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Sofia Johan [5]Sofia A. Johan [2]
  1.  22
    Institutional Investors, Political Connections, and the Incidence of Regulatory Enforcement Against Corporate Fraud.Wenfeng Wu, Sofia A. Johan & Oliver M. Rui - 2016 - Journal of Business Ethics 134 (4):709-726.
    We investigate two under-explored factors in mitigating the risk of corporate fraud and regulatory enforcement against fraud, namely institutional investors and political connections. The role of institutional investors in the effective monitoring of a firm’s management is well established in the literature. We further observe that firms that have a large proportion of their shares held by institutional investors have a lower incidence of enforcement actions against corporate fraud. The importance of political connections for enterprises, whether in a developed market (...)
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  2.  69
    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.  13
    The Effectiveness of Public Enforcement: Evidence From the Resolution of Tunneling in China.Lars Helge Haß, Sofia Johan & Maximilian André Müller - 2016 - Journal of Business Ethics 134 (4):649-668.
    This paper examines the effectiveness of public enforcement by studying the effects of regulatory intervention to curb tunneling through intercorporate loans in China. Specifically, we explore whether public enforcement efforts in 2006 resulted in less tunneling, and ultimately in increased performance for tunneling firms. We show that tunneling is among the dominant factors increasing the likelihood of becoming blacklisted. We also find that firms’ tunneling mechanisms decreased significantly after the regulatory shock, and that their performance increased significantly compared to non-tunneling (...)
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  4.  21
    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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  5.  27
    The Role of Corruption, Culture, and Law in Investment Fund Manager Fees.Sofia A. Johan & Dorra Najar - 2010 - Journal of Business Ethics 95 (S2):147 - 172.
    This article considers an international sample of venture capital and private equity funds to assess the role of law, corruption, and culture in setting fund manager fees. With better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. Countries with lower levels of corruption have lower fixed fees and higher performance fees, and are less likely to have clawbacks and cash-only distributions. Hofstede's measure of power distance is negatively (...)
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  6.  20
    Is Corporate Governance in China Related to Performance Persistence?Lars Helge Haß, Sofia Johan & Denis Schweizer - 2016 - Journal of Business Ethics 134 (4):575-592.
    This paper examines the relationship between performance persistence and corporate governance. We document systematic differences in performance persistence across listed companies in China during 2001–2011, and empirically demonstrate that firms with better corporate governance show higher performance persistence. The results are robust over both the short and long terms. We also find that performance persistence is an important factor in refinancing, and it can lower companies’ costs of borrowing. Overall, our findings offer important implications for business ethics, as we demonstrate (...)
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  7.  13
    Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust.Daniel Hain, Sofia Johan & Daojuan Wang - 2016 - Journal of Business Ethics 138 (4):743-764.
    Frequent and open interaction between venture capitalists and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we (...)
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