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Abstract :
Investor sentiment affects investors' value judgment, risk preference, and decision-making process. Based on the perspective of marginal cost-benefit analysis, we investigate whether and how investor sentiment, as a type of behavior bias, affects corporate tax avoidance. The results indicate that increases in investor sentiment are associated with increases in corporate tax aggressiveness. In addition, the association is more pronounced for firms which have more retail investors, which are private enterprises, and which are located in areas with weaker tax enforcement. Further evidence shows that increased tax avoidance induced by increases in investor sentiment significantly enhances firms' short-term stock return, but impairs firms' long-term value. Our focus on the impact of investor sentiment on corporate tax aggressiveness enriches the research on the determinants of corporate tax avoidance and deepens the understanding of the cost-benefit trade-off of tax aggressiveness. This paper also has practical implications for regulatory authorities and investor protection. © 2021, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
Keyword :
Cost accounting Cost benefit analysis Decision making Economic analysis Economic and social effects Investments Taxation
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GB/T 7714 | Tian, Gaoliang , Bei, Chengcheng , He, Chang et al. Investor sentiment and corporate tax avoidance [J]. | System Engineering Theory and Practice , 2021 , 41 (11) : 2806-2821 . |
MLA | Tian, Gaoliang et al. "Investor sentiment and corporate tax avoidance" . | System Engineering Theory and Practice 41 . 11 (2021) : 2806-2821 . |
APA | Tian, Gaoliang , Bei, Chengcheng , He, Chang , Si, Yi . Investor sentiment and corporate tax avoidance . | System Engineering Theory and Practice , 2021 , 41 (11) , 2806-2821 . |
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Abstract :
Taking the staggered introduction of margin purchasing and short selling pilot program in China as a natural experiment, this study tests its influence on managerial tax avoiding activities. We establish our tests on detailed discussions about the self-selection problems in our setting and use a difference-indifference method to identify the casual link. The results revel that the introduction of margin trading and short selling pilot program has significant monitoring effects on corporate tax avoidance. Tax avoiding activates experience a significant reduction after firms are selected into the pilot program. In addition, the phenomenon is more pronounced for firms whose managers hold shares and thus face direct wealth loss resulting from short selling. Also, we find that the phenomenon is more pronounced when firms are operated in looser tax enforcement areas. Further evidence shows that short sellers do target firms with aggressive tax avoiding activities while margin purchasers exhibit no trading interests, and thus the effect of the pilot program on tax avoidance can be safely attributed to the short selling threats. Finally, as the natural consequence of the reduction of complicated tax avoiding activities, we find pilot firms enjoy a more transparent information environment. © 2020, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
Keyword :
Commerce Managers Sales Software testing Taxation
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GB/T 7714 | Tian, Gaoliang , Li, Xing , Xue, Fujing . Short selling threat and corporate tax avoidance: Evidence from China [J]. | System Engineering Theory and Practice , 2020 , 40 (3) : 579-592 . |
MLA | Tian, Gaoliang et al. "Short selling threat and corporate tax avoidance: Evidence from China" . | System Engineering Theory and Practice 40 . 3 (2020) : 579-592 . |
APA | Tian, Gaoliang , Li, Xing , Xue, Fujing . Short selling threat and corporate tax avoidance: Evidence from China . | System Engineering Theory and Practice , 2020 , 40 (3) , 579-592 . |
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Abstract :
Based on the information asymmetry perspective, this paper chooses mergers and acquisitions (M&A) between Chinese A-share listed firms in year 2004-2013 and mainly studies whether target analyst following impact merger economic outcomes, including merger performance of acquirer firms and target firms. Through empirical test, the results show that target analyst following can negatively impact the short-term merger performance of acquirer firms and positively impact the short-term merger performance of target firms. Simultaneously, target analyst following has a significantly negative impact on acquirer firms' long-term financial performance and market reaction. This paper provides new interpretation to the "merger premium puzzle" in Chinese stock market. © 2016, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
Keyword :
Analyst following Chinese stock market Empirical test Event studies Financial performance Information asymmetry Market reactions Merger performance
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GB/T 7714 | Han, Jie , Tian, Gaoliang , Feng, Hua . The impact of analyst following on merger performance [J]. | Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice , 2016 , 36 (2) : 400-412 . |
MLA | Han, Jie et al. "The impact of analyst following on merger performance" . | Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice 36 . 2 (2016) : 400-412 . |
APA | Han, Jie , Tian, Gaoliang , Feng, Hua . The impact of analyst following on merger performance . | Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice , 2016 , 36 (2) , 400-412 . |
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Abstract :
Customer demand cluster analysis is an important basis of customer classification in management decision. With the development of structural models on customer's demands, the application of traditional cluster method based on demand characteristic vector is limited. In this paper, according to customer demand logic, we drew lessons from Concept Graph to define the formal structure of demand graph. Based on this view, we proposed a model of Demand Structure Graph Cluster Pattern(DSG-CP), including: Similarity judgment and distance algorithm on different demand structural graphs; Clustering center selection of demand graph; Improved clustering algorithm and implementary system process. Finally, we verified the algorithm with customers' data of mobile communications in a certain region. © 2011 IEEE.
Keyword :
Clustering analysis Clustering centers Customer classification Customer segmentation Demand graphs Management decisions Mobile communications Similarity judgments
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GB/T 7714 | Wan, Yinghong , Lv, Hongjun , Li, Fei . Research on customer demand cluster method based on "graph" [C] . 2011 . |
MLA | Wan, Yinghong et al. "Research on customer demand cluster method based on "graph"" . (2011) . |
APA | Wan, Yinghong , Lv, Hongjun , Li, Fei . Research on customer demand cluster method based on "graph" . (2011) . |
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Abstract :
Customer relationship retention is based on win-win benefits and trust. This paper attempts to use game theory to analysis benefit characters strategy selection problem under co-competition environment. Based on previous research, this paper proposes reputation benefit which can reflect the history knowledge and expected trust, then analysis that reputation has interference effect for relationship development. In addition, this paper also discusses that self-managed reinforce mechanism from reputation and punitive mechanism from external system have complementary roles of customer relationship retention. © 2011 IEEE.
Keyword :
Competition environments Customer relationships Interference effects Relationship development Reputation Reputation benefit Strategy-selection problem Trust
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GB/T 7714 | Yinghong, Wan , Xiaopeng, Cao , Wenli, Shao et al. Customer relationship retention game based on relationship reputation [C] . 2011 : 6852-6855 . |
MLA | Yinghong, Wan et al. "Customer relationship retention game based on relationship reputation" . (2011) : 6852-6855 . |
APA | Yinghong, Wan , Xiaopeng, Cao , Wenli, Shao , Hongjun, Lv . Customer relationship retention game based on relationship reputation . (2011) : 6852-6855 . |
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Abstract :
Since it is difficult to identify customer implicit demands in customer retention strategies, psychological contract theory provides a new perspective to identify them. Under the win-win principle, with psychological contract theory, this paper revealed customer's perceived organization responsibility, information environment and the basis of cognitive beliefs. Then according to previous research findings, we summarized the elements of organization responsibility in customer psychological contract. In addition, the corresponding questionnaires on organization responsibility were designed. Taking hairdressing, glass and airline as the backgrounds, by data analysis, the empirical research proved the four-dimensional structure of organization responsibility, i.e., service standard, service fairness, interpersonal communication and symbiosis development. Finally, differences of organization responsibility strengths in these three industries were analyzed. © 2011 IEEE.
Keyword :
Cognitive beliefs Customer retention Empirical research Four-dimensional structures Information environment Inter-personal communications Psychological contracts Service relationship
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GB/T 7714 | Wan, Yinghong , Yue, Ying , Jiang, Liquan . Research on the dimensions of organization responsibility in customer psychological contract [C] . 2011 . |
MLA | Wan, Yinghong et al. "Research on the dimensions of organization responsibility in customer psychological contract" . (2011) . |
APA | Wan, Yinghong , Yue, Ying , Jiang, Liquan . Research on the dimensions of organization responsibility in customer psychological contract . (2011) . |
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Abstract :
Customer value (CV) identification is the basis for customer relationship retention strategic decision-making, and both variables and criteria for value identification need to reflect strategic intentions of enterprise customer resources. In this paper, we analyzed the limitations of one of the widely-used methods, K-means cluster method. Then, we proposed a modified method for customer value identification, and this method combined the technique of selecting the optimal K-value based on genetic algorithm with the technology of setting weights for customer value variables. This paper also systematically described the key methodologies and implementation procedures for design of evaluation system, index weight setup, value measurement and evaluation, and genetic cluster analysis. Furthermore, we used a data set related to customer relationship retention collected from a real-life enterprise to demonstrate the application of the proposed method. Finally, we compared the solutions of genetic cluster algorithm with K-means. © 2010 IEEE.
Keyword :
Customer relationships Customer value identifications Enterprise customers Genetic cluster analysis Identification method Strategic decision making Theoretical modeling Value evaluation systems
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GB/T 7714 | Wan, Yinghong , Cao, Xiaopeng , Jiang, Liquan . RETRACTED ARTICLE: A customer identification method based on genetic algorithm and customer value model: Theoretical model and empirical application [C] . 2010 : 687-693 . |
MLA | Wan, Yinghong et al. "RETRACTED ARTICLE: A customer identification method based on genetic algorithm and customer value model: Theoretical model and empirical application" . (2010) : 687-693 . |
APA | Wan, Yinghong , Cao, Xiaopeng , Jiang, Liquan . RETRACTED ARTICLE: A customer identification method based on genetic algorithm and customer value model: Theoretical model and empirical application . (2010) : 687-693 . |
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Keyword :
对等局域网 共享 级联 实验教学模式
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GB/T 7714 | . WINDOWS下的对等局域网组建 [J]. | 高校实验室工作研究 , 2004 , (1) : 21-23 . |
MLA | "WINDOWS下的对等局域网组建" . | 高校实验室工作研究 1 (2004) : 21-23 . |
APA | . WINDOWS下的对等局域网组建 . | 高校实验室工作研究 , 2004 , (1) , 21-23 . |
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