摘要:

AbstractThis study examines the common stock offering dilution of multinational and domestic firms. Results provide evidence that the benefits of multinationality do not offset the negative information effect of perceived cash flow shortfalls at the announcement of security offerings. MNCs and purely domestic firms experience comparable negative valuation and offering dilution at the announcement of a common stock offering. These results are independent of size and performance differences between multinational and domestic firms at the announcement year.

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00088.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

AbstractHeadquarter (HQ) reliance on accounting performance measures (APMs) is studied in a European multinational organization. European MNCs typically manage their foreign operations as a portfolio of relatively independent national businesses (Bartlett and Goshal, 1989). In line with previous work on APMs in a limited country setting (Govindarajan, 1984; Brownell, 1987), the HQ relies less on APMs in monitoring domestic units that face environmental instability. However, in the case of geographically dispersed foreign subsidiaries, the HQ emphasizes APMs more when dynamism increases. The financial control pattern towards foreign subsidiaries is similar to Egelhof s (1988) findings in a broad sample of MNCs. This contrasting result is consistent with the greater cost and difficulty of using information‐intensive alternatives to APMs for units that are geographically and culturally distant from the HQ. There is no indication that tight APM‐based management would have a negative impact on work conditions of managers facing instability, but foreign managers find it more difficult to accept the evaluative framework if high reliance is placed on APMs when their environment is dyna

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00089.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

AbstractThe research presented here indicates that foreign acquisitions in the United States in the form of mergers, have resulted in abnormal returns to targets of nearly 22 percent, a figure not much higher than in domestic mergers. Sell‐off abnormal returns have averaged nearly three percent, substantially higher than the average 0.7 to 1.66 percent in the domestic case. We find that merger abnormal returns have been substantially higher in our first subperiod (1982–84) than in the second (1985–87). For selloffs, our results are reversed‐abnormal returns have been higher in the second subperiod. In cross‐sample tests, we find the Japanese paying the highest merger premiums/abnormal returns, while the sell‐off abnormal returns are highest when Germans are the buyers. We also find significant differences across industry samples but not across combination type samples. We do not find a significant relationship of these abnormal returns to the firm's accounting and financia

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00090.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Abstract.In recent years, the success of Japanese firms in the global market has prompted efforts to understand the sources of their competitive advantage. It has been suggested that one such source is the Japanese firms' management accounting systems, and a number of articles have claimed that important differences do exist between U.S. and Japanese firms in this area. However, these claims have tended to be supported by anecdotal, rather than systematic, evidence. The objective of this article is to contribute further insights into similarities and differences between U.S. and Japanese firms' management accounting practices. Exhaustive searches of published surveys in the U.S. and Japanese literatures (much of which is in Japanese) provided the basis for U.S.‐Japan comparisons on six aspects of management accounting practices. In turn, these comparisons were used for deriving implications for future research. Two major limitations of extant research and, thus, directions for future research are identified. First, future research needs to go beyond the simple use or non‐use of techniques to investigate more detailed aspects of technique use. Second, since management accounting is only one component of a firm's total management system, attention also needs to be devoted to the organizational context, process, and goals of a firm's management accounting practi

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00091.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper derives an optimal rule for hedging currency risk in a general utility framework. Ex ante hedging performance of the forward markets is examined using the optimal hedge ratio derived from the utility model and an optimal rule derived from another model (excess return per unit risk) suggested in the hedging literature. Results of this study indicate a naive (one‐to‐one) hedge performs similarly to the optimal hedge ratios under either model. An implication of this study is that financial managers of multinational firms should simply follow a one‐to‐one rule when hedging foreign exchange risk in the forward

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00092.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1991.tb00087.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY