"Purpose – The purpose of this paper is to study whether switching trading venues create value in the Hong Kong stock market. Design/methodology/approach – By using an event study, the paper investigates the abnormal returns (AR) earned by firms in the Growth Enterprise Market (GEM) relating to switching to the Main Board (MB). Two measures, turnover of the stock and Amihud’s (2002) illiquidity ratio, are used to examine the liquidity effects. Findings – The switch is accompanied by a long-term increase in stock price for low liquidity firms only. High liquidity firms underperform with persistent negative excess returns after switching, while the transient negative excess returns in low liquidity firms reverse gradually. The results further show a significant increase in trading activity for low liquidity firms following the switch, while there is a significant decline in both trading activity and liquidity in firms with high liquidity. The overall results suggest that moving from GEM to the MB is beneficial to low liquidity firms but detrimental to high liquidity firms. Originality/value – This study is the first to investigate whether moving from GEM to the MB creates value in the Hong Kong stock market."

"Purpose – This paper examines empirically how growth opportunities determine the relationship between corporate diversification and firm's value in an emerging economy. Design/methodology/approach – This study employs annual data of Indonesian manufacturing firm's spanning five years. To test the potential nonlinear relationship between diversification and value, nonlinear regression model is employed. Baron and Kenny’s (1986) procedure is also employed to test the mediation role of the growth opportunities in the relation between diversification strategy and firm's value. This study also performs further robustness analysis on mediating role of growth opportunities on the relationship between diversification strategy and corporate value using path analysis approach. Findings – The analyses reveal the U-shaped diversification and value relationship; this result suggests that the effect of diversification on value will vary across firms, the negative effect of diversification strategy on firm's value may reverse at higher levels of diversification. Further analysis indicates that such relationship is fully mediated by firm's growth opportunities. Practical implications – Given the results, firms that are considering implementing diversification strategy should seek the optimal level of diversification to gain diversification premium. Furthermore, the manager should observe the best opportunities available for the firm before undertaking the diversification strategies. Originality/value – This paper contributes to the existing literature on diversification strategy by extending the insight of this research area of a large emerging economy, on which prior studies have not reached conclusive results."

"Purpose – The purpose of this paper is to analyse the determinants of the saving behaviour of Vietnamese households and to explore the possible heterogeneity of household saving propensities. Design/methodology/approach – The authors estimate the effects of household characteristics on Vietnamese household saving rates by means of a quantile regression approach using the Vietnam Household Living Standard Survey 2010 data set. Findings – The results suggest that the way household characteristics influence saving rates is different for each quantile of the household saving rate distribution. Household characteristics tend to have stronger effects at lower quantiles. Particularly, the marginal propensity to save of households at low quantiles is higher than those at high quantiles. Analysing rural and urban households separately, the authors find evidence that household and household head characteristics have stronger significant effects for rural than for urban households. Children and elderly members should be treated as part of the household labour force, instead of household dependency, since both of them increase household saving rates. Originality/value – This research contributes to the literature on Vietnamese household saving behaviours, especially for households living in urban areas."

"Purpose – Danang – a heritage gateway, a socioeconomic urban of Central Vietnam – has been known as a livable city, a fantastic destination and a leading position in the Provincial Competitive Index. Since branding Danang appears to be unfocused, it is suggested that the city follow a strategy to meet the shared expectations of stakeholders instead of trying to create separate images toward different audiences. The paper aims to discuss these issues. Design/methodology/approach – Therefore, this study selects the bottom-up approach from the viewpoint of Danang students whose requirement is consistent with those of investors, citizens and tourists. Findings – The finding represents the initial associations of students about Danang as a livable, friendly, dynamic, modern coastal city of tourism and development with many opportunities, potential, attraction, integration and hometown feel. These salient images are exceeded from city characteristics, such as natural endowment, leisure places, beautiful scenes, diverse cuisine, peaceful, suitable living environment, orderly traffic, infrastructure and local people. Besides, crowded caused by development and population growth leads to an unpleasant feeling about narrow spaces but can be overwhelmed by the bustle. Although the result shows the success of Danang in communication, it also figures out the loss of the livable image in local students’ minds. Practical implications – Hence, Danang must boost the positive effects of tourism development and limit its negative side. University–city cooperation through co-branding strategies can be considered a solution. Originality/value – The study contributes not only to branding Danang but also to the literature because this is the first complete application of the Zaltman metaphor elicitation technique in city branding."

"Purpose – This study aims to identify the impact of corporate governance on performance of sugar mills. In order to study this relation, a model is constructed in which ownership structure and independent directors are taken as independent variables. Whereas firm performance is analyzed by using proxy variables such as return on asset (ROA), return on equity (ROE) and sales growth. Moreover, size of board, working capital management (WCM) and philanthropy are taken as mediating variables between governance variables and firm performance. Design/methodology/approach – The data of 32 sugar mills listed at Pakistan Stock Exchange for the period of four years (i.e. 2014–2017) is used for this research. Moreover, to investigate the model, generalized least squares statistical method is used to measure the relationship between variables. Findings – The results revealed that there is significant but positive relationship between independent directors and ROA while ownership structure and ROE have significant but negative relationship. Thus, the board of directors should make it sure that all stakeholders and organizations should increase the nonfamily ownership in firms for better corporate performance. Moreover, philanthropy and WCM mediate the relationship between corporate governance and firms' performance. Practical/implications – This research work will be helpful in the corporate governance, and further researchers can conduct their study by considering executive/nonexecutive director and institutional owners as governance variables. Originality/value – This paper fulfills an identified need to study how Corporate Governance effect the performance of firm."

Purpose – The purpose of this paper is to investigate the relationship between auditor characteristics and the level of tax avoidance in an emerging market. Design/methodology/approach – In this regard, the effect of various factors such as auditor tenure, auditor industry specialization, audit reports and audit fees on tax avoidance was examined. The study sample includes listed companies in the Tehran Stock Exchange. The time period of study is six years from 2011 to 2016. Also in this study, firm size, leverage, firm age and auditor size were controlled. Findings – The results of this research were determined in four hypotheses. First and second hypotheses that explore the relationship between auditor tenure and auditor industry specialization with tax avoidance were not confirmed. But the results showed a significant relationship between the type of audit opinions and audit fees with tax avoidance. Originality/value – The current study investigates the auditor characteristics on tax avoidance in a developing nation of Iran and the results may helpful the developing countries.