quality. In a final area, we construct a categorical Fintech proficiency variable for China's established banks. Our preliminary evidence suggests such proficiencies help stabilize SML and NPL rates and support financial returns. Overall, we offer major contribution to the banking literature by analyzing the financial and prudential performance of both incumbent and emerging lenders in one of the world’s most dynamic Fintech settings.
      PubDate: 2022-05-01
       
  • Family firms, tax avoidance, and socioemotional wealth: evidence from tax
           reform in Taiwan

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      Abstract: Abstract In 2018, Taiwan implemented a tax reform package that abolished the imputation regime, providing managers stronger incentive to engage in tax avoidance. This paper employs this unique setting to examine how the Taiwan’s 2018 tax reform affects the relation between family firms and tax avoidance based on a socioemotional wealth (SEW) view. I find that family firms on average exhibit lower tax aggressiveness than nonfamily firms. Further, I discover that family firms are disinclined to engage in tax avoidance to a greater extent after the policy change. Moreover, I determine that the negative association between family firms and tax avoidance is more salient for firms with strong control-enhancing mechanisms. Further, additional analyses indicate that family firms may also perceive tax avoidance to be potentially risky and value-destructive and thus are disinclined to engage in it. Collectively, my evidence is consistent with the predictions under the SEW view.
      PubDate: 2022-05-01
       
  • Did the rating standard for banks change after the crisis'

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      Abstract: Abstract Did rating agencies tighten their rating standard after the overwhelming critique on their generous ratings before 2008' This study aims to examine whether 2008 is the cutoff year to investigate whether the bank rating standard was loosened prior to the 2008 crisis and became stringent after the crisis. We discuss the rating standard for three objects, namely, issuer ratings, individual ratings, and government support. Our results show the rating standard for issuer rating was loosened before 2008 and is not tighter after 2008. The rating standard for individual rating did not change before the crisis but became increasingly stringent after the crisis. Third, the agencies highly evaluate government support, especially during 2007–2011 and 2015–2016.
      PubDate: 2022-05-01
       
  • Accounting information and left-tail risk

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      Abstract: Abstract Several recent studies attribute stock price crashes to firms withholding bad news from financial disclosures before a stock price crash. Contrary to this notion, we find evidence of a robust link between information in a firm’s financial disclosures and potential left-tail risk. We document that the sophisticated equity options traders incorporate information derived from financial statements about left-tail risk into prices of out-of-the-money put options on a firm’s equity, implying that a firm’s financial disclosures contain significant information relevant to pricing expected crash risk. However, we find that stock market investors at large appear to overlook this link and fail to incorporate information in financial disclosures about left-tail risk into stock prices in a timely fashion, potentially contributing to the severity of the eventual crash. These findings contradict the notion that managers can fully conceal information pertinent to left-tail risks and highlight the role of potential errors by investors in processing accounting information pertinent to left-tail risks. Our study is amongst the first to link financial statement analysis to expected crash risk.
      PubDate: 2022-05-01
       
  • Spot asset carry cost rates and futures hedge ratios

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      Abstract: Abstract Since the 1970s, futures hedge ratios have traditionally been calculated ex-post via economically structure-less statistical analyses. This paper proposes an ex-ante, more efficient, computationally simpler, general “carry cost rate” hedge ratio. The proposed hedge ratio is biased, but its bias is readily mitigatable via a stationary Bias Adjustment Multiplier (BAM). The 2-part intuition for the BAM and its stationarity is as follows. First, the paper reasons that the “traditional” hedge ratio should uncover the carry cost rate and shows that it does, albeit inefficiently. Then, since both the “traditional” and “carry cost rate” hedge ratios are driven by the carry cost rate, it may be that their ratio (for implementation in the same prior periods) is stationary and useful as an ex-ante BAM for the “carry cost rate” hedge ratio; the paper tests these conjectures and finds support for both. Specifically, the paper shows that the “bias-adjusted carry cost rate” hedge ratio, defined as the average product of the ex-post BAMs from prior periods and the current ex-ante “carry cost rate” hedge ratio, has higher hedge-effectiveness than that for either the “traditional” or “naive” benchmark hedge ratios in diverse real and simulated markets.
      PubDate: 2022-05-01
       
  • Capturing the straw in the wind: do short sellers trade on customer
           information'

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      Abstract: Abstract This study investigates whether short sellers trade the stocks of suppliers on customer information. Using the daily short-selling data derived from the Trades and Quotes-Regulation SHO database, we find that short sellers exploit the earnings news of major customers to trade the supplier stocks. Our cross-sectional tests show that short sellers’ trading on customer information is reduced when the suppliers and customers have common analysts or a higher percentage of common transient institutional investors, and is exacerbated for supplier–customer pairs when the supplier is more economically linked with the customer or when the short-sale constraint of the supplier is lower. Further analyses indicate that though short sellers’ trading on customer information is mainly driven by their superior ability to interpret the public information of the customers, we find some evidence that short sellers trade on private information of the customers. This study identifies the intermediary role of short sellers in incorporating customer-specific information into the supplier’s stock price and mitigating the supplier–customer anomaly. It adds to a growing body of studies on information transfer along supply chains.
      PubDate: 2022-05-01
       
  • Option pricing with random risk aversion

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      Abstract: Abstract Based on a standard general equilibrium economy, we develop a framework for pricing European options where the risk aversion parameter is state dependent, and aggregate wealth and the underlying asset have a bivariate transformed-normal distribution. Our results show that the volatility and the skewness of the risk aversion parameter change the slope of the pricing kernel, and that, as the volatility of the risk aversion parameter increases, the (Black and Scholes) implied volatility shifts upwards but its shape remains the same, which implies that the volatility of the risk aversion parameter does not change the shape of the risk neutral distribution. Also, we demonstrate that the pricing kernel may become non-monotonic for high levels of volatility and low levels of skewness of the risk aversion parameter. An empirical example shows that the estimated volatility of the risk aversion parameter tends to be low in periods of high market volatility and vice-versa.
      PubDate: 2022-05-01
       
  • Risk premia in the term structure of crude oil futures: long-run and
           short-run volatility components

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      Abstract: Abstract This paper studies how volatility affects the risk premium in crude oil futures through a discrete-time term structure model with long-run and short-run GARCH-type volatility components. Estimated using WTI crude oil futures data from January 1990 to July 2016, our model simultaneously matches futures prices and volatilities for the nearest twelve maturities. We document a significant positive relation between volatility and futures risk premia before May 2005, but a significant negative relation after that. The dynamic change of the risk-return relationship concur with the structural change, specifically the financialization, in the commodity markets. Risk premia decomposition indicates that the short-run volatility component represents the most important contribution to futures risk premia, both before and after the structural break.
      PubDate: 2022-05-01
       
  • A multicountry measure of comovement and contagion in international
           markets: definition and applications

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      Abstract: Abstract This paper introduces a new measure of comovement and contagion of crises between countries, applies it to 16 world crises, including the current COVID-19 pandemic, and provides insights regarding the occurrence of contagion during these crises. Our measure demonstrates several important advantages over the extant measures of contagion. Traditional measures of contagion, such as increase in correlation, could be limited in scope since they are bivariate, whereas contagion is often a regional or global market phenomenon. The multiple comparisons that the binary correlations require in such cases could yield inconclusive or contradictory results and fail to capture the broad effects of the crisis on the regions. Moreover, during crises, a country’s stock market volatility often increases, a phenomenon that could lead to a spurious indication of increased correlation with other countries (contagion). Corrections for this bias have been suggested, but they could adversely affect the power of the contagion tests and fail to detect genuine contagion. Using simulations, we show the robustness of our measure to changes in volatility and demonstrate its power to affirm instances of genuine contagion. Support for the power of our measure relative to an extant leading measure of contagion is also provided by analysis of the cases of the 1994 Mexican peso crisis, the 1997 East Asian crisis, and Black Monday, the 1987 US stock market crash.
      PubDate: 2022-05-01
       
  • How did the Sarbanes–Oxley Act affect managerial incentives'
           Evidence from corporate acquisitions

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      Abstract: Abstract We examine the impact of incentive compensation on the riskiness of acquisition decisions before and after the passage of the Sarbanes–Oxley Act (SOX). Before SOX, equity-based compensation was positively related to changes in risk around acquisition decisions, but this relationship weakened after the introduction of SOX. The drop in post-SOX acquisition-related risk stems from how managers respond to compensation-based incentives in the new regulatory environment. We show that executive stock options and pay-risk sensitivity drive post-SOX managerial responsiveness to risk-taking incentives. We also document a post-SOX value-enhancing effect on long-term stock-price performance and total factor productivity through these same incentive compensation mechanisms. The results are robust to selection bias, simultaneity, measurements of risk, and the definition of incentive compensation.
      PubDate: 2022-05-01
       
  • Bank switching of US small businesses: new methods and evidence

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      Abstract: Abstract Despite being informationally opaque, small firms often switch from their primary financial institution to transactional lenders, with the relationship banking theory invoking the holdup problem as a culprit explanation. Using US evidence and an estimation strategy that overcomes traditional shortcomings in small business research, our study captures the determinants and, for the first time, the ex post effects of the switching decision. We find that switching is less likely when the primary financial institution is a nearby bank associated with quality services and connected to the firm via other business or social relationships. Small firms become more loyal as they grow in size and pursue nonmortgage credit. Outside the primary relationship, both loan approval and borrowing cost are adversely impacted, however loan maturities are longer. Moreover, the likelihood of pledging collateral remains unaffected, provided that the type of collateral is least sensitive to the borrower’s information environment. Jointly, our findings describe a trade-off inconsistent with the holdup problem, and an opportunity for banks to enhance customer loyalty by improving aspects of the relationship unrelated to the terms of credit.
      PubDate: 2022-05-01
       
  • Are institutional investors informed' The case of dividend changes for
           REITS and Industrial Firms

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      Abstract: Abstract Prior evidence on whether institutions are informed about dividend changes is mixed. We contribute to this debate by examining institutional trade around dividend changes by industrial firms and REITs. The unique features of REITs, which make them more transparent than industrial firms, present an opportunity to compare institutional trade around dividend changes by the two groups of firms and discern whether institutions are informed about dividend changes by the industrial firms. Using both univariate and multivariate difference-in-differences mean tests, we find that abnormal institutional volume is higher when industrial firms change dividends than when REITs do so. This is consistent with the higher information asymmetry associated with dividend changes by industrial firms, suggesting institutions trade more upon arrival of the more informative dividend changes by the industrial firms. Further, the observed higher abnormal institutional volume is non-directional, and institutional buys offset institutional sales after both dividend increases and reductions by the industrial firms. The higher abnormal institutional volume and the non-directional nature of the abnormal volume suggest that institutions, on average, are not as informed about dividend changes by the industrial firms as they are about the same events by REITs due to their transparent nature. Thus, we uncover new evidence that institutions are not informed about dividend changes by industrial firms.
      PubDate: 2022-05-01
       
  • Is maximum daily return a lottery' Evidence from monthly revenue
           announcements

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      Abstract: Abstract Using the modified maximum daily return measure (LHR) defined as the difference between upward limit-hitting rates and downward limit-hitting rates, our paper documents the higher LHR, the lower subsequent returns, i.e., the so-called modified MAX effect, in the Taiwan stock market. Since Taiwan stock market requires listed companies to report their revenues every month, we further investigate how the arrival of revenue news affects these lottery-like stocks. It is found that when the high LHR is associated with positive shocks from the monthly revenue announcement, the stock becomes significantly less appealing to individual investors. As individual investors’ order imbalances drop substantially after the revenue announcement period, the modified MAX effect is diminished. We also find monthly revenues announcements greatly dilute the importance of quarterly earnings announcements and, therefore, play the more important role in determining the modified MAX effect. Overall, our study suggests that more frequent and promptly financial information disclosures, such as monthly revenue reports, are critical to improving market efficiency and reducing behavioral bias.
      PubDate: 2022-04-28
       
  • Corporate growth and strategic payout policy

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      Abstract: Abstract This study investigates the role of corporate growth in corporate payout policies. We define a good signaling firm as a high-growth firm paying dividends. We find that good signaling firms have better future operating performances, indicating that high-growth firms pay dividends for the purpose of signaling rather than reducing the problem of free cash flow. In addition, the market efficiently gives price appreciation to good signaling firms around the dividend announcement dates. We also report that high-growth firms can utilize dividend payments to reduce information asymmetry between firms and investors and obtain new funds at lower costs. However, if market uncertainty is high, the benefit of good signaling may be offset by the increase in the cost of equity. High-growth firms thus tend to pay lower dividends if they face higher systematic risk or downturn probability.
      PubDate: 2022-04-22
       
  • Do political connections reduce earnings management'

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      Abstract: Abstract This study examines whether political connections are associated with earnings management (both accrual-based and real) and whether the association is influenced by corporate governance and external auditing qualities. Empirical evidence on the association between political connections and earnings management remains unclear and offers mixed results. Using a sample of Indonesian firms, we find that political connections are negatively related to accrual-based (AEM) and real (REM) earnings management. In addition, the negative relationship between political connections and earnings management is more pronounced in better-governed firms and those audited by one of the Big 4 auditors. The results are robust to alternative measures of earnings management, endogeneity, and subsample tests. Our results extend the literature by shedding additional light on the governance role and benefits of political connections.
      PubDate: 2022-04-21
       
  • Price run-ups and insider trading laws under different regulatory
           environments

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      Abstract: Abstract We examine target firms’ price run-ups prior to takeovers in two different exchange regulatory environments within the same country. We show that target firms listed both in the secondary market of the UK, known as the Alternative Investment Market (AIM), and in the traditionally regulated Main Market, experience significant abnormal stock returns prior to takeover announcements. These results persist after controlling for market anticipation, indicating signs of information leakage. Contrary to the narrative that secondary markets may be more susceptible to market abusive behaviors, we find that the AIM targets experience significantly lower pre-announcement returns. In addition, we do not find support that the introduction of stricter laws reduces the price run-ups in any of the two markets. In sharp contrast, we find support that the enforcement of insider trading laws, through criminal convictions, reduces the pre-announcement abnormal stock returns but only in the market in which the enforcement focuses.
      PubDate: 2022-04-15
       
  • The effect of CEO power on overinvestment

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      Abstract: Abstract Studies on CEO power show that more powerful CEOs have more incentive to use their managerial control to make decisions that are beneficial to themselves rather than shareholders. Research also finds that CEOs can obtain personal benefits through overinvestment. The question that arises is whether CEOs with stronger decision-making power overinvest. We refer to three views on the effect of CEO power on overinvestment. Under the discretion effect, CEO power is positively associated with overinvestment, as powerful CEOs have more discretion and may use overinvestment decisions to generate more personal benefits. Under the risk aversion effect, CEO power is negatively associated with overinvestment, as powerful CEOs are more risk-averse. Under the ability effect, powerful CEOs with better managerial ability can make investment decisions efficiently and then are less likely to overinvest. We construct a composite index for CEO power by combining seven CEO characteristics. Our evidence indicates that the negative relationship between CEO power and overinvestment can be attributed to the risk aversion effect and the ability effect prevailing over the discretion effect.
      PubDate: 2022-04-13
       
 
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