The Impact of Board Capital on Performance of China’s Listed Tourism Companies Based on the Moderating Effect of Leadership Structure

Board capital shape how directors govern and offer advice to the firm and affect the ideas and resources that they provide. Based on data analyzed over a six-year period with a sample of 24 listed tourism companies in China, this paper examines the board capital and the moderating effect of leadership structure on firm performance. The results indicate that: Directors’ educational level has a negative effect on firm performance, and board’ leadership structure negatively moderates this effect; However, board’s leadership structure positively moderate the correlation between the board’s political resources and firm performance. The enlightenment of this article is that board capital in China’s listed tourism companies has not been fully utilized, and leadership structure positively moderates the correlation between board’s political resources and firm performance

The placement of nominee director as a controlling mechanism in venture capital investment

Within the context of venture capital financing, the high level of investment risk combined with the absence of collateral have forced many venture capitalists to perform a strict evaluation process in establishing the requirement for full information disclosure and implementing continuous monitoring on their investee firms. However, the absence of representatives from the venture capital company on the investee firm's board of directors has been cited to significantly impact venture capitalist endeavors to protect their investment interests. Venture capitalists have claimed that this absence has exposed their business to the possibility of having agency problem and triggered management conflicts with their investee firms. Hypothesizing that a nominee director may affect the venture relationship between venture capitalists and their investee firms, this study utilizes a cross-sectional survey research design. The questionnaires were distributed to all identified Malaysian venture capital companies through the mailing procedure. Of the 44 surveys distributed, a total of 35 sets was returned, generating a response rate of 79.55%. The main test results revealed an unexpected finding because the presence of a nominee director insignificantly influenced the venture relationship between the venture capitalists and their investees. Further results showed that the controlling mechanism through the placement of a nominee director failed to moderate the influence of managerial factors, namely Deal Origination and Screening, Evaluating Venture Proposal, Contracting and Deal Structuring, Monitoring and Post Investment Activities and Risk Management with respect to management conflicts. The results prove that the placement of nominee director in Malaysia did not serve as a moderating factor between venture capitalists and their investee firms. Further study should concentrate on other controlling factors and examine whether they could reduce the possibility of conflict occurrence in venture cooperation

Board of Director and Audit Committee Effectiveness, Ownership Structure and Intellectual Capital Disclosure of Listed Banks in GCC Countries

Intellectual capital (IC) disclosure provides signals not only for organizations to gain competitive advantage but it also enables shareholders and other stakeholders to better judge the financial performance and financial position of the organizations. The disclosure of IC is very important in IC-intensive sectors like banking sector. However, generally there is a lack of studies that investigate this issue in the banking sectors indeveloping countries, particularly in Gulf Co-operation Council (GCC). Thus, the main purpose of this study is to examine the voluntary disclosure of IC among listed banks in the GCC. This study examines annual reports of 137 GCC listed banks for the period of 2008-2010 using content analysis. Further it investigates whether the monitoring mechanisms namely, characteristics of effective board and audit committee, institutional ownership, level of market concentration and bank type, influence the IC disclosure. Furthermore, by using hierarchical regression, this study examines the moderating effect of chairman ownership, family and government control, and also information asymmetry on the relationship between the effectiveness score of the board and IC disclosure. The findings of multiple regression show that the level of score for the board effectiveness and audit committee effectiveness, foreign institutional and level of market concentration have significant relationship with IC disclosure. However, when the characteristics of board and audit committee were individually examined with IC disclosure, the results show that only board independence, board meetings, board committees, audit committee size and audit committee meetings have positive and significant relationship with IC disclosure. In addition, based on hierarchical regression analysis, the results show family control, government control and information asymmetry moderate the relationship between the effectiveness score of the board and IC disclosure.The results of this study might be of interest to regulators, investment analysts and market participants as well researchers

The moderating effect of board size on the relationship between diversification and tourism firm performance

This study examines the effects of diversification strategy and board size on firm performance as well as the moderating effect of board size on the relationship between diversification strategy and firm performance in the Chinese tourism industry from 2008 to 2015. The results show that related diversification positively influenced Chinese tourism firm performance, and unrelated diversification negatively influenced it. Board size was found to negatively moderate the relationship between related diversification and firm performance and to positively moderate the relationship between unrelated diversification and firm performance. In addition, the results imply that small boards are beneficial to Chinese tourism firms when both related and unrelated diversification strategies are implemented

Examining the impact of ceo power in the ownership-sustainability nexus: evidence from malaysian public listed firms

In response to the economic crisis, international organisations have encouraged the creation of sustainability standard. Excessive indebtedness and deficits have recently been identified as major risks for Public Listed Companies (PLCs). Therefore, this thesis examines three types of ownership shareholdings, namely government, family, and foreign ownership shareholdings and evaluate their respective impacts on the firm financial sustainability of publicly listed companies in Malaysia for the period of 2009-2019. Moreover, the 2007-2008 global financial crisis has highlighted the importance of Chief Executive Officer (CEO) power to achieve firm financial sustainability. The three general objectives of this thesis are to: (1) examine linear associations between ownership shareholdings (government, family and foreign) and firm financial sustainability; (2) investigate non-linear associations between ownership shareholdings (government, family and foreign) and firm financial sustainability; (3) evaluate the moderating role of powerful CEO оn thе association bеtween ownership shareholdings and firm financial sustainability. This thesis links resource dependency theory to the hypotheses concerning the linear effects of different ownership shareholdings on firm financial sustainability. Specifically, this thesis builds on Type II agency conflict to explain the non-linear effects. Furthermore, this study highlights the stewardship theory in explaining the moderating influence of powerful CEO on the relationship between ownership shareholdings and firm financial sustainability. The thesis sources of secondary data consist of all PLCs listed on the Main Board of Bursa Malaysia except for firms from finance, insurance, and real estate investment trust because their regulatory requirements differ from others. Sampling from the 2,830 firm-year observations and collected from annual reports for the year 2009-2019. The thesis concludes that: (1) government ownership shareholdings are not related to firm financial sustainability; (2) family ownership shareholding has a non-linear U-shaped association with firm financial sustainability; (3) foreign ownership is neither linearly nor non-linearly related to firm financial sustainability; (4) a powerful CEO is detrimental to a firm's financial sustainability; (5) CEO power moderates the nexus between government ownership shareholdings and firm financial sustainability; (6) at the family ownership shareholdings’ lowest level, CEOs serve as stewards to monitor the level of firm's financial sustainability; and (7) powerful CEO is incapable to moderate the association between foreign ownership shareholdings and firm financial sustainability. Overall, this thesis contributes to the growing body of knowledge in ownership shareholdings and CEO power, especially as the antecedents of firm financial sustainability in several dimensions, namely theoretical, methodological, and managerial perspective. Theoretically, this study supports the understanding of agency theory, stewardship theory, and corporate governance concept applied in the effects of CEO power in moderating the nexus between ownership shareholdings and firm financial sustainability. In terms of methodology, this study applies few different proxies and regression methods in examining the association between ownership shareholdings, CEO power and firm financial sustainability in Malaysian PLCs. Moreover, conceptually, this study provides direct evidence suggesting that the existence of a direct connection between CEO power and the firm financial sustainability. By understanding how ownership shareholdings and CEO power would affect the firm financial sustainability, policymakers or the Malaysia government itself can emphasize the PLCs to be more sustainable in the way that the business is handled

The effects of social capital, mentoring and innovation practices on small business performance : the moderating role of environmental turbulence

This research studies the relationship between social capital, innovative practice, mentoring, and SME performance of manufacturing firms in Punjab, Pakistan. The primary objective is to identify the moderating role of environmental turbulence on the relationship between social capital, innovative practice, mentoring, and SME performance. A theoretical model based on Contingency theory and Resource Based View (RBV) approach to the business performance of SMEs is developed. A survey method is employed, and questionnaires were used to obtain information from the owner/managers of SME in Punjab, Pakistan and cluster sampling is used for sample selection. Therefore, 500 questionnaires are distributed to the owner/managers of a small enterprise and only 340 of them are returned, giving a response rate of 68% percent. However, only 313 useable questionnaires are used for further analysis using the PLS-SEM. The high response rate is achieved due to the survey instrument being personally distributed by the researcher to the owner/managers of SME. The findings revealed that innovative practices and mentoring are positive and significant predictors of SME performance. While study fails to find the relationship between social capital and SME performance. Meanwhile mixed results are found upon investigating the moderating effect of environmental turbulence on the relationships between social capital, innovative practices, mentoring and SME performance. The findings of this study provided significant insights for both managers and researchers to further understand the effects of these variables on SME performance. The study concluded with a discussion of practical, theoretical and methodological contributions, the study limitations and suggestions for future research

The impact of negative events in scenic spots on tourists' behavioral intention: an analysis from the perspective of event system theory

Tourism is an important economic activity in China representing about 11.04% of GDP and 10.29% of total employment. In recent years, negative events occurred frequently in Chinese tourism spots, especially in scenic spots, and tended to be promptly divulgated through social networks. The impact of these fast-running news on tourism activity is still to be appraised. This study reviews the literature on negative events, and e-word-of-mouth effects, jointly with personality characteristic theory, and consumer behavior intentions to address the impact of negative events on tourism. The study contributes to the existent knowledge by using the event theory system framework to explore how negative events affect tourists’ intentions concerning visiting places where negative events took place. The results are meaningful both theoretically and practically, showing that, on the one hand, the dimensions of space and intensity proposed by the event theory system have a significant impact on tourists’ behavior and, on another hand, tourists’ personality, namely risk-taking tendencies and openness, has a significant impact on tourists' willingness to recommend. Further, the study addresses its limitations and proposes management contributions, and future directions of research.O turismo é uma atividade muito importante na China representando cerca de 11.04% do seu PIB e 10.29% do seu emprego total. Recentemente, acontecimentos negativos têm ocorrido com frequência em locais turísticos, especialmente em locais de espetáculos, e têm sido rapidamente difundidos através das redes sociais. O impacto sobre a atividade turística destas notícias aceleradas está ainda por avaliar. Este trabalho revê a literatura sobre acontecimentos negativos e efeitos de difusão eletrónica "boca-a-boca", em conjunto com a teoria da personalidade e das intenções de consumo, para analisar o impacto de acontecimentos negativos no turismo. O estudo contribui para a literatura existente ao usar o quadro do "event theory system" para explorar como os acontecimentos negativos afetam as decisões dos turistas em visitar os locais onde estes ocorreram. Os resultados são significativos, quer do ponto de vista teórico, quer prático, demonstrando, por um lado, que as dimensões espaço e intensidade sugeridas pelo "event theory system" têm impacto significativo no comportamento dos turistas e, por outro, que a personalidade dos turistas, nomeadamente a sua tendência para aceitar o risco e a sua abertura, tem um impacto significativo na sua vontade de recomendar os locais afetados pelos acontecimentos negativos. Adicionalmente, o estudo discute as suas limitações e propõe contribuições para o processo de gestão, bem como linhas de investigação futuras

The dimensional structure of TL company's dynamic capabilities

Faced with intensive policy adjustments and diversified customer needs, how regional real estate enterprises develop their core competitiveness has become the most concerned issue for business managers. This thesis selects TL Company as a typical representative of regional real estate companies, and uses case studies and literature research methods from the perspective of dynamic capabilities to reveal when the competitive environment changes and how real estate companies can quickly break through the initial identity constraints. This thesis analyzes the dimensional structure and improvement path of dynamic capabilities, and evaluates the dynamic capabilities of TL Company based on the dynamic capabilities of real estate companies. And based on the perspective of dynamic capabilities, the thesis make proposes suggestions of cultivating dynamic capabilities, building regional core competitiveness, and carrying out effective strategic transformation for other regional real estate companies that are seeking reforms. The research significance of this thesis is mainly concentrated on two aspects: First, based on the development history of TL Company in the past 20 years, this company can be used as a reference to other real estate enterprises’ Strategic transformation path in China. Secondly, this thesis summarizes the dynamic capacity’s development path suitable for the development of regional real estate enterprises in China through analyzing dynamic capacity’s development, construction and function of TL Company. And to some extent, this study can provide ideas and lessons having certain practical significance to other real estate enterprises that are seeking reform and transformation.Confrontados com ajustamentos políticos frequentes e a diversidade das necessidades dos clientes, os gestores das empresas de imobiliário elegeram, como assunto mais importante, o desenvolvimento da competitividade central das suas empresas. Esta tese seleciona a empresa TL como um caso representativo das empresas regionais de imobiliário e utiliza o método de caso de estudo e a teoria das capacidades dinâmicas para estudar como face a mudanças da envolvente as empresas podem rapidamente romper os constrangimentos identificados. Esta tese analisa a estrutura dimensional e o caminho de melhoria das capacidades dinâmicas e avalia as capacidades da empresa TL baseando-se nas capacidades dinâmicas das empresas de imobiliário. Com base na perspectiva das capacidades dinâmicas esta tese propõe sugestões referentes ao desenvolvimento de capacidades dinâmicas, à construção de competitividade central e à implementação de uma efetiva transformação estratégica que podem ser úteis a outras empresas regionais de imobiliário que procurem reformas. Podemos sintetizar a importância da pesquisa desta tese em dois aspectos: 1) com base na história do desenvolvimento da empresa TL nos últimos 20 anos, utilizamos esta empresa como uma referência para outras empresas que queiram proceder a uma transformação estratégica; 2) esta tese sumariza o caminho adequado para o desenvolvimento das capacidades dinâmicas das empresas regionais de imobiliário chinesas. Até certo ponto, este estudo pode fornecer ideias e lições com sentido prático para outras empresas regionais de imobiliário que queiram reformarse