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1.
Elizabeth Dreike Almer Audrey A. Gramling Steven E. Kaplan 《Journal of Business Ethics》2008,80(1):61-76
The frequency of earnings restatements has been increasing over the last decade. Restating previous earnings erodes perceived
trustworthiness and competence of management, giving firms strong incentives to take actions to enhance perceived credibility
of future financial reports [Farber, D. B.: 2005, The Accounting Review
80(2), 539–561.]. Using an experimental case, we examine the ability of post-restatement actions taken by a firm to positively
influence non-professional investors’ perceptions of management’s financial reporting credibility. Our examination considers
credibility judgments following two types of restatements – those resulting from fraud in which the character, ethics, and
values of an organization may be called into question [cf. Copeland, Jr., J. E.: 2005, Accounting Horizons
19(1), 35–43.], and those resulting from non-fraud (i.e., aggressive accounting).
Based on the information in the experimental case, non-professional investors take the role of potential equity investors
and make a judgment about management’s financial reporting credibility after reviewing a set of post-restatement actions taken
by a firm. The possible actions include changes in four corporate governance mechanisms (i.e., internal audit function, external
audit firm, board of directors, CFO) and a buyback of company stock. Our results provide an important contribution to the
literature by demonstrating that among non-professional investors, perceptions of management’s financial reporting credibility
are affected both by the post-restatement action taken and the nature of the restatement. These results offer insight into
the formation of a key credibility judgment made by non-professional investors following a trust-destroying event, an earnings
restatement.
Data Availability: The data are available upon request. 相似文献
2.
Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility 总被引:2,自引:1,他引:1
This article presents the results of a study that analysed whether social responsibility had any bearing on the decision making
of institutional investors. Being that institutional investors prefer socially aligned organizations, this study explored
to what extent the corporate actions and/or social/environmental investments influenced their decisions. Our results suggest
that there are specific variables that affect the perceived value of the organization, leading to decisions to not only invest,
but whether to hold or sell the shares, and therefore having a consequential impact on the capital market’s valuation. 相似文献
3.
The Effects of Management’s Preannouncement Strategies on Investors’ Judgments of the Trustworthiness of Management 总被引:1,自引:0,他引:1
This paper examines the role of management’s earnings preannouncements on judgments about its trustworthiness by nonprofessional
investors. We predict that management’s preannouncement decision and the resulting direction (e.g., favorable vs. unfavorable)
of the earnings surprise influence investors’ ethical judgments about management’s trustworthiness; these judgments, in turn,
are associated with investors’ other investment related judgments. We test our predictions in an experiment in which MBA students
make investment-related judgments under four different preannouncement strategies. Consistent with our predictions, the results
of our study show that managers’ preannouncement decisions are significantly associated with investors’ evaluations of management’s
trustworthiness. Specifically, holding the size of the earnings surprise constant, we find that judgments of management’s
trustworthiness are damaged more following (a) a negative as opposed to a positive earnings surprise, and (b) the release
of a preannouncement compared to when management does not issue a preannouncement. Also consistent with our predictions, we
find that evaluations of management’s trustworthiness are significantly and positively associated with judgments of the attractiveness
of the firm’s equity as an investment. Based on our findings, we encourage further research to explore whether managers understand
the trust implications associated with their preannouncement decisions and the extent to which this understanding influences
their disclosure decisions.
Anna M. Cianci is an Assistant Professor in the Accounting Department at Drexel University. She received her Ph.D. from Duke
University in Accounting. Her primary research interests are judgement and decision making issues in financial accounting
and auditing.
Steve Kaplan is a Professor of Accounting at Arizona State University, where he has been a member of the faculty since 1981.
He received his Ph.D. from the University of Illinois. He␣has published widely in journals such as The Accounting Review, Journal of Accounting Research, Journal of Accounting and Public Policy, Business Ethics Quarterly
and Journal of Business Ethics. He is the Previous editor of Behavioral Research in Accounting, a section journal of the American
Accounting Association. His primary research interests are behavioral issues, judgment and decision making, and ethics 相似文献
4.
Banks play a special role as providers of informative signals about the quality and value of their borrowers. Such signals, however, may have a quality of their own as the banks' selection and monitoring abilities may differ. Using an event study methodology, we study the importance of the geographical origin and organization of the banks for the investors' assessments of firms' credit quality and economic worth following loan announcements. Our sample comprises 986 announcements of bank loans to US firms over the period of 1980–2003. We find that investors react positively to such announcements if the loans are made by foreign or local banks, but not if the loans are made by banks that are located outside the firm's headquarters state. Investor reaction is, in fact, the largest when the bank is foreign. Our evidence suggest that investors value relationships with more competitive and skilled banks rather than banks that have easier access to private information about the firms. These results are applicable also to the European markets where regulatory and economic borders do not coincide and bank identities and reputation seem to matter a great deal. 相似文献
5.
Relatively little research has examined the effects of ownership on the firms’ corporate social responsibility (CSR). In addition,
most of it has been conducted in the Western context such as the U.S. and Europe. Using a sample of 118 large Korean firms,
we hypothesize that different types of shareholders will have distinct motivations toward the firm’s CSR engagement. We break
down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate
a significant, positive relationship between CSR ratings and ownership by institutions and foreign investors. In contrast,
shareholding by top managers is negatively associated with firm’s CSR rating while outside director ownership is not significant.
We conclude that different owners have differential impacts on the firm’s CSR engagement. 相似文献
6.
The role of self selection, usage uncertainty and learning in the demand for local telephone service
Sridhar Narayanan Pradeep K. Chintagunta Eugenio J. Miravete 《Quantitative Marketing and Economics》2007,5(1):1-34
Telephone services are often characterized by the presence of ‘fixed’ plans, involving only a fixed monthly fee, as well as
‘measured’ plans, with both fixed fees and per-unit charges for usage. Consumers are faced with the decisions of which plan
to choose and how much to use the phone and these decisions are not, in general, independent. Due to the presence of a time
lag between plan choice and usage decisions, consumers are uncertain about usage at the plan-choice stage. We develop a structural
discrete/continuous model of plan choice and usage decisions of consumers that accounts for such uncertainty. Prior research
has also found that consumers switch less often from fixed plans to measured plans to gain from potential savings than vice
versa. Consumer uncertainty regarding their mean usage levels and different rates of learning by consumers in the two plans
is a potential explanation for this phenomenon. We extend our discrete/continuous model to account for consumer learning about
their mean usage and estimate different rates of learning for the two types of plans.
We estimate our model using data from the 1986 Kentucky local telephone tariff experiment. Even in the absence of any price
variation over time, we are able to measure the price elasticities both of usage and of choice of plan. Using our parameter
estimates, we simulate the effects of the introduction of a metered plan in a market with only a fixed plan and vice versa,
on both firm revenues and consumer surplus. We also find that consumers learn very rapidly if they are on the measured plan
but learn very slowly when they are on the fixed plan. We investigate an alternative assumption on the nature of the learning
process in which only consumers in the measured plan have an opportunity to learn. We find that our empirical results are
robust to this change of specification. We conduct counterfactual simulations to simulate enhanced calling plans from the
firm and consumer points of view. Additional simulations to measure the value of information in this category are also carried
out. We compute the value of both complete information, where the entire uncertainty about future usage is resolved, as well
as that of limited information, where the consumer's uncertainty about mean usage is resolved, but the uncertainty about specific
month-to-month usage remains. We find that the value of information is modest. We also find that a large proportion of the
value of information is that about the mean usage, with the value of the information about a specific month's usage being
relatively small.
相似文献
Eugenio J. MiraveteEmail: |
7.
《International Business Review》2014,23(4):811-823
How do international investors react to announcements of cross-border mergers and acquisitions (CM&As) by emerging market multinational enterprises (EMNEs)? Using a unique and manually-constructed firm-level dataset, this paper examines the stock price reactions to CM&A announcements made over the period 1991–2010 by Chinese MNEs listed on the Hong Kong Stock Exchange and the wealth impacts of their corporate governance. Our empirical findings confirm a positive stock price reaction on average, and suggest that international investors react positively to the presence of large shareholders, but negatively to the presence of institutional shareholders. There is a negative impact if the largest shareholder is either the State or the corporate founder. We suggest that this is because the international investors perceive potential principal–principal conflicts in such ownership/control constellations and discount equity prices accordingly. We also find that Board size and independence have positive effects on the price reaction, but that large supervisory boards engender negative reactions. 相似文献
8.
Debabrata Talukdar 《Journal of Business Ethics》2011,98(1):137-151
In any academic discipline, published articles in respective journals represent “production units” of scientific knowledge,
and bibliometric distributions reflect the patterns in such outputs across authors or “producers.” Closely following the analysis
approach used for similar studies in the economics and finance literature, we present the first study to examine whether there
exists an empirical regularity in the bibliometric patterns of research productivity in the business ethics literature. Our
results present strong evidence that there indeed exists a distinct empirical regularity. It is the so-called Generalized
Lotka’s Law of scientific productivity pattern: the number of authors publishing n papers is about 1/n
c
of those publishing one paper. We discuss the likely processes that underlie the productivity pattern postulated by the Generalized
Lotka’s Law. We find that the value of the exponent c is equal to about 2.6 for the comprehensive bibliometric data across the two leading business ethics journals. The observed
research productivity pattern in the business ethics area, a relatively young discipline, is interestingly very consistent
with those found in much older, related business disciplines like economics, accounting, and finance. We discuss the general
implications of our findings. 相似文献
9.
This article investigates whether investors consider the reliability of companies’ sustainability information when determining
the companies’ market value. Specifically, we examine market reactions (in terms of abnormal returns) to events that increase
the reliability of companies’ sustainability information but do not provide markets with additional sustainability information.
Controlling for competing effects, we regard companies’ additions to an internationally important sustainability index as
such events and consider possible determinants for market reactions. Our results suggest that first, investors take into account
the reliability of sustainability information when determining the market value of a company and second, the benefits of increased
reliability of sustainability information vary cross-sectionally. More specifically, companies that carry higher risks for
investors (e.g., higher systematic investment risk, higher financial leverage, and higher levels of opportunistic management
behavior) react more strongly to an increase in the reliability of sustainability information. Finally, we show that the benefits
of an increase in the reliability of sustainability information are higher in times of economic uncertainty (e.g., during
economic downturns and generally high stock price volatilities). 相似文献
10.
Corporate governance guidelines are a mechanism that a firm can enact which should reduce agency costs and better align the
interests of boards and the suppliers of capital. This study examines stock price reactions primarily attributable to institutional
investors occurring when corporations announce the enactment of corporate governance guidelines. A final sample of 77 firms
was derived from the first announcement of corporate governance guidelines exclusive to the SEC-EDGAR database. The results
indicate that good governance does matter. Firms that announced the enactment of corporate governance guidelines experienced
increased stock prices following the announcements. There was an immediate (days 1–4) reaction for firms that provided all
or part of the guidelines’ substance; a delayed (days 8–10) reaction occurred for those firms that only referenced the guidelines’
enactment. Additionally, firms with either a potentially greater following or that had a previous history of acrimonious relations
with stakeholders were rewarded by the announcement of the enactment of guidelines. 相似文献
11.
《Emerging Markets Review》2007,8(1):20-37
This paper examines how emerging market bonds react to macroeconomic announcements. Global bond spreads respond to rating actions and changes in U.S. interest rates rather than domestic data and policy announcements. All announcements affect market volatility. Macroeconomic data and policy announcements reduce uncertainty and stabilize spreads, while rating actions cause greater volatility. Results are robust to country-specific and panel analyses, assuming conditional variance and controlling for the surprise content of news. In subsamples, announcements matter less for countries with more transparent policies and higher credit ratings. In a crisis, rating actions become less important, and investors focus on simple and timely indicators. 相似文献
12.
This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant
negative effects on shareholders’ wealth. We find that when the samples are partitioned by equity component negative market
responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different
from the “pecking order hypothesis” of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond
issuers, we find that the wealth effects are negatively related to equity component, firm size and issue size of convertible
bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity
and market-to-book ratio. The underlying reason of equity finance taking precedence of bond finance in Chinese capital market
can be attributed the to special “two-system-ownership structure” and corporate governance of Chinese listed companies.
Translated from Guanli Shijie 管理世界 (Management World), 2006, (6): 19–27 相似文献
13.
The pressure on companies to practice corporate social responsibility (CSR) has gained momentum in recent times as a means
of sustaining competitive advantage in business. The pharmaceutical industry has been acutely affected by this trend. While
pharmaceutical product recalls have become rampant and increased dramatically in recent years, no comprehensive study has
been conducted to study the effects of announcements of recalls on the shareholder returns of pharmaceutical companies. As
product recalls could significantly damage a company’s reputation, profitability and brand integrity, this paper investigates
the effect on shareholder wealth and the extent to which the adoption of CSR practices by pharmaceutical companies in the
United Kingdom (U.K.) and the United States (U.S.), the two largest markets for pharmaceutical products in the world, affected
market reactions surrounding product recall announcements. The analysis of product recall announcements from 1998 to 2004
compiled from The Pharmaceutical Journal and U.S. Food and Drug Administration enforcement reports revealed marked differences in the way market participants in the
two countries responded to news of product recalls. U.S. investors penalised firms according to the severity of product defects
while U.K. investors were indifferent. While U.K. investors rewarded product recalls by firms which were not usually CSR-active,
U.S. investors punished non-CSR active firms that performed recalls. These observations could pose strategic challenges to
pharmaceutical firms operating in both countries.
Jeremy Cheah is an Assistant Professor of Finance at Nottingham University Business School, Malaysia Campus. His research
interests lie in the area of applied corporate finance and investment management.
Wen Li Chan was an Advocate and Solicitor in Kuala Lumpur, Malaysia before assuming the post of University Teacher in Information
Systems and Strategy at Nottingham University Business School, Malaysia Campus. She is currently investigating the roles and
implications of information on firm valuation, particularly in the area of corporate cyber-litigation and corporate social
responsibility.
Corinne Chieng is a Corporate Executive at Star Publications (M) Berhad, Malaysia. She has previously worked as a tax consultant
at Arthur Andersen Malaysia. Her research interests include the financial implications of corporate social responsibility
on the valuation of firms. 相似文献
14.
This paper investigates firm value created by non-equity marketing alliance announcements of Korean listed firms in terms of stock price reactions to the announcements. We find evidence that on the Korean stock market, the announcements of marketing alliances produce significant positive abnormal returns, which reflect an increase in firm value, around the announcement date. This suggests that firm managers need to seek for various marketing alliances not only for an effective competition in competitive business environments but also for enhancement in shareholder wealth. The increase in firm value has inverse relationship with firm's size and growth opportunity. In particular, marketing alliances with firms based in G7-countries create greater firm value than ones with firms based in the home country. Our study provides investors, firm managers, and academics with valuable implications of an importance of marketing alliances for valuation of firms in other Asian countries as well as in Korea. 相似文献
15.
D. Ladkin 《Journal of Business Ethics》2006,65(1):87-98
This paper offers an alternative to deontological and utilitarian approaches to making ethical decisions and taking good actions
by organisational leaders. It argues that the relational and context-dependent nature of leadership necessitates reference
to an ethical approach which explicitly takes these aspects into account. Such an approach is offered in the re-conceptualisation
of ethical action on the part of leaders as a process of “coming into right relation” vis-à-vis those affected by their decisions
and actions. Heidegger’s notion of “dwelling” is explored as a means of “coming into right relation”. Three aspects of dwelling:
“staying with”, “comportment” and “active engagement” are described and ways in which they might be practically enacted by
leaders are suggested. The paper concludes by reflecting on the ways adopting a “dwelling” approach to resolving ethical issues
implies a re-conceptualisation of leadership itself. 相似文献
16.
The lack of attention to sustainability, as a concept with multiple dimensions, has presented a developmental gap in green
marketing literature, sustainability, and marketing literature for decades. Based on the established premise of customer–corporate
(C–C) identification, in which consumers respond favorably to companies with corporate social responsibility initiatives that
they identify with, we propose that consumers would respond similarly to companies with sustainability initiatives. We postulate
that consumers care about protecting and preserving favorable economic environments (an economic dimension of sustainability)
as much as they care about natural environments. Thus, we investigate how two sustainability dimensions (i.e., environmental
and economic) and price can influence consumer responses. Using an experimental method, we demonstrate that consumers favor
sustainability in both dimensions by giving positive evaluations of the company and purchase intent. In addition, consumers
respond more negatively to poor company sustainability than to high company sustainability. In comparison, consumers respond
more negatively to the company’s poor commitment to caring for the environment than to the company’s poor commitment to economic
sustainability. We also find that consumers do not respond favorably to low prices when they have information about the firm’s
poor environmental sustainability. Finally, we find support for an interaction effect between consumer support for sustainability
and corporate sustainability; that is, consumers evaluate a company more favorably if the company shares the consumers’ social
causes. Overall, we conclude, from our empirical study, support for the idea that consumers do respond to multiple dimensions
of sustainability. 相似文献
17.
Neil Stuart Eccles 《Journal of Business Ethics》2010,95(3):415-424
There appears to be a growing disquiet amongst academics surrounding the ascendancy of ‘responsible’ investment that is egoist
or self-interested in character – ‘business case’ responsible investment. This ascendancy has in no small measure been associated
with the uptake of United Nations Principles for Responsible Investment (PRI) as a de facto standard for mainstream responsible investment. This article contributes to this disquiet. It does this by examining how
egoist ‘responsible’ investors (as endorsed by the PRI) might have behaved had they been around in the 1970s, 1980s and early
1990s during days of the anti-apartheid socially responsible investment (SRI) movement. Armed with near perfect (hindsight
grade) enhanced analytics, it is clear that the signals that such egoist ‘responsible’ investors would have sent to company
management in terms of the apartheid issue would have been highly muddled and therefore ineffective. The net conclusion is
that there is nothing inherently or inevitably ‘responsible’ about egoist investment and that the aversion to behaving ethically
amongst institutional investors must be challenged and not swept under a carpet of rhetoric. 相似文献
18.
《International Journal of Research in Marketing》2022,39(1):268-287
The number of studies on the marketing–finance interface has escalated in response to increased interest in the value of marketing investments, such as sports sponsorship. This study integrates current research findings and establishes empirical generalizations on how sports sponsorship announcements impact firm value. The empirical literature finds contradicting results on the value shareholders place on these marketing investments. This paper addresses this issue by undertaking a meta-analysis on stock reactions to sport sponsorship announcements, using 3192 of these announcements taken from 36 studies (41 samples). On aggregate, these announcements drew the attention of shareholders since there was a positive and significant cumulative abnormal return (CAR). However, this positive effect was mostly observed in the 1990s and became negative in the 2000s. Overall, shareholders viewed sports sponsorship investments favorably when there was a functional and geographical congruence between sponsors and sponsees. This paper also shows that the differences in the CAR can be explained by controlling for confounding events and host country. The paper concludes by providing potential avenues for further research in sports sponsorship, using the event study method. 相似文献
19.
Arun A. Iyer 《Journal of Business Ethics》2006,67(4):393-406
In this article we discuss whether it pays to invest ethically. Our aim is to examine corporate social responsibility from
philosophical, moral and practical points of views. We focus on two main issues related to ethical investments. Firstly we
discuss the moral dilemma of how capitalism has changed its shape in today’s world and from ‘blaming the business’ there is
a general attempt to use the markets to promote ethics values and corporate social responsibility. Secondly, we analyze the
growth of ethical investment funds in the UK today, and their performance, and highlight some of the institutional investors
involved in the management of ethical funds. We discuss whether ethical investments really succeed in reducing the conflict
between profit-making and social responsibility as they promise or whether they use commercial rhetoric and market mechanism
to merely sell us our own perceived values back. We conclude that the paper has a key contribution in setting the scene for
future research in an area that is evolving and of fundamental importance to companies, investors and various stakeholder
groups. 相似文献
20.
Title sponsorships are often considered the crown jewels of sports sponsorship programs. Garnering top media coverage, title
sponsorships are prized for both generating brand/product awareness and building image for their sponsors. Not surprisingly,
the rising cost of title sponsorships has led some managers to question their underlying value. Accordingly, this study presents
an analysis of the impact of 114 title sponsorship announcements of professional tennis and golf tournaments (both men’s and
women’s), auto racing (NASCAR), and college bowl games on the stock prices of sponsoring firms. Overall, the results of the
study suggest that title sponsorships are generally signed at market-clearing prices. Thus, companies undertaking title sponsorships
typically receive exactly what they pay for—except in the case of NASCAR races (which show evidence of increases in share
prices). Splitting the sample into new and renewing sponsorships generates results which differ dramatically by sport. Finally,
a cross-sectional regression finds congruence of sport and sponsor, sponsorship by high tech firms and sponsorships by large
firms all correlated with perceived sponsorship success. 相似文献