12 found
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  1.  32
    Does the External Monitoring Effect of Financial Analysts Deter Corporate Fraud in China?Jiandong Chen, Douglas Cumming, Wenxuan Hou & Edward Lee - 2016 - Journal of Business Ethics 134 (4):727-742.
    We examine whether analyst coverage influences corporate fraud in China. The fraud triangle specifies three main factors, i.e. opportunity, incentive, and rationalization. On the one hand, analysts may reduce the fraud opportunity factor through external monitoring aimed at discouraging managerial misconduct, which can moderate agency problems. On the other hand, analysts may increase the fraud incentive factor by pressurizing managers to achieve short-term performance targets, which can exacerbate agency problem. In either case, the potential influence of analysts on the fraud (...)
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  2.  99
    Socially Responsible Institutional Investment in Private Equity.Douglas Cumming & Sofia Johan - 2007 - Journal of Business Ethics 75 (4):395-416.
    This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially responsible investment across different asset classes and different types of institutional investors (banks, insurance companies, and pension funds). The data indicate socially responsible investment in private equity is 40–50% more common when the decision to implement (...)
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  3.  57
    Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud.Douglas Cumming, Wenxuan Hou & Edward Lee - 2016 - Journal of Business Ethics 138 (4):601-626.
    Following the financial crisis and recent recession, the center of gravity of global economic growth and competitiveness is shifting toward emerging economies. As a leading and increasingly influential emerging economy, China is currently attracting the attention of academics, practitioners, and policy makers. There has been an increase in research interest in and publications on issues relating to China within high-quality international academic journals. We therefore organized a special issue conference in conjunction with the Journal of Business Ethics in Lhasa, Tibet, (...)
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  4.  21
    CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China.Jiandong Chen, Douglas Cumming, Wenxuan Hou & Edward Lee - 2016 - Journal of Business Ethics 138 (4):787-806.
    We use institutional-related theories and a unique natural experiment that enables an exogenous test of the influence of controlling shareholders on managerial accountability to corporate fraud. In China, prior to the Split Share Structure Reform, state shareholders held restricted shares that could not be traded. This restriction mitigated state-owned enterprise controlling shareholders’ incentives to monitor managers. The data examined show the SSSR strengthens incentives of state-owned enterprise controlling shareholders to replace fraudulent management. Our findings support the view that economic incentives (...)
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  5.  15
    Legal Protection, Corruption and Private Equity Returns in Asia.Douglas Cumming, Grant Fleming, Sofia Johan & Mai Takeuchi - 2010 - Journal of Business Ethics 95 (S2):173 - 193.
    This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of legal system (including legal protections) is positively related (...)
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  6.  49
    Sustainable and Ethical Entrepreneurship, Corporate Finance and Governance, and Institutional Reform in China.Douglas Cumming, Wenxuan Hou & Edward Lee - 2016 - Journal of Business Ethics 134 (4):505-508.
  7.  11
    Are Companies Offloading Risk onto Employees in Times of Uncertainty? Insights from Corporate Pension Plans.Douglas Cumming, Fanyu Lu, Limin Xu & Chia-Feng Yu - forthcoming - Journal of Business Ethics:1-20.
    We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount rates, plan sizes, pension liability, numbers of employees, other macroeconomic factors, difference-in-differences and instrumental variable estimation, and additional evidence of pension risk-shifting. Further analysis reveals that financial distress and information asymmetry induced through EPU are the potential (...)
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  8.  10
    Entrepreneurship, Governance and Ethics.Robert Cressy, Douglas Cumming & Christine Mallin - 2010 - Journal of Business Ethics 95 (S2):117 - 120.
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  9.  7
    Leaving a Legacy for my Children: The One-Child Policy Reform and Engagement in CSR Among Family Firms in China.Douglas Cumming, Jun Hu & Huiying Wu - forthcoming - Journal of Business Ethics:1-22.
    The reform of China’s one-child policy allows families to have more children and thus may affect anticipation of intergenerational succession of family businesses and drive family firms to improve their corporate social responsibility (CSR). Using a difference-in-differences design, we find that the reform positively affects the CSR of family firms. We also find that the positive impact is more pronounced for family firms whose owners have fewer children, have no son, and have not yet surpassed reproductive age (older than 50), (...)
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  10.  33
    Does Venture Capital Backing Improve Disclosure Controls and Procedures? Evidence from Management’s Post-IPO Disclosures.Douglas Cumming, Lars Helge Hass, Linda A. Myers & Monika Tarsalewska - 2022 - Journal of Business Ethics 187 (3):539-563.
    Firm managers make ethical decisions regarding the form and quality of disclosure. Disclosure can have long-term implications for performance, earnings manipulation, and even fraud. We investigate the impact of venture capital (VC) backing on the quality and informativeness of disclosure controls and procedures for newly public companies. We find that these controls and procedures are stronger, as evidenced by fewer material weaknesses in internal control under Section 302 of the Sarbanes–Oxley Act, when companies are VC-backed. Moreover, these disclosures are informative (...)
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  11.  7
    Disentangling Crowdfunding from Fraudfunding.Douglas Cumming, Lars Hornuf, Moein Karami & Denis Schweizer - 2021 - Journal of Business Ethics 182 (4):1-26.
    Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurial finance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Kickstarter campaign fraud allegations from 2010 through 2015. We then follow up until (...)
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  12.  5
    Disentangling Crowdfunding from Fraudfunding.Douglas Cumming, Lars Hornuf, Moein Karami & Denis Schweizer - 2021 - Journal of Business Ethics 182 (4):1103-1128.
    Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurial finance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Kickstarter campaign fraud allegations from 2010 through 2015. We then follow up until (...)
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