Search results

This paper aims to examine the association between financial reporting quality in target companies and acquisition profitability in a sample of 280 acquisitions in South Korea between 2002 and 2011.

Using the accruals quality measure developed by McNichols (2002) as a proxy for financial reporting quality, it was found that high-quality financial reporting in target companies is associated with more profitable acquisitions for the acquirer, as measured by the acquirer’s announcement returns.

It was found that high-quality financial reporting in target companies is associated with more profitable acquisitions for the acquirer, as measured by the acquirer’s announcement returns. This finding suggests that higher-quality accounting information leads to better decision-making during acquisitions. It was also found that the importance of financial reporting quality increases when information about the target company is scarce. In addition, it was found that the financial reporting quality of target companies is less important when the agency costs of the acquirer are high.

This analysis also complements several recent papers that examine target firm accounting information and mergers and acquisitions (M&A) returns (Shalev and Martin, 2009; McNichols and Stubben, 2012). By expanding this analysis, the authors help to provide a more complete understanding of how target firm’s accounting quality relates to the valuation of the target company and future expected synergies in M&A deal practice.

This study is one of a growing body of literature on the relations between financial reporting quality and investment decisions (Bens and Monahan, 2004; Biddle and Hilary, 2006; Hope and Thomas, 2008; McNichols and Stubben, 2008; Biddle et al., 2009; Francis and Martin, 2010). These results extend and generalize the results of prior studies, in that data pertinent to acquisition profitability of M&As in South Korea are used.

The purpose of this study is to emphasize the important role of performance-oriented human resource (HR) practices and gender equality perceptions in supervisors and chief executive officers (CEOs) for career development among women in management.

This study used a quantitative methodology to examine relationships among variables. The authors conducted a survey to investigate factors influencing the career development of women managers in professional settings, with a sample of 1,502 female managers in South Korea.

The relationship between performance-oriented HR practices and career development for women managers was supported. In addition, self-leadership significantly mediated the relationship between performance-oriented HR practices and career development. Finally, double moderator effects of gender equality perceptions of CEOs and supervisors on the relationship between performance-oriented HR practices and self-leadership were significant.

This study emphasizes that career development for women in South Korea depends on gender equality awareness and institutional reorganization for best practices at top management levels. Specifically, this study identified the essential role of performance-based HR practices to support self-leadership and career development in women managers. Furthermore, this study recognized gender equality perceptions of CEOs and supervisors as a critical factor in the successful career development of women managers.

The purpose of this paper is to describe a compact wheelchair, which has two 3-degrees of freedom (DOF) legs and a 1-DOF base (the total DOF of the leg system is 7) for stair-climbing, and wheels for flat surface driving.

The proposed wheelchair climbs stairs using the two 3-DOF legs with boomerang-shaped feet. The leg mechanisms are folded into the compact wheelchair body when the wheelchair moves over flat surfaces. The authors also propose a simple estimation method of stair shape using laser distance sensors, and a dual motor driving system to increase joint power.

The proposed wheelchair can climb arbitrary height and width stairs by itself, even when they are slightly curved. During climbing, the trajectory of the seat position is linear to guarantee the comfort of rider, and the wheelchair always keeps a stable condition to ensure the stability in an emergency stop.

The wheelchair mechanism with foldable legs and driving wheels enables smooth stair climbing, efficient flat surface driving and additional useful motions such as standing and tilting.

This paper presents an Internet‐based virtual machining system which applies virtual manufacturing technology to machining processes of CNC machining center. The system is implemented to execute digital machining and verification, to transmit the NC code data to related machining centers after confirming the properness of virtual machining, and to manipulate the machine through the Internet. Also, this research proposes a basic structure that can monitor the status of machines via the Internet. By applying simulation techniques for machining processes, a simple manipulation and monitoring system of machining centers is realized. This entire system is constructed by adopting the latest information technology such as object‐oriented method, middleware, Internet programming, and client‐server structure.

China is currently developing and promoting an industrial cluster policy at the government level. By enacting the ‘Opinion on promoting industrial cluster development’, China is supporting the development of industrial clusters. Building an industrial cluster is done by using a single factor but requires many additional factors like regional characteristics, competitiveness factors are also diversified. To evaluate the competitiveness of the Chinese automobile industry cluster, a competitiveness element index should be developed and a competitiveness evaluation method is needed to evaluate the importance of each element. To accomplish this objective, this research applied the analytic hierarchy process (AHP) and focused on the importance of the competitiveness elements.

This research investigated the character is tics regarding cases of clusters and also analyzed the competitiveness of the Changchun automobile cluster located in northeastern China. The purpose of this research is to help Korean enterprises who enter China in the hopes that Korea will emerge as a top automobile production country.

When purchasing digital content (DC), consumers are typically influenced by various information sources on the website. Prior research has mostly focused on the individual effect of the information sources on the DC choice. To fill the gap in the previous studies, this research includes three main effects: information cascades, recommendations and word of mouth. In particular, the purpose of this paper is to focus on the interaction effect of information cascades and recommendations on the number of software downloads.

The authors use the panel generalized least squares estimation to test the hypotheses by using a panel data set of 2,000 pieces of software at download.cnet.com over a month-long period. Product ranking and recommendation status are used as key independent variables to capture the effects of information cascades and recommendations, respectively.

One of this study’s findings is that information cascades positively interact with recommendations to influence the number of software downloads. The authors also show that the impact of information cascades on the number of software downloads is greater than one of the recommendations from a distributor does.

Information cascades and recommendations have been considered as the primary effects for online product choices. However, these two effects typically are not considered together in one research. As previous studies have mainly focused on each effect, respectively, the authors believe that this study may fill the gap by examining how these effects are interacted to one other to influence customers’ choices. The authors also show that the impact of information cascades on the number of software downloads is greater than one of the recommendations from a system does.

This study aims to examine how information asymmetry, which refers to an information gap between a firm’s management and its investors regarding the firm’s true value, influences firms’ dividend and investment decisions in the restaurant industry. This study also investigated the moderating role of a firm’s level of franchising in the relationship between information asymmetry and these behaviors of restaurant firms.

This study used generalized method of moments panel regression analyses. Principal component analysis was also used to create a composite index of information symmetry.

This study demonstrated that in asymmetric information environments, restaurant managers tend to reduce dividend payments. In addition, this study showed that information asymmetry leads to restaurant managers’ investment inefficiency. However, the investment inefficiency of the restaurant industry was found to decrease as restaurant firms’ level of franchising increases.

Firms’ dividends and investment decisions are of great interest to investors because these decisions heavily influence investors’ wealth-maximization goals. By shedding light on the previously unrecognized determinants of dividend and investment behaviors in the restaurant industry, this study helps individual investors to make informed investing decisions.

Conflicting arguments can be made regarding the impact of asymmetric information environments on the dividend and investment behaviors of restaurant firms. This study aimed to verify these as-yet unclear relationships in the restaurant industry.

The purpose of this paper is to empirically investigate the influence of corporate governance variables relating to the board of directors, audit and ownership on the agency problems that inflict a firm's investments in capital and research and development (R&D) expenditures. This study posits that the R&D investments are inflicted by the agency problem of “quiet life” whereas “empire-building” agency problem affects capital expenditure decisions.

This study analyses the investment behaviour of non-financial and non-utility firms listed on NIFTY 200 from FY 2009 to FY 2018 using a static and dynamic model.

The results from the static model suggest that ownership concentration mitigates the agency problem of the “quiet life” that affects R&D expenditures. However, no corporate governance attribute has a significant impact on R&D investments under the assumption of the dynamic model. In respect of capital expenditures, the analysis of static model yields that audits by large auditor firms and usage of non-audit services ameliorate the agency problem of “empire-building”. The results from the dynamic model show that independent boards worsen it. They also continue to provide empirical evidence in favour of large auditors.

This paper contributes to the literature on the corporate governance-investment association by simultaneously examining the impact of multiple corporate governance attributes on the agency problems of “quiet life” and “empire-building” that affect R&D and capital expenditures, respectively, in a static and dynamic context for a sample of Indian firms.

We examine whether the fraud firms are engaged in real earnings management and accrual earnings management prior to the fraud year in the Malaysian context.

Our sample comprises of 65 financial statement fraud and 65 non-fraud firms over a period of eight years from 2001 to 2008.

Using the abnormal cash flow from operations (CFO) and abnormal production costs as the proxies for real earnings management, we find that financial statement fraud firms engage in manipulating production costs during preceding two years of the fraud event. However, our results show that financial fraud firms engage in manipulating CFO prior to the fraud event. Additionally, we find that financial statement fraud firms prefer to manipulate earnings using accruals relative to real earnings prior to the fraud year.

Our results demonstrate that real earnings management is more aggressive in financial statement fraud firms compared to the non-fraud firms in the four years prior to fraud.

In this paper, a superconvergent patch recovery method is proposed for superconvergent solutions of modes in the finite element post-processing stage of variable geometrical Timoshenko beams. The proposed superconvergent patch recovery method improves the solution speed and accuracy of the finite element analysis of a curved beam. The free vibration and natural frequency of the beam were considered for studying forced vibrations and structural resonance. Beam vibration mode analysis was performed for high-precision vibration mode solutions and frequency values. The proposed method can be used to compute beam vibration modes of beams with different shapes and boundary conditions as well as variable cross sections and curvatures. The purpose of this paper is to address these issues.

An adaptive method was proposed to analyse the in-plane and out-of-plane free vibrations of the variable geometrical Timoshenko beams. In the post-processing stage of the displacement-based finite element method, the superconvergent patch recovery method and high-order shape function interpolation technique were used to obtain the superconvergent solution of mode (displacement). The superconvergent solution of mode was used to estimate the error of the finite element solution of mode in the energy form under the current mesh. Furthermore, an adaptive mesh refinement was proposed by mesh subdivision to derive an optimised mesh and accurate finite element solution to meet the preset error tolerance.

The results computed using the proposed algorithm were in good agreement with those computed using other high-precision algorithms, thus validating the accuracy of the proposed algorithm for beam analysis. The numerical analysis of parabolic curved beams, beams with variable cross sections and curvatures, elliptically curved beams and circularly curved beams helped verify that the solutions of frequencies were consistent with the results obtained using other specially developed methods. The proposed method is well suited for the mesh refinement analysis of a curved beam structure for analysing the changes in high-order vibration mode. The parts where the vibration mode changed significantly were locally densified; a relatively fine mesh division was adopted that validated the reliability of the mesh optimisation processing of the proposed algorithm.

The proposed algorithm can obtain high-precision vibration solutions of variable geometrical Timoshenko beams based on more optimized and reasonable meshes than the conventional finite element method. Furthermore, it can be used for vibration problems of parabolic curved beams, beams with variable cross sections and curvatures, elliptically curved beams and circularly curved beams. The proposed algorithm can be extended for application in superconvergent computation and adaptive analysis of finite element solutions of general structures and solid deformation fields and used for adaptive analysis of more complex plates, shells and three-dimensional structures. Additionally, this method can analyse the vibration and stability of curved members with crack damage to obtain high-precision vibration modes and instability modes under damage defects.