Managerial and Decision Economics最新文献

This study examines the effects of stricter tax enforcement on the labor income share of firms in China, using the merger of the State Tax Bureau (STB) and Local Tax Bureau (LTB) as a quasi-natural experiment. We employ a difference-in-differences (DID) approach and find that after the merger, tougher tax enforcement leads to a decrease in the labor income share of firms. This effect is particularly pronounced in firms that are highly reliant on labor or have lower tax transfer abilities. The mechanism tests indicate that stricter tax enforcement increases tax burdens, financing costs, and financing constraints, and decreases tax avoidance, leading to higher fixed assets investment and reduced human capital investment. These results are in line with the financing constraint channel. The findings remain robust when subjected to parallel trend testing, alternative variable measurements, and sample selection, excluding the impact of other policies and anticipation effect. Our findings can inform policymakers in their efforts to modernize and transform the tax governance system, reduce the income gap, and promote common prosperity.

In this paper, we propose a dynamic trust consensus model, considering the closeness of the relationship and trust relationship between decision makers (DMs) in a social network. First, the propagation efficiency of indirect trust is proposed for obtaining a complete social trust network based on the closeness of relationships among DMs and the similarity of evaluations. The large-scale DMs are clustered into subgroups using the social-similarity index between DMs. In the consensus reaching process (CRP), this paper proposes a new way to identify overconfident and non-cooperative behaviors. For overconfident and inconsistent DMs, it is essential to not only adjust their evaluated values but also reduce their confidence levels in the feedback adjustment stage. This paper proposes a new dynamic trust approach to penalize DMs with overconfident or non-cooperative behaviors. Finally, an investment problem of a new energy project is used to test the feasibility of the proposed approach in this paper. The results of the comparative analysis illustrate the feasibility and innovation of the consensus decision-making method proposed in this paper.

Faced with the intensification of international competition, the innovation consortium, as an important open innovation paradigm to promote the deep integration of industrial chain and innovation chain, has become a key path for the breakthrough of industrial core technology. However, there are some practical challenges in forming an innovation consortium, such as prominent sharing barriers of key resources and insufficient collaborative efficiency, which make it challenging to meet the needs of sustainable innovation. Based on this, this paper breaks through the traditional linear collaboration analysis framework. It constructs a game model of “leading enterprise-cooperative organization-government” to describe the interaction mechanism of multiagent key resource sharing decision-making in an information asymmetric environment from the perspective of multiagent collaboration and multihelix. Vensim-PLE simulation software is used to simulate and analyze the influencing factors of multihelix of key resource sharing. The results show that the degree of participation of various agents in sharing key resources is closely related to the sharing ability, cost, benefit, and coordination mechanism. In addition, improving the effectiveness of sharing key resources, enhancing the willingness and scope of sharing, and optimizing resource potential differentials can significantly promote the effect of multihelix of key resources. Therefore, this paper puts forward relevant management suggestions on improving innovation consortium's incentive and constraint mechanism, dynamic selection of partners, and construction of pricing and compensation mechanisms to enhance the innovation consortium's sustainable innovation. To sum up, this study not only expands the research paradigm of open innovation and enriches the connotation dimension of collaborative innovation theory but also provides new ideas for innovation consortiums under competitive environment to solve the dilemma of “resource island” and achieve sustainable collaborative innovation, which has significant practical value for guiding the breakthrough of industrial core technologies.

This study explores the supporting dynamics of the trade-off notion and Porter's win–win hypothesis by conducting an empirical analysis between corporate climate investments (CCI) and strategic financial management approaches. For this purpose, we consider Chinese A-shares listed corporations from 2010 to 2022. Utilizing a two-step system generalized method of moment (GMM) for regression analysis; the findings reveal an inverse relationship between CCI and debt financing approach (DFA) because financial institutions incorporate environmental risks into their lending decisions, leading to higher interest rates that deter corporations from leveraging debt. However, a notable and positive correlation exists between the CCI and the equity financing approach (EFA). This relationship arises because investments in climate-related initiatives significantly enhance a corporation's public image, demonstrating its commitment to environmental sustainability and social responsibility. Such actions foster investor goodwill and trust, aligning with broader sustainable development goals. Consequently, this alignment renders the EFA increasingly appealing to investors. These findings highlight the strategic importance of CCI in contemporary corporate finance, underlining their twofold capacity to foster corporate and environmental sustainability. Moreover, this study challenges the traditional Trade-off paradigm, which posits that companies must choose between environmental sustainability and economic performance. In contrast, it supports Porter's win–win hypothesis, advocating for an integrated corporate strategy that aligns environmental and economic sustainability, highlighting the potential for businesses to achieve both objectives simultaneously.

In the face of the dilemma between disclosure willingness and disclosure quality in voluntary information disclosure regulation, alongside prevalent violations in voluntary disclosure practices, it is necessary to further analyze whether random on-site inspection is an effective approach of regulating voluntary disclosure. This paper examines the impact of the China Securities Regulatory Commission's (CSRC) randomized inspections on voluntary information disclosure, focusing on voluntary earnings forecasts. Using a sample of Chinese A-share listed companies from 2016 to 2022, the study explores whether the “double random, one open” effectively resolves the conflicting issues between disclosure quality and willingness in the regulation of voluntary information disclosures. Our findings indicate that after being included in the CSRC's randomized inspection list, companies show a significant improvement in the quality of their voluntary earnings forecast disclosures, without a reduction in their willingness to disclose. Mechanism analysis reveals that randomized inspections enhance the quality of voluntary earnings forecasts through direct deterrence, by increasing the intensity of regulatory penalties, and indirect deterrence, by attracting market participants, media, and regulatory attention. Heterogeneity analysis suggests that such deterrence effect is more pronounced in regions with higher regulatory pressure and in cases where resampling selection is employed. Heterogeneity analysis based on firm characteristics indicates that the deterrent effect of randomized on-site inspections is more pronounced in smaller firms and non-state-owned enterprises. Economic consequence analysis shows that enhancing the quality of voluntary earnings forecasts through randomized on-site inspections can help reduce the risk of stock price crashes. Additionally, randomized inspections may lead to more conservative disclosures by listed companies, expanding the width of earnings forecasts. However, the reduction in the precision of management earnings forecasts would not result in negative economic consequences. In the context of inadequate regulation of voluntary information, this paper provides feasible solutions for further standardizing the regulation of voluntary disclosure.

The present study investigates the impact of green loan disclosure (GLD) on the market value (MV) of commercial banks, with a focus on the moderating role of sustainable governance (SUSTG). The study adopts content analysis approach to construct GLD and SUSTG index using the annual reports of over a period 13 years (2012–2024). Drawing on the results of panel regression models, the research concludes that the market value of banks improves with an increased amount of GLD. Further, the study confirms the positive moderating effect of SUSTG on this relationship as GLD of sustainability-governed banks provides assurance to the voluntary disclosed green loan information. The findings of the study are validated for potential endogeneity issues using system GMM approach. The current research contributes to the extant research by emphasizing the value relevance of sustainability practices in the financial services sector and pronounces implications for transparency, governance, and societal goals.

There is a highly interactive relationship between tourist destination development and local economies, societies, and natural environments. However, it is not yet known whether tourist destinations affect the decision-making of surrounding firms, particularly in terms of the environmental, social, and governance (ESG) behavior closely related to sustainable corporate development. Based on institutional theory and place attachment theory, we find that firms with closer geographic proximity to tourist destinations are more inclined to adopt ESG behavior; transportation convenience strengthens this correlation. We further confirm the mechanisms of institutional pressure and place attachment. Further analysis indicates that geographic proximity to tourist destinations has a stronger impact on the environmental dimension of ESG, a more significant influence on corporate ESG behavior in eastern China, and that the COVID-19 pandemic has weakened the impact of tourist destinations on the ESG behavior of surrounding firms. Our analysis reveals some additional benefits of tourist destinations, expands the research scope of ESG drivers for enterprises, and provides some enlightenment for the development of tourist destinations and their surrounding regions.

This study examines whether and how negative online postings (NOPs), a prevalent form of minority shareholder activism, influence corporate innovation input. Using data from Chinese investor interactive platforms, we find that NOPs negatively impact corporate R&D investment, particularly when these postings are short-term focused. Channel tests suggest that this effect is driven by pressures regarding stock price decline, takeover possibility, and management turnover. The negative relationship is more pronounced when NOPs represent stronger pressure, when board secretaries are in more influential positions, and when CEOs are more susceptible to short-term pressure. Our findings suggest that NOPs increase managers' perception of pressure and drive managers to prioritize immediate returns over strategic risk-taking. This study advances the understanding of minority shareholder activism by revealing its detrimental impact on R&D investment.

Previous studies have extensively examined the pricing decisions for new and remanufactured products while ignoring the manufacturer's leasing strategy and the anticipated regret of consumers generated from various choices, along with the valuation uncertainty of remanufactured products. This study targeted this research gap by investigating pricing decisions with consumers' anticipated regret in a leasing–selling closed-loop supply chain (LSCLSC) wherein the manufacturer has four strategies: selling new and leasing remanufactured products (NR), selling and leasing new products (NN), selling remanufactured and leasing new products (RN), and selling and leasing remanufactured products (RR). Subsequently, these strategies were compared and the impact of anticipated regret was revealed. The results show that (1) the NN and RN strategies were the optimal leasing–selling strategies. (2) Consumers' anticipated regret was not always detrimental to the manufacturer. Under the NN and RN strategies, when consumers value remanufactured products more in the selling model than the leasing model, the manufacturer can reduce production costs and leverage consumers' anticipated regret, thereby increasing sales and rental prices and improving profits. However, when consumers value remanufactured products less in the selling model than the leasing model, anticipated regret has adverse effects. Therefore, manufacturers should decrease consumer sensitivity to anticipated regret to maximize profits. Our results provide timely insights for manufacturers to manage LSCLSC considering anticipated regret.

We study the Microsoft–Activision acquisition through the lens of a complementary-product merger. When two complementary good producers consolidate, the merger is not horizontal because the two firms do not produce substitutable goods. Nor is the merger vertical, as neither firm supplies the other. We develop an economic model to study these types of mergers that allows for the possibility of rivals exiting the market. Three main conclusions flow from our analysis. (1) The welfare effects of the Microsoft–Activision acquisition are ambiguous; they depend on several industry factors. (2) One will not obtain the correct welfare effects using an incorrect vertical structure; harm to consumers will typically be larger in a complementary-product merger relative to a vertical one. (3) Consumer harm associated with rivals' exit due to the merger might substantially reduce welfare even if it is a welfare-enhancing merger absent exit. Our analysis provides an analytical roadmap for the antitrust enforcement authorities regarding the theories of harm in complementary-good mergers.