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We model the capital structure choice of a firm that operates under imperfect competition. Extant literature demonstrates that debt commits a firm to an aggressive output stance, which is an advantage to the firm under Cournot competition. However, empirical evidence, indicates that debt is a disadvantage under imperfect competition. We reconcile the theory with the evidence by incorporating firms' relations with their suppliers, in a model of strategic firmrival interactions. Under imperfect competition and incomplete contracting, we show that although debt financing improves a firm's input sourcing efficiency it could also benefit the firm's rivals by lowering their input costs. This effect offsets the benefits due to aggressive product market strategies that result from increased debt. Under certain conditions this subsidy effect is sufficiently strong that debt is suboptimal in equilibrium and leads to an increase in rival's shareholder value. 相似文献
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Based on a survey of 90 transnational product introductions, we find that the transnational product development capabilities of organizations significantly depend upon their ability to transfer and deploy tacit knowledge concerning overseas markets. Specifically, we find that organizations which use cross-national teams, teams with members who have prior overseas experience, or teams whose members communicate frequently with overseas managers in order to acquire information about tacit differences among countries have greater transnational product development capabilities. This study contributes to our understanding of how organizations transfer and deploy knowledge across borders for competitive advantage and makes an important contribution to the literature on global strategy. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献
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We analyze whether the organizational structure of firms (i.e., whether a firm is diversified or focused) affects their cash holdings. Using Compustat firm level and segment-level data, we find that diversified firms hold significantly less cash than their focused counterparts. Our results are robust to industry adjustments at the segment level and to different factors previously found to be important determinants of cash holdings. Using time-series, cross-sectional, and additional robustness tests we are able to attribute the lower cash holdings among diversified firms to complementary growth opportunities across the different segments of these firms and the availability of active internal capital markets. We find that the other theories that rely on the potentially effective use of asset sales of non-core segments of diversified firms to generate cash, and the increased agency/influence costs in diversified firms do not offer an economically significant explanation for the lower cash holdings among diversified firms. 相似文献
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A curious phenomenon in the retail pricing of many product categories (e.g., tuna, frozen orange juice, and tomato paste) is the existence of quantity surcharges. A related curiosity is the existence of both discounts and surcharges within the same product category. To explain the former phenomenon, extant research invokes heterogeneity in consumption parameters, heterogeneity in search costs, or concern for retail price image. To the best of our knowledge, there is no received explanation for the latter phenomenon. We add to this rich stream of work by proposing a novel explanation for quantity surcharges. Our explanation is based on the notion of consumption hassle. We analyze a market that is heterogeneous in a hedonic parameter that influences valuations as well as the effective cost of the consumption hassle. We then derive consumer choices (small pack, large pack, or two small packs) taking into account Individual Rationality (IR) and Incentive Compatibility (IC) constraints. In the absence of consumption hassle, we obtain two segments with one purchasing the small pack and the other purchasing the large pack. Moreover, the optimal pricing for the seller involves quantity discounts. However, with the introduction of consumption hassle, the market potentially splits into three segments: one purchasing the small pack, another purchasing two small packs, and the third purchasing the large pack. Moreover, the optimal pricing for the seller involves quantity surcharges. Overall, our analytical findings offer an additional explanation for the phenomenon of quantity surcharges. More importantly, they offer a rationale for the existence of multiple pricing schedules within the same product category by explicitly recognizing variations in consumption hassle. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
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The present study provides empirical evidence on the impact of government ownership on audit pricing behaviour based on data from Chinese listed companies between 2001 and 2008. Our findings, having controlled for auditor choice, indicate that state-owned enterprises (SOEs) incur significantly lower audit fees than non-SOEs. The results also reveal a significant interaction between the type of SOE (i.e., owned by central vs. local government) and audit firm size, which also affects audit fees. More specifically, large auditors tend to charge the central-SOEs lower audit fees than local-SOEs (province, city and county), while small auditors charge central-SOEs higher fees than local-SOEs. We explore a political economy rationale from a supply-side perspective in explaining the results. 相似文献
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Deen Kemsley Padmakumar Sivadasan Venkat Subramaniam 《Accounting & Business Research》2018,48(7):727-758
Dividends often impose taxes on investors. However, as certain prior financial models indicate, they also can produce a tax gain from leverage. Hence the composite marginal dividend tax rate can be specified as the nominal rate minus the offsetting tax gain from leverage. Although this principle has been embedded in theoretical models for more than 40 years, no prior study has examined empirically whether the dividend-induced tax gain from leverage influences dividend policy. We address this empirical void and find dividends decrease in the nominal dividend tax rate and increase in the offsetting tax gain from leverage. In addition, we find the composite tax rate outperforms traditional measures in explaining dividend policy for our full sample of firms. Consistent with prior theory, we also find the composite rate varies in influence according to the financing source for a dividend. 相似文献
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This paper provides a longitudinal analysis of Aboriginal and Torres Strait Islander imagery use in the annual reports (ARs) of the Australia Council for the Arts (ACA). Content analysis based on imagery, textual narrative and para‐text analyses of ARs over 43 years (1973–2015) reveals that the nature and extent of Aboriginal images in ACA's ARs systematically varies with the broader contemporary socio‐political and economic developments. Our findings provide insights on an institutional response to the portrayal and shaping of the identity of a key stakeholder group, i.e. Aboriginal artists, which are associated with gaining and maintaining organisational legitimacy. 相似文献
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This study examined how mentoring support, peer influence and individual attributes of early career accountants (ECA) influence their ethical evaluations and behavioural intentions. Respondents indicate that their evaluation of the seriousness of the ethical conflict is affected by the perceived standard of ethical conduct of their peers, their personal ethical orientation, the extent of ethics education at university, and gender. ECAs’ evaluation of a senior colleague's unethical behaviour is affected by mentoring support and the perceived standard of ethical conduct of peers. In terms of ECAs’ willingness to contact accounting professional bodies for ethical advice, the size of the accounting firm and the extent of their ethics education at university are significant factors. Furthermore, the likelihood of respondents choosing a more ethical decision is correlated with his or her individual ethical orientation and the extent of ethics education at university. 相似文献
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