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Earnings management has always been one of the main means to polish performance reports of listed companies. As most interests' stakeholders' understanding of the company is from the financial report, the earnings management motivation from managers will exist for them to affect decision-making of stakeholders in listed companies. This paper, considering the participation of stakeholders, and the...
Healthy growth of listed companies provides great contribution to the development of economy. How reasonable capital expenditures and cash flows are greatly determines the growth of listed companies, and different growing companies have different levels of capital expenditures and cash flows. In constructing growth evaluation model for listed companies in China, from the aspect of growth, this paper...
Penicillium marneffei infection is a deadly disease and early diagnosis leads to prompt and appropriate antifungal therapy. To develop a sensitive method to diagnose P. marneffei infection, a multiplex ligation-dependent probe amplification (MLPA) assay was adapted. This method can rapidly and specifically detect P. marneffei DNA in cultured cells and paraffin-embedded tissue samples. Three pairs...
This paper empirically studies the impacts of various corporate governance mechanisms on earnings management of listed Chinese firms from 2006 to 2008. We use eight variables to quantify various corporate governance mechanisms including ownership structure and executive compensation for 3468 listed firms sample. They include the concentration of shareholding among the ten largest shareholders, whether...
Disclosure quality is very important to listed companies and capital market. Based on factor analysis method this paper presents a disclosure quality index that is well verified by the assessment results of Chinese Shenzhen Stock Exchange. The index focuses on three aspects: corporate governance, firm structure characteristics and financial situation. The index has three advantages compared with previous...
Prior studies document mixed evidence on the efficacy of independent directors. Different from prior studies, as an important environmental factor, investment opportunity (IO) is adopted to explain the mixed impact of independent directors on earnings conservatism for China listed companies. This paper documents 1 no significant association between earnings conservatism and the percentage of independent...
The study takes 19964 investors from Shanghai, Tianjin and Dalian as samples to prove that there really is home bias with Chinese investors. Under controlling the Urban per disposable income, the paper uses the multinomial logistic model, takes the proportion of holding stock, the cumulative time in the market, age and sex as explanatory variables to detail home basis grade value, and also analyzes...
Based on Prospect Theory, a model about statutory tax rate and capital structure is developed and proves to be proper by regression analysis with data from 307 Chinese listed companies from 2001 to 2005. The results show that there is a significantly positive relation between tax rate and the amount of debt if the firm is in a certain circumstances in which the cognitive bias on the cost of financial...
With the existence of information asymmetry, the actual capital market is not perfect and the external financing cost is higher than that of internal funds obviously. Thus firms face the financing constraints when external financing. Using internal cash flow to reflect the internal financing capability, we create a model to analyze the sensitivity between the debt financing and internal cash flow...
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