Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106393
Viet Tran
I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.
我研究了气候政策不确定性（CPU）如何影响收益管理（EM）。分析表明，高水平的气候政策不确定性与异常酌情应计项目绝对值的减少有关。这种关系在两种工具变量方法、若干内部和外部治理因素以及各种替代的 EM 度量中都保持稳健。此外，我还发现，CPU 与 EM 之间的负相关关系在那些更有可能陷入财务困境、更受机构投资者监督以及更有企业社会责任（CSR）实践的公司中更为明显。
{"title":"Climate policy uncertainty and earnings management","authors":"Viet Tran","doi":"10.1016/j.frl.2024.106393","DOIUrl":"10.1016/j.frl.2024.106393","url":null,"abstract":"<div><div>I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106393"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106385
Xiaofen Wang , Jing Yu , Jing Di
By employing a difference-in-differences (DID) model, this study comprehensively examined the interplay between China's enforcement of anti-monopoly policies in the digital economy sector and its impact on corporate innovation performance. We selected listed companies operating within this industry from 2012 to 2022. The findings underscore the significant positive contribution of anti-monopoly policies in strengthening innovation performance among the sample firms and shed light on the crucial role of anti-monopoly measures in fortifying intellectual property protection mechanisms. This fosters an environment conducive to even higher levels of corporate innovation, providing a comprehensive understanding of the dynamics at play.
{"title":"Effects of digital economic antitrust policy on enhancing corporate innovation performance","authors":"Xiaofen Wang , Jing Yu , Jing Di","doi":"10.1016/j.frl.2024.106385","DOIUrl":"10.1016/j.frl.2024.106385","url":null,"abstract":"<div><div>By employing a difference-in-differences (DID) model, this study comprehensively examined the interplay between China's enforcement of anti-monopoly policies in the digital economy sector and its impact on corporate innovation performance. We selected listed companies operating within this industry from 2012 to 2022. The findings underscore the significant positive contribution of anti-monopoly policies in strengthening innovation performance among the sample firms and shed light on the crucial role of anti-monopoly measures in fortifying intellectual property protection mechanisms. This fosters an environment conducive to even higher levels of corporate innovation, providing a comprehensive understanding of the dynamics at play.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106385"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106392
Yanqiong Liu , Xiaoling Li
This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.
{"title":"Green finance policies, resource allocation, and corporate social responsibility","authors":"Yanqiong Liu , Xiaoling Li","doi":"10.1016/j.frl.2024.106392","DOIUrl":"10.1016/j.frl.2024.106392","url":null,"abstract":"<div><div>This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106392"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106361
António Miguel Martins , Nuno Moutinho
The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.
{"title":"Stock-Term market impact of major cyber-attacks: Evidence for the ten most exposed insurance firms to cyber risk","authors":"António Miguel Martins , Nuno Moutinho","doi":"10.1016/j.frl.2024.106361","DOIUrl":"10.1016/j.frl.2024.106361","url":null,"abstract":"<div><div>The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106361"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106387
Jian Xu, Jian Yin
This paper aims to examine the impact of corporate digital transformation on environmental, social, and governance (ESG) performance of Chinese listed enterprises during 2018–2022. We also explore the chain mediating role of technological innovation and financing constraints. The paper suggests a positive relationship between digital transformation and ESG performance, and this impact is more prominent in private-owned enterprises, in large enterprises, and in high-tech and heavy-polluted industries. In addition, technological innovation and financing constraints have a chain mediating role in the influence of digital transformation on ESG performance. The findings will aid companies in improving ESG performance and achieving digital maturity.
{"title":"Digital transformation and ESG performance: The chain mediating role of technological innovation and financing constraints","authors":"Jian Xu, Jian Yin","doi":"10.1016/j.frl.2024.106387","DOIUrl":"10.1016/j.frl.2024.106387","url":null,"abstract":"<div><div>This paper aims to examine the impact of corporate digital transformation on environmental, social, and governance (ESG) performance of Chinese listed enterprises during 2018–2022. We also explore the chain mediating role of technological innovation and financing constraints. The paper suggests a positive relationship between digital transformation and ESG performance, and this impact is more prominent in private-owned enterprises, in large enterprises, and in high-tech and heavy-polluted industries. In addition, technological innovation and financing constraints have a chain mediating role in the influence of digital transformation on ESG performance. The findings will aid companies in improving ESG performance and achieving digital maturity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106387"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106384
Linh Thompson
We examine the effects of human capital disclosures on ownership structure. Firms which are highly intangible experienced an increase in institutional ownership concentration subsequent to the introduction of human capital disclosure rule. Using a differences-in-differences empirical design, we document that these firms also engaged in more earnings management. Collectively, these findings highlight the role of information disclosures in shaping ownership structure and corporate behaviors.
{"title":"Human capital disclosures and institutional ownership","authors":"Linh Thompson","doi":"10.1016/j.frl.2024.106384","DOIUrl":"10.1016/j.frl.2024.106384","url":null,"abstract":"<div><div>We examine the effects of human capital disclosures on ownership structure. Firms which are highly intangible experienced an increase in institutional ownership concentration subsequent to the introduction of human capital disclosure rule. Using a differences-in-differences empirical design, we document that these firms also engaged in more earnings management. Collectively, these findings highlight the role of information disclosures in shaping ownership structure and corporate behaviors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106384"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106380
Xiaoguang Gao , Juncheng Luo , Qiang Zhao
This study conducts an in-depth analysis of the relationship between the equity pledge phenomenon and analysts’ earnings forecast behavior using China's A-share listed companies from 2017 to 2022 as the research sample. Findings indicate that the existence of equity pledges increases the error range, optimism, and disagreement among analysts when making earnings forecasts. However, for non-state-owned enterprises, companies with a relatively high proportion of institutional shareholders, and those with better transparency, the impact of equity pledges on analysts’ forecasting behavior shows a weakening trend.
{"title":"Impact of equity pledges on analysts earnings forecasts","authors":"Xiaoguang Gao , Juncheng Luo , Qiang Zhao","doi":"10.1016/j.frl.2024.106380","DOIUrl":"10.1016/j.frl.2024.106380","url":null,"abstract":"<div><div>This study conducts an in-depth analysis of the relationship between the equity pledge phenomenon and analysts’ earnings forecast behavior using China's A-share listed companies from 2017 to 2022 as the research sample. Findings indicate that the existence of equity pledges increases the error range, optimism, and disagreement among analysts when making earnings forecasts. However, for non-state-owned enterprises, companies with a relatively high proportion of institutional shareholders, and those with better transparency, the impact of equity pledges on analysts’ forecasting behavior shows a weakening trend.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106380"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106376
Wenjuan Li , Xinghua Liu , Lei Zhou
This study examines the role of digital finance in enhancing the export competitiveness of Chinese corporations, drawing upon a dataset of listed companies spanning the years 2011 to 2022. It delves into the intricate relationship between digital finance and export performance, specifically focusing on the underlying mechanisms related to financing limitations and technological advancements. Our findings reveal that digital finance exerts a notable influence on expanding the export volume of enterprises. This effect is mediated through two primary pathways: mitigating financing constraints and fostering technological innovation.
{"title":"The role of digital finance in enhancing export competitiveness: insights from China's listed companies","authors":"Wenjuan Li , Xinghua Liu , Lei Zhou","doi":"10.1016/j.frl.2024.106376","DOIUrl":"10.1016/j.frl.2024.106376","url":null,"abstract":"<div><div>This study examines the role of digital finance in enhancing the export competitiveness of Chinese corporations, drawing upon a dataset of listed companies spanning the years 2011 to 2022. It delves into the intricate relationship between digital finance and export performance, specifically focusing on the underlying mechanisms related to financing limitations and technological advancements. Our findings reveal that digital finance exerts a notable influence on expanding the export volume of enterprises. This effect is mediated through two primary pathways: mitigating financing constraints and fostering technological innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106376"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106391
Zengfu Yao , Yonghuai Chen , Shicheng Deng , Yifeng Zhang , Yu Wei
The aim of this paper is to investigate the extreme spillover effects between the newly launched China's national carbon emission allowance and agricultural futures markets with the influence of global climate risk. The results show that, first, under both normal and extreme market (climate risk) conditions, the three edible oil futures, i.e., soybean oil, palm oil and rapeseed oil, are strong spillover senders to other agricultural futures. Second, under low and normal climate risk states, climate transition risk is a spillover transmitter, while under high climate risk states, climate physical risk becomes a spillover sender. In addition, the network analysis shows that climate risk is an important information receiving and disseminating node, and large changes in it can lead to increased systemic risk across the network. Finally, China's carbon emission allowance market is always a spillover receiver across different market (climate risk) conditions, and can be used as an appropriate hedging instrument for climate risk and agricultural futures. These findings have valuable implications for both policymakers and agricultural investors.
{"title":"Carbon emission allowance, global climate risk, and agricultural futures: An extreme spillover analysis in China","authors":"Zengfu Yao , Yonghuai Chen , Shicheng Deng , Yifeng Zhang , Yu Wei","doi":"10.1016/j.frl.2024.106391","DOIUrl":"10.1016/j.frl.2024.106391","url":null,"abstract":"<div><div>The aim of this paper is to investigate the extreme spillover effects between the newly launched China's national carbon emission allowance and agricultural futures markets with the influence of global climate risk. The results show that, first, under both normal and extreme market (climate risk) conditions, the three edible oil futures, i.e., soybean oil, palm oil and rapeseed oil, are strong spillover senders to other agricultural futures. Second, under low and normal climate risk states, climate transition risk is a spillover transmitter, while under high climate risk states, climate physical risk becomes a spillover sender. In addition, the network analysis shows that climate risk is an important information receiving and disseminating node, and large changes in it can lead to increased systemic risk across the network. Finally, China's carbon emission allowance market is always a spillover receiver across different market (climate risk) conditions, and can be used as an appropriate hedging instrument for climate risk and agricultural futures. These findings have valuable implications for both policymakers and agricultural investors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106391"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-05DOI: 10.1016/j.frl.2024.106386
Min Wan , Dedai Wei , Chenming Yu
This study examined the low-carbon pilot city policy as a critical policy intervention. We explored its potential impact on the financialization of China-listed companies. The findings indicate that listed companies exhibited a significant downward trend in the proportion of financial assets held among the low-carbon pilot city projects. Policy implementation has intensified the financing constraints of enterprises, effectively curbing the degree of corporate financialization. The effect of capital returning to the actual industry under policy guidance was more prominent for companies with a high proportion of institutional investors, underscoring the positive role of policy in adjusting enterprises’ capital structure while promoting the development of the real economy.
{"title":"Low-carbon pilot cities and financialization of listed companies: Inhibitory effects and policy analysis","authors":"Min Wan , Dedai Wei , Chenming Yu","doi":"10.1016/j.frl.2024.106386","DOIUrl":"10.1016/j.frl.2024.106386","url":null,"abstract":"<div><div>This study examined the low-carbon pilot city policy as a critical policy intervention. We explored its potential impact on the financialization of China-listed companies. The findings indicate that listed companies exhibited a significant downward trend in the proportion of financial assets held among the low-carbon pilot city projects. Policy implementation has intensified the financing constraints of enterprises, effectively curbing the degree of corporate financialization. The effect of capital returning to the actual industry under policy guidance was more prominent for companies with a high proportion of institutional investors, underscoring the positive role of policy in adjusting enterprises’ capital structure while promoting the development of the real economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106386"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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