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1 – 10 of over 1000
Article
Publication date: 27 July 2021

Kung-Cheng Ho, Qian Wang, Xianming Sun and Leonard F.S. Wang

A commitment to social responsibility is indispensable to the sustainable development of a firm, and corporate social responsibility (CSR) has become a key corporate evaluation…

Abstract

Purpose

A commitment to social responsibility is indispensable to the sustainable development of a firm, and corporate social responsibility (CSR) has become a key corporate evaluation indicator. CSR's economic consequences have long been a hot topic in academic research. The authors analyze the relationship between CSR and corporate capital structure and also investigate channels through which such links are transmitted.

Design/methodology/approach

Using CSR score (CSRS) data published by China's Hexun (hexun.com) from 2010 to 2018, the authors control some influencing variables of the nature and characteristics of enterprises and discover that CSR can effectively improve firm leverage using ordinary least square regression. In addition, the research results remain robust for other CSR proxies, different dimensions of CSR, alternative measures of leverage and endogenous testing.

Findings

The authors discover that CSR can significantly reduce firm leverage. In addition, the research results confirm that investor attention and liquidity are the main channels by which CSR effectively reduces leverage, and other influence channels are worthy of further exploration. After examining the substitution variables and endogenous characteristics of CSR, the results remain robust.

Originality/value

Regarding decision-making and governance within companies, the authors conclude that CSR reports not only announce the status of CSR activities to corporate stakeholders but also reveal information on corporate financial decisions. Considering the widespread agency problems in companies, management may take advantage of investor understanding of CSR reports and conceal real information or disclose false information. They distort investors' understanding of the financial policies of financial reports to achieve their self-interests. Hence, companies must reinforce their governance and construct comprehensive monitoring mechanisms for CSR disclosure to protect their investors, establish a strong corporate reputation and facilitate long-term development.

Details

Kybernetes, vol. 51 no. 10
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 1 February 1983

Leonard F.S. Wang

In this article the author explores the optimal policies to achieve non‐economic objectives in the presence of a specific factor and demonstrates that the same policies—though not…

Abstract

In this article the author explores the optimal policies to achieve non‐economic objectives in the presence of a specific factor and demonstrates that the same policies—though not necessarily at the same level—are required as in the traditional two‐by‐two trade model. In addition, it is shown that a direct subsidy on the specific factor will be the optimal policy for the exploitation of domestic‐owned resources.

Details

Journal of Economic Studies, vol. 10 no. 2
Type: Research Article
ISSN: 0144-3585

Article
Publication date: 1 January 1979

LEONARD F.S. WANG

Theil (1963) suggested a mixed estimator when there is prior information used in regression analysis. It implies that the investigator not only estimates a parameter based on the…

Abstract

Theil (1963) suggested a mixed estimator when there is prior information used in regression analysis. It implies that the investigator not only estimates a parameter based on the sample data, but also combines the prior information by formulating it in terms of unbiased estimates and their covariance matrix. In particular, he assumes that the prior unbiased estimators r are q linear combinations of the parameters. The mixed regression model is

Details

Studies in Economics and Finance, vol. 3 no. 1
Type: Research Article
ISSN: 1086-7376

Article
Publication date: 1 June 1985

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains…

12667

Abstract

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

Details

Management Decision, vol. 23 no. 6
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 9 March 2010

Leonard F.S. Wang and Ya‐Chin Wang

The purpose of this paper is to extend the work of earlier researches relating to insider trading issues in the stock market under a Cournot‐Stackelberg duopoly.

Abstract

Purpose

The purpose of this paper is to extend the work of earlier researches relating to insider trading issues in the stock market under a Cournot‐Stackelberg duopoly.

Design/methodology/approach

This paper models that the competition among the insiders in the real market be Stackelberg, which reflects that for all outside and inside reasons, the position and influence of a firm may become the leader or the follower as time goes by.

Findings

The paper demonstrates that when the listed company with insiders becomes the leader in the industry, the reaction functions of insiders will change as well as the parameters of the market, to signal from real and financial sides, but the amount traded by insiders remains the same; so does the degree of information revelation. In addition, for the information revealed to the public, the stock price reveals more information with Stackelberg real‐leader model than that of the Stackelberg financial‐leader model.

Originality/value

The main contribution of this paper is that market makers can very well observe signals from the real side, and bringing a signal from the real side can help the stock market reveal more information, but once the signal is introduced, it may not further enhance market efficiency.

Details

Studies in Economics and Finance, vol. 27 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 1 January 1984

Leonard F.S. Wang and David Bowles

This article examines the behaviour of a labour‐managed firm operating in a world in which the output price is uncertain, but it varies betwen a price floor and a price ceiling…

Abstract

This article examines the behaviour of a labour‐managed firm operating in a world in which the output price is uncertain, but it varies betwen a price floor and a price ceiling. We show that risk aversion is sufficient to give the direct relationship between a change in uncertainty and the optimal level of output for the labour‐managed firm, which is weaker than the decreasing absolute risk aversion assumption imposed by Hawawini and Michel (1979), Hey and Suckling (1980), Hey (1981a) and Paroush and Kahana (1980).

Details

Journal of Economic Studies, vol. 11 no. 1
Type: Research Article
ISSN: 0144-3585

Article
Publication date: 1 February 1991

Pablo E. Guidotti, William H. Kaempfer, Alexander M. Pietruska and Leonard F.S. Wang

Recent studies on the welfare implications of internationallymobile capital for a country employing commercial policy have beenrestricted to constant‐returns‐to‐scale (CRS…

Abstract

Recent studies on the welfare implications of internationally mobile capital for a country employing commercial policy have been restricted to constant‐returns‐to‐scale (CRS) production models. It is generally concluded that the pursuit of such policies is welfare‐decreasing under CRS conditions. The analysis to encompass variable‐returns‐to‐scale (VRS) is generalised and it is shown that there is an optimal (second best) combination of import tariff and foreign capital subsidy that will not be “immiserising” for an increasing‐returns‐to‐scale (IRS) industry.

Details

Journal of Economic Studies, vol. 18 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 January 1985

Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover…

16648

Abstract

Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover specific articles devoted to certain topics. This Bibliography is designed to help. Volume III, in addition to the annotated list of articles as the two previous volumes, contains further features to help the reader. Each entry within has been indexed according to the Fifth Edition of the SCIMP/SCAMP Thesaurus and thus provides a full subject index to facilitate rapid information retrieval. Each article has its own unique number and this is used in both the subject and author index. The first Volume of the Bibliography covered seven journals published by MCB University Press. This Volume now indexes 25 journals, indicating the greater depth, coverage and expansion of the subject areas concerned.

Details

Management Decision, vol. 23 no. 1
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 25 October 2018

Dongling Cai, Leonard Fengsheng Wang and Xiaokai Wu

The purpose of this study is to investigate the interplay between economic governance and privatization, and how these two instruments affect the entry mode choice of the foreign…

Abstract

Purpose

The purpose of this study is to investigate the interplay between economic governance and privatization, and how these two instruments affect the entry mode choice of the foreign firm and the social welfare of the host country.

Design/methodology/approach

This study constructs a mixed duopoly model wherein one domestic public firm competes with a foreign firm and investigates the influence of economic governance investment on the domestic government’s optimal degree of privatization choice and the foreign firm’s entry mode choice.

Findings

This study shows that (1) better economic governance enhances the effect of privatization on output, thus resulting in a lower degree of privatization; (2) the optimal privatization policy of the domestic government is partial privatization irrespective of the foreign firm’s entry mode choice; (3) with optimal investment by the domestic government on economic governance, the optimal degree of privatization is higher under FDI than export, and the host-country welfare is also higher under FDI. In particular, this study demonstrates that better economic governance decreases the threshold of the degree of privatization when the foreign firm switches from export to FDI, implying that better economic governance stimulates the foreign firm to undertake FDI in the host country.

Practical implications

The findings shed some light on both the mixed ownership reform of the SOEs in China and attracting foreign capital inflow to improve the host country’s social welfare.

Originality/value

To the best of the authors’ knowledge, this study constitutes the first attempt to build a theoretical framework to explore how the interactions between economic governance and privatization influence the entry mode choice of the foreign firm.

Details

Nankai Business Review International, vol. 9 no. 4
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 1 June 1997

Jaroslav Mackerle

Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the…

6041

Abstract

Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the theoretical as well as practical points of view. The range of applications of FEMs in this area is wide and cannot be presented in a single paper; therefore aims to give the reader an encyclopaedic view on the subject. The bibliography at the end of the paper contains 2,025 references to papers, conference proceedings and theses/dissertations dealing with the analysis of beams, columns, rods, bars, cables, discs, blades, shafts, membranes, plates and shells that were published in 1992‐1995.

Details

Engineering Computations, vol. 14 no. 4
Type: Research Article
ISSN: 0264-4401

Keywords

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