ORCID Profile
0000-0002-6977-2186
Current Organisations
University of Calgary
,
Monash University - Caulfield Campus
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Publisher: Elsevier BV
Date: 06-2021
Publisher: Wiley
Date: 11-11-2019
DOI: 10.1111/EUFM.12246
Publisher: Wiley
Date: 03-03-2022
DOI: 10.1111/JBFA.12595
Abstract: This study examines the impact of cash‐flow uncertainty on corporate idend payouts and how this impact is shaped by country‐level institutional environments. Employing a large s le of 41,157 firms in 49 economies from 1996 to 2018, we document that cash‐flow uncertainty has a negative impact on idend payouts and that this negative relation is more pronounced in economies with stronger institutions. Our results indicate that strong institutions could facilitate information disclosure, reduce government interventions and promote corporate financing opportunities, thus making firms less subject to agency costs and less motivated to disguise their cash‐flow risk.
Publisher: Elsevier BV
Date: 04-2015
Publisher: Elsevier BV
Date: 07-2016
Publisher: Elsevier BV
Date: 08-2017
Publisher: Wiley
Date: 06-11-2017
DOI: 10.1111/IRFI.12162
Publisher: Wiley
Date: 10-10-2022
DOI: 10.1111/ACFI.13015
Abstract: Employing a large s le of 13,860 firms in 41 economies from 2000 to 2017, we document that the ownership by foreign institutional investors (FIIs) is negatively associated with firms' real earnings management (REM) but unrelated to their accrual earnings management (AEM). We adopt a few identification strategies to tackle the endogeneity issues, including firm‐ and year‐fixed effects regression, two‐stage least squares (2SLS) regression, and difference‐in‐differences (DiD) estimation based on the passage of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). In addition, we show that the role of FIIs in curbing REM is achieved through the expertise channel and the monitoring channel . These results suggest that when facing disadvantages in curbing AEM, FIIs make the most of their monitoring strengths by curbing firms' REM, where they have both incentives and capabilities to monitor. Overall, this study highlights the important role of FIIs in monitoring opportunistic managerial behaviour.
Publisher: Informa UK Limited
Date: 28-05-2019
Publisher: Springer Science and Business Media LLC
Date: 19-04-2018
Publisher: Wiley
Date: 08-06-2022
DOI: 10.1111/CORG.12456
Abstract: This study aims to investigate the role of foreign institutional investors (FIIs) on corporate risk‐taking in an international context. We conjecture that FIIs play a role in encouraging firms to take risks and can substitute country‐level corporate governance in determining corporate risk‐taking. Employing a large s le of 17,698 firms across 42 economies, we show that foreign institutional ownership positively influences corporate risk‐taking. This positive relation is achieved through the monitoring channel and the insurance channel . Furthermore, we show that FIIs substitute country‐level corporate governance in determining corporate risk‐taking, indicating that FIIs play a significant role in promoting risk‐taking in economies with weaker governance. In addition, debtholders view FIIs' risk‐promoting role negatively and use more restrictive covenants to protect themselves. This study provides empirical support for the role of FIIs on corporate investment decisions, thus complementing the existing literature. In addition, our paper documents that country‐level corporate governance and FIIs are substitutes in determining corporate risk‐taking, thus shedding additional light not only on the role of country‐level corporate governance but also on its controversial joint role with FIIs. FIIs from economies with stronger corporate governance are particularly effective at promoting corporate risk‐taking in economies with weaker corporate governance, providing a new channel through which foreign investments can influence economic growth in developing economies. Therefore, policymakers should carefully consider and trade off the costs and benefits of foreign investment when proposing relevant policies.
Publisher: Elsevier BV
Date: 10-2020
Publisher: Wiley
Date: 09-07-2020
DOI: 10.1111/ACFI.12657
Start Date: 2019
End Date: 2022
Funder: National Natural Science Foundation of China
View Funded Activity