Current studies that use traditional data envelopment analysis (DEA) neglect the 100% market share restriction. This study adopts zero-sum gains data envelopment analysis to measure the efficiency scores of securities firms (SFs) and indicates that the traditional DEA model underestimates the efficiency scores of inefficient SFs. This research analyses 266 integrated securities firms in Taiwan ...

We examine the effect of lending banks’ board representation (affiliated banker on board, or AFB) on conservative accounting. We argue that private information obtained through board representation enhances the monitoring and the influence of lenders and therefore reduces their demand for conservatism-facilitated debt contracting. Consistent with our hypothesis, we find that conservatism is mar...

This paper aims to examine integration of supply chain and demand chain in emerging markets. We present a research model of demand and supply chain integration which responds to customer’s needs through the integrated information flows. Integration of demand and supply chain synchronizes the key processes in terms of frontend development, product planning, product design, procurement, manufactu...

Software is at the core of digitalisation and often claimed to play a central role in innovation shaping competition across industries firms. There are yet few studies extent nature software development We employ unique firm-level survey comprising 3,929 firms Sweden analyse distribution characteristics that invest orientation their investments. The results confirm activities present most indus...

The paper aims to identify the variables contributing special payouts considering open market repurchase, tender offer repurchases, and dividends. A multinomial logit model has been used investigate choice of payout out 754 announcements made between 2004 2017 in India. study investigates agency cost, shareholder heterogeneity, clientele effect, distribution size, misvaluation, takeover threat....

This study considers the implications of corporate political activity and political risk on asset pricing. It is found that firms which operate an affiliated political action committee (PAC) outperform firms that do not. Among firms that operate a PAC, we find that those that spend relatively less on politics outperform those that spend more and that political risk is successfully hedged by fir...

We examine the relation between stock price performance and the identity of the investors buying the shares in private placements of equity. We find that although the shareholders not participating in the placement experience post-issue negative long-term abnormal returns, the participating investors purchase the shares at a discount and earn normal returns. For the non-participating investors,...

This study investigates the internal mechanisms as an important factor for shareholders and stakeholders in initial public offering (IPO) firms with stakeholder-oriented corporate governance. Over period of 2009–2016, we examine role independent directors Japanese According to previous research, monitoring is strengthened countries a market-based financial system. Our empirical analyses show th...

An important aspect of China’s economic reforms has been an ambitious policy to develop a 100 or so large, internationally competitive business groups. Very little is known about these national champion groups or the benefits to subsidiary firms of belonging to them. This study, building from insights and methods used in existing literature, examines the performance of subsidiaries affiliated t...