Chng Pheng Lui
Email Address
bizcpl@nus.edu.sg
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Publication CEO share ownership and firm value(2001) Tan, R.S.K.; Chng, P.L.; Tan, T.W.; FINANCE & ACCOUNTINGThis study examines the effect of CEO ownership on firm performance. The findings suggest that CEO ownership and firm performance are jointly determined. Firm performance affects CEO ownership positively and in turn, CEO ownership has a positive effect on firm performance. Our results also show that firms managed by founder CEOs have better performance and that the CEO duality structure is beneficial in a turbulent environment. © 2001 Kluwer Academic Publishers.Publication Research on global strategy(2000) Chng, P.-L.; Pangarkar, N.; FINANCE & ACCOUNTING; BUSINESS POLICYThis paper reviews the extant literature on global strategy. We argue that the literature has developed along three major directions, namely: (1) the literature identifying the emergence of a global village; (2) the literature identifying the advantages to a firm following a global strategy; and (3) the literature addressing the management challenges and the implementation issues faced by an international firm. We find that the literature has arrived at a number of important conclusions, namely: (1) the global environment places conflicting demands on participating firms; (2) there is no one strategy called global strategy, firms adopt different strategies to compete in the global arena; (3) the benefits accruing from a global strategy are contingent on the industry environment; (4) it is imperative to have multidimensional capabilities in the global arena; (5) matrix structures are becoming increasingly vital in implementing global strategies; and, finally, (6) the actual benefits of adopting matrix structures are contingent on the adoption of appropriate management processes. We identify the trends in the literature and suggest some directions for further research on the topic.Publication CEO share ownership and firm value(2000-02) Tan, Ruth Seow Kuan; Chng, Pheng Lui; Tan, Tee Ween; FINANCE & ACCOUNTINGPublication Private placements and rights issues in Singapore(2002) Tan, R.S.K.; Chng, P.L.; Tong, Y.H.; FINANCE & ACCOUNTINGThis study documents positive announcement effects of seasoned equity issues in Singapore for the period 1987-1996. For rights issues, we find higher abnormal returns for firms that undertake larger issues. The issue size reflects the magnitude of favorable news on the issuing firms' earning prospects. When firms announce investment opportunities or capital expenditure simultaneously, the positive impact is even greater. For private placements, the abnormal returns are positively related to the placement price. The greater is the requirement for external equity financing, the higher is the placement premium. Issue size seems to reflect the impact of investment opportunities on the firms. ©2002 Elsevier Science B.V. All rights reserved.