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- Title
- Application of reference point theory to merger activity and characteristics.
- Creator
- Chira, Inga., College of Business, Department of Finance
- Abstract/Description
-
In Essay I, I analyze the impact of the target and bidder reference points on the probability of acquisition under general economic conditions as well as in strong/weak economic periods. I find that the target and the bidder reference points have a significant impact on the probability of a firm becoming a bidder or a target. While the target reference point also has a significant impact on the successful completion of the merger, the bidder reference point does not. In addition, I find that...
Show moreIn Essay I, I analyze the impact of the target and bidder reference points on the probability of acquisition under general economic conditions as well as in strong/weak economic periods. I find that the target and the bidder reference points have a significant impact on the probability of a firm becoming a bidder or a target. While the target reference point also has a significant impact on the successful completion of the merger, the bidder reference point does not. In addition, I find that the target reference point is a significant determinant of management-led buyout mergers, while the bidder reference point has a significant impact on the probability of the bidder launching a hostile bid. In Essay II, I focus on the impact of the target and bidder reference points on the method of payment in the context of what the target seeks, what the bidder offers, and what the two parties use as their final method of payment. The analysis is performed under general economic conditions and in strong/weak economic periods. I find that while the target reference point has a strong impact on the method of payment agreed upon between the two parties, the bidder reference point does not. This is especially important given that the bidder reference point influences the consideration offered by the bidder but does not translate into a significant impact on the final method of payment. In essay III, I examine the impact of bidder reference point on public targets and the impact of bidder and target reference points on private firms. I analyze the aforementioned relationships under different economic conditions. Consistent with the literature on premium and public targets, I find that the target reference point has a strong and positive relationship with the premium paid for private firms. The relationship is stronger in weak economic times., At the same time, I do not find any evidence that the bidder reference point exerts a significant influence on the premium paid for public firms. Interestingly, the relationship between the bidder reference point and the premium paid for private firms is negative and significant.
Show less - Date Issued
- 2013
- PURL
- http://purl.flvc.org/FAU/3360773
- Subject Headings
- Consolidation and merger of corporations, Market segmentation, Negotiation in business, Industrial management
- Format
- Document (PDF)
- Title
- Are Strip Down Versus Lifestyle Embellished Visual Concepts Prudent or Imprudent: Implications for Concept Test Design.
- Creator
- Llanos, Katherine, Oscar, Jerry, Smith, Allen E., Toteva, Irina, College of Business
- Abstract/Description
-
The development of innovations is a company’s lifeline to a successful future. However, the rate of new product failures is alarming. Companies are faced with important decisions regarding which new products should be launched. The purpose of this study is determine if a stripped down concept formulation generated different reactions from respondents that did a lifestyle embellished visual concept formulation in a concept test for an innovative lifestyle brand. Fifty participants answered...
Show moreThe development of innovations is a company’s lifeline to a successful future. However, the rate of new product failures is alarming. Companies are faced with important decisions regarding which new products should be launched. The purpose of this study is determine if a stripped down concept formulation generated different reactions from respondents that did a lifestyle embellished visual concept formulation in a concept test for an innovative lifestyle brand. Fifty participants answered questions regarding a set of t-shirts with catchy sayings, designed specifically to fit college lifestyles. The embellished version produced higher scores in how participants thought the new t-shirts reflected who they are and how the t-shirts can fit in situations similar to respondents. Our recommendation to companies is to use an embellished concept test when marketing lifestyle products. Adding more detail to the concept test can help consumers visualize how the new product will fit with their lifestyles.
Show less - Date Issued
- 2015
- PURL
- http://purl.flvc.org/fau/fd/FA00005201
- Subject Headings
- College students --Research --United States.
- Format
- Document (PDF)
- Title
- Are the regulatory reforms working?: evidence from audit committee members' selection of auditors.
- Creator
- Looknanan-Brown, Veena., College of Business, School of Accounting
- Abstract/Description
-
The Sarbanes-Oxley Act made audit committees directly responsible for the appointment, compensation, and supervision of companies' auditors. Limited research in the auditor selection process and PCAOB inspections suggest that managers, not audit committees, may still be selecting the auditors, and that inspection reports are not useful. This study addresses both of these areas. This paper considers two theories of governance, Agency Theory and Institution Theory, to analyze the audit...
Show moreThe Sarbanes-Oxley Act made audit committees directly responsible for the appointment, compensation, and supervision of companies' auditors. Limited research in the auditor selection process and PCAOB inspections suggest that managers, not audit committees, may still be selecting the auditors, and that inspection reports are not useful. This study addresses both of these areas. This paper considers two theories of governance, Agency Theory and Institution Theory, to analyze the audit committee members' auditor selection process. The study examines whether Audit Committee Members use two specific types of audit quality indicators, other than managers' recommendation, in evaluating auditors. In a setting where the manager recommends the auditor, the auditors' inspection results (favorable/unfavorable) and a prior manager/auditor affiliation (absent/present) are manipulated in a between-subject research design, using financially literate professionals as a proxy for audit committee members. The study finds that audit quality perception and auditor selection are jointly determined. Inspection results are positively associated with audit quality perception and auditor selection. The nature of a manager-auditor affiliation is directly associated with audit quality perception and inversely related to auditor selection. Further, controlling for perception, audit committee members are more likely to recommend auditors with unfavorable inspection results, if a prior affiliation with management is present than if an affiliation is absent. Overall, the results indicate that audit committee members are diligent in evaluating auditors, and PCAOB inspection results are useful. The results of this study contribute to the audit committee effectiveness and PCAOB literature.
Show less - Date Issued
- 2011
- PURL
- http://purl.flvc.org/FAU/3318671
- Subject Headings
- Financial services industry, Management, Financial institutions, Law and legislation, Corporate governance, Law and legislation, Auditing, Standards, Corporations, Auditing, Standards
- Format
- Document (PDF)
- Title
- Are There Disparate Outcomes by Race in the Market for Reverse Mortgages?.
- Creator
- Tayar, George, Cole, Rebel, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
-
Reverse mortgages are designed to allow house-rich but cash-poor homeowners the ability to tap the equity in their homes. This unique mortgage product has several features that distinguish it from a traditional mortgage, including that no principal or interest payments are made to the lender. Using 2018 - 2020 HMDA data, I test for disparate treatment in outcomes by race, ethnicity and gender. I test for redlining disparate outcomes using the census track minority population percentage as a...
Show moreReverse mortgages are designed to allow house-rich but cash-poor homeowners the ability to tap the equity in their homes. This unique mortgage product has several features that distinguish it from a traditional mortgage, including that no principal or interest payments are made to the lender. Using 2018 - 2020 HMDA data, I test for disparate treatment in outcomes by race, ethnicity and gender. I test for redlining disparate outcomes using the census track minority population percentage as a proxy for neighborhood and test for loan pricing disparate outcomes using the interest rate charged. I test for origination disparate outcomes by comparing approval denial rates. My findings indicate (i) that lenders are more likely to reject applications from borrowers in census tracks with higher percentages of minorities, (ii) that lenders are more likely to reject applications from minority borrowers and (iii) that lenders charge higher interest rates to minority borrowers. I do not find that lenders charge higher interest rates in census tracks with higher percentages of minorities.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00014038
- Subject Headings
- Mortgage loans, Reverse, Discrimination, Minorities
- Format
- Document (PDF)
- Title
- AN AREA OF CRITICAL ENVIRONMENTAL CONCERN: THE CASE OF THE FLORIDA KEYS.
- Creator
- CRAWFORD, CAROL COOPER., Florida Atlantic University, Nicholas, James C., College of Business, Department of Economics
- Abstract/Description
-
This thesis includes an overview of modern land use regulation from the Euclid decision in 1926 to the American Law Institute's Model Land Development Code. The main emphasis of this thesis is the Code's "districts of critical state concern". Florida, in enacting the Environmental Land and Water Management Act in 1972, used the ALI Code as a model for its "areas of critical state concern". The Florida Keys are studied in this thesis in regards to this type of designation in order to research...
Show moreThis thesis includes an overview of modern land use regulation from the Euclid decision in 1926 to the American Law Institute's Model Land Development Code. The main emphasis of this thesis is the Code's "districts of critical state concern". Florida, in enacting the Environmental Land and Water Management Act in 1972, used the ALI Code as a model for its "areas of critical state concern". The Florida Keys are studied in this thesis in regards to this type of designation in order to research the intergovernmental aspects and problems of this legislation. A survey of the people of the Keys and interviews with their elected officials during the first few months following their designation as one of critical state concern uncovered some of the inherent difficulties involved when the state imposes its guidelines on a local municipality within the ALI context.
Show less - Date Issued
- 1975
- PURL
- http://purl.flvc.org/fcla/dt/13750
- Subject Headings
- Land use--Law and legislation--Florida--Florida Keys, Florida Keys (Fla)
- Format
- Document (PDF)
- Title
- Asset securitization by non-financial firms: motivation and market valuation.
- Creator
- Huang, Qianyun., College of Business, School of Accounting
- Abstract/Description
-
This dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to manage earnings. I find that liquidity demand, not the incentive for earnings management motivates securitization transactions by non-financial firms. I also evaluate whether earnings management in...
Show moreThis dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to manage earnings. I find that liquidity demand, not the incentive for earnings management motivates securitization transactions by non-financial firms. I also evaluate whether earnings management in securitization is indeed undesirable from a shareholder's perspective by examining the economic consequences of the practice. Because securitization creates a large infusion of cash, one way to evaluate the economic consequences of earnings management is to examine whether securitization proceeds encourage overinvestment. I find that earnings management in securitization (i.e., recording non-zero securitization income) is unrelated to firms' suboptimal) overinvestment in the post-securitization period. Thus, it appears that earning management in securitization has no negative economic consequence in terms of generating excess securitization proceeds that encourage overinvestment. I also examine the market's valuation of securitizable assets in the accrual components of earnings and the use of securitization proceeds. Because securitizable assets can be converted into cash through securitization, I test whether the market valuation reflects the source of liquidity in securitizable assets that is similar to the cash component of earnings. I find that, for securitization firms, the market valuation of securitizable assets is similar to that of the cash component of earnings., Lastly, I find some evidence supporting the assertion that firms' liquidity prior to securitization influences the market valuation on securitization proceeds retained on the balance sheet, in that the market assigns a discount to retained proceeds for firms with excess liquidity prior to securitiaztion.
Show less - Date Issued
- 2011
- PURL
- http://purl.flvc.org/FAU/3183122
- Subject Headings
- Asset-backed financing, Securities, Mortgage-backed securities, Debt financing (Corporations)
- Format
- Document (PDF)
- Title
- AUTOMATIC STABILIZERS DURING STAGFLATION.
- Creator
- MCINTIRE, RICHARD MICHAEL., Florida Atlantic University, Redman, Milton, College of Business, Department of Economics
- Abstract/Description
-
This thesis explored the impact of inflation upon fiscal automatic stabilizers during the 1973-75 recession. Our study confined itself to the three main devices purported to stabilize the U.S. economy automatically: (1) federal personal income tax liability, (2) corporate profits tax liability, and (3) unemployment compensation benefits. A recursive model, similar to that used by Dusenberry, Eckstein, and Fromm to study fiscal automatic stabilizers in the 1957-58 recession, was constructed....
Show moreThis thesis explored the impact of inflation upon fiscal automatic stabilizers during the 1973-75 recession. Our study confined itself to the three main devices purported to stabilize the U.S. economy automatically: (1) federal personal income tax liability, (2) corporate profits tax liability, and (3) unemployment compensation benefits. A recursive model, similar to that used by Dusenberry, Eckstein, and Fromm to study fiscal automatic stabilizers in the 1957-58 recession, was constructed. Our simulation results led us to conclude that there was a substantial reduction in output and employment due to the impact of inflation upon federal personal income tax liability in the 1973-75 recession. We reached a tentative conclusion that the effects of inflation upon output and employment via corporate profits tax liability were negligible. Finally, we concluded that the effects of inflation upon output and employment via unemployment compensation benefits paid were negligible in the recent stagflation.
Show less - Date Issued
- 1978
- PURL
- http://purl.flvc.org/fcla/dt/13919
- Subject Headings
- Economics, Mathematical, United States--Economic conditions--Mathematical models
- Format
- Document (PDF)
- Title
- Balance of payments theories and the impact of currency devaluation with reference to the Gambia.
- Creator
- Taal, Badara Alioune F., Florida Atlantic University, Scott, Gerald E., College of Business, Department of Economics
- Abstract/Description
-
Balance of payments theories have been developed to examine the impact of various factors in a nation's payments position. This thesis sets out to investigate the impact of currency devaluation in small LDC nations, particularly the Gambia. The Gambia has been struggling with balance of payment deficits brought about by many factors, amongst which external debt service payments have played a very significant role. The models recommended by the various theories are very closely examined in...
Show moreBalance of payments theories have been developed to examine the impact of various factors in a nation's payments position. This thesis sets out to investigate the impact of currency devaluation in small LDC nations, particularly the Gambia. The Gambia has been struggling with balance of payment deficits brought about by many factors, amongst which external debt service payments have played a very significant role. The models recommended by the various theories are very closely examined in this endeavour followed by an empirical analysis to specifically determine the exact nature of the impact of currency devaluation to the economy of the Gambia.
Show less - Date Issued
- 1993
- PURL
- http://purl.flvc.org/fcla/dt/14905
- Subject Headings
- Gambia--Economic conditions, Developing countries--Economic conditions, Devaluation of currency--Gambia, Balance of payments--Gambia
- Format
- Document (PDF)
- Title
- Bayesian econometrics: Analysis and illustrations.
- Creator
- Giakoumatos, Gerasimos S., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis presents the theory and an application of Bayesian econometrics. The classical theory of econometrics is also presented for a comparison study. In the Bayesian case the theory of the prior information, which is the distinguishing characteristic of the Bayesian approach, is presented by considering the cases of informative and non-informative priors. The classical and Bayesian approach represent the two fundamental, although opposite in the concept of probability, schools of...
Show moreThis thesis presents the theory and an application of Bayesian econometrics. The classical theory of econometrics is also presented for a comparison study. In the Bayesian case the theory of the prior information, which is the distinguishing characteristic of the Bayesian approach, is presented by considering the cases of informative and non-informative priors. The classical and Bayesian approach represent the two fundamental, although opposite in the concept of probability, schools of thought in statistics and econometrics. An application to the estimation of standard macroeconomic equations is also included where both classical and Bayesian techniques are employed.
Show less - Date Issued
- 1988
- PURL
- http://purl.flvc.org/fcla/dt/14484
- Subject Headings
- Bayesian statistical decision theory
- Format
- Document (PDF)
- Title
- Big 4 global networks: degree of homogeneity of audit quality among affiliates and relevance of PCAOB inspections.
- Creator
- Kassawat, Paulina M., Higgs, Julia, Florida Atlantic University, College of Business, School of Accounting
- Abstract/Description
-
The Big 4 global networks (Deloitte, Ernst & Young [E&Y], KPMG, and PricewaterhouseCoopers [PwC]) market themselves as providers of worldwide seamless services and consistent audit quality through their members. Under the current environment in which these auditors operate, there are three types of global network members: inspected non-U.S. affiliates (inspected affiliates, hereafter), non-inspected non-U.S. affiliates (non-inspected affiliates, hereafter), and inspected U.S. offices (U.S....
Show moreThe Big 4 global networks (Deloitte, Ernst & Young [E&Y], KPMG, and PricewaterhouseCoopers [PwC]) market themselves as providers of worldwide seamless services and consistent audit quality through their members. Under the current environment in which these auditors operate, there are three types of global network members: inspected non-U.S. affiliates (inspected affiliates, hereafter), non-inspected non-U.S. affiliates (non-inspected affiliates, hereafter), and inspected U.S. offices (U.S. offices, hereafter). The recent suspension of the China-based Big 4 affiliates from auditing U.S.-listed companies calls into question whether these global networks can deliver the same level of audit quality across all their members and whether those located in jurisdictions denying access to the Public Company Accounting Oversight Board (PCAOB or Board, hereafter) to conduct inspections may benefit from such inspections. This study examines the effect of being an affiliate and the effect of PCAOB inspections on perceived audit quality. I use earnings response coefficients (ERCs) as a proxy for perceived audit quality.
Show less - Date Issued
- 2015
- PURL
- http://purl.flvc.org/fau/fd/FA00004385, http://purl.flvc.org/fau/fd/FA00004385
- Subject Headings
- Auditing standards -- United States, Business enterprises -- Computer networks, Corporate governance, Disclosure in accounting -- United States, Financial services industry -- Management, Government accountability, Intternational standard on auditing, Public Company Accounting Oversight Board
- Format
- Document (PDF)
- Title
- Big data and analytics: the future of music marketing.
- Creator
- Capodilupo, Daniella, Abrams, Ira, Florida Atlantic University, College of Business, Department of Management
- Abstract/Description
-
This is a comprehensive study of how Big Data and analytics will be the future of music marketing. There has been a recent trend of being able to turn metrics into quantifiable, real-word predictions. With an increase in online music consumption along with the use of social media there is now a clearer view than ever before about how this will happen. Instead of solely relying on big record companies for an artist to make it to the big time, there is now a plethora of data and analytics...
Show moreThis is a comprehensive study of how Big Data and analytics will be the future of music marketing. There has been a recent trend of being able to turn metrics into quantifiable, real-word predictions. With an increase in online music consumption along with the use of social media there is now a clearer view than ever before about how this will happen. Instead of solely relying on big record companies for an artist to make it to the big time, there is now a plethora of data and analytics available not just to a small number of big companies, but to anyone.
Show less - Date Issued
- 2015
- PURL
- http://purl.flvc.org/fau/fd/FA00004353, http://purl.flvc.org/fau/fd/FA00004353
- Subject Headings
- Big data -- Economic aspects, Consumer behavior, Internet marketing, Marketing -- Data processing, Music and the Internet, Musical analysis -- Data processing
- Format
- Document (PDF)
- Title
- BOARD ETHNIC AND RACIAL DIVERSITY: DOES IT IMPACT EARNINGS QUALITY?.
- Creator
- Mungai, Ann W. Nduati, Thevenot, Maya, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
-
I examine whether and how racially/ethnically diverse board impacts the quality of reported earnings. Agency theory suggests that the board of directors acts as a robust governance mechanism to reduce opportunistic managerial behavior that may harm shareholders' wealth. Further, diversity coalesces a variety of attributes from different directors that are valuable in predicting organizational outcomes. The majority of extant literature focuses on gender-diverse boards and various firm...
Show moreI examine whether and how racially/ethnically diverse board impacts the quality of reported earnings. Agency theory suggests that the board of directors acts as a robust governance mechanism to reduce opportunistic managerial behavior that may harm shareholders' wealth. Further, diversity coalesces a variety of attributes from different directors that are valuable in predicting organizational outcomes. The majority of extant literature focuses on gender-diverse boards and various firm outcomes, while little is known about how directors' race/ethnicity affects earnings quality. Using a sample of firms publicly traded in the U.S., I find that increased board racial/ethnic diversity is associated with better earnings quality as proxied by lower discretionary accruals and lower probability of internal control weaknesses and financial statement restatements. I further examine whether firms with increased diversity (racial/ethnic and gender diversity) enjoy incrementally higher earnings quality than other firms. However, I fail to find support that racial/ethnic and gender intersectionality is associated with improved earnings quality. Lastly, based on critical mass theory, I test whether an industry descriptive norm is necessary for firms to enjoy increased earnings quality. I find that racial/ethnic directors have a meaningful impact on a firm's earnings quality regardless of the level of diversity; even firms with lower than the industry descriptive norm of racial/ethnic diversity enjoy improved earnings quality.
Show less - Date Issued
- 2021
- PURL
- http://purl.flvc.org/fau/fd/FA00013754
- Subject Headings
- Boards of directors, Ethnic diversity, Corporate profits
- Format
- Document (PDF)
- Title
- Can Priming a Firm’s Organizational Identity Overcome the Influences of National Culture on Auditor Judgment?.
- Creator
- Killey, Michael, Higgs, Julia, Florida Atlantic University, College of Business, School of Accounting
- Abstract/Description
-
A significant challenge faced by large auditing firms is offering consistent quality across the global network. Unfortunately, variation in judgments and decision-making, resulting from cultural differences, can undermine the provision of a uniform level of audit quality for these international firms. Previous research has determined that national culture influences an auditors’ professional judgments and decisions. Relying on Social Identity Theory, I explore whether inducing one’s...
Show moreA significant challenge faced by large auditing firms is offering consistent quality across the global network. Unfortunately, variation in judgments and decision-making, resulting from cultural differences, can undermine the provision of a uniform level of audit quality for these international firms. Previous research has determined that national culture influences an auditors’ professional judgments and decisions. Relying on Social Identity Theory, I explore whether inducing one’s organizational identification can both enhance auditor judgment and mitigate any deleterious impact that culture may have on the provision of a uniform level of audit quality. I also examine current cultural variations in auditor judgment in order to ensure that the results of earlier studies still typify the international auditing environment. National culture is assessed using two dimensions (individualism/collectivism, power distance) included in Hofstede’s 1980 cultural values framework. Participants from the United States are used to represent an individualistic/low power distance culture while individuals from India are used to represent a collectivistic/high power distance culture. Firms need mechanisms to elicit desired behaviors that may not be consistent with cultural tendencies in order to provide a uniform level of audit quality. Contrary to expectations, no significant differences are identified between the judgments of auditors from India and The United States. The results, however, do provide evidence that enhancing one’s organizational identification can impact certain professional judgments during the audit process. An association between national culture and auditor attitudes pertaining to client trust is also found. The implications of these findings for the professional auditing environment and future academic research are discussed.
Show less - Date Issued
- 2016
- PURL
- http://purl.flvc.org/fau/fd/FA00004736, http://purl.flvc.org/fau/fd/FA00004736
- Subject Headings
- Corporate governance., Corporations--Auditing., Auditing--Quality control., Identity (Psychology), Accounting--Moral and ethical aspects., Accounting--Professional ethics., Social responsibility of business.
- Format
- Document (PDF)
- Title
- THE CAPITAL ASSET PRICING MODEL.
- Creator
- Ayala, Mary D., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis reviews the majot' literature associated with the Capital Asset Pricing Model with emphasis on related controversial issues. The model's underlying theories, developed by Harry Markowitz and James Tobin, are presented first. This is followed by themathematicalderivation, developed by William Sharpe. Special attention is given to the controversial assumptions imposea by Markowitz and Tobin, which emerge in the CAPM. Major tests of the CAPM are reviewed next: and the empirical...
Show moreThis thesis reviews the majot' literature associated with the Capital Asset Pricing Model with emphasis on related controversial issues. The model's underlying theories, developed by Harry Markowitz and James Tobin, are presented first. This is followed by themathematicalderivation, developed by William Sharpe. Special attention is given to the controversial assumptions imposea by Markowitz and Tobin, which emerge in the CAPM. Major tests of the CAPM are reviewed next: and the empirical problems associated with test design are highlighted. It is shown that variations in test design produce controversial test results. The specific tests reviewed here fail to provide strong support for the nodel; nevertheless it becomes evident that such tests fostered a vast outpouring of new and extended models. The CAPM remains a breakthrough in financial and economic literature which deserves to be explored even more intensely in the future.
Show less - Date Issued
- 1981
- PURL
- http://purl.flvc.org/fcla/dt/14067
- Subject Headings
- Capital assets pricing model
- Format
- Document (PDF)
- Title
- CEO CHARITABLE INCLINATION AND CORPORATE TAX AVOIDANCE.
- Creator
- Wang, Lin, Kohlbeck, Mark, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
-
Many CEOs are philanthropists and express their passion for social welfare through service to various charities and foundations. However, it is unclear whether these behaviors are driven by intrinsic motivations, such as prosocial value and altruism, or by extrinsic and egoistic motivations like reputation and social network building. To understand the underlying motivations and consequences of these behaviors, I build on the self-determination theory and investigate how CEO charitable...
Show moreMany CEOs are philanthropists and express their passion for social welfare through service to various charities and foundations. However, it is unclear whether these behaviors are driven by intrinsic motivations, such as prosocial value and altruism, or by extrinsic and egoistic motivations like reputation and social network building. To understand the underlying motivations and consequences of these behaviors, I build on the self-determination theory and investigate how CEO charitable inclination, defined as CEO sitting on charity boards, affects corporate tax avoidance. I further examine how CEO charitable inclination impacts firm value through corporate tax policies. I find that CEO charitable inclination is negatively associated with corporate tax avoidance. Specifically, firms with charitable-inclined CEOs pay higher cash taxes and are less likely to engage in aggressive forms of tax planning, such as tax shelters. The results are robust to different model specifications and alternative measures. Further, I conduct additional analysis examining the underlying motivations of CEO charitable inclination and find it positively associated with intrinsic motivations, such as prosocial values and high moral standards. These results provide strong evidence that charitable-inclined CEOs, driven by their intrinsic motivations, are concerned about social welfare and government revenue. These CEOs are less likely to engage in unethical or immoral behaviors, such as aggressive tax planning and tax evasion. However, I do not find evidence that CEO charitable inclination has a moderating effect on the relationship between corporate tax avoidance and firm value.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013903
- Subject Headings
- Corporations--Taxation, Charity
- Format
- Document (PDF)
- Title
- CEO SOCIAL CAPITAL AND STOCK PRICE INFORMATIVENESS: US AND INTERNATIONAL PERSPECTIVES.
- Creator
- Malinin, Artem, Garcia-Feijoo, Luis, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
-
In Essay 1, I investigate the association between CEOs’ social capital and stock price informativeness in a sample of US firms. After accounting for the fact that larger networks attract more analysts following, I find that firms with larger CEO social capital exhibit higher private information incorporation and hence more informative stock prices. Results are consistent for five different proxies for stock price informativeness. Furthermore, the positive association between social capital...
Show moreIn Essay 1, I investigate the association between CEOs’ social capital and stock price informativeness in a sample of US firms. After accounting for the fact that larger networks attract more analysts following, I find that firms with larger CEO social capital exhibit higher private information incorporation and hence more informative stock prices. Results are consistent for five different proxies for stock price informativeness. Furthermore, the positive association between social capital and informativeness is driven by more diverse networks, as measured by gender, nationality, education, or professional diversity. Overall, results suggest that private information existing in networks may result in markets that are more informationally efficient. In Essay 2, I show that CEOs’ social capital has a positive impact on stock price informativeness in an international sample. Different robustness and endogeneity tests confirm those results. Moreover, I find that factors present at the country level can mitigate or reinforce social capital’s impact on informativeness. I consider characteristics not observable within one country that can influence such relation around the world including legal, cultural, and developmental. I uncover that for more developed countries and those with a higher quality of institutions a positive impact of social connectedness is more pronounced. In addition, I show the importance of CEOs’ connections characteristics for their impact on stock price informativeness. I find that if CEOs’ connections come from developed countries or countries that have better formal and informal institutions which affect information transparency, CEOs’ social capital becomes more important for informativeness.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013973
- Subject Headings
- Chief executive officers, Social capital (Sociology), Stocks--Prices
- Format
- Document (PDF)
- Title
- Cognitive Dissonance and Auditor Professional Skepticism.
- Creator
- Adikaram, Ruwan K, Higgs, Julia, Florida Atlantic University, College of Business, School of Accounting
- Abstract/Description
-
I show that auditors experience cognitive dissonance when they fail to take appropriate professionally skeptical (hereafter PS) action in line with high PS judgment I specifically show that cognitive dissonance leads auditors to revise their attitudes on low ranking audit actions upward and lower their risk assessments, consequently, lower overall professional skepticism I also find that auditor cognitive dissonance leads to exaggerated ex-post auditor self-assessments professional skepticism...
Show moreI show that auditors experience cognitive dissonance when they fail to take appropriate professionally skeptical (hereafter PS) action in line with high PS judgment I specifically show that cognitive dissonance leads auditors to revise their attitudes on low ranking audit actions upward and lower their risk assessments, consequently, lower overall professional skepticism I also find that auditor cognitive dissonance leads to exaggerated ex-post auditor self-assessments professional skepticism Professional skepticism is fundamental to performing an audit according to auditing standards and critical to audit quality Extant research that investigates treatments to enhance professional skepticism predominantly treats both skeptical judgment and skeptical action as analogous outcomes of professional skepticism If, however, there is a breakdown between PS judgment and PS action, the overall benefits of these treatments will be trivial I show that cognitive dissonance due to the incongruence between PS judgments and PS actions leads to an unforeseeable corollary of lower overall professional skepticism I also demonstrate a specific mechanism of how auditor incentives lead to lower professional skepticism, hence, lower audit quality Both researchers and practitioners can benefit from this study by better understating the intricacies in the critical link between PS judgment and action Additionally, I provide an empirical investigation of the components in Nelson’s (2009) model of professional skepticism and extend the model to reflect the intricacies between PS judgment and PS action I test my hypotheses via a three-group research design with attitude change as a proxy measure of cognitive dissonance
Show less - Date Issued
- 2016
- PURL
- http://purl.flvc.org/fau/fd/FA00004772
- Subject Headings
- Cognitive dissonance, Auditing--Standards, Accounting--Standards, Accounting--Moral and ethical aspects, Accountants--Professional ethics, Auditors--Psychology, Behaviorism (Psychology)
- Format
- Document (PDF)
- Title
- Cognitive Implications of Biculturalism: Impact on Entrepreneurial Intentions.
- Creator
- Dheer, Ratan, Lenartowicz, Tomasz, Florida Atlantic University, College of Business, Department of Management
- Abstract/Description
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Globalization has increased the number of individuals who identify with more than one culture. Studies in cultural psychology suggest that the manner in which bicultural individuals manage their dual cultural identities has important implications for them and for their host societies. While existing studies have examined the psychological and sociocultural consequences of biculturalism, only little attention has been paid to understanding its economic consequences. Importantly, the effect...
Show moreGlobalization has increased the number of individuals who identify with more than one culture. Studies in cultural psychology suggest that the manner in which bicultural individuals manage their dual cultural identities has important implications for them and for their host societies. While existing studies have examined the psychological and sociocultural consequences of biculturalism, only little attention has been paid to understanding its economic consequences. Importantly, the effect that managing dual cultural identities has on bicultural individual's entrepreneurial intentions has remained unexplored. Given the fact that entrepreneurship is vital to the economic success of nations and biculturals are said to play an important role as founders of several new business ventures, it has become critical to analyze the impact that biculturalism has on bicultural individual's propensity to start new business ventures. This dissertation aspires to fill this gap in research. In this dissertation, I used the identity integrationist perspective to argue that amongst biculturals, those with high identity integration will display greater entrepreneurial intentions than those with less identity integration. Further, I argued that cognitions, specifically cognitive cultural intelligence, cultural metacognition and cognitive flexibility, will mediate the effect of bicultural identity integration on entrepreneurial intentions. Empirical analysis supported the argument that biculturals with high identity integration display greater entrepreneurial intentions. Further, cognitive cultural intelligence and cultural metacognition were found to mediate the effect of identity integration on entrepreneurial intentions. I also assessed the role that attitude towards risk taking and attitude towards autonomy play in explaining biculturals' entrepreneurial intentions. I argued that biculturals with more positive attitude towards risk taking and more positive attitude towards autonomy will display greater entrepreneurial intentions. Empirical analysis supported this viewpoint. Further, based on entrepreneurial cognition stream of research, I argued that cognitions, specifically cognitive cultural intelligence, cultural metacognition and cognitive flexibility will positively influence biculturals attitude towards risk taking and attitude towards autonomy. Empirical analysis found support for the positive effect of cognitive flexibility on biculturals' attitudes towards risk taking and autonomy. Taken together, results of this dissertation offer a finer grained understanding of the factors and the mechanism that influence bicultural individual's entrepreneurial intentions.
Show less - Date Issued
- 2015
- PURL
- http://purl.flvc.org/fau/fd/FA00004493
- Subject Headings
- Biculturalism., Entrepreneurship., Diffusion of innovations.
- Format
- Document (PDF)
- Title
- COLONIZATION, INSTITUTIONS, AND CROSS-BORDER ACQUISITION DECISIONS OF EMERGING MARKET MULTINATIONAL ENTERPRISES.
- Creator
- Oriaifo, Juliet, Kidwell, Roland, Florida Atlantic University, Department of Management, College of Business
- Abstract/Description
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This research focuses on cross-border acquisitions of emerging market multinationals (EM MNEs). Opposing theoretical perspectives of colonial ties (i.e., country ties between the acquiring and target firm countries, with the former being a colonized country and the latter being a colonizer country) are argued as predictors of EM MNE equity participation. Colonial tie is discussed as a source of legitimacy that can lower legitimacy threats (i.e., the likelihood of being deemed as illegitimate)...
Show moreThis research focuses on cross-border acquisitions of emerging market multinationals (EM MNEs). Opposing theoretical perspectives of colonial ties (i.e., country ties between the acquiring and target firm countries, with the former being a colonized country and the latter being a colonizer country) are argued as predictors of EM MNE equity participation. Colonial tie is discussed as a source of legitimacy that can lower legitimacy threats (i.e., the likelihood of being deemed as illegitimate) via promoting similarities in informal institutions of the home and host countries. On the other hand, colonial tie is argued to be a historical event that can increase legitimacy threats due to perceived superiority of the colonizer. Chapter 1 contains an overview of and rationale for the study. Chapters 2-4 cover the literature review, theoretical development, contributions, and avenues for future research. This research fills the gap in literature by introducing colonization as a historical perspective with which to understand equity participation decisions.
Show less - Date Issued
- 2021
- PURL
- http://purl.flvc.org/fau/fd/FA00013814
- Subject Headings
- International business enterprises, Colonization
- Format
- Document (PDF)
- Title
- Communication and interactivity in B2B relationships.
- Creator
- Murphy, Micah, Sashi, C. M., College of Business, Department of Marketing
- Abstract/Description
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This research explores the impact of interactive communication on business-to business (B2B) relationships. In the past decade the internet and especially social media as a mode of communication has grown rapidly in both consumer and business markets. Drawing on marketing channels and communications literature this paper identifies the dimensions of interactive communication and develops a theoretical framework to examine their impact on satisfaction, commitment, and advocacy. Media...
Show moreThis research explores the impact of interactive communication on business-to business (B2B) relationships. In the past decade the internet and especially social media as a mode of communication has grown rapidly in both consumer and business markets. Drawing on marketing channels and communications literature this paper identifies the dimensions of interactive communication and develops a theoretical framework to examine their impact on satisfaction, commitment, and advocacy. Media synchronicity theory and the concept of the internet as an alternative to the real world are used to distinguish between digital and non-digital modes of communication. Relationship marketing is used to identify the dimensions of interactivity: rationality, social interaction, contact density, and reciprocal feedback. The framework developed is usedto explore the influence of face-to-face (F2F), digital, and traditional, impersonalcommunications on the dimensions of interactivity.Hypotheses linking the mode of communication: personal, digital, and impersonal with the dimensions of interactivity and relational outcomes are empirically examined with data from the commercial printing and graphic design industry. Confirmatory Factor Analysis is used to analyze the measurement and structural model. Personal, F2F communication has the greatest impact on social interaction, reciprocal feedback, and number of contacts. Digital communication has a weaker effect on these dimensions and impersonal communication has the weakest effect. Personal and Digital have equal impacts on rationality and rationality is the only dimension of interactivity positively associated with relationship satisfaction. Contact density has a negative impact on relationship satisfaction and this negative impact is greater with personal communication that it is with digital. The study shows that affective commitment leads to advocacy in a B2B channel, but trust and calculative commitment have no impact on advocacy. The findings of the study have implications for both managers and researchers regarding the mode and content of communications in B2B relationships.
Show less - Date Issued
- 2013
- PURL
- http://purl.flvc.org/fau/fd/FA0004040
- Subject Headings
- Business logistics -- Management, Customer relations, Marketing -- Social aspects, Sales management, Web services -- Management
- Format
- Document (PDF)