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The purpose of this paper is to find the key influence factors of executive compensation within China ports and listed shipping companies and provide some reasonable suggestions. Eventually, help to perfect the executive compensation evaluation mechanism against the background of new area.

Grey correlation analysis is an important part of grey system theory. Professor Liu Sifeng further studies the relationship between two sequences absolute increment on the basis of Deng’s degree and put forward the “Grey absolute correlation degree,” which is widely used in practice. In the study, on the basis of the area of the line between sequences size, it measures the correlation degrees of firm performance, executive stock holding, continuous growth capacity and other relevant factors of executive payment in China ports and listed shipping companies.

The paper concludes that the main factors influence CEO salary in China ports and listed shipping companies are return on equity and growth rate of fixed assets. However, the authors consider the frequent occurrence of executives’ corruption in China listed state-owned enterprise under the environment of financial and economic crisis, the authors argue that the significant influence of net assets attributed to shareholders cannot be ignored. In addition, cash flow in operating activities and executive stock holding both have relatively important effect on executive compensation.

This paper still has some limitations. First, it merely takes into account the financial indicators and ignores the influence of non-financial indicators to the performance evaluation of listed companies, such as: innovation ability, human capital and goodwill. Second, it has not considered the power consumption and other types of “invisible income” in the executive compensation structure, neither the influence of investing and financing activities on corporate performance. Consequently, these are likely to cause a certain deviation to the results of the study.

The outcome obtained in this paper can be provided for China ports and listed shipping companies to establish a reasonable executive compensation evaluation and incentive mechanism under the background of depressed shipping market.

This paper intends to use correlation analysis between firm performance, executive stock holding, sustainability and executive compensation in the new area of time, tries to make a greater contribution to the major component of salary policy and then make some suggestions on incentive supervising and restraining mechanisms for the ports and listed shipping firms in China.

Although scholars have done many studies about the association analysis of executive compensation and firm performance, they neglect the economic environment of industry. Meanwhile, considering the non-financial indicators and incomplete information, this paper studies the grey correlation analysis of executive compensation and influence factors in China ports and listed shipping firms under the background of the Chinese flagging shipping industry.

This study aims to evaluate the impact of listed Portuguese companies' specific determinants on adjustment of actual debt towards target debt ratio. The specific determinants on adjustment of actual debt towards target debt ratio that we consider are: asset tangibility, size, profitability and market to book ratio.

Dynamic panel estimators are used to determine adjustment of the actual level of debt towards optimal level of debt, revealing the level of transaction costs borne by companies. OLS regressions are also used, in order to estimate the impacts of companies' specific determinants on debt adjustment.

The results suggest that transaction costs are relevant in listed Portuguese companies' access to debt. Tangibility of assets and size are determinants that contribute for a greater adjustment of debt towards optimal level. The results also suggest that the capital structure decisions of listed Portuguese companies can be explained in the light of trade‐off and pecking order theories, and not according to what is forecast by market timing theory.

Through this study, the level of adjustment of actual debt towards target debt ratio in the context of companies belonging to under‐developed capital markets are determined, in the particular case of this study, belonging to the Portuguese capital market. Furthermore, from target debt ratio depending on companies' specific determinants, the explanatory power of trade‐off, pecking order and market timing theories are investigated. The results contribute for a deeper understanding about companies' capital structure decisions.

The purpose of this paper is to analyze the relationship between ownership concentration and company performance in China private listed companies.

By taking into account of the difference of managerial positions of large shareholders in listed companies (whether they assume the posts as presidents or general managers), and based on the two agency theories, the paper analyzes the state dependency of the relationship between ownership concentration and the company performance of listed companies with the samples of China private listed companies from 2003 to 2011.

The paper finds that if the large shareholders assume no posts in the listed companies, there is an inverted U shape relation between shareholding ratio of the largest shareholders and the company performance. This result indicates the inadequate or excessive monitoring to the companies by the large shareholders according to different shareholding ratios. If large shareholders assume posts in the listed companies, there is a U shape relation between shareholding ratio of the largest shareholders and the company performance. This result indicates the tunneling and propping to the small shareholders by the large shareholders according to different shareholding ratios.

This paper has not taken the influence of earnings management of the listed companies.

For strengthening the protection of investors, proper distinction shall be made among shareholders of different conditions, and difference of roles large shareholders play in the company under different conditions shall be understood correctly, so as to formulate and perfect market rules for corporate governance, rather than just restraining the power (rights) of large shareholders. The study in this paper is for helping understand the different roles large shareholders play under different corporate governance conditions.

First, different from the research paradigm of relationship between ownership concentration and company performance in existing literature, the paper discriminates the study background with the post-assuming conditions of large shareholders in listed companies and believes that relationship between ownership concentration and company performance shall be presented differently under different post-assuming conditions. Second, by using monitoring theory and tunneling and propping theory to explain the behaviors of large shareholders under different post-assuming conditions respectively, a new theory explanation view is provided for explaining the relation between ownership concentration and company performance.

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.

Examines budget planning; implementation and performance evaluation practices by utilizing a questionnaire survey of 54 medium and large sized companies located in Bahrain. Most of the companies prepare long‐range plans and operating budgets, and they follow a definite budget procedure and implementation methodology. Uses budget variances to measure a manager’s ability, for timely recognition of problems, and to improve the next period’s budget. While both the listed and non‐listed companies have reported many similar budget practices, the main differences were specific purposes served by budgets, degree of budget participation, periodicity of variance reporting, and purposes and authority to evaluate budget variance reports. In certain cases, firm size influences budgeting practices. Contributes toward filling a gap in the literature on the use of budgets as a planning and control tool in developing countries. Most prior studies were mainly confined to advanced countries. The study findings suggest the need for research on attitudes held by the budgetees towards the use of budget variances in the context of advanced management accounting techniques.

The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the literature on RMs and analyzing the major characteristics of 161 RM cases.

This paper introduces the characteristics and evolution of the regulatory framework governing RM activity in China. Then the paper reviews relevant academic studies on the RMs in China and other countries. Finally, the paper identifies and discusses the major characteristics of 161 RM cases in the Chinese stock market from 2006 to 2016.

Private companies that go public via RMs in China not only have superior asset quality but also demonstrate good accounting and stock price performance after listing, and these results are unlike those of studies on the quality of RMs in other countries.

This paper is based on a survey of 161 RM cases in China’s stock market, with the major characteristics of the RMs being identified and analyzed. The limitations of previous studies and suggestions for further research are discussed.

This paper suggests that the relative superior performance of RMs in the Chinese stock market is caused by the interplay of market forces and regulatory oversight. The Chinese regulator’s pragmatic and flexible approach plays an important role in formulating regulatory policies that respond to the changing macroeconomic environment and financial markets.

The purpose of this paper is to provide an insight into the voluntary corporate governance disclosure and AC practices among Malaysian property listed companies. Along with that, the influence of AC characteristics on voluntary corporate governance disclosure was also examined.

The study used the content analysis of annual reports to extract voluntary corporate governance disclosures and audit committee (AC) practices. The relationship between voluntary corporate governance disclosures and AC characteristics was examined by using the panel data regression analysis.

Based on the results of the study, it can be concluded that all three variables: AC size, AC independence and AC meetings are the factors that influence the level of voluntary corporate governance disclosure among sampled companies.

This study provides an overview of voluntary corporate governance disclosures practices, which have shown an increasing trend of information disclosed by Malaysian listed property companies. Additionally, the AC structure was also found satisfactory with highly independent and higher number of meetings as required by Malaysian Code of Corporate Governance and Bursa Malaysia requirement.

By filling the gap identified in this study, investors’ confidence will boost as they will have sufficient information about the Malaysian listed property companies – resulting in strengthening competitiveness and growth by attracting local and foreign investments in the country. The influence of AC attributes over the quality of disclosure among Malaysian listed properties companies is identified, and regulators introduce more explicit rules for AC mechanism for improving the disclosure quality. The increase in the quality of information provided in the annual reports will lead toward highly efficient and transparent stock market.

This study has provided an insight into corporate governance of listed companies in Malaysia, which will contribute to the extended literature. Along with that, it will also provide an overview of corporate governance structure among Malaysian listed companies to the policy makers.

The purpose of this paper is to test the extent to which company-specific attributes including market capitalisation, capital structure and investment focus impact upon the performance of European listed real estate companies. Enhanced understanding of firm-level performance drivers is important for investors in order to diversify their investment portfolios and to mitigate company-specific risks at different points in the real estate cycle.

The study centres on six key listed European real estate markets selected on the basis of market capitalisation, diversity, transparency and maturity. A series of statistical tests are undertaken using EPRA and Bloomberg data for the period of 2007–2017 using 113 listed property companies, all of whom were contemporaneous constituents of EPRA indices in this period. A series of customised performance indices were constructed to evaluate firm-level performance attributes.

Firm-level attributes collectively account for more variation of risk-adjusted return than sector-level attributes over the investigation period. The impact of firm-specific attributes on performance varies significantly from country to country attributable to the contrasting cyclical property market trends in the pre– and post–Global Financial Crisis period. REITs outperformed non-REITs on a risk-adjusted basis attributed to the strong performance of “niche” market entrants allied with stronger regulatory structure. Finally, the findings showcase that sector specialist firms outperform diversified companies inferring that investors should seek to attain diversification through portfolio-based approaches rather than firm-level strategies.

The results have implications for real estate companies aiming to raise capital internally for growth as higher return on equity in general signals reduced cost of capital. Secondly, the findings should be of practical use to multinationals specialising in international real estate trading in designing their business plans in general and formulating cross-country investment strategies in particular. Last but not least, a more refined conceptualisation of corporate-level performance drivers should complement existing professional practices in relation to business/company appraisal.

The research integrates EPRA and Bloomberg data sets to create a series of bespoke index constructs to measure the impact of firm-specific attributes on European listed real estate companies. Additionally, the authors construct a Herfindahl Index (H.I.) to further the debate on the impacts of diversification within the listed real estate sector. This serves to further heighten investor understanding of investment allocation and portfolio optimisation strategies for the listed real estate sector given the increasingly diverse range of investment opportunities within emerging sub-markets.

In one of the last major Enron‐related corporate reforms, the SEC approved on November 4, 2003 the final versions of both the New York Stock Exchange’s and Nasdaq’s corporate governance proposals. Generally, both sets of rules require listed companies to have a majority of their boards comprised of independent directors. In addition, the rules impose significant responsibilities on listed companies’ nominating, compensation, and audit committees. With certain exceptions, both NYSE and Nasdaq companies will have until the earlier of (i) the company’s first annual meeting occurring after January 15, 2004 or (ii) October 31, 2004 to comply with the new rules. This article compares both sets of new rules to current rules, discusses the differences between the NYSE’s and Nasdaq’s new rules and suggests steps issuers should take to comply with the new rules.

A significant number of Chinese companies are listed overseas. The authors aim to examine whether overseas locations affect their financing decision, specifically their capital structure choice.

Most of the Chinese overseas listed companies are listed in the USA and Hong Kong. As the institutional quality of the USA is better than Hong Kong, the authors, therefore, choose to build the hypotheses from the “law and finance” literature. Specifically, the authors argue that the better institutional environment of the USA can mitigate the information asymmetry problem and the agency problem of financing via equity. Consequently, firms listed in the USA will rely more on equity and have lower leverage ratio. The difference in leverage ratio of US listed and Hong Kong listed companies should be larger when the marginal benefit of better information environment is larger.

Referring to various data sources, the authors construct a comprehensive list of overseas listed companies in the USA and Hong Kong. The authors collect the accounting and stock performance information from Datastream/Worldscope and the equity offering data from Global New Issue database. The empirical findings provide strong support of the hypotheses: the leverage is 15 percent lower for US listed companies than the Hong Kong listed companies; the results are stronger when the firms face more severe information asymmetry problem; the stock price reacts less negatively for seasoned equity offering in the USA than in Hong Kong.

Most of the Chinese companies decided to be listed overseas because they cannot be listed in the Mainland Chinese stock exchanges. One of the most important motivation is to access to external capital to support firm growth. As the main channel of external financing in the overseas markets is equity since debt is still mainly domestically based, one implication of this paper is that Chinese companies can gain better access to external capital in the USA than in Hong Kong and relax their financial constraint.

There are a considerable number of Chinese companies listed in the overseas markets. Many successful and famous companies are among them. However, almost no research has been done based on them. This paper documents some very important phenomenon of this market. The authors wish that more studies will be conducted. In addition, the study also complements the existing studies on how institutional environment affects corporate financial behavior.