ASU Electronic Theses and Dissertations
This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
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- Creators: Shen, Wei
Description
Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
ContributorsJia, Guoqing (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2018
Description
With the increasing aging population in China, the public's emphasis on health has been on the rise. Many innovative pharmaceutical companies have undertaken multiple rounds of financing, with some going public through IPOs. As a high-tech industry, it is essential to study the relationship between the level of corporate publicity and the financing process.This study collected information on the number of promotional articles, timing, and platforms of dozens of pharmaceutical companies that have already gone public through IPOs using Python. An analysis was conducted on the temporal variations of promotional articles for ten representative companies. It was found that the number of promotional articles experienced a significant increase in the month of IPO or the month before, and remained relatively high even after the IPO.
Furthermore, the Pearson correlation coefficient method was used to analyze the correlation between the number of promotional articles and various stages of financing. The study found a positive correlation between the daily average number of promotional articles before IPO and the final financing amount. Additionally, a strong positive correlation was observed between the daily average number of promotional articles from 7 days before IPO to IPO day and the turnover rate on IPO day. Grey correlation analysis was also employed to analyze the impact of publicity on the financing amount of each
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financing round, revealing that the financing round and the Shanghai Composite Index had a significant influence.
Finally, a multiple regression analysis was conducted to examine the relationship between the pre-IPO financing scale, IPO-day trading amount, and the level of corporate publicity. The regression results indicated that the pre-IPO financing scale was mainly influenced by the number of promotional articles in the 7 days preceding IPO, particularly for pharmaceutical companies listed on the A-share market. Moreover, a negative correlation was observed between the financing round and the financing amount, particularly among companies that experienced a decline in share price on the IPO day. However, the study found a weak association between the IPO-day trading amount and the level of corporate publicity, primarily observed among pharmaceutical companies listed on the A-share market.
ContributorsMiao, Yujia (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2024
Description竞争日益激烈的市场环境对企业管理者提出了更高的挑战，首席执行官(CEO)作为企业管理层的核心，其个人特征对企业绩效有着重要影响。已有研究主要基于高阶理论，系统研究了CEO具体特征对企业战略选择及其绩效的影响。但是已有研究较为零散，并且大多数集中在CEO人口统计学特征，对其政治联系、受教育年限、社会关系和人格特质等关注较少。基于此，本文结合高阶理论和信号理论，深入分析CEO个人特征对其绩效的影响，并且探讨了CEO结构权力在CEO个人特征与其绩效关系之间发挥的调节作用。
在文献回顾和案例研究基础上，首先，从CEO人口统计学特征、政治联系、受教育年限、职业特征、社会关系和人格特质等6个维度构建了CEO个人特征指标，将CEO上任后前3年营业收入年均增长率和利润年均增长率作为衡量CEO业绩的衡量指标，并提出了10个研究假设。其次，基于问卷调查数据，采用多元线性回归方法，对研究假设进行了验证和分析。实证结果表明，CEO性别、政治联系、受教育年限、社会关系和人格特质（外向性、开放性和宜人性）均对CEO绩效具有显著影响，而CEO年龄和多样化的职业特征对其绩效具有显著的负向影响。此外，CEO的结构权力在受教育年限、社会关系与CEO绩效之间的关系中发挥着显著的正向调节作用，而在多样化职业特征与其绩效之间发挥着显著的负向调节作用。最后，本文从CEO多维度个人特征构建和CEO结构权力两方面深入阐述了理论贡献，结合企业实践提供了可操作化的建议和对策，并提出了本文存在的不足及未来研究展望。
关键词：CEO业绩；CEO个人特征；高阶理论；社会关系；结构权力；影响因素
在文献回顾和案例研究基础上，首先，从CEO人口统计学特征、政治联系、受教育年限、职业特征、社会关系和人格特质等6个维度构建了CEO个人特征指标，将CEO上任后前3年营业收入年均增长率和利润年均增长率作为衡量CEO业绩的衡量指标，并提出了10个研究假设。其次，基于问卷调查数据，采用多元线性回归方法，对研究假设进行了验证和分析。实证结果表明，CEO性别、政治联系、受教育年限、社会关系和人格特质（外向性、开放性和宜人性）均对CEO绩效具有显著影响，而CEO年龄和多样化的职业特征对其绩效具有显著的负向影响。此外，CEO的结构权力在受教育年限、社会关系与CEO绩效之间的关系中发挥着显著的正向调节作用，而在多样化职业特征与其绩效之间发挥着显著的负向调节作用。最后，本文从CEO多维度个人特征构建和CEO结构权力两方面深入阐述了理论贡献，结合企业实践提供了可操作化的建议和对策，并提出了本文存在的不足及未来研究展望。
关键词：CEO业绩；CEO个人特征；高阶理论；社会关系；结构权力；影响因素
ContributorsXi, Gang (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2020