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Corporate governance, market conditions and investors’ reaction to information signals 公司治理、市场状况和投资者对信息信号的反应
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2023-02-01 DOI: 10.1177/03128962221096492
Nawaf Almaskati, R. Bird, Danny Yeung, Yue Lu
{"title":"Corporate governance, market conditions and investors’ reaction to information signals","authors":"Nawaf Almaskati, R. Bird, Danny Yeung, Yue Lu","doi":"10.1177/03128962221096492","DOIUrl":"https://doi.org/10.1177/03128962221096492","url":null,"abstract":"We examine and compare the extent to which the reaction of investors to earnings announcements is influenced by a firm’s governance profile and prevailing market conditions. We find that firms with better governance characteristics experience a larger initial reaction to both good and bad earnings announcements regardless of the prevailing sentiment and uncertainty conditions. However, the influence of governance is constrained to the announcement period. We demonstrate that changes in market uncertainty and/or investor sentiment are related to the post-earnings announcement drift. We also find that a major channel through which greater corporate governance influences the market response to unexpected earnings news is by lowering information uncertainty and so providing greater clarity of the implication of the news for firm value. Finally, we establish that two types of uncertainties (market and information) have very different influence on investor’s response to information signals. JEL Classification: D81, G10, G14, G30, G32","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"38 - 66"},"PeriodicalIF":4.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45397852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The danger of feeling sorry for oneself: How coworker incivility diminishes job performance through perceived organizational isolation among self-pitying employees 自怨自艾的危险：同事的无礼行为如何通过自怜员工的组织孤立感降低工作表现
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2023-02-01 DOI: 10.1177/03128962221092088
I. Haq, D. De Clercq, M. Azeem
{"title":"The danger of feeling sorry for oneself: How coworker incivility diminishes job performance through perceived organizational isolation among self-pitying employees","authors":"I. Haq, D. De Clercq, M. Azeem","doi":"10.1177/03128962221092088","DOIUrl":"https://doi.org/10.1177/03128962221092088","url":null,"abstract":"The study examined how employees’ experience of resource-draining coworker incivility might undermine their job performance, with a focus on how this harmful process might be explained by perceptions of organizational isolation and moderated by susceptibility to self-pity. Three-wave survey data, collected among employees and their supervisors in various industries, indicated that an important reason that employees’ exposure to rude coworker treatment escalated into diminished performance outcomes was a belief that the employing organization was the source of their sense of abandonment. As a mediator, perceived organizational isolation exerted an especially prominent effect among employees who had a general tendency to pity themselves in difficult circumstances. Organizations accordingly can contain the risk that disrespectful coworker relationships translate into tarnished performance by discouraging employees to feel bad for themselves in the face of work-related hardships. JEL Classification: M50","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"130 - 146"},"PeriodicalIF":4.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43769949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Re-imagining anti-racism as a core organisational value 将反种族主义重新定位为组织的核心价值
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2023-01-23 DOI: 10.1177/03128962231151579
Amanuel Elias, J. Ben, K. Hiruy
{"title":"Re-imagining anti-racism as a core organisational value","authors":"Amanuel Elias, J. Ben, K. Hiruy","doi":"10.1177/03128962231151579","DOIUrl":"https://doi.org/10.1177/03128962231151579","url":null,"abstract":"Racism and anti-racism have received widespread attention in academic debates and public discourse. Having universal features, racism manifests differently nationally and locally, and has been met with diverse anti-racism efforts. Despite historical achievements of struggles against racial oppression, racism endures, and continues to evolve and adapt, posing challenges to racial justice and equity. Parallel to this, anti-racism scholarship and action have evolved over the past decade, targeting an increasing number of arenas of everyday life. However, the place of anti-racism within organisations remains overwhelmingly peripheral and often tokenistic. This article draws attention to this and argues for re-imagining anti-racism as a core organisational value. We critically evaluate current anti-racism practices, and call for broader, holistic, committed and well-funded anti-racism approaches within organisations. We then argue why establishing anti-racism as a core organisational value may help in addressing systemic/structural racism. J15, J71, M14, Z13","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49005826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Predicting ETF liquidity 预测ETF流动性
4区 管理学
Australian Journal of Management Pub Date : 2023-01-10 DOI: 10.1177/03128962221143494
Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti
{"title":"Predicting ETF liquidity","authors":"Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti","doi":"10.1177/03128962221143494","DOIUrl":"https://doi.org/10.1177/03128962221143494","url":null,"abstract":"Substantial transaction costs are incurred in exchange-traded fund (ETF) trading each year. This article examines a vector autoregressive (VAR) model’s performance and other trading schedules to time trades in a large sample of 1350 ETFs over the 2011–2017 period. We reject the notion of a one-size-fits-all trading schedule that maximizes spread savings for all ETF traders. ETF traders who want to split their orders could save 7.40% of ETF spread costs, whereas trading at the market closing time would be optimal for ETF traders without motives to split trades. The spread savings for ETF traders are diverse across ETF sectors and depend on the spread volatility. JEL Classification: G11, G23","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136326321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enterprise risk management and investment efficiency: Australian evidence from risk management committees 企业风险管理和投资效率:来自澳大利亚风险管理委员会的证据
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2023-01-03 DOI: 10.1177/03128962221144513
Haiyan Jiang, Jing Jia, Larelle (Ellie) Chapple
{"title":"Enterprise risk management and investment efficiency: Australian evidence from risk management committees","authors":"Haiyan Jiang, Jing Jia, Larelle (Ellie) Chapple","doi":"10.1177/03128962221144513","DOIUrl":"https://doi.org/10.1177/03128962221144513","url":null,"abstract":"This study investigates whether and how effective risk management committees (RMCs) improve corporate investment efficiency. Using a sample of listed companies included in the Australian Securities Exchange (ASX) 300 index, we document that effective RMCs improve investments’ sensitivity to growth opportunities and profitability. The results also reveal that effective RMCs enhance corporate investment efficiency by restricting not only over- but also underinvestment. Subsequent analyses demonstrate that the positive effect of RMCs on investment efficiency is due to the reduced information asymmetry and free cash flow problems. Furthermore, we find a more pronounced effect of RMCs on investment efficiency when companies experience a high level of economic policy uncertainty (EPU) and financial constraint. G14, G34, M41","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46192681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Should online reviews include pictures? The impact of fit between product type and online review presentation format 在线评论应该包含图片吗?产品类型与在线评论呈现格式契合度的影响
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-22 DOI: 10.1177/03128962221142407
Qing Yao, Yixuan Han, Defeng Yang
{"title":"Should online reviews include pictures? The impact of fit between product type and online review presentation format","authors":"Qing Yao, Yixuan Han, Defeng Yang","doi":"10.1177/03128962221142407","DOIUrl":"https://doi.org/10.1177/03128962221142407","url":null,"abstract":"This article investigates the influence of including pictures in online consumer reviews on review helpfulness perceptions for different types of products (hedonic vs utilitarian). Based on the dual-process model of information processing and regulatory fit theory, the study finds that reviews composed mainly of pictures are more helpful for hedonic purchases, while reviews composed mainly of text are more helpful for utilitarian purchases. The reason is that a picture-based (vs text-based) review permits consumers to obtain more knowledge about a product’s emotional (rational) benefits, which fits with hedonic (vs utilitarian) products’ consumption motivation. Specifically, the effect of fit between hedonic (vs utilitarian) purchase and picture (vs text) presentation of a review on the review helpfulness perception is mediated by emotional (vs cognitive) engagement. M31, M37","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47119162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sustaining innovation during downsizing strategy through knowledge coupling, business process digitization, and market capitalizing agility 通过知识耦合、业务流程数字化和市场资本化灵活性，在缩减战略期间保持创新
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-17 DOI: 10.1177/03128962221142435
Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi
{"title":"Sustaining innovation during downsizing strategy through knowledge coupling, business process digitization, and market capitalizing agility","authors":"Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi","doi":"10.1177/03128962221142435","DOIUrl":"https://doi.org/10.1177/03128962221142435","url":null,"abstract":"COVID-19 has developed chaos and uncertainty for small and medium enterprises (SMEs) causing mass downsizing. Under such uncertainty, innovation is key to survival and agility to growth. This study examines role of knowledge coupling and business process digitization (BPD) in sustaining innovation through market capitalizing agility (MCA) besides downsizing strategy. Data have been collected from top and mid management of Chinese manufacturing SMEs and analyzed with knowledge-based view and self-tuning model through Smart-PLS 4. Knowledge coupling positively contributes to MCA and innovation irrespective of downsizing strategy. Effect of BPD on innovation performance is same; however, insignificant on MCA in no-downsizing sample. Likewise, MCA positively influences innovation performance and positively mediates between knowledge coupling (BPD) and innovation performance only during downsizing. This study is first of its kind to establish mediating effect of MCA between knowledge coupling (BPD) and innovation performance during downsizing phase and offers significant theoretical and practical implications. J63, O31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47337748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Underwriting in the Australian IPO markets: Determinants and pricing 澳大利亚IPO市场的承销:决定因素与定价
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-04 DOI: 10.1177/03128962221139728
Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan
{"title":"Underwriting in the Australian IPO markets: Determinants and pricing","authors":"Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan","doi":"10.1177/03128962221139728","DOIUrl":"https://doi.org/10.1177/03128962221139728","url":null,"abstract":"We examine the factors that explain the underwriting decision and underwriting fees for Australian initial public offerings (IPOs). Using a sample of Australian IPOs, spanning the period 1999–2019,...","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"68 1","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Earnings management: Who do managers consider and what is the relative importance of ethics? 盈余管理：管理者会考虑谁，道德的相对重要性是什么？
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-02 DOI: 10.1177/03128962221137235
P. Coram, James R. Frederickson, Matt Pinnuck
{"title":"Earnings management: Who do managers consider and what is the relative importance of ethics?","authors":"P. Coram, James R. Frederickson, Matt Pinnuck","doi":"10.1177/03128962221137235","DOIUrl":"https://doi.org/10.1177/03128962221137235","url":null,"abstract":"Using responses from Australian CFOs and CEOs to a case-based survey and interviews, we provide insights into managers’ earnings management (EM) decisions. Ethics has the greatest explanatory power for our participants’ EM assessments. Ethical concerns about EM deter EM, but surprisingly, ethical concerns about not managing earnings and missing market expectations motivate EM. The primary economic motivation for EM is shielding current shareholders from the short-term costs of missing market expectations. We find considerable heterogeneity regarding the extent to which CFOs and CEOs believe EM is lying. Finally, CFOs and CEOs believe that each are significantly involved in initiating EM. M40, M41, M48","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44469588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Superannuation fees, asset allocation and fund performance 养老金费用、资产配置和基金业绩
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-11-23 DOI: 10.1177/03128962221137775
Andrew Ainsworth, Shumi Akhtar, Adam Corbett, Adrian Lee, Terry Walter
{"title":"Superannuation fees, asset allocation and fund performance","authors":"Andrew Ainsworth, Shumi Akhtar, Adam Corbett, Adrian Lee, Terry Walter","doi":"10.1177/03128962221137775","DOIUrl":"https://doi.org/10.1177/03128962221137775","url":null,"abstract":"Superannuation fees have come under public scrutiny in recent years with the belief they are too high. We examine the determinants of fees and their relationship with fund performance. Superannuati...","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"45 1","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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