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Business Strategy and CEO Compensation: Evidence from the Hospitality and Tourism Industry* 企业战略与 CEO 薪酬：来自酒店和旅游业的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-01-29 DOI: 10.1111/ajfs.12461
Hye Seok Kim, Akinloye Akindayomi, Chune Young Chung, Adeduro Adesola Ogunmakin
{"title":"Business Strategy and CEO Compensation: Evidence from the Hospitality and Tourism Industry*","authors":"Hye Seok Kim,&nbsp;Akinloye Akindayomi,&nbsp;Chune Young Chung,&nbsp;Adeduro Adesola Ogunmakin","doi":"10.1111/ajfs.12461","DOIUrl":"10.1111/ajfs.12461","url":null,"abstract":"<p>This study examines the relationship between a hospitality and tourism (HT) firm's business strategy and the level and structure of compensation for its chief executive officer (CEO). Using the ordinary least square (OLS) estimation method, we find that firms in the HT industry that adopt an innovation-oriented business strategy increase their CEOs' total compensation. The increased compensation is not derived from a cash-based component but from an equity-based component of the total CEO compensation. The higher levels of risk exposure that HT firms encounter when adopting an innovation-oriented business strategy motivate these compensation dynamics. Further, HT firms that implement an innovation-oriented business strategy and possess a higher firm value are those that remunerate their CEOs using equity-based compensation. We find no such evidence for cash-based compensation. Therefore, we advocate for a strategy-induced compensation premium in the CEOs' compensation contracting for the HT industry.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 1","pages":"87-119"},"PeriodicalIF":1.5,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139590271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Comment Letters and Reporting Quality: Evidence from Financial Restatements* 评论信与报告质量：来自财务重述的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-12-09 DOI: 10.1111/ajfs.12456
Qiuyue Zhang, Guomei Tang, Xiuting Qin
{"title":"Comment Letters and Reporting Quality: Evidence from Financial Restatements*","authors":"Qiuyue Zhang,&nbsp;Guomei Tang,&nbsp;Xiuting Qin","doi":"10.1111/ajfs.12456","DOIUrl":"10.1111/ajfs.12456","url":null,"abstract":"<p>This study investigates the impact of comment letter reviews on reporting quality in terms of financial restatements, using comment letters from the Chinese market between 2013 and 2020. The baseline results indicate that although receiving a comment letter increases the next year's (year <i>t</i> + 1) restatements, it reduces later years' (year <i>t</i> + 2 onwards) restatements. Moreover, this effect is more pronounced among firms with lower external auditor quality, poorer information transparency, and those located in less marketized provinces. The mechanism analyses show that comment letter reviews improve financial reporting quality because of deterrent effects in the form of increased litigation risk.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 6","pages":"924-948"},"PeriodicalIF":1.5,"publicationDate":"2023-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138585992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Control Beyond Ownership: Open-Book Accounting in Unbalanced Supply Chain Networks* 超越所有权的控制：非平衡供应链网络中的开卷会计*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-12-08 DOI: 10.1111/ajfs.12453
Yunxiao Liu, Woojin Kim, Jongsub Lee
{"title":"Control Beyond Ownership: Open-Book Accounting in Unbalanced Supply Chain Networks*","authors":"Yunxiao Liu,&nbsp;Woojin Kim,&nbsp;Jongsub Lee","doi":"10.1111/ajfs.12453","DOIUrl":"10.1111/ajfs.12453","url":null,"abstract":"<p>Open-book accounting is a practice to disclose the full cost structure of suppliers to customers to achieve cost efficiency in supply chains. However, the dominant market power of customers could interfere with this goal in practice. Using unique data on the suppliers of large Korean business groups, we find that open-book accounting is associated with profit rate regulation by customers. Suppliers' price growth is capped despite the increase in supplied goods. Profit rates of suppliers significantly co-move in times of low average profitability. Using an exogenous regulatory reform that outlawed coercive open-book accounting, we find the tendencies significantly reversed post-reform.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 6","pages":"979-1013"},"PeriodicalIF":1.5,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138559665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Non-Investor Institutions' Site Visits and Corporate Social Responsibility* 非投资机构实地考察和企业社会责任*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-12-07 DOI: 10.1111/ajfs.12454
Lewis H.K. Tam, Shaohua Tian
{"title":"Non-Investor Institutions' Site Visits and Corporate Social Responsibility*","authors":"Lewis H.K. Tam,&nbsp;Shaohua Tian","doi":"10.1111/ajfs.12454","DOIUrl":"10.1111/ajfs.12454","url":null,"abstract":"<p>Previous studies show that institutional investors play an important role in shaping corporate social responsibility (CSR). The role of non-investor institutions such as media firms is largely unexplored, especially in China. This study examines the impact of site visits by non-investor institutions on visited firms' CSR ratings (excluding corporate governance (CG)) in China. The baseline result shows that site visits are associated with improved CSR ratings. The result is robust after controlling for potential endogeneity issues. It is also robust with alternative CSR ratings by different data providers. The channel test suggests that non-investor institutions' site visits improve CSR ratings by increasing both CSR disclosure and actual CSR activities. To highlight the difference between our study and recent research on corporate site visits by institutional investors, we perform a further test to show that non-investor institutions' visits improve the non-CG aspect but not the CG aspect of CSR ratings while institutional investors' visits improve the CG aspect but not the non-CG aspect of CSR ratings.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 6","pages":"889-923"},"PeriodicalIF":1.5,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138593895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Improving Retirement Coverage Durability with Target Volatility Strategy for Changing Interest Rate Environment 利用目标波动率策略提高退休保障的持久性，应对不断变化的利率环境
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-12-07 DOI: 10.1111/ajfs.12455
Zefeng Bai, Victoria Steblovskaya, Kai Wallbaum
{"title":"Improving Retirement Coverage Durability with Target Volatility Strategy for Changing Interest Rate Environment","authors":"Zefeng Bai,&nbsp;Victoria Steblovskaya,&nbsp;Kai Wallbaum","doi":"10.1111/ajfs.12455","DOIUrl":"10.1111/ajfs.12455","url":null,"abstract":"<p>Motivated by the recent market turbulence triggered by the COVID-19 pandemic and the changing interest rate environment, we propose an improved investment strategy for extending retirement coverage in the pension decumulation stage. The newly proposed strategy with interest rate dependent volatility targets can significantly improve the durability of conventional retirement portfolios with constant risky and risk-free asset allocations. This conclusion follows from our analysis in the simulated financial market with stochastic interest rate and stochastic volatility, based on the Hybrid Heston-Vasicek model. Consequently, the proposed target volatility strategy could be a suitable option for more reliable retirement coverage after retirement.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 6","pages":"949-978"},"PeriodicalIF":1.5,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138569695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unintended Consequences of End-of-Year Rush Toward Innovation: Evidence from Patent Application Filings* 年末创新热潮的意外后果:来自专利申请文件的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-11-28 DOI: 10.1111/ajfs.12452
Jiyoung Park, Hyun-Han Shin
{"title":"Unintended Consequences of End-of-Year Rush Toward Innovation: Evidence from Patent Application Filings*","authors":"Jiyoung Park,&nbsp;Hyun-Han Shin","doi":"10.1111/ajfs.12452","DOIUrl":"10.1111/ajfs.12452","url":null,"abstract":"<p>This study employs novel data on patents filed in Korea to investigate whether there is an end-of-year rush phenomenon for innovation. Our findings indicate that patent applications tend to be concentrated in the second half of the year more than in the first half of the year, and the number of application filings gradually increases toward the end of the year. We also examine the quality of patents and find that applications filed near the end of the year are more likely to be low-quality innovations. Firms in our sample that filed more patent applications in the second half of the year engaged in incremental innovation, which entails the exploitation of existing knowledge or research areas rather than the exploration of new knowledge in new areas. Furthermore, our study reveals that this end-of-year rush on innovation is more prevalent among firms with high free cash flow and among firms belonging to business groups. Our findings demonstrate that the end-of-year rush has unintended consequences for innovation.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 6","pages":"862-888"},"PeriodicalIF":1.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138495169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Procyclical Credit Rating Policy* 顺周期信用评级政策*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-10-30 DOI: 10.1111/ajfs.12450
Jun Kyung Auh
{"title":"Procyclical Credit Rating Policy*","authors":"Jun Kyung Auh","doi":"10.1111/ajfs.12450","DOIUrl":"https://doi.org/10.1111/ajfs.12450","url":null,"abstract":"<p>This paper examines whether credit rating agencies applied consistent rating standards to US corporate bonds in the periods surrounding the 2008 financial crisis. Based on estimates of issuing firms' credit quality from a structural model, I find that rating standards are in fact procyclical: ratings are stricter during an economic downturn than during an economic expansion. As a result, firms receive overly pessimistic ratings in a recession, relative to during an expansion. I further show that a procyclical rating policy amplifies the variation in corporate credit spreads, accounting for, on average, 11% of the increase in spreads during a recession. In the cross-section, firms with a higher rollover rate of debt, fewer alternative channels to convey their credit quality to the market, and firms with businesses that are more sensitive to economic cycles are more affected by the procyclical rating policy.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"707-761"},"PeriodicalIF":1.5,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71987739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Geographical Proximity Matter in Small Business Lending? Evidence from Changes in Main Bank Relationships* 地理邻近性对小企业贷款有影响吗？主银行关系变化的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-10-17 DOI: 10.1111/ajfs.12447
Arito Ono, Yukiko U. Saito, Koji Sakai, Iichiro Uesugi
{"title":"Does Geographical Proximity Matter in Small Business Lending? Evidence from Changes in Main Bank Relationships*","authors":"Arito Ono,&nbsp;Yukiko U. Saito,&nbsp;Koji Sakai,&nbsp;Iichiro Uesugi","doi":"10.1111/ajfs.12447","DOIUrl":"https://doi.org/10.1111/ajfs.12447","url":null,"abstract":"<p>We examine the causal link between the geographical distance between firms and their main bank and the termination of main bank relationships, using the exogenous change in firm–main bank distances brought about by bank branch consolidations in Japan. Our findings are threefold. First, an increase in lending distance increases the likelihood that firms switch their main bank. Second, the average lending distance for firms that switched to a new main bank decreased after the switch. Third, the lending distance of new firm–main bank relationships after the switch had a positive impact on the probability of default of small firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"819-855"},"PeriodicalIF":1.5,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71963962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Does Environmental, Social and Governance Performance Lessen Analyst Optimistic Bias: Evidence from China* 环境、社会和治理绩效是否减轻了分析师的乐观偏见：来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-10-09 DOI: 10.1111/ajfs.12446
Zaifeng Wang, Tiancai Xing
{"title":"Does Environmental, Social and Governance Performance Lessen Analyst Optimistic Bias: Evidence from China*","authors":"Zaifeng Wang,&nbsp;Tiancai Xing","doi":"10.1111/ajfs.12446","DOIUrl":"https://doi.org/10.1111/ajfs.12446","url":null,"abstract":"<p>We examine how analysts respond to non-financial information about environmental, social responsibility, and corporate governance (ESG) performance and find good ESG performance lessens analysts' optimistic bias. We verify the mediating role of financial transparency that superior ESG performance decreases the level of information asymmetry between firms and analysts and improves financial transparency, thus weakening optimistic bias. Analysts' optimistic bias rises with increased institutional holdings and diminishes with heightened economic policy uncertainty. Social responsibility makes a larger reducing effect on analyst optimistic bias than corporate governance and environmental protection. Our findings have important implications for encouraging firms to emphasize ESG performance and improving stock market efficiency.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"793-818"},"PeriodicalIF":1.5,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71949799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stock Pledge by Controlling Shareholder and Corporate Social Responsibility* 控股股东股权质押与企业社会责任*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-09-29 DOI: 10.1111/ajfs.12448
Wen Wen, Lijing Tong, Lu Xie, Siting Zhang
{"title":"Stock Pledge by Controlling Shareholder and Corporate Social Responsibility*","authors":"Wen Wen,&nbsp;Lijing Tong,&nbsp;Lu Xie,&nbsp;Siting Zhang","doi":"10.1111/ajfs.12448","DOIUrl":"https://doi.org/10.1111/ajfs.12448","url":null,"abstract":"<p>We examine the influence of stock pledge by controlling shareholders on corporate social responsibility (CSR). Results show that firms exhibit poorer CSR performance when the controlling shareholders have more shares under pledge to financial institutions. Further analyses suggest that the negative relation between stock pledge and CSR only exists in financially constrained firms and non-state-owned firms, in which the pledging controlling shareholders have greater incentive to increase stock price and maintain their control rights. Our findings support a margin call hypothesis that firms tend to cut off CSR spending to improve short-term financial performance and reduce the risk of losing control rights.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"762-792"},"PeriodicalIF":1.5,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71986431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","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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