Pub Date : 2021-07-19DOI: 10.1177/03128962211018241
Muhammad Jahangir Ali, Seema Miglani, Man Dang, Premkanth Puwanenthiren, Mazur Mieszko
We examine the impact of family control on the cost of raising external funds by family enterprises. Using a sample of Australian publicly listed firms, we find a significantly negative relation between cost of newly raised capital and family control. Moreover, we show that this relationship varies with the quality of corporate governance and the quality of firm’s information environment. Furthermore, we conduct several robustness checks and consistently find that our main results remain unchanged. Overall, our evidence suggests that family firms have easier access to external financing fostered by family involvement in the ownership and control. JEL Classification: G31; G32; M41; M42
{"title":"Do family firms pay less for external funding?","authors":"Muhammad Jahangir Ali, Seema Miglani, Man Dang, Premkanth Puwanenthiren, Mazur Mieszko","doi":"10.1177/03128962211018241","DOIUrl":"https://doi.org/10.1177/03128962211018241","url":null,"abstract":"We examine the impact of family control on the cost of raising external funds by family enterprises. Using a sample of Australian publicly listed firms, we find a significantly negative relation between cost of newly raised capital and family control. Moreover, we show that this relationship varies with the quality of corporate governance and the quality of firm’s information environment. Furthermore, we conduct several robustness checks and consistently find that our main results remain unchanged. Overall, our evidence suggests that family firms have easier access to external financing fostered by family involvement in the ownership and control. JEL Classification: G31; G32; M41; M42","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"11 10","pages":"225 - 250"},"PeriodicalIF":4.8,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211018241","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41261514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-03DOI: 10.1177/03128962211017172
Yankun Zhou, L. Luo, Hongtao Shen
This article analyses the relationship between community pressure, regulatory pressure and corporate environmental performance. Using a sample of 2192 firm-year observations in environmentally sensitive industries for the period 2007–2012, we find that increased community pressure is negatively associated with corporate pollution levels and thus positively associated with corporate environmental performance. Furthermore, intensified community pressure can strengthen regulatory enforcement, but it cannot increase the size of the government subsidy allotted to environmental issues. Finally, regulatory enforcement partly mediates the relationship between community pressure and environmental performance. This study contributes to the understanding of firms’ environmental management and the interaction of community and regulatory pressure. JEL Classification: G38, M41, Q53, Q56
{"title":"Community pressure, regulatory pressure and corporate environmental performance","authors":"Yankun Zhou, L. Luo, Hongtao Shen","doi":"10.1177/03128962211017172","DOIUrl":"https://doi.org/10.1177/03128962211017172","url":null,"abstract":"This article analyses the relationship between community pressure, regulatory pressure and corporate environmental performance. Using a sample of 2192 firm-year observations in environmentally sensitive industries for the period 2007–2012, we find that increased community pressure is negatively associated with corporate pollution levels and thus positively associated with corporate environmental performance. Furthermore, intensified community pressure can strengthen regulatory enforcement, but it cannot increase the size of the government subsidy allotted to environmental issues. Finally, regulatory enforcement partly mediates the relationship between community pressure and environmental performance. This study contributes to the understanding of firms’ environmental management and the interaction of community and regulatory pressure. JEL Classification: G38, M41, Q53, Q56","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"368 - 392"},"PeriodicalIF":4.8,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211017172","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49605379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-29DOI: 10.1177/03128962211022568
Daniel W. Richards, Abdullahi D. Ahmed, Ken Bruce
Scandals show that ethics is an important topic in financial planning. Our research analyses 212 financial ombudsman decisions (2013–2018) to understand the nature of financial planning misconduct in complaint decisions. We develop a coding structure to ascertain what professional conduct involves and then use content analysis and cluster analysis to identify the aspects of professional conduct occurring in these misconduct decisions. Diligence, acting in the client’s best interest and having no reasonable basis for advice are interconnected elements in over half of these decisions. Secondary elements are misleading statements, conflicts of interest and disclosure. Analysis of decisions involving fiduciary duty showed that financial planners failed to ascertain a client’s circumstances and did not form advice based on their client’s information. As financial planning professionalises, future research, financial planning education, policy and practice should address these issues. JEL Classification: D14, G20, G50
{"title":"Ethics in financial planning: Analysis of ombudsman decisions using codes of ethics and fiduciary duty standards","authors":"Daniel W. Richards, Abdullahi D. Ahmed, Ken Bruce","doi":"10.1177/03128962211022568","DOIUrl":"https://doi.org/10.1177/03128962211022568","url":null,"abstract":"Scandals show that ethics is an important topic in financial planning. Our research analyses 212 financial ombudsman decisions (2013–2018) to understand the nature of financial planning misconduct in complaint decisions. We develop a coding structure to ascertain what professional conduct involves and then use content analysis and cluster analysis to identify the aspects of professional conduct occurring in these misconduct decisions. Diligence, acting in the client’s best interest and having no reasonable basis for advice are interconnected elements in over half of these decisions. Secondary elements are misleading statements, conflicts of interest and disclosure. Analysis of decisions involving fiduciary duty showed that financial planners failed to ascertain a client’s circumstances and did not form advice based on their client’s information. As financial planning professionalises, future research, financial planning education, policy and practice should address these issues. JEL Classification: D14, G20, G50","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"401 - 422"},"PeriodicalIF":4.8,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211022568","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48040867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-29DOI: 10.1177/03128962211022041
Tracey West, Elizabeth Mitchell
Divorce dissolves couple households, who likely specialised in household financial decision-making tasks, into singles who need to learn new skills. Financial decisions will be particularly challenging for those newly separated people that are lacking knowledge and confidence. Given the substantive literature supporting the lack of financial knowledge of women in comparison to men, women are likely to be more disadvantaged by this aspect of divorce. We employ the HILDA Survey and find support for the role of financial literacy in improving wealth outcomes in divorce, particularly for women. We find that the positive impact is significant over the long term. This research contributes to knowledge of the role of financial education in building resilience to endure financial shocks. JEL classification: D14; G53; G50; J12; J16
{"title":"Australian women with good financial knowledge fare better in divorce","authors":"Tracey West, Elizabeth Mitchell","doi":"10.1177/03128962211022041","DOIUrl":"https://doi.org/10.1177/03128962211022041","url":null,"abstract":"Divorce dissolves couple households, who likely specialised in household financial decision-making tasks, into singles who need to learn new skills. Financial decisions will be particularly challenging for those newly separated people that are lacking knowledge and confidence. Given the substantive literature supporting the lack of financial knowledge of women in comparison to men, women are likely to be more disadvantaged by this aspect of divorce. We employ the HILDA Survey and find support for the role of financial literacy in improving wealth outcomes in divorce, particularly for women. We find that the positive impact is significant over the long term. This research contributes to knowledge of the role of financial education in building resilience to endure financial shocks. JEL classification: D14; G53; G50; J12; J16","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"203 - 224"},"PeriodicalIF":4.8,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211022041","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48539757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-05-31DOI: 10.1177/03128962221078943
Lai T. Hoang, Joey (Wenling) Yang
This article examines institutions’ investment strategies towards environmental and social (E&S) stocks in the first quarter of 2020, coinciding with the COVID-19 pandemic outbreak. Backed with both institutional- and firm-level analyses, we find that institutional investors shift towards stocks with higher E&S performance. The high E&S portfolios exhibit lower risk and return characteristics, outperforming (underperforming) their peers on market-down (-up) days. Further analysis shows this shift towards E&S is not a permanent transition, rather it reversed with the market rebound in the second quarter, thereby suggesting that the underlying driver of institutional E&S investment strategy in the pandemic is downside-risk protection. JEL Classification: G01, G12, G23, M14
{"title":"Sustainable institutional investment in the COVID-19 pandemic","authors":"Lai T. Hoang, Joey (Wenling) Yang","doi":"10.1177/03128962221078943","DOIUrl":"https://doi.org/10.1177/03128962221078943","url":null,"abstract":"This article examines institutions’ investment strategies towards environmental and social (E&S) stocks in the first quarter of 2020, coinciding with the COVID-19 pandemic outbreak. Backed with both institutional- and firm-level analyses, we find that institutional investors shift towards stocks with higher E&S performance. The high E&S portfolios exhibit lower risk and return characteristics, outperforming (underperforming) their peers on market-down (-up) days. Further analysis shows this shift towards E&S is not a permanent transition, rather it reversed with the market rebound in the second quarter, thereby suggesting that the underlying driver of institutional E&S investment strategy in the pandemic is downside-risk protection. JEL Classification: G01, G12, G23, M14","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"3 - 37"},"PeriodicalIF":4.8,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47101053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-05-24DOI: 10.1177/03128962211014931
Syrus M. Islam
Social enterprises have attracted increased attention from both researchers and practitioners around the world. In the social enterprise context, scaling social impact is considered the main currency or key performance metric. Two overarching social impact scaling strategies are organizational growth strategy and ecosystem growth strategy. However, to date, little cumulative knowledge exists on these two social impact scaling strategies. To address this issue, this article conducts a systematic review of 111 peer-reviewed articles. It identifies and discusses key insights into organizational growth strategy and ecosystem growth strategy as a means to scale social impact in social enterprises. Based on these findings, the current article also develops a framework to facilitate a comprehensive understanding of social impact scaling strategies in social enterprises. Finally, the review identifies gaps in the existing literature and discusses a comprehensive agenda for future research. JEL Classification: L26, L31, O35, M13
{"title":"Social impact scaling strategies in social enterprises: A systematic review and research agenda","authors":"Syrus M. Islam","doi":"10.1177/03128962211014931","DOIUrl":"https://doi.org/10.1177/03128962211014931","url":null,"abstract":"Social enterprises have attracted increased attention from both researchers and practitioners around the world. In the social enterprise context, scaling social impact is considered the main currency or key performance metric. Two overarching social impact scaling strategies are organizational growth strategy and ecosystem growth strategy. However, to date, little cumulative knowledge exists on these two social impact scaling strategies. To address this issue, this article conducts a systematic review of 111 peer-reviewed articles. It identifies and discusses key insights into organizational growth strategy and ecosystem growth strategy as a means to scale social impact in social enterprises. Based on these findings, the current article also develops a framework to facilitate a comprehensive understanding of social impact scaling strategies in social enterprises. Finally, the review identifies gaps in the existing literature and discusses a comprehensive agenda for future research. JEL Classification: L26, L31, O35, M13","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"298 - 321"},"PeriodicalIF":4.8,"publicationDate":"2021-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211014931","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48497937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-05-12DOI: 10.1177/03128962211009959
C. Hom, D. Samson, C. Cregan, P. Cebon
Board director independence is critical to achieving and maintaining control to address the agency theory–based issue of interest misalignment between the principal (the organization) and the executives (agent). However, theoretical and empirical research and strategic risk considerations have brought into question the role or relevance that director independence plays in these control task and agency theory domains. We ask, using a quantitative survey method, whether board activity–based applications of independence may be associated with the service task of the board, namely its resource dependence mission. Our findings suggest that the resource dependence duty of the board may be positively associated with some autonomous activities, and yet other activities might be driven primarily by normative practices. Based on this, we suggest that a theoretical scope beyond and greater than agency theory may be needed when reassessing the role of director independence. JEL Classification: M1, O3
{"title":"Director independence: Going beyond misaligned incentives to resource dependence","authors":"C. Hom, D. Samson, C. Cregan, P. Cebon","doi":"10.1177/03128962211009959","DOIUrl":"https://doi.org/10.1177/03128962211009959","url":null,"abstract":"Board director independence is critical to achieving and maintaining control to address the agency theory–based issue of interest misalignment between the principal (the organization) and the executives (agent). However, theoretical and empirical research and strategic risk considerations have brought into question the role or relevance that director independence plays in these control task and agency theory domains. We ask, using a quantitative survey method, whether board activity–based applications of independence may be associated with the service task of the board, namely its resource dependence mission. Our findings suggest that the resource dependence duty of the board may be positively associated with some autonomous activities, and yet other activities might be driven primarily by normative practices. Based on this, we suggest that a theoretical scope beyond and greater than agency theory may be needed when reassessing the role of director independence. JEL Classification: M1, O3","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"53 - 78"},"PeriodicalIF":4.8,"publicationDate":"2021-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211009959","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46152908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article examines variations in illiquidity in the Indian stock market, using intraday data. Panel regression reveals prevalent day-of-the-week, month, and holiday effects in illiquidity across industries, especially during exogenous shock periods. Illiquidity fluctuations are higher during the second and third quarters. The ranking of most illiquid stocks varies, depending on whether illiquidity is measured using an adjusted or unadjusted Amihud measure. Using pooled quantile regression, we note that illiquidity plays an important asymmetric role in explaining stock returns under up- and down-market conditions in the presence of open interest and volatility. The impact of illiquidity is more severe during periods of extreme high and low returns. JEL Classification: G10, G12
{"title":"Does time-varying illiquidity matter for the Indian stock market? Evidence from high-frequency data","authors":"Mousumi Bhattacharya, Sharad Nath Bhattacharya, Sumit Kumar Jha","doi":"10.1177/03128962211010243","DOIUrl":"https://doi.org/10.1177/03128962211010243","url":null,"abstract":"This article examines variations in illiquidity in the Indian stock market, using intraday data. Panel regression reveals prevalent day-of-the-week, month, and holiday effects in illiquidity across industries, especially during exogenous shock periods. Illiquidity fluctuations are higher during the second and third quarters. The ranking of most illiquid stocks varies, depending on whether illiquidity is measured using an adjusted or unadjusted Amihud measure. Using pooled quantile regression, we note that illiquidity plays an important asymmetric role in explaining stock returns under up- and down-market conditions in the presence of open interest and volatility. The impact of illiquidity is more severe during periods of extreme high and low returns. JEL Classification: G10, G12","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"251 - 272"},"PeriodicalIF":4.8,"publicationDate":"2021-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211010243","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48050376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-04-27DOI: 10.1177/03128962211009581
D. De Clercq, Renato Pereira
This research investigates how an understudied personal resource (exhibitionism) might positively connect with peer-oriented helping behavior, as well as how this connection might be invigorated by four pertinent contextual resources: two resources that speak to beliefs about fair organizational treatment (informational justice and procedural justice) and two resources that capture how employees feel about their work functioning (job satisfaction and organizational commitment). Two-wave survey data collected among banking sector employees reveal that their desire to be the center of attention is associated with an enhanced propensity to extend help to other organizational peers, voluntarily. This process also is more likely when employees (1) believe that organizational authorities provide them with sufficient information, (2) perceive organizational procedures as fair, (3) feel happy with their current job situation, and (4) experience a strong emotional bond with their employer. JEL Classification: M50
{"title":"“Hey everyone, look at me helping you!”: A contingency view of the relationship between exhibitionism and peer-oriented helping behaviors","authors":"D. De Clercq, Renato Pereira","doi":"10.1177/03128962211009581","DOIUrl":"https://doi.org/10.1177/03128962211009581","url":null,"abstract":"This research investigates how an understudied personal resource (exhibitionism) might positively connect with peer-oriented helping behavior, as well as how this connection might be invigorated by four pertinent contextual resources: two resources that speak to beliefs about fair organizational treatment (informational justice and procedural justice) and two resources that capture how employees feel about their work functioning (job satisfaction and organizational commitment). Two-wave survey data collected among banking sector employees reveal that their desire to be the center of attention is associated with an enhanced propensity to extend help to other organizational peers, voluntarily. This process also is more likely when employees (1) believe that organizational authorities provide them with sufficient information, (2) perceive organizational procedures as fair, (3) feel happy with their current job situation, and (4) experience a strong emotional bond with their employer. JEL Classification: M50","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"46 1","pages":"717 - 739"},"PeriodicalIF":4.8,"publicationDate":"2021-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211009581","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44420809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-04-07DOI: 10.1177/03128962211001509
Hui Zeng, Ben R. Marshall, N. Nguyen, Nuttawat Visaltanachoti
We show that the previously documented predictability of macroeconomic and technical variables for market returns is also evident in individual stock returns. Technical variables generate better predictability on firms with high limits to arbitrage (small, illiquid, volatile firms), while macroeconomic variables better predict firms with low limits to arbitrage. Technical predictors show a stronger predictive power for high limits to arbitrage firms across the business cycle, whereas macroeconomic variables capture more predictive information for firms with low limits to arbitrage during recessions. JEL Classification: C58, E32, G11, G12, G17
{"title":"Are individual stock returns predictable?","authors":"Hui Zeng, Ben R. Marshall, N. Nguyen, Nuttawat Visaltanachoti","doi":"10.1177/03128962211001509","DOIUrl":"https://doi.org/10.1177/03128962211001509","url":null,"abstract":"We show that the previously documented predictability of macroeconomic and technical variables for market returns is also evident in individual stock returns. Technical variables generate better predictability on firms with high limits to arbitrage (small, illiquid, volatile firms), while macroeconomic variables better predict firms with low limits to arbitrage. Technical predictors show a stronger predictive power for high limits to arbitrage firms across the business cycle, whereas macroeconomic variables capture more predictive information for firms with low limits to arbitrage during recessions. JEL Classification: C58, E32, G11, G12, G17","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"135 - 162"},"PeriodicalIF":4.8,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/03128962211001509","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45970336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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