This paper examines the impact that ownership and governance structures have on how Chinese banks react to regulatory pressure. We find that the current regulatory regime induces banks to increase their capital, but its effectiveness in doing so varies based on whether the bank is listed or not, and also who is the majority shareholder. We also find that the degree of central government ownership and the political ties the chief executive officer of the bank has play an important role in the risk‐taking behavior of banks. Overall, our results have a number of policy implications supporting the need to further reduce state ownership of banks in China to mitigate the prevailing moral hazard and dual‐agency problems that arise from the government being both the regulator and the majority shareholder. 相似文献
In this paper, we show how employee stock options can be valued under the new reporting standards IFRS 2 and FASB 123 (revised)
for share-based payments. Both standards require companies to expense employee stock options at fair value. We propose a new
valuation model, referred to as Enhanced American model, that complies with the new standards and produces fair values often
lower than those generated by traditional models such as the Black–Scholes model or the adjusted Black–Scholes model. We also
provide a sensitivity analysis of model input parameters and analyze the impact of the parameters on the fair value of the
option. The valuation of employee stock options requires an accurate estimation of the exercise behavior. We show how the
exercise behavior can be modeled in a binomial tree and demonstrate the relevance of the input parameters in the calibration
of the model to an estimated expected life of the option.
JEL Classification G13, G30 相似文献
This investigation contributes to the advancement of international advertising theory by developing a model of cross-cultural consumer responses to humane-oriented corporate social responsibility (CSR) appeals in advertising and by testing it using structural equation modelling with data from six countries (Germany, Switzerland, Austria, France, USA, and Chile). The model includes ad-, advertiser-, product-, and behaviour-related variables.
Based on survey data from 924 subjects, the model received support in all six countries which suggests that humane orientation is a favourable cultural dimension for advertising purposes, even in countries in which humane orientation is less highly valued. The higher the perceived degree of humane orientation in an advertisement, the more positive was the evaluation of the ad, and the more likely subjects were to evaluate the advertiser as being socially responsible. These two variables positively influenced attitudes towards the product and, consequently, behavioural intentions. Some support was found for a moderating influence of country on the relationship between perception of humane orientation in the ad and the evaluation of that ad and on the relationship between perception of humane orientation in the ad and perceived degree of social responsibility of the advertiser. Implications for the use of humane-oriented CSR appeals in international advertising are discussed. Results suggest that international advertisers may pursue a standardized campaign in multiple markets when incorporating humane-oriented CSR appeals. Limitations and directions for further research are addressed. 相似文献
Intereconomics - By April 2021, the COVID-19 crisis in Europe had reached a magnitude that, in the eyes of some observers, either deepened lingering divides and threatened the EU’s very... 相似文献
Sustainable entrepreneurship is becoming an increasingly established topic within the entrepreneurship literature. The phenomenon of businesses incorporating social and environmental agendas within their core activities has gathered an increasing academic interest. However, few empirical studies have explored the stage of opportunity identification in the sustainable entrepreneurship process in a more systematic manner, even more so in non-Western contexts such as India. We structure our analysis using a framework situated in the conventional entrepreneurship literature and the literature on National Business Systems (NBS). We conduct a qualitative study to explore the motivations of Indian sustainable entrepreneurs in two sectors: sustainable energy and ethical clothing. While we find that the conventional entrepreneurship based framework provides crucial insights to understand opportunity identification within sustainable entrepreneurship, we also observe a number of features unique to sustainable entrepreneurship in the Indian context—including the personal backgrounds of the participants as well as prioritization of motivational factors. Importantly, we find notable within-country variation in the contextual factors that appear to shape motivational dynamics. In the words of one participant, “there are many Indias” rather than one monolithic approach to sustainable entrepreneurship in India. 相似文献
The analytic hierarchy process (AHP) and the analytic network process are important multiple criteria decision making methods for supporting complex, discrete strategic management decision problems. In order to exploit a broader information basis as well as to achieve a sufficient degree of objectivity strategic decision settings are mostly embedded into a multi-personal decision context to which different individuals with expert status contribute. Owing to the fact that there is a vast number of different methods and further internal possibilities (derivation of means) to aggregate the individual expert preferences to a group consensus, the first aim of this paper is to present a comprehensive literature review on various aggregation possibilities. The second aim is the conduction of a transparent comparative analysis of selected approaches and methods (geometric/arithmetic aggregation of individual judgments, geometric/arithmetic aggregation of individual priorities, geometric/arithmetic loss function approach and Group AHP model). Therefore, we use four different evaluation scenarios and point out under which assumptions which solution is suitable. Starting from these results, the aggregation techniques adequate to a specific decision context are provided. 相似文献