LISTED EQUITIES CONFERENCE

Previously Published Papers on "Listed Equities Conference"

• Corporate Social Responsibility Reporting, State Ownership, and Corporate Performance in China: Proof from Longitudinal Data of Publicly Traded Enterprises from 2006 to 2020

  Authors: Wanda Luen-Wun Siu, Xiaowen Zhang, Keywords: China’s Listed Firm, CSR reporting, financial performance, panel analysis. DOI:10.5281/zenodo. Abstract: This paper offered the primary methodical proof on how Corporate Social Responsibility (CSR) reporting related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprises from 2006 to 2020 over two decades in the China Stock Market & Accounting Research database, we found initial evidence of significant direct relations between CSR reporting and firm corporate performance in both state-owned and privately-owned firms over this period, supporting the stakeholder theory. Results also revealed that state-owned enterprises performed as well as private enterprises in the current period. But private enterprises performed better than state-owned enterprises in the subsequent years. Moreover, the release of social responsibility reports had the more significant impact on the financial performance of state-owned and private enterprises in the current period than in the subsequent periods. Specifically, CSR release was not significantly associated to the financial performance of state-owned enterprises on the lag of the first, second, and third periods. But it had an impact on the lag of the first, second, and third periods among private enterprises. Such findings suggested that CSR reporting helped improve the corporate financial performance of state-owned and private enterprises in the current period, but this kind of effect was more significant among private enterprises in the lag periods.

• Director Compensation, CEO Duality, State Ownership, and Firm Performance in China: Proof from Panel Data of Publicly Listed Enterprises from 1999 to 2020

  Authors: Wanda Luen-Wun Siu, Xiaowen Zhang, Keywords: China’s listed Firm, director compensation, CEO duality, firm performance, panel analysis. DOI:10.5281/zenodo. Abstract: This paper offered the primary methodical proof on how director remuneration related to enterprise earnings in listed firms in China in light of most evidence focusing on cross-sectional data or data in a short span of time. Using full economic and business panel data on China’s publicly listed enterprise from 1999 to 2020 over two decades in the China Stock Market & Accounting Research database, we found statistically significant positive associations between director pay and firm performance in privately owned firms over this period, supporting the agency theory. In contrast, among the state-owned enterprises, there was a reverse relation between director compensation and firm financial performance, contributing to the existing literature. But the results also revealed that state-owned enterprises financially performed as well as private enterprises. Such findings suggested that state ownership might line up officials’ career incentives with party prime concern rather than pecuniary incentives. Also, CEO duality enhanced firm performance. As such, allegiance to the party and possible advancement to an upper-level political position would motivate company directors in state-owned enterprises. On the other hand, directors in privately owned enterprises might be motivated by monetary incentives. In addition, a statistical regression model was proposed and tested to get the results of the performance of state-owned enterprises. Finally, some suggestions were made about how to improve the institutional management of government-owned corporations in China.

• Corporate Social Responsibility and Its Impact on Corporate Governance: Comparative Study between Listed Companies on Bucharest and Bombay Stock Exchange

  Authors: L. Feleagă, M. Dumitrașcu, N. Feleagă, Keywords: Corporate governance, corporate social responsibility, disclosure, listed companies. DOI:10.5281/zenodo.1339906 Abstract: This article is a research on corporate governance. The aim of the study is to focus a special attention on the importance of corporate social responsibility and corporate governance, which are relevant, indeed necessary, for organizations. In this regard, we analyzed the corporate social responsibility in the context of corporate governance for companies listed on Bucharest and Bombay Stock Exchange. Therefore, we bring into the spotlight some differences between India and Romania linked with the importance ascribed to corporate social responsibility of a company. We presented the results of the demarche and we concluded suggestions regarding further research in this area. The study increases the awareness, identifies and articulates desirable behaviors, which are not intended to be exhaustive.

• Determinants of Enterprise Risk Management Adoption: An Empirical Analysis of Malaysian Public Listed Firms

  Authors: Nargess Mottaghi Golshan, Siti Zaleha Abdul Rasid, Keywords: Enterprise risk management, risk, public listed company. DOI:10.5281/zenodo.1079700 Abstract: Purpose:This paper aims to gain insights to the influential factors of ERM adoptions by public listed firms in Malaysia. Findings:The two factors of financial leverage and auditor type were found to be significant influential factors for ERM adoption. In other words the findings indicated that firms with higher financial leverage and with a Big Four auditor are more likely to have a form of ERM framework in place. Originality/Value:Since there are relatively few studies conducted in this area and specially in developing economies like Malaysia, this study will broaden the scope of literature by providing novel empirical evidence.

• The Organizational Innovativeness of Public-Listed Housing Developers

  Authors: Nor'Aini Yusof, Ismael Younis Abu-Jarad, Keywords: innovativeness, housing industry, measurement ofinnovativeness, public listed housing developers. DOI:10.5281/zenodo.1071144 Abstract: This paper investigated the organizational innovativeness of public listed housing developers in Malaysia. We conceptualized organizational innovativeness as a multi-dimensional construct consisting of 5 dimensions: market innovativeness, product innovativeness, process innovativeness, behavior innovativeness and strategic innovativeness. We carried out questionnaire survey with all accessible public listed developers in Malaysia and received a 56 percent response. We found that the innovativeness of public listed housing developers is low. The study extends the knowledge on innovativeness theory by using a multi-dimensional contructs to conceptualize the innovativeness of public listed housing developers in Malaysia where all this while most studies focused on single dimensional construct of innovativeness. The paper ends by providing some explanations for the results.

• Empirical Analysis of Private Listed Companies- Debt Financing and Business Performance in Jiangsu Province

  Authors: Chengxuan Geng, Haitao E, Yijie Jiang, Keywords: private listed companies, debt financing, business performance DOI:10.5281/zenodo.1330885 Abstract: According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.

• The Organizational Innovativeness of Public Listed Housing Developers in Malaysia

  Authors: Nor'Aini Yusof, Ismael Younis Abu-Jarad, Keywords: innovativeness, housing industry, measurement of innovativeness, public listed housing developers DOI:10.5281/zenodo.1328438 Abstract: This paper investigated the organizational innovativeness of public listed housing developers in Malaysia. We conceptualized organizational innovativeness as a multi-dimensional construct consisting of 5 dimensions: market innovativeness, product innovativeness, process innovativeness, behavior innovativeness and strategic innovativeness. We carried out questionnaire survey with all accessible public listed developers in Malaysia and received a 56 percent response. We found that the innovativeness of public listed housing developers is low. The paper ends by providing some explanations for the results.