Asian Academy of Management Journal of Accounting and Finance最新文献_第2页

Enhancing Financial Performance and Market Acceptance Through Golden Ratio-Based Capital Structure Decisions: An Empirical Investigation in the Manufacturing and Services Sectors 通过基于黄金比率的资本结构决策提高财务绩效和市场接受度：制造业和服务业的实证研究

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.2

N. Khan, H. Zada, Wing-Keung Wong

{"title":"Enhancing Financial Performance and Market Acceptance Through Golden Ratio-Based Capital Structure Decisions: An Empirical Investigation in the Manufacturing and Services Sectors","authors":"N. Khan, H. Zada, Wing-Keung Wong","doi":"10.21315/aamjaf2023.19.2.2","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.2.2","url":null,"abstract":"The discovery of the golden ratio and the development and the theory for the golden ratio in modern science have witnessed the use of the ratio across many fields, including business, economics and finance. However, the ratio has rarely been used in solving corporate problems, such as fundamental analysis and capital structure decisions. To bridge the gap in the literature, in this paper, we examine the role of the golden ratio in deciding the capital structure and its effect on the firm’s financial performance and market acceptance for the manufacturing and services sector listed on the Pakistan Stock Exchange for the period from 2010 to 2019. In our analysis, we find a significant association between the deviation from the capital structure and the variation of the firm’s financial performance and market acceptance by using the golden ratio. The empirical findings of this study suggest that the golden ratio is an efficient tool for measuring capital structure and is useful for firms to boost financial performance and market acceptance. In general, the findings in our paper suggest financial managers of both the manufacturing and services sectors use a 38.2% ratio of equity and 61.8% of debt at the capital structure level. To the best of our knowledge, no prior studies in the literature have examined the role of the golden ratio in deciding an optimal level of capital structure in Pakistan. Therefore, our paper has a significant contribution to the existing literature, and the empirical findings of the study are found strong and more evident for manufacturing than the services sector. Moreover, the findings in our paper also suggest managers in Pakistan apply the aforementioned percentage of debt and equity in capital structure level subject to performance measurement.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139205599","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

Financial Reporting Quality During COVID-19 Pandemic: International Evidence COVID-19 大流行期间的财务报告质量：国际证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.6

W. Ismail, A. Ariff, K. A. Kamarudin, Nur Shaida Mohd Adnan

引用次数: 0

Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies 政府所有权和管理者的作用：对高科技公司收购回报的影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.10

Norhamiza Ishak, H. Shahar, Kamarun Nisham Taufil Mohd

{"title":"Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies","authors":"Norhamiza Ishak, H. Shahar, Kamarun Nisham Taufil Mohd","doi":"10.21315/aamjaf2023.19.2.10","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.2.10","url":null,"abstract":"This study investigates the effect of high-technology (high-tech) company acquisitions and GLIC ownership on shareholders’ value creation. Study samples for empirical analyses were carried out using the market-model event-study and multivariate analysis on studies published between 2011 and 2018. The findings indicate that; (i) The CAR for high-tech acquiring firms for the three-day event window (–1,1), five-day event window (–2, +2) and 11-day event window led to significant positive returns, with at least at 10% level, signifying that investors have a favourable reaction towards short-term high-tech acquisitions; (ii) The relationship between the GLICs’ Institutional Blockholders (BPSVGLIC) and executive director (FRACEXEC) was found to affect the abnormal returns significantly negatively at a minimum 5% significance level. These results provide two practical implications; firstly, investors gain abnormal returns from their investment in high-tech acquiring companies, and secondly, firms with greater ownership stakes in GLICs could experience value destruction.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139200670","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 Capital Regulations on Bank Margins of ASEAN Banking Sector 资本监管对东盟银行业利润率的影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.3

Fatin Nur Hidayah Taib Khan, Nurhafiza Abd Kader Malim, Tajul Ariffin Masron, R. A. Rahim

{"title":"The Impact of Capital Regulations on Bank Margins of ASEAN Banking Sector","authors":"Fatin Nur Hidayah Taib Khan, Nurhafiza Abd Kader Malim, Tajul Ariffin Masron, R. A. Rahim","doi":"10.21315/aamjaf2023.19.2.3","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.2.3","url":null,"abstract":"Basel Committee on banking supervision (BCBS) has issued Basel which requires the banks to comply with the minimum capital requirement after the crisis. Nevertheless, whether the requirement imposes impact the banking sector which comprises a dual banking system, in a positive manner is still questionable. Given the higher capital costs from the strict capital requirements, banks are being forced to raise bank margins. This study investigates the effect of capital regulations on conventional and Islamic banks’ margins covering the ASEAN banking system from 2009 to 2017. The empirical analysis uses dynamic panel data frameworks to reveal several factors affecting bank margins. Overall, the results suggest that the total regulatory capital ratio helps reduce the margins of conventional banks but does not influence the margins of Islamic banks. As for the Tier-1 capital ratio, the variable increases the Islamic bank margins but does not significantly affect conventional bank margins. Based on the analysis results, regulators of conventional banks need to impose capital requirements as suggested by Basel III to reduce bank margins. Meanwhile, as for Islamic banks, the bank margins can be reduced if regulators can introduce a separate set of requirements tailored explicitly for Islamic banks.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139206720","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

Commonality in Liquidity: Evidence from Emerging Asian Actively-Managed Equity Funds 流动性的共性：新兴亚洲主动管理股票基金的证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.8

Suresh Kumar, Eliza Nor, Nik Hadiyan Nik Azman, Hyder Ali

{"title":"Commonality in Liquidity: Evidence from Emerging Asian Actively-Managed Equity Funds","authors":"Suresh Kumar, Eliza Nor, Nik Hadiyan Nik Azman, Hyder Ali","doi":"10.21315/aamjaf2023.19.2.8","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.2.8","url":null,"abstract":"In this study, a set of common factors of liquidity that had previously been recorded at the equity security level is examined for its effect on inter and intra-market liquidity variations in equity funds in emerging Asian markets. Cross-market liquidity co-movement between the fund’s portfolio and the market portfolio, which typically measures systematic liquidity risk and market integration, is the liquidity commonality for mutual funds. This research builds on Wang Jianxin’s study in 2013 by including market liquidity, return and volatility as common factors of liquidity, and the partial R2 of the common factors reveals each factor’s contribution. We find that emerging Asian countries share 24.14% of the intra-market liquidity commonality between funds and equity markets, and market liquidity is tied to such relationship. Emerging Asian region share 2.76% of inter-market liquidity commonality and regional market return and volatility majorly contribute to this liquidity commonality. The significance of domestic financial markets is evidenced by the wide disparity in liquidity commonality between domestic and regional markets.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139207084","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

Dividend and Excess Return in China 中国的股利和超额收益

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.4

Jiaqi Da, A. Nassir, Andrew Tek Wei Saw, Hui Zhang, Wei Theng Lau

{"title":"Dividend and Excess Return in China","authors":"Jiaqi Da, A. Nassir, Andrew Tek Wei Saw, Hui Zhang, Wei Theng Lau","doi":"10.21315/aamjaf2023.19.2.4","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.2.4","url":null,"abstract":"Investors are always chasing excess returns. To examine the three driving factors affecting China A-share excess returns, namely systematic risk, idiosyncratic risk and market sentiment, this study divided A-shares into non-dividend and dividend-paying groups based on the Dividend Paid for Common Shares in the notes of the financial report. In addition, this study used the Capital Asset Pricing model, Single-Index model, Arbitrage Pricing theory and Fama-French three- and five-factor model to analyse the three main driving factors. The Gibbons-Ross-Shanken test was used to test the model validity, and the optimal model for each group was extracted. Our findings show that after analysing the optimal models within each group, it becomes evident that systematic risk indeed exerts an influence on both dividend-paying and non-dividend companies. Nevertheless, when considering four specific systematic risks (inflation, exchange rates, crude oil and interest rates), this study’s findings establish that these risks do not significantly impact the stock returns of any company group across all time periods. As for idiosyncratic risks, firm size and book-to-market factors emerge as substantial influencers across all firms. Additionally, market sentiment significantly affects the stock performance of small-sized dividend-paying companies.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139200160","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

Accounting Information Consistency and Audit Fees: Evidence from China 会计信息一致性与审计费用：来自中国的证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.7

Shaojun Fan, Aikun Zhang

引用次数: 0

Industry Concentration, Firm Size and Entry-Timing in Merger Waves 兼并浪潮中的行业集中度、公司规模和进入时机

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.9

Lin Lin, Ngou Teng Pun, Zhongda He

引用次数: 0

Patterns of Value Creation in Strategic Acquisitions for Growth 战略收购促进增长的价值创造模式

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI: 10.21315/aamjaf2023.19.2.5

Veronika S. Vinogradova

引用次数: 0

CEO Power, Corporate Governance Mechanisms and Earnings Quality CEO权力、公司治理机制与盈余质量

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-06-22 DOI: 10.21315/aamjaf2023.19.1.7

Dalia Ali, Mostafa Hemdan, Saif-Ur-Rehman, Faisal Khan

{"title":"CEO Power, Corporate Governance Mechanisms and Earnings Quality","authors":"Dalia Ali, Mostafa Hemdan, Saif-Ur-Rehman, Faisal Khan","doi":"10.21315/aamjaf2023.19.1.7","DOIUrl":"https://doi.org/10.21315/aamjaf2023.19.1.7","url":null,"abstract":"This article investigated the determinants of the firm’s earnings quality (FREQ) using panel data of Egyptian listed firms to address the concerns of endogeneity and heterogeneity. We found that CEO power dynamics negatively impact FREQ. Furthermore, corporate governance’s weakening or substitution role is investigated for the negative association between CEO power dynamics and FREQ. Our findings showed that board-independence significantly weakens the impacts of CEO- ownership and CEO-tenure on FREQ. In contrast, the results fail to support the weakening or substitution role of board-independence for the negative effects of CEO-duality and CEO-political connection on FREQ. Board gender diversity is not significantly associated with FREQ. However, we found that the presence of gender critical mass serves as a substitution mechanism for the negative association between CEO power dynamics and FREQ. Lastly, we observed strong robustness for our primary analysis through propensity matching scores and difference-in-different (DID) techniques. This study brings a novelty to existing research by exploring the negative consequences of CEO power dynamics. Furthermore, it provides an insight into the constraining or weakening of the role of corporate governance. The main findings of the current study are also robust to Modified Jones model (1995) reverse-causality, DID and propensity-matching techniques.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46974408","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