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ESG in China: A review of practice and research, and future research avenues 中国的ESG:实践与研究回顾,以及未来的研究方向
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-12 DOI: 10.1016/j.cjar.2023.100325
Hongtao Shen , Honghui Lin , Wenqi Han , Huiying Wu

This paper reviews the practice and research on environmental, social and governance (ESG) in China. It finds that (1) under China’s top-down framework, ESG practices have grown substantially in ESG disclosure, ESG rating and ESG investing; and (2) ESG research has focused on corporate ESG disclosure and performance as well as ESG investing. Although the topics of the ESG studies reviewed in this paper are similar to those of ESG research in other countries, China’s ESG research enriches international ESG research by showing two distinct characteristics, namely, the country’s unique institutional context and the dominance of quantitative research methods. Future research can investigate ESG standards development and the impact of traditional Chinese ethics, modernization and internationalization on ESG in China.

本文回顾了中国环境、社会与治理(ESG)的实践与研究。研究发现:(1)在自上而下的框架下,中国在ESG披露、ESG评级和ESG投资方面的ESG实践显著增长;(2) ESG研究主要集中在企业ESG披露和绩效以及ESG投资方面。虽然本文综述的ESG研究主题与其他国家的ESG研究主题相似,但中国的ESG研究呈现出两个鲜明的特征,即中国独特的制度背景和定量研究方法的主导地位,从而丰富了国际ESG研究。未来的研究可以探讨ESG标准的发展以及中国传统伦理、现代化和国际化对中国ESG的影响。
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引用次数: 2
Governance or reputation? Flexible tax enforcement and excess goodwill: Evidence from the taxpaying credit rating system in China 治理还是声誉?柔性税收执法与超额商誉:来自中国纳税信用评级制度的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100316
Jingbo Luo, Chun Guo

This study investigates the effect of flexible tax enforcement on firms’ excess goodwill using unique manually collected data on taxpaying credit rating in China from 2014 to 2021. We document that A-rated taxpayer firms have less excess goodwill; A-rated firms reduce excess goodwill by 0.005 vis-a-vis non-A-rated firms, which accounts for 100% of the mean value of excess goodwill. This finding holds after multiple robustness tests and an endogeneity analysis. Moreover, this negative effect is more pronounced in firms with low information transparency, that are non-state-owned and that are located in regions with low tax enforcement intensity. The channel test results suggest that taxpaying credit rating system as flexible tax enforcement reduces firms’ excess goodwill through a reputation-based effect and not a governance-based effect. This study reveals that the taxpaying credit rating system in China as flexible tax enforcement can bring halo effect to A rating firms, thereby limiting irrational M&As and breaking goodwill bubble.

本研究利用人工收集的2014年至2021年中国纳税信用评级数据,调查了灵活税收执法对企业超额商誉的影响。我们记录了A级纳税人公司的超额商誉较少;与非A级公司相比,A级公司将超额商誉减少0.005,这占超额商誉平均值的100%。经过多次稳健性检验和内生性分析,这一发现成立。此外,这种负面影响在信息透明度低、非国有且位于税收执法强度低地区的公司中更为明显。渠道测试结果表明,作为灵活税收执行的纳税信用评级系统通过基于声誉的效应而不是基于治理的效应来降低企业的超额商誉。研究表明,我国的纳税信用评级制度作为一种灵活的税收执行方式,可以给A级企业带来光环效应,从而限制非理性并购;As和打破商誉泡沫。
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引用次数: 0
Improving internal control quality as a corporate response to the Forbes Rich List 企业应对福布斯富豪榜,提高内部控制质量
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100317
Bei Luo , Zhimin Tian

This study takes advantage of the Forbes Rich List as an external shock to examine its effect on internal control quality in mainland China. Using the difference-in-differences (DiD) method for a large sample of 17,910 firm-year observations from 2000 to 2014, we find that firms controlled by entrepreneurs included in the Forbes Rich List tend to have higher internal control quality than firms not controlled by entrepreneurs in the list. The listed entrepreneurs improve their firms’ internal control quality by means of reducing the information asymmetry between the firms and outsiders. Further tests show that the event effect is more pronounced when firms have higher misreporting costs and when listed entrepreneurs hold chairman positions than in other situations. Our results remain robust after applying the propensity score matching method, stacked DiD estimation, and an alternative measure of internal control quality. These findings enrich the literature on the effect of the Rich List and the determinants of internal control quality in emerging markets.

本研究以福布斯富豪榜为外部冲击,考察其对中国内地内部控制质量的影响。使用差异中的差异(DiD)方法对2000年至2014年的17910家公司年的观察结果进行大样本分析,我们发现福布斯富豪榜中企业家控制的公司往往比榜单中非企业家控制的企业具有更高的内部控制质量。上市企业家通过减少企业与外部人之间的信息不对称来提高企业内部控制质量。进一步的测试表明,与其他情况相比,当公司误报成本更高,上市企业家担任董事长时,事件效应更为明显。在应用倾向得分匹配方法、叠加DiD估计和内部控制质量的替代测量后,我们的结果仍然稳健。这些发现丰富了关于富豪榜效应和新兴市场内部控制质量决定因素的文献。
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引用次数: 0
Repairing damaged reputations through targeted poverty alleviation: Evidence from private companies’ strategies to deal with negative media coverage 通过精准扶贫修复受损声誉:来自私营公司应对负面媒体报道策略的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100306
Guochao Yang , Shuang Wei , Kejing Chen , Yingying Ren

When negative media coverage causes reputational crises, companies must find suitable tools to repair their reputation and reverse their negative image. As a CSR activity with political- and livelihood-related implications, targeted poverty alleviation may be an effective tool. Using data on negative media coverage of Chinese A-share private listed companies, we examine whether companies engage in targeted poverty alleviation in response to reputational crises caused by negative media coverage. We find that negative media coverage leads private companies to engage more actively and intensively in targeted poverty alleviation because of the significant increase in public attention to the bad news. These companies must urgently rebuild their positive image using targeted poverty alleviation to resolve their public opinion crisis. Further analyses suggest that original and in-depth negative media coverage is more likely to cause companies’ active participation in targeted poverty alleviation. In addition, negative media coverage is more likely to lead companies to engage in targeted poverty alleviation when they are in heavily polluting industries or face greater pressure from external investors. Finally, we find that active involvement in targeted poverty alleviation helps companies improve their market reputation and thus effectively manage public relations crises caused by negative media coverage.

当负面媒体报道导致声誉危机时,公司必须找到合适的工具来修复声誉,扭转负面形象。作为一项具有政治和生计影响的企业社会责任活动,精准扶贫可能是一种有效的工具。利用中国A股民营上市公司的负面媒体报道数据,我们检验了企业是否参与了精准扶贫,以应对负面媒体报道造成的声誉危机。我们发现,由于公众对坏消息的关注显著增加,负面媒体报道导致私营公司更积极、更密集地参与精准扶贫。这些公司必须紧急重建其正面形象,利用精准扶贫来解决其舆论危机。进一步分析表明,媒体的原创深度负面报道更有可能促使企业积极参与精准扶贫。此外,媒体的负面报道更有可能导致公司在污染严重的行业或面临来自外部投资者的更大压力时参与精准扶贫。最后,我们发现,积极参与精准扶贫有助于企业提高市场声誉,从而有效管理媒体负面报道引发的公关危机。
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引用次数: 0
Stakeholder demands and corporate social responsibility: Evidence from the Olympic Games 利益相关者需求与企业社会责任:来自奥运会的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100307
Trung K. Do , Henry Hongren Huang , Liwei Shan , Albert Tsang , Li Yu

We propose that stakeholder demand can explain firms’ corporate social responsibility (CSR) activities and empirically test our proposition using 2002–2016 panel data from multiple countries. We select the Olympic Games as our experimental context and use a difference-in-differences design. We find that firms domiciled in countries that host the Olympic Games subsequently experience a significantly smaller increase in CSR commitment than firms in countries that unsuccessfully bid to host the Olympics. We also find that firms domiciled in cities that host the Olympic Games exhibit a significantly smaller increase in CSR than those domiciled in other cities in the same country. Additional tests indicate that firms in host countries with greater increases in the levels of happiness tend to experience an even smaller increase in CSR. Our findings are consistent with the stakeholder demand explanation, as stakeholders are less likely to require local firms to invest in CSR if utilities, such as those from environmental improvement, increase.

Running head: Olympic Games and CSR.

我们提出,利益相关者的需求可以解释企业的企业社会责任(CSR)活动,并使用来自多个国家的2002-2016年面板数据对我们的主张进行实证检验。我们选择奥运会作为我们的实验背景,并使用差异中的差异设计。我们发现,与申办奥运会失败的国家的企业相比,位于主办奥运会国家的企业随后在企业社会责任承诺方面的增长要小得多。我们还发现,与同一国家其他城市的企业相比,位于奥运会主办城市的企业社会责任增长幅度要小得多。额外的测试表明,幸福感水平提高幅度更大的东道国企业的社会责任增长幅度往往更小。我们的研究结果与利益相关者的需求解释一致,因为如果公用事业(如环境改善事业)增加,利益相关者不太可能要求当地公司投资企业社会责任。负责人:奥林匹克运动会和CSR。
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引用次数: 1
More words but less investment: Rookie CEOs and firms’ digital transformations 多说少投入:新上任的ceo和公司的数字化转型
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100305
Wenting Zhang, Chuang Lu, Shangkun Liang

In digital economy, firm’s digital transformation is an important means of achieving high-quality development. Adopting career concerns theory, we examine rookie CEOs’ impact on firms’ digital transformations, using Chinese A-share listed firms from 2007 to 2019. (1) Rookie CEOs disclose more digital transformation information, but invest less in substantial transformation, i.e., “more words but less investment”. (2) Under high performance pressure and difficult digital transformation, rookie CEOs are more likely to adopt the above strategy. (3) Internal and external governance mechanisms help effectively monitor and mitigate such behaviors. (4) The above strategy helps CEOs decrease short-term, but not long-term, dismissal probabilities. Our findings elucidate firms’ digital transformation practices and the decision styles of CEOs with different experience levels.

在数字经济中,企业数字化转型是实现高质量发展的重要手段。采用职业关注理论,我们以2007年至2019年的中国A股上市公司为样本,研究了新上任CEO对公司数字化转型的影响。(1) 菜鸟CEO披露的数字化转型信息较多,但对实质性转型的投入较少,即“多言少投”。(2) 在高业绩压力和艰难的数字化转型下,菜鸟CEO更有可能采取上述策略。(3) 内部和外部治理机制有助于有效监测和缓解此类行为。(4) 上述策略有助于CEO降低短期而非长期的解雇概率。我们的研究结果阐明了企业的数字化转型实践以及不同经验水平的首席执行官的决策风格。
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引用次数: 2
Local government centralization and corporate ESG performance: Evidence from China’s county-to-district reform 地方政府集权与企业ESG绩效——来自中国县区改革的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100314
Qihang Xue , Huimin Wang , Xiaole Ji , Jian Wei

As a city–county consolidation with Chinese characteristics, China’s county-to-district (CtD) reform transfers a county’s autonomy to a city, thereby strengthening the administrative, decision-making, fiscal and other powers of the prefecture-level municipal government, which effectively enables the centralization of local governments. Based on this exogenous quasi-natural experiment, we use a difference-in-differences (DID) approach to empirically examine the impact of prefecture-level municipal government centralization on companies’ ESG performance. The results show that municipal government centralization can significantly promote corporate ESG performance, which represents environmental protection, social responsibility and corporate governance behavior. The mechanism analysis also shows that the CtD reform can address market segmentation, alleviate policy uncertainty and reduce rent-seeking, which further improves ESG performance.

作为中国特色的市县合并,中国的县区改革将县的自治权移交给了市,从而加强了地级市政府的行政、决策、财政等权力,有效地实现了地方政府的中央集权。基于这一外生准自然实验,我们使用差异中的差异(DID)方法实证检验了地级市政府集权对企业ESG绩效的影响。结果表明,市政府集中能够显著促进企业ESG绩效,ESG绩效代表环境保护、社会责任和公司治理行为。机制分析还表明,CtD改革可以解决市场细分问题,缓解政策不确定性,减少寻租,从而进一步提高ESG绩效。
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引用次数: 1
Free cash flow productivity among Chinese listed companies: A comparative study of SOEs and non-SOEs 中国上市公司的自由现金流生产率:国有企业与非国有企业的比较研究
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100315
Deren Xie , Xuezhi Shi , Jinsong Liu , Ziyang Zhu

This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants. We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs. Similar performance exists among commercial class I and II SOEs and public-benefit SOEs. Further analyses suggest that firm size, age, sales growth, ownership concentration, government subsidies, and industry monopoly factors cannot explain this phenomenon. The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.

本文研究了国有企业与非国有企业的自由现金流生产率,并考察了其可能的决定因素。我们发现国有企业的自由现金流生产率略弱,但明显强于非国有企业。商业一类和二类国有企业以及公益性国有企业也有类似的表现。进一步的分析表明,企业规模、年龄、销售增长、所有权集中度、政府补贴和行业垄断因素并不能解释这一现象。所有类型的国有企业产生比非国有企业更强的自由现金流的共同驱动力是它们更强的费用控制能力。
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引用次数: 1
Market manipulation by rumormongers: Evidence from insiders’ stock selling 造谣者操纵市场:来自内部人士抛售股票的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100318
Yan Tan, Wenting Zhang, Xiangting Kong

Using a large sample of data on insiders’ stock selling and rumors about A-share listed companies in China, this study empirically tests whether and how rumors about companies are used to manipulate the market in the context of insiders’ stock selling. We find that the probability of a rumor’s occurrence, especially that of a favorable rumor, significantly increases in the 30 days before the first transaction in a round of insiders’ stock selling and remains high for 30 days afterward, showing clear signs of manipulation. These results are robust to several endogeneity tests. The probability of manipulation via rumor increases with a company’s degree of information asymmetry. In addition, large-scale stock selling, centralized bidding, and transactions involving CEOs or chairmen (or their relatives) have a significantly higher probability of manipulation via rumor, while transactions made by directors, supervisors, or senior executives (but not their relatives) have a significantly lower probability of manipulation via rumor. Further examination shows that using rumor to manipulate the market increases insiders’ transaction returns but leads to stock price reversal in the long term.

本研究利用中国a股上市公司内部人股票抛售和谣言的大样本数据,实证检验了在内部人股票出售的背景下,公司谣言是否以及如何被用来操纵市场。我们发现,在30 在一轮内部人士股票抛售的第一笔交易前几天,并在30年内保持高位 几天后,显示出明显的操纵迹象。这些结果对几个内生性检验是稳健的。通过谣言进行操纵的概率随着公司信息不对称程度的增加而增加。此外,大规模抛售股票、集中竞价以及涉及首席执行官或董事长(或其亲属)的交易通过谣言操纵的概率明显更高,而董事、监事或高级管理人员(但不包括其亲属)进行的交易通过传言操纵的概率显著更低。进一步研究表明,利用谣言操纵市场,增加了内部人的交易收益,但从长期来看会导致股价反转。
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引用次数: 0
Mandatory CSR disclosure and analyst forecast properties: Evidence from a quasi-natural experiment in China 强制性企业社会责任披露与分析师预测属性:来自中国准自然实验的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100301
Haina Shi , Byron Y. Song , Huifeng Xu , Xiaodong Xu

Based on a quasi-natural experiment that mandates a subset of listed firms to issue standalone corporate social responsibility (CSR) reports, we examine whether mandatory CSR disclosure improves analysts’ information environment. We focus on two properties of analysts’ earnings forecasts: forecast error and forecast dispersion. We find that the mandatory issuance of standalone CSR reports is related to less forecast error and less dispersed forecasts, and the effect varies with the firm-level information environment and province-level marketization. Additional tests show that the improvement in forecast properties is mainly driven by CSR reports that i) are of high quality and ii) contain more long-term-oriented information than other CSR reports. Our findings provide evidence that mandatory CSR disclosure plays an important informational role for financial analysts.

基于一项准自然实验,该实验要求一部分上市公司发布独立的企业社会责任报告,我们检验了强制性企业社会责任披露是否改善了分析师的信息环境。我们关注分析师盈利预测的两个性质:预测误差和预测离散度。我们发现,强制发布独立的CSR报告与较少的预测误差和较少的分散预测有关,其影响随着企业级信息环境和省级市场化程度的不同而不同。额外的测试表明,预测属性的改善主要是由CSR报告驱动的,与其他CSR报告相比,CSR报告i)具有高质量,ii)包含更多面向长期的信息。我们的研究结果提供了证据,证明强制性企业社会责任披露对财务分析师起着重要的信息作用。
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引用次数: 0
期刊
China Journal of Accounting Research
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