期刊｜Financial Management 2017年第一期（季刊）
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1.Political Party Affiliation of the President, Majority in Congress, and Sin Stock Returns
Sanjiv Sabherwal,Salil K. Sarkar,Mohammad Riaz Uddin
2. The Anatomy of a Socially Responsible Corporation
Rajshree Prakash,Rahul Ravi,Rubin Zhao
3. Growing Pains: International Instability and Equity Market Returns
Zhuo Chen,Andrea Y. Lu,Zhuqing Yang
4. Does Earnings Management Relieve the Negative Effects of Mandatory Pension Contributions?
Hieu V. Phan, Hinh D. Khieu, and Joseph Golec
5. Labor Rights, Venture Capital, and Firm Performance
Xuejing Xing, John S. Howe, Randy I. Anderson, Shan Yan
6. Company Stock in Defined Contribution Plans: Evidence from Proxy Voting
Heejin Park
7. Board Composition and Relationship-Specific Investments by Customers and Suppliers
Kristina Minnick and Kartik Raman
8. The Role of Multiple Large Shareholders in the Choice of Debt Source
Sabri Boubaker, Wael Rouatbi, and Walid Saffar
9. The Impact of Go-Shop Provisions in Merger Agreements
Sridhar Gogineni,John Puthenpurackal
Political Party Affiliation of the President, Majority in Congress, and Sin Stock Returns
Sanjiv Sabherwal,Salil K. Sarkar,Mohammad Riaz Uddin
Finacial Management volume46(spring 2017):3-31
Abstract:We find that in contrast to the stock market, which performs better during Democratic presidencies, “sin” stocks—publicly traded producers of tobacco, alcohol, and gaming—perform better during Republican presidencies and even more so when the Republican presidency is accompanied by a Republican majority in at least one chamber of Congress. We examine whether sin firms use contributions to establish connections with politicians and find that sin firms contribute more to Republican candidates and that these contributions are greater when Republicans are in power. We also find a positive relation between political contributions and future returns. The relation is stronger for contributions to Republicans.
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The Anatomy of a Socially Responsible Corporation
Rajshree Prakash,Rahul Ravi,Rubin Zhao
Finacial Management volume46(spring 2017):33-58
Abstract:Prior research treats corporate social responsibility (CSR) as a unitary construct. Using principal component analysis, we show that CSR activities can be divided into two types: responsive CSR (RCSR), which includes initiatives that address specific concerns caused by firm activity, and adaptive CSR (ACSR), which are initiatives that anticipate concerns before they arise. We find that responsive motives are roughly three times more dominant than adaptive motives. Larger firms, older firms, and more diversified firms invest more in RCSR while younger firms and more focused firms tend to invest more in ACSR.
Growing Pains: International Instability and Equity Market Returns
Zhuo Chen,Andrea Y. Lu,Zhuqing Yang
Finacial Management volume46(spring 2017):59-87
Abstract:We use the ratio of growth in global military expenditures to gross domestic product (GDP) to capture ex ante expectations of political instability and explore the relation between this measure and returns. In a standard global asset pricing framework with 44 countries, this measure helps to explain cross-country return differences. Furthermore, emerging countries have greater exposure to international political instability risk than developed countries. This partially explains the higher returns observed in emerging countries.
Does Earnings Management Relieve the Negative Effects of Mandatory Pension Contributions?
Hieu V. Phan, Hinh D. Khieu, and Joseph Golec
Finacial Management volume46(spring 2017):89-128
Abstract:Mandatory pension contributions (MCs) are negative shocks to a firm's liquidity that can unfavorably impact its cost of capital, financing, and investment plans. We examine whether firms faced with MCs use both noncash (NEM) and cash-generating earnings management (CEM) to partially offset their negative effects. Firms increase CEM, but not NEM, when they experience MCs. We also find that earnings management associated with MCs does not substantially lower the weighted cost of capital or boost external funding and investment. Our findings suggest that MC firms use CEM as it directly generates cash to fund MCs, while NEM does not.
5. Labor Rights, Venture Capital, and Firm Performance
Xuejing Xing, John S. Howe, Randy I. Anderson, Shan Yan
Finacial Management volume46(spring 2017):129-154
Abstract: We investigate the role of labor unions in the performance of venture capital (VC)-backed firms.Using a large sample of initial public offering firms from 1983 to 2013, we find that VC-backedfirms in highly unionized industries have lower Tobin’s Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics.The findings suggest that strong labor rights impede innovative firms’ performance and survival,thereby adversely affecting innovation, economic growth, and employment.
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Company Stock in Defined Contribution Plans: Evidence from Proxy Voting
Heejin Park
Finacial Management volume46(spring 2017):155-202
Abstract:I examine whether firms’ decisions to offer company stock in defined contribution (DC) plans are explained by managers’ corporate control motives. Using a large sample of proxy voting outcomes, I find that employee ownership in DC plans is significantly and positively associated with the level of voting support for management-sponsored proposals. This suggests that managers encourage employee DC holdings in company stock in order to receive higher voting support in favor of management. The effects of employee ownership on voting outcomes are significantly greater in specific subsamples where employee vote is more important to management.
7.Board Composition and Relationship-Specific Investments by Customers and Suppliers
Kristina Minnick and Kartik Raman
Finacial Management volume46(spring 2017):203-239
Abstract:Firms are more likely to include a supplier-customer on the board if the supplier-customer invests more in relationship-specific assets. The results are stronger when the firm has poorer financial reporting quality or is financially distressed, as well as post-SOX. Suppliers-customers also increase their relationship-specific investment following their appointment to the board. Directorships help avoid underinvestment and mitigate contracting frictions by reducing information risks and strengthening informal contracts with the firm.
The Role of Multiple Large Shareholders in the Choice of Debt Source
Sabri Boubaker, Wael Rouatbi, and Walid Saffar
Finacial Management volume46(spring 2017):241-274
Abtract: This paper examines the effect of multiple large shareholders (MLS) on debt choice. Using a sample of 654 French-listed firms over the period 1998-2013, we find that reliance on bank debt increases with the presence and voting power of MLS. This result is robust to endogeneity concerns and to several sensitivity tests. Moreover, we find that the effect of MLS on debt choice is more pronounced when agency problems between controlling and minority shareholders are more severe. Taken together, our results suggest that MLS reduce the controlling owner’s incentive to avoid bank monitoring, leading to greater reliance on bank debt.
The Impact of Go-Shop Provisions in Merger Agreements
Sridhar Gogineni,John Puthenpurackal
Finacial Management volume46(spring 2017):275-315
Abstract:We examine whether go-shop provisions in merger agreements are used to benefit target shareholders or for agency/entrenchment reasons. We find that go-shop provisions are more likely in deals involving the negotiation selling method, financial buyers and all cash financing, and in targets with less valuation uncertainty. We confirm that go-shops have a positive association with the initial offer premium. Results suggest that deals with go-shop provisions are more likely to have a competing bid and an upward revision of the initial offer premium. Collectively, our results indicate that go-shops are effective contractual devices used to further target shareholder inte
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