Pub Date : 2025-11-19DOI: 10.1016/j.ememar.2025.101403
He Gao , Junwei Lu , Laifeng Yang , Zijian Cheng , Zhangxin (Frank) Liu
We examine how listing strategies shape dividend policies in China. Firms listed via reverse mergers (RMs) exhibit significantly lower probability and levels of cash dividend payments than those listed through initial public offerings (IPOs). Mechanism tests attribute this low-dividend tendency of RM firms to higher financing constraints, more severe agency problems, stronger performance pressure, and weaker market attention. Heterogeneity analysis shows that state ownership, intense industry competition, robust legal environments, and the participation of mature investors can mitigate these effects. Further analysis reveals that RM firms are also less likely to use stock dividends or share repurchases, though the gap with IPO firms narrows over time. Economic consequence tests indicate that dividend payouts by newly listed firms increase the cost of equity capital, with the negative signalling effect particularly pronounced for RM firms. Our findings offer fresh insights into the “dividend puzzle” in emerging markets undergoing institutional transition.
{"title":"Cutting corners, cutting dividends: Evidence from reverse mergers in China","authors":"He Gao , Junwei Lu , Laifeng Yang , Zijian Cheng , Zhangxin (Frank) Liu","doi":"10.1016/j.ememar.2025.101403","DOIUrl":"10.1016/j.ememar.2025.101403","url":null,"abstract":"<div><div>We examine how listing strategies shape dividend policies in China. Firms listed via reverse mergers (RMs) exhibit significantly lower probability and levels of cash dividend payments than those listed through initial public offerings (IPOs). Mechanism tests attribute this low-dividend tendency of RM firms to higher financing constraints, more severe agency problems, stronger performance pressure, and weaker market attention. Heterogeneity analysis shows that state ownership, intense industry competition, robust legal environments, and the participation of mature investors can mitigate these effects. Further analysis reveals that RM firms are also less likely to use stock dividends or share repurchases, though the gap with IPO firms narrows over time. Economic consequence tests indicate that dividend payouts by newly listed firms increase the cost of equity capital, with the negative signalling effect particularly pronounced for RM firms. Our findings offer fresh insights into the “dividend puzzle” in emerging markets undergoing institutional transition.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101403"},"PeriodicalIF":4.6,"publicationDate":"2025-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568871","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 : 2025-11-19DOI: 10.1016/j.ememar.2025.101404
Nanyan Dong, Jiang Zhang, Xiangbing Xu, Peiyu Ou
Using a staggered difference-in-differences approach, we find that the establishment of circuit tribunals significantly increases corporate labor investment by improving the financing environment and promoting innovation. The effect is more pronounced in provinces with lower levels of marketization and weaker legal institutions, as well as in labor-intensive industries, state-owned enterprises, and financially constrained non-state enterprises. Additionally, circuit tribunals also enhance firm valuation, with no evidence of adverse effects on labor share or labor investment efficiency. Our study highlights the institutional role of judicial independence in supporting corporate hiring, contributing to the literature on judicial reform and labor investment in emerging markets.
{"title":"Judicial Independence and corporate labor investment: Evidence from China","authors":"Nanyan Dong, Jiang Zhang, Xiangbing Xu, Peiyu Ou","doi":"10.1016/j.ememar.2025.101404","DOIUrl":"10.1016/j.ememar.2025.101404","url":null,"abstract":"<div><div>Using a staggered difference-in-differences approach, we find that the establishment of circuit tribunals significantly increases corporate labor investment by improving the financing environment and promoting innovation. The effect is more pronounced in provinces with lower levels of marketization and weaker legal institutions, as well as in labor-intensive industries, state-owned enterprises, and financially constrained non-state enterprises. Additionally, circuit tribunals also enhance firm valuation, with no evidence of adverse effects on labor share or labor investment efficiency. Our study highlights the institutional role of judicial independence in supporting corporate hiring, contributing to the literature on judicial reform and labor investment in emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101404"},"PeriodicalIF":4.6,"publicationDate":"2025-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145614713","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 : 2025-11-11DOI: 10.1016/j.ememar.2025.101402
Liangliang Zhang , Ruyan Tian , Weiping Zhang , Qing Yang , Tingting Ye
This paper proposes a general framework that combines theoretical and empirical asset pricing research and applies the framework to formulate a novel bond return (price or yield curve) prediction methodology, integrating the classical and structural asset pricing theory with recent machine learning factor asset pricing models. The method is mathematically and theoretically rigorous, arbitrage-free, if no arbitrage pricing model is applied, and in the meantime enjoys the flexibility offered by the empirical asset pricing framework, i.e., a potentially rich factor structure, accurate function approximations and the ability to capture both cross-sectional and time-series asset price variation via machine learning regression. Real market backtesting studies show that our predictions are accurate, in the sense that the formulated equally weighted treasury bond portfolios in China exchange-based markets bear significant positive returns and outperforms major methods in the literature.
{"title":"Treasury bond pricing via no arbitrage arguments and machine learning: Evidence from China","authors":"Liangliang Zhang , Ruyan Tian , Weiping Zhang , Qing Yang , Tingting Ye","doi":"10.1016/j.ememar.2025.101402","DOIUrl":"10.1016/j.ememar.2025.101402","url":null,"abstract":"<div><div>This paper proposes a general framework that combines theoretical and empirical asset pricing research and applies the framework to formulate a novel bond return (price or yield curve) prediction methodology, integrating the classical and structural asset pricing theory with recent machine learning factor asset pricing models. The method is mathematically and theoretically rigorous, arbitrage-free, if no arbitrage pricing model is applied, and in the meantime enjoys the flexibility offered by the empirical asset pricing framework, i.e., a potentially rich factor structure, accurate function approximations and the ability to capture both cross-sectional and time-series asset price variation via machine learning regression. Real market backtesting studies show that our predictions are accurate, in the sense that the formulated equally weighted treasury bond portfolios in China exchange-based markets bear significant positive returns and outperforms major methods in the literature.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101402"},"PeriodicalIF":4.6,"publicationDate":"2025-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568870","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 : 2025-11-10DOI: 10.1016/j.ememar.2025.101401
Kieu Trang Vu , Maria H. Kim , Sandy Suardi
Are firms likely to engage in corruption in times of catastrophic natural disasters? This paper provides evidence that a natural disaster is associated with a 38.8% increase in affected firms' informal payments. An increase in informal payments helps SMEs in affected provinces offset the reduction in government assistance following natural disasters. The relationship between natural catastrophes and corruption becomes less pronounced in firms with political connections, high tax avoidance, family control and superior local governance quality. This research carries significant implications for governments and policymakers aiming to mitigate the surge in firms' corruption practices following catastrophic natural disasters.
{"title":"Survival amidst chaos: The impact of catastrophic natural disasters on SME corruption practices","authors":"Kieu Trang Vu , Maria H. Kim , Sandy Suardi","doi":"10.1016/j.ememar.2025.101401","DOIUrl":"10.1016/j.ememar.2025.101401","url":null,"abstract":"<div><div>Are firms likely to engage in corruption in times of catastrophic natural disasters? This paper provides evidence that a natural disaster is associated with a 38.8% increase in affected firms' informal payments. An increase in informal payments helps SMEs in affected provinces offset the reduction in government assistance following natural disasters. The relationship between natural catastrophes and corruption becomes less pronounced in firms with political connections, high tax avoidance, family control and superior local governance quality. This research carries significant implications for governments and policymakers aiming to mitigate the surge in firms' corruption practices following catastrophic natural disasters.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101401"},"PeriodicalIF":4.6,"publicationDate":"2025-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568872","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 : 2025-11-08DOI: 10.1016/j.ememar.2025.101400
E. Bucacos , J. García-Cicco , M. Mello
We study the effects of exchange-rate interventions on relevant macroeconomic variables such as the exchange rate, inflation, activity, and interest rates. Instead of attempting to identify exogenous variations in the intervention policy (a frequent strategy in the related literature that raises many endogeneity concerns), we investigate the effect of interventions in dampening the impact of external shocks that are relevant determinants of exchange rate movements. To this end, we propose a novel approach, constrained impulse response functions, which allows the construction of counterfactual scenarios that are locally valid (i.e. marginal effects around average responses). We focus on the case of Uruguay, for which we exploit detailed data on the Central Bank’s operations in the exchange-rate market, leading to a clean measure of interventions that is not contaminated by other factors affecting the foreign reserves position (like valuation effects, a common problem in related studies). We find that interventions can help dampen exchange rate effects, although with a delay, and may have a non-trivial impact on inflation as well, but generally the macroeconomic consequences seems limited. Crucially, these effects depend on the type and sign of the external shock being considered.
{"title":"Foreign exchange interventions and foreign shocks","authors":"E. Bucacos , J. García-Cicco , M. Mello","doi":"10.1016/j.ememar.2025.101400","DOIUrl":"10.1016/j.ememar.2025.101400","url":null,"abstract":"<div><div>We study the effects of exchange-rate interventions on relevant macroeconomic variables such as the exchange rate, inflation, activity, and interest rates. Instead of attempting to identify exogenous variations in the intervention policy (a frequent strategy in the related literature that raises many endogeneity concerns), we investigate the effect of interventions in dampening the impact of external shocks that are relevant determinants of exchange rate movements. To this end, we propose a novel approach, constrained impulse response functions, which allows the construction of counterfactual scenarios that are locally valid (i.e. marginal effects around average responses). We focus on the case of Uruguay, for which we exploit detailed data on the Central Bank’s operations in the exchange-rate market, leading to a clean measure of interventions that is not contaminated by other factors affecting the foreign reserves position (like valuation effects, a common problem in related studies). We find that interventions can help dampen exchange rate effects, although with a delay, and may have a non-trivial impact on inflation as well, but generally the macroeconomic consequences seems limited. Crucially, these effects depend on the type and sign of the external shock being considered.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101400"},"PeriodicalIF":4.6,"publicationDate":"2025-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520540","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 : 2025-11-05DOI: 10.1016/j.ememar.2025.101399
Chin-Jung Luan , Chengli Tien
We aim to examine the relationships among founder CEOs, turnaround strategies, prior turnaround success, and subsequent turnaround performance. Specifically, we investigate whether the presence of a founder CEO influences a firm's turnaround strategies and performance and whether prior successful turnaround experience can be replicated in subsequent recovery efforts. A sample of 117 publicly listed firms across various industries in Taiwan was collected, and data were obtained from the Taiwan Economic Journal to test the proposed hypotheses. The findings suggest that founder CEOs are less inclined to pursue market-based turnaround strategies, which may be less effective in facilitating successful corporate recovery during subsequent turnaround efforts. Additionally, a firm's prior turnaround success may be positively related to its subsequent turnaround performance under certain conditions. In other words, although prior success can facilitate future performance, overreliance on it may create potential drawbacks. Furthermore, prior turnaround experience appears to moderate the relationship between market-based turnaround strategies and subsequent turnaround performance under specific contextual conditions.
{"title":"Cloning success or falling into a trap: The role of a founder CEO in the corporate comeback again","authors":"Chin-Jung Luan , Chengli Tien","doi":"10.1016/j.ememar.2025.101399","DOIUrl":"10.1016/j.ememar.2025.101399","url":null,"abstract":"<div><div>We aim to examine the relationships among founder CEOs, turnaround strategies, prior turnaround success, and subsequent turnaround performance. Specifically, we investigate whether the presence of a founder CEO influences a firm's turnaround strategies and performance and whether prior successful turnaround experience can be replicated in subsequent recovery efforts. A sample of 117 publicly listed firms across various industries in Taiwan was collected, and data were obtained from the Taiwan Economic Journal to test the proposed hypotheses. The findings suggest that founder CEOs are less inclined to pursue market-based turnaround strategies, which may be less effective in facilitating successful corporate recovery during subsequent turnaround efforts. Additionally, a firm's prior turnaround success may be positively related to its subsequent turnaround performance under certain conditions. In other words, although prior success can facilitate future performance, overreliance on it may create potential drawbacks. Furthermore, prior turnaround experience appears to moderate the relationship between market-based turnaround strategies and subsequent turnaround performance under specific contextual conditions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101399"},"PeriodicalIF":4.6,"publicationDate":"2025-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520597","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 : 2025-11-01DOI: 10.1016/j.ememar.2025.101398
Ying Wu
In the context of transitioning toward market-oriented economies, does state-owned capital continue to safeguard the public interest? This paper answers this question by examining how large state-owned shareholders influence social insurance contributions in private firms. Using a comprehensive sample of Chinese listed firms from 2012 to 2022, this paper finds that the presence of large state-owned shareholders significantly increases social insurance contributions in private firms. This finding remains valid after a battery of robustness tests. Mechanism tests show that large state-owned shareholders increase social insurance contributions by helping private firms obtain government resources and strengthening oversight of social insurance compliance. However, this paper finds no evidence that foreign investors or unions influence the relationship between large state-owned shareholders and social insurance contributions in private firms. The findings of this paper suggest that state-owned equity prioritizes workers' interests over profit maximization. Given that expanding corporate social insurance coverage is a common challenge in emerging markets, this paper provides valuable policy implications for regulators in similar economic contexts.
{"title":"Large state-owned shareholders and social insurance contributions in private firms: Evidence from China","authors":"Ying Wu","doi":"10.1016/j.ememar.2025.101398","DOIUrl":"10.1016/j.ememar.2025.101398","url":null,"abstract":"<div><div>In the context of transitioning toward market-oriented economies, does state-owned capital continue to safeguard the public interest? This paper answers this question by examining how large state-owned shareholders influence social insurance contributions in private firms. Using a comprehensive sample of Chinese listed firms from 2012 to 2022, this paper finds that the presence of large state-owned shareholders significantly increases social insurance contributions in private firms. This finding remains valid after a battery of robustness tests. Mechanism tests show that large state-owned shareholders increase social insurance contributions by helping private firms obtain government resources and strengthening oversight of social insurance compliance. However, this paper finds no evidence that foreign investors or unions influence the relationship between large state-owned shareholders and social insurance contributions in private firms. The findings of this paper suggest that state-owned equity prioritizes workers' interests over profit maximization. Given that expanding corporate social insurance coverage is a common challenge in emerging markets, this paper provides valuable policy implications for regulators in similar economic contexts.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101398"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467849","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 : 2025-10-31DOI: 10.1016/j.ememar.2025.101397
Farah Mugrabi , Mohamed Belkhir , Sami Ben Naceur , Bertrand Candelon , Woon Gyu Choi
This paper examines whether inflation targeting (IT) enhances the effectiveness of macroprudential policies in reducing banks’ contribution to systemic risk measured by SRISK. Using bank-level data for 47 countries, our regime-dependent panel regressions suggest that tools such as DSTI limits, the CCyB, conservation buffers, and leverage limits are relatively more effective under IT. Loan restrictions appear less effective, while loan-to-value (LTV) caps show impact only in post-GFC samples. Liquidity and reserve requirements reduce SRISK under IT in higher-frequency estimations. Our findings lend credence to the view that IT strengthens the role of macroprudential policy in mitigating financial stability risks.
{"title":"Macroprudential policy and bank systemic risk: Does inflation targeting matter?","authors":"Farah Mugrabi , Mohamed Belkhir , Sami Ben Naceur , Bertrand Candelon , Woon Gyu Choi","doi":"10.1016/j.ememar.2025.101397","DOIUrl":"10.1016/j.ememar.2025.101397","url":null,"abstract":"<div><div>This paper examines whether inflation targeting (IT) enhances the effectiveness of macroprudential policies in reducing banks’ contribution to systemic risk measured by SRISK. Using bank-level data for 47 countries, our regime-dependent panel regressions suggest that tools such as DSTI limits, the CCyB, conservation buffers, and leverage limits are relatively more effective under IT. Loan restrictions appear less effective, while loan-to-value (LTV) caps show impact only in post-GFC samples. Liquidity and reserve requirements reduce SRISK under IT in higher-frequency estimations. Our findings lend credence to the view that IT strengthens the role of macroprudential policy in mitigating financial stability risks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101397"},"PeriodicalIF":4.6,"publicationDate":"2025-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884310","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 : 2025-10-24DOI: 10.1016/j.ememar.2025.101396
Yulin Wang , Xueying Zhang , Thomas Walker , Gerrit Liedtke
This paper examines the impact of institutional ownership on the bond yield spreads of publicly traded Chinese firms. Our research results show the presence of a U-shaped, non-linear relationship between the shareholdings of institutional investors and bond yield spreads. Heterogeneity tests reveal differences in the impact of institutional ownership on yield spreads among different types of institutional investors and for firms in which members of the central government stabilization fund, commonly referred to as “national team” institutions, hold shares. Further tests indicate that corporate governance levels and firm performance serve as channels through which institutional shareholders affect bond yield spreads.
{"title":"Institutional ownership and bond pricing: Evidence from China","authors":"Yulin Wang , Xueying Zhang , Thomas Walker , Gerrit Liedtke","doi":"10.1016/j.ememar.2025.101396","DOIUrl":"10.1016/j.ememar.2025.101396","url":null,"abstract":"<div><div>This paper examines the impact of institutional ownership on the bond yield spreads of publicly traded Chinese firms. Our research results show the presence of a U-shaped, non-linear relationship between the shareholdings of institutional investors and bond yield spreads. Heterogeneity tests reveal differences in the impact of institutional ownership on yield spreads among different types of institutional investors and for firms in which members of the central government stabilization fund, commonly referred to as “national team” institutions, hold shares. Further tests indicate that corporate governance levels and firm performance serve as channels through which institutional shareholders affect bond yield spreads.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101396"},"PeriodicalIF":4.6,"publicationDate":"2025-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467850","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 : 2025-10-22DOI: 10.1016/j.ememar.2025.101395
Hongwen Han , Rui Hu , Jiali Jenna Tang , Qing Fu
This study examines how media coverage influences goodwill impairment reporting in China. We find that higher media scrutiny reduces abnormal goodwill impairment by constraining opportunistic reporting decisions through information, reputation, and regulatory sanction mechanisms. Both policy and market-oriented media coverage contribute to this reduction. Media coverage significantly inhibits firms from avoiding impairment rather than overstating it. Results suggest a substitution effect between media coverage and other corporate governance mechanisms, such as auditors and institutional investors. Our main findings hold after addressing endogeneity issues. Overall, our findings support that media scrutiny plays a monitoring role in curbing opportunistic goodwill impairment reporting.
{"title":"Media coverage and goodwill impairment","authors":"Hongwen Han , Rui Hu , Jiali Jenna Tang , Qing Fu","doi":"10.1016/j.ememar.2025.101395","DOIUrl":"10.1016/j.ememar.2025.101395","url":null,"abstract":"<div><div>This study examines how media coverage influences goodwill impairment reporting in China. We find that higher media scrutiny reduces abnormal goodwill impairment by constraining opportunistic reporting decisions through information, reputation, and regulatory sanction mechanisms. Both policy and market-oriented media coverage contribute to this reduction. Media coverage significantly inhibits firms from avoiding impairment rather than overstating it. Results suggest a substitution effect between media coverage and other corporate governance mechanisms, such as auditors and institutional investors. Our main findings hold after addressing endogeneity issues. Overall, our findings support that media scrutiny plays a monitoring role in curbing opportunistic goodwill impairment reporting.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101395"},"PeriodicalIF":4.6,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145365668","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}