Journal of Applied Business Research最新文献

英文中文

Meeting Or Beating Analysts’ Revenue Forecasts Using Advertising Activities 利用广告活动达到或超过分析师的收入预测

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2020-01-01 DOI: 10.19030/jabr.v36i1.10320

D. Son

This paper investigates the relationship between the likelihood of accomplishing the revenue expectations and the use of firms’ advertising expenditures depending on firms’ growth properties. First, using the analysts’ revenue forecasts as a proxy of revenues expected by market participants, the test shows that growth firms spend more resources in their advertising activities to boost up their reported revenues than non-growth firms do. The paper also examines whether the effect of the interaction between the growth properties of firms and the use of advertising expenses on the probability of achieving analysts’ revenue forecasts can vary conditionally on firms’ business strategies. Empirical results display that the positive relation between growth firms and the probability of meeting or exceeding analysts’ revenue forecasts are statistically significant for cost leadership firms but not for differentiation firms. These findings suggest that unlike differentiators, cost leaders with growth properties are more likely to achieve favorable revenue surprises through advertising activities.

本文研究了基于企业成长属性的企业实现收入预期的可能性与广告支出的使用之间的关系。首先，使用分析师的收入预测作为市场参与者预期收入的代理，测试表明增长型公司在广告活动中花费的资源比非增长型公司更多，以提高其报告收入。本文还考察了企业的成长属性和广告费用的使用之间的相互作用对实现分析师收入预测的概率的影响是否会因企业的经营战略而有条件地变化。实证结果表明，成长型企业与达到或超过分析师收入预测的概率之间的正相关关系在成本领先型企业中具有统计学意义，而在差异化企业中则不具有统计学意义。这些发现表明，与差异化企业不同，具有成长性的成本领先企业更有可能通过广告活动获得有利的收入惊喜。

引用次数: 0

Correlation of Radiomorphometric Indices of the Mandible and Biochemical Parameters in Patients with Secondary Hyperparathyroidism Due to Chronic Kidney Disease. 慢性肾病导致的继发性甲状旁腺功能亢进症患者下颌骨放射形态指标与生化指标的相关性

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2019-07-01 Epub Date: 2019-12-03 DOI: 10.1055/s-0039-1688738

Stenio Medeiros Queiroz, Ana Luiza Dias Leite De Andrade, Patrícia Teixeira De Oliveira, Paulo Raphael Leite Maia, Ângelo Giuseppe Roncalli Da Costa Oliveira, Roseana De Almeida Freitas, Hébel Cavalcanti Galvão

Objective: The aim was to correlate radiomorphometric indices and biochemical analyses as an auxiliary method in bone evaluation in male and female patients with chronic kidney disease-mineral and bone disorder (CKD-MBD) and controls.

Materials and methods: Nine radiomorphometric indices and four biochemical parameters were obtained: mental index (MI), height at the mental foramen, total mandibular height (THM), panoramic mandibular index (PMI), original height of the mandible, alveolar bone resorption, distance from the mental foramen to the alveolar bone crest (MF-ABC), mandibular cortical index (MCI), trabecular bone pattern, parathyroid hormone (PTH), calcium (Ca), phosphorus (P), and Ca × P product (Ca × P).

Statistical analysis: The Mann-Whitney U-test, chi-squared test, and Spearman's correlation were applied at a significance level of 95%.

Results: There was a moderate negative and significant correlation between MI, PMI, and PTH in female patients with CKD-MBD as well as between THM, MF-ABC, and Ca × P. The MCI and trabecular bone pattern indicated altered bone quality in male patients.

Conclusions: The radiomorphometric evaluation was an auxiliary, noninvasive method to detect possible alterations in the cortex and mandibular bone trabeculation in male and female patients with CKD-MBD.

目的：目的是将放射性形态测量指数和生化分析作为骨评估的辅助方法，在慢性肾脏病-矿物质和骨质紊乱（CKD-MBD）男女患者及对照组中进行相关研究：获得了九项放射形态测量指数和四项生化参数：下颌骨全景指数 (PMI)、下颌骨原始高度、牙槽骨吸收、牙槽孔至牙槽骨嵴的距离 (MF-ABC)、下颌骨皮质指数 (MCI)、骨小梁形态、甲状旁腺激素 (PTH)、钙 (Ca)、磷 (P) 和 Ca × P 乘积 (Ca×P)。统计分析：采用曼-惠特尼 U 检验、卡方检验和斯皮尔曼相关检验，显著性水平为 95%：结果：女性 CKD-MBD 患者的 MI、PMI 和 PTH 之间以及 THM、MF-ABC 和 Ca × P 之间存在中度负相关和显著相关：放射形态计量学评估是一种辅助性、非侵入性方法，可用于检测 CKD-MBD 男女患者骨皮质和下颌骨骨小梁可能发生的变化。

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引用次数: 0

Inferring The Cost Of Equity: Does The CAPM Consistently Outperform The Income And Multiples Valuation Models? 推断股权成本：CAPM是否始终优于收益和倍数估值模型？

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/jabr.v34i3.10174

Vusani Moyo, Fidelis Mache

A number of surveys reveal that a large number of analysts, valuation experts, investors, chief financial officers and finance academics employ the capital asset pricing model (CAPM) of Sharpe (1962) and Lintner (1965) to estimate the cost of equity. There are, however, a number of alternative valuation models that can be used to infer the cost of equity. These alternative equity valuation models include the constant growth dividend discount, the earnings and book market multiples, the residual income and the Ohlson and Juettner-Nauroth (2005) abnormal earnings growth (AEG) models. Using four mature retail firms listed on the Johannesburg Stock Exchange, this paper tested for the equivalence of these models to the CAPM in estimating the cost of equity. The study found that the variants of the constant growth dividend discount and the AEG models give similar estimates which are closer to those of the CAPM. The variants of the price-to-earnings market multiples, price-to-book market multiples, and residual income models all yield estimates that are higher than those of the CAPM. Finally, the estimates seem to be affected by the stability of the firm’s earnings and financial position.

大量调查显示，大量分析师、估值专家、投资者、首席财务官和金融学者使用夏普(Sharpe, 1962)和林特纳(Lintner, 1965)的资本资产定价模型(CAPM)来估算权益成本。然而，有许多可供选择的估值模型可用于推断权益成本。这些替代性股票估值模型包括恒定增长股息折现、盈利和账面市场倍数、剩余收益以及Ohlson和Juettner-Nauroth(2005)的异常盈利增长(AEG)模型。本文以四家在约翰内斯堡证券交易所上市的成熟零售企业为对象，检验了这些模型在估算股权成本时与CAPM的等价性。研究发现，恒增长股息贴现和AEG模型的变体给出了类似的估计，更接近CAPM的估计。市盈率、市净率和剩余收益模型的变体都比CAPM的收益率估计高。最后，这些估计似乎受到公司收益和财务状况的稳定性的影响。

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引用次数: 2

Stock Returns And Disagreement Among Sell-Side Analysts 股票收益率与卖方分析师的分歧

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10171

Jeffrey J. Hobbs, David L. Kaufman, Heiwai Lee, Vivek Singh

Asymmetric information, investor optimism, and unbiased prices hypotheses are the main hypotheses proposed for explaining how investors’ difference of opinion may impact stock returns. We use a new measure for divergence in investor beliefs among sell-side analysts to test these three hypotheses. Our initial findings are not supportive of either the asymmetric information or the investor optimism hypotheses. However, since these two hypotheses predict opposing effects of divergence in opinion on stock returns, the effects could neutralize their respective impacts on stock prices. Our further empirical analysis though suggests that this is not the case. The weight of the evidence presented suggests that within the sell-side, the difference of opinion does not impose a bias on future stock returns.

信息不对称、投资者乐观和价格无偏假设是解释投资者意见分歧如何影响股票回报的主要假设。我们使用一种新的衡量卖方分析师投资者信念差异的方法来检验这三个假设。我们的初步发现并不支持信息不对称或投资者乐观假设。然而，由于这两个假设预测了意见分歧对股票回报的相反影响，这些影响可能会抵消它们各自对股价的影响。然而，我们进一步的实证分析表明，情况并非如此。所提供证据的分量表明，在卖方内部，意见分歧不会对未来的股票回报产生偏见。

引用次数: 0

The Influence Of Firm’s Fair Value System On Earnings Quality Under IFRS 国际财务报告准则下企业公允价值制度对盈余质量的影响

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10166

C. Rhee, Eun-Sil Choi, Ji-Yeon Ryu

This paper analyzes the influence of firms’ fair value system on earnings quality under IFRS. Korean firms are required to adopt IFRS in 2011. IFRS adoption was expected to increase value relevance of book value of equity and benefit information users’ decision making. However, prior Korean studies report that value relevance of book value of equity is indifferent between under K-GAAP and IFRS. We consider that the indifference in value relevance of book value of equity after IFRS adoption is due to different level of fair value system among firms. We investigate whether the different level of fair value system among firms lead to the difference in earnings quality. Furthermore, we examine how each firm’s fair value system affect earnings quality under IFRS. This study finds following results. First, firms with weak fair value system smooth income more frequently. Second, firms with weak fair value system experience small amount of positive profit and slight increase in net income compared to prior period more frequently. Third, firms with weak fair value system make less timely loss recognition. Lastly, book value of equity and goodwill has low relative value relevance for weak fair value systemic firms, while both book value of equity and goodwill have incremental value relevance for firms with strong fair value evaluation system.

本文分析了国际财务报告准则下企业公允价值体系对盈余质量的影响。韩国企业必须在2011年采用国际财务报告准则。采用国际财务报告准则有望增加权益账面价值的价值相关性，并有利于信息使用者的决策。然而，韩国先前的研究报告称，在K-GAAP和IFRS下，股权账面价值的价值相关性是无关紧要的。我们认为，采用国际财务报告准则后，股权账面价值的价值相关性的差异是由于公司之间公允价值体系的水平不同。本文探讨了公允价值体系水平的不同是否会导致盈余质量的差异。此外，我们研究了每家公司的公允价值体系如何影响国际财务报告准则下的盈余质量。这项研究发现了以下结果。首先，公允价值体系薄弱的企业平滑收益的频率更高。其次，公允价值体系薄弱的企业较上期更频繁地出现少量正利润和净收入的小幅增长。第三，公允价值体系薄弱的企业损失确认的及时性较差。最后，对于具有较弱公允价值体系的企业，权益和商誉的账面价值具有较低的相对价值相关性，而对于具有较强公允价值评估体系的企业，权益和商誉的账面价值都具有增加价值相关性。

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引用次数: 1

Leapfrogging under a sequential investment strategy 在连续投资策略下实现跨越式发展

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10167

H. Yim

A common FDI pattern observed across Korean parents investing in China is that they invest sequentially. Revoking that Korean parents are intended to achieve production efficiency in China, the economies of scale of a sequential investment strategy is relatively lower compared to a large scale one-shot investment; however, the latest production technologies can be applied to sequentially established subsidiaries, which can open a strategic pathway to leapfrog other competitors in the long run. A game model is constructed to demonstrate that as longer the Korean parents are expected to stay in China, they are better off by pursuing a sequential investment strategy. Unfortunately, this result does not mean that they can leapfrog competitors through sequential investment strategy. This can happen only when they begin with larger resource endowments. The model predicts that, under the lack of resources in establishing Chinese subsidiaries, Korean firms’ leapfrogging through sequential investment strategy can occur if technology shocks occur to follow-up investments after an initial investment is done. A scenario approach is performed to prove this prediction empirically. It turns out that the firm value of those Korean parents that pursue sequential investment strategy increases the most when the longer they operate in China and when their research and development investments are higher at the same time. Also, as they stay longer in China, they are intended to make more sequential investments.

在中国投资的韩国父母身上观察到的一种常见的外国直接投资模式是按顺序投资。鉴于韩国父母有意在中国实现生产效率，与大规模一次性投资相比，顺序投资策略的规模经济性相对较低；然而，最新的生产技术可以应用于相继成立的子公司，从长远来看，这可以为超越其他竞争对手开辟一条战略途径。构建了一个游戏模型，以证明韩国父母在中国待的时间越长，他们通过追求顺序投资策略会过得越好。不幸的是，这一结果并不意味着他们可以通过顺序投资策略超越竞争对手。只有当它们从更大的资源禀赋开始时，才会发生这种情况。该模型预测，在缺乏建立中国子公司的资源的情况下，如果在初始投资完成后，后续投资发生技术冲击，韩国公司可能会通过顺序投资策略实现跨越。进行了一种情景方法来实证证明这一预测。事实证明，那些追求顺序投资策略的韩国父母在中国经营的时间越长，同时研发投资越高，他们的公司价值增长最大。此外，由于他们在中国停留的时间更长，他们打算进行更多的连续投资。

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引用次数: 0

Key Management Model Of Added Value In The Historical Tourist Attractions: The Case Studies The Emerald Buddha Temple Bangkok Thailand 历史旅游景点的关键增值管理模式——以泰国曼谷翡翠佛寺为例

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/jabr.v34i3.10172

Chayanan Kerdpitak

The promotion of the historical tourist attractions is an important mission that should be accomplished to ensure that the tourists have admired ancient sites that are valuable, rare, Inimitable andnon – substitution. The tourists are thus enthusiastic to visit the ancient sites and willing to promote and encourage other tourists to visit these tourist attractions. By this reason, the objective of this research is to study the main factors affecting the added value of the tourist to the historical tourist attractions in Thailand. The factors include, Participation Management, Processes Management, Resource Management, Tourists Satisfaction, Tourist Attractions Differentiation and Added Value of Tourists. In this study, the researcher has applied both quantitative and qualitative research methodologies using questionnaires and in-depth interview. The sample comprises visitors to the Temple of the Emerald Buddha. Meanwhile, the path analysis has been used to analyze the data. At the same time the researcher intends to propose the conceptual framework for this study with an aim to identify of the research question, there are any factors affecting to the added value of the visitors to the ancient sites. Moreover, the researcher has recommended 7 assumptions to find out the factors that have effects on the added value of the visitors to the ancient sites. The result has shown that the Tourists satisfaction and the differentiation in tourist attractions have affected the visitors’ added value with the significance level at 0.008. The result of this study can be used to set up the business operations policy of the Thai tourism business. The policy focuses on differentiation placing the development of tourist attractions as first priority followed by the environmental management, the promotion of tourist attractions and the renovation of ancient sites respectively.

为使旅游者欣赏到珍贵、稀有、不可模仿、不可替代的古迹，对历史旅游景点进行推广是一项必须完成的重要任务。因此，游客热衷于参观古迹，并愿意促进和鼓励其他游客参观这些旅游景点。因此，本研究的目的是研究影响泰国历史旅游景点游客附加值的主要因素。影响因素包括:参与管理、流程管理、资源管理、游客满意度、旅游景点差异化和游客附加值。在本研究中，研究者运用了定量和定性的研究方法，采用问卷调查和深度访谈。样本包括参观玉佛寺的游客。同时，采用路径分析法对数据进行分析。同时，研究者打算提出本研究的概念框架，旨在确定研究问题，是否存在影响古代遗址游客附加值的因素。此外，研究人员还提出了7个假设，以找出影响古代遗址游客附加值的因素。结果表明，游客满意度和旅游景点的差异化对游客附加值有影响，显著性水平为0.008。本研究结果可为泰国旅游企业的经营策略之制定提供参考。该政策的重点是差异化，将旅游景点的开发放在首位，其次是环境管理、旅游景点推广和古迹修复。

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引用次数: 1

The Impact Of The National Credit Act On Residential Mortgage Lending In South Africa 国家信贷法案对南非住宅抵押贷款的影响

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10175

Catherine Boonzaaier

The purpose of the study reported in this article was to determine the impact of the National Credit Act on residential mortgage lending in South Africa. The National Credit Act (NCA) was promulgated and implemented on 1 June 2007. The purpose of the NCA was to remove the many unfair practices, inappropriate disclosure and anti-competitive practices from the market and to achieve honesty in the credit market. Low-income groups were held back because they could not gain access to formal finance to build or improve houses or supplement housing subsidies to get bigger houses. This study applied a quantitative research design using monthly time series secondary data for the period January 2001 to August 2011. The statistical analysis techniques used in this study were t-tests, descriptive statistics, trend analysis and correlation analysis. It was found that the NCA had a positive effect on the residential mortgages in South Africa. These results have policy implications on the continued regulation of the credit market and the avoidance of reckless lending.

本文报告的研究目的是确定《国家信贷法》对南非住房抵押贷款的影响。《国家信贷法》(NCA)于2007年6月1日颁布实施。NCA的目的是消除市场上的许多不公平做法、不适当的披露和反竞争做法，并实现信贷市场的诚实。低收入群体受到阻碍，因为他们无法获得正式融资来建造或改善住房，也无法获得住房补贴以获得更大的住房。本研究采用定量研究设计，使用2001年1月至2011年8月的月度时间序列二手数据。本研究采用的统计分析技术为t检验、描述性统计、趋势分析和相关分析。研究发现，NCA对南非的住房抵押贷款有积极的影响。这些结果对信贷市场的持续监管和避免不计后果的放贷具有政策意义。

引用次数: 1

Agency Theory Approach For The Performance Of Returnee Entrepreneurs 回归企业家绩效的代理理论研究

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10168

P. Yan, Yunhyeong Choi, Seong-jin Choi, Sukyoon Jung

A returnee entrepreneur playing an important role in China market is a notable phenomenon. While their advanced knowledge and overseas networking in developed countries have advantages over local counterparts, their lack of local knowledge and connection may mitigate their advantages. This study explores the research questions how and why external management control of returnee entrepreneur is inferior to local counterpart. Based on the data collected in year 2002 from Chinese technology venture companies in Zhongguancun Science Park (ZSP), we find that the performance of returnee entrepreneur’s firms is lower when they have more local subsidiaries and when they are owned by foreigners. It implies that returnee entrepreneurs may be less effective in management control over local subsidiaries which may indicate a low level of headquarters control. It also implies that foreign ownership gives rise to increase in agency conflicts between returnee entrepreneurs and foreign investors and thus has a negative impact on firms’ innovation performance.

海归企业家在中国市场发挥重要作用是一个值得注意的现象。虽然他们的先进知识和在发达国家的海外网络比当地同行有优势，但他们缺乏当地知识和联系可能会削弱他们的优势。本研究探讨了海归企业家的外部管理控制如何以及为什么不如当地同行的研究问题。基于2002年中关村科技园区中国科技创业公司的数据，我们发现海归创业公司在当地拥有更多子公司和外资企业时，其绩效较低。这意味着回国企业家对当地子公司的管理控制可能较不有效，这可能表明总部控制水平较低。这也意味着外资所有权导致海归企业家与外国投资者之间的代理冲突增加，从而对企业的创新绩效产生负面影响。

引用次数: 2

Segment Reporting Level And Analyst Forecast Accuracy 分部报告级别和分析师预测准确性

Q4 Business, Management and Accounting

Journal of Applied Business Research

Pub Date : 2018-05-07 DOI: 10.19030/JABR.V34I3.10170

Kyongsun Heo, Seoyoung Doo

In a setting where the primary financial statements have been converted from individual financial statements to consolidated financial statements in Korea, we examine the effect of segment information disclosed by the firm on analysts’ consolidated-base earnings forecast accuracy. Since Korean firms have prepared the primary financial statements on a non-consolidated basis in the pre-IFRS regime, the adoption of International Financial Reporting Standards (IFRS) leads to a great deal of difficulties and complexities in making accurate consolidated forecasts for users of financial statements, even for financial analysts who are sophisticated users of financial statements. In this situation, we conjecture that the amount of details and types of information in segment disclosure will influence analysts’ forecast accuracy. Consistent with the prediction, we find that financial analysts are able to make more accurate earnings projections when firms provide more disaggregated accounting figures by each segment. Moreover, we find that analysts can make forecasts more accurately when firms disclose more persistent earnings component (i.e., segment operating income). Furthermore, we find that the effect of the segment disclosure levels on analysts’ forecast accuracy is more pronounced for firms with multi-segments. Our results indicate that disaggregated segment information is a useful source for financial analysts to have better understanding about complete picture of firms’ consolidated earnings and improve their forecasting performance.

在韩国，主要财务报表已从个别财务报表转换为合并财务报表的情况下，我们研究了该公司披露的分部信息对分析师合并基本收益预测准确性的影响。由于韩国公司在《国际财务报告准则》之前的制度中是在非合并的基础上编制主要财务报表的，因此采用《国际财务报表准则》会给财务报表的用户，甚至是财务报表的资深用户财务分析师，做出准确的合并预测带来很大的困难和复杂性。在这种情况下，我们推测分部披露的细节数量和信息类型会影响分析师的预测准确性。与预测一致，我们发现，当公司按每个细分市场提供更多分类会计数据时，财务分析师能够做出更准确的盈利预测。此外，我们发现，当公司披露更持久的盈利成分（即分部营业收入）时，分析师可以更准确地做出预测。此外，我们发现，对于具有多个细分市场的公司，细分市场披露水平对分析师预测准确性的影响更为显著。我们的研究结果表明，细分市场信息是财务分析师更好地了解企业合并收益全貌并提高其预测绩效的有用来源。

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引用次数: 1

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