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Philanthropic forms of corporate social responsibility practices in a multinational company: Colonial and post‐colonial perspectives 一家跨国公司企业社会责任实践的慈善形式:殖民地和后殖民视角
Pub Date : 2024-08-08 DOI: 10.1111/acfi.13322
Mahmood Momin, Mohammad Nurunnabi, Tareq Hossain, Zahirul Hoque
This paper explores how colonial and post‐colonial philanthropic ideals shape a multinational shoe manufacturing company's corporate social responsibility (CSR) practices. We conducted a qualitative field study in Bangladesh, analysing semi‐structured interviews and archival documents. The findings revealed significant and distinct variations in social, institutional, and political relationships across three historical periods: colonisation, state despotism, and capital imperialism. Notably, benevolence, elitism, socialist enterprise paternalism, and institutionalised strategic philanthropy ideals were found to dominate firm‐level CSR practices. These findings suggest that colonial and post‐colonial contexts can shape and ideologically frame philanthropic forms of CSR practices in organisations over time.
本文探讨了殖民地时期和后殖民时期的慈善理想如何影响一家跨国制鞋公司的企业社会责任(CSR)实践。我们在孟加拉国开展了一项定性实地研究,分析了半结构化访谈和档案文件。研究结果表明,在三个历史时期(殖民时期、国家专制主义时期和资本帝国主义时期),社会、制度和政治关系存在明显的差异。值得注意的是,仁慈、精英主义、社会主义企业家长制和制度化的战略慈善理想被发现主导着企业层面的企业社会责任实践。这些发现表明,随着时间的推移,殖民地和后殖民背景会塑造企业社会责任实践的慈善形式,并在意识形态上对其进行框定。
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引用次数: 0
The effect of government‐guided funds on target industries in development zones – Evidence from China 政府引导基金对开发区目标产业的影响--来自中国的证据
Pub Date : 2024-08-08 DOI: 10.1111/acfi.13318
Fulong Xiao, Zini Liang, Yongbin Lv, Wei Wang
The interplay between state‐led interventions and market‐driven forces has gained unparalleled prominence. This paper examines China's strategic use of government‐guided funds (GGFs) and their consequential impact on its national high‐tech zones (NHZs). Through an analysis of 1599 annual observations from 123 NHZs spanning 2007–2019, we reveal a compelling correlation between GGF investments and augmented industrial activity. Our findings indicate that NHZs benefitting from GGF allocations evidenced a significant 5.5% surge in industrial activity. Two underlying mechanisms drive this relationship. The leverage mechanism portrays GGFs as attractors of private social capital to tech‐centric ventures within NHZs. Meanwhile, the guidance mechanism underscores NHZs' strategic clustering of high‐tech sectors, amplifying benefits from shared resources and knowledge. Empirical analysis affirms both mechanisms, showing NHZs with robust social capital magnetism and tech clustering derive pronounced gains from GGF interventions. Our results carry practical implications for both policymakers and academicians, offering a nuanced understanding of the symbiotic relationship between fiscal strategies and industrial growth.
国家主导的干预与市场驱动的力量之间的相互作用已变得空前突出。本文研究了中国对政府引导基金(GGFs)的战略性使用及其对国家高新区(NHZs)的影响。通过分析 2007-2019 年间来自 123 个国家高新区的 1599 项年度观测数据,我们揭示了政府引导基金投资与工业活动增长之间的显著相关性。我们的研究结果表明,受益于全球创业基金拨款的国家高新区的工业活动显著增加了 5.5%。这种关系是由两个基本机制驱动的。杠杆机制将政府引导基金描绘成吸引私人社会资本投资于国家高新区内以科技为中心的企业。同时,引导机制强调了国家高新区对高科技行业的战略集聚,扩大了共享资源和知识带来的收益。实证分析证实了这两种机制,表明具有强大社会资本磁力和科技集群的国家高新区从全球创业基金的干预中获得了显著收益。我们的研究结果对政策制定者和学术界都有实际意义,为财政战略与工业增长之间的共生关系提供了细致入微的理解。
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引用次数: 0
Keju tradition and major litigation cases: The persistent impact of Confucian norm standard 科举传统与重大诉讼案件:儒家规范标准的持续影响
Pub Date : 2024-08-08 DOI: 10.1111/acfi.13300
Xuefeng Hu, Wenlan Wang, Rong Xu, Fulong Xiao
Using the variation in China's civil examination system (keju) achievements across prefecture‐level cities in the Ming–Qing period (c.1368–1905), we find that keju tradition has a persistent impact on the norm of business ethics today. With one standard deviation increase of keju tradition intensity, the probability of major litigation cases for local listed firms decreases by nearly 12% of the sample mean. The persistent effect of keju tradition can be attributed to two channels, the social value of fair competition and the excess cost of misconduct. Further analysis shows that our result is not driven by conservatism.
利用明清时期(约 1368-1905 年)中国各地级市科举制度成就的差异,我们发现科举传统对当今商业道德规范有着持续的影响。随着科举传统强度一个标准差的增加,当地上市企业发生重大诉讼案件的概率将比样本平均值降低近 12%。科举传统的持续影响可归因于两个渠道,即公平竞争的社会价值和不当行为的超额成本。进一步分析表明,我们的结果并非由保守主义驱动。
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引用次数: 0
Rent‐seeking or value‐creating? The impact of managerial autonomy from state‐built corporate pyramids on M&A performance 寻租还是创造价值?国有企业金字塔式的管理自主权对并购绩效的影响
Pub Date : 2024-07-24 DOI: 10.1111/acfi.13309
Jiachun Chen, Qingsong Hou, Shanmin Li
How to give managers autonomy to improve organisational performance has long been a focus of business practice. In this paper, we use a unique Chinese context to investigate the effect of managerial autonomy arising from state‐built corporate pyramids on mergers and acquisitions (M&A) performance. We find that the number of pyramidal layers between the government and the state‐owned enterprise (SOE) is positively associated with M&A performance. This relationship is stronger when the SOE managers possess professional M&A abilities but weaker when the SOE management team and the government are politically connected. We attribute the positive association to the career path incentives of SOE managers. Additionally, we address the role of managerial autonomy in the M&A process and integration. We also analyse this effect in contexts where managerial autonomy is crucial in some investment decisions. Taken together, our study fills a critical gap on managerial discretion within internal organisational contexts.
长期以来,如何赋予管理者自主权以提高组织绩效一直是商业实践的焦点。在本文中,我们利用独特的中国背景,研究了国家构建的企业金字塔所产生的管理自主权对并购(M&A)绩效的影响。我们发现,政府与国有企业之间的金字塔层级数量与并购绩效正相关。当国有企业管理者具备专业的并购能力时,这种关系更强;而当国有企业管理团队与政府之间存在政治关联时,这种关系较弱。我们将这种正相关关系归因于国有企业经理人的职业发展激励机制。此外,我们还探讨了管理自主权在并购过程和整合中的作用。我们还分析了管理自主权在某些投资决策中的关键作用。总之,我们的研究填补了有关内部组织背景下管理者自由裁量权的重要空白。
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引用次数: 0
Storylines: A science‐based method for assessing and measuring future physical climate‐related financial risk 故事情节:评估和衡量未来实际气候相关金融风险的科学方法
Pub Date : 2024-07-16 DOI: 10.1111/acfi.13295
Tanya Fiedler, Nick Wood, Michael R Grose, Andy J Pitman
Regulators increasingly require organisations to disclose their climate‐related financial risks. Most future physical climate risks present unique challenges, however, as their likely occurrence and consequence cannot be quantified with veracity at business‐relevant scales. Quantitative measurement thus renders preparers vulnerable to false precision, maladaptation, and litigation. We present an alternative method for assessing future physical climate‐related financial risk developed in the climate sciences, namely “storylines” (Shepherd et al., 2018). Storylines emphasise plausibility over probability, illustrate legally defensible and auditable futures, and allow the full expression of uncertainty. We conclude with recommendations and implications for integrating storylines into existing standards, frameworks and practice.
监管机构越来越多地要求企业披露与气候相关的财务风险。然而,大多数未来物理气候风险都是独特的挑战,因为其可能发生的情况和后果无法在与业务相关的尺度上真实地量化。因此,定量测量会使编制者容易受到虚假精确度、适应不良和诉讼的影响。我们提出了气候科学中开发的另一种评估未来物理气候相关金融风险的方法,即 "故事情节"(Shepherd 等人,2018 年)。故事情节强调可信度而非概率,说明法律上可辩护和可审计的未来,并允许充分表达不确定性。最后,我们提出了将故事情节纳入现有标准、框架和实践的建议和影响。
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引用次数: 0
Government procurement and zombie firms' productivity: Evidence from China 政府采购与僵尸企业的生产率:来自中国的证据
Pub Date : 2024-07-16 DOI: 10.1111/acfi.13307
Xiaoyue Yu, Su Yu, Fulong Xiao, Zhuquan Wang
The growing number of zombie firms has severely hampered economic growth in most countries, especially after the COVID‐19 pandemic when zombie firms increased dramatically. Improving the productivity of zombie firms has become a major concern around the world. This paper, using Chinese government procurement contract data and listed firm data, empirically investigates the relationship between government procurement and zombie firms' productivity. The research findings indicate that government procurement can improve zombie firms' productivity and narrow the production efficiency gap with non‐zombie firms. This impact is more pronounced for local and low‐level government clients. Our research further investigates the channels through which government procurement improves zombie firms' productivity. The results demonstrate that government procurement promotes productivity by enhancing technological innovation, improving sales performance, and increasing market supervision. Additionally, this study identifies that government procurement exhibits a spillover effect, which enhances the productivity of non‐zombie firms within the same city. These findings contribute significantly to bridging the existing knowledge gap regarding the impact of government procurement on the productivity of zombie firms. Furthermore, the results offer innovative strategies for policy makers to address the challenges posed by zombie firms.
僵尸企业数量的不断增加严重阻碍了大多数国家的经济增长,尤其是在 COVID-19 大流行之后,僵尸企业数量急剧增加。提高僵尸企业的生产率已成为全球关注的焦点。本文利用中国政府采购合同数据和上市公司数据,实证研究了政府采购与僵尸企业生产率之间的关系。研究结果表明,政府采购可以提高僵尸企业的生产效率,缩小与非僵尸企业的生产效率差距。这种影响对地方和低级别政府客户更为明显。我们的研究进一步探讨了政府采购提高僵尸企业生产率的渠道。研究结果表明,政府采购通过加强技术创新、提高销售业绩和加强市场监管来提高生产率。此外,本研究还发现政府采购具有溢出效应,可提高同一城市非僵尸企业的生产率。这些研究结果极大地弥补了现有关于政府采购对僵尸企业生产率影响的知识空白。此外,研究结果还为政策制定者应对僵尸企业带来的挑战提供了创新策略。
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引用次数: 0
Tax authority governance and corporate internal control quality 税务机关治理和企业内部控制质量
Pub Date : 2024-07-11 DOI: 10.1111/acfi.13306
Xiaojian Tang, Dongying Du, Ying Chen, Stephanie Tsui
Prior studies of tax enforcement neglect the effect of tax enforcement officers' discretion on corporate internal control quality. This study exploits a unique quasi‐natural experimental setting of the reform of Chinese province‐level tax administrative penalty discretion standards since 2016 to examine the effect of tax authority governance on corporate internal control quality. We show that tax authority governance can improve corporate internal control quality. And this positive effect is more pronounced in firms with more tax avoidance and more collusion with tax supervisors. Furthermore, further analysis shows that legal enforcement and financial reporting environment can strengthen the positive relationship between tax authority governance and corporate internal control quality. Therefore, the above results show that tax authority governance not only increases the predictability of tax violation and its consequential penalties, but also restricts tax enforcement personnel's discretionary power, thereby reducing opportunities for tax avoidance and rent‐seeking behaviour.
以往关于税收执法的研究忽视了税收执法人员自由裁量权对企业内部控制质量的影响。本研究利用 2016 年以来中国省级税务行政处罚裁量标准改革这一独特的准自然实验背景,考察税务机关治理对企业内部控制质量的影响。我们的研究表明,税务机关治理可以提高企业内部控制质量。而这种积极效应在避税行为较多、与税务监管部门勾结较多的企业中更为明显。此外,进一步分析表明,法律执行和财务报告环境可以加强税务机关治理与企业内部控制质量之间的正相关关系。因此,上述结果表明,税务机关治理不仅能提高税收违法行为及其相应处罚的可预测性,还能限制税务执法人员的自由裁量权,从而减少避税和寻租行为的机会。
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引用次数: 0
Prediction of corporate financial distress based on corporate social responsibility: New evidence from DANP, VWP and MEOWA weights methodologies 基于企业社会责任的企业财务困境预测:来自 DANP、VWP 和 MEOWA 权重方法的新证据
Pub Date : 2024-06-13 DOI: 10.1111/acfi.13282
Hui Li, Ting Sun, Jinquan Zhang
This study investigates the determinants of financial distress from the corporate social responsibility (CSR) perspective and examines how poor CSR performance leads to financial distress in enterprises. Based on theoretical analysis, we select predictive indicators and construct an early warning indicator system for predicting financial distress from a CSR standpoint. Additionally, we develop a novel dynamic financial distress prediction (FDP) model using decision‐making trial and evaluation laboratory (DEMATEL)‐based analytic network process (DANP), variable weights with penalty (VWP), and maximal entropy ordered weighted average (MEOWA) weight methods to assess corporate financial status. Furthermore, to evaluate the accuracy of our model, we apply it to Chinese listed companies for empirical analysis using a sample of 1142 listed Chinese companies spanning 2011–2023. The results demonstrate that our developed FDP model exhibits higher predictive accuracy compared to previous models, suggesting that poor CSR practices can contribute to corporate financial distress while significantly enhancing FDP performance.
本研究从企业社会责任(CSR)的角度研究了财务困境的决定因素,并探讨了企业社会责任表现不佳是如何导致企业财务困境的。在理论分析的基础上,我们选择了预测指标,并构建了从企业社会责任角度预测财务困境的预警指标体系。此外,我们还利用基于决策试验和评估实验室(DEMATEL)的分析网络过程(DANP)、带惩罚的可变权重(VWP)和最大熵有序加权平均(MEOWA)权重法,建立了一个新颖的动态财务困境预测(FDP)模型,用于评估企业财务状况。此外,为了评估模型的准确性,我们将其应用于中国上市公司,以 2011-2023 年间 1142 家中国上市公司为样本进行了实证分析。结果表明,与之前的模型相比,我们开发的 FDP 模型表现出更高的预测准确性,这表明不良的企业社会责任实践会导致企业陷入财务困境,同时显著提高 FDP 业绩。
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引用次数: 0
Manager‐specific manipulation of tone and stock price synchronicity 经理人对基调和股价同步性的特定操纵
Pub Date : 2024-06-12 DOI: 10.1111/acfi.13283
Miao Jiang, Bo Zhu, Luxi Li
Using a sample of Chinese listed firms from 2008 to 2020, we find that manager‐specific upward manipulation of tone in the Management Discussion and Analysis (MD&A) section is associated with greater stock price synchronicity. This suggests that upward tone manipulation decreases the stock's idiosyncratic information content. This relationship between abnormally positive tone and stock price synchronicity is negatively moderated by the firm's revenue growth rate, while investor irrational sentiment positively moderates this relationship. Additionally, positive tone manipulation significantly increases audit aggressiveness and decreases analyst optimism bias.
以 2008 年至 2020 年的中国上市公司为样本,我们发现管理者在 "管理层讨论与分析"(MD&A)部分向上操纵语气与股价同步性更强相关。这表明,向上操纵语气会降低股票的特异性信息含量。异常积极的语调与股价同步性之间的这种关系受到公司收入增长率的负向调节,而投资者的非理性情绪则对这种关系起到正向调节作用。此外,积极语气操纵会显著提高审计的积极性,降低分析师的乐观偏差。
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引用次数: 0
Corporate fraud and independent director's re‐appointment: Information hypothesis or favouritism hypothesis? 公司欺诈与独立董事连任:信息假说还是偏袒假说?
Pub Date : 2024-06-12 DOI: 10.1111/acfi.13286
Xiaoliang Lyu, Xiaochen Zhang
Using the analytical framework of social identity theory, this paper explores how a special corporate governance arrangement in the Chinese capital market, i.e., independent directors' re‐appointment, affects corporate ethical behaviours. Using the bivariate probit model, we find that independent directors’ re‐appointment significantly increases corporate fraud propensity, indicating that the favouritism towards re‐appointed independent directors by firms generated from social identity plays a dominant role in the corporate governance outcome in a relationship‐based society. Our results remain consistent after using an exogenous shock to alleviate the endogenous problems. The policy implication of this paper is that the corporate arrangement of re‐appointed independent directors in the Chinese capital market may impair stakeholders’ benefit and weaken business ethics. Top‐level institutional design should be improved and consider thoroughly the effects of social identity on corporate governance outcomes.
本文运用社会认同理论的分析框架,探讨了中国资本市场上的一种特殊公司治理安排--独立董事连任--如何影响企业道德行为。利用双变量 probit 模型,我们发现独立董事连任会显著增加企业的欺诈倾向,这表明在关系型社会中,社会认同所产生的企业对连任独立董事的偏好对公司治理结果起着主导作用。在使用外生冲击缓解内生问题后,我们的结果仍保持一致。本文的政策含义是,中国资本市场中重新任命独立董事的公司安排可能会损害利益相关者的利益,削弱商业道德。应完善顶层制度设计,充分考虑社会认同对公司治理结果的影响。
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引用次数: 0
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Accounting & Finance
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