Target firm’s integrity culture and M&A performance

Article

Balachandran, Balasingham, Faff, Robert W., Mishra, Sagarika and Shams, Syed. 2024. "Target firm’s integrity culture and M&A performance." Journal of Business Finance and Accounting. https://doi.org/10.1111/jbfa.12818
Article Title

Target firm’s integrity culture and M&A
performance

ERA Journal ID19531
Article CategoryArticle
AuthorsBalachandran, Balasingham, Faff, Robert W., Mishra, Sagarika and Shams, Syed
Journal TitleJournal of Business Finance and Accounting
Number of Pages39
Year2024
PublisherJohn Wiley & Sons
Place of PublicationUnited Kingdom
ISSN0306-686X
1468-5957
Digital Object Identifier (DOI)https://doi.org/10.1111/jbfa.12818
Web Address (URL)https://onlinelibrary.wiley.com/doi/full/10.1111/jbfa.12818
Abstract

This study investigates whether the attribute of integrity culture (derived from target firms’ annual reports) influences merger and acquisition (M&A) performance. We find that a target firm's integrity culture, measured from its 10-K reports, has a positive and significant effect on market reaction to the bidder firm's M&A announcement. Our study's analysis is found to be robust to sample selection bias by utilising the entropy balancing technique and to endogeneity concerns by employing an instrumental variable approach. Our results are also robust to alternative measures of integrity culture and when controlling for a target firm's religiosity and corporate social responsibility, an acquirer firm's fixed effects, chief executive officer's fixed effects, governance for corporate control and advisor quality. We identify the retention of a target firm's directors and of its customers as channels that underlie our main findings. Furthermore, we find that acquisition synergies improve, with decreased time taken to complete the deal, for acquisitions of target firms with a higher integrity culture.

Keywordsmergers and acquisitions, performance; time taken to complete the deal; 10K-reports; CEO fixed effects; CSR; integrity culture; synerg
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350202. Finance
Public Notes

Files associated with this item cannot be displayed due to copyright restrictions.

Byline AffiliationsMonash University
La Trobe University
Corvinus University of Budapest, Hungary
University of Queensland
Bond University
Deakin University
School of Business
Permalink -

https://research.usq.edu.au/item/z7yvv/target-firm-s-integrity-culture-and-m-a-performance

Log in to edit
  • 45
    total views
  • 1
    total downloads
  • 7
    views this month
  • 0
    downloads this month

Export as

Related outputs

CEO Connectedness and Firm Transparency
Luong, Hoa, Minnick, Kristina, Mia, Mia L. and Shams, Syed. 2024. "CEO Connectedness and Firm Transparency." European Financial Management. https://doi.org/10.1111/eufm.12527
Estimating probability of default via delinquencies? Evidence from European P2P lending market
Nigmonov, Asror, Shams, Syed and Urbonas, Povilas. 2024. "Estimating probability of default via delinquencies? Evidence from European P2P lending market." Global Finance Journal. 63. https://doi.org/10.1016/j.gfj.2024.101050
Impact of Corporate Climate Change Performance on Information Asymmetry: International Evidence
Dey, Sajal Kumar, Bose, Sudipta, Luo, Le and Shams, Syed. 2024. "Impact of Corporate Climate Change Performance on Information Asymmetry: International Evidence ." Journal of International Accounting Research. https://doi.org/10.2308/JIAR-2022-057/12903
Does continuous disclosure affect the market reaction to mergers and acquisitions announcements?
Shams, Syed, Bose, Sudipta, Gunasekarage, Abeyratna and Velayutham, Eswaran. 2024. "Does continuous disclosure affect the market reaction to mergers and acquisitions announcements?" Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2024.102540
Consumer confidence and cryptocurrency excess returns: a three-factor model
Peng, Sanshao, Shams, Syed, Prentice, Catherine and Sarker, Tapan. 2024. "Consumer confidence and cryptocurrency excess returns: a three-factor model." Global Finance Journal. 62. https://doi.org/10.1016/j.gfj.2024.101029
Economic policy uncertainty, carbon emissions and firm valuation: International evidence
Bose, Sudipta, Shams, Syed, Ali, Searat, Mamun, Abdullah Al and Chang, Millicent. 2024. "Economic policy uncertainty, carbon emissions and firm valuation: International evidence." British Accounting Review. https://doi.org/10.1016/j.bar.2024.101453
Pricing media sentiment: Evidence from global mergers and acquisitions
Shams, Syed, Bose, Sudipta and Sheikhbahaei, Ali. 2024. "Pricing media sentiment: Evidence from global mergers and acquisitions." Pacific-Basin Finance Journal. 86. https://doi.org/10.1016/j.pacfin.2024.102447
Does size matter Examining the probability of firm emergence from bankruptcy
Zikri, Miftah, Shams, Syed, Rashid, Afzalur and Krishnamurti, Chandrasekhar. 2024. "Does size matter Examining the probability of firm emergence from bankruptcy." International Review of Finance. https://doi.org/10.1111/irfi.12462
Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries
Al-Fakir, Eltayyeb Al-Fakir, Rashid, Afzalur, Shams, Syed and Bose, Sudipta. 2024. "Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries ." Journal of Contemporary Accounting and Economics. 20 (2). https://doi.org/10.1016/j.jcae.2024.100427
A Framework to Assess Possible Sources of Stakeholder Exploitation: A Developing Country Case
Shafique, Kamran, Shams, Syed and Sarker, Tapan. 2024. "A Framework to Assess Possible Sources of Stakeholder Exploitation: A Developing Country Case." International Journal of Disaster Risk Science. 15 (1), pp. 32-44. https://doi.org/10.1007/s13753-024-00538-w
Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2024. "Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market." Emerging Markets Review. 58, pp. 1-20. https://doi.org/10.1016/j.ememar.2023.101084
A systematic literature review on the determinants of cryptocurrency pricing
Peng, Sanshao, Prentice, Catherine, Shams, Syed and Sarker, Tapan. 2024. "A systematic literature review on the determinants of cryptocurrency pricing." China Accounting and Finance Review. 26 (1), pp. 1-30. https://doi.org/10.1108/CAFR-05-2023-0053
CEO-director ties and board gender diversity: US evidence
Luong, Hoa, Khedmati, Mehdi, Nguyen, Lan Anh, Nigmonov, Asror, Ovi, Nafisa Zabeen and Shams, Syed. 2023. "CEO-director ties and board gender diversity: US evidence." Journal of Behavioral and Experimental Finance. 40.
Board gender diversity and acquisition choices
Gunasekarage, Abeyratna, Khedmati, Mehdi, Minnick, Kristina and Shams, Syed. 2023. "Board gender diversity and acquisition choices." Journal of Financial Research. 46 (4), pp. 949-991. https://doi.org/10.1111/jfir.12345
Climate-linked compensation, societal values, and climate change impact: International evidence
Bose, Sudipta, Burns, Natasha, Minnick, Kristina and Shams, Syed. 2023. "Climate-linked compensation, societal values, and climate change impact: International evidence." Corporate Governance (Oxford): an international review. 31 (5), pp. 759-785. https://doi.org/10.1111/corg.12504
Do foreign institutional investors influence corporate climate change disclosure quality? International evidence
Bose, Sudipta, Lim, Edwin, Minnick, Kristina and Shams, Syed. 2024. "Do foreign institutional investors influence corporate climate change disclosure quality? International evidence." Corporate Governance (Oxford): an international review. 32 (2), pp. 322-347. https://doi.org/10.1111/corg.12535
Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries
Al-Fakir Al Rabab'a, Eltayyeb, Rashid, Afzalur and Shams, Syed. 2023. "Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries." International Review of Financial Analysis. 88, pp. 1-16. https://doi.org/10.1016/j.irfa.2023.102641
Gender diversity and acquisitions: How female directors add value in acquisition decisions
Shams, Syed, Minnick, Kristina, Khedmati, Mehdi and Gunaskerage, Abeyratna. 2024. "Gender diversity and acquisitions: How female directors add value in acquisition decisions." Journal of Business Finance and Accounting. 51 (1-2), pp. 113-147. https://doi.org/10.1111/jbfa.12688
Media coverage and patent trolls: A study on US high-tech firms
Siddiqui, Sayla and Shams, Syed. 2023. "Media coverage and patent trolls: A study on US high-tech firms." Journal of Behavioral and Experimental Finance. 37, pp. 1-16. https://doi.org/10.1016/j.jbef.2022.100782
The Impact of Corporate ESG Performance Disclosure Across Australian Industries
Gholami, Amir, Sands, John and Shams, Syed. 2022. "The Impact of Corporate ESG Performance Disclosure Across Australian Industries." Australasian Accounting Business and Finance Journal. 16 (4), pp. 180-200. https://doi.org/10.14453/aabfj.v16i4.10
Corporates’ sustainability disclosures impact on cost of capital and idiosyncratic risk
Gholami, Amir, Sands, John and Shams, Syed. 2023. "Corporates’ sustainability disclosures impact on cost of capital and idiosyncratic risk." Meditari Accountancy Research. 31 (4), pp. 861-886. https://doi.org/10.1108/MEDAR-06-2020-0926
Does managerial ability matter for corporate climate change disclosures?
Daradkeh, Hussein, Shams, Syed, Bose, Sudipta and Gunaskerage, Abeyratna. 2023. "Does managerial ability matter for corporate climate change disclosures?" Corporate Governance (Oxford): an international review. 31 (1), pp. 83-104. https://doi.org/10.1111/corg.12436
Determinants and consequences of student satisfaction in Australian Universities: Evidence from QILT Surveys
Biswas, Kumar, Bose, Sudipta, Chang, Millicent and Shams, Syed. 2023. "Determinants and consequences of student satisfaction in Australian Universities: Evidence from QILT Surveys." Accounting and Finance. 63 (2), pp. 1821-1850. https://doi.org/10.1111/acfi.12930
Economic policy uncertainty and acquisition performance: Australian evidence
Shams, Syed, Gunaskerage, Abey and Velayutham, Eswaran. 2022. "Economic policy uncertainty and acquisition performance: Australian evidence." International Review of Economics and Finance. 78, pp. 286-308. https://doi.org/10.1016/j.iref.2021.12.004
COVID‐19 impact, sustainability performance and firm value: international evidence
Bose, Sudipta, Shams, Syed, Ali, Muhammad Jahangir and Mihret, Dessalegn. 2022. "COVID‐19 impact, sustainability performance and firm value: international evidence." Accounting and Finance. 62 (1), pp. 597-643. https://doi.org/10.1111/acfi.12801
Pre-deal differences in corporate social responsibility and acquisition performance
Hussain, Tanveer and Shams, Syed. 2022. "Pre-deal differences in corporate social responsibility and acquisition performance." International Review of Financial Analysis. 81, pp. 1-17. https://doi.org/10.1016/j.irfa.2022.102083
FinTech and macroeconomics: Dataset from the US peer-to-peer lending platform
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2021. "FinTech and macroeconomics: Dataset from the US peer-to-peer lending platform." Data in Brief. 39, pp. 1-10. https://doi.org/10.1016/j.dib.2021.107666
COVID‑19 pandemic risk and probability of loan default: evidence from marketplace lending market
Nigmonov, Asror and Shams, Syed. 2021. "COVID‑19 pandemic risk and probability of loan default: evidence from marketplace lending market." Financial Innovation. 7 (1), pp. 1-28. https://doi.org/10.1186/s40854-021-00300-x
Does corporate tax avoidance promote managerial empire building?
Shams, Syed, Bose, Sudipta and Gunasekarage, Abeyratna. 2022. "Does corporate tax avoidance promote managerial empire building?" Journal of Contemporary Accounting and Economics. 18 (1), pp. 1-27. https://doi.org/10.1016/j.jcae.2021.100293
CEO pay slice and acquisitions in Australia: the role of tournament incentives
Luong, Hoa, Gunasekarage, Abeyratna and Shams, Syed. 2022. "CEO pay slice and acquisitions in Australia: the role of tournament incentives." International Journal of Managerial Finance. 18 (5), pp. 833-868. https://doi.org/10.1108/IJMF-06-2021-0292
Macroeconomic determinants of loan defaults: evidence from the U.S. peer-to-peer lending market
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2022. "Macroeconomic determinants of loan defaults: evidence from the U.S. peer-to-peer lending market." Research in International Business and Finance. 59, pp. 1-13. https://doi.org/10.1016/j.ribaf.2021.101516
Does carbon risk matter for corporate acquisition decisions?
Bose, Sudipta, Minnick, Kristina and Shams, Syed. 2021. "Does carbon risk matter for corporate acquisition decisions?" Journal of Corporate Finance. 70, pp. 1-24. https://doi.org/10.1016/j.jcorpfin.2021.102058
Female directors and acquisitions: Australian evidence
Lucas, Ryley, Gunasekarage, Abeyratna, Shams, Syed and Edirisuriya, Piyadasa. 2021. "Female directors and acquisitions: Australian evidence." Pacific-Basin Finance Journal. 68. https://doi.org/10.1016/j.pacfin.2021.101600
The Hayne Royal Commission and the financial planning advice: A review of the impact on the operating model of financial advice firms
Abu-Taleb, Mohammad, Rashid, Afzalur and Shams, Syed. 2021. "The Hayne Royal Commission and the financial planning advice: A review of the impact on the operating model of financial advice firms." Financial Planning Research Journal. 6 (1), pp. 74-85.
Halal market emergence and export opportunity: the comparative advantage perspective
Kabir, Shahriar, Shams, Syed and Lawrey, Roger. 2019. "Halal market emergence and export opportunity: the comparative advantage perspective." Xu, Jiuping, Cooke, Fang Lee, Gen, Mitsuo and Ahmed, Syed Ejaz (ed.) 12th International Conference on Management Science and Engineering Management (ICMSEM 2018). Melbourne, Australia 01 - 04 Aug 2018 Cham, Switzerland. https://doi.org/10.1007/978-3-319-93351-1_122
Threat of hostile takeover and the cost of seasoned equity offerings
Sheikhbahaei, Ali and Shams, Syed. 2022. "Threat of hostile takeover and the cost of seasoned equity offerings." International Journal of Managerial Finance. 18 (1), pp. 156-180. https://doi.org/10.1108/IJMF-03-2020-0106
Does firm life cycle have impacts on managerial promotion tournament incentives?
Chowdhury, Hasibul and Shams, Syed. 2021. "Does firm life cycle have impacts on managerial promotion tournament incentives?" Australian Journal of Management. 46 (4), pp. 593-628. https://doi.org/10.1177/0312896220974417
Competition in the acquisition market and returns to bidders in Australia
Shams, Syed. 2021. "Competition in the acquisition market and returns to bidders in Australia." Research in International Business and Finance. 55, pp. 1-21. https://doi.org/10.1016/j.ribaf.2020.101339
CEO power and corporate social responsibility (CSR) disclosure: does stakeholder influence matter?
Rashid, Afzalur, Shams, Syed, Bose, Sudipta and Khan, Habib. 2020. "CEO power and corporate social responsibility (CSR) disclosure: does stakeholder influence matter?" Managerial Auditing Journal. 35 (9), pp. 1279-1312. https://doi.org/10.1108/MAJ-11-2019-2463
Evidence on the trade-off between corporate social responsibility and mergers and acquisitions investment
Krishnamurti, Chandrasekhar, Shams, Syed and Chowdhury, Hasibul. 2021. "Evidence on the trade-off between corporate social responsibility and mergers and acquisitions investment." Australian Journal of Management. 46 (3), pp. 466-498. https://doi.org/10.1177/0312896220950394
Is China a source of financial contagion?
Akhtaruzzaman, Md, Abdel-Qader, Waleed, Hammami, Helmi and Shams, Syed. 2021. "Is China a source of financial contagion?" Finance Research Letters. 38, pp. 1-13. https://doi.org/10.1016/j.frl.2019.101393
A case study on Incitec Pivot's acquisition strategy of dyno nobel
Balachandran, Balasingham, Fazzino, James and Shams, Syed. 2020. "A case study on Incitec Pivot's acquisition strategy of dyno nobel." Pacific-Basin Finance Journal. 63, pp. 1-10. https://doi.org/10.1016/j.pacfin.2020.101386
Trade diversion risk for halal food exports
Kabir, Shahriar, Shams, Syed and Lawrey, Roger. 2021. "Trade diversion risk for halal food exports." Journal of Islamic Marketing. 12 (4), pp. 705-729. https://doi.org/10.1108/JIMA-07-2019-0145
Do the business cycle and revenue diversification matter for banks' capital buffer and credit risk: Evidence from ASEAN banks
Ovi, Nafisa, Bose, Sudipta, Gunasekarage, Abeyratna and Shams, Syed. 2020. "Do the business cycle and revenue diversification matter for banks' capital buffer and credit risk: Evidence from ASEAN banks." Journal of Contemporary Accounting and Economics. 16 (1), pp. 1-19. https://doi.org/10.1016/j.jcae.2020.100186
Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives
Gul, Ferdinand A., Krishnamurti, Chandrasekhar, Shams, Syed and Chowdhury, Hasibul. 2020. "Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives." Journal of Business Research. 111, pp. 52-68. https://doi.org/10.1016/j.jbusres.2020.01.035
Does takeover competition affect acquisition choices and bidding firm performance? Australian evidence
Faff, Robert, Gunasekarage, Abeyratna and Shams, Syed. 2020. "Does takeover competition affect acquisition choices and bidding firm performance? Australian evidence." Accounting and Finance. 60 (4), pp. 3581-3619. https://doi.org/10.1111/acfi.12527
Socially responsible firms and mergers and acquisitions performance: Australian evidence
Krishnamurti, Chandrasekhar, Shams, Syed, Pensiero, Domenico and Velayutham, Eswaran. 2019. "Socially responsible firms and mergers and acquisitions performance: Australian evidence." Pacific-Basin Finance Journal. 57, pp. 1-16. https://doi.org/10.1016/j.pacfin.2019.101193
Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions
Faff, Robert, Prasadh, Shyaam and Shams, Syed. 2019. "Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions." Research in International Business and Finance. 50, pp. 267-278. https://doi.org/10.1016/j.ribaf.2019.06.002
Competition in the acquisition market and acquirers' long-run performance
Shams, Syed and Gunasekarage, Abeyratna. 2019. "Competition in the acquisition market and acquirers' long-run performance." International Finance. 22, pp. 399-421. https://doi.org/10.1111/infi.12339
Managerial acquisitiveness and corporate tax avoidance
Gul, Ferdinand A., Khedmati, Mehdi and Shams, Syed M. M.. 2020. "Managerial acquisitiveness and corporate tax avoidance." Pacific-Basin Finance Journal. 64. https://doi.org/10.1016/j.pacfin.2018.08.010
The issuance of warrants in rights offerings: agency costs and signaling effects
Balachandran, Balasingham, Kanapathippillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2017. "The issuance of warrants in rights offerings: agency costs and signaling effects." Australian Journal of Management. 42 (4), pp. 608-636. https://doi.org/10.1177/0312896216682062
Developing a generic review framework to assure capstone quality
Hammer, Sara, Abawi, Lindy, Gibbings, Peter, Jones, Hazel, Redmond, Petrea and Shams, Syed. 2018. "Developing a generic review framework to assure capstone quality." Higher Education Research and Development. 37 (4), pp. 730-743. https://doi.org/10.1080/07294360.2018.1453787
Corporate social responsibility and corruption risk: a global perspective
Krishnamurti, Chandrasekhar, Shams, Syed and Velayutham, Eswaran. 2018. "Corporate social responsibility and corruption risk: a global perspective." Journal of Contemporary Accounting and Economics. 14 (1), pp. 1-21. https://doi.org/10.1016/j.jcae.2018.02.002
Information content of directors' trading around acquisitions
Shams, Syed M. M., Duong, Huu Nhan and Singh, Harminder. 2016. "Information content of directors' trading around acquisitions." Pacific-Basin Finance Journal. 38, pp. 177-193. https://doi.org/10.1016/j.pacfin.2016.04.004
News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers
Khedmati, Mehdi, Navissi, Farshid, Shams, Syed and Vinkler, Daniel. 2015. "News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers." Journal of Contemporary Accounting and Economics. 11 (3), pp. 231-244. https://doi.org/10.1016/j.jcae.2015.07.003
Target’s organisational form and returns to Australian bidders in cross-border acquisitions
Colombage, Sisira R. N., Gunasekarage, Abeyratna and Shams, Syed M. M.. 2014. "Target’s organisational form and returns to Australian bidders in cross-border acquisitions." Accounting and Finance. 54 (4), pp. 1063-1091. https://doi.org/10.1111/acfi.12031
Operating performance following corporate acquisitions: does the organisational form of the target matter?
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Operating performance following corporate acquisitions: does the organisational form of the target matter?" Journal of Contemporary Accounting and Economics. 12, pp. 1-14. https://doi.org/10.1016/j.jcae.2016.02.001
Private public distinction of the target and the long run operating performance of acquirers
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Private public distinction of the target and the long run operating performance of acquirers." Pacific Accounting Review. 28 (1), pp. 38-58. https://doi.org/10.1108/PAR-02-2014-0004
Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence
Shams, Syed M.M., Gunasekarage, Abeyratna and Colombage, Sisira R. N.. 2013. "Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence." Pacific-Basin Finance Journal. 24, pp. 89-108. https://doi.org/10.1016/j.pacfin.2013.04.002
Why do Australian firms issue standalone warrants?
Balachandran, Balasingham, Kanapathipillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2009. "Why do Australian firms issue standalone warrants?" Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Dividend reductions, the timing of dividend payments and information content
Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2012. "Dividend reductions, the timing of dividend payments and information content ." Journal of Corporate Finance. 18 (5), pp. 1232-1247. https://doi.org/10.1016/j.jcorpfin.2012.08.002
Dividend reductions and signalling in an imputation environment
Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2010. "Dividend reductions and signalling in an imputation environment." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Issuance of warrants in seasoned equity offerings: evidence from rights offerings
Balachandran, Balasingham, Kanapathipillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2010. "Issuance of warrants in seasoned equity offerings: evidence from rights offerings." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Dividend reductions and signaling in an imputation environment
Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2009. "Dividend reductions and signaling in an imputation environment ." Benson, Karen (ed.) AsianFA 2009: Asian Finance Association International Conference. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.