V olume 5 ·Issue 3 ·Sep· 2012 · ISSN1755 3091
Consulting Editors
copy命令Bin Ke, Nanyang Technological University
T.J. Wong, The Chine University of Hong Kong
Editors-in-chief
Jeong-Bon Kim, City University of Hong Kong
Minghai Wei, Sun Yat-n University
西汉演义Issue date:2012-9
Papers: 4
不负韶华
Science Direct Online: /science/journal/17553091
Website: or www.cb.cityu.edu.hk/rearch/cjar/
Homepage: /locate/cjar
EES: /cjar/
In this issue we have:
1.The role of cross‐listing, foreign ownership and state ownership in dividend policy in an emerging market
Kevin C.K. Lama, Heibatollah Samib, Haiyan Zhou
2.Banking system reform, earnings quality and credit allocation
Zhu Xiulia, Li Lianjuna, Xue Yunkui
3.Internal corporate governance and the u of IPO over‐financing: Evidence from China
Xin Xua, Yun Xia
4.An empirical study of the effect of venture capital participation on the accounting information quality of
IPO firms
Zhiying Hu, Weixing Cai, Jinjin Han, Rula Sa
V olume 5 ·Issue 3 ·Sep· 2012 · ISSN1755 3091
Contents
孜然土豆1.The role of cross‐listing, foreign ownership and state ownership in dividend policy in an emerging market
By: Kevin C.K. Lama, Heibatollah Samib, Haiyan Zhou
宠物作文URL:/science/article/pii/S1755309112000202
In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish i
nsider conflicts (reduce free cash flow) or may be ud to extract cash from firms (tunneling effect) – which could be predominant in emerging markets. We expect firms with foreign ownership and tho that are listed in overas markets to have different dividend policies and practices than tho that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy (China), we examine whether the effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to rai capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public (individual) ownership. Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for rearchers, investors, policy makers and regulators in emerging markets.
JEL classification: G30; G34; G35
Keywords: Agency problems; Corporate governance; Cash dividends; Stock dividends; Ownership structure;
Cross listings; Emerging markets
2.Banking system reform, earnings quality and credit allocation
By：Zhu Xiulia, Li Lianjuna, Xue Yunkui
URL:/science/article/pii/S1755309112000287
This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in listed companies changed significantly after the banking system reform, especially in state-owned listed companies.
Further investigation shows that due to the influence of rent-eking, banks have ead the earnings requirements of non-state-owned listed companies. The findings enhance our understanding of the economic conquences of the banking system reform and of credit discrimination under the new regime.
JEL classification: G3; G32; G38
Keywords: Banking system reform; Ownership; Earnings quality; Credit allocation
3.Board independence, internal information environment and voluntary disclosure of auditors’ reports on
internal controls
By: Xin Xua, Yun Xia
URL:/science/article/pii/S1755309112000305
In this paper, we describe how Shenzhen A-share listed companies ud funds raid in over-financed IPOs during the 2006–2010 period. In exploring the relationship between internal corporate governance and the u of funds raid in over-financed IPOs, we find that the u of such funds to engage in vere
over-investment behavior is prevalent among listed companies. Reasonable internal corporate governance
V olume 5 ·Issue 3 ·Sep· 2012 · ISSN1755 3091
mechanisms can effectively alleviate over-investment problems listed companies encounter in using
沙漠的英文funds raid in over-financed IPOs. However, the same individual rving as both chairman and CEO leads to funds raid in over-financed IPOs being over-invested. Moreover, executives driven by high levels of
monetary compensation are more likely to u funds raid in such IPOs to engage in over-investment. We find that improving the balance of power between shareholders will help alleviate the over-investment of excess IPO funds. In addition, the over-investment problem is less vere in state-controlled listed companies than in their non-state-controlled listed counterparts. This study provides policy recommendations for
Chine curities regulators to ensure listed companies u funds raid in over-financed IPOs both
rationally and effectively.
JEL classification: G10; G31; G38
Keywords: Internal corporate governance; IPO over-financing; Over-investment; Non-capital investment
4.An empirical study of the effect of venture capital participation on the accounting information quality of
IPO firms
立刻约By: Zhiying Hu, Weixing Cai, Jinjin Han, Rula Sa
URL: /science/article/pii/S1755309112000317
Using a sample of IPO companies on the Shenzhen Small and Median Enterpri Board and the ChiNext Stock Market between 2005 and 2009, this paper analyzes the effect of venture capital participation on
accounting information quality. We find that venture capitalists have a significant effect on earnings
management, with reduced discretionary accruals before the expiration of the equity lock-up period and enhanced discretionary accruals after the expiration of the equity lock-up period. Our findings support the moral hazard hypothesis of venture capital, but not the certification/monitoring role of venture capital in IPOs.
In addition, we find that venture capital plays a more important role in the earnings management of
non-state-owned IPO companies than of state-owned companies.
JEL classification: G32
Keywords: Venture capital; Earnings management; IPO; Lock-up period
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