Pub Date : 2023-02-27DOI: 10.1177/03128962231152764
D. Ranasinghe, Ahsan Habib
We examine the association between strategic deviation and investment inefficiency. We conceptualize strategic deviation as the extent to which the pattern of a firm’s resource allocation deviates from its industry peers. We posit that firms pursuing deviant strategies are prone to increased information asymmetry and hence, are able to engage in self-serving behaviour as manifested in inefficient investments. Our results suggest that deviant firms have sub-optimal investments. A battery of robustness tests validates our findings. We further provide evidence to suggest that weaker monitoring, high product market competition and a low-quality information environment moderate the relation between strategic deviation and investment inefficiency. M41, G41
{"title":"Strategic deviation and investment inefficiency","authors":"D. Ranasinghe, Ahsan Habib","doi":"10.1177/03128962231152764","DOIUrl":"https://doi.org/10.1177/03128962231152764","url":null,"abstract":"We examine the association between strategic deviation and investment inefficiency. We conceptualize strategic deviation as the extent to which the pattern of a firm’s resource allocation deviates from its industry peers. We posit that firms pursuing deviant strategies are prone to increased information asymmetry and hence, are able to engage in self-serving behaviour as manifested in inefficient investments. Our results suggest that deviant firms have sub-optimal investments. A battery of robustness tests validates our findings. We further provide evidence to suggest that weaker monitoring, high product market competition and a low-quality information environment moderate the relation between strategic deviation and investment inefficiency. M41, G41","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47942536","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 : 2023-02-27DOI: 10.1177/03128962231154744
Ha Thanh Nguyen, Balachandran Muniandy, Darren Henry
We synthesize empirical studies on the determinants of the heterogeneity in the adjustment speed (speed of adjustment; SOA) of capital structure. These determinants are categorized into six groups, namely, (1) firm-specific characteristics, (2) financial reporting and managerial incentives, (3) corporate governance, (4) informal institutions, (5) financial market attributes and (6) economy-wide attributes. From this analysis, we perceive important potential research questions linked to identifying channels associated with the costs and frictions explaining SOA heterogeneity, including financial reporting quality aspects, firm internal and external monitoring mechanisms and institutional and cultural elements. Interesting avenues for future research also include considering SOA dynamics for comparable cross-country samples and the investigation of the subsequent consequences of capital structure adjustments. JEL Classification: G30, G32, G34, M41
{"title":"Adjustment speed of capital structure: A literature survey of empirical research","authors":"Ha Thanh Nguyen, Balachandran Muniandy, Darren Henry","doi":"10.1177/03128962231154744","DOIUrl":"https://doi.org/10.1177/03128962231154744","url":null,"abstract":"We synthesize empirical studies on the determinants of the heterogeneity in the adjustment speed (speed of adjustment; SOA) of capital structure. These determinants are categorized into six groups, namely, (1) firm-specific characteristics, (2) financial reporting and managerial incentives, (3) corporate governance, (4) informal institutions, (5) financial market attributes and (6) economy-wide attributes. From this analysis, we perceive important potential research questions linked to identifying channels associated with the costs and frictions explaining SOA heterogeneity, including financial reporting quality aspects, firm internal and external monitoring mechanisms and institutional and cultural elements. Interesting avenues for future research also include considering SOA dynamics for comparable cross-country samples and the investigation of the subsequent consequences of capital structure adjustments. JEL Classification: G30, G32, G34, M41","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45171117","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 : 2023-02-01DOI: 10.1177/03128962221096492
Nawaf Almaskati, R. Bird, Danny Yeung, Yue Lu
We examine and compare the extent to which the reaction of investors to earnings announcements is influenced by a firm’s governance profile and prevailing market conditions. We find that firms with better governance characteristics experience a larger initial reaction to both good and bad earnings announcements regardless of the prevailing sentiment and uncertainty conditions. However, the influence of governance is constrained to the announcement period. We demonstrate that changes in market uncertainty and/or investor sentiment are related to the post-earnings announcement drift. We also find that a major channel through which greater corporate governance influences the market response to unexpected earnings news is by lowering information uncertainty and so providing greater clarity of the implication of the news for firm value. Finally, we establish that two types of uncertainties (market and information) have very different influence on investor’s response to information signals. JEL Classification: D81, G10, G14, G30, G32
{"title":"Corporate governance, market conditions and investors’ reaction to information signals","authors":"Nawaf Almaskati, R. Bird, Danny Yeung, Yue Lu","doi":"10.1177/03128962221096492","DOIUrl":"https://doi.org/10.1177/03128962221096492","url":null,"abstract":"We examine and compare the extent to which the reaction of investors to earnings announcements is influenced by a firm’s governance profile and prevailing market conditions. We find that firms with better governance characteristics experience a larger initial reaction to both good and bad earnings announcements regardless of the prevailing sentiment and uncertainty conditions. However, the influence of governance is constrained to the announcement period. We demonstrate that changes in market uncertainty and/or investor sentiment are related to the post-earnings announcement drift. We also find that a major channel through which greater corporate governance influences the market response to unexpected earnings news is by lowering information uncertainty and so providing greater clarity of the implication of the news for firm value. Finally, we establish that two types of uncertainties (market and information) have very different influence on investor’s response to information signals. JEL Classification: D81, G10, G14, G30, G32","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"38 - 66"},"PeriodicalIF":4.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45397852","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 : 2023-02-01DOI: 10.1177/03128962221092088
I. Haq, D. De Clercq, M. Azeem
The study examined how employees’ experience of resource-draining coworker incivility might undermine their job performance, with a focus on how this harmful process might be explained by perceptions of organizational isolation and moderated by susceptibility to self-pity. Three-wave survey data, collected among employees and their supervisors in various industries, indicated that an important reason that employees’ exposure to rude coworker treatment escalated into diminished performance outcomes was a belief that the employing organization was the source of their sense of abandonment. As a mediator, perceived organizational isolation exerted an especially prominent effect among employees who had a general tendency to pity themselves in difficult circumstances. Organizations accordingly can contain the risk that disrespectful coworker relationships translate into tarnished performance by discouraging employees to feel bad for themselves in the face of work-related hardships. JEL Classification: M50
{"title":"The danger of feeling sorry for oneself: How coworker incivility diminishes job performance through perceived organizational isolation among self-pitying employees","authors":"I. Haq, D. De Clercq, M. Azeem","doi":"10.1177/03128962221092088","DOIUrl":"https://doi.org/10.1177/03128962221092088","url":null,"abstract":"The study examined how employees’ experience of resource-draining coworker incivility might undermine their job performance, with a focus on how this harmful process might be explained by perceptions of organizational isolation and moderated by susceptibility to self-pity. Three-wave survey data, collected among employees and their supervisors in various industries, indicated that an important reason that employees’ exposure to rude coworker treatment escalated into diminished performance outcomes was a belief that the employing organization was the source of their sense of abandonment. As a mediator, perceived organizational isolation exerted an especially prominent effect among employees who had a general tendency to pity themselves in difficult circumstances. Organizations accordingly can contain the risk that disrespectful coworker relationships translate into tarnished performance by discouraging employees to feel bad for themselves in the face of work-related hardships. JEL Classification: M50","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"130 - 146"},"PeriodicalIF":4.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43769949","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 : 2023-01-23DOI: 10.1177/03128962231151579
Amanuel Elias, J. Ben, K. Hiruy
Racism and anti-racism have received widespread attention in academic debates and public discourse. Having universal features, racism manifests differently nationally and locally, and has been met with diverse anti-racism efforts. Despite historical achievements of struggles against racial oppression, racism endures, and continues to evolve and adapt, posing challenges to racial justice and equity. Parallel to this, anti-racism scholarship and action have evolved over the past decade, targeting an increasing number of arenas of everyday life. However, the place of anti-racism within organisations remains overwhelmingly peripheral and often tokenistic. This article draws attention to this and argues for re-imagining anti-racism as a core organisational value. We critically evaluate current anti-racism practices, and call for broader, holistic, committed and well-funded anti-racism approaches within organisations. We then argue why establishing anti-racism as a core organisational value may help in addressing systemic/structural racism. J15, J71, M14, Z13
{"title":"Re-imagining anti-racism as a core organisational value","authors":"Amanuel Elias, J. Ben, K. Hiruy","doi":"10.1177/03128962231151579","DOIUrl":"https://doi.org/10.1177/03128962231151579","url":null,"abstract":"Racism and anti-racism have received widespread attention in academic debates and public discourse. Having universal features, racism manifests differently nationally and locally, and has been met with diverse anti-racism efforts. Despite historical achievements of struggles against racial oppression, racism endures, and continues to evolve and adapt, posing challenges to racial justice and equity. Parallel to this, anti-racism scholarship and action have evolved over the past decade, targeting an increasing number of arenas of everyday life. However, the place of anti-racism within organisations remains overwhelmingly peripheral and often tokenistic. This article draws attention to this and argues for re-imagining anti-racism as a core organisational value. We critically evaluate current anti-racism practices, and call for broader, holistic, committed and well-funded anti-racism approaches within organisations. We then argue why establishing anti-racism as a core organisational value may help in addressing systemic/structural racism. J15, J71, M14, Z13","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49005826","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 : 2023-01-10DOI: 10.1177/03128962221143494
Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti
Substantial transaction costs are incurred in exchange-traded fund (ETF) trading each year. This article examines a vector autoregressive (VAR) model’s performance and other trading schedules to time trades in a large sample of 1350 ETFs over the 2011–2017 period. We reject the notion of a one-size-fits-all trading schedule that maximizes spread savings for all ETF traders. ETF traders who want to split their orders could save 7.40% of ETF spread costs, whereas trading at the market closing time would be optimal for ETF traders without motives to split trades. The spread savings for ETF traders are diverse across ETF sectors and depend on the spread volatility. JEL Classification: G11, G23
{"title":"Predicting ETF liquidity","authors":"Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti","doi":"10.1177/03128962221143494","DOIUrl":"https://doi.org/10.1177/03128962221143494","url":null,"abstract":"Substantial transaction costs are incurred in exchange-traded fund (ETF) trading each year. This article examines a vector autoregressive (VAR) model’s performance and other trading schedules to time trades in a large sample of 1350 ETFs over the 2011–2017 period. We reject the notion of a one-size-fits-all trading schedule that maximizes spread savings for all ETF traders. ETF traders who want to split their orders could save 7.40% of ETF spread costs, whereas trading at the market closing time would be optimal for ETF traders without motives to split trades. The spread savings for ETF traders are diverse across ETF sectors and depend on the spread volatility. JEL Classification: G11, G23","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136326321","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 : 2022-12-22DOI: 10.1177/03128962221142407
Qing Yao, Yixuan Han, Defeng Yang
This article investigates the influence of including pictures in online consumer reviews on review helpfulness perceptions for different types of products (hedonic vs utilitarian). Based on the dual-process model of information processing and regulatory fit theory, the study finds that reviews composed mainly of pictures are more helpful for hedonic purchases, while reviews composed mainly of text are more helpful for utilitarian purchases. The reason is that a picture-based (vs text-based) review permits consumers to obtain more knowledge about a product’s emotional (rational) benefits, which fits with hedonic (vs utilitarian) products’ consumption motivation. Specifically, the effect of fit between hedonic (vs utilitarian) purchase and picture (vs text) presentation of a review on the review helpfulness perception is mediated by emotional (vs cognitive) engagement. M31, M37
{"title":"Should online reviews include pictures? The impact of fit between product type and online review presentation format","authors":"Qing Yao, Yixuan Han, Defeng Yang","doi":"10.1177/03128962221142407","DOIUrl":"https://doi.org/10.1177/03128962221142407","url":null,"abstract":"This article investigates the influence of including pictures in online consumer reviews on review helpfulness perceptions for different types of products (hedonic vs utilitarian). Based on the dual-process model of information processing and regulatory fit theory, the study finds that reviews composed mainly of pictures are more helpful for hedonic purchases, while reviews composed mainly of text are more helpful for utilitarian purchases. The reason is that a picture-based (vs text-based) review permits consumers to obtain more knowledge about a product’s emotional (rational) benefits, which fits with hedonic (vs utilitarian) products’ consumption motivation. Specifically, the effect of fit between hedonic (vs utilitarian) purchase and picture (vs text) presentation of a review on the review helpfulness perception is mediated by emotional (vs cognitive) engagement. M31, M37","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47119162","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 : 2022-12-17DOI: 10.1177/03128962221142435
Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi
COVID-19 has developed chaos and uncertainty for small and medium enterprises (SMEs) causing mass downsizing. Under such uncertainty, innovation is key to survival and agility to growth. This study examines role of knowledge coupling and business process digitization (BPD) in sustaining innovation through market capitalizing agility (MCA) besides downsizing strategy. Data have been collected from top and mid management of Chinese manufacturing SMEs and analyzed with knowledge-based view and self-tuning model through Smart-PLS 4. Knowledge coupling positively contributes to MCA and innovation irrespective of downsizing strategy. Effect of BPD on innovation performance is same; however, insignificant on MCA in no-downsizing sample. Likewise, MCA positively influences innovation performance and positively mediates between knowledge coupling (BPD) and innovation performance only during downsizing. This study is first of its kind to establish mediating effect of MCA between knowledge coupling (BPD) and innovation performance during downsizing phase and offers significant theoretical and practical implications. J63, O31
{"title":"Sustaining innovation during downsizing strategy through knowledge coupling, business process digitization, and market capitalizing agility","authors":"Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi","doi":"10.1177/03128962221142435","DOIUrl":"https://doi.org/10.1177/03128962221142435","url":null,"abstract":"COVID-19 has developed chaos and uncertainty for small and medium enterprises (SMEs) causing mass downsizing. Under such uncertainty, innovation is key to survival and agility to growth. This study examines role of knowledge coupling and business process digitization (BPD) in sustaining innovation through market capitalizing agility (MCA) besides downsizing strategy. Data have been collected from top and mid management of Chinese manufacturing SMEs and analyzed with knowledge-based view and self-tuning model through Smart-PLS 4. Knowledge coupling positively contributes to MCA and innovation irrespective of downsizing strategy. Effect of BPD on innovation performance is same; however, insignificant on MCA in no-downsizing sample. Likewise, MCA positively influences innovation performance and positively mediates between knowledge coupling (BPD) and innovation performance only during downsizing. This study is first of its kind to establish mediating effect of MCA between knowledge coupling (BPD) and innovation performance during downsizing phase and offers significant theoretical and practical implications. J63, O31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47337748","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 : 2022-12-04DOI: 10.1177/03128962221139728
Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan
We examine the factors that explain the underwriting decision and underwriting fees for Australian initial public offerings (IPOs). Using a sample of Australian IPOs, spanning the period 1999–2019,...
{"title":"Underwriting in the Australian IPO markets: Determinants and pricing","authors":"Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan","doi":"10.1177/03128962221139728","DOIUrl":"https://doi.org/10.1177/03128962221139728","url":null,"abstract":"We examine the factors that explain the underwriting decision and underwriting fees for Australian initial public offerings (IPOs). Using a sample of Australian IPOs, spanning the period 1999–2019,...","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"68 1","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515681","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 : 2022-12-02DOI: 10.1177/03128962221137235
P. Coram, James R. Frederickson, Matt Pinnuck
Using responses from Australian CFOs and CEOs to a case-based survey and interviews, we provide insights into managers’ earnings management (EM) decisions. Ethics has the greatest explanatory power for our participants’ EM assessments. Ethical concerns about EM deter EM, but surprisingly, ethical concerns about not managing earnings and missing market expectations motivate EM. The primary economic motivation for EM is shielding current shareholders from the short-term costs of missing market expectations. We find considerable heterogeneity regarding the extent to which CFOs and CEOs believe EM is lying. Finally, CFOs and CEOs believe that each are significantly involved in initiating EM. M40, M41, M48
{"title":"Earnings management: Who do managers consider and what is the relative importance of ethics?","authors":"P. Coram, James R. Frederickson, Matt Pinnuck","doi":"10.1177/03128962221137235","DOIUrl":"https://doi.org/10.1177/03128962221137235","url":null,"abstract":"Using responses from Australian CFOs and CEOs to a case-based survey and interviews, we provide insights into managers’ earnings management (EM) decisions. Ethics has the greatest explanatory power for our participants’ EM assessments. Ethical concerns about EM deter EM, but surprisingly, ethical concerns about not managing earnings and missing market expectations motivate EM. The primary economic motivation for EM is shielding current shareholders from the short-term costs of missing market expectations. We find considerable heterogeneity regarding the extent to which CFOs and CEOs believe EM is lying. Finally, CFOs and CEOs believe that each are significantly involved in initiating EM. M40, M41, M48","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44469588","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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