Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal最新文献

{"title":"Simplifying Business Group Structures: Value and Governance Implications for Korean Chaebols","authors":"Akash Chattopadhyay, Sa-Pyung Sean Shin, Charles C. Y. Wang","doi":"10.2139/ssrn.3919263","DOIUrl":"https://doi.org/10.2139/ssrn.3919263","url":null,"abstract":"We examine Korean business groups' transitions from circular-shareholding to (relatively simple) pyramidal-shareholding structures during 2011-2018. The transition did not impact chaebol families' degrees of control or incentive conflicts in firms belonging to circular-shareholdings (\"loops\"), yet these firms’ values declined, particularly when they have higher incentive conflicts. Non-loop group firms experienced a value increase (decline) if they had little (significant) agency issues that were difficult to identify under opaque circular-shareholding structures. Firms in transitioning chaebols also experienced an increase in earnings informativeness. Our findings suggest ownership transparency enables investors to more clearly identify agency issues and managerial incentives across group firms.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127602655","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}

{"title":"Regulatory Provisions under Companies Act 2013 Related to Independent Director from Corporate Governance Perscpective","authors":"R. S. Kumar","doi":"10.2139/ssrn.3896006","DOIUrl":"https://doi.org/10.2139/ssrn.3896006","url":null,"abstract":"Independent directors have emerged as the cornerstones of the worldwide corporate governance movement. Their increased presence in the boardroom has been hailed as an effective deterrent to fraud and mismanagement, inefficient use of resources, inequality and unaccountability of decisions; and as a harbinger for striking the right balance between individual, economic and social interests. The research paper aims to study the regulatory provisions under the Companies Act 2013 related to the independent director from corporate governance perspective. It shall attempt to outline the broad shortcomings of the current approach and make recommendations which include structural changes as well as a change in the attitude of corporate India.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132001789","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}

{"title":"Qualitative Insights into Corporate Governance Reform, Management Decision-Making, and Accounting Performance Semi-structured Interview Evidence","authors":"Abdullah Alajmi, A. Worthington","doi":"10.2139/ssrn.3884667","DOIUrl":"https://doi.org/10.2139/ssrn.3884667","url":null,"abstract":"Purpose – To enhance our understanding of the relations between corporate governance reform, management decision-making, and firm accounting performance in Kuwait by focusing on the role of important but difficult to quantitatively measure factors, including culture, religion, tribal, and political circumstances. Design/methodology/approach – The analysis of data collected using semi-structured interviews using coding and quoting approaches. The coding approach categorises the responses into themes and sub-themes and the quoting approach adds depth to this categorisation. We interpret the results in the context of related studies concerning the factors affecting the corporate governance–firm performance relationship. Findings – A range of external cultural factors, including religion, politics, and Kuwait’s tribal system, along with economic and financial circumstances and accounting standards, influence the corporate governance–firm performance relationship in Kuwait. The in-depth semi-structured interviews reveal the incentives for shareholders and managers to achieve high firm performance through good corporate governance, but especially for better-performing firms. Suggestion of broad support by firm managers and directors for recent reforms concerning Kuwait’s corporate governance code and guidelines. Research limitations/implications – Qualitative research provides additional insights into the traditionally quantitative analysis of the corporate governance–firm performance relationship. It is particularly useful into developing market contexts where data is limited and regulatory frameworks are undergoing rapid change. Practical implications – The findings are of value to domestic and international investors gauging investment risk, firm managers operating within a growing and developing but still traditional market, and regulators seeking ongoing improvements in corporate governance, including disclosure, openness, and transparency. Originality/value – This is the first study to apply qualitative methods to the analysis of the corporate governance–firm performance relationship in Kuwait, particularly in light of recent and extensive corporate governance reform.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130575204","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}

{"title":"Should Shareholders Have a Say on Acquisitions?","authors":"Marco Becht, Andrea Polo, Stefano Rossi","doi":"10.2139/ssrn.3798520","DOIUrl":"https://doi.org/10.2139/ssrn.3798520","url":null,"abstract":"Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom the listing rules give shareholders a binding say when targets are large relative to acquirers. A transatlantic comparison suggests that if U.S. shareholders had a say on acquisitions, they would incur fewer losses. There is a significant difference in the difference in performance between deals subject to a vote in the United Kingdom but not in the United States and deals with no mandatory vote in either country. The United States has given shareholders a mandatory say on pay; shareholders might also wish to have a binding say on corporate acquisitions.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114942155","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}

{"title":"Growth and Performance of MSMEs in Poonch District: Prospective and Challenges","authors":"Altaf Ahmed","doi":"10.2139/ssrn.3780552","DOIUrl":"https://doi.org/10.2139/ssrn.3780552","url":null,"abstract":"The purpose of this paper to explore the Micro, Small and Medium Enterprises in one of the backward district (Poonch) of Jammu and Kashmir UT. The paper represents the performance of MSMEs and also discussed various problems faced by these units in the district. The paper is prepared after a deep literature review and finding a research gap. It is based on the secondary data collected from the District Industries Center (Poonch). The study is based on thetime series data of 17 years, compound annual growth rate and multiple regression analysis is used to analyse the data. The study found that there is a significant relationship between Employment and Number of Units, Investment and Production. The study also discusses the various problems faced by MSMEs in the study area and also suggests measures to improve it.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121208058","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}

{"title":"Corporate governance, lifecycle and payout precommitment: An emerging market study","authors":"T. Flavin, Abhinav Goyal, Thomas O'Connor","doi":"10.2139/ssrn.3555840","DOIUrl":"https://doi.org/10.2139/ssrn.3555840","url":null,"abstract":"We analyze the role of firm-level corporate governance in determining the precommitment payout policy of emerging market firms and investigate if there is a precommitment lifecycle effect. Unlike previous studies for the U.S. firms, we only find evidence of precommitment among relatively well-governed firms, who combine good governance with large dividend payouts to shareholders and large debt-related repayments to creditors. We also document a strong precommitment lifecycle effect. Firms in the growth and mature stages of their lifecycle tend to use both debt and dividends to precommit to investors, with an increasing proportion of dividends in total payout measures. Our results are robust to an array of control variables, alternate payout proxies, firm-level corporate governance and addresses any potential endogeneity concerns in the sample.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128833676","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}

{"title":"FinTech in the Financial Market - Between Competition and Stability","authors":"Maxime Delabarre","doi":"10.2139/SSRN.3768788","DOIUrl":"https://doi.org/10.2139/SSRN.3768788","url":null,"abstract":"This paper argues that the common competition framework is not to be applied to the financial sector. If traditionally competition brings efficiency and diversity in a market, financial regulators must also ensure the stability of the financial market. Henceforth, some limits and entry barriers have to exist. This is particularly true for FinTech companies. If the potential of those new actors is not to be contested, the risk they can bring is also quite obvious. If regulators want the market to be disrupted and to see consumers benefiting from the power of innovation of technology-based companies, they need to adapt their regulatory framework. Only under this condition will the benefits outweigh the potential risks.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115445495","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}

{"title":"Global Value Chains, Volatility and Safe Openness: Is Trade a Double-Edged Sword?","authors":"Lucio D’Aguanno, O. Davies, Aydan Doğan, R. Freeman, Simon P. Lloyd, Dennis Reinhardt, Rana Sajedi, Robert Zymek","doi":"10.2139/ssrn.3766910","DOIUrl":"https://doi.org/10.2139/ssrn.3766910","url":null,"abstract":"Modern production has become increasingly reliant on inputs sourced from abroad. These multi-country production processes are known as global value chains (GVCs). While it is generally accepted that GVCs increase productivity, by allowing producers to reap the gains from their individual comparative advantage, there is disagreement on the effects they have on macroeconomic volatility. In particular, some have argued that GVCs are a ‘double-edged sword’: they increase productivity, but also increase volatility. In this paper, we show that the relationship between GVC integration and volatility is ambiguous in theory, and insignificant in the data. This supports our headline conclusion that there is no compelling reason to fear the double-edged sword: a blanket reduction in GVC integration would impose economic costs without necessarily, or significantly, reducing economic volatility. Another feature of today’s GVCs is their concentration around a few central ‘hubs’. This has led to a discussion of alternative industrial policies that can reshape GVCs in the longer-run, in particular re-shoring and diversification. Within our model, policies to re-shore production lead to an increase in aggregate volatility, as they effectively increase the concentration of value chains on domestic sources. On the other hand, diversification of GVCs among foreign suppliers can lower volatility, by lowering the exposure to any single country. Finally, while the debate around the effects of trade on business-cycle volatility pre-dates the Covid-19 pandemic, recent events have increased the broader discussion of ‘safe trade openness’. We discuss the scope for policy actions to make trade safe and open, drawing out an analogy with the financial sector reforms enacted following the global financial crisis. We emphasise the merits of co-operation and multilateralism in order to underpin safe openness in the global trading system, and caution against direct policy interventions that are not targeted to address well-identified market failures.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"153 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122452159","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}

{"title":"Market Pricing of Fundamentals at the Shanghai Stock Exchange: Evidence from a Dividend Discount Model with Adaptive Expectations","authors":"Mingyang Li, Linlin Niu, Andrew Pua","doi":"10.2139/ssrn.3762516","DOIUrl":"https://doi.org/10.2139/ssrn.3762516","url":null,"abstract":"We study market pricing of fundamentals at the Shanghai Stock Exchange, incorporating possible irrational pricing behavior with adaptive expectation. Using panel data of listed stocks to overcome the limited information in aggregate time series data, we estimated key parameters of the price elasticity of dividends and the expectation adjustment based on a linear dynamic panel data model. We use a major subset of stocks with stationary real prices and cash flows and apply methods that correct for incidental parameter bias. The resulting price elasticity of dividends is about 0.46 (0.35) based on annual (quarterly) data, which is sizable given high PD (PE) ratios in the market. Our results imply that slow expectation adjustment contributes to “bubble-like” price patterns. We also show prices significantly react to macro information related to the discount rate, but these effects are very sensitive to the information set used.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132617025","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}

{"title":"Improving Financial Performance through Green Innovation with High-level Knowledge Integration: An Empirical Analysis","authors":"M. Menon, Huaqing Wang, Zuoming Liu","doi":"10.2139/ssrn.3746816","DOIUrl":"https://doi.org/10.2139/ssrn.3746816","url":null,"abstract":"More and more companies have been adopting sustainable strategies to improve their environmental performance and financial performance. It is essential for companies engaged in green operations. Drawing on the theories of organizational learning and dynamic capabilities. This study conducts an empirical analysis to identify the indirect effect of knowledge integration on financial performance. This indirect effect is mediated by its green product and process innovations capability. This study provides helpful guidelines for managers to properly organize the structures of their companies in order to improve green innovation and financial performance.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131361431","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}