ENTRENCHED BOARDS IN NEW PUBLIC FIRMS: AN EMPIRICAL STUDY OF CHINESE IPOS - Bina Darma e-Journal
COLLECTED
ISBN NO: 978-602-097
-37
1
-s
PATRONS
\tohammad Nasir., M.Si., Akt, Ph'D'
:!nri.
SE, M.Com,
Akt, Ph.D'
* - --:s \takhfud, M.P.
-:
*.---
SE.. M.Sc., Ph.D
.-- :.;fti. R.etno H., M.S.
ORGANIZING
OMMITTEE MEMBERS
C
-+lra Farah M.Sc., Dr. Indira Januarti,
Dr. Suharnomo, Dr. Pujiharto, Dr. Faisal,
3.airnono, Dra. Amie Kusumawardhanie, M.SC.,
Dr. Ahmad Syakir,
Erman
,,:r-j, s:.. \M., Dr. Hadi sasana, Siti Muthmainah, s.E. M.si., Akt., Aditya Septiana,
,,",r .:..
-{kt., Drs. M. Iaiz, M. Yonathan Aditya, S.Kom, Muhamad Alfan, M.Hum.,
1--".:. S.E.. MiaPrameswari, SE., M.Si., Farid Ma'ruf, SE', Akt'
DITERNATIONAL SCIENTIFIC COMMITTEE
:-- ):. -\lueza Tourani-Rad
Auckland University of Technology, New Zealand
Morgan State University, U.S.
r* l: -\bdul Aziz
:-,- --:4:ra Smigielska
Bucharest University Romania
;-. - l':. ^nam Ghozali
Diponegoro University,Indonesia
- r -r---c:r R.ahman Abdul Rahim UiTM Malaysia
;-. lr \lohammed Yusoff
IIU, Malaysia
.,i,:r Slirvinski
Warsaw School of Economics, Poland
----: --r Shahida Wtzarat
Institute of Business Management
Universidad de Granada, SPain
- - :--,=-go \'Iartin-Rojas
:- 1,:. -\nihony S.F. Chiu
De la Salle University, Philippines
.-i:--:
Lunghwa University of Science and Technology, Taiwan
'-'' ::-. \fi
\Iing Lang Tseng
University of Delhi
Ag
- ,;-"Tanuia Agarwala
?:g-rf-. Dr. Tanuja
-": ?:url-.
-r --- ----.-ie Bt Abdul Ghani Azmt University of Malaya, Malaysia
;- ]':. -\bdul Rahim A. Rahman International Islamic University, Malaysia
Universiti Kebangsaan MalaYsia
Raj amangal a University o f Technolo gy, Thail and
- :=:;:t Tooksoon
-.
:- - )- {ugusty Ferdinand
:-. _ lt: I:rang Jun
:* lr: Tarna Savolainen
-. -===. =l
E
Collected Abstracts - IRCBE
Diponegoro University, Indonesia
Fudan University, China
University of Eastern Finland
-
Semarang, Indonesia, 28-30
June20l3
Page 4
Prof. Dr. Moha Asri Abdullah
IIU, Malaysia
Prof. Dr. Indah Susilowati
Dr. Stephen Liason Sondoh
Dr. Amirul Shah Md Shahbudin
Assos. Prof. Dr. RarnanNoordin
Prof. Dr. Galina Shirokova
Diponegoro University, Indonesia
Universiti Malaysia Sabah
Universiti Sains Malaysia
Universiti Malaysia Sabah
St. Petersburg University, Russia
Inl
08.00 - 08.3(
10.00 - 10.1:
11.30 - 13.3r
15.00 - 15.1
19.00 - 21.(
08.00 - 08.:
10.00 - 10.
12.00 - 13.
15.00 - 15
08.00 - Fi
Programme and Collected Abstacts - IRCBE
-
Semarang, Indonesia, 28-30 June2013
Programme
Day L (28th June 2013)
Session No.
28 June 2013
Dr. Rajiv Khosla (Chandigarh
University, India)
PHILLPPINES)
MARKETING MIX ELEMENTS
INNOVATIONS EMPLOYED BY
SMALL AND MEDIUM
ENTERPRISES IN THE PROVINCE
OF BATANGAS, PHILIPPINES
SAFAK AKSOY (AKDENIZ
I.INIVERSITY, TURKEY)
CUSTOMER SATISFACTION IN
AIRPORT RETAILING
WOON HEI LING
(LINIVERSITI TLTN HUS SEIN
ONN MALAYSIA)
WOMEN IN REAL ESTATE:
PROFES SIONAL CHALLENGES
AND OPPORTUNITIES
M119
MERY CITRA SONDARI
,(p.30)
GTNIVERSITAS
PADJADJARAN)
KNOWLEDGE-BASED
TRANSF ORMATIONAL MODEL
OF HUMAN CAPITAL OF
FACULry MEMBER TOWARDS
JESUS P. BRIONES (COLLEGE
OF BUSINESS AND
AC COUNTANCYI.INIVERS ITY
OF BATANGAS,
ORGANIZATIONAL
PERFORMANCE OF HIGHER
EDUCATION INSTITUTION
a_.
--{-"-.*
:4-_
Programme and Collected Abstracts - IRCBE
-
Semarang, Indonesia, 28-30 June2O13
Page 7
-.
Session No.
28 June2013
Dete
P1B
Time
Ihairperson
-{rea
Code
3.30
-
E059
15.00
{0.47)
fL\ ELEMENTS
;
E\IPLOYED BY
TEDIUM
A'THE PROVINCE
E'077
(p,48)
KRISTIN JOHNSON
(RENMIN LINTVERSITY
oF CHINA), GORDON
LEE (LINIVERSITY OF
ONTARIO INSTITUTE
oF TECHNOLOGY)
AN INTANGIBLE THREAT: U.S.
ECONOMIC SECURITY AND CHINESE
FOREIGN DIRECT INVESTMENT
MAJID MADDAH
(SEMNAN LINIVERSITY
IRAN)
THE ENVIRONMENTAL KUZNETS
CURVE HYPOTHESIS, SOME
CONSIDERATIONS IN MEMBERS OF
ORGANIZATION OF THE ISLAMIC
CONFERENCE
ADELEKE SALAMI
(DEVELOPMENT
RESEARCH
DEPARTMENT,
AFRICAN
DEVELOPMENT BANK,
TLINISIA)
SUSTAINABLE AGRICULTURE IN
AFRICA: EMERGING ISSUES,
CHALLENGES AND POLICY OPTIONS
BIMO WIJAYANTO
(NATIONAL CENTRE
OR SOCIAL AND
ECONOMIC
MODELLING AT UC)
REVENUE AND DISTRIBUTION
IMPACT ANALYSIS OF INDONESIAN
PERSONAL INCOME TAX REFCRM IN
;. PHILIPPINES
.TISFACTION IN
\.iI-NG
E120
I.L ESTATE:
@.ae)
L CFL\LLENGES
\ITIES
B
\SED
TIO\AL MODEL
rPtrT-{L OF
{BER. TOWARDS
il,1,4
\.\L
(p.so)
OF HIGHER
;STITUTION
E
tl
Page 7
Programme and Collected Abstracts - IRCBE
-
2008
Semarang, Indonesia, 28-30 June2Ol3
-{rea
Code
\10)l
ir,.g)
\ttl69
t'r,11
Li. _
a_\tl--'
Ir-r-{
-
sP:]
l
\ f - -;
_t1- - -
lP
1:.i
--,:-=.
--f,
arang, Indonesia, 28-30 June2O13
Page 9
t
P1C
13.30
-
15.00
Dare
28 June 2013
Chrirperson Dr. Manoj Sharma
Session No.
P2A
Time
15"15 -i,17.00
Room
1
(Chandigarh University)
BOARDS IN NEW
i: .\N EMPIRICAL
NESE IPOS
I
Managemgnt
-{rea
,
Code
N.{\TS
OF
- CTURE: AN
]-DY
SHARMISTHA BANERJEE
(UNIVERSITY OF
CALCULTTA, INDIA) AND
IPSITA C. PATRANABIS
(GLOBSYN BUSINESS
SCHOOL, KOLKATA,
-\I052
ttp.44)
OF NEW
IED FIRMS
DOES EMOTIONAL INTELLIGENCE
SCORE DRIVE SUCCESSFUL LIFE
INSURANCE MARKETING?
INDiA)
E OUTCOMES OF
{\.{GEMENT
l,I06g
NFOR.I\{ATION
(p.27)
|
M07s
(p.28)
l
MANAWIN SONGKROH
(MAEJO I.INIVERSITY,
THAILAND)
TOURISTS' PERCEPTION TOWARD
HANDICRAFT PRODUCT IN CHIANG
MAI SUNDAY WALKING
YENNI CAROLINA
(PADJAJARAN
TINIVERSITY,
INDONESIA)
A DESIGN OF IMPROVED SERVICE
QUALITY WITH SIX SIGMA BASEDSERVQUAL (CASE STUDY ON
INTERNET SERVICE PROVIDER
coMPANY)
M109
@.2e)
1i
ASIF ALI (FEDERAL URDU THE RELATIONSHIP BETWEEN
UNIVERSITY OF ARTS
PERCETVED TRAINING
SCIENCE AND
OPPORTLTNITIES, WORK
TECHNOLOGY,
MOTIVATION AND EMPLOYEE
PAKISTAN)
OUTCOMES. EVIDENCE FROM
PAKISTAN
Programme and Collected Abstracts - IRCBE
Page 9
-
-
Semarang, Indonesia, 28-30
June2O13
page 10
A009
(p-71)
(p.72)
i;r=amme
--f,
Programme and Collected
E
-
Semarang' Indonesia' 28-30 June2013
Page 11
H
hI THROUGH
NDENTS (BCS)
fuSE STI.IDY OF THE
TNK
TELOPMENT OF
ID AVOID CRISES
INTERNAI CONTEXIUAL FACTORS
INFLUENCING THE EXTENT OF
FAISAL
(DEPARTMENT OF
ACCOUNTING,
FACULTY OF
ECONOMICS AND
ENWRONMENTAL DIS CLOSURE
BUSINESS,
DIPONEGORO
UNTVERSITY,
INDONESIA)
SRI DEWI
THE INFLUENCES OF THE
ORGANIZATIONAI STRUCTURE AND OF
THE TOP MANAGEMENT SIIPPORTS ON
THE ACCOLINTING INFORMATION
SYSTEM AND ITS IMPLICATION ON THE
ACCOLTNTING INFORMATION QUALITY
ANGGADINI
(PADJAJARAN
UNIVERSITY,
INDONESIA)
LAND MPACT ON
DE SCENARIO
AND CHILE
YULIANTI AND
YANUARNANOK
EFFECT OF CORPORATE GOVERNANCE
TO EARNING MANAGEMENT USING
ACCRUALS AND REAL ACTTVITIES
SOENARNO
(ATMAJAYA
L CONFLICT AND
IG THE
IINISM
013
Page 11
CATHOLIC
UNTVERSITY OF
INDONESIA)
Programme and Collected Abstracts - IRCBE
-
semarang, Indonesia, 28-30 June20l3
Page72
ND
ENTREI{CHED BOARDS IN NEw PUBLIC FIRMS: AN EVIPIRICAL
STUDY OF CIIINESE IPOS
Abdul Basyith, Fitriya, M. Idris
FakultasEkonomi, UniversitasMuhammadiyah palembang
ABSTRACT
Purpose: This study empirically investigates the impact of managerial entrenchment
on
performance of Chinese fi.-r' Initi;l public offering
(IPOs).Design/lVlethodology/Approach:Using 142 firms listed in
the Shenzen Stock
Exchange, this study uses two proxies to measure firm performance
and three proxies to
measure managerial entrenchment. The two proxies for firm performance
are iobin,s e
and ROA, and the three proxies for managerial entrenchment are derived
from the
principal component analysis (PCA). This study confirms that the
data is linear and no
endogeneity issue should be addressed in this study, but only
heteroskedasticty, nonnormality for Tobin's Q are a problem; therefore, the regression method
employed for
Tobin's Q is the GLS and the oLS between estimators for Roe.rindings:The
regression
result for Tobin's Q reveals that managerial entrenchment negatively
impacts on firm
performance. The results are in contradiction with the stewardrtip
tn.t.y fo. rr"* firms,
whereas it is positive for the managerial entrenchment for newfirms. In contrast, the
regression result for ROA reve
firm performance; however, on
The results are in line with the
entrenchment for new firms
inconclusive results, this sfudy confidently
explaining the financial performance of new
measure rather than accounting measure. In conclusion, the negative
results of
entrenchment proxies were caused by the
systems, namely that Chinese corporations
state, and hence the centralised state cont
firm financial
n has
) rate
; and
1. In
)nces
and
more
es to
erage
rates
rolicy
lhina
nnance in Chinese Firms IpOs context. It is
gerial entrenchment in new Chinese firms,
role in establishing the modern enterprise
system in the world, and is one of the largest market economies.
Further, the method used
in this study is more robust than prior research, as entrenchment proxies were
derived
using the PCA.
Key words: Managerial entrenchment, firm performance, chinese
firms Ipos.
Programme and collected Abstracts - IRCBE
-
Semarang, Indonesia, 2g-30 June2Ol3
Page 68
(r,
o
o
tr
o
o
o
9.e
.Za
oo
J
o
a
a
IIJ
tr
o
c
o
o
():
1g=E
uB
IJJ
lrm
-r
E#
z
I'
€
$
u- E S
g
XH='n,
'=
A
?r=q==
t q tr
F
-+,
L3
HF#s
Its
-o
6l
O
F
=J
?=f
o&u
(Y) -2.
IL
@
o
o
F
S
tr
o
(E
(\t
o
L-
o
P
tr
o
tn
o
L
o-
€
o
G
o
L
o
o
I
--:f
..:
taE'
.=E:
EH4
eoe-.
Otr-O
.g
o
>9
g.--
E
P;
otr
IIJ
OF
.c)
h5
g
bur
gE o
.€'
'l{i"
N
04)
-o
IEi
s
lllrL
(9
IJJ
IIJ
IJJ
fl s#
E
EEEE
z
offi
zt
F (8.^
.9
mw
z
-z:
()o
9t
o
o
f
z(a
(Y) -tl
tr:
IE
z
O
=tr
oo
!,
A
o
I
?
Ecn
o J
o
bE
CDE
G oo
o
o 5q
o .=o
E'
F
F
'6
J
o
tr
o
o
o
F
o
lo
rts
tr
o
o
F
o
lG
o
o
o
tr
o6
I
ci
.9
o+.
o
L
E
o
L
F
.Y
oG
.Y
+J
tr
tU
a
+,
(U
6.
=
.g
o
zG
=
o
o
Oo
.IO
oo
=c
mo
-C.)
(E^
oi
.9 '6
Eo
o>
oi
OJ
IIJ
,_L
O
Eg
(u
ie
o
(J6
=O
?
g
(E
tr
L
o
+.
L
f5
ISBN NO: 978-602-097
-37
1
-s
PATRONS
\tohammad Nasir., M.Si., Akt, Ph'D'
:!nri.
SE, M.Com,
Akt, Ph.D'
* - --:s \takhfud, M.P.
-:
*.---
SE.. M.Sc., Ph.D
.-- :.;fti. R.etno H., M.S.
ORGANIZING
OMMITTEE MEMBERS
C
-+lra Farah M.Sc., Dr. Indira Januarti,
Dr. Suharnomo, Dr. Pujiharto, Dr. Faisal,
3.airnono, Dra. Amie Kusumawardhanie, M.SC.,
Dr. Ahmad Syakir,
Erman
,,:r-j, s:.. \M., Dr. Hadi sasana, Siti Muthmainah, s.E. M.si., Akt., Aditya Septiana,
,,",r .:..
-{kt., Drs. M. Iaiz, M. Yonathan Aditya, S.Kom, Muhamad Alfan, M.Hum.,
1--".:. S.E.. MiaPrameswari, SE., M.Si., Farid Ma'ruf, SE', Akt'
DITERNATIONAL SCIENTIFIC COMMITTEE
:-- ):. -\lueza Tourani-Rad
Auckland University of Technology, New Zealand
Morgan State University, U.S.
r* l: -\bdul Aziz
:-,- --:4:ra Smigielska
Bucharest University Romania
;-. - l':. ^nam Ghozali
Diponegoro University,Indonesia
- r -r---c:r R.ahman Abdul Rahim UiTM Malaysia
;-. lr \lohammed Yusoff
IIU, Malaysia
.,i,:r Slirvinski
Warsaw School of Economics, Poland
----: --r Shahida Wtzarat
Institute of Business Management
Universidad de Granada, SPain
- - :--,=-go \'Iartin-Rojas
:- 1,:. -\nihony S.F. Chiu
De la Salle University, Philippines
.-i:--:
Lunghwa University of Science and Technology, Taiwan
'-'' ::-. \fi
\Iing Lang Tseng
University of Delhi
Ag
- ,;-"Tanuia Agarwala
?:g-rf-. Dr. Tanuja
-": ?:url-.
-r --- ----.-ie Bt Abdul Ghani Azmt University of Malaya, Malaysia
;- ]':. -\bdul Rahim A. Rahman International Islamic University, Malaysia
Universiti Kebangsaan MalaYsia
Raj amangal a University o f Technolo gy, Thail and
- :=:;:t Tooksoon
-.
:- - )- {ugusty Ferdinand
:-. _ lt: I:rang Jun
:* lr: Tarna Savolainen
-. -===. =l
E
Collected Abstracts - IRCBE
Diponegoro University, Indonesia
Fudan University, China
University of Eastern Finland
-
Semarang, Indonesia, 28-30
June20l3
Page 4
Prof. Dr. Moha Asri Abdullah
IIU, Malaysia
Prof. Dr. Indah Susilowati
Dr. Stephen Liason Sondoh
Dr. Amirul Shah Md Shahbudin
Assos. Prof. Dr. RarnanNoordin
Prof. Dr. Galina Shirokova
Diponegoro University, Indonesia
Universiti Malaysia Sabah
Universiti Sains Malaysia
Universiti Malaysia Sabah
St. Petersburg University, Russia
Inl
08.00 - 08.3(
10.00 - 10.1:
11.30 - 13.3r
15.00 - 15.1
19.00 - 21.(
08.00 - 08.:
10.00 - 10.
12.00 - 13.
15.00 - 15
08.00 - Fi
Programme and Collected Abstacts - IRCBE
-
Semarang, Indonesia, 28-30 June2013
Programme
Day L (28th June 2013)
Session No.
28 June 2013
Dr. Rajiv Khosla (Chandigarh
University, India)
PHILLPPINES)
MARKETING MIX ELEMENTS
INNOVATIONS EMPLOYED BY
SMALL AND MEDIUM
ENTERPRISES IN THE PROVINCE
OF BATANGAS, PHILIPPINES
SAFAK AKSOY (AKDENIZ
I.INIVERSITY, TURKEY)
CUSTOMER SATISFACTION IN
AIRPORT RETAILING
WOON HEI LING
(LINIVERSITI TLTN HUS SEIN
ONN MALAYSIA)
WOMEN IN REAL ESTATE:
PROFES SIONAL CHALLENGES
AND OPPORTUNITIES
M119
MERY CITRA SONDARI
,(p.30)
GTNIVERSITAS
PADJADJARAN)
KNOWLEDGE-BASED
TRANSF ORMATIONAL MODEL
OF HUMAN CAPITAL OF
FACULry MEMBER TOWARDS
JESUS P. BRIONES (COLLEGE
OF BUSINESS AND
AC COUNTANCYI.INIVERS ITY
OF BATANGAS,
ORGANIZATIONAL
PERFORMANCE OF HIGHER
EDUCATION INSTITUTION
a_.
--{-"-.*
:4-_
Programme and Collected Abstracts - IRCBE
-
Semarang, Indonesia, 28-30 June2O13
Page 7
-.
Session No.
28 June2013
Dete
P1B
Time
Ihairperson
-{rea
Code
3.30
-
E059
15.00
{0.47)
fL\ ELEMENTS
;
E\IPLOYED BY
TEDIUM
A'THE PROVINCE
E'077
(p,48)
KRISTIN JOHNSON
(RENMIN LINTVERSITY
oF CHINA), GORDON
LEE (LINIVERSITY OF
ONTARIO INSTITUTE
oF TECHNOLOGY)
AN INTANGIBLE THREAT: U.S.
ECONOMIC SECURITY AND CHINESE
FOREIGN DIRECT INVESTMENT
MAJID MADDAH
(SEMNAN LINIVERSITY
IRAN)
THE ENVIRONMENTAL KUZNETS
CURVE HYPOTHESIS, SOME
CONSIDERATIONS IN MEMBERS OF
ORGANIZATION OF THE ISLAMIC
CONFERENCE
ADELEKE SALAMI
(DEVELOPMENT
RESEARCH
DEPARTMENT,
AFRICAN
DEVELOPMENT BANK,
TLINISIA)
SUSTAINABLE AGRICULTURE IN
AFRICA: EMERGING ISSUES,
CHALLENGES AND POLICY OPTIONS
BIMO WIJAYANTO
(NATIONAL CENTRE
OR SOCIAL AND
ECONOMIC
MODELLING AT UC)
REVENUE AND DISTRIBUTION
IMPACT ANALYSIS OF INDONESIAN
PERSONAL INCOME TAX REFCRM IN
;. PHILIPPINES
.TISFACTION IN
\.iI-NG
E120
I.L ESTATE:
@.ae)
L CFL\LLENGES
\ITIES
B
\SED
TIO\AL MODEL
rPtrT-{L OF
{BER. TOWARDS
il,1,4
\.\L
(p.so)
OF HIGHER
;STITUTION
E
tl
Page 7
Programme and Collected Abstracts - IRCBE
-
2008
Semarang, Indonesia, 28-30 June2Ol3
-{rea
Code
\10)l
ir,.g)
\ttl69
t'r,11
Li. _
a_\tl--'
Ir-r-{
-
sP:]
l
\ f - -;
_t1- - -
lP
1:.i
--,:-=.
--f,
arang, Indonesia, 28-30 June2O13
Page 9
t
P1C
13.30
-
15.00
Dare
28 June 2013
Chrirperson Dr. Manoj Sharma
Session No.
P2A
Time
15"15 -i,17.00
Room
1
(Chandigarh University)
BOARDS IN NEW
i: .\N EMPIRICAL
NESE IPOS
I
Managemgnt
-{rea
,
Code
N.{\TS
OF
- CTURE: AN
]-DY
SHARMISTHA BANERJEE
(UNIVERSITY OF
CALCULTTA, INDIA) AND
IPSITA C. PATRANABIS
(GLOBSYN BUSINESS
SCHOOL, KOLKATA,
-\I052
ttp.44)
OF NEW
IED FIRMS
DOES EMOTIONAL INTELLIGENCE
SCORE DRIVE SUCCESSFUL LIFE
INSURANCE MARKETING?
INDiA)
E OUTCOMES OF
{\.{GEMENT
l,I06g
NFOR.I\{ATION
(p.27)
|
M07s
(p.28)
l
MANAWIN SONGKROH
(MAEJO I.INIVERSITY,
THAILAND)
TOURISTS' PERCEPTION TOWARD
HANDICRAFT PRODUCT IN CHIANG
MAI SUNDAY WALKING
YENNI CAROLINA
(PADJAJARAN
TINIVERSITY,
INDONESIA)
A DESIGN OF IMPROVED SERVICE
QUALITY WITH SIX SIGMA BASEDSERVQUAL (CASE STUDY ON
INTERNET SERVICE PROVIDER
coMPANY)
M109
@.2e)
1i
ASIF ALI (FEDERAL URDU THE RELATIONSHIP BETWEEN
UNIVERSITY OF ARTS
PERCETVED TRAINING
SCIENCE AND
OPPORTLTNITIES, WORK
TECHNOLOGY,
MOTIVATION AND EMPLOYEE
PAKISTAN)
OUTCOMES. EVIDENCE FROM
PAKISTAN
Programme and Collected Abstracts - IRCBE
Page 9
-
-
Semarang, Indonesia, 28-30
June2O13
page 10
A009
(p-71)
(p.72)
i;r=amme
--f,
Programme and Collected
E
-
Semarang' Indonesia' 28-30 June2013
Page 11
H
hI THROUGH
NDENTS (BCS)
fuSE STI.IDY OF THE
TNK
TELOPMENT OF
ID AVOID CRISES
INTERNAI CONTEXIUAL FACTORS
INFLUENCING THE EXTENT OF
FAISAL
(DEPARTMENT OF
ACCOUNTING,
FACULTY OF
ECONOMICS AND
ENWRONMENTAL DIS CLOSURE
BUSINESS,
DIPONEGORO
UNTVERSITY,
INDONESIA)
SRI DEWI
THE INFLUENCES OF THE
ORGANIZATIONAI STRUCTURE AND OF
THE TOP MANAGEMENT SIIPPORTS ON
THE ACCOLINTING INFORMATION
SYSTEM AND ITS IMPLICATION ON THE
ACCOLTNTING INFORMATION QUALITY
ANGGADINI
(PADJAJARAN
UNIVERSITY,
INDONESIA)
LAND MPACT ON
DE SCENARIO
AND CHILE
YULIANTI AND
YANUARNANOK
EFFECT OF CORPORATE GOVERNANCE
TO EARNING MANAGEMENT USING
ACCRUALS AND REAL ACTTVITIES
SOENARNO
(ATMAJAYA
L CONFLICT AND
IG THE
IINISM
013
Page 11
CATHOLIC
UNTVERSITY OF
INDONESIA)
Programme and Collected Abstracts - IRCBE
-
semarang, Indonesia, 28-30 June20l3
Page72
ND
ENTREI{CHED BOARDS IN NEw PUBLIC FIRMS: AN EVIPIRICAL
STUDY OF CIIINESE IPOS
Abdul Basyith, Fitriya, M. Idris
FakultasEkonomi, UniversitasMuhammadiyah palembang
ABSTRACT
Purpose: This study empirically investigates the impact of managerial entrenchment
on
performance of Chinese fi.-r' Initi;l public offering
(IPOs).Design/lVlethodology/Approach:Using 142 firms listed in
the Shenzen Stock
Exchange, this study uses two proxies to measure firm performance
and three proxies to
measure managerial entrenchment. The two proxies for firm performance
are iobin,s e
and ROA, and the three proxies for managerial entrenchment are derived
from the
principal component analysis (PCA). This study confirms that the
data is linear and no
endogeneity issue should be addressed in this study, but only
heteroskedasticty, nonnormality for Tobin's Q are a problem; therefore, the regression method
employed for
Tobin's Q is the GLS and the oLS between estimators for Roe.rindings:The
regression
result for Tobin's Q reveals that managerial entrenchment negatively
impacts on firm
performance. The results are in contradiction with the stewardrtip
tn.t.y fo. rr"* firms,
whereas it is positive for the managerial entrenchment for newfirms. In contrast, the
regression result for ROA reve
firm performance; however, on
The results are in line with the
entrenchment for new firms
inconclusive results, this sfudy confidently
explaining the financial performance of new
measure rather than accounting measure. In conclusion, the negative
results of
entrenchment proxies were caused by the
systems, namely that Chinese corporations
state, and hence the centralised state cont
firm financial
n has
) rate
; and
1. In
)nces
and
more
es to
erage
rates
rolicy
lhina
nnance in Chinese Firms IpOs context. It is
gerial entrenchment in new Chinese firms,
role in establishing the modern enterprise
system in the world, and is one of the largest market economies.
Further, the method used
in this study is more robust than prior research, as entrenchment proxies were
derived
using the PCA.
Key words: Managerial entrenchment, firm performance, chinese
firms Ipos.
Programme and collected Abstracts - IRCBE
-
Semarang, Indonesia, 2g-30 June2Ol3
Page 68
(r,
o
o
tr
o
o
o
9.e
.Za
oo
J
o
a
a
IIJ
tr
o
c
o
o
():
1g=E
uB
IJJ
lrm
-r
E#
z
I'
€
$
u- E S
g
XH='n,
'=
A
?r=q==
t q tr
F
-+,
L3
HF#s
Its
-o
6l
O
F
=J
?=f
o&u
(Y) -2.
IL
@
o
o
F
S
tr
o
(E
(\t
o
L-
o
P
tr
o
tn
o
L
o-
€
o
G
o
L
o
o
I
--:f
..:
taE'
.=E:
EH4
eoe-.
Otr-O
.g
o
>9
g.--
E
P;
otr
IIJ
OF
.c)
h5
g
bur
gE o
.€'
'l{i"
N
04)
-o
IEi
s
lllrL
(9
IJJ
IIJ
IJJ
fl s#
E
EEEE
z
offi
zt
F (8.^
.9
mw
z
-z:
()o
9t
o
o
f
z(a
(Y) -tl
tr:
IE
z
O
=tr
oo
!,
A
o
I
?
Ecn
o J
o
bE
CDE
G oo
o
o 5q
o .=o
E'
F
F
'6
J
o
tr
o
o
o
F
o
lo
rts
tr
o
o
F
o
lG
o
o
o
tr
o6
I
ci
.9
o+.
o
L
E
o
L
F
.Y
oG
.Y
+J
tr
tU
a
+,
(U
6.
=
.g
o
zG
=
o
o
Oo
.IO
oo
=c
mo
-C.)
(E^
oi
.9 '6
Eo
o>
oi
OJ
IIJ
,_L
O
Eg
(u
ie
o
(J6
=O
?
g
(E
tr
L
o
+.
L
f5