ORCID Profile
0000-0003-2737-0768
Current Organisations
Durham University
,
Murdoch University
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Publisher: Virtus Interpress
Date: 2009
DOI: 10.22495/COCV7I2P6
Abstract: This paper extends prior research to examine the managerial ownership influences on firm performance through the choices of capital structures by using a new s le of S& P 500 firm in 2005. The empirical results of OLS regressions replicate the nonlinear relationship between managerial ownership and firm value. However, we found that the turning points had moved up in our s le compared with previous papers, which implies that the managerial control for pursuing self-interest, and the alignment of interests between managers and other shareholders can only be achieved now by management holding more ownership in a firm than that found in the previous studies. Managerial ownership also drives the capital structure as a nonlinear shape, but with a direction opposite to the shape of firm value. The results of simultaneous regressions suggest that managerial ownership affects capital structure, which in turn affects firm value. Capital structure is endogenously determined by both firm value and managerial ownership while managerial ownership is not endogenously determined by the other two variables.
Publisher: Springer Science and Business Media LLC
Date: 10-2022
Publisher: Emerald
Date: 03-04-2017
Abstract: The purpose of this paper is to analyze the demands of the core stakeholders and how these stakeholders drive the information disclosure behaviors of the enterprise and local government. Content analysis was conducted. The authors collected and analyzed information disclosure laws and regulations regarding environmental emergencies in China, as well as related media reports and official accident investigation report about the oil pipeline leakage and explosion accident in City Q. The authors ided the whole process of the accident into four stages, i.e., the prodromal stage, acute stage, chronic stage, and resolution stage, and then analyzed the different demands of stakeholders and the different information disclosure behaviors of the enterprise and local government during these four stages. During the environmental emergency, the enterprise and local government exhibited information disclosure behaviors for their own benefits. There was severe information asymmetry between the enterprise and local government. Local government acted more positively in terms of information disclosure than the enterprise due to the demands of stakeholders. There were significant differences between the driving effects of different stakeholders. The effects of central government and local communities were the strongest, followed by news media and environmental organizations, whereas general public had the weakest impact. In addition, the effects of stakeholders on the information disclosure varied throughout different stages. This paper considered a Chinese typical case study, thereby providing details of information disclosure behaviors of the enterprise and local government during an environmental emergency, and making comparative analysis on the driving effects on information disclosure by different stakeholders.
Publisher: SAGE Publications
Date: 21-10-2019
Abstract: Using a data set of Chinese listed companies over the period 2008 to 2015, this paper empirically examines whether corporate governance affects the environmental investment decisions. We find that the separation of controlling shareholder’s control right and cash flow right is negatively correlated to corporate environmental investment. Moreover, managerial ownership strengthens the abovementioned negative correlation, which is consistent with the controlling shareholder–manager collusion hypothesis. A further test suggests that internal control effectively weakens the controlling shareholder–manager collusion in their environmental investment decisions.
Publisher: Informa UK Limited
Date: 02-01-2018
Publisher: Elsevier BV
Date: 12-2020
Publisher: Elsevier BV
Date: 10-2017
Publisher: Wiley
Date: 17-09-2018
DOI: 10.1002/CSR.1676
Publisher: Elsevier BV
Date: 2021
Publisher: Emerald
Date: 27-05-2014
DOI: 10.1108/IJMF-06-2013-0064
Abstract: – The authors examine the debt maturity structure of Chinese listed companies during the period when bond market was under-developed and the majority of commercial banks were owned by the state. The purpose of this paper is to answer why and how the different ownership control types impact the firms’ preference and accessibility to either long- or short-term debts. – The univariate analysis was used to test the differences of debt maturity choices for firms grouped by ownership control types, profitability and institutional development. Then, logit regression and ordinary least squares regression were applied to examine the determinants of ownership control types in debt maturity structures. – Compared to privately controlled firms, state-owned enterprises had greater access to long-term debt and used less short-term debt during the s le period. Evidences also indicate that the on-going financial reform has increased the motivation of banks to consider company profitability in their lending decisions. However, state-owned banks still discriminate private firms in allocation of financial resources, particular in less-developed regions. – Due to the research scope and data limitations, the authors cannot take some factors into consideration, such as collateral, guarantee, credit ranking, financing agreement and leasing obligation. – This study extends the existing literature in three ways. First, the authors investigate the bank discrimination problem into the loan term structure. Second, the authors recognise the effect of financial reform on alleviation in bank discrimination problem. Finally, the authors take the consideration of institutional development of firms’ location areas in their analyses.
Publisher: Virtus Interpress
Date: 2013
Abstract: The study investigates the determinants of bank loan financing of Chinese listed companies from 1996 to 2009. The empirical results suggest that the channels through which companies obtain bank loans are different. Companies controlled by the state can more easily obtain loans from state-owned commercial banks and policy banks, while privately controlled companies have significantly larger access to loans from foreign banks. The empirical results also show that political connectedness and institutional development are the significant determinants of the bank loan financing of private companies. If companies locate in an area with higher level of institutional development, the proportion of their loans from state-owned banks is smaller than that of companies locate in areas with lower level of institutional development
Publisher: Elsevier BV
Date: 2017
Location: United Kingdom of Great Britain and Northern Ireland
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for Wenjuan Ruan.