British Accounting Review最新文献

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Can green finance policy reduce corporate carbon emissions? Evidence from a quasi-natural experiment in China 绿色金融政策能减少企业碳排放吗？来自中国一项准自然实验的证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2024-12-04 DOI: 10.1016/j.bar.2024.101540

Xiaoqian Liu , Javier Cifuentes-Faura , Chang'an Wang , Long Wang

The construction of pilot zones for green finance reform and innovation (PZGFRI) is China's regional exploration aimed at increasing financial support for green transformation and development. However, its impact on corporate carbon emission governance is uncertain. This paper examines the impact of the PZGFRI policy on corporate carbon emissions (CCEs) and its mechanisms based on the difference-in-differences model. The results indicate that this PZGFRI policy notably reduces the carbon emissions of enterprises in the pilot regions. Mechanism analysis reveals that this green finance policy reduces CCEs via alleviating corporate financing constraints, promoting corporate green innovation and corporate ESG performance. Heterogeneity results show that this negative impact is more pronounced for non-SOEs than SOEs. Furthermore, the PZGFRI policy dramatically reduces the carbon emissions of enterprises with short-sighted managers, while having insignificant performance on those with long-sighted management. Moreover, carbon reduction effect is notable for high-carbon industry enterprises, and this impact is insignificant for non-high carbon emission industry enterprises. Additionally, this policy has a prominent carbon reduction influence on enterprises in eastern and central regions, but its effect is minimal for those in western regions. This paper provides empirical evidence for other countries to implement green finance policies to promote low-carbon transformation development.

建设绿色金融改革创新试验区是中国加大绿色转型发展金融支持力度的区域探索。然而，其对企业碳排放治理的影响是不确定的。本文基于差异中的差异模型，研究了PZGFRI政策对企业碳排放的影响及其机制。结果表明，该政策显著降低了试点地区企业的碳排放。机制分析表明，该绿色金融政策通过缓解企业融资约束、促进企业绿色创新和企业ESG绩效来降低企业成本。异质性结果表明，这种负面影响在非国有企业中比国有企业更为明显。此外，PZGFRI政策显著减少了管理者短视的企业的碳排放，而对管理者目光长远的企业的碳排放效果不显著。高碳行业企业的碳减排效果显著，而非高碳行业企业的碳减排效果不显著。此外，该政策对东部和中部地区企业的碳减排效果显著，但对西部地区企业的效果最小。本文为其他国家实施绿色金融政策促进低碳转型发展提供了经验依据。

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引用次数: 0

Does analyst ESG experience matter? 分析师的 ESG 经验重要吗？

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2024-06-25 DOI: 10.1016/j.bar.2024.101438

Anastasia Kopita , Zacharias Petrou

We examine the relationship between analysts' task-specific experience in the context of ESG information and the informativeness of their stock recommendation revisions. While sell-side analysts incorporate ESG information in their valuation process and research reports, previous studies have indicated that the increased availability of ESG information in the market poses challenges for analysts to issue incrementally informative reports. Building upon existing literature that highlights systematic differences in analysts' performance that is attributed to their experience, we introduce a measure of financial analysts' ESG experience. We document a positive association between our proxy of analyst ESG experience and market reactions to their recommendation revisions. Our findings also show that analysts' ESG experience contributes to the interpretation of information included in firm ESG reports. We further find support for a stronger association between the market reaction and our ESG-experience proxy when firms exhibit lower levels of ESG disclosure and when they face higher external scrutiny due to their exposure to ESG-related risks. Our results are robust when considering analysts' innate and forecasting ability and when additional specifications are applied.

我们研究了分析师在环境、社会和公司治理信息背景下的特定任务经验与其股票推荐修正的信息量之间的关系。虽然卖方分析师在其估值过程和研究报告中纳入了环境、社会和公司治理信息，但以往的研究表明，市场上环境、社会和公司治理信息的增加给分析师发布信息量不断增加的报告带来了挑战。现有文献强调分析师业绩的系统性差异归因于他们的经验，在此基础上，我们引入了一种衡量金融分析师 ESG 经验的方法。我们记录了分析师的 ESG 经验与市场对其建议修订的反应之间的正相关关系。我们的研究结果还表明，分析师的环境、社会和公司治理经验有助于解释公司环境、社会和公司治理报告中包含的信息。我们还进一步发现，当公司的 ESG 披露水平较低，以及因暴露于 ESG 相关风险而面临较高的外部审查时，市场反应与我们的 ESG 经验代理之间的关联性更强。如果考虑到分析师的先天能力和预测能力，并采用其他规范，我们的结果是稳健的。

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引用次数: 0

Learning to be green: Accounting comparability and environmental violations 学习绿色：会计可比性与环境违规

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2023-07-29 DOI: 10.1016/j.bar.2023.101240

Justin Chircop , Monika Tarsalewska , Agnieszka Trzeciakiewicz

Over recent years there has been an increasing awareness of the costs to the environment of corporate actions. We posit that accounting comparability between a firm and its peers, facilitates firm learning of the impact peer firm activities have on the environment. This learning allows the firm to reduce its own environmental violations. In line with this conjecture, our findings show that accounting comparability is negatively associated with environmental violations. Further, the reduction in firm environmental violations is larger in the presence of comparable peer firms disclosing low toxic releases, suggesting that firms are better able to learn from peer firms with low environmental impact. Our results provide novel evidence that accounting comparability facilitates green learning and therefore benefits society at large by reducing environmental harm.

近年来，人们越来越意识到企业行为对环境造成的代价。我们假设企业与其同行之间的会计可比性有助于企业了解同行企业活动对环境的影响。这种学习使公司能够减少自己的环境违规行为。根据这一猜想，我们的研究结果表明，会计可比性与环境违法负相关。此外，在同类公司披露低毒性排放的情况下，公司环境违法行为的减少幅度更大，这表明公司能够更好地向环境影响较小的同类公司学习。我们的研究结果提供了新的证据，证明会计可比性促进了绿色学习，从而通过减少环境危害而使整个社会受益。

引用次数: 0

Do tax incentives make firms greener? Evidence from the accelerated depreciation policy in China 税收优惠能让企业更环保吗？来自中国加速贬值政策的证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2024-11-19 DOI: 10.1016/j.bar.2024.101517

Guoliu Hu , Xiaoqian Li , Zhangfan Cao

This study investigates the impact of tax incentives in the form of accelerated depreciation on corporate environmentally sustainable practices that facilitate the transition towards a low-carbon economy. Using a difference-in-differences estimation that exploits the staggered adoptions of the accelerated depreciation policy for fixed assets in China as a quasi-natural experiment, we investigate the influence of tax incentives on firms' carbon emissions. Our results show that the accelerated depreciation policy significantly reduces carbon emissions of firms operating in industries that adopt the policy relative to the remaining ones. Our study further suggests that the accelerated depreciation policy reduces firms' carbon emissions primarily through investment in abatement facilities, innovation, and productivity. Moreover, we find that the effect of the accelerated depreciation policy on carbon emissions is stronger for firms that are more socially responsible and capital intensive and firms in areas with a higher environmental regulation or a lower economic pressure. Overall, our study highlights the tax incentives as an unintended but paramount means to promote firms’ environmental governance.

本研究探讨了加速折旧形式的税收激励对促进企业向低碳经济转型的环境可持续实践的影响。本文采用“差中之差”估计方法，将中国固定资产错开加速折旧政策作为准自然实验，研究税收优惠对企业碳排放的影响。我们的研究结果表明，相对于其他行业，采用加速折旧政策的行业中企业的碳排放量显著减少。我们的研究进一步表明，加速折旧政策主要通过对减排设施、创新和生产力的投资来减少企业的碳排放。此外，我们发现加速折旧政策对碳排放的影响对于社会责任和资本密集型企业以及环境监管较高或经济压力较小的地区的企业更强。总体而言，我们的研究强调了税收优惠是促进企业环境治理的一种意想不到但最重要的手段。

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引用次数: 0

Does the market value the green credit performance of banks? Evidence from bank loan announcements 市场是否重视银行的绿色信贷表现？来自银行贷款公告的证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2023-11-23 DOI: 10.1016/j.bar.2023.101282

Gary Tian , Kun Tracy Wang , Yue Wu

Despite the key role played by banks in shifting the global economy toward sustainable development, little is known about how the integration of environmental considerations into their lending decisions affects their market valuation. Using a sample of announcements of bank loans issued by Chinese listed banks and an event study methodology, this study examines how the market values the green credit performance of banks. We find that banks with superior green credit performance have significantly higher market valuation upon loan announcements. Cross-sectional analyses show that the positive effect of banks' green credit performance is more pronounced when banks are less exposed to political pressures. This positive effect is also stronger when borrowers have strong environmental and social (ES) performance, provide ES disclosures, operate in industries that are not heavily polluting, have high institutional ownership, and are controlled by private shareholders. Finally, our path analysis shows that green credit increases banks' market valuation by improving the prospect of future cash flows and reducing credit risk for banks. Overall, we document that green credit is a value-enhancing practice for banks in emerging markets such as China, where legal institutions and environmental regulations may not be as developed as in more advanced markets.

尽管银行在将全球经济转向可持续发展方面发挥了关键作用，但人们对将环境考虑因素纳入其贷款决策如何影响其市场估值知之甚少。本研究以中国上市银行发布的银行贷款公告为样本，运用事件研究方法，探讨了市场如何评价银行的绿色信贷绩效。我们发现，绿色信贷绩效较好的银行在贷款公告后的市场估值显著较高。横断面分析表明，当银行受到的政治压力较小时，银行绿色信贷绩效的积极影响更为明显。当借款人具有良好的环境和社会（ES）绩效，提供ES披露，在不严重污染的行业中运营，拥有高机构所有权并由私人股东控制时，这种积极效应也会更强。最后，我们的路径分析表明，绿色信贷通过改善银行未来现金流的前景和降低银行的信贷风险来提高银行的市场估值。总体而言，我们的研究表明，绿色信贷对中国等新兴市场的银行来说是一种增值实践，这些市场的法律制度和环境法规可能不如更发达的市场发达。

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引用次数: 0

Do green assets enhance portfolio optimization? A multi-horizon investing perspective 绿色资产能促进投资组合优化吗？多视角投资

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 Epub Date: 2025-02-26 DOI: 10.1016/j.bar.2025.101612

Dongna Zhang , Xingyu Dai , Qunwei Wang

We examine the out-of-sample performance of adding green assets to a stock-bond-commodity benchmark portfolio as EU investors across seven investment horizons. By employing eight portfolio optimization techniques, we find that incorporating green assets leads to statistically significant improvement in the Sharpe ratio across different investment horizons and risk preferences. The Sharpe ratio, Sortino ratio, and return-loss demonstrate improvement as investment horizon lengthens. Over the long-run horizon, green assets are more beneficial for risk-tolerant investors compared to risk-averse investors. The Data Envelopment Analysis confirms that green assets contribute to a more pronounced improvement in efficiency for risk-tolerant investors. The results remain robust with alternative dataset and transaction cost setting. Our findings offer implications for investors and policymakers to promote green finance.

我们考察了欧盟投资者在七个投资范围内将绿色资产添加到股票-债券-商品基准投资组合中的样本外表现。通过采用八种投资组合优化技术，我们发现，在不同的投资期限和风险偏好中，纳入绿色资产会导致统计学上显著的夏普比率改善。夏普比率、索蒂诺比率和收益损失随着投资期限的延长而改善。从长期来看，与风险厌恶型投资者相比，绿色资产对风险容忍型投资者更有利。数据包络分析证实，对于风险承受能力强的投资者而言，绿色资产有助于更显著地提高效率。在不同的数据集和交易成本设置下，结果仍然是稳健的。研究结果为投资者和政策制定者促进绿色金融发展提供了启示。

引用次数: 0

Keep a watchful eye on both: The impact of the joint terms of ruling party and government leaders on family firm government subsidies 两方面都要密切关注：执政党和政府领导人的联合条款对家族企业政府补贴的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 Epub Date: 2024-08-22 DOI: 10.1016/j.bar.2024.101468

Xuan He , Yingyu Zhang

Political connections play a key role in family firms receiving government subsidies. However, previous research has not focused on the duality of the political connections between the ruling party and the government. Based on the joint terms of the party and government leaders, which constitutes a new perspective, we analyze how family firms address this duality as they seek stable and continuous subsidies. We test our theory in the context of Chinese listed family firms and local leadership databases between 2007 and 2019. In this empirical study, we demonstrate that longer joint terms for ruling parties and government leaders enhance the stability of family firms’ political connections and benefit enterprises that are more likely to receive continual government subsidies. This effect significantly weakens in regions in which marketization is more advanced because resource allocation gradually shifts from government mandates to the market. Therefore, family firms in such regions must adapt by seeking a stable developmental environment in the midst of dynamic institutional change. In our study, we expand the literature on political connections and the corporate political activity (CPA) of family firms in emerging markets.

政治关系在家族企业获得政府补贴方面发挥了关键作用。然而，以往的研究并未关注执政党与政府之间政治关系的二元性。本文以党政领导人的共同条件为视角，分析了家族企业在寻求稳定和持续的补贴时如何解决这一双重问题。我们在2007年至2019年中国上市家族企业和地方领导层数据库的背景下检验了我们的理论。本文的实证研究表明，执政党和政府领导人的联合任期越长，家族企业政治关系的稳定性就越高，企业越有可能获得持续的政府补贴。在市场化程度较高的地区，这种效应明显减弱，因为资源配置逐渐从政府指令转向市场。因此，这些地区的家族企业必须在动态的制度变迁中寻求稳定的发展环境。在我们的研究中，我们扩展了关于新兴市场家族企业的政治关系和企业政治活动（CPA）的文献。

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引用次数: 0

Institutional investor ESG activism and exploratory green innovation: Unpacking the heterogeneous responses of family firms across intergenerational contexts 机构投资者的环境、社会和治理行动主义与探索性绿色创新：解读不同代际背景下家族企业的异质反应

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 Epub Date: 2024-01-11 DOI: 10.1016/j.bar.2024.101324

Bao Wu , Feng Chen , Lanhua Li , Lei Xu , Zijia Liu , Yaoyao Wu

This paper investigates the heterogeneous responses to institutional investor ESG activism by expanding reference point theory among non-family firms and family firms with different intergenerational contexts. Using a Chinese family firm database comprising 14,425 observations from 2012 to 2020, this study finds that institutional investor ESG activism is more likely to stimulate exploratory green innovation in family firms than in non-family firms. Such linkage between institutional investor ESG activism and exploratory green innovation is stronger in second-generation family firms than in first-generation firms. Furthermore, this study explores the moderating roles of family involvement and financial slack in first- and second-generation family firms as they respond to institutional investor ESG activism. Specifically, both family involvement and financial slack can enhance the positive impact of institutional investor ESG activism on exploratory green innovation in the context of second-generation family firms. The moderating effect of family involvement is not significant, whereas the moderating effect of financial slack turns into be negative in the context of first-generation family firms. Our study highlights the heterogeneous responses to institutional investor ESG activism of family firms with different intergenerational contexts.

本文通过扩展参考点理论，在不同代际背景下的非家族企业和家族企业中研究了机构投资者ESG行动主义的异质反应。利用2012年至2020年中国家族企业的14425个观察数据，本研究发现，与非家族企业相比，机构投资者ESG行动主义更有可能刺激家族企业的探索性绿色创新。机构投资者ESG行动主义与探索性绿色创新之间的这种联系在第二代家族企业中比在第一代家族企业中更强。此外，本研究探讨了家族参与和财务松弛在第一代和第二代家族企业对机构投资者ESG激进主义的反应中的调节作用。具体而言，家族参与和财务宽松都可以增强机构投资者ESG行动主义对第二代家族企业探索性绿色创新的积极影响。在第一代家族企业背景下，家族涉入的调节作用不显著，而财务松弛的调节作用变为负向。我们的研究强调了不同代际背景下家族企业对机构投资者ESG行动主义的异质反应。

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引用次数: 0

Substitutes or complements? Use of trade credit and bank credit by family SMEs 替代还是互补？家庭中小企业使用贸易信贷和银行信贷的情况

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 Epub Date: 2024-08-19 DOI: 10.1016/j.bar.2024.101464

Xianzhe Jin , Jialong Li , Yefeng Wang , Yuan Wang

This research examines the intricate relationship between trade and bank credit, with a specific focus on family and nonfamily small and medium-sized enterprises (SMEs). Our analysis of a sample of 3690 US SMEs reveals a distinctive pattern: Trade credit and bank credit act as substitutes for each other for family firms, but they serve as complements to each other for nonfamily firms. Furthermore, our findings highlight that this distinctive pattern is particularly pronounced in the contexts of low-performing SMEs and smaller SMEs. The results provide a nuanced understanding of the relationship between trade and bank credit and underscore the importance of considering the impact of a governance structure on an SME's financing behaviors.

本研究探讨了贸易与银行信贷之间错综复杂的关系，重点关注家族和非家族中小型企业（SMEs）。我们对 3690 家美国中小企业的样本进行了分析，发现了一种独特的模式：对于家族企业来说，贸易信贷和银行信贷是相互替代的，但对于非家族企业来说，它们是相互补充的。此外，我们的研究结果还强调，这种独特的模式在低绩效中小企业和规模较小的中小企业中尤为明显。这些结果提供了对贸易与银行信贷之间关系的细微理解，并强调了考虑治理结构对中小企业融资行为影响的重要性。

引用次数: 0

Do client protection principles matter for the economic and social performance of microfinance institutions? 客户保护原则对小额信贷机构的经济和社会绩效有影响吗？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 Epub Date: 2024-09-24 DOI: 10.1016/j.bar.2024.101493

Shahadat Hossain , Md Mosharraf Hossain , Vincent K. Chong

This study investigates the influence of client protection principles (CPPs) in lending practice on the economic and social performance of Microfinance Institutions (MFIs). The demand for ethical and fair treatment of microfinance borrowers has increased in recent years after several incidences of exploiting clients in different parts of the world. In response to this call, many MFIs adopted CPPs in lending operations to borrowers. However, there is a debate about whether adopting CPPs enhances the economic and social performance of MFIs. We empirically test this using a unique panel dataset of 1015 MFIs (5650 MFI-year observations) operating in 93 countries from 2007 to 2018. We find a positive impact of client protection on social performance in the short- and long-run. The impact of client protection on financial performance is negative in the short run, but the effect diminishes in the long run. Our documented findings are robust across a battery of robustness tests and account for endogeneity using propensity score matching, two-stage least squares estimation, and a two-step system generalized method of moments. Detailed analyses show that not all the client protection principles have a significant impact on MFI performance. Additional analyses show that the influence of CPPs on social performance is more pronounced in larger than smaller MFIs. Also, adopting CPPs increases the clients' access to savings and the MFIs’ access to subsidized funds.

本研究探讨贷款实务中客户保护原则（CPPs）对小额信贷机构（MFIs）经济和社会绩效的影响。近年来，在世界各地发生了几起剥削客户的事件后，对小额信贷借款人的道德和公平待遇的要求有所增加。为了响应这一呼吁，许多小额信贷机构在向借款人提供贷款业务时采用了cpp。然而，关于采用cps是否能提高小额信贷机构的经济和社会绩效，存在争议。我们利用2007年至2018年在93个国家运营的1015家小额信贷机构（5650家小额信贷机构年度观察数据）的独特面板数据集对这一点进行了实证检验。我们发现客户保护在短期和长期对社会绩效都有积极的影响。客户保护对财务绩效的影响在短期内是负面的，但从长期来看，这种影响会减弱。我们记录的研究结果在一系列稳健性测试中是稳健性的，并使用倾向评分匹配、两阶段最小二乘估计和两步系统广义矩法来解释内生性。详细分析表明，并不是所有的客户保护原则都对小额信贷机构的绩效产生重大影响。其他分析表明，cps对社会绩效的影响在较大的小额信贷机构中比在较小的小额信贷机构中更为明显。此外，采用cpp增加了客户的储蓄机会和小额信贷机构获得补贴资金的机会。

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