scholarly journals The Influence of Equity Incentive on Overinvestment in enterprises: The moderating effect based on the heterogeneity of executive team

2021 ◽  
Vol 245 ◽  
pp. 03033
Author(s):  
Wei Liu ◽  
Tingting Yang ◽  
Xiao Le
Keyword(s):  
Investment Decisions ◽  
Listed Companies ◽  
Moderating Effect ◽  
Management Team ◽  
Senior Management ◽  
Team Heterogeneity ◽  
Executive Team ◽  
The Relationship ◽  
Equity Incentive ◽  
A Share

This paper empirically examines the moderating effect of executive team heterogeneity on the influence of equity incentive on overinvestment behavior by using the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2014 to 2018. The results show that equity incentive can restrain the overinvestment behavior of enterprises; The greater the age heterogeneity of the senior management team, the weaker the influence of equity incentive on overinvestment will be; The greater the gender heterogeneity of the senior management team, the greater the influence of equity incentive on the overinvestment of enterprises will be. The heterogeneity of executive team education and tenure has no effect on the relationship between equity incentive and overinvestment. The conclusion of this study has some enlightenment on how to construct and optimize the senior management team of listed companies, so that the senior management team can play its role fully and make reasonable and effective investment decisions.

scholarly journals The Moderating Effect of Risk Culture in Relationship between Leadership and Enterprise Risk Management Implementation in Malaysia

2018 ◽  
Vol 9 (1) ◽  
pp. 244
Author(s):  
Mohamad Hisyam Selamat ◽  
Othman Ibrahim
Keyword(s):  
Risk Management ◽  
Quantitative Research ◽  
Listed Companies ◽  
Moderating Effect ◽  
Senior Management ◽  
Primary Data ◽  
Research Approach ◽  
Management Commitment ◽  
Risk Culture ◽  
The Relationship

The present study is designed to examine the relationship between leadership (board of directors, senior management commitment and chief risk officer) and ERM implementation amongst Malaysian public listed companies (PLC). It is also examining the moderating effect of risk culture on the relationship between leadership and ERM implementation amongst Malaysian PLC. This research adopted quantitative research approach to analyze the data obtained from the questionnaire distributed to the PLC via their Risk Management Division. From the 814 listed companies, according to Bursa Malaysia main board directory, 300 were taken as a sample. The primary data collection commenced after the pilot test was completed and the data was analyzed using SPSS Version v.18. From the analysis it is found that senior management commitment and chief risk officer have a significant and positive relationship with the ERM implementation. The hierarchical multiple regressions indicated that risk culture played the moderating role in the relationship between senior management commitment, chief risk officer and ERM implementation. This study provides significant theoretical and practical contributions for the industry, practitioners, researchers and academician, besides providing a framework for ERM implementation in the listed companies in Malaysia. The results of this study could serve as a guide to develop a strategy for audit actions in the assessment of ERM practices to further improve the level of ERM implementation by the intended shareholders as a whole.

scholarly journals Management equity incentives and stock price crash risk: “Golden handcuffs” or “gold watch”

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249900
Author(s):  
Xiaohua Zhou ◽  
Jinshi Wan ◽  
Yi Yang ◽  
Xiangyu Gan
Keyword(s):  
Peer Effects ◽  
Stock Price ◽  
Listed Companies ◽  
Mediation Effect ◽  
Crash Risk ◽  
Mediating Effects ◽  
Equity Incentives ◽  
Region 10 ◽  
The Relationship ◽  
A Share

This paper expands the previous research on management equity incentives (MEIs) and stock price crash risk by distinguishing between the "gold watch" region and the "golden handcuff" regions in MEIs. By using an estimation of the gold watch region and the golden handcuff regions based on 6,675 annual observations of China’s A-share listed companies, the stock price crash risk is found to be negatively correlated with MEIs in the golden handcuff regions (0–10%, 30%-100%) and is positively correlated with MEIs in the gold watch region (10%-30%). A further investigation of the mediating effects of peer effects on MEIs and the stock price crash risk reveals that peer effects have a partial mediation effect at the level of peer managers’ shareholding and mediate the relationship between MEIs and the stock price crash risk.

Exploring the Relationship between Senior Management Team Culture and Hospital Performance

2007 ◽  
Vol 64 (1) ◽  
pp. 46-65 ◽  
Author(s):  
H. T. O. Davies ◽  
R. Mannion ◽  
R. Jacobs ◽  
A. E. Powell ◽  
M. N. Marshall
Keyword(s):  
Hospital Performance ◽  
Management Team ◽  
Senior Management ◽  
Team Culture ◽  
The Relationship

The relationship between senior management team culture and clinical governance

2015 ◽  
Vol 40 (4) ◽  
pp. 313-323 ◽  
Author(s):  
Anna Prenestini ◽  
Stefano Calciolari ◽  
Federico Lega ◽  
Roberto Grilli
Keyword(s):  
Clinical Governance ◽  
Management Team ◽  
Senior Management ◽  
Team Culture ◽  
The Relationship

scholarly journals User Perspective Towards M-banking in Bangladesh: A Case Study Based on University Students

2020 ◽  
Vol 4 (2) ◽  
pp. 1-5
Author(s):  
Md Tafsir Alam ◽  
Syeeda Raisa Maliha ◽  
Mustafa Nizamul Aziz
Keyword(s):  
Significant Positive Correlation ◽  
Emerging Market ◽  
Listed Companies ◽  
Development Stage ◽  
Management Team ◽  
Senior Management ◽  
Academic Experience ◽  
High Quality ◽  
Positive Correlation ◽  
Innovation Ability

In recent years, as the largest emerging market, China's economic development has gradually shifted from the high growth stage to the high-quality development stage. The company is an essential micro-subject of macroeconomic activities, and an entrepreneur's academic background is a critical factor in achieving high-quality corporate development. This study takes the data of IT listed companies in China from 2012 to 2017 as the sample, Screening research samples based on academic experience requirements based on requirements for current or former teaching and research positions in universities, then makes an empirical analysis on the connection between academic executives and companies innovation ability. The results indicate that there is a significant positive correlation between executive academic experience and the company's innovation ability, i.e., academics-type. There is also a significant positive correlation between the average tenure of executives and innovation ability, which still holds after the robustness test. Researching the relationship between the academic experience of the executives of listed companies and their innovation ability can not only enrich the research on the characteristics of the senior management team, but also provide theoretical guidance for the construction of senior management team, and provide a few suggestions for the improvement of innovation ability and the formulation of government-related policies.  

scholarly journals Institutional investors and cost of capital: The moderating effect of ownership structure

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249963
Author(s):  
Xiaoping Huo ◽  
Hongying Lin ◽  
Yanan Meng ◽  
Peter Woods
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Capital Market ◽  
Institutional Investors ◽  
Cost Of Capital ◽  
Listed Companies ◽  
Moderating Effect ◽  
Theory And Practice ◽  
The Cost ◽  
The Relationship

Guiding institutional investors to actively participate in corporate governance is a hot issue to improve the internal governance of China’s listed companies. This study seeks to provide a comprehensive understanding of the mechanism that underlies the governance effects of the heterogeneity of institutional investors on the cost of capital, and the influence of ownership structure on the relationship between them. Using an unbalanced panel data on A-share listed companies of Shanghai and Shenzhen in China’s capital market during the 2014–2019 period, this study reveals how institutional investors with longer holding period and higher shareholding ratio are negatively associated with the cost of capital in China’s capital market. Furthermore, this study successfully confirms the moderating effect of ownership structure in the relationship between institutional investors and the cost of capital. China’s state-owned enterprises are more likely to introduce improvements at the corporate governance level, and ownership concentration weakens the negative influence of institutional investors on the cost of capital. The research contributes to a deeper understanding of the impacts of institutional investor’s heterogeneity and ownership structure on the cost of capital in China. In the process, the study yields useful implications for the theory and practice of corporate governance.

An Empirical Study of Equity Incentive on the Stock Valuation of Tobacco Companies

2021 ◽  
Vol 7 (5) ◽  
pp. 2392-2400
Author(s):  
Chen Huaitao ◽  
Deng Yanhong
Keyword(s):  
Positive Impact ◽  
Reference Value ◽  
Listed Companies ◽  
Stock Valuation ◽  
Cross Sectional ◽  
Equity Incentives ◽  
Regulatory Commission ◽  
The Impact ◽  
Equity Incentive ◽  
A Share

Objectives: Since the China Securities Regulatory Commission (CSRC) issued the Measures for the Administration of Equity Incentives of Listed Companies, the equity incentives of A-share listed companies have become normalized, the discussion of the effect of the implementation of equity incentives on stock valuation can provide a reference for investors whether to choose listed companies with equity incentives for stock valuation. This paper uses python tool to select 30 A-share listed companies that formally started to implement equity incentives in 2018 and the proportion of equity incentives is between 4% and 6% as the sample, and uses cross-sectional data model for empirical analysis. The empirical results show that: first, the implementation of equity incentive in Chinese listed companies has a positive impact on stock valuation, and the impact of equity incentive on stock valuation is significantly better than that before implementation, and the incentive stocks have more investment value; Second, the conclusion is also suitable for Chinese tobacco related companies, which has important reference value for tobacco preference investors.

scholarly journals Can Executive Academic Experience Help Companies Improve Their Innovation? Empirical Study of Chinese Listed It Companies

2020 ◽  
Vol 4 (1) ◽  
pp. 1-11
Author(s):  
Hongjun Zeng
Keyword(s):  
Significant Positive Correlation ◽  
Emerging Market ◽  
Listed Companies ◽  
Development Stage ◽  
Management Team ◽  
Senior Management ◽  
Academic Experience ◽  
High Quality ◽  
Positive Correlation ◽  
Innovation Ability

In recent years, as the largest emerging market, China's economic development has gradually shifted from the high growth stage to the high-quality development stage. Company is an essential micro-subject of macroeconomic activities, and an entrepreneur's academic background is a critical factor in achieving high-quality corporate development. This study takes the data of IT listed companies in China from 2012 to 2017 as the sample, Screening research samples based on academic experience requirements based on requirements for current or former teaching and research positions in universities, then makes an empirical analysis on the connection between academic executives and companies innovation ability. The results indicate that there is a significant positive correlation between executive academic experience and company’s innovation ability, i.e., academics-type. There is also a significant positive correlation between the average tenure of executives and innovation ability, which still holds after robustness test. Researching the relationship between the academic experience of the executives of listed companies and their innovation ability can not only enrich the research on the characteristics of senior management team, but also provide theoretical guidance for the construction of senior management team, and provide a few suggestions for the improvement of innovation ability and the formulation of government-related policies.

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