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From debt breaches to employee safety: The hidden power of banking interventions 从债务违约到员工安全:银行干预的隐性力量
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101447
Shiyang Hu , Xiao Li , Gary Gang Tian , Jianyu Zhao
This study investigates the influence of bank interventions following breaches of debt covenants on workplace safety. Using a regression discontinuity design, we find robust evidence indicating a substantial decrease in employee injuries after covenant violations. Our channel analysis reveals that the impact of bank interventions is more pronounced when banks perform well in ESG-related employee relationships and take on less risk. Furthermore, the influence of bank interventions is stronger when banks have considerable control over firms and when employees have strong bargaining power. Our findings demonstrate that creditors play an active role in enhancing workplace safety, leading to improved employee welfare. The implications of our research highlight the potential for financial institutions to contribute to socially responsible practices and promote sustainable and safe working environments.
本研究调查了违反债务契约后银行干预对工作场所安全的影响。通过使用回归不连续设计,我们发现了强有力的证据,表明违反契约后员工伤害事故大幅减少。我们的渠道分析表明,当银行在与环境、社会和公司治理相关的员工关系方面表现良好且承担的风险较低时,银行干预的影响更为明显。此外,当银行对企业有相当大的控制权且员工有很强的议价能力时,银行干预的影响会更大。我们的研究结果表明,债权人在加强工作场所安全方面发挥了积极作用,从而改善了员工福利。我们研究的意义突出表明,金融机构有可能为社会责任实践做出贡献,并促进可持续和安全的工作环境。
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引用次数: 0
Does mandating corporate social and environmental disclosure improve social and environmental performance?: Broad-based evidence regarding the effectiveness of directive 2014/95/EU 强制企业披露社会和环境信息是否能改善社会和环境绩效?有关第 2014/95/EU 号指令有效性的广泛证据
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101437
Charl de Villiers , John Dumay , Federica Farneti , Jing Jia , Zhongtian Li
Given that the aim of corporate social and environmental disclosure mandates is to improve corporate social and environmental performance, this study investigates the impact of such mandates on performance. Using a difference-in-differences analysis, we examine trends in corporate social and environmental performance before and after the introduction of Directive 2014/95/EU (hereafter, the Directive), comparing affected European companies with companies in the United States (US), based on a balanced sample of 358 European companies (excluding United Kingdom (UK) companies, because they were subject to additional regulations that came into effect around the same time) and 470 US companies from 2009 to 2020. We find that European companies' performance has not improved substantially since the Directive came into effect in 2017, nor have they improved compared to US companies. Thus, the evidence suggests that the Directive has not improved European companies’ social and environmental performance. Our study provides broad-based evidence of the (in)effectiveness of mandating corporate social and environmental disclosures to enhance performance. Our findings will be of interest to regulators considering disclosure mandates, as well as stakeholders and investors interested in enhancing social and environmental performance.
鉴于企业社会和环境信息披露规定的目的是提高企业的社会和环境绩效,本研究调查了此类规定对绩效的影响。我们采用差异分析法,研究了第 2014/95/EU 号指令(以下简称 "指令")出台前后企业社会和环境绩效的变化趋势,并将受影响的欧洲公司与美国公司进行了比较,样本为 2009 年至 2020 年的 358 家欧洲公司(不包括英国公司,因为英国公司受制于同期生效的附加法规)和 470 家美国公司。我们发现,自《指令》于 2017 年生效以来,欧洲公司的业绩并没有大幅改善,与美国公司相比也没有改善。因此,证据表明,《指令》并未改善欧洲公司的社会和环境绩效。我们的研究提供了广泛的证据,证明强制企业披露社会和环境信息对提高绩效的(不)有效性。我们的研究结果将对考虑强制披露信息的监管机构以及对提高社会和环境绩效感兴趣的利益相关者和投资者有所帮助。
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引用次数: 0
Withdrawal notice to“ On the role and effects of supervisor feedback sign in auditing: Evidence from a cohort of early career auditors” [YBARE(56/6) (2024) / 101371]
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101538
Tobias Johansson-Berg , Gustav Johed , Thomas Carrington
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引用次数: 0
Withdrawal notice to: < Mimicking Crypto Portfolios in Sustainable Investment ‘><[YBARE(56/6) (2024) / 101463]>
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101549
Dr Mengxia Yu , Dr Ke Xu , Dr Xinwei Zheng
This article has been withdrawn at the request of the editor and publisher.
The Publisher apologies for a procedural error which occurred during the compilation of this issue. A group of articles intended for a later issue of the journal were accidentally included in Volume 56, Issue 6, and were subsequently removed. These articles have been republished in their correct issue, Volume 57, Issue 1.
The full Elsevier Policy on Article Withdrawal can be found at (https://www.elsevier.com/about/policies/article-withdrawal).
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引用次数: 0
Heterogeneity in the integration of ESG measures in executive compensation: Determinants, contracting details and outcomes 将环境、社会和治理措施纳入高管薪酬的异质性:决定因素、合同细节和结果
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101440
Shilin Hou , Jianfeng Shen , Chuan Yu , Shan Zhou
Corporate social responsibility (CSR) contracting incorporates environmental, social, and governance (ESG) related measures in executive compensation plans. Current research on this practice is limited to a US setting, despite global adoption. We investigate heterogeneity in CSR contracting using data from 59 countries between 2002 and 2019. We find that besides firm-level past ESG performance and the industry-level adoption rate, country-level ESG regulations have significant explanatory power in firms’ tendencies to adopt CSR contracting. Hand-collected data reveal significant cross-country differences in CSR contracting details. Finally, CSR contracting is positively associated with subsequent financial performance only in countries with more stringent ESG regulations and stronger legal enforcement. In contrast, CSR contracting is associated with subsequent ESG performance regardless of country-level factors.
企业社会责任(CSR)合同将环境、社会和治理(ESG)相关措施纳入高管薪酬计划。尽管这种做法已在全球范围内得到采用,但目前有关这种做法的研究仅限于美国。我们利用 2002 年至 2019 年间 59 个国家的数据调查了企业社会责任契约的异质性。我们发现,除了公司层面的过去 ESG 表现和行业层面的采用率外,国家层面的 ESG 法规对公司采用企业社会责任契约的倾向也有显著的解释力。手工收集的数据揭示了企业社会责任契约细节的显著跨国差异。最后,只有在环境、社会和公司治理法规更严格、法律执行力度更大的国家,企业社会责任契约才与后续财务业绩正相关。与此相反,无论国家层面的因素如何,企业社会责任契约都与后续的环境、社会和治理绩效相关。
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引用次数: 0
Bridging the credit gap: The influence of regional bank structure on the expansion of peer-to-peer lending 缩小信贷差距:地区银行结构对扩大点对点借贷的影响
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101448
Nourhan Eid , Junhong Yang , Meryem Duygun
This paper investigates the extent to which the regional credit market structures, characterized by the presence and lending capacity of traditional banks, shape the growth of online lending marketplaces using peer-to-peer (P2P) lending data. Using an instrumental variables (IV) approach, our study suggests that areas underserved by traditional banks witness more significant growth in P2P lending. This impact is more pronounced in regions with a lower presence of small bank outreach. Furthermore, we find that an increase in P2P lending is associated with a reduced risk of borrower default. Our findings also show that the expansion of online lending marketplaces positively impacts borrowers’ financial well-being by improving their credit scores.
本文利用点对点(P2P)借贷数据,研究了以传统银行的存在和借贷能力为特征的地区信贷市场结构在多大程度上影响了在线借贷市场的发展。利用工具变量(IV)方法,我们的研究表明,传统银行服务不足的地区见证了 P2P 借贷更显著的增长。这种影响在小型银行较少的地区更为明显。此外,我们还发现,P2P 借贷的增加与借款人违约风险的降低有关。我们的研究结果还表明,网络借贷市场的扩张通过提高借款人的信用评分,对其财务状况产生了积极影响。
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引用次数: 0
Manager sentiment, deal characteristics, and takeover performance 管理者情绪、交易特征和收购绩效
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101374
Suwei An , Yi Liu , Xiaofen Tan , Kai Wu
Various studies analyze the driving forces behind takeover activities, including investor sentiment, liquidity, and fundamental shocks. In this study, we examine how manager sentiment influences takeover characteristics and long-term performance using textual analysis of data in 10-K and 10-Q filings. Our findings identify that manager sentiment has strong positive predictive power for takeover activities, and high (positive) manager sentiment decreases the long-term performance of takeover deals. Moreover, we show that high-sentiment managers tend to undertake large deals, decrease all-stock transactions, acquire hard-to-value targets, and provide high target valuations, suggesting over-investment for underperforming high-sentiment deals.
各种研究分析了收购活动背后的驱动力,包括投资者情绪、流动性和基本面冲击。在本研究中,我们通过对 10-K 和 10-Q 文件中的数据进行文本分析,研究了经理情绪如何影响收购特征和长期表现。我们的研究结果表明,经理人情绪对收购活动有很强的正向预测能力,高(正)经理人情绪会降低收购交易的长期表现。此外,我们还发现,高情绪经理倾向于进行大型交易,减少全股票交易,收购难以估值的目标,并提供高目标估值,这表明对表现不佳的高情绪交易进行了过度投资。
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引用次数: 0
Devolution, counter-conduct and territoriality: The case of Tax Business Rates in the United Kingdom 权力下放、反行为和属地性:英国商业税率案例
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101406
Penelope A.L. Tuck , Dominic de Cogan , Rodrigo Ormeño-Pérez
Business Rates (BR) are key to the interaction between national, devolved, regional and local institutions of government in the UK. A liability to the tax can make the difference between the life and death of a business, and the design and implementation of business rates interacts with areas of policy concern as disparate as devolution, planning, charity regulation and digitalisation. We examine how BR affect political struggles between the devolved governments and the UK government using a governmentality approach focused on counter conduct, extending the scant literature on this type of taxation. Our theoretical contribution is to analyse how resistance, represented by the Foucauldian concept of counter conduct, manifests within the complex and understudied context of BR. In particular, we show that counter conduct has spatial and territorial elements which have the potential to destabilise the entire business rates programme and ought to be taken much more seriously.
商业税(BR)是英国国家、权力下放、地区和地方政府机构之间互动的关键。商业税的征收可以决定一个企业的生死,而商业税的设计和实施又与权力下放、规划、慈善监管和数字化等不同的政策领域息息相关。我们采用侧重于反行为的政府性方法,研究了商业税如何影响权力下放政府与英国政府之间的政治斗争,从而扩展了有关此类税收的稀缺文献。我们的理论贡献在于分析以福柯的反行为概念为代表的抵制如何在复杂且研究不足的 BR 背景下表现出来。特别是,我们表明反行为具有空间和地域因素,有可能破坏整个商业税计划的稳定,因此应该更加认真地对待。
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引用次数: 0
Third-party auditor liability risk and trade credit policies 第三方审计师责任风险和贸易信贷政策
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101454
Anthony Kyiu , Bernard Tawiah , Kwabena Antwi Boasiako , Sylvester Adasi Manu
We investigate the effect of Third-Party Auditor Liability (TPAL) risk on firms' trade credit policies. Exploiting the staggered state-level changes to TPAL in the US as a quasi-natural experiment, we find that firms in states with a higher risk of TPAL increase their use of trade credit. This relationship is more pronounced for firms with a more enhanced information environment, those with greater financial constraints, and those whose auditors are more exposed to litigation risk. Overall, our findings provide evidence of how TPAL affects firms’ short-term financing needs.
我们研究了第三方审计师责任(TPAL)风险对企业贸易信贷政策的影响。利用美国各州对 TPAL 的交错修改作为准自然实验,我们发现在 TPAL 风险较高的州,企业会增加贸易信贷的使用。这种关系在信息环境更完善的企业、财务约束更强的企业以及审计师面临更多诉讼风险的企业中更为明显。总之,我们的研究结果为 TPAL 如何影响企业的短期融资需求提供了证据。
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引用次数: 0
On the role and effects of supervisor feedback sign in auditing: Evidence from a cohort of early career auditors. 上司反馈信号在审计中的作用和效果:来自一批早期职业审计师的证据。
IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101371
Tobias Johansson-Berg , Gustav Johed , Thomas Carrington
Supervisor feedback is essential for training and socialising early career auditors. One fundamental aspect and choice of a supervisor's feedback practice and style is whether to focus on encouraging good or discouraging poor performance. We acknowledge that early career auditors likely receive feedback on both good and poor performance in ongoing and extended feedback relationships with their closest supervisor. A work–life reality that implies that the effects of supervisors' inclinations towards a specific performance feedback sign must be assessed within a frame in which they coexist to varying degrees. We generate hypotheses on how the feedback sign from the closest supervisor affects early career auditors' underreporting of time and intrinsic work motivation, which are two matters related to audit quality. We found that supervisor feedback on negative performance was associated with increased underreporting of time and decreased intrinsic motivation. Feedback on positive performance lessens underreporting of time and supports the development of intrinsic motivation. In summary, our results support emphasising the type of performance for which supervisors choose to provide feedback.
上司的反馈意见对于培训和社会化早期职业审计师至关重要。上司反馈做法和风格的一个基本方面和选择,是侧重于鼓励好的表现还是阻止差的表现。我们认识到,职业生涯初期的审计师很可能会在与最亲密的上司之间持续而广泛的反馈关系中,同时收到关于良好绩效和不良绩效的反馈。工作与生活并存的现实意味着,必须在两者不同程度并存的框架内评估上司对特定绩效反馈信号的倾向所产生的影响。我们就最亲近上司的反馈信号如何影响早期职业审计师的时间少报和内在工作动机这两个与审计质量相关的问题提出了假设。我们发现,上司对负面绩效的反馈与少报时间的增加和内在动机的降低有关。而对积极绩效的反馈则会减少少报时间的情况,并支持内在动机的发展。总之,我们的结果支持强调主管选择提供反馈的绩效类型。
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引用次数: 0
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British Accounting Review
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