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The disciplinary role of unsuccessful takeovers and changes in corporate governance 失败收购的纪律作用和公司治理的变化
Pub Date : 2023-08-21 DOI: 10.1111/acfi.13170
M. Bugeja, Yaowen Shan, Yanglan Zu
This study examines if unsuccessful takeovers trigger the replacement of directors and changes in other governance attributes and result in improvements in target firm performance. Using an Australian sample this study finds that following failed bids, target firms are more likely to remove directors and experience an increase in director ownership, board independence, and block ownership. In contrast, target firm director expertise and prestige decrease following failed bids. We also find that post‐bid accounting and stock performance of targets are largely unrelated to changes in governance attributes after the unsuccessful takeover.
本研究考察了不成功的收购是否会引发董事更换和其他治理属性的变化,并导致目标公司绩效的改善。本研究利用澳大利亚的样本发现,在竞标失败后,目标公司更有可能撤换董事,董事所有权、董事会独立性和大股东所有权也会增加。相反,收购失败后,目标公司董事的专业知识和声望下降。我们还发现,收购后的会计核算和目标公司的股票表现在很大程度上与收购失败后公司治理属性的变化无关。
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引用次数: 0
Investigating performance implications of intra‐family ownership successions: Equity transfers with versus without debt creation 调查家族内部所有权继承对绩效的影响:有债务与没有债务的股权转让
Pub Date : 2023-08-21 DOI: 10.1111/acfi.13157
Ellen Janssen, S. Vandemaele, Wim Voordeckers, M. Vancauteren
We relate two routes of intra‐family ownership succession (i.e., succession financed with versus without debt) to post‐succession financial performance. Investigating a sample of 203 privately‐held family businesses, our results show that the succession‐induced performance paths of the two subgroups are significantly different. When debt is used to fund the intra‐family share transfer, financial performance significantly increases in the post‐succession period. This phenomenon is absent when no debt is used to fund succession. We attribute the performance gap to a governance device characterising the debt‐financed succession route: debt creation at succession leads to firm‐level efficiency gains.
我们将家族内部所有权继承的两种途径(即,有债务与无债务的继承)与继承后的财务绩效联系起来。通过对203家私营家族企业的调查,我们的研究结果表明,这两个子群体的继任诱导绩效路径存在显著差异。当债务被用于资助家族内部股份转让时,财务绩效在继承后的时期显著提高。当没有债务为继承提供资金时,这种现象就不存在了。我们将绩效差距归因于债务融资继任路线的治理机制:继任时的债务创造导致公司层面的效率提高。
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引用次数: 0
The impact of post‐retirement financial market participation on retirement income sufficiency in Australia 退休后金融市场参与对澳大利亚退休收入充足性的影响
Pub Date : 2023-08-18 DOI: 10.1111/acfi.13169
Xiaobo Xu, Jiali Fang, M. Young, Liping Zou
Using HILDA survey data, we document a strong positive relationship between post‐retirement financial market participation and retiree income sufficiency in Australia. We find a 17% improvement in the income replacement ratio and a 3.26 times higher annuitised net wealth for financial market participants compared to non‐participants. We further investigate how age, residence area, relationship status, education, health, and employment affect the main finding in all and female retirees. The results highlight the value of financial market participation in facilitating household retirement security and provide further support for the active promotion of household financial market participation, both in Australia and globally.
利用HILDA调查数据,我们证明了澳大利亚退休后金融市场参与与退休人员收入充足性之间存在强烈的正相关关系。我们发现,与非参与者相比,金融市场参与者的收入替代率提高了17%,年金化净财富增加了3.26倍。我们进一步调查了年龄、居住地、婚姻状况、教育程度、健康状况和就业对男女退休人员主要发现的影响。研究结果突出了金融市场参与在促进家庭退休保障方面的价值,并为积极促进澳大利亚和全球家庭金融市场参与提供了进一步的支持。
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引用次数: 0
Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia 来自言辞的压力:投资者在中国财报沟通会议上的语气和管理层的短视
Pub Date : 2023-08-18 DOI: 10.1111/acfi.13167
Runmei Luo, Yong Ye
This study examines whether and how the negative tone of investors in earnings communication conferences (ECCs) held by Chinese listed companies influences managerial myopia. We use the bidirectional encoder representations from transformers (BERT) model to construct sentence‐level emotional tone and find that the negative tone of investors in ECCs leads to greater myopic behaviour by managers. The positive relationship between the negative tone of investors and managerial myopia is stronger when more investors participate in ECCs, investors ask more questions, and managers respond with longer statements. However, this positive relationship becomes weaker when managers have positions in other companies, managers are more competent, and managers display a more positive tone in ECCs. Additionally, this positive relationship weakens when listed companies that hold ECCs have more institutional investors and strengthens when the media reports these companies more frequently. Our results prove that individual investors can have a voice and influence the decision‐making behaviour of managers through ECCs.
本研究旨在探讨中国上市公司召开的盈余沟通会议中投资者的负面基调是否以及如何影响管理层的近视。我们使用来自变压器(BERT)模型的双向编码器表示来构建句子级的情绪语气,并发现投资者在ecc中的负面语气会导致管理者更大的短视行为。当更多的投资者参与ecc,投资者提出更多的问题,管理者以更长的陈述回应时,投资者的消极基调与管理短视之间的正相关关系更强。然而,当管理者在其他公司担任职务,管理者更有能力,管理者在ECCs中表现出更积极的语气时,这种积极的关系就会变弱。此外,当持有ecc的上市公司拥有更多的机构投资者时,这种正相关关系会减弱,而当媒体对这些公司的报道频率更高时,这种正相关关系会增强。我们的研究结果证明,个人投资者可以通过ecc来表达和影响管理者的决策行为。
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引用次数: 0
A study of cross‐border profit shifting channels: Evidence from Australia 跨国利润转移渠道研究:来自澳大利亚的证据
Pub Date : 2023-08-17 DOI: 10.1111/acfi.13166
A. Tran, Wanmeng Xu
We investigate two cross‐border profit shifting channels used by foreign multinational enterprises (MNEs) in Australia and assess the effectiveness of the related measures adopted by the Australian Parliament to combat base erosion and profit shifting (BEPS). Overall, we find that Australian subsidiaries of foreign MNEs used tax‐induced intra‐group transfer pricing and, to a lesser extent, interest expense loading to shift profit out of Australia throughout the period from 2007 to 2020. However, we find no evidence indicating that profit shifting out of Australia via the two channels has reduced after the implementation of related BEPS countermeasures in Australia from 2013.
我们调查了外国跨国企业(MNEs)在澳大利亚使用的两种跨境利润转移渠道,并评估了澳大利亚议会为打击税基侵蚀和利润转移(BEPS)而采取的相关措施的有效性。总体而言,我们发现在2007年至2020年期间,外国跨国公司的澳大利亚子公司使用税收诱导的集团内部转移定价,并在较小程度上使用利息费用负担将利润转移出澳大利亚。然而,我们没有发现证据表明,在2013年澳大利亚实施相关BEPS对策后,通过这两个渠道转移出澳大利亚的利润减少了。
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引用次数: 1
The crowding‐out effects of innovation information disclosure on peers' innovation: Evidence from innovation‐driven M&As in China 创新信息披露对同行创新的挤出效应:来自中国创新驱动型并购的证据
Pub Date : 2023-08-16 DOI: 10.1111/acfi.13165
Zhangfan Cao, C. Hua, Yan Tong, Xi Wang
This study investigates the impact of rivals' announcements of innovation‐driven mergers and acquisitions (M&As) on focal firms' ex‐post corporate innovation performance. Exploiting a hand‐collected dataset of Chinese listed firms from 2011 to 2018, we find that focal firms file fewer patents after rivals' announcements of innovation‐driven M&As. Further analyses show that focal firms become more conservative and hold more cash when rivals intend to obtain innovation resources through M&As. We find that such crowding‐out effects are more pronounced for focal firms that are more financially constrained, those facing higher competition, those whose rivals are industry leaders, and those operating in traditional industries.
本研究探讨了竞争对手的创新驱动型并购公告对焦点企业事后创新绩效的影响。利用2011年至2018年中国上市公司的手工收集数据,我们发现焦点公司在竞争对手宣布创新驱动的并购后申请的专利数量减少。进一步分析表明,当竞争对手意图通过并购获得创新资源时,焦点企业变得更加保守,持有更多现金。我们发现,这种挤出效应对于那些资金更紧张、面临更激烈竞争、竞争对手是行业领导者以及在传统行业经营的重点企业更为明显。
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引用次数: 0
CEO turnovers and capital structure persistence CEO更替与资本结构持久性
Pub Date : 2023-08-14 DOI: 10.1111/acfi.13163
Viktoriya Staneva
Firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their chief executive officer (CEO) for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time‐series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing policy of the firm. Significant capital structure changes take place immediately after a new executive takes office and leverage ratios remain relatively stable for the remaining tenure of the CEO.
面板杠杆回归中的企业固定效应作为驱动杠杆持续性的管理效应的嘈杂代理。长期不更换首席执行官(CEO)的公司更有可能将负债率保持在一个狭窄的带宽内,并在长达20年的时间序列平均值中显示出持续的差异。首席执行官的更替与公司融资政策的重大调整有关。新高管上任后,资本结构会立即发生重大变化,在CEO的剩余任期内,杠杆率会保持相对稳定。
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引用次数: 0
CEO narcissism and firm's cash conversion cycle: The moderating role of CEO's gender CEO自恋与企业现金转换周期:CEO性别的调节作用
Pub Date : 2023-08-14 DOI: 10.1111/acfi.13161
Heba F. Zaher, Gilberto Marquez‐Illescas
This study investigates the effect of CEO narcissism on firm's cash conversion cycle (CCC), and how this influence is moderated by CEO gender. Based on a sample of 354 CEOs in 229 S&P 500 firms, our results indicate that firms led by more narcissistic CEOs tend to have a shorter CCC and this effect is weaker in companies led by a female CEO. Our additional analyses show that the effect of CEO narcissism on the CCC may improve or damage firm performance depending on the firm's CCC level.
本研究探讨CEO自恋对企业现金转换周期(CCC)的影响,以及CEO性别如何调节这种影响。基于对229家标准普尔500指数公司的354名CEO的样本,我们的研究结果表明,由更自恋的CEO领导的公司往往具有更短的CCC,而这种效应在由女性CEO领导的公司中较弱。我们的进一步分析表明,CEO自恋对CCC的影响可能会提高或损害公司绩效,这取决于公司的CCC水平。
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引用次数: 0
Institutional investor horizons, ownership structure and investment efficiency in China 中国机构投资者视野、股权结构与投资效率
Pub Date : 2023-08-12 DOI: 10.1111/acfi.13164
Zhihao Wang, Kezhi Liao, Sisi Wang
This paper investigates the effects of institutional investor horizons on investment efficiency in China. By analysing 26,831 firm‐year observations from Chinese listed companies, we find that long‐term (short‐term) institutional ownership is negatively (positively) associated with the level of inefficient investments. A battery of robustness tests indicates causality. Further analyses reveal that the rise in environmental uncertainty and information asymmetry are transmission channels for increased inefficient investments. Moreover, we find that the single controlling shareholder and state owner can curb the management myopia induced by short‐term institutional investors while they do not impede the monitoring effort of long‐term institutional investors.
本文研究了机构投资者视野对中国投资效率的影响。通过分析26,831家中国上市公司的年度观察,我们发现长期(短期)机构所有权与低效投资水平呈负(正)相关。一系列稳健性检验表明了因果关系。进一步分析表明,环境不确定性和信息不对称的增加是低效投资增加的传导渠道。此外,我们发现单一控股股东和国有所有者可以抑制短期机构投资者诱导的管理短视,而不会阻碍长期机构投资者的监督努力。
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引用次数: 1
Do buy‐side analysts inform sell‐side analyst research? 买方分析师是否为卖方分析师的研究提供信息?
Pub Date : 2023-08-12 DOI: 10.1111/acfi.13158
G. Cici, Philip B. Shane, Yanhua Sunny Sunny Yang
This paper examines whether sell‐side analysts' interactions with buy‐side analysts influence the quality of sell‐side research output. We hypothesise that these interactions offer the sell side a view of the buy side's private information, which enhances the quality of sell‐side research. Our findings show that analyst earnings forecast accuracy improves with these interactions with diminishing returns. Results are robust to alternative proxies for research quality and information flow from buy‐side to sell‐side analysts. Additional tests rule out endogeneity concerns, strengthening the inference that feedback from interactions with buy‐side analysts improves the quality of sell‐side research output.
本文考察了卖方分析师与买方分析师的互动是否会影响卖方研究产出的质量。我们假设这些互动为卖方提供了买方私人信息的视角,从而提高了卖方研究的质量。我们的研究结果表明,分析师收益预测的准确性随着收益递减的相互作用而提高。结果对于研究质量和从买方到卖方分析师的信息流的替代代理是稳健的。额外的测试排除了内生性问题,加强了与买方分析师互动的反馈可以提高卖方研究产出质量的推断。
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Accounting & Finance
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