Journal of Corporate Finance最新文献

英文中文

Transparency as the antidote: Do trade disputes intensify corporate earnings management? 透明度是解药：贸易争端会加剧企业盈余管理吗？

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-05-28 DOI: 10.1016/j.jcorpfin.2025.102826

Shouyu Yao , Tianze Li , Jing Liao , Kam C. Chan , Xutang Liu

Using manually matched data from US-China trade dispute records and Chinese customs trade data, this study assesses the impact of the US-China trade disputes on corporate earnings management (EM) of Chinese listed companies. We find a significant reduction in accrual-based EM in firms affected by the retaliatory tariff changes due to the trade disputes. Furthermore, the impact of this shock goes beyond the directly affected firms and spreads along the supply chain as well as through block shareholding. Importantly, after excluding alternative explanations such as government subsidies, or managerial slack caused by government implicit guarantees, our results remain robust. Our mechanism analysis suggests that in response to the trade disputes, contracting parties seek transparency to alleviate information asymmetry, therefore, the increased demands for high earnings quality from creditors explain the impact of trade disputes on EM. We further find that trade disputes mainly reduce downward earnings manipulations, with no significant impact on upward EM or real EM. Additionally, the trade disputes effect is weaker in firms with political connections and effective monitoring mechanisms. Overall, this study highlights that firms strategically manage the disclosure of accounting information under uncertainties, where contracting demand is a significant factor explaining why firms enhance earnings quality in reaction to trade disputes.

本研究利用中美贸易争端记录和中国海关贸易数据的人工匹配数据，评估了中美贸易争端对中国上市公司盈余管理的影响。我们发现，在受贸易争端导致的报复性关税变化影响的企业中，基于应计制的新兴市场显著减少。此外，这种冲击的影响超出了直接受影响的公司，并沿着供应链以及通过大宗持股扩散。重要的是，在排除政府补贴或政府隐性担保导致的管理松懈等其他解释后，我们的结果仍然稳健。我们的机制分析表明，为了应对贸易争端，缔约方寻求透明度以缓解信息不对称，因此，债权人对高盈余质量的需求增加解释了贸易争端对新兴市场的影响。我们进一步发现，贸易争端主要减少了向下的盈余操纵，对向上的新兴市场或真实的新兴市场没有显著影响。在具有政治关系和有效监督机制的企业中，贸易争端效应较弱。总体而言，本研究强调了企业在不确定性下战略性地管理会计信息披露，其中收缩需求是解释为什么企业在应对贸易争端时提高盈余质量的重要因素。

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引用次数: 0

Do firms benefit from carbon risk management? Evidence from the credit default swaps market 企业能从碳风险管理中获益吗？来自信用违约互换市场的证据

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-06-30 DOI: 10.1016/j.jcorpfin.2025.102843

Huu Nhan Duong , Petko S. Kalev , Madhu Kalimipalli , Saurabh Trivedi

This paper contributes to existing climate finance literature by examining how firms' proactive management of carbon risks affects market assessment of their credit risk. Using two quasi-exogenous events involving the 2015 Paris Climate Agreement and the staggered implementation of U.S. state climate adaptation plans, we find that stronger carbon risk management is associated with significantly lower credit default swap spreads. Our results are not driven by firm-level climate exposure, and social or governance risk. Firms with better carbon risk management also exhibit lower subsequent carbon emissions. Our paper highlights the importance of carbon risk management in mitigating credit risk.

本文通过研究企业对碳风险的主动管理如何影响市场对其信用风险的评估，对现有的气候金融文献做出了贡献。利用2015年《巴黎气候协定》和美国各州气候适应计划的交错实施这两个准外生事件，我们发现，更强的碳风险管理与显著降低的信用违约互换价差相关。我们的结果不受公司层面的气候风险、社会或治理风险的影响。碳风险管理较好的企业也表现出较低的后续碳排放。本文强调了碳风险管理对降低信用风险的重要性。

引用次数: 0

Firm-level climate sentiments, climate politics and implied cost of equity capital 企业层面的气候情绪、气候政治和隐含的权益资本成本

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102846

Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé

In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered in RED and SWING states, supporting “boomerang hypothesis” that green firms are hedged against potential changes in local climate standards and thus enjoy considerably cheaper financing in the localities marred with greenhouse gas emission concerns, climate related physical disasters, and climate unfriendly political environment. We utilize the variation in regionwide and statewide public beliefs about scientists' beliefs regarding the occurrence of global warming as an instrument to address endogeneity issues, among other tests.

在美国公司的样本中，我们发现了强有力的证据，表明公司的隐含股权成本在公司层面的盈利电话会议参与者的气候变化情绪的新代理中正在下降，这支持了先前的文献，表明投资者要求从他们对棕色公司的投资中获得更高的回报，而从绿色公司的投资中获得更低的回报。然而，对于总部位于人均能源相关二氧化碳排放量高于中位数的州的公司，总部位于气候相关灾害密集县的公司以及总部位于红色和摇摆州的公司来说，这种影响尤为明显。支持“回旋镖假说”，即绿色企业可以规避当地气候标准的潜在变化，从而在存在温室气体排放问题、与气候相关的自然灾害和气候不友好的政治环境的地方享受相当低的融资成本。我们利用在区域和国家范围内的变化公众信念的科学家关于全球变暖的发生的信念作为一种工具来解决内生性问题，在其他测试。

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引用次数: 0

Special issue on non-significant results 关于非显著结果的特刊

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-06-25 DOI: 10.1016/j.jcorpfin.2025.102842

Matthew C. Ringgenberg

Academic journals are biased towards publishing results that are statistically significant and this bias can lead to incorrect inferences about economic parameters of interest. This special issue was created as a counter to this bias. The issue contains a mix of articles on important economic questions regardless of whether they document statistically significant results. Some of these articles provide evidence that a well-established result in the literature is not reliably confirmed in existing data, some provide novel empirical evidence that a theorized result is not statistically significant, and some of the articles provide methodological improvements to assist future research. In this preface to the special issue, I provide a brief overview of the literature on publication bias and discuss some of the proposed remedies with a goal of improving inference about important economic questions and encouraging academics to pursue research even if the results are not statistically significant.

学术期刊倾向于发表具有统计意义的结果，这种偏见可能导致对感兴趣的经济参数的错误推断。这期特刊就是为了对抗这种偏见而创造的。这期杂志包含了一些关于重要经济问题的文章，而不管它们是否记录了统计上显著的结果。其中一些文章提供的证据表明，文献中已确立的结果在现有数据中无法得到可靠的证实；一些文章提供了新的经验证据，表明理论化的结果在统计上不显著；还有一些文章提供了方法上的改进，以协助未来的研究。在这篇特刊的序言中，我简要概述了关于发表偏倚的文献，并讨论了一些拟议的补救措施，目的是改进对重要经济问题的推断，并鼓励学者继续研究，即使结果在统计上不显著。

引用次数: 0

Tightening monetary policy and investment dynamics in the European Monetary Union: Firm- and country-level heterogeneity 紧缩的货币政策和欧洲货币联盟的投资动态：企业和国家层面的异质性

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jcorpfin.2025.102853

Paolo Canofari , Marco Cucculelli , Alessandro Piergallini , Matteo Renghini

We employ firm-macro matched data on small and medium-size enterprises in the European Monetary Union to study the investment response to tight monetary policy shocks. We show that firms with higher leverage and longer debt maturity are more negatively responsive to monetary restrictions. Capital structure significantly interacts with monetary policy transmission: a leverage ratio one percentage point larger than average is associated with a semi-elasticity of investment to a nominal interest rate hike approximately 8 % higher two years following the monetary shock. Firm-level heterogeneity proves to be more pronounced in the presence of long-term—rather than short-term—indebtedness. We further argue that the investment response to monetary contractions is heterogeneous not only with respect to the firm-level financial structure but also in relation to the country-specific financial and productive conditions. Specifically, we show that the investment semi-elasticity to rate hikes significantly increases in countries characterized by higher frictions in accessing the credit market and in countries featured by either a larger share of small-size firms or a larger share of intangible assets.

我们采用欧洲货币联盟中小企业的公司-宏观匹配数据来研究投资对紧缩货币政策冲击的反应。我们发现，杠杆率较高、债务期限较长的企业对货币限制的负面反应更强。资本结构与货币政策传导之间存在显著的相互作用：杠杆率高于平均水平1个百分点，与货币冲击后两年名义利率上调约8%的投资半弹性相关。事实证明，企业层面的异质性在长期负债而非短期负债的情况下更为明显。我们进一步认为，投资对货币紧缩的反应不仅与公司层面的金融结构有关，而且与国家特定的金融和生产条件有关。具体而言，我们表明，在进入信贷市场摩擦较高的国家，以及在小企业或无形资产占较大份额的国家，投资对加息的半弹性显著增加。

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引用次数: 0

Managerial incentives and trade credit: Evidence from China's EVA appraisal reform among CSOEs 管理激励与贸易信用：来自中国中央企业经济增加值评估改革的证据

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-05-11 DOI: 10.1016/j.jcorpfin.2025.102811

Yang He , Xin Pang , Kemin Wang

Exploiting the mandatory implementation of the economic value added (EVA) appraisal reform among central state-owned enterprises (CSOEs) in China in 2010 as a quasi-natural experiment, this study investigates the effect of managerial incentives on firms' use of trade credit financing. Using a sample of CSOEs and non-state-owned enterprises (non-SOEs) listed on China's A-share market, we find that CSOEs use more trade credit than non-SOEs after the adoption of the EVA appraisal reform. This effect is more pronounced for CSOEs in non-strategic industries or in industries with intense competition; for CSOEs with underperforming EVA, with a lower actual cost of debt, or without political connections; and for CSOEs whose managers are in the last year of their assessment tenure. Furthermore, after the mandatory reform, the increased use of trade credit financing significantly improves the EVA performance of CSOEs, thereby further increasing executive compensation. These results suggest that CSOE managers with strong incentives use nominal interest-free trade credit financing to enhance EVA performance. Our study provides a new explanation for the differences in trade credit financing among firms with different property rights and has implications for investigating the role of managerial incentives in informal financing decisions.

本研究以2010年中央国有企业经济增加值（EVA）考核改革的强制实施为准自然实验，探讨了管理激励对企业贸易信贷融资的影响。以a股上市的国有企业和非国有企业为样本，我们发现，采用EVA评估改革后，国有企业比非国有企业使用更多的贸易信贷。这种效应在非战略性行业或竞争激烈行业的央企中更为明显；对于EVA表现不佳、实际债务成本较低或没有政治关系的中央企业；以及管理人员处于评估任期最后一年的中央企业。此外，强制性改革后，增加贸易信贷融资的使用显著提高了国有企业的EVA绩效，从而进一步提高了高管薪酬。这些结果表明，激励较强的国有企业管理者使用名义无息贸易信贷融资来提高EVA绩效。我们的研究为不同产权企业之间贸易信贷融资的差异提供了新的解释，并对研究管理层激励在非正式融资决策中的作用具有启示意义。

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引用次数: 0

The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis 算法的善与恶：投资对价格的敏感性和学习假设

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.jcorpfin.2025.102834

Nihad Aliyev , Fariz Huseynov , Khaladdin Rzayev

We investigate how firm managers’ learning from share prices is influenced by two different types of algorithmic trading (AT) activities in their shares. We find that liquidity-supplying AT enhances managers’ ability to learn from share prices by encouraging information acquisition in markets, leading to increased investment sensitivity to share prices. However, liquidity-demanding AT impairs this learning process by discouraging information acquisition. Firm operating performance correspondingly improves with liquidity-supplying AT and deteriorates with liquidity-demanding AT. To establish causality, we use NYSE’s Autoquote implementation as a source of exogenous variation in AT. Our findings demonstrate AT’s significant impact on real economic outcomes.

我们研究了公司经理从股价中学习如何受到两种不同类型的算法交易（AT）活动的影响。我们发现，流动性供给的AT通过鼓励市场上的信息获取，增强了经理人从股价中学习的能力，从而增加了对股价的投资敏感性。然而，流动性要求的AT阻碍了信息获取，从而损害了这一学习过程。企业经营绩效在提供流动性的条件下相应提高，在需要流动性的条件下相应恶化。为了建立因果关系，我们使用纽约证券交易所的自动报价实现作为AT的外生变化的来源。我们的研究结果表明，AT对实际经济结果有重大影响。

引用次数: 0

Exposures to common shocks along supply chains and relative performance evaluation in CEO compensation contracts 供应链中常见冲击的暴露与CEO薪酬合同中的相对绩效评估

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-05-29 DOI: 10.1016/j.jcorpfin.2025.102827

YiLin Wu , Richard Lok-Si Ieong , Shawn Thomas

A fundamental prediction from principal-agent theory is that firms facing greater ex ante exposures to exogenous common shocks should more frequently utilize relative performance evaluation (RPE) in CEO compensation contracts. Recent advances in modeling the economy as a supply network consisting of sectors connected through input-output linkages establish that industries positioned more centrally or upstream face greater ex ante exposures to exogenous common shocks propagating through the network. This paper investigates the impact of firms' network positions on the use of RPE in CEO compensation. We find that firms in industries positioned more centrally or upstream use RPE more frequently and base greater fractions of CEO pay on RPE. We also document that network positions explain variation in firms' RPE-plan implementation via the selection of peers. Our findings are consistent with boards using RPE to filter from CEO pay exogenous shocks to firm performance inherent in firms' supply network positions.

委托代理理论的一个基本预测是，面对更大的外生共同冲击的企业应该更频繁地在CEO薪酬合同中使用相对绩效评估（RPE）。将经济建模为一个由通过投入产出联系连接的部门组成的供应网络的最新进展表明，位置更靠中心或靠上游的行业面临更大的预先暴露于通过网络传播的外生共同冲击。本文研究了企业网络地位对CEO薪酬中RPE使用的影响。我们发现，处于更集中或上游行业的公司更频繁地使用RPE，并将更大比例的CEO薪酬基于RPE。我们还证明了网络位置通过同伴的选择解释了公司rpe计划实施的变化。我们的发现与董事会使用RPE来过滤CEO薪酬对公司供应网络位置固有的公司绩效的外生冲击是一致的。

引用次数: 0

A new lease on firm behavior 坚定行为的新租约

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-05-10 DOI: 10.1016/j.jcorpfin.2025.102793

Matteo Binfarè , Robert A. Connolly , Fotis Grigoris , Crocker H. Liu

When firms have discretion in valuing their balance sheet debt, how do they make this valuation decision given its impact on firm value? Firms make extensive use of operating leases, but unlike other types of debt, their balance sheet value is set by the firm. Using novel information on operating leases, we examine firm behavior in valuing these leases. We find that 20% of firms report higher-than-expected rates, reflecting their cost of unsecured rather than collateralized borrowing. These firms have poor information quality, operate in competitive markets, and understate lease and debt ratios by 15%.

当企业在评估其资产负债表债务时拥有自由裁量权，鉴于其对企业价值的影响，他们如何做出这一估值决策？企业广泛使用经营租赁，但与其他类型的债务不同，它们的资产负债表价值是由企业设定的。利用经营租赁的新信息，我们研究了评估这些租赁的企业行为。我们发现，20%的公司报告的利率高于预期，这反映了它们的无担保借款成本，而不是抵押借款成本。这些公司的信息质量很差，在竞争激烈的市场中运营，并且将租赁和债务比率低估了15%。

引用次数: 0

CEO cultural heritage and corporate social responsibility CEO文化传承与企业社会责任

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-01 Epub Date: 2025-07-23 DOI: 10.1016/j.jcorpfin.2025.102857

Md Showaib Sarker , Ahmed Elnahas

We examine the impact of CEOs' cultural heritage on corporate social responsibility. CEOs originating from countries with high Power Distance have high CSR scores, while those originating from Individualistic and Indulgent cultures have low CSR scores. This effect lasts up to three generations before it disappears due to acculturation. These results are robust to using propensity score matching, entropy balancing, Difference-in-Differences (DiD) estimation around CEO turnover, and a subsample of founder CEOs to address endogeneity and selection bias. Our findings shed light on the formation process of managers' intrinsic motives for prosocial behavior and hence improve our understanding of insider-initiate corporate philanthropy.

我们考察了ceo文化遗产对企业社会责任的影响。来自高权力距离国家的ceo的社会责任得分较高，而来自个人主义和放纵文化的ceo的社会责任得分较低。这种影响可以持续三代，然后由于文化适应而消失。这些结果对于使用倾向得分匹配、熵平衡、围绕CEO离职的差分估计以及创始人CEO的子样本来解决内生性和选择偏差具有鲁棒性。我们的研究结果揭示了管理者亲社会行为内在动机的形成过程，从而提高了我们对内部发起的企业慈善事业的理解。

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