Financial crisis and stock market efficiency: Empirical evidence from Asian countries

This paper empirically investigates the effects of the 1997 financial crisis on the efficiency of eight Asian stock markets, applying the rolling bicorrelation test statistics for the three sub-periods of pre-crisis, crisis, and post-crisis. On a country-by-country basis, the results demonstrate that the crisis adversely affected the efficiency of most Asian stock markets, with Hong Kong being the hardest hit, followed by the Philippines, Malaysia, Singapore, Thailand and Korea. However, most of these markets recovered in the post-crisis period in terms of improved market efficiency. Given that the evidence of nonlinear serial dependencies indicates equilibrium deviation resulted from external shocks, the present findings of higher inefficiency during the crisis are not surprising as in the chaotic financial environment at that time, investors would overreact not only to local news, but also to news originating in the other markets, especially when the news events were adverse.     

Firm diversification and earnings management: evidence from seasoned equity offerings

Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high discretionary accruals underperformed other SEO firms.

Exploring online fitness culture and young females

Abstract

While previous studies have investigated online health communities and health-seeking behaviours, less attention has been directed at the growing impact of the online fitness movement. This paper draws on the concept of biopedagogies to examine the messages transmitted within fitness culture on social networking sites (SNSs), and their role as a channel for health and fitness information. To explore this, a multi-method approach was conducted. The two methods included a netnography (online ethnography) and 22 semi-structured individual interviews with female participants aged 18–24 in Australia. The study suggests that online fitness use is becoming a popular leisure activity and source of health and fitness information. It reveals how SNSs are used as a platform to gather and teach ideas of health and fitness, and the manner in which textual and photographic online communication facilitates the social construction and transmission of this knowledge. Results indicated that although fitness accounts on SNSs offer differing notions to present alternative and competing realities, users predominantly chose to follow the normalised and dominant health discourses. Noteworthy, the onus is firmly placed on the individual within these health and fitness messages to adhere to norms of correct health practices and choices. This has connotations relevant to eHealth literacy.     

Auditor Quality,IFRS Adoption,and Stock Price Crash Risk: Korean Evidence

This paper investigates the relationship among auditor quality, International Financial Reporting Standard (IFRS) adoption and stock price crash risk. Using 657 unique listed companies spanning 2002–2014 in Korea, this study finds that stock price crash risk decreases, especially for firms using Big 4 auditors, after IFRS adoption in Korea. Stock price crash risk decreases for a firm included in Big 4 auditors, while it does not increase for a firm excluded from Big 4 auditors after IFRS adoption. Finally, this study finds that Big 4 auditor decreases stock price crash risk only when the firm size is above-median.     

Linking corporate sustainability and innovation in supply chain management – evidence of a Taiwan leading glass recycling company

This empirical study presents a combination of insights from corporate sustainability practices, supply chain management, and innovation literature, and a case study to discover new understandings on factors influencing firms to incorporate sustainable innovation initiatives into their supply chain practices. There is an apparent lack of literature in this field due to its modernity and evolving nature. Also, there is a lack of insights into how firms could translate sustainable innovation initiatives into practice. This study addresses this gap by examining a successful glass recycling company through the lenses of sustainable innovation context and the Global Reporting Initiative G3 Guideline framework. Primary data are collected through observations and in-depth interview before it is coded and analysed using nVivo. The findings show that sustainable innovation practices are mainly directed at improving the technological processes, resource sharing, and reduction of production cost among supply chain partners. A conceptual sustainable innovation framework is also proposed. This study contributes to sustainable innovation literature by providing insights into the evaluation of a firm's innovative sustainability efforts.     

Modeling Mexican agricultural production

Results of time series tests (including unit root and deterministic and stochastic cointegration tests) imply that a mixture of differenced and cointegrated model specifications are warranted for econometric models of Mexican agricultural supplies and input demands. Test results are sensitive to choice of functional form and the set of regressors. For example, share equations should be estimated using differenced data, but output supply and input demand equations generally should not. Generalized Leontief and quadratic functional forms are preferred over the translog. Symmetry and curvature of a restricted profit function are rejected. Short-run output supplies and input demands are generally inelastic. First version received: February 1998/Final version received: November 1998     

Trainee perceptions of factors that influence learning transfer

The focus of the study was to assess learning transfer made by HRD professionals from a Korean organization for a training program on performance improvement technologies. Results revealed multiple reasons for high or low transfer and provide insights into the design of highly transferable training programs.     

The changing relationship between earnings expectations and earnings for value and growth stocks during Reg FD

Regulation Fair Disclosure (Reg FD) altered the voluntary disclosure practices of firms with publicly traded securities, thereby affecting relationships between value and growth stock expectations and actual earnings. The results show that earnings forecasts for both stock groups are biased but that bias is less after the introduction of Reg FD. In fact, the difference in pre/post FD forecast bias is larger for growth stocks, suggesting that before Reg FD, analysts did not just misinterpret news but consciously tried to maintain relationships with growth firm managers. However, Reg FD limited these relationships severing the monetary advantage that might be gained from manipulating forecasts.     

Implementing on‐the‐job training: critical success factors

Post Offices Inc. in The Netherlands has developed and implemented a new instruction model for the training of desk employees. The quality of the new instruction model was assessed by means of the evaluation model of Jacobs and Jones for on‐the‐job training. It is concluded that the implementation of the training model has not been completely successful. Critical success factors, such as the performance of the mentors as well as the quality of the self‐study material, have to be improved. Mentors are expected to serve as a behavioural model, to provide feedback, arrange an adequate environment for self‐study, motivate trainees for self‐study and evaluate trainees’ progress on a regular basis. This study shows that mentors must be fully convinced of the benefit of a new instructional model, if not, the implementation will not be successful. Besides, the study shows that the quality of the self‐study material depends very much on the similarity between the knowledge needed in work and the knowledge presented in the self‐study material.     

Effects of personalized e-mail messages on privacy risk: Moderating roles of control and intimacy

New communication platforms have enabled firms to collect personal data on their consumers and provide more personalized services. Personalized service facilitates interpersonal communication and interactions based on consumers’ personal and preference information, and therefore constitutes a way to improve firm–customer relationships. However, such personalized services may be vulnerable to privacy issues. This study investigates the effects of personalized e-mail messages (an archetypal example of personalized service) on consumers’ risk perceptions and two moderating variables: consumers’ control and message intimacy. In three experiments, we show that an increase in the level of personalization in e-mail messages increases consumers’ privacy risk perceptions. However, giving consumers more control over their personal information and adding intimate cues to e-mail messages moderate the negative effects of personalized e-mail messages on their privacy risk perceptions. The study provides important implications for both academics and managers in developing and employing personalized service in new media communication.