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Article
Publication date: 28 July 2023

Le Xu

Research on the organizational ramifications of chief executive officer (CEO) greed remains scarce. This study intends to fill this gap by examining the impact of CEO greed on an…

Abstract

Purpose

Research on the organizational ramifications of chief executive officer (CEO) greed remains scarce. This study intends to fill this gap by examining the impact of CEO greed on an important yet risky corporate strategy, corporate tax avoidance (CTA). Drawing on upper echelons theory, the authors argue that greedier CEOs tend to engage in more CTA. The relationship is weaker when CEOs experienced economic recessions in their early career and stronger when CEOs are endowed with equity ownership of their respective firms.

Design/methodology/approach

The authors test the hypotheses with data from US public firms from 1997 to 2008 and employ the ordinary least square regression analysis to analyze the hypothesized relationships. The authors also test the robustness of the results by performing the two-stage least square regression and propensity score matching analyses.

Findings

The findings lend broad support to all the hypotheses. The authors find that greedier CEOs tend to engage in more CTA by paying lower corporate taxes. The impact of greed on CTA is attenuated when CEOs are recession CEOs and is exacerbated when CEOs own large numbers of firm shares.

Originality/value

This paper contributes to the upper echelons research by investigating a novel executive personal characteristic, greed, and its negative impact on an important organizational outcome. This paper also contributes to the growing tax research that recognizes the important role executives play in shaping corporate tax strategies.

Details

Journal of Strategy and Management, vol. 17 no. 1
Type: Research Article
ISSN: 1755-425X

Keywords

Article
Publication date: 12 December 2022

Le Xu

The purpose of this study is to study the impact of the chief executive officer (CEO) general work experience on the level of firm internationalization in the form of foreign…

Abstract

Purpose

The purpose of this study is to study the impact of the chief executive officer (CEO) general work experience on the level of firm internationalization in the form of foreign direct investment.

Design/methodology/approach

The author collects and analyzes data on publicly traded US firms in the manufacturing sector from 1993 to 2012.

Findings

The author finds that CEOs with more general work experience tend to engage in a higher degree of foreign direct investment (FDI)-based internationalization. This relationship will be weakened by CEO stock ownership and enhanced by CEO Ivy League education.

Originality/value

This study enriches the understanding of the important role top managers play in internationalization decisions. The study also contributes to the literature on managerial risk-taking by exploring the outcomes of managerial risk-taking, which have been less studied than the antecedents.

Details

Journal of Strategy and Management, vol. 16 no. 2
Type: Research Article
ISSN: 1755-425X

Keywords

Article
Publication date: 6 May 2021

Le Xu, Yue Zhao, Chen Wang and Ajay Rama Ponnapalli

While the link between corporate social responsibility (CSR) and corporate reputation (CR) has been well-established in the prior literature, studies that identify boundary…

Abstract

Purpose

While the link between corporate social responsibility (CSR) and corporate reputation (CR) has been well-established in the prior literature, studies that identify boundary conditions to better understand how CSR matters for CR in the eyes of stakeholders are still limited. Incorporating stakeholder theory with upper echelons theory and institutional theory, this study aims to explore whether and how the CSR-CR relationship is influenced by political ideologies (conservatism vs liberalism) of chief executive officers (CEOs), as well as the states in which firms’ headquarters are located.

Design/methodology/approach

A longitudinal sample of 172 US firms between 2009 and 2014 was collected. Random effects models were used in analyzing the panel data in the study.

Findings

The relationship between CSR and CR is stronger when firms are led by more liberal CEOs or headquartered in more liberal states.

Originality/value

The study highlights the role political ideology plays in improving the effectiveness of the influence of CSR on corporate reputation.

Details

Social Responsibility Journal, vol. 18 no. 3
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 7 April 2023

Le Xu and Netanel Drori

The purpose of this paper is to examine the role of short sellers in foreign direct investment (FDI) decisions. Drawing on threat rigidity theory, the authors argue that short…

Abstract

Purpose

The purpose of this paper is to examine the role of short sellers in foreign direct investment (FDI) decisions. Drawing on threat rigidity theory, the authors argue that short sellers pose a threat to chief executive officers (CEOs) by exerting downward pressure to target firms’ stock prices. That threat will evoke rigid managerial responses that hinder new FDI activities. The authors also posit that CEOs will be less reactive to short sellers’ threats when they are generalist CEOs who have extensive general work experience or when they serve as the board chair.

Design/methodology/approach

The authors collect data from S&P 1,500 firms, and the final sample consists of 717 firms and 6,930 firm-year observations from 1998 to 2016. The authors use an Arellano and Bond generalized method of moments static linear probability panel data model and an instrumental panel count data model to test the hypotheses.

Findings

The findings support the hypotheses and suggest that CEOs who are under more pressure from short sellers engage in fewer new FDI activities. The negative impact of short sellers on FDI decisions is less salient when CEOs have general work experience or are the chairperson of the board.

Originality/value

This study contributes to the international business research by stressing the need to consider the role of short sellers in firm internationalization decisions.

Details

Multinational Business Review, vol. 31 no. 3
Type: Research Article
ISSN: 1525-383X

Keywords

Article
Publication date: 21 December 2022

Chen Cai, Stephen Ciccone, Huimin Li and Le Emily Xu

This study aims to explore the relation among US audit partners’ characteristics, their career advancement and audit quality.

Abstract

Purpose

This study aims to explore the relation among US audit partners’ characteristics, their career advancement and audit quality.

Design/methodology/approach

This study uses data from Public Company Accounting Oversight Board Form AP, Auditor Reporting of Certain Audit Participants, and publicly available online data sources. The hand-collected data on audit partners’ personal characteristics include gender, work experience and educational background. The measures for audit quality include restatements and audit fees.

Findings

The authors find that audit partner characteristics matter for the time it takes an individual to reach partnership after completing a bachelor’s degree. There are significant differences in work experience and educational background between partners in the largest (Big N) audit firms and smaller (non-Big N) audit firms. Audit partner traits are related to audit quality, and the effects differ between Big N and non-Big N partners.

Originality/value

The literature has examined audit partners’ career paths using international data. However, little empirical academic research has examined the career advancement of US audit partners. This study provides initial insights on the career advancement of US partners on a large scale and complements the recent research that examines audit partner characteristics and audit quality in the US market.

Details

Managerial Auditing Journal, vol. 38 no. 4
Type: Research Article
ISSN: 0268-6902

Keywords

Article
Publication date: 4 May 2008

Ian Barron and Keith Topping

This narrative review explored the efficacy of school-based child sexual abuse prevention programmes between 1990 and 2002. There were 22 efficacy studies that met clear inclusion…

Abstract

Purpose

This narrative review explored the efficacy of school-based child sexual abuse prevention programmes between 1990 and 2002. There were 22 efficacy studies that met clear inclusion criteria. Results covered both methodological design and the range of outcome measures. Methodology was analysed through four dimensions (target population, prevention programme implementation, evaluation methodology and cost-effectiveness). Outcomes for children covered nine categories (knowledge, skills, emotion, perception of risk, touch discrimination, reported response to actual threat/abuse, disclosure, negative effects and maintenance of gains). The studies had many methodological limitations. Prevention programmes had a measure of effectiveness in increasing children ' s awareness of child sexual abuse as well as self-protective skills. Beyond minimal disclosure rates, there was no evidence to demonstrate that programmes protected children from intra-familial sexual abuse. For a small number of children prevention programmes produced minimal negative emotional effects. Recommendations for future research, policy and practice, include realistic outcomes for child participants and locating programmes within wider abuse prevention measures.

Details

Journal of Children's Services, vol. 3 no. 3
Type: Research Article
ISSN: 1746-6660

Keywords

Abstract

Details

Brexit Negotiations After Article 50: Assessing Process, Progress and Impact
Type: Book
ISBN: 978-1-78769-768-3

Article
Publication date: 3 February 2022

Ting Wang, Junyan Xu, Qinghua He, Albert P.C. Chan and Emmanuel Kingsford Owusu

This study intends to review studies on the success criteria and critical success factors (CSFs) for mega infrastructure construction projects (MICPs) from journal articles…

2791

Abstract

Purpose

This study intends to review studies on the success criteria and critical success factors (CSFs) for mega infrastructure construction projects (MICPs) from journal articles between 2000 and 2018 to (1) identify the publication trend of success criteria and CSFs for MICPs; (2) explore distributions of selected papers, including the distribution of journals, authors’ origin/country and publications by country or region focus; and (3) summarize the findings of success criteria and CSFs studies of MICPs.

Design/methodology/approach

A methodical and systematic analysis of 38 selected journal articles was conducted using descriptive analysis to obtain the annual trend of publications, distributions of publication sources, contributors’ origin/country, regions/countries of research focus, methods involved in publications and thematic analysis to identify and categorize success criteria and CSFs for MICPs.

Findings

Australia, the USA, UK, China and Hong Kong had been the leading contributors for publications on success criteria and CSFs for MICPs; meanwhile, China, Australia and the UK have been the countries of focus for most studies on this specific topic. This review identified 20 success criteria grouped into 5 constructs and 36 CSFs grouped into 5 categories and, respectively, integrated them into two conceptual frameworks. The top five CSFs were adequate resource availability, partnering/relationships with key stakeholders, adequate communication and coordination among related parties, public support or acceptance and clear strategic vision. Three implications, namely, evaluation indicators, relationships between CSFs and the success of MICPs and human-related factors, are highlighted in future research.

Originality/value

The identified success criteria and CSFs provide a basis for evaluating the success possibility of MICPs and serve to identify areas for further improvement. Additionally, the CSFs checklist and framework have been established, which could help to conduct further empirical studies. Finally, the holistic analysis identifies gaps in the body of knowledge, revealing avenues for future research.

Details

Engineering, Construction and Architectural Management, vol. 30 no. 5
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 28 August 2008

May H. Lo and Le (Emily) Xu

The purpose of this study is to examine whether financial analysts mislead investors in recognizing the differential persistence of the three cash flow components of earnings…

Abstract

Purpose

The purpose of this study is to examine whether financial analysts mislead investors in recognizing the differential persistence of the three cash flow components of earnings, defined by Dechow et al., in forecasting annual earnings.

Design/methodology/approach

The paper uses Mishkin's econometric approach to compare the persistence of the cash flow components within and across the historical, analysts' and investors' weightings.

Findings

It is found that financial analysts' weightings of the cash flow components are more closely aligned with the historical relations than are investors' weightings, both in direction and in magnitude. The degree of analysts' mis‐weighting is economically small and much lower than the degree of investors' mis‐weighting. Moreover, the extent of both investors' and analysts' mis‐weightings of the cash components is generally smaller for firms with greater levels of analyst following, a proxy for the quality of the information environment.

Research limitations/implications

The findings suggest that financial analysts' bias in weighting the cash components of earnings is at best a partial explanation for investors' bias.

Practical implications

This study is important to academics and the investment community that relies upon financial analysts as information intermediaries, because the ability of analysts to incorporate value‐relevant information in their published expectations may impact securities prices.

Originality/value

The study is the first to document the weightings of the cash components of earnings by financial analysts. In addition, this paper provides evidence that financial analysts, as information intermediaries, are less biased than investors in processing not only the accrual but also the cash components of earnings.

Details

Accounting Research Journal, vol. 21 no. 1
Type: Research Article
ISSN: 1030-9616

Keywords

Article
Publication date: 19 July 2011

Afshad J. Irani and Le (Emily) Xu

Effective August 23, 2004, the US Securities and Exchange Commission (SEC) requires all firms to disclose restatements via an item 4.02 Form 8‐K filing. However, a significant…

1110

Abstract

Purpose

Effective August 23, 2004, the US Securities and Exchange Commission (SEC) requires all firms to disclose restatements via an item 4.02 Form 8‐K filing. However, a significant number of firms continue to disclose restatements using means other than an 8‐K. Commonly referred to as stealth restatements, the purpose of this paper is to investigate the materiality of restatements disclosed in either the 10‐K or the 10‐Q by comparing them to those disclosed via 8‐K.

Design/methodology/approach

Univariate and multivariate analyses compare the characteristics of and the market reaction to 10‐K/10‐Q restatements to those of 8‐K restatements.

Findings

The authors find stealth restatements are more likely to be those not affecting net income, with longer filing delays, not subject to SEC investigation and made by firms audited by non‐big four accounting firms. The authors document a negative market reaction to 8‐K restatements around the restatement disclosure date. However, for stealth restatements they find no market reaction around the 10‐K/10‐Q filing date and for up to 22 trading days after the 10‐K/10‐Q filings. Research limitations/implications – The study shows a significant difference in materiality between stealth and 8‐K restatements.

Practical implications

The study is important to investors, regulators and academics because it supports the notion that stealth restatements include less significant information relative to that disclosed in 8‐K restatements. This result is in line with the SEC disclosure requirement.

Originality/value

The significant number of stealth restatements since 2004 begs the question as to what kind of information is being disclosed in these restatements. The paper responds to this question.

Details

Accounting Research Journal, vol. 24 no. 1
Type: Research Article
ISSN: 1030-9616

Keywords

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