Pub Date : 2024-07-11DOI: 10.1108/ijoem-11-2023-1889
Xiaofei Li, Weian Li, Jian Xu, Lixiang Wang
PurposeThe purpose of this study is to examine the role of retail investors’ green attention in promoting corporate environmental investments (EIs) using a communication sample on “Hudongyi” from 2011 to 2022.Design/methodology/approachIn this paper, Python is used to capture data and text analysis techniques to obtain green attention information. In the word-matching process, words are matched in the target document one by one based on the preset dictionary and vocabulary rules. In addition to employing fixed effects, this study also incorporates instrumental variables using two-stage least squares (2SLS) estimation and applies the Heckman two-step method to verify the regression results.FindingsFirst, this paper empirically examines the positive influence of retail investors’ green attention on EIs. Second, the findings show that retail investors’ green attention promotes EIs through decreasing principal-agent costs and principal-principal costs. Third, the results show that retail investor’s supervision effect is strengthened under the following three circumstances: executives with stronger green conception, corporations with less information asymmetry and areas with higher level of investor protection.Practical implicationsOur findings broaden the scope of prior research by exploring the impact of retail investor activism on nonfinancial outcomes, contributing to understanding the “black box” of how investor attention fosters EIs. Moreover, by leveraging the power of technology, retail investors have evolved from being the “silent majority” to being actively engaged. The internet has empowered retail investors by providing them with access to information and enabling them to exercise “voice” rights by appealing companies to engage in pro-environmental activities. Our study can provide useful suggestions for the green development of listed companies in China, as well as in other emerging countries.Originality/valueUnlike other studies that focus on the deterrent effect and corporate financial outcomes of retail investors, we focus on the supervisory effect of retail investors and verify its role in driving EIs. This fills the knowledge gap in prior studies and contributes new insights to explain EIs and extends the understanding of retail investor activism.
{"title":"Retail investor activism and corporate environmental investments: evidence from green attention","authors":"Xiaofei Li, Weian Li, Jian Xu, Lixiang Wang","doi":"10.1108/ijoem-11-2023-1889","DOIUrl":"https://doi.org/10.1108/ijoem-11-2023-1889","url":null,"abstract":"PurposeThe purpose of this study is to examine the role of retail investors’ green attention in promoting corporate environmental investments (EIs) using a communication sample on “Hudongyi” from 2011 to 2022.Design/methodology/approachIn this paper, Python is used to capture data and text analysis techniques to obtain green attention information. In the word-matching process, words are matched in the target document one by one based on the preset dictionary and vocabulary rules. In addition to employing fixed effects, this study also incorporates instrumental variables using two-stage least squares (2SLS) estimation and applies the Heckman two-step method to verify the regression results.FindingsFirst, this paper empirically examines the positive influence of retail investors’ green attention on EIs. Second, the findings show that retail investors’ green attention promotes EIs through decreasing principal-agent costs and principal-principal costs. Third, the results show that retail investor’s supervision effect is strengthened under the following three circumstances: executives with stronger green conception, corporations with less information asymmetry and areas with higher level of investor protection.Practical implicationsOur findings broaden the scope of prior research by exploring the impact of retail investor activism on nonfinancial outcomes, contributing to understanding the “black box” of how investor attention fosters EIs. Moreover, by leveraging the power of technology, retail investors have evolved from being the “silent majority” to being actively engaged. The internet has empowered retail investors by providing them with access to information and enabling them to exercise “voice” rights by appealing companies to engage in pro-environmental activities. Our study can provide useful suggestions for the green development of listed companies in China, as well as in other emerging countries.Originality/valueUnlike other studies that focus on the deterrent effect and corporate financial outcomes of retail investors, we focus on the supervisory effect of retail investors and verify its role in driving EIs. This fills the knowledge gap in prior studies and contributes new insights to explain EIs and extends the understanding of retail investor activism.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"106 25","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141657220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-09DOI: 10.1108/ijoem-10-2023-1608
Zi Wang, Dechang Zheng, Yajuan Cui, Shangjie Liu
PurposeThe purpose of this study is to investigate whether negative reports by state-controlled media affect firms’ CSR performance. Negative reports by state-controlled media indicate the signals of deteriorating relationships between firms and the government and then generate greater political pressure on firms, which may force firms to engage in more CSR activities. This study first examines the influence of negative reports by state-controlled media on CSR performance. Then, we further figure out whether the degree of dependence on the government exhibits an impact on the relationship between negative reports by state-controlled media and firms’ CSR performance.Design/methodology/approachThe sample for this study is based on all Chinese A-listed firms from 2010 to 2020. The study employs CSR scores data released by HEXUN to measure firms’ CSR performance. HEXUN is one of the most professional institutions that sell CSR-related products. Following You et al. (2018) and An et al. (2022), the authors identify the nine most popular media consisting of state-controlled media. The ordinary least squares (OLS) method is adopted for regression, and various robustness tests are conducted including using alternative measures, expanding the regression model and instrumental variable method.FindingsThe empirical results show a significant positive relationship between negative reports by state-controlled media and firms’ CSR performance. The cross-sectional analyses indicate that the effect of negative reports by state-controlled media on firms’ CSR performance is stronger for firms with mandatory CSR disclosure requirements, firms with political connections and firms with more severe financial constraints. Furthermore, improved CSR performance resulting from negative reports by state-controlled media indeed helps repair firms’ relationship with the government and thus leads them to attain government benefits, such as more government subsidies and lower tax rates.Research limitations/implicationsThis study finds that media reports issued by state-controlled media can be treated as signals of the relationships between firms and the government, which generate political pressure to push firms to take CSR as a strategic management tool to repair their relationships with the government. It helps policymakers and investors more comprehensively understand firms’ incentives behind their improved CSR performance and develop more effective policies. This study focuses on firms’ overall CSR performance. We anticipate that future research can extend the analysis of the impact of negative reports by state-controlled media on specific aspects of CSR investment.Originality/valueThis study illustrates the significantly positive effect of negative reports by state-controlled media in promoting CSR performance. It fills the research gap in studying the role of state-controlled media in CSR, especially for emerging markets. Moreover, the study also contributes to the stran
本研究旨在探讨国家控制媒体的负面报道是否会影响企业的企业社会责任表现。国家控制媒体的负面报道显示了企业与政府关系恶化的信号，进而对企业产生更大的政治压力，这可能会迫使企业参与更多的企业社会责任活动。本研究首先探讨了国家控制媒体的负面报道对企业社会责任绩效的影响。本研究的样本是 2010 年至 2020 年的所有中国 A 股上市公司。研究采用 HEXUN 发布的企业社会责任得分数据来衡量企业的企业社会责任表现。HEXUN是销售企业社会责任相关产品最专业的机构之一。继 You 等人（2018）和 An 等人（2022）之后，作者确定了由国有控股媒体组成的九家最受欢迎的媒体。采用普通最小二乘法（OLS）进行回归，并进行了各种稳健性检验，包括使用替代度量、扩展回归模型和工具变量法。实证结果表明，国有控股媒体的负面报道与企业的企业社会责任绩效之间存在显著的正相关关系。横截面分析表明，国有控股媒体的负面报道对企业社会责任绩效的影响对于有强制性企业社会责任披露要求的企业、有政治关系的企业和财务约束更严重的企业更强。此外，国有控股媒体的负面报道所带来的企业社会责任绩效的改善确实有助于修复企业与政府的关系，从而使企业获得更多的政府补贴和更低的税率等政府利益。研究局限/意义本研究发现，国有控股媒体发布的媒体报道可以被视为企业与政府关系的信号，这种信号会产生政治压力，促使企业将企业社会责任作为一种战略管理工具，以修复与政府的关系。这有助于政策制定者和投资者更全面地了解企业改善企业社会责任表现背后的动机，并制定更有效的政策。本研究主要关注企业的整体社会责任表现。我们预计，未来的研究可以扩展分析国有控股媒体的负面报道对企业社会责任投资的具体方面的影响。它填补了研究国有控股媒体在企业社会责任中作用的空白，尤其是对新兴市场而言。此外，本研究还为企业社会责任战略管理方面的文献做出了贡献。
{"title":"Flattering the government: negative reports by state-controlled media and CSR","authors":"Zi Wang, Dechang Zheng, Yajuan Cui, Shangjie Liu","doi":"10.1108/ijoem-10-2023-1608","DOIUrl":"https://doi.org/10.1108/ijoem-10-2023-1608","url":null,"abstract":"PurposeThe purpose of this study is to investigate whether negative reports by state-controlled media affect firms’ CSR performance. Negative reports by state-controlled media indicate the signals of deteriorating relationships between firms and the government and then generate greater political pressure on firms, which may force firms to engage in more CSR activities. This study first examines the influence of negative reports by state-controlled media on CSR performance. Then, we further figure out whether the degree of dependence on the government exhibits an impact on the relationship between negative reports by state-controlled media and firms’ CSR performance.Design/methodology/approachThe sample for this study is based on all Chinese A-listed firms from 2010 to 2020. The study employs CSR scores data released by HEXUN to measure firms’ CSR performance. HEXUN is one of the most professional institutions that sell CSR-related products. Following You et al. (2018) and An et al. (2022), the authors identify the nine most popular media consisting of state-controlled media. The ordinary least squares (OLS) method is adopted for regression, and various robustness tests are conducted including using alternative measures, expanding the regression model and instrumental variable method.FindingsThe empirical results show a significant positive relationship between negative reports by state-controlled media and firms’ CSR performance. The cross-sectional analyses indicate that the effect of negative reports by state-controlled media on firms’ CSR performance is stronger for firms with mandatory CSR disclosure requirements, firms with political connections and firms with more severe financial constraints. Furthermore, improved CSR performance resulting from negative reports by state-controlled media indeed helps repair firms’ relationship with the government and thus leads them to attain government benefits, such as more government subsidies and lower tax rates.Research limitations/implicationsThis study finds that media reports issued by state-controlled media can be treated as signals of the relationships between firms and the government, which generate political pressure to push firms to take CSR as a strategic management tool to repair their relationships with the government. It helps policymakers and investors more comprehensively understand firms’ incentives behind their improved CSR performance and develop more effective policies. This study focuses on firms’ overall CSR performance. We anticipate that future research can extend the analysis of the impact of negative reports by state-controlled media on specific aspects of CSR investment.Originality/valueThis study illustrates the significantly positive effect of negative reports by state-controlled media in promoting CSR performance. It fills the research gap in studying the role of state-controlled media in CSR, especially for emerging markets. Moreover, the study also contributes to the stran","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"54 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141664918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-11DOI: 10.1108/ijoem-08-2023-1313
Mohay Ud Din Shah, Ikram Ullah Khan, Naimat U. Khan
PurposeThe paper examines how individuals can be susceptible to payment biases in the context of digital payment behavior by utilizing the concept of mental accounting. Furthermore, the paper investigates the moderating effects of Digital Financial Literacy (DFL) on the relationship between payment methods and spending behavior.Design/methodology/approachThe study employs a survey-based approach to collect data from 503 individuals who use digital payment methods, utilizing purposive sampling from Pakistan. The collected data is analyzed using Smart-PLS 4 software to assess the direct impact of payment methods on spending behavior and the moderating influence of DFL.FindingsThe research findings demonstrate that both digital and cash payments significantly affect spending behavior. However, digital payments have a more substantial impact on spending behavior compared to cash payments. The findings also show that DFL significantly positively moderates individual spending. The study validates the mental accounting perspective by evaluating the direct impact of payment methods on consumers' spending behavior.Practical implicationsThe findings have practical implications for policymakers, financial institutions, and educators. Policymakers can leverage the insights to design effective strategies that promote responsible spending behavior and enhance the adoption of digital payment methods. Financial institutions can design user-friendly platforms that cater to users' spending preferences, while educators can develop programs to enhance Digital Financial Literacy (DFL) among the public.Social implicationsThis study’s social implications lie in its potential to contribute to individuals' financial well-being by promoting responsible spending through digital payment methods. Enhanced financial literacy and informed spending decisions can lead to better financial management and ultimately contribute to societal financial stability.Originality/valueThe study enriches the understanding of mental accounting, shedding light on how overspending behavior can manifest through digital payment channels. In addition, this research practically provides valuable insights into enhancing the adoption and financial literacy of digital payments among the public.
{"title":"The role of digital payments in overspending behavior: a mental accounting perspective","authors":"Mohay Ud Din Shah, Ikram Ullah Khan, Naimat U. Khan","doi":"10.1108/ijoem-08-2023-1313","DOIUrl":"https://doi.org/10.1108/ijoem-08-2023-1313","url":null,"abstract":"PurposeThe paper examines how individuals can be susceptible to payment biases in the context of digital payment behavior by utilizing the concept of mental accounting. Furthermore, the paper investigates the moderating effects of Digital Financial Literacy (DFL) on the relationship between payment methods and spending behavior.Design/methodology/approachThe study employs a survey-based approach to collect data from 503 individuals who use digital payment methods, utilizing purposive sampling from Pakistan. The collected data is analyzed using Smart-PLS 4 software to assess the direct impact of payment methods on spending behavior and the moderating influence of DFL.FindingsThe research findings demonstrate that both digital and cash payments significantly affect spending behavior. However, digital payments have a more substantial impact on spending behavior compared to cash payments. The findings also show that DFL significantly positively moderates individual spending. The study validates the mental accounting perspective by evaluating the direct impact of payment methods on consumers' spending behavior.Practical implicationsThe findings have practical implications for policymakers, financial institutions, and educators. Policymakers can leverage the insights to design effective strategies that promote responsible spending behavior and enhance the adoption of digital payment methods. Financial institutions can design user-friendly platforms that cater to users' spending preferences, while educators can develop programs to enhance Digital Financial Literacy (DFL) among the public.Social implicationsThis study’s social implications lie in its potential to contribute to individuals' financial well-being by promoting responsible spending through digital payment methods. Enhanced financial literacy and informed spending decisions can lead to better financial management and ultimately contribute to societal financial stability.Originality/valueThe study enriches the understanding of mental accounting, shedding light on how overspending behavior can manifest through digital payment channels. In addition, this research practically provides valuable insights into enhancing the adoption and financial literacy of digital payments among the public.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"88 17","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141359687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-04-24DOI: 10.1108/ijoem-01-2024-0127
Nadia Yusuf, Inass Salamah Ali, Tariq Zubair
PurposeThis study investigates the impact of US dollar volatility and oil rents on the performance of small and medium-sized enterprises (SMEs) in the Gulf Cooperation Council (GCC) region, with an emphasis on understanding how these factors influence SME financing constraints in economies with fixed currency regimes.Design/methodology/approachEmploying a random effects panel regression analysis, this research considers US dollar volatility and oil rents as independent variables, with SME performance, measured through the financing gap, as the dependent variable. Controls such as trade balance, inflation deltas and gross domestic product (GDP) growth are included to isolate their effects on SME financing constraints.FindingsThe study reveals a significant positive relationship between dollar volatility and the financing gap, suggesting that increased volatility can exacerbate SME financing constraints. Conversely, oil rents did not show a significant direct influence on SME performance. The trade balance and inflation deltas were found to have significant effects, highlighting the multifaceted nature of economic variables affecting SMEs.Research limitations/implicationsThe study acknowledges potential biases due to omitted variables and the limitations inherent in the use of secondary data.Practical implicationsFindings offer pertinent guidance for SMEs and policymakers in the GCC region seeking to develop strategies that mitigate the impact of currency volatility and support SME financing.Originality/valueThe research provides new insights into the dynamics of SME performance within fixed currency regimes, which significantly contributes to the limited literature in this area. The paper further underscores the complex connections between global economic factors and SME financial health.
{"title":"Understanding dollar dynamics and SME performance in GCC economies","authors":"Nadia Yusuf, Inass Salamah Ali, Tariq Zubair","doi":"10.1108/ijoem-01-2024-0127","DOIUrl":"https://doi.org/10.1108/ijoem-01-2024-0127","url":null,"abstract":"PurposeThis study investigates the impact of US dollar volatility and oil rents on the performance of small and medium-sized enterprises (SMEs) in the Gulf Cooperation Council (GCC) region, with an emphasis on understanding how these factors influence SME financing constraints in economies with fixed currency regimes.Design/methodology/approachEmploying a random effects panel regression analysis, this research considers US dollar volatility and oil rents as independent variables, with SME performance, measured through the financing gap, as the dependent variable. Controls such as trade balance, inflation deltas and gross domestic product (GDP) growth are included to isolate their effects on SME financing constraints.FindingsThe study reveals a significant positive relationship between dollar volatility and the financing gap, suggesting that increased volatility can exacerbate SME financing constraints. Conversely, oil rents did not show a significant direct influence on SME performance. The trade balance and inflation deltas were found to have significant effects, highlighting the multifaceted nature of economic variables affecting SMEs.Research limitations/implicationsThe study acknowledges potential biases due to omitted variables and the limitations inherent in the use of secondary data.Practical implicationsFindings offer pertinent guidance for SMEs and policymakers in the GCC region seeking to develop strategies that mitigate the impact of currency volatility and support SME financing.Originality/valueThe research provides new insights into the dynamics of SME performance within fixed currency regimes, which significantly contributes to the limited literature in this area. The paper further underscores the complex connections between global economic factors and SME financial health.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"6 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140660311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-04-04DOI: 10.1108/ijoem-07-2023-1096
Jian Xie, Jiaxin Wang, Tianyi Lei
PurposeFrom the perspective of local government tax administration, the impact of geographic dispersion on the corporate tax burden is investigated in this paper.Design/methodology/approachUsing unbalanced panel data with a sample of listed companies from 2003 to 2020 in China, this paper focuses on the effect of geographic dispersion on corporate tax burden and the mechanisms.FindingsIt is found that corporate tax burden is positively related to geographic dispersion. It is also found that geographic dispersion affects the corporate tax burden by increasing the effort of local government tax administration. In addition, the relation between geographic dispersion and corporate tax burden is more pronounced for local SOEs prior to the implementation of Golden Tax Project III and in cases where local governments face stronger financial pressure to obtain revenue.Originality/valueThis study has important implications for the promotion of the coordinated development of the regional economy, as well as the legalization, modernization and informatization of tax administration.
{"title":"Geographic dispersion, tax administration and corporate tax burden: evidence from China","authors":"Jian Xie, Jiaxin Wang, Tianyi Lei","doi":"10.1108/ijoem-07-2023-1096","DOIUrl":"https://doi.org/10.1108/ijoem-07-2023-1096","url":null,"abstract":"PurposeFrom the perspective of local government tax administration, the impact of geographic dispersion on the corporate tax burden is investigated in this paper.Design/methodology/approachUsing unbalanced panel data with a sample of listed companies from 2003 to 2020 in China, this paper focuses on the effect of geographic dispersion on corporate tax burden and the mechanisms.FindingsIt is found that corporate tax burden is positively related to geographic dispersion. It is also found that geographic dispersion affects the corporate tax burden by increasing the effort of local government tax administration. In addition, the relation between geographic dispersion and corporate tax burden is more pronounced for local SOEs prior to the implementation of Golden Tax Project III and in cases where local governments face stronger financial pressure to obtain revenue.Originality/valueThis study has important implications for the promotion of the coordinated development of the regional economy, as well as the legalization, modernization and informatization of tax administration.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"3 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140745185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-04-01DOI: 10.1108/ijoem-06-2023-0955
Xin Liu, Siyi Liu, Jiani Wang, Hanwen Chen
PurposeThis study examines the relationship between internal control and corporate environmental responsibility.Design/methodology/approachUnlike US studies that concentrate solely on internal control over financial reporting, this study uses a comprehensive index that encompasses internal control over financial reporting, operations, and compliance. Corporate environmental responsibility is measured by environmental investments. Our research sample comprises Chinese listed firms from 2010 to 2018.FindingsThe results demonstrate a positive correlation between internal control and corporate environmental investments. Furthermore, we find that firms with high-quality internal control can improve their financial and environmental performance through environmental investments. After decomposing internal control into its five components, we show that the control environment, control activities, and information and communication components exhibit stronger effects on environmental investments than the risk assessment and monitoring components. Finally, the cross-sectional analyses reveal that the positive effect of internal control is more pronounced in private firms and in firms that are subject to weaker environmental regulation.Originality/valueBy focusing on the effect of a comprehensive internal mechanism on corporate environmental responsibility in China, this study contributes to the literature in developed-country settings that overwhelmingly focuses on the impact of external stakeholders and regulations.
{"title":"Does internal control affect corporate environmental responsibility? Evidence from China","authors":"Xin Liu, Siyi Liu, Jiani Wang, Hanwen Chen","doi":"10.1108/ijoem-06-2023-0955","DOIUrl":"https://doi.org/10.1108/ijoem-06-2023-0955","url":null,"abstract":"PurposeThis study examines the relationship between internal control and corporate environmental responsibility.Design/methodology/approachUnlike US studies that concentrate solely on internal control over financial reporting, this study uses a comprehensive index that encompasses internal control over financial reporting, operations, and compliance. Corporate environmental responsibility is measured by environmental investments. Our research sample comprises Chinese listed firms from 2010 to 2018.FindingsThe results demonstrate a positive correlation between internal control and corporate environmental investments. Furthermore, we find that firms with high-quality internal control can improve their financial and environmental performance through environmental investments. After decomposing internal control into its five components, we show that the control environment, control activities, and information and communication components exhibit stronger effects on environmental investments than the risk assessment and monitoring components. Finally, the cross-sectional analyses reveal that the positive effect of internal control is more pronounced in private firms and in firms that are subject to weaker environmental regulation.Originality/valueBy focusing on the effect of a comprehensive internal mechanism on corporate environmental responsibility in China, this study contributes to the literature in developed-country settings that overwhelmingly focuses on the impact of external stakeholders and regulations.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"9 37","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140352820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-29DOI: 10.1108/ijoem-02-2023-0251
Lan Wang, Zhonghua Cheng
PurposeThis article aims to clarify the impact of stock market liberalization on corporate green technology innovation, analyze its mechanism from the perspectives of financing constraints and environmental management level and explore heterogeneity.Design/methodology/approachUsing the panel data of Chinese enterprises from 2010 to 2020, this article adopts the multi-point difference-in-difference (DID) method to test the impact of stock market liberalization on enterprise green technology innovation and its conduction pathway.FindingsThe outcomes demonstrate that stock market liberalization contributes to the furthering of green technology innovation. The heterogeneity test reveals that this promotion is more pronounced for private companies, small-scale companies and companies with high information transparency. The mediating effect test shows that stock market liberalization boosts green technology innovation by alleviating corporate financing constraints and improving corporate environmental management.Originality/valueThis article elucidates the impact path of stock market liberalization on corporate green innovation based on alleviating corporate financing constraints and improving corporate environmental management levels. From the perspective of corporate green technology innovation, this article provides evidence from emerging market countries for the economic effects of capital market opening, which helps to further improve the level of green innovation.
{"title":"Does stock market liberalization promote enterprise green technology innovation?","authors":"Lan Wang, Zhonghua Cheng","doi":"10.1108/ijoem-02-2023-0251","DOIUrl":"https://doi.org/10.1108/ijoem-02-2023-0251","url":null,"abstract":"PurposeThis article aims to clarify the impact of stock market liberalization on corporate green technology innovation, analyze its mechanism from the perspectives of financing constraints and environmental management level and explore heterogeneity.Design/methodology/approachUsing the panel data of Chinese enterprises from 2010 to 2020, this article adopts the multi-point difference-in-difference (DID) method to test the impact of stock market liberalization on enterprise green technology innovation and its conduction pathway.FindingsThe outcomes demonstrate that stock market liberalization contributes to the furthering of green technology innovation. The heterogeneity test reveals that this promotion is more pronounced for private companies, small-scale companies and companies with high information transparency. The mediating effect test shows that stock market liberalization boosts green technology innovation by alleviating corporate financing constraints and improving corporate environmental management.Originality/valueThis article elucidates the impact path of stock market liberalization on corporate green innovation based on alleviating corporate financing constraints and improving corporate environmental management levels. From the perspective of corporate green technology innovation, this article provides evidence from emerging market countries for the economic effects of capital market opening, which helps to further improve the level of green innovation.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"59 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-29DOI: 10.1108/ijoem-06-2023-0874
Waleed Hemdan, Jian Zhang
PurposeThis study investigates how to motivate behavioral intentions toward green investment (BIGI) with the moderating effect of social media platforms usage (SMPU) among individual investors in Egypt.Design/methodology/approachThe study used partial least squares structural equation modeling (PLS-SEM) to analyze the data and test hypotheses based on a sample of 550 individual investors with investment experience.FindingsThe results show that attitude, subjective norm (SN), and perceived behavioral control (PBC) have a significant relationship with investors' behavioral intention toward green investment. The moderating effect of (SMPU) supported the relationship between (SN), (PBC), and (BIGI), but (SMPU) does not support the relationship between attitude and (BIGI).Practical implicationsThis study provides some implications for investment providers, service providers, and policymakers.Originality/valueDespite the increasing global interest in climate change and its consequent opportunities and challenges for business, previous studies did not strongly emphasize green investment. So, based on the theory of planned behavior (TPB), this study sheds light on the motivational factors that may push investors' behavioral intentions toward green investment. With the increasing interest in digital transformation, the study also examined how digital platforms support (BIGI), especially in Egypt as a developing country.
{"title":"Investors’ intention toward green investment: an extension of the theory of planned behavior","authors":"Waleed Hemdan, Jian Zhang","doi":"10.1108/ijoem-06-2023-0874","DOIUrl":"https://doi.org/10.1108/ijoem-06-2023-0874","url":null,"abstract":"PurposeThis study investigates how to motivate behavioral intentions toward green investment (BIGI) with the moderating effect of social media platforms usage (SMPU) among individual investors in Egypt.Design/methodology/approachThe study used partial least squares structural equation modeling (PLS-SEM) to analyze the data and test hypotheses based on a sample of 550 individual investors with investment experience.FindingsThe results show that attitude, subjective norm (SN), and perceived behavioral control (PBC) have a significant relationship with investors' behavioral intention toward green investment. The moderating effect of (SMPU) supported the relationship between (SN), (PBC), and (BIGI), but (SMPU) does not support the relationship between attitude and (BIGI).Practical implicationsThis study provides some implications for investment providers, service providers, and policymakers.Originality/valueDespite the increasing global interest in climate change and its consequent opportunities and challenges for business, previous studies did not strongly emphasize green investment. So, based on the theory of planned behavior (TPB), this study sheds light on the motivational factors that may push investors' behavioral intentions toward green investment. With the increasing interest in digital transformation, the study also examined how digital platforms support (BIGI), especially in Egypt as a developing country.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"76 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-27DOI: 10.1108/ijoem-05-2023-0797
Yanxi Li, Delin Meng, YunGe Hu
PurposeThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.Design/methodology/approachThis research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.FindingsOur results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.Originality/valueThis study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.
{"title":"Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groups","authors":"Yanxi Li, Delin Meng, YunGe Hu","doi":"10.1108/ijoem-05-2023-0797","DOIUrl":"https://doi.org/10.1108/ijoem-05-2023-0797","url":null,"abstract":"PurposeThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.Design/methodology/approachThis research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.FindingsOur results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.Originality/valueThis study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"5 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-26DOI: 10.1108/ijoem-07-2023-1182
Xiaoyuan Li
PurposeThe purpose of this study is to investigate the impact of rapid internationalization by emerging-market multinational enterprises (EMNEs) on their innovation performance. It also seeks to identify any potential moderating factors that could influence this relationship.Design/methodology/approachBy analyzing data from listed Chinese MNEs from 2012 to 2022, this study applies a negative binomial regression model to test the research hypotheses.FindingsThis study uncovers an inverted U-shaped relationship between the internationalization speed of EMNEs and their innovation performance. It also suggests that strong absorptive, learning and managerial capacities could play positive moderating roles in the effect of internationalization speed on EMNEs’ innovation performance.Originality/valueThis study highlights rapid global expansion, promoting new knowledge acquisition for EMNEs. However, due to time-compression dilemmas with limited EMNE firm-specific advantages, overly accelerated internationalization hinders learning effectiveness. Additionally, this study reveals the critical importance of three firm-specific capacities in EMNEs – absorptive, learning and managerial capacities – in efficiently assimilating newly acquired knowledge from foreign markets and enhancing their innovation performance through rapid internationalization.
本研究旨在探讨新兴市场跨国企业快速国际化对其创新绩效的影响。研究结果本研究发现，新兴市场跨国企业的国际化速度与其创新绩效之间存在倒 U 型关系。研究还表明，强大的吸收能力、学习能力和管理能力可以在国际化速度对新兴市场企业创新绩效的影响中发挥积极的调节作用。然而，由于时间压缩困境和新兴市场企业的特定优势有限，过度加速国际化会阻碍学习效率。此外，本研究揭示了吸收能力、学习能力和管理能力这三种企业特有能力对于新兴市场企业通过快速国际化有效吸收从国外市场获得的新知识并提高创新绩效的至关重要性。
{"title":"How does rapid internationalization explain emerging-market multinationals' innovation? The moderating role of organizational capacity","authors":"Xiaoyuan Li","doi":"10.1108/ijoem-07-2023-1182","DOIUrl":"https://doi.org/10.1108/ijoem-07-2023-1182","url":null,"abstract":"PurposeThe purpose of this study is to investigate the impact of rapid internationalization by emerging-market multinational enterprises (EMNEs) on their innovation performance. It also seeks to identify any potential moderating factors that could influence this relationship.Design/methodology/approachBy analyzing data from listed Chinese MNEs from 2012 to 2022, this study applies a negative binomial regression model to test the research hypotheses.FindingsThis study uncovers an inverted U-shaped relationship between the internationalization speed of EMNEs and their innovation performance. It also suggests that strong absorptive, learning and managerial capacities could play positive moderating roles in the effect of internationalization speed on EMNEs’ innovation performance.Originality/valueThis study highlights rapid global expansion, promoting new knowledge acquisition for EMNEs. However, due to time-compression dilemmas with limited EMNE firm-specific advantages, overly accelerated internationalization hinders learning effectiveness. Additionally, this study reveals the critical importance of three firm-specific capacities in EMNEs – absorptive, learning and managerial capacities – in efficiently assimilating newly acquired knowledge from foreign markets and enhancing their innovation performance through rapid internationalization.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":"26 22","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140430180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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