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December 2016 (Journal of Business and Policy Research)

December

2016

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December 2014
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December 2016 (Journal of Business and Policy Research)

Total Articles - 11

Pages 1 – 22

Author: Xiang Gao and Seewon Kim

This paper examines the effects of monetary policy in association with structural changes in Chinese economy over the period 1992- 2014. First this paper applies a threshold co-integration test to examine the stability of money demand function. The test indicates that money demand function experiences structural changes around 2002 and it becomes unstable after 2002. Given the instability of money demand function, the paper evaluates the effects of monetary policy in two periods before and after 2002. The VAR analysis indicates that the monetary policy is effective before 2002 with the stable money demand function, whereas it becomes ineffective after 2002 with the unstable money demand function. The reasons for the regime changes in the effects of monetary policy in association with instability of money demand function may be international financial market crisis, financial innovation and liberalization and others. The result reported in this paper implies that the policy authority in China had better adjust the monetary policy instruments to maintain the effectiveness of monetary policy.

Pages 23 – 44

Author: Tina T. He, Wilson X.B. Li and Gordon Y.N. Tang

Using 7,566 firm-year observations of Chinese listed firms over the period 2003-2008, this study examines the impact of legal system, regulatory system and foreign investment on stock price synchronicity. We find that legal system and regulatory system are negatively associated with stock price synchronicity with the effect of legal system stronger than regulatory system. However, a positive relation between the participation of foreign institutional investors and the stock price synchronicity is found which is inconsistent with the general views in this regard.

Pages 45 – 64

Author: Yiling Zhang and Jinsuk Yang

In merger and acquisition (M&A), we find strong evidence that within a 90 day window of a deal announcement date, analysts are more likely to upgrade their recommendations over the acquirer stocks in deals with cash only payment compared to deals with pure stock payment in a probit analysis. To disentangle the means of payment impact on the short term abnormal return of acquirer stocks from other impacts, we perform an event study using a three day window around the deal announcement date. We found a 1.06% (-1.05%) cumulative abnormal return for the acquirer stocks for cash only versus pure stock deals during this time frame. Moreover, we conduct a two stage least square test (2SLS) and found a positive relationship between the probability of analysts’ recommendation upgrades and the cumulative abnormal returns within a three day event window around the merger announcement date. Our findings extend the merger means of payment hypothesis, suggesting cash only deals in the short term will receive more positive upgrades by analysts for the acquirer stocks compared to pure stock deals. The market reacts to this and results in a difference of cumulative abnormal return for acquirer stocks.

Pages 65 – 79

Author: Daniel K.N. Johnson, Kristina M. Lybecker, Nicole Gurley, Alex Stiller-Shulman and Stephen Fischer

Recent Wal-Mart openings have been accompanied by public demonstrations against the company, asserting that it is deleterious to residential property values. This study empirically evaluates that claim, analyzing the spatial correlation between Wal-Mart locations and residential property values, comparing Wal-Mart with other big-box retailers while controlling for other aspects of a home’s value. Market value may represent a trade-off between price and patience, so we perform a similar analysis using a property’s days on the market. We interpret the resulting effects in two ways, from both the resident’s and retailer’s point of view, casting new light on the NWIMBY effect.

Pages 80 – 93

Author: Jantipa Dejnaronk, Harold T. Little, Bahaudin G. Mujtaba and Robert McClelland

There is a dearth of research and absence of any research model which identifies and examines the effectiveness of IAF in the Kingdom of Thailand (Thailand). Accordingly, the research conducted culminated in the construction of conceptual and empirical IAF models, which should prove useful to internal audit practitioners and academic researchers in Thailand. The purpose of this dissertation is to identify, measure, and evaluate factors that influence the effectiveness of the internal audit function in Thailand. Understanding the factors which influence internal audit function effectiveness will help Thai internal auditors at all levels (e.g. junior, senior, manager, and executive) improve the efficiency, efficacy, and value of the function to their companies and constituents. Main statistic tests were used such as multiple regression, exploratory factor analysis, and structural equations modeling (SEM). This study found that three new factors (compliance with the Institute of Internal Auditors (IIA) standards, use of a risk-based audit plan, and presence of a quality assurance and improvement program) have high influence to the internal audit function effectiveness in Thailand.

Pages 113 – 122

Author: Pieter Nel and Moha Abdullah

It is a fact that international migration keeps on being a significant force in globalisation. Many migrants are forced by circumstances to migrate, others are attracted by the prospects of greater economic, social and educational opportunities for themselves and their families. Whilst many migrants take up positions in paid employment, a considerable proportion migrate specifically to initiate new venture start-up activities. This study highlights preliminary findings on attributes and essential elements of immigrant entrepreneurs, their issues and how they perceived their business success in small retail business. A survey comprising 262 immigrant entrepreneur respondents in Auckland, New Zealand, was executed. The study found that about 40 percent actually had prior business experience before migrating to New Zealand, with more than 30 percent migrating with a business visa. An ANOVA test that was conducted confirms that there are certain issues such as local business regulations, access to capital, advisory services, training facilities and access to suppliers that are important factors contributing to the perceived business success among immigrant entrepreneurs. The outcome of the study will help the training and development authorities to take the necessary steps to outline a new and productive content for potential entrepreneurial development.

Pages 123 – 140

Author: Hin Cheung Annie Ko, Sheung Man Simon Yuen and Kit Ming Anders Yung

This exploratory study aims to investigate (1) the governance compliance level of the logistics & shipping industry; and (2) the strengths and weaknesses of the industry in terms of governance practices in Hong Kong. During 2003 to 2014, the overall corporate governance scores of the industry have kept increasing. However, most of the companies tend to merely comply and meet the minimum requirements set by the regulators. Only a few of them are willing to promote good governance voluntarily. Among the five corporate governance aspects, companies perform best in ‘Disclosure and Transparency’, and the weakest area is ‘Role of Stakeholders’.

Pages 141 – 155

Author: Momodou K. Dibba

This paper tests the strength of association between variables that determines the outreach (level of reach to the poor) of Microfinance Institutions (MFIs) and financial performance indicators. That is: Is there a trade-off between reaching the poor and being sustainable? Using data from the Microfinance Information Exchange website, the paper employed panel data regressions to investigate the trade-off. The evidence collected from 70 MFIs and 135 observations from The Economic Community of West African States (ECOWAS) for a period of 4 years (2009-2012) found evidence in support of the trade-off theory. The fact that Banks as compared to the Solidarity lenders had higher Loan/GNP is compelling evidence of a trade-off, as Banks traditionally employ sustainable models. Furthermore, increasing interest rates was found to be associated with improved sustainability. Therefore, the proliferation of For- Profit Banks in the microfinance landscape over the years is a reason to worry about meeting “The Microfinance promise”. That is helping in poverty alleviation.

Pages 156 – 177

Author: Ragnar Lund and Stephen A. Greyser

This paper examines cultural sponsorship from a partnership perspective. It studies the collaboration between two international institutions, a bank and a museum, and their value co-creation with customers and audiences. This in-depth case study of a sponsorship collaboration between a global financial institution (UBS) and a multi-site museum (Guggenheim) evaluates critical aspects of resource integration between the partners with implications for the theory and practice of service innovation. For the bank, the partnership with a major art institution gives access to cultural, symbolic, and social resources that can add value to and differentiate its services. For the museum, the partnership supports its international expansion in terms of audiences and acquisitions of art from regions of the world previously underrepresented in its collection. The partnership also helps to expand the network of museum partners and potential donors. The study contributes to the understanding of co-marketing partnerships between commercial actors and arts organizations and explores critical elements of resource integration in terms of complementary resource mobilization and internal integration.

Pages 178 – 192

Author: Jialing Lin, Antonio Lobo and Civilai Leckie

The objectives of this study are to investigate the factors that influence customer green perceived value (GPV) and also to test the relationship between GPV and brand loyalty in China. Based on the deontological and teleological framework, this study proposes that ethical responsibility, utilitarian environmental and warm glow of giving benefits enhance green perceived value. In turn, consumers’ perception of green value has positive impact on brand loyalty. This study employs structural equation modelling (SEM) to empirically test the hypotheses. The results show that customers’ green brand perceptions are positively related to green perceived value. In addition, the results indicate that green perceived value directly leads to brand loyalty and fully mediate the relationships between ethical responsibility, utilitarian environmental and warm glow of giving benefits and brand loyalty. Hence, if companies would like to increase customer green brand loyalty, they need to further create green perceived value. In particular, both deontological and teleological approaches need to be considered when creating customer green perceived value.

Pages 193 – 207

Author: Shamim Shakur and Yan Wang

Pear output and acreage in China has been increasing steadily since market deregulations were introduced in 1980s. However, like other horticulture producers, typical pear farmer in China remain smallscale operators and price-takers in both input and output markets. Moreover, farmers can be efficient in production but not in profit as the latter depends on organizational and marketing skills. We investigate profitability of China’s pear farmers in this study. We conducted annual survey on 184 Chinese pear farmers from eight leading pear-producing provinces. Our primary data contains details on pear price, production cost, pear variety and socio-economic variables. We summarize useful observations on these variables in statistical tables. Our regression results capture the relative importance of these variables in terms of their contribution to profits. Specifically, we find that choosing the “correct” pear variety and selling channel is more important than many other perceived determinants of profit.

Total Articles- 11

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