Asian Academy of Management Journal of Accounting and Finance最新文献

Corporate Social Responsibility Practices, Corporate Sustainable Development, Venture Capital and Corporate Governance: Evidence from Chinese Public Listed Firms 企业社会责任实践、企业可持续发展、风险投资与公司治理：来自中国上市公司的证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.9

Jing Wu, Chee Yoong Liew

{"title":"Corporate Social Responsibility Practices, Corporate Sustainable Development, Venture Capital and Corporate Governance: Evidence from Chinese Public Listed Firms","authors":"Jing Wu, Chee Yoong Liew","doi":"10.21315/aamjaf2024.20.1.9","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.9","url":null,"abstract":"This study intends to investigate the relationship between the different corporate social responsibility (CSR) practices of firms and their corporate sustainable development (CSD) as well as whether venture capital (VC) and corporate governance (CG) moderate this relationship and capital allocation efficiency (CAE) mediates the relationship. The sample of this study consist of Chinese A-share public-listed firms as well as the Growth Enterprise Market (GEM) listed firms in China. The duration covered is from 2013 to 2020. There are significant positive relationships between CSR and CSD among Chinese A-shares listed firms and GEM listed firms. In addition, there is a significant positive moderating effect of CG and no significant moderating effect of VC on the relationship between CSR and CSD among Chinese A-shares listed firms. However, for GEM listed firms, there is no significant moderating effect of both VC and CG on the relationship between CSR and CSD. Finally, there is a significant positive mediating effect of CAE on the relationship between CSR and CSD among Chinese A-shares listed firms and GEM listed firms.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141372140","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: 0

Crude Palm Oil Price Prediction Using Simulated Annealing-based Support Vector Regression (SA-SVR) 使用基于模拟退火的支持向量回归（SA-SVR）预测原油棕榈油价格

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.10

Chai Wen, Jack Goh, Amirah Chai, Rahman, Wen Eng Ong

{"title":"Crude Palm Oil Price Prediction Using Simulated Annealing-based Support Vector Regression (SA-SVR)","authors":"Chai Wen, Jack Goh, Amirah Chai, Rahman, Wen Eng Ong","doi":"10.21315/aamjaf2024.20.1.10","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.10","url":null,"abstract":"Palm oil is one of the major export products of Malaysia. Predicting the price of crude palm oil futures (FCPO) traded on BURSA Malaysia Derivative is essential as agricultural markets have an inherent tendency towards instability, and thus are more vulnerable to price shocks than other industrial sectors. Hence, if the price of the futures contract on crude palm oil can be forecasted accurately, many parties such as farmers, refiners and distributors can manage the risk of price fluctuations through FCPO. This study proposes the metaheuristic and machine learning hybridised model of simulated annealing-based support vector regression (SA-SVR). The SVR in this model produces close price predictions of the FCPO with minimum deviation from the actual value with the help of SA, which first determines the best hyperparameter set to be utilised in the SVR. Although the proposed Radial Basis Function (RBF) kernelised SA-SVR model inputs only 10% of training data due to memory overload issues, it has produced a satisfying prediction result with an average execution time of 2 minutes and 34 seconds. The model performance was analysed further by using different ratios in data splitting, varying temperature combinations for the SA algorithm and initiating the parameter search based on the previous best hyperparameter set. Results show that keeping the test size constant and extracting more historical data on FCPO price for model training is better than varying train-test split ratios. The temperature schedule strategy showed that different initial and minimum SA temperature combinations affects the overall optimisation results. The best combination was the initial temperature of 100 and minimum of 40. In addition, the number of temperature reductions and average execution time to reach the best state decreases when the starting point of the parameter search space is close to the best values.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373749","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: 0

Internationalisation Strategy and Management Accounting and Control Systems: A Network Approach 国际化战略与管理会计和控制系统：网络方法

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.5

Ana Filipa, M. Roque, Maria-Céu G. Alves, Mário Lino Raposo

{"title":"Internationalisation Strategy and Management Accounting and Control Systems: A Network Approach","authors":"Ana Filipa, M. Roque, Maria-Céu G. Alves, Mário Lino Raposo","doi":"10.21315/aamjaf2024.20.1.5","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.5","url":null,"abstract":"Internationalisation has become crucial to economic development, especially for companies that are more technological and scientific. These companies arouse curiosity, as they quickly begin their internationalisation process (IP), adopting the Born Global model shortly after its creation. It has also been noted that, when they seek to benefit from mutual flexibility, the opportunity to use technical and economic knowledge, and even the collective assumption of costs and risks, it is common for them to resort to the internationalisation model based on Network Theory. Considering that internationalisation is part of the company’s growth strategy, and that this may require an adjustment of the information structure, namely the Management Accounting and Control System (MACS), it becomes relevant to understand how IP affects MACS. In this way, our study aims to respond to how MACS adjusts to Born Global internationalisation model (BGIM) and Network Model of Internationalisation (NMI) for a successful internationalisation strategy? In this study, we evaluate how MACS is adjusted in order to become a tool capable of collecting and processing the set of useful information necessary for the implementation of the internationalisation strategy. We conducted a single case study in a Portuguese health-sector company. Our results show that MACS needs to be adjusted to facilitate the implementation of IP.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373670","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: 0

Does the Sharia-compliant Status Removal Announcement Matter? Liquidity, Trading Activities and Institutional Investors 符合伊斯兰教法的地位取消公告重要吗？流动性、交易活动和机构投资者

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.8

Rozaimah Zainudin, Karren Lee-Hwei, Lee-Hwei Khaw

{"title":"Does the Sharia-compliant Status Removal Announcement Matter? Liquidity, Trading Activities and Institutional Investors","authors":"Rozaimah Zainudin, Karren Lee-Hwei, Lee-Hwei Khaw","doi":"10.21315/aamjaf2024.20.1.8","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.8","url":null,"abstract":"On 29th November 2013, the Security Commission Malaysia revised the Sharia-compliant screening policy and about 20% of the Sharia firms lost their certification for not meeting the additional criteria. Using 107 affected firms, we examine the removal announcement effect on the stocks’ liquidity and trading activities. Our analysis focuses only on the removal announcement due to the screening policy changes. We use 181 days event window for the short-term effect and multivariate panel estimation models for the long-term effect. The event study observes a decreasing trend for the liquidity measures, indicating a higher liquidity post-Sharia removal announcement among the affected stocks. Conversely, trading activities decrease substantially within the first few days post-event date before picking up gradually. The regression analysis confirms the results, but we do not find consistent results supporting the relationship between institutional investors and liquidity and trading activities. The study is among the pioneers to unfold the effect of Sharia-compliant status removal announcement due to the policy changes on the stock liquidity and trading activities within short and long-term perspectives. We also provide post-effect evidence on the change of the institutional investors due to the removal announcement on the liquidity and trading aspect.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141375080","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: 0

Asymmetric Effects of Investor Sentiment on Malaysian Sectoral Stocks: A Nonlinear Autoregressive Distributed Lag Approach 投资者情绪对马来西亚行业股票的不对称影响：非线性自回归分布滞后法

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.6

Tze-Haw Chan, Abdul Saqib, H. Lean

{"title":"Asymmetric Effects of Investor Sentiment on Malaysian Sectoral Stocks: A Nonlinear Autoregressive Distributed Lag Approach","authors":"Tze-Haw Chan, Abdul Saqib, H. Lean","doi":"10.21315/aamjaf2024.20.1.6","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.6","url":null,"abstract":"Extant literature fails to conclusively shed light on the asymmetric effects of market sentiment during bulls and bears, especially for small open markets like Malaysia. This study constructs a sentiment index for Malaysia using Principal Component Analysis. A nonlinear ARDL model is applied to capture and distinguish the optimistic and pessimistic sentiments to justify sectoral stock price movements. Our threefold findings reveal the significant explanatory power of sentiment on sectoral stock prices for both market phases, validated by bound test statistics and error correction terms. Furthermore, the study uncovers long-run asymmetric effects in most sectors (excluding technology) and emphasises their insignificance in the short run, attributable to limited and regulated short selling. Dynamic multiplier graphs underscore the temporal nature of sentiment effects, peaking in the 3rd to 7th months for most stocks, with technology stocks exhibiting an overreaction to negative sentiments. Notably, most stocks respond to positive adjustments, indicating that investors are not driven by loss aversion stemming from diverse market news. These insights are vital for individual traders, fund managers, and regulatory bodies involved in risk assessment and hedging strategy formulation. The study contributes to non-conventional equity analyses, offering valuable perspectives for navigating the complexities of small open markets.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141375125","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: 0

The Relationship between Corporate Governance, Employee Salaries, Salary Gaps and Financial Performance 公司治理、员工薪酬、薪酬差距与财务业绩之间的关系

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.4

Ming-Chuan Wang, Shen-Yuan Chen, Shih-Wei Hung

引用次数: 0

The Multifaceted Impact of Directors and Officers (D&O) Insurance on Corporate Governance and Performance 董事及高管 (D&O) 保险对公司治理和绩效的多方面影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.1

Xue Chang

{"title":"The Multifaceted Impact of Directors and Officers (D&O) Insurance on Corporate Governance and Performance","authors":"Xue Chang","doi":"10.21315/aamjaf2024.20.1.1","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.1","url":null,"abstract":"In the ever-evolving capital market, safeguarding shareholder rights and interests is paramount for Chinese listed companies facing escalating risks. This article explores the dynamic discourse surrounding Directors and Officers (D&O) insurance, focusing on its implications in emerging markets with lower institutional support and disclosure quality. Spanning 2000 to 2020, this study rigorously examines the impact of D&O insurance in China, investigating its associations with capital markets, regulatory frameworks, managerial practices and financial reporting. My analysis reveals that D&O insurance correlates negatively with CEO turnover and litigation risk. However, its influence on investment efficiency, earnings management, financial reporting and corporate governance is comparatively modest. I also uncover nuanced disparities between stateowned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). In SOEs, where CEOs are appointed by the government and litigation risk is lower, D&O insurance’s impact is less pronounced. Conversely, non-SOEs, facing higher litigation risk, find greater significance in D&O insurance as protection against legal action. In summary, this article highlights D&O insurance’s role as a protective shield for CEOs and underscores its evolving dynamics in Chinese listed companies’ corporate governance and risk management.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141371545","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: 0

CEO Power and Tax Avoidance in Malaysia: The Moderating Effect of Board Gender Diversity 马来西亚首席执行官的权力与避税：董事会性别多样性的调节作用

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.3

Hooy Guat-Khim, Phua Lian-Kee

引用次数: 0

Volatility Spillovers Effects between Energy Commodities and Islamic Stock Markets 能源商品与伊斯兰股票市场之间的波动溢出效应

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.7

Mehmet Hüseyin Bilgin, G. Vardar, Berna Aydoğan, Evan Lau, Fakültesi Dekanlığı, Güney Yerleşkesi, A. Blok, Dumlupınar Kat, Mahallesi D-100, Kadıköy Istanbul Turkey Karayolu

{"title":"Volatility Spillovers Effects between Energy Commodities and Islamic Stock Markets","authors":"Mehmet Hüseyin Bilgin, G. Vardar, Berna Aydoğan, Evan Lau, Fakültesi Dekanlığı, Güney Yerleşkesi, A. Blok, Dumlupınar Kat, Mahallesi D-100, Kadıköy Istanbul Turkey Karayolu","doi":"10.21315/aamjaf2024.20.1.7","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.7","url":null,"abstract":"Empirical research exploring the relationship between capital markets and energy prices plays a crucial role in shaping policies for the growth of the Islamic financial system. This study aims to investigate potential shock transmission and volatility spillover effects among Islamic stock indices from selected Middle East and Northern Africa countries as well as crude oil prices and natural gas, over the period from August 2007 to September 2020. Applying VAR-BEKK-GARCH representation, the results reveal the evidence of bidirectional cross-market shock and volatility spillover effects between Kuwait and Qatar Islamic stock indexes, crude oil prices, and natural gas. Moreover, the results indicate the existence of bidirectional/unidirectional shock and volatility spillovers between Islamic indexes and all other variables, meaning there are information flows between these variables in all four countries except Turkey. Regarding the results of volatility spillovers, there is no spillover effect between Turkey’s MSCI Islamic index and Brent crude oil. These findings bear significant implications for portfolio management, offering valuable insights to financial market participants for making improved portfolio allocation decisions. Also, comprehending the volatility transmission mechanism across these markets is vital to provide policymakers and regulatory authorities with insight into the impact of energy prices on Islamic stock markets.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141372746","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: 0

The Impact of Corporate Governance on Financial Decision-making: Evidence from Non-financial Institutions in the Australian Securities Exchange 公司治理对财务决策的影响：来自澳大利亚证券交易所非金融机构的证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI: 10.21315/aamjaf2024.20.1.2

Leviticus Mensah, Richard Arhinful, Murad Abdurahman Bein

{"title":"The Impact of Corporate Governance on Financial Decision-making: Evidence from Non-financial Institutions in the Australian Securities Exchange","authors":"Leviticus Mensah, Richard Arhinful, Murad Abdurahman Bein","doi":"10.21315/aamjaf2024.20.1.2","DOIUrl":"https://doi.org/10.21315/aamjaf2024.20.1.2","url":null,"abstract":"The objective of this study was to examine the impact of corporate governance on the financial choices of non-financial companies operating in the Australian Securities Exchange. A purposive sampling technique was employed to select a total of 113 firms representing 14 sectors listed in the Australian Securities Exchange during the period from 2008 to 2021. The findings of the study revealed a positive and significant relationship between the size of the board, gender diversity among board members, board member affiliation and board compensation with the financial decisions of the corporations. Additionally, the study identified that the presence of experienced and non-executive board members had a negative and significant impact on internally generated funding. Furthermore, it was observed that board gender diversity, board size, board member affiliation and board compensation displayed a positive and significant association with debt financing, internally generated financing and equity financing. Most organisations displayed a preference for internal and debt financing over equity funding. Aligning governance with financial decisions enhances firms’ cost of capital. Governance quality affects capital market access, debt and equity costs. Effective governance leads to favourable financing terms.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141374443","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: 0