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Article
Publication date: 1 March 2008

C. Janie Chang, Gongmeng Chen and Chee W. Chow

In response to increasing pressures for public sector efficiency and effectiveness, many countries have switched from cash-based governmental accounting to accrual-based…

144

Abstract

In response to increasing pressures for public sector efficiency and effectiveness, many countries have switched from cash-based governmental accounting to accrual-based approaches. But other countries have rejected this change, suggesting that its costs and benefits may vary with country-specific factors. To gain insights into the desirability and feasibility of changing China’s governmental accounting from the current cash-based system to one based on the accrual approach, we survey 608 Chinese government staff and officials who either prepare or use such reports. These respondents identify a number of specific inadequacies in the current system and express widespread support for converting towards an accrual-based approach. They also assess the severity of potential impediments to change and the most workable arrangement and timetable for such a change.

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Journal of Public Budgeting, Accounting & Financial Management, vol. 20 no. 4
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 21 May 2010

Dongil Jung, Francis Chan, Gongmeng Chen and Chee Chow

The unique cultural and historical background of Chinese firms makes it likely that Western‐based findings on the nature and effects of chief operating officer (CEO) leadership…

281

Abstract

The unique cultural and historical background of Chinese firms makes it likely that Western‐based findings on the nature and effects of chief operating officer (CEO) leadership may not generalize to them. Recently, Tsui et al. (2004) have identified four distinct leadership styles among Chinese CEOs based on a set of leadership behaviors that reflect the Chinese cultural framework. They further inferred from an analysis of 25 successful firms that all four leadership styles can be effective in the current Chinese context. The objective of this study is to test the robustness of Tsui et al.'s (2004) findings—especially their inference about leadership styles' effects. Survey data from mid‐ to high‐level managers of 116 listed Chinese firms are combined with these firms' publicly available financial statements. The results strongly support the existence of Tsui et al.'s (2004) four CEO leadership styles. However, they also reveal that leadership style and environmental uncertainty have a significant interaction effect on firm performance. This finding implies that each leadership style's performance effects may be dampened or magnified by select firm characteristics.

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Journal of Asia Business Studies, vol. 4 no. 2
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 1 February 2001

Gongmeng Chen, Michael Firth and Kyungjoo Park

Activity‐Based Costing (ABC) is a relatively new accounting system that has received a substantial amount of publicity and is heavily marketed by consulting firms. In light of…

2840

Abstract

Activity‐Based Costing (ABC) is a relatively new accounting system that has received a substantial amount of publicity and is heavily marketed by consulting firms. In light of this, we surveyed companies in 1999 to evaluate the adoption of ABC in Hong Kong. We set out to investigate factors that might lead to its adoption and also surveyed whether companies are satisfied with the new system. Our findings reveal a low adoption rate of ABC. There is directional support for companies with diverse product lines and those facing intense competition using activity‐based costing. Companies that have adopted ABC report high satisfaction with the new system. Overall, activity‐based costing has made limited inroads in Hong Kong. The reasons for this are not readily apparent.

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Asian Review of Accounting, vol. 9 no. 2
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 16 May 2008

Gongmeng Chen, Michael Firth and Wei Wei Zhang

In the mid‐1990s, China introduced the Modern Enterprise System (MES) to selected state‐owned enterprises (SOE). The paper aims to examine whether this reform led to improved…

1636

Abstract

Purpose

In the mid‐1990s, China introduced the Modern Enterprise System (MES) to selected state‐owned enterprises (SOE). The paper aims to examine whether this reform led to improved efficiency and profitability.

Design/methodology approach

The efficiency and performance of enterprises before and after the economic restructuring are examined. Univariate and multivariate (regression) analyses are used to investigate whether there has been a significant change in an enterprise's performance.

Findings

The paper finds there is no improvement in efficiency and profitability after the restructuring. This can be attributed the lack of improvement to the state's ownership of enterprises, bureaucratic management, and poor corporate governance. These things have to change in order to improve corporate efficiency and performance.

Originality/value

China's reform of SOEs is very important to the economic well‐being of the country. This paper is the first to investigate the MES as applied to wholly state‐owned enterprises.

Details

Asian Review of Accounting, vol. 16 no. 1
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 28 October 2013

Xinzhe Xu, Chaojun Yang, Daolun Chen and Gongmeng Chen

With the launch of CSI 300 Index Futures trading on April 16, 2010, China's stock market presents a more diversified trend, such as arbitrage, trends strategy entering the market…

365

Abstract

Purpose

With the launch of CSI 300 Index Futures trading on April 16, 2010, China's stock market presents a more diversified trend, such as arbitrage, trends strategy entering the market rapidly. Therefore, the liquidity demand also presents a higher frequency, and the change is more complex than the original situation. In recent years, many literatures are engaged in high-frequency trading (HFT) related research, and an important concern is the impact of HFT on market volatility and liquidity. Is it playing the role of stabilizing the market, or bringing more noise and turmoil? Based on this, the purpose of this study is trying to study what kind of impact the HFT have on market liquidity before and after the launch of the CSI 300 Index Futures.

Design/methodology/approach

The paper uses the simultaneous equations model of price and net order flow proposed by Deuskar and Johnson and for the first time introduces an asymmetric identification through heteroskedasticity (ITH) method. The paper applies the method to the high-frequency data of CSI 300 Index and the Futures and classifies the buying and selling orders through volume clock. The price risks are decomposed into a component driven by the impact of liquidity demand shocks (flow-driven risks (FDRs)) and a component driven by external information (information-driven risks (IDRs)).

Findings

The empirical results show that the flow-driven risk of CSI 300 Index Futures is about 20 percent. In addition, before the introduction of the Index Futures, there is no asymmetric effect between liquidity demand shocks and price shocks existing in either CSI 300 Index or CSI 300 Index Futures. While after the introduction of stock Index Futures, the asymmetric effect in the both two markets emerges. The impact of the buying net order flows on the price is less than the impact of the selling net order flows on CSI 300 Index, whereas the impact of the buying net order flows on the price is larger than the impact of the selling net order flows on CSI 300 Index Futures. The paper further analyzes the relationship between liquidity and FDR and gets the conclusion that the reasons for the deterioration of the liquidity level are caused by the impact of the external information shocks, rather than the liquidity demand shocks. And entries of HFTs like arbitrage traders and hedge traders play a positive role in improving the liquidity level in the market.

Originality/value

The paper introduces an asymmetric ITH method for the first time and finds asymmetric effect of the net order flow on the return in both CSI 300 Index market and the corresponding Index Futures market.

Details

China Finance Review International, vol. 3 no. 4
Type: Research Article
ISSN: 2044-1398

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Book part
Publication date: 9 October 2020

Chen Liu and Serena Shuo Wu

Abstract

Details

Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

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Book part
Publication date: 9 October 2020

Ali C. Akyol

Abstract

Details

Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

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Article
Publication date: 2 October 2007

J‐L.W. Mitchell van der Zahn, Inderpal Singh and Joshua Heniro

Excessive initial trading day returns (termed underpricing (UP)) and poor long‐run performance (LRP) are two well‐documented anomalies associated with initial public offerings…

1159

Abstract

Purpose

Excessive initial trading day returns (termed underpricing (UP)) and poor long‐run performance (LRP) are two well‐documented anomalies associated with initial public offerings (IPOs).The primary objective of this study is to empirically test the association between the extent of intellectual capital (IC) disclosure in the prospectus of an unseasoned IPO and: UP and LRP.

Design/methodology/approach

Ex ante uncertainty surrounding IC – recognized as the pivotal resource underlying a firm's future value creation and sustainable competitive advantage in the “new economic” era – is likely to be high. Unseasoned IPOs world‐wide are increasing with many IPOs heavily IC‐reliant. Given ex ante uncertainty surrounding IC, there is an escalating need to understand how disclosure of information related to IC can reduce an IPO's cost of capital (i.e. UP) and provide an indication of LRP. The analysis is based on a sample of 228 Singapore IPOs listing during the period 1997‐2003. IC disclosure (ICDisc) in IPO prospectuses is measured using an 81‐item researcher constructed disclosure index.

Findings

Empirical findings indicate, contrary to expectations, a positive (negative) ICDisc‐UP (ICDisc‐LRP) association.

Practical implications

It is the opinion that regulators, scholars and practitioners alike need to pay attention to developing a responsible model for reporting IC information so as to prevent a potentially unhealthy speculative environment driven by over‐optimism.

Originality/value

The study is the first to simultaneously investigate the linkage between ICDisc and UP and: LRP.

Details

Journal of Human Resource Costing & Accounting, vol. 11 no. 3
Type: Research Article
ISSN: 1401-338X

Keywords

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