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Superannuation fees, asset allocation and fund performance 养老金费用、资产配置和基金业绩
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-11-23 DOI: 10.1177/03128962221137775
Andrew Ainsworth, Shumi Akhtar, Adam Corbett, Adrian Lee, Terry Walter
Superannuation fees have come under public scrutiny in recent years with the belief they are too high. We examine the determinants of fees and their relationship with fund performance. Superannuati...
近年来,养老金费用受到公众的密切关注,他们认为养老金费用过高。我们研究费用的决定因素及其与基金业绩的关系。Superannuati……
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引用次数: 0
Modeling transitions in nation brand equity: An empirical assessment of the nation equity power grid 国家品牌资产转型建模:国家资产电网的实证评估
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-11-17 DOI: 10.1177/03128962221135496
Katariina Juusola, Abdelmounaim Lahrech
The purpose of this study is to assess longitudinal nation brand performance by modeling transitions in nation brand equity and to develop a method for nation brand performance assessment. This study has two objectives: (1) to empirically test Steenkamp’s nation equity power grid conceptual framework; its categories (dominant, receding, niche, emerging, and weak nation brands), and their expected development trajectories, and (2) to identify new types of nation brands and development patterns to complement the framework. To do this, this study used objective secondary data and applied the smooth transition technique. We assessed 41 countries’ nation brand performance over the 1995–2017 period to understand the development of their nation brand equity. Particular attention was paid to countries that had significantly improved their performance and countries that had lost their brand strength. Our findings support the categories proposed by Steenkamp, but we provide a more nuanced approach to analyzing countries’ brand strength and the possible development trajectories, and introduce new categories of nation brands called volatile nation brands and booming nation brands. Our approach to using the nonlinear smooth transition demonstrated how countries’ brand strength evolved over time, and also detected the speed of any transitions; in other words, how fast nation brands moved from one level to another. Our findings benefit country brand managers, enabling them to better determine their country’s positioning and the necessary means to improve brand equity. Understanding the mechanisms behind transitions in brand equity can also help researchers link these transitions back to various economic, social, cultural, and political transitions that have occurred in nations. Our method therefore has powerful explanatory value for a wide range of marketing, economics, and other social science studies. M31
本研究的目的是通过对民族品牌资产的转换建模来评估纵向民族品牌绩效,并开发一种民族品牌绩效评估方法。本研究有两个目的:(1)实证检验斯廷坎普的国家公平电网概念框架;其类别(主导、消退、小众、新兴和弱势民族品牌)及其预期发展轨迹,以及(2)确定新型民族品牌和发展模式以补充框架。为此,本研究使用了客观的二次数据,并应用了平滑过渡技术。我们评估了41个国家在1995-2017年期间的民族品牌表现,以了解其民族品牌资产的发展情况。特别关注的是业绩显著改善的国家和失去品牌实力的国家。我们的研究结果支持了Steenkamp提出的类别,但我们提供了一种更细致的方法来分析各国的品牌实力和可能的发展轨迹,并引入了新的民族品牌类别,称为波动民族品牌和蓬勃发展民族品牌。我们使用非线性平稳过渡的方法展示了各国的品牌实力是如何随着时间的推移而演变的,也检测到了任何过渡的速度;换句话说,民族品牌从一个层次到另一个层次的速度有多快。我们的研究结果有利于国家品牌经理,使他们能够更好地确定国家的定位和提高品牌资产的必要手段。了解品牌资产转型背后的机制也有助于研究人员将这些转型与各国发生的各种经济、社会、文化和政治转型联系起来。因此,我们的方法对广泛的市场营销、经济学和其他社会科学研究具有强大的解释价值。M31
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引用次数: 1
How Fact Sheets affect retirement income product knowledge, perceptions and choices 情况说明书如何影响退休收入产品的知识、认知和选择
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-11-10 DOI: 10.1177/03128962221132720
H. Bateman, Inka Eberhardt
Using an online experimental survey, we test how Fact Sheets presenting standardised information on retirement income products – Average Annual Income, an Income security Product Rating, Potential Income Shape, Access to Capital, and Death Benefits – influence product knowledge, perceptions and choices from a menu of annuity, phased withdrawal and hybrid products. Product choice is significantly influenced by annual income and income security, and the annuity and hybrid annuity products are most preferred in Fact Sheet versions where income security is most salient. We find no significant differences in knowledge of Fact Sheet information by version, with Access to Capital least understood in all versions. D14, D83, D91
通过一项在线实验调查,我们测试了介绍退休收入产品标准化信息的情况说明书——平均年收入、收入保障产品评级、潜在收入形态、获得资本和死亡福利——如何影响年金、分期提款和混合产品菜单中的产品知识、认知和选择。产品选择受年度收入和收入保障的显著影响,在收入保障最为突出的情况说明书版本中,年金和混合年金产品最受欢迎。我们发现,各版本对概况介绍信息的了解没有显著差异,所有版本对Access to Capital的了解最少。D14、D83、D91
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引用次数: 0
Do shifting practices vary across the firm life cycle? 在整个公司生命周期中,转变做法是否各不相同?
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-11-05 DOI: 10.1177/03128962221131353
Mani Bansal
Prior research documents that managers engage in revenue shifting and expense shifting to report inflated operating performance of firms. This study extends this research in a new direction by investigating the relationship between revenue shifting and expense shifting across the firm life cycle. The study posits and finds that firms during the low life cycle stages (particularly, introductory and growth stage) prefer expense shifting over revenue shifting, whereas firms during the high life cycle stages (particularly, mature and decline stage) prefer revenue shifting over expense shifting for managing earnings, implying that firms choose the shifting tool based on ease, need, and relative advantage of each tool. Our subsequent tests suggest that the effect of expense (revenue) shifting is more pronounced among low (high) life cycle stage firms when they are small (large) and young (old). These results are robust to control for other tools of earnings management, and alternative measures of shifting practices and firm life cycle. The findings aware auditors and analysts of the shifting practices of firms operating at high and low life cycle stages. M41, M48
先前的研究表明,管理者通过收入转移和费用转移来报告公司夸大的经营业绩。本研究通过调查企业生命周期中收入转移和费用转移之间的关系,将这项研究扩展到了一个新的方向。该研究假设并发现,在低生命周期阶段(特别是入门和成长阶段)的公司更喜欢费用转移而不是收入转移,而在高生命周期阶段的公司(特别是成熟和衰退阶段)更喜欢收入转移而不是费用转移来管理收益,这意味着公司选择转移工具是基于容易、需要,以及每种工具的相对优势。我们随后的测试表明,当企业处于小(大)和年轻(老)的低(高)生命周期阶段时,费用(收入)转移的影响更为明显。这些结果对于控制其他盈余管理工具以及改变实践和公司生命周期的替代措施来说是稳健的。这些发现让审计师和分析师意识到,在生命周期的高低阶段运营的公司的做法正在发生变化。M41、M48
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引用次数: 1
Liquidity shocks and pension fund performance: Evidence from early access 流动性冲击与养老基金业绩:来自早期准入的证据
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-11-02 DOI: 10.1177/03128962221127804
James Brugler, Minsoo Kim, Zhuo Zhong
We study how expectations of fund flows causally affect fund performance by exploiting a quasi-natural experiment in the Australian pension system where an unexpected policy change temporarily allowed fund withdrawals from a prespecified date in the future. Using fractions of young members, middle-aged members, and government co-contributions for low-income earners as instrumental variables, we find an insignificant effect of expected fund outflows on performance. A potential explanation is that Australian superannuation funds preemptively engage in liquidity management in response to changes in expectations of future fund flows and this helps to limit direct and indirect costs in the rebalancing process. JEL Classification: G11, G12, G14, G23, G51
我们利用澳大利亚养老金制度中的一个准自然实验,研究了对资金流动的预期如何对基金绩效产生因果影响,在该实验中,意外的政策变化暂时允许基金从未来预先指定的日期提款。使用年轻成员、中年成员和低收入者的政府共同出资的比例作为工具变量,我们发现预期资金外流对绩效的影响并不显著。一种潜在的解释是,澳大利亚养老基金会先发制人地参与流动性管理,以应对未来资金流动预期的变化,这有助于限制再平衡过程中的直接和间接成本。JEL分类:G11、G12、G14、G23、G51
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引用次数: 0
A collision of strategic orientations: Entrepreneurial orientation and customer relationship orientation in a collectivist cultural context 战略取向的碰撞:集体主义文化背景下的企业取向与顾客关系取向
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-10-31 DOI: 10.1177/03128962221130943
L. Ngo, G. Shinkle, P. Patterson
Drawing upon strategic orientation logics and culture theory, this article proposes that entrepreneurial orientation and customer relationship orientation are generally complementary but become conflictual at high levels due to the organizational response to the practices these orientations invoke in a collectivist cultural context. We test this hypothesis with survey data of 146 firms. We find an increasing-return effect of customer relationship orientation on firm performance. Results also reveal a shape-flip phenomenon that when entrepreneurial orientation is low, customer relationship orientation has a J-shape (increasing returns) relationship with firm performance; however, when entrepreneurial orientation is high, customer relationship orientation has an inverted U-shape relationship. JEL Classification: M3 Marketing and Advertising
本文借鉴战略取向逻辑和文化理论,提出创业取向和客户关系取向通常是互补的,但在集体主义文化背景下,由于组织对这些取向所引发的实践的反应,它们在高层会发生冲突。我们用146家公司的调查数据检验了这一假设。我们发现,客户关系导向对企业绩效的回报效应越来越大。结果还揭示了一种形状翻转现象,即当创业取向较低时,客户关系取向与企业绩效呈J型(收益递增)关系;然而,当创业导向较高时,客户关系导向呈现倒U型关系。JEL分类:M3营销与广告
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引用次数: 0
The audit market for listed Australian companies from 2012 to 2018: A state of play 2012-2018年澳大利亚上市公司审计市场现状
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-10-21 DOI: 10.1177/03128962221124642
Elizabeth Carson, Y. Fu, Ulrike Thürheimer, Yang Xu
Motivated by recent regulatory scrutiny of auditing in Australia, we provide an overview of the audit market for Australian listed companies from 2012 to 2018. Using descriptive analyses, we explore audit market competition, the provision of non-audit services (NAS), and audit firm tenure. We find that the Australian audit market is highly segmented. Big 4 firms increasingly dominate the larger client segment, while Non-Big 4 firms focus on medium and smaller clients. Auditor-provided NAS fees represent a relatively small fraction of audit fees for smaller clients, but a relatively high fraction for larger clients. We further observe that the share of total revenue from NAS of Big 4 firms increases over time. Finally, a relatively small percentage of clients has long audit firm tenure, and that long tenure is more common in the larger client segments. We discuss the implications of these findings and research opportunities that emerge. JEL Classification: D40, L11, M42, L84
受澳大利亚近期审计监管审查的影响,我们对2012年至2018年澳大利亚上市公司的审计市场进行了概述。采用描述性分析,我们探讨了审计市场竞争、提供非审计服务(NAS)和审计事务所任期。我们发现澳大利亚的审计市场是高度细分的。四大所越来越多地主导着大型客户市场,而非四大所则专注于中小型客户。审计师提供的NAS费用在较小客户的审计费用中所占比例相对较小,但在较大客户中所占比例相对较高。我们进一步观察到,四大会计师事务所的NAS在总收入中所占的份额随着时间的推移而增加。最后,相对较小比例的客户长期在审计公司任职,而这种长期任职在较大的客户群体中更为常见。我们讨论了这些发现的含义和出现的研究机会。JEL分类:D40, L11, M42, L84
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引用次数: 0
Business school doctoral programs and the future of business research 商学院博士项目与商业研究的未来
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-10-18 DOI: 10.1177/03128962221124349
Stephen S. Taylor, James Wakefield
We apply a neo-institutional theoretical lens to interpret the extent of any significant similarities or differences in doctoral programmes across business schools in Australia and New Zealand (ANZ). Overall, we characterise the state of doctoral education in business as lacking adequate funding, primarily attracting students with limited professional or industrial experience but having diverse approaches to the role of formal training as part of the doctoral programme. Although we view these findings as somewhat inevitable given institutional and isomorphic pressures, they are of concern if ANZ business schools are to produce research that is both rigorous and relevant beyond the academy. Comparisons across institutional groupings and discipline areas largely suggest relatively common approaches to doctoral programme design and administration across and within institutions. JEL Classification: M00
我们运用新制度理论视角来解释澳大利亚和新西兰商学院(ANZ)博士课程的任何重大相似或差异的程度。总的来说,我们将商科博士教育的现状描述为缺乏足够的资金,主要吸引专业或行业经验有限但对正式培训作为博士课程一部分的作用有不同方法的学生。尽管我们认为,考虑到制度和同构的压力,这些发现在某种程度上是不可避免的,但如果澳新银行商学院要进行严格且相关的研究,那么它们就值得关注。机构分组和学科领域之间的比较在很大程度上表明,在机构内外,博士课程设计和管理的方法相对常见。JEL分类:M00
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引用次数: 0
Social connections, CEO turnover and corporate policy change 社会关系、CEO离职与公司政策变化
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-10-18 DOI: 10.1177/03128962221126555
Prabashi Dharmasiri
We examine how social connections between successive CEOs influence policy changes enacted by incoming CEOs. Using forced turnovers, we document fewer policy changes when incoming CEOs are connected to outgoing CEOs. Our results remain consistent when exposed to tests assessing endogeneity concerns such as omitted variables, selection biases and homophily concerns. We find that the reduction in policy changes is more prominent when social ties are stronger due to greater association between the individuals. Analyses further reveal that such limited policy changes enacted by connected incoming CEOs could deteriorate firm performance, highlighting the potential importance of the findings in the CEO selection process. JEL Classification: D91, J63, M12
我们研究了历任首席执行官之间的社会关系如何影响新任首席执行官制定的政策变化。通过强制离职,当新任首席执行官与离任首席执行官联系在一起时,我们记录的政策变化更少。当暴露于评估内生性问题(如遗漏变量、选择偏差和同质性问题)的测试时,我们的结果保持一致。我们发现,当个人之间的联系更紧密,社会联系更紧密时,政策变化的减少更为突出。分析进一步表明,有关联的新任首席执行官制定的这种有限的政策变化可能会恶化公司业绩,突显出这些发现在首席执行官选拔过程中的潜在重要性。JEL分类:D91、J63、M12
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引用次数: 0
Capital budgeting and Kelly betting 资本预算和Kelly博彩
IF 4.8 4区 管理学 Q3 BUSINESS Pub Date : 2022-09-14 DOI: 10.1177/03128962221118837
D. Johnstone
Capital investments are easily interpreted as bets and vice versa. The mathematical theory of betting, often known as ‘Kelly betting’, has implications for all financial decision-making under uncertainty. There have been attempts to exploit Kelly betting methods in financial portfolio optimization, but there has been little analysis of conventional capital budgeting methods against a Kelly framework. A simple comparison between methods reveals that capital budgeting decisions made using conventional finance methods can embed the error that Kelly theorists call ‘overbetting’. The outcome of overbetting is that the firm reduces its expected compound capital growth rate while simultaneously adding to the volatility of its anticipated growth path. That unfortunate pairing is mathematically precluded under Kelly betting rules but is implicitly, albeit unknowingly, sanctioned by accepted capital budgeting practices in finance. JEL Classification: G11, G12, G31
资本投资很容易被解释为赌注,反之亦然。博彩的数学理论,通常被称为“凯利博彩”,对不确定性下的所有财务决策都有影响。有人试图在金融投资组合优化中利用Kelly博彩方法,但很少有人针对Kelly框架对传统资本预算方法进行分析。方法之间的简单比较表明,使用传统财务方法做出的资本预算决策可能会嵌入凯利理论家所说的“超额”错误。超额设定的结果是,该公司降低了预期的复合资本增长率,同时增加了预期增长路径的波动性。根据凯利博彩规则,这种不幸的配对在数学上是被排除在外的,但在金融界公认的资本预算做法的默许下,尽管在不知不觉中。JEL分类:G11、G12、G31
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引用次数: 0
期刊
Australian Journal of Management
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