Advances in Financial Economics最新文献

Empirical Research in Banking and Corporate Finance 银行与公司财务实证研究

Advances in Financial Economics Pub Date : 2022-09-12 DOI: 10.1108/s1569-3732202221

引用次数: 0

The Influence of Corporate Governance Mechanisms on the Behavior of Financial Analysts of US Firms: An Empirical Analysis 公司治理机制对美国公司财务分析师行为的影响:一个实证分析

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020006

Ahmed Bouteska

引用次数: 6

Index 指数

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/s1569-373220180000020009

引用次数: 0

Reconsidering the Mandate of the Audit Committee: Evidence from Corporate Governance in Israel 重新考虑审计委员会的授权:来自以色列公司治理的证据

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020008

O. Berkman, Shlomith D. Zuta

{"title":"Reconsidering the Mandate of the Audit Committee: Evidence from Corporate Governance in Israel","authors":"O. Berkman, Shlomith D. Zuta","doi":"10.1108/S1569-373220180000020008","DOIUrl":"https://doi.org/10.1108/S1569-373220180000020008","url":null,"abstract":"We investigate the association between attributes of the audit committee of a firm and the likelihood of negative events occurring in the firm’s life in Israel. The mandate of the audit committee in Israel is substantially different from its mandate in the US. The responsibilities of the committee in the US are divided between two committees in Israel, one of which deals with reviewing the financial statements and the other one, titled “audit committee,” is in charge of the remaining tasks of the US-type audit committee. This allows us a unique opportunity to focus on the roles of the audit committee other than reviewing the financial statements. Using hand-collected data on firms traded on Tel Aviv Stock Exchange in 2010–2014, we find that the larger the audit committee size, the larger the likelihood of negative events, consistent with the cumbersome workings and potential conflicts of interests characterizing a large committee. The percentage of directors with accounting and financial expertise on the audit committee is associated with a lower likelihood of negative events, in line with the value of such experts in tasks beyond reviewing the financial statements. The fraction of independent directors on the audit committee is not found to be significantly related to the likelihood of negative events. This is consistent with the notion that some independent directors are independent in form but not necessarily in substance, which is surprising in light of the comprehensive regulation regarding audit committee independence imposed by the Israeli regulator.","PeriodicalId":439901,"journal":{"name":"Advances in Financial Economics","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116206777","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: 3

Board Gender Diversity and Firm Financial Performance: A Quantile Regression Analysis 董事会性别多样性与公司财务绩效:分位数回归分析

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020002

Amélie Charles, R. Dang, Etienne Redor

引用次数: 10

Are Dividends an Outcome of or a Substitute for External Corporate Governance? International Evidence Based on Product Market Competition 股利是外部公司治理的结果还是替代物?基于产品市场竞争的国际证据

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020003

Bobby K. Alexander, Stephen P. Ferris, Sanjiv Sabherwal

{"title":"Are Dividends an Outcome of or a Substitute for External Corporate Governance? International Evidence Based on Product Market Competition","authors":"Bobby K. Alexander, Stephen P. Ferris, Sanjiv Sabherwal","doi":"10.1108/S1569-373220180000020003","DOIUrl":"https://doi.org/10.1108/S1569-373220180000020003","url":null,"abstract":"This study examines whether dividend payout, an internal corporate governance mechanism, is a substitute for or an outcome of product market competition, an external corporate governance mechanism. The sample includes firms in six of the world’s most prominent economies. We find that firms in more competitive industries pay less in the way of dividends to their shareholders, which is consistent with the notion that dividends and competition are substitutes. We also determine that the above negative relationship is weaker in countries with stronger regulation protecting minority shareholders against corporate self-dealing. Furthermore, the relationship has attenuated following the passage of the Sarbanes-Oxley Act that increased regulation and enhanced governance standards. Collectively, our findings provide consistent evidence across countries that the two corporate governance mechanisms examined in the study are substitutes, and greater regulation weakens the substitution effect. Our empirical findings are robust to alternative measures of dividend payout, industry definition, and shareholder protection.","PeriodicalId":439901,"journal":{"name":"Advances in Financial Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115593201","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: 4

International Corporate Governance and Regulation 国际公司治理与监管

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/s1569-3732201820

Stephen P. Ferris

引用次数: 0

Should We Trust Fund Managers? A Close Look at the Canadian Mutual Fund Governance 我们应该信任基金经理吗?加拿大共同基金治理细看

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020005

Zhongzhi He, M. Kusý, Deepak Singh, Samir Trabelsi

引用次数: 1

Corporate Governance That Influences an Investment Intention in the ASEAN-Stars Thai Listed Companies: A Marketing Application for Brokerage Firms 公司治理对东盟之星泰国上市公司投资意向的影响:对券商的营销应用

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020007

Wasukarn Ngamchom, Malai Kamolsakulchai, Thanomsak Suwannoi, Jutamas Wongkantarakorn

{"title":"Corporate Governance That Influences an Investment Intention in the ASEAN-Stars Thai Listed Companies: A Marketing Application for Brokerage Firms","authors":"Wasukarn Ngamchom, Malai Kamolsakulchai, Thanomsak Suwannoi, Jutamas Wongkantarakorn","doi":"10.1108/S1569-373220180000020007","DOIUrl":"https://doi.org/10.1108/S1569-373220180000020007","url":null,"abstract":"This study provides practical implications for brokerage firms to utilize the importance of corporate governance fundamentals in marketing the equity securities. It models a structural relationship of board qualification, management competency, transparent corporate disclosure, and earning quality to the intention to invest. Data were collected from 1,410 investors who were asked about their investment intentions in the 13 ASEAN-Stars Thai listed companies. The investors in our model form their investment attitudes based on the company’s earning quality which is determined by its corporate governance attributes. The results show that corporate governance fundamentals significantly influence the investors’ perception on the company’s perceived earning quality and that the perceived earning quality has a significant positive effect on the investors’ intention to invest in the company. Our findings can help marketers at brokerage firms to persuade their customers to invest if they recommend equity securities of good governance companies.","PeriodicalId":439901,"journal":{"name":"Advances in Financial Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126591659","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

International Evidence on Economic Freedom, Governance, and Firm Performance 经济自由、治理和企业绩效的国际证据

Advances in Financial Economics Pub Date : 2018-10-23 DOI: 10.1108/S1569-373220180000020004

M. Liao

引用次数: 2