查看更多>>摘要：This study examines the impact of Chinese stockmarket liberalization on the quality of firms' informationdisclosures. Although previous studies haveexplored the economic outcomes of stock marketliberalization, little is known about its impact on thequality of management earnings forecasts. We treatChina's Stock Connect program as a quasi‐experimentand draw data from Chinese A‐share‐listed companiesfrom 2012 to 2017. Using a staggered difference‐indifferencemodel, we find that eligible firms issue moreaccurate earnings forecasts after implementation of theConnect program compared with ineligible firms. Ourmechanism analyses show that the positive effect ismore pronounced for firms with initially opaqueinformation environment and higher ex ante agencycosts, suggesting that market liberalization facilitateshigher‐opaque firms to issue more accurate earningsforecasts to meet the information demand from foreigninvestors, and facilitates monitoring in firms with weakinternal governance, thereby improving earnings forecastsquality.
查看更多>>摘要：The Great Chinese Famine is considered one ofthe most traumatic events recorded in humanhistory and has a long‐lasting influence on thesurvivors' behaviors. Previous studies have linkedthe CEOs' early‐life experiences to corporate decisionsand managerial behaviors, but does experienceaffect corporate governance? We investigatethe impact of the CEO's early‐life famine experienceon tunneling using a data set consisting of 11,573firm‐year observations from the Chinese manufacturingcompanies publishing A‐shares on the mainboard from 2006 to 2016. We find that companiesrun by CEOs who experienced the Great ChineseFamine (1959–1961) in their early life are less likelyto collude with controlling shareholders to expropriateminority shareholders than those who did notsuffer the hardships of famine. We further makemediation tests to confirm two channels: riskaversion and empathy for poverty. The overallfindings align with the view of imprinting theory:CEOs' experiences of adverse events in their earlylife have a lasting impact on their later‐lifebehaviors.
查看更多>>摘要：Literature on investor sentiment has predominantlybeen conducted at the market level. Recent studiesemploying firm‐level sentiment have increasinglyturned to textual analysis; however, the suitability ofthis type of proxy is still unverified. We utilize theChinese stock market data from 2015 to 2023, aimingto discern whether the jump component of realizedvolatility possesses characteristics of investor sentiment.Our analysis reveals a pronounced short‐termpersistence in jump volatility, particularly, amongstocks that are hard to value and those with minimalinstitutional ownership. Further, we find that stocksexhibiting high monthly jump volatility consistentlyexhibit underperformance over extended periods,corroborating the hypothesis of sentiment‐inducedtemporary mispricing phenomena. Significantly, ourfindings advocate for the adoption of the jumpcomponent of realized volatility as a proxy for firmspecificinvestor sentiment, offering a novel perspectivein the sentiment analysis literature.
查看更多>>摘要：This study investigates the impact of managerialforeign experience on corporate employee protection.Using 30,644 firm‐year observations from 3972 Chineselisted firms from 2008 to 2020, I find that comparedwith firms without returnee directors, firms withreturnee directors pay more social insurance premiumsand implement better employee treatment policies. Thepositive relationship is stronger when returnee directorsacquire foreign work experience (as opposed toeducational experience), gain experience in countrieswith strong labor protection, serve as a CEO or achairperson in the Chinese firm, and have high mediavisibility. The cross‐sectional analysis shows the effect ofdirectors with foreign experience on employee protectionis greater in non‐state‐owned firms, and returneedirectors improve employee protections more when theemployees have relatively weak discourse power.Additional analysis finds that returnee directorsimprove employee training and occupational safety,and they help balance social insurance generosity andemployment levels. The results are robust after addressingthe potential endogeneity problems. My resultssuggest a potential way to transfer better labor protectionpractices from developed to emerging markets.
查看更多>>摘要：We examine the effects of environmental regulationson the profitability and value of Korean listed firms,exploiting the first phase of the Korean EmissionsTrading System (ETS) as an exogenous shock. Whileprevious studies have mainly focused on environmentalregulations in developed countries, often yieldinginconclusive results, emerging markets like SouthKorea remain less explored. Using data on Koreanlisted firms from 2011 to 2017, we explore the effects ofthe 2015 Korean ETS on environmental and financialperformance in treated firms. We find that treatedfirms did not reduce their carbon emissions, buttheir environmental ratings improved. Moreover, theETS slightly increased profitability but significantlydecreased firm value. Treated firms also exhibited ahigher systematic risk, indicating that investorsaccount for future carbon risks. In summary, theKorean ETS has not effectively incentivized firms toreduce emissions and has diminished their long‐termvalue.
Antonio D'AmatoMatteo CotugnoSalvatore PerdichizziValeria Stefanelli...
800-832页
查看更多>>摘要：Using a unique data set of Italian banks covering the2011 to 2019 period, this study investigates theinfluence of human resource training on bank stabilityand examines whether this relationship is affected bybank efficiency and credit risk. In line with theresource‐based view (RBV) of the firm, our findingssuggest that employee training exerts a positive impacton bank stability. Credit risk and bank efficiency arealso identified as potential drivers in this relationship.Importantly, our results remain robust when addressingendogeneity issues and considering alternativemodel specifications. This study offers novel insightsinto the impact of employee‐related variables on bankperformance. The practical implications of our findingshold relevance for both banks and regulatory authorities,as human resource training can profoundlyinfluence the effectiveness of risk management strategiesand, ultimately, the sound and prudent managementof banks.
Marco BellucciChiara CroviniCostanza Di FabioLorenzo Simoni...
833-866页
查看更多>>摘要：This study draws upon media agenda‐setting theory toinvestigate the relationship between negative mediacoverage around environmental, social, and governance(ESG) issues and the quality of integrated reporting (IR).In particular, we examine the top 100 South Africanlisted companies in the 2013–2018 timeframe for 317firm‐year observations. Our results reveal that IR qualityis positively related to negative ESG media coverage.Thus, a company exposed to more media pressure issueshigher‐quality IR consistent with its need to facescrutiny and potential reputational damage and torestore or maintain its legitimacy. Results are robust todifferent measures of negative ESG media coverage,controlling for ESG disclosures, and are confirmed byanalyses aimed at addressing endogeneity (instrumentalvariable approach, firm‐fixed effects, and matchedsamples). Subsample analyses show that financial sectorreputational concerns do not impact our results.Additional tests show no long‐term effects of negativemedia coverage on IR quality and that sustainabilityembeddedness alleviates a company's response tonegative ESG news in terms of enhanced reporting.
NETL
NSTL
Wiley