• A Review on High Frequency Intraday Trading in Hong Kong Stock Market

    27 Feb 2017

    This paper tests the effectiveness of trading range break (TRB) trading rules in the Hang Seng index futures market. Such trading rules are linked up with a test using market high-time and market low-time. It is discovered that the market inefficiency observed by Mok, Li and Lam (2000) has no longer persisted in HSIF market. This particular example is interesting because the market inefficiency does not come together with any trading rule.
  • Customer Protection in the Controversial Industry: The Role of Responsible Gambling

    17 Feb 2017

    An increasing body of work has identified ‘corporate social responsibility’ (CSR) as an institution, and has suggested that its institutionalised form may be deployed to pursue traditional business imperatives and avoid burdensome legislation. This article will examine how responsible gambling is understood in Macao’s gambling industry and why firms in Macao’s gambling industry engage in responsible gambling (RG). This study is primarily based on an in-depth examination and analysis of Macao’s gambling industry with 49 semi-structured interviews. This study gives an account of the ‘responsible gambling’ practised in the gambling industry in Macao to show that gambling companies make use of the institutionalized (unstated) characteristics of CSR to leverage political and economic privileges. Responsible gambling is presented as the central component of CSR, articulated through varied stakeholders, while responsible gambling in practice focuses symbolically and solely on employee protection. The study shows that gambling companies derive substantial legitimacy benefits from the institution of CSR, thus positioned.
  • CSR Practice and Sustainable Business Performance: Evidence from the Global Financial Centre of China

    17 Feb 2017

    The Hong Kong Special Administrative Region of China (Hong Kong) has long been positioned not only as an international capital market but also as the global financial centre for China. To position themselves for overseas expansions, major enterprises in China are now listed with the Stock Exchange of Hong Kong and adopt internationally accepted corporate practices. In particular, there have been emphases by multinationals on Corporate Social Responsibility (CSR) practices for the potential benefits of enhanced business performance as demonstrated in prior studies. The aim of this paper is to explore the relationship between business performance and CSR practices among listed companies in Hong Kong. We have investigated and made comparisons between two groups of listed companies in Hong Kong -- those included in the Hang Seng Corporate Sustainability index and the other major ones in Hong Kong not included in the Index. It is found that there is a significant difference between the two groups in the sample. A direct association between adoption of CSR practice and sustainable business performance in financial aspects is observed over an extended period of time. However, we argue that there is not yet sufficient disclosure in relation to the quality of their overall CSR and sustainability performance.
  • Disclosure Level and Cost of Equity Capital of IPO Firms: Evidence from Singapore

    17 Feb 2017

    This paper examines the tendency of initial issuers to exhibit lower levels of disclosure in their prospectuses ensuing relaxed disclosure requirements by the exchange. It focuses on disclosure pertaining to issuers’ corporate governance structures with the element of disclosure branched into quality and quantity which we find to be highly correlated. Despite general postulation that disclosure quality and quantity will decline after relaxation, the results suggest otherwise. The departure is however largely attributed to companies’ responses to investors’ demand for enhanced disclosure following high-profile corporate failures. Furthermore, it also investigates the association between cost-of-equity capital and the quality and quantity of disclosure. The findings are consistent with economic theory which advocates a negative relationship between them, suggesting that disclosure levels have a part to play in asset-pricing models.
  • Corporate social responsibility and innovation in management accounting

    17 Feb 2017

    In recent years, there has been increased consensus that corporate social responsibility (CSR) is significant for the sustainable development of companies and society as a whole. CSR is increasingly incorporated into mission statements and prioritised in strategic configurations of modern organisations (Mersereau and Mottis 2011; Bennett and James 1998). According to a 2009 survey conducted on Fortune 500 firms, CSR is becoming an increasingly prominent and accepted part of the corporate strategy agenda. However, there is very little understanding of how different control mechanisms are adopted to operationalise strategic agendas related to CSR. Against this backdrop, this research examines the way in which companies embed CSR in their MCS in an attempt to align the behaviour of organisational participants with strategic objectives concerning sustainability in China.