Advances in Pacific Basin Business, Economics and Finance最新文献_第4页

How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance? 泰国公司董事会结构如何影响公司绩效的不同分位数水平?

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006004

W. Buachoom

{"title":"How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance?","authors":"W. Buachoom","doi":"10.1108/S2514-465020180000006004","DOIUrl":"https://doi.org/10.1108/S2514-465020180000006004","url":null,"abstract":"Abstract \u0000As there is inclusive evidence on relationship between board characteristics and firm performance in the Thai context, and mixed findings of this relationship are usually reported from previous studies, this study tries to clarify a reason for the mixed finding by determining the impact of board structures on different quantile levels of firm performance. Building on extant literature and using a developed econometric technique, the Quantile Analysis, on a sample of 446 listed firms in Thailand for a 15-year period ranging from 2000 to 2014, empirical evidence is provided which is consistent with prior studies that some characteristics of the board as the core mechanisms of corporate governance, i.e., board independence, board size, board meeting frequency, and dual role leadership on board, have significant influence on performance of Thai firms. In particular, when considering different quantile levels of firm performance, board structures are found to have different effects across quantile of performance distribution. Board independence and dual role leadership on board are found to have a significant influence on only moderate-performing firms, while board size and board meeting frequency are revealed as having significant impact on only firms with high-performance which need more effectiveness of the board in overseeing and supervising decision-making of the executives. Thus, these findings indicate that considering different quantile levels of firm performance for the board structures and performance relationship should be a reason of previous mixed findings. Moreover, the findings should be important information in encouraging better understanding an optimal governance system in Thailand for related stakeholders such as policymakers, corporate firms, and investors.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122027793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 15

How Do Equity Mispricing and Long-term Growth Opportunities Influence Firm-level Capital Structure Dynamics of Taiwanese Publicly Listed Firms? 股票错误定价与长期成长机会如何影响台湾上市公司资本结构动态?

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006011

Liang-wei Kuo, Hsin-Yu Liang, Yung-Jang Wang

{"title":"How Do Equity Mispricing and Long-term Growth Opportunities Influence Firm-level Capital Structure Dynamics of Taiwanese Publicly Listed Firms?","authors":"Liang-wei Kuo, Hsin-Yu Liang, Yung-Jang Wang","doi":"10.1108/S2514-465020180000006011","DOIUrl":"https://doi.org/10.1108/S2514-465020180000006011","url":null,"abstract":"Abstract \u0000Building upon the framework of the tradeoff model of capital structure and motivated by the equity market timing theory, we examine whether equity misvaluation is a source of adjustment “costs” that will affect a firm’s leverage adjustment speed toward target. We also investigate whether the quality of a firm’s long-term growth options will influence the decisions of managers to exploit the mispriced equity to converge to the optimum. Using a sample of listed Taiwanese firms during 1992–2014 and employing the market-to-book decomposition as developed by Rhodes-Kropf, Robinson, and Viswanathan (2005), we find that overleveraged and overvalued firms demonstrate faster adjustment speed than overleveraged but undervalued firms. Furthermore, controlling for the misvaluation status, high-growth firms converge to target faster than their low-growth counterparts. The effect of growth options on the relation between equity mispricing and adjustment speed does not mirror the effect of financing deficits. With the detailed financial information of the local companies across a rather long time series, this study provides incremental inputs to the literature of capital structure from the determinants of target leverage, the estimation of leverage adjustment speeds, to the identification of the sources of adjustment costs in an emerging market where institutional environment is strikingly different from the US.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134020577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Advances in Pacific Basin Business, Economics and Finance 太平洋盆地商业、经济和金融进展

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/s2514-465020186

C. Hanes, Susan Wolcott

引用次数: 0

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006001

C. Hwang, Shaojun Zhang, Yanjian Zhu

引用次数: 8

The Economic Cost of Myopic Going Concern Practice 短视持续经营的经济成本

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006009

Ren‐Raw Chen, Hsuan-Chu Lin, M. Long

引用次数: 0

The Effect of Institutional Ownership Stability on Cash Dividend Policy: Evidence from Taiwan 机构股权稳定性对现金股利政策的影响:来自台湾的证据

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006006

Jia-Chi Cheng, Fang Lin, Tsai-Hui Tung

引用次数: 4

Discretionary Idiosyncratic Risk, Firm Cash Holdings, and Investment 自由裁量特质风险、公司现金持有与投资

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006003

Van Son Lai, D. K. Nguyen, William R. Sodjahin, Issouf Soumaré

引用次数: 1

Information Security Risk and Costs of Capital: Evidence from Taiwan Semiconductor Companies 资讯安全风险与资本成本:来自台湾半导体企业的证据

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006005

Y. Hsiao, Te-Chien Lo, Sheng-Che Lin

引用次数: 1

Role of Institutional Quality on Environmental Kuznets Curve: A Comparative Study in Developed and Developing Countries 制度质量对环境库兹涅茨曲线的影响:发达国家与发展中国家的比较研究

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2018-08-21 DOI: 10.1108/S2514-465020180000006007

L. Lau, C. Choong, Cheong-Fatt Ng

{"title":"Role of Institutional Quality on Environmental Kuznets Curve: A Comparative Study in Developed and Developing Countries","authors":"L. Lau, C. Choong, Cheong-Fatt Ng","doi":"10.1108/S2514-465020180000006007","DOIUrl":"https://doi.org/10.1108/S2514-465020180000006007","url":null,"abstract":"Abstract \u0000This study aims to examine the Environmental Kuznets Curve (EKC) hypothesis in the case of 100 developed and developing nations by taking into account the role of institutional quality (IQ). Using generalized method of moments (GMM) estimators, we find an inverted U-shaped relationship between economic growth and carbon dioxide (CO2) emissions only in the developed world but not in the developing nations. It is also revealed that control of corruption plays a vital role in reducing CO2 emissions in high income countries. Furthermore, rule of law is found to have a beneficial effect on the environment in all countries except for low income countries. Overall, our results confirm the importance of IQ in reducing CO2 emissions. Additionally, foreign direct investment contributes to CO2 reduction in rich countries while deteriorates the environmental quality in developing nations. Trade openness was shown to exert a positive impact on environmental quality in developing countries. These findings can be of great importance to policy makers of different income groups in designing appropriate economic and environmental policies toward the dual goals of high growth and low pollution.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123673905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 35

Optimal Trading and Tax Option Value of Defaultable Bonds with Asymmetric Capital Gain Taxes 不对称资本利得税条件下可违约债券的最优交易与税收期权价值

Advances in Pacific Basin Business, Economics and Finance Pub Date : 2005-03-01 DOI: 10.1108/S2514-465020190000007003

Hua Chen, Chunchi Wu, Sheen X. Liu

{"title":"Optimal Trading and Tax Option Value of Defaultable Bonds with Asymmetric Capital Gain Taxes","authors":"Hua Chen, Chunchi Wu, Sheen X. Liu","doi":"10.1108/S2514-465020190000007003","DOIUrl":"https://doi.org/10.1108/S2514-465020190000007003","url":null,"abstract":"Current U.S. tax laws provide investors an incentive to time the sales of their bonds to minimize tax liability. Interest income and short-term capital gains are subject to higher tax rates than long-term capital gains. These differential tax treatments affect investors' trading strategies and give rise to a tax timing option that affects bond value. In reality, corporate bond investors' tax-timing strategy is complicated by the risk of default. How much corporate bond value is derived from the tax-timing option is unknown. Existing term structure models of corporate bonds have completely ignored the effect of the tax-timing option on bond yields. In this paper we examine the effects of taxes on the timing option value and equilibrium bond price by accounting for discount and premium amortization, multiple trading dates, transaction costs, and changes in the level and volatility of interest rates. We find that tax timing option value accounts for a sizable fraction of corporate bond price. The tax timing option value ranges from 15% to 24% for bonds with maturity longer than 20 years when the level of interest rate is high. The timing option value remains sizable, ranging from 10% to 16%, even in an environment with low interest rates and volatility (1%). Ignoring the timing option value thus leads to a considerable overestimation of credit spread for long-term bonds. From the empirical perspective, ignoring the tax-timing option value results in underestimation of default probability and marginal income tax rate. These downward biases increase with bond maturity and decrease with bond quality.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122737068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2