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Article
Publication date: 28 October 2022

Songsheng Chen, Michel Magnan, Zhili Tian and Li Yao

This paper aims to investigate the effect of prior years’ audit adjustments, a proxy for auditors’ private information regarding the persistence of their clients’ audit…

Abstract

Purpose

This paper aims to investigate the effect of prior years’ audit adjustments, a proxy for auditors’ private information regarding the persistence of their clients’ audit risk, on audit pricing in the current year.

Design/methodology/approach

The authors use unique data sets of audit adjustments and audit fieldwork days from China, and a regression approach, to test their hypothesis.

Findings

The authors find that larger previous audit adjustments are associated with higher current-year audit fees, which is partially attributed to increased audit effort. The authors further document that the results are more pronounced when audit adjustments are consistently made in the same direction or more recent; in these cases, a larger percentage of the total effect is also attributable to the risk premium, instead of audit effort. Finally, the authors find that the effect of previous audit adjustments on current-year audit fees is stronger for firms with younger chief executive officers and specialist auditors.

Originality/value

To the authors’ best knowledge, they are the first to test the implication of auditors’ private information in setting audit fees. In addition to demonstrating that audit fees consist of a risk premium and a component to cover related costs, the authors further show variations in the relative importance between costs and risk premium under various contexts.

Details

Managerial Auditing Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0268-6902

Keywords

Article
Publication date: 14 September 2022

Apoorva Arunachal Hegde, Venkateshwarlu Masuna, Ajaya Kumar Panda and Satish Kumar

This paper aims to conduct bibliometric analysis on the studies dealing with capital structure’s speed of adjustment (SoA) and identify the prominent themes while…

Abstract

Purpose

This paper aims to conduct bibliometric analysis on the studies dealing with capital structure’s speed of adjustment (SoA) and identify the prominent themes while suggesting future research directions in the area. The existing reviews broadly focus on the capital structure, which provides the scope for conducting a review on this sub-aspect of capital structure.

Design/methodology/approach

This study uses a three-stage process to conduct this review: identification of academic journals, selection and analysis of target papers. This study uses a combination of bibliometric tools and a system thinking approach to assess the current status of publications and emerging themes within the literature.

Findings

This study has found a progressive evolution of SoA in capital structure research from 1984 to 2021. Studies largely focus on implementing the dynamic models to analyse the impact of adjustment costs, dynamic economic conditions, corporate governance practices and other variables on the firms’ adjustment speed and financial decisions. The network analysis of citations, keywords and clusters gives further knowledge on the intellectual structure of the data.

Research limitations/implications

This study is highly dependent on the papers available within the SCOPUS database. Studies not included herein are not part of this analysis, which may or may not bear an effect on the study’s findings.

Originality/value

To the best of the authors’ knowledge, the application of systems engineering concept of “system thinking approach” to identify literature gap and suggest directions for forthcoming research is the first of its kind, thus adding a novel and multidisciplinary aspect to this study.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

Keywords

Book part
Publication date: 6 September 2018

Liang-Wei Kuo, Hsin-Yu Liang and Yung-Jang Wang

Building upon the framework of the tradeoff model of capital structure and motivated by the equity market timing theory, we examine whether equity misvaluation is a source…

Abstract

Building upon the framework of the tradeoff model of capital structure and motivated by the equity market timing theory, we examine whether equity misvaluation is a source of adjustment “costs” that will affect a firm’s leverage adjustment speed toward target. We also investigate whether the quality of a firm’s long-term growth options will influence the decisions of managers to exploit the mispriced equity to converge to the optimum. Using a sample of listed Taiwanese firms during 1992–2014 and employing the market-to-book decomposition as developed by Rhodes-Kropf, Robinson, and Viswanathan (2005), we find that overleveraged and overvalued firms demonstrate faster adjustment speed than overleveraged but undervalued firms. Furthermore, controlling for the misvaluation status, high-growth firms converge to target faster than their low-growth counterparts. The effect of growth options on the relation between equity mispricing and adjustment speed does not mirror the effect of financing deficits. With the detailed financial information of the local companies across a rather long time series, this study provides incremental inputs to the literature of capital structure from the determinants of target leverage, the estimation of leverage adjustment speeds, to the identification of the sources of adjustment costs in an emerging market where institutional environment is strikingly different from the US.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-78756-446-6

Keywords

Article
Publication date: 9 August 2022

Jie Guo and Xia Liang

This study aims to propose a consensus model that considers dynamic trust and the hesitation degree of the expert's evaluation, and the model can provide personalized…

Abstract

Purpose

This study aims to propose a consensus model that considers dynamic trust and the hesitation degree of the expert's evaluation, and the model can provide personalized adjustment advice to inconsistent experts.

Design/methodology/approach

The trust degree between experts will be affected by the decision-making environment or the behavior of other experts. Therefore, based on the psychological “similarity-attraction paradigm”, an adjustment method for the trust degree between experts is proposed. In addition, we proposed a method to measure the hesitation degree of the expert's evaluation under the multi-granular probabilistic linguistic environment. Based on the hesitation degree of evaluation and trust degree, a method for determining the importance degree of experts is proposed. In the feedback mechanism, we presented a personalized adjustment mechanism that can provide the personalized adjustment advice for inconsistent experts. The personalized adjustment advice is accepted readily by inconsistent experts and ensures that the collective consensus degree will increase after the adjustment.

Findings

The results show that the consensus model in this paper can solve the social network group decision-making problem, in which the trust degree among experts is dynamic changing. An illustrative example demonstrates the feasibility of the proposed model in this paper. Simulation experiments have confirmed the effectiveness of the model in promoting consensus.

Originality/value

The authors presented a novel dynamic trust consensus model based on the expert's hesitation degree and a personalized adjustment mechanism under the multi-granular probabilistic linguistic environment. The model can solve a variety of social network group decision-making problems.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Book part
Publication date: 4 December 2009

Lorraine Brown

This paper reports on findings from an ethnographic study of international student adjustment. The paper recommends the use of ethnography as a way to research the…

Abstract

This paper reports on findings from an ethnographic study of international student adjustment. The paper recommends the use of ethnography as a way to research the experiences of tourists and migrants to build up a body of knowledge on the outcome of cross-cultural contact for these two groups. The aim of my ethnographic study was to capture the adjustment journey of a group of international postgraduate students at a university in the South of England. The ethnographic approach involved regular in-depth individual interviews with 13 students of different nationalities and overt participant observation of the entire postgraduate cohort of 150 students. Research began on the first day of induction in September 2003 and ended upon completion and submission of the Masters dissertation in October 2004. Students' experience of adjustment to academic and socio-cultural life was therefore captured from arrival in the new country to the return home one full year later. This study finds that stress was at its height in the initial stage of the academic sojourn; the struggle to cope with the challenges of foreign language use and an unfamiliar academic and the socio-cultural environment at a time when students were beset with homesickness and loneliness are the causes of this stress. An association was made between the passage of time and a gradual decrease in acculturative stress; however, this was not a generalisable process; there was fluctuation not only in experience across the student body but also in the individual's subjective sense of success across different aspects of life in the new country. This led to the conceptualisation of the adjustment journey as an unpredictable and dynamic process that is experienced differently among sojourners and fluctuates throughout the sojourn as a result of a host of individual, cultural and external factors. The relevance of this study to tourism scholars comes from drawing parallels between the long-stay tourist and the international student who represents an important segment of international travel. However, a gap in the literature exists on the impact of tourism on the tourist that this study helps to fill.

Details

Perspectives on Cross-Cultural, Ethnographic, Brand Image, Storytelling, Unconscious Needs, and Hospitality Guest Research
Type: Book
ISBN: 978-1-84950-604-5

Open Access
Article
Publication date: 12 July 2022

Eimear Nolan and Xiaoning Liang

The last decade has seen a significant increase in self-initiated expatriation research across various cohorts; however, limited research exists on the self-initiated…

Abstract

Purpose

The last decade has seen a significant increase in self-initiated expatriation research across various cohorts; however, limited research exists on the self-initiated expatriation of medical doctors despite their high mobility rates. The purpose of this paper is to investigate the determinants of cross-cultural adjustment among self-initiated medical doctors working and living in a host culture.

Design/methodology/approach

A questionnaire was distributed to self-initiated expatriate (SIE) doctors working in Irish hospitals. In total, 193 valid responses were collected. Three linear regression analyses were conducted to explore factors influencing cross-cultural adjustment among SIE medical doctors, along with qualitative insight into their adjustment to working and living in Ireland.

Findings

This study found that age, marital status, cultural novelty, previous international work experience, length of time working in the host culture did not influence the cross-cultural adjustment of SIE doctors. However, gender, language ability and perceived fair treatment were found to influence their cross-cultural adjustment in the study. Specifically, female SIE doctors reported higher levels of general adjustment to that of SIE male doctors. SIE doctors' language ability was found to influence their work adjustment, and those who perceived unfair treatment in the host culture reported lower levels of general adjustment.

Originality/value

This paper contributes to the limited knowledge and understanding surrounding the self-initiated expatriation of medical doctors and their cross-cultural adjustment to the host hospital and host culture.

Details

Journal of Global Mobility: The Home of Expatriate Management Research, vol. 10 no. 3
Type: Research Article
ISSN: 2049-8799

Keywords

Book part
Publication date: 30 June 2004

David A Harrison, Margaret A Shaffer and Purnima Bhaskar-Shrinivas

We review 25 years of research on expatriate experiences concentrating on expatriate adjustment as a central construct, and relying on a general stressor-stress-strain…

Abstract

We review 25 years of research on expatriate experiences concentrating on expatriate adjustment as a central construct, and relying on a general stressor-stress-strain framework. First, we consider who expatriates are, why their experiences differ from domestic employees, and what adjustment is. Conceptualizing (mal)adjustment in terms of stress, we next review the stressors and strains associated with it. Consolidating the wide range of antecedents (anticipatory and in-country) that have been studied to date, we note major patterns of effects and their implications for how HR managers can facilitate adjustment. Although relatively less research has focused on the consequences of adjustment, enough evidence exists to establish a bottom-line impact of poor adjustment on performance. To stimulate future efforts to understand the experiences of expatriates, we discuss the challenges and opportunities of continuing down this road of research.

Details

Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-0-76231-103-3

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-85724-728-5

Book part
Publication date: 2 November 2009

Fredj Jawadi

In this chapter the author studies the capital market efficiency hypothesis and checks whether the stock price adjustment dynamics is instantaneous, continuous, and linear…

Abstract

In this chapter the author studies the capital market efficiency hypothesis and checks whether the stock price adjustment dynamics is instantaneous, continuous, and linear or not. In particular, the author proposes to analyze the stock price evolution while taking into account the presence of transaction costs, the coexistence of heterogeneous investors, and the interdependence between stock markets. On the one hand, he provides strong evidence to suggest that the efficiency hypothesis is rejected. On the other hand, he proves that the stock index adjustment is rather discontinuous, asymmetrical, and nonlinear. Using threshold cointegration techniques, he proposes a new nonlinear modeling to reproduce the CAC40 adjustment dynamics that not only replicates the French market adjustment dynamics in the presence of market frictions but also captures the interdependence between the French and American stock markets, highlighting the reaction of French shareholders in relation to the changes in the behaviour of American speculators.

Details

Measurement Error: Consequences, Applications and Solutions
Type: Book
ISBN: 978-1-84855-902-8

Book part
Publication date: 2 December 2019

Frank Fitzpatrick

Abstract

Details

Understanding Intercultural Interaction: An Analysis of Key Concepts
Type: Book
ISBN: 978-1-83867-397-0

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