The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana

This paper examines corporate financing patterns in Ghana, in particular, whether listed Ghanaian corporations make considerable use of the stock market to finance their growth. The paper also examines econometrically the effect of stock market development on the importance of debt relative to external equity in the balance sheet of Ghanaian firms. The results show that the average listed Ghanaian firm finances its growth mainly from short-term debt. The stock market, however, is the most important source of longterm external finance. Stock market development tends to shift the financial structure of Ghanaian firms toward more equity and less debt. Overall, the evidence suggests that the stock market is a surprisingly important source of finance for funding corporate growth.     

Operational risk,the legal system and governance indicators: a country-level analysis

A total of 4388 operational loss events recorded over three decades in 53 countries are analysed on a country level in terms of the size of the economy, the standard of living, the legal system, the regional factor and six governance indicators. The results show that the average severity of the operational losses incurred by firms located in a particular country is positively related to the size of the economy and the standard of living. The results also show that loss of severity is negatively related to governance indicators, particularly regulatory quality. The frequency of operational loss events is also positively related to the size of the economy.     

Deviations from optimal corporate cash holdings and the valuation from a shareholder’s perspective

The trade-off theory of corporate cash holdings predicts that there is an optimal level of cash. We test the trade-off theory by investigating the relation between deviations from optimal cash holdings and the valuation of cash from a shareholder’s perspective. We decompose corporate cash holdings into the optimal level of cash and the deviations from the optimum. We find that the marginal value of cash for shareholders is higher when a change in cash moves corporate cash holdings towards the optimal level and that this relationship holds for both the above-optimal deviations and the below-optimal deviations. We conclude that the results are consistent with the prediction of the trade-off theory of corporate cash holdings.     

A spatial model of corporate tax incidence

Using a unique, self-compiled data-set on international tax rates, we explore the link between taxes and manufacturing wages for a panel of 66 countries over 25 years. We find, controlling for other macroeconomic variables, that wages are significantly responsive to corporate taxation. Higher corporate tax rates depress wages. Using spatial modelling techniques, we also find that tax characteristics of neighbouring countries, whether geographic or economic, have a significant effect on domestic wages. We test for, and reject, spatial autocorrelation in our model using a modification of the Moran-I test statistic that accounts for country-specific fixed effects in a panel data setting. Our article fits in with the new economic geography literature as well as the urban economics literature which attempt to explain the spatial distribution of wages.     

Stock market-driven investment: new evidence on information,financing and agency effects

This study provides a theoretical model and empirical analysis to jointly examine the information, financing and agency effects, the three channels through which the stock market can actively influence corporate investment decisions and firm performance. First, stock market affects corporate investments, and such impact varies with different market valuation measures, types of investments and firm characteristics. Second, stock market valuation affects investments through the channel of corporate financing, supporting the financing hypothesis. Third, stock market-driven investments have differential impacts on the future operating performance of firms. Investments driven by market valuation of firm-specific information have a positive effect on future performance. In contrast, investments driven by market-wide sentiment have a negative effect on future performance. Fourth, consistent with the information hypothesis, market-driven investments are value-enhancing for firms with better external monitoring by analysts and institutional investors. Lastly, consistent with the agency hypothesis, market-driven investments are value-destroying when firms lack external monitoring, proper managerial incentives and independent board of directors.     

Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China

This article investigates effects of corporate governance on the decision to voluntarily disclose corporate social responsibility (CSR) reports. By using a unique longitude data set of Chinese publicly traded manufacturing firms from 2010 to 2016, this study finds that ownership structure and board characteristics are significantly associated with firms’ decisions to voluntarily disclose CSR reports. In particular, our study finds that state ownership, institutional ownership, managerial ownership and board size are positively and significantly associated with the decision to voluntarily disclose CSR reports. However, board independence is not related to the decision. We also find CEO duality is negatively and significantly related to the decision. Our findings highlight the role of corporate governance in firms’ transparency by influencing the voluntary disclosure of additional information on firms’ CSR activities.     

从企业文化视角再议饭店会计伦理的构建

基于以人为本的根本宗旨、中国特色社会主义经济与社会可持续发展的战略思想、传承中国优秀的历史文化与创新发展的现代文化三个层面相结合,对企业文化建设进行新视角的解读,餐饮企业构建饭店会计伦理,应遵循全局性、客观性、竞争性和效益性的原则,要倡导和贯彻社会主义"荣辱"道德观和核心价值观,大力推进企业文化体制建设,宣传饭店会计伦理建设的先进业绩,积极争取政府有关机构与相关社团机构对会计伦理建设的大力支持。     

企业文化营销的模式研究

企业文化符合商品广义上的概念,具有商品价值二重属性,也具有类似于产品的层次结构。企业文化作为产品的特殊性,是无形的、无价的,具有功能的双重性。企业文化通过文化产品、文化定价、文化渠道和文化促销等模式,创造出差异化的产品,通过产品的价格以广告传播、人员传播和公共关系传播方式,把企业文化通过促销方式营销出去。     

Small Business–Nonprofit Collaboration: Locally Owned Businesses Want to Take Their Relationships With Community-Based NPOs to the Next Level

This two-part, mixed-methods study explored how and why small businesses engage in both philanthropic and transactional partnerships with community-based nonprofits (NPOs), and what business owners expect from their nonprofit partners. Findings from focus groups and a survey indicate that U.S. small businesses (a) are interested in a higher representation on nonprofit boards; (b) are more likely to support NPOs that focus on the local community’s needs; and (c) seek long-term, committed partnerships with NPOs to jointly address communal issues rather than one-time contributions or sponsorships. The study adds to the literature on nonprofit–business collaboration by applying the concepts of integrative (Austin, 2000) and communal (Cho & Kelly, 2014) relationships in the context of locally owned businesses and community-based NPOs rather than more commonly studied large corporations and national/international nonprofits. These findings also offer practical recommendations for the leadership of community nonprofits interested in enhancing their relationships with small businesses.     

Theoretical Perspectives on Corporate Social and Environmental Disclosure: Evidence From China

Using a data set of top 56 corporate social and environmental reporting (CSER) disclosing firms with 112 observations on the H-share and Red-chip lists of the Hong Kong Stock Exchange, results suggest that charitable donations, firm size, and the Songhua River incident response are positively related to the CSER disclosure, whereas debt–equity ratio, profit margin, and firm age revealed counterdirectional relationships. Other variables including media attention and market risk were found to have no impact. Findings imply that the Chinese government and its agencies need to prescribe CSER guidelines and make them mandatory for listed firms.