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Early Financial Education, Financial Literacy, and Gender Equity in Finance* 早期金融教育、金融素养与金融性别平等*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-06-27 DOI: 10.1111/ajfs.12378
Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan

This study investigates how to promote gender equity in finance through early financial education using survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.

本研究利用在新加坡收集的调查结果,探讨如何通过早期金融教育促进金融中的性别平等。金融教育对金融素养影响的实证检验表明,接受早期金融教育的女性更好地理解贷款利率、投资组合多样化和抵押贷款支付的复合效应。早期金融教育对金融行为的影响也体现在女性越来越多地参与股票市场、保险活动和储蓄习惯上。其影响可以用来指导负责通过早期金融教育促进性别平等的政策制定者。
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引用次数: 1
Political Uncertainty and Corporate Social Responsibility 政治不确定性与企业社会责任
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-06-25 DOI: 10.1111/ajfs.12377
Maoyong Cheng, Yuxuan Dong, J. Jin, K. Kanagaretnam
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引用次数: 0
Research and Development Expenditure, Audit Fees, and Corporate Social Responsibility Disclosure: Evidence from Chinese Listed Firms* 研发支出、审计费用与企业社会责任披露:来自中国上市公司的证据*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-06-13 DOI: 10.1111/ajfs.12371
Yi Zhang

This study of Chinese listed firms from 2008 to 2018 shows that research and development (R&D) expenditure is associated with increased audit fees. However, corporate social responsibility (CSR) disclosure can attenuate this fee increase, especially in firms with an opaque information environment, high risks, and non-high- and new-technology enterprises. These findings are robust to the use of proxies and instrumental variables, propensity score matching, and controlling for firm fixed effects and CSR performance. This study contributes to the understanding of the economic consequences of R&D activities, determinants of audit fees, and CSR disclosure.

对2008 - 2018年中国上市公司的研究表明,研发支出与审计费用的增加有关。然而,企业社会责任信息披露可以减弱这种费用的增加,特别是在信息环境不透明、高风险和非高新技术企业中。这些发现是稳健的使用代理和工具变量,倾向得分匹配,并控制企业固定效应和企业社会责任绩效。本研究有助于理解研发活动的经济后果、审计费用的决定因素和企业社会责任披露。
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引用次数: 0
Firm Misvaluation and Corporate Social Responsibility* 企业错估与企业社会责任*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12373
Yaling Jin

This paper shows that overvalued firms have better performance in corporate social responsibility. Using hypothetical mutual fund outflow pressure, I establish causality from misvaluation to corporate social responsibility performance. Further analysis reveals that the effect of firm misvaluation on corporate social responsibility performance is stronger for firms with greater financial strengths, higher socially responsible investor ownership, higher long-term institutional investor ownership, and during high corporate social responsibility sentiment periods. Overall, the results reveal the incentives of firms to engage in corporate social responsibility activities in overvaluation to cater to investors who prefer better corporate social responsibility performance.

研究表明,被高估的企业在社会责任方面表现较好。利用假设的共同基金流出压力,我建立了从错误估值到企业社会责任绩效的因果关系。进一步分析发现,当企业财务实力较强、社会责任投资者持股比例较高、长期机构投资者持股比例较高、企业社会责任情绪高涨时,企业错估对企业社会责任绩效的影响更强。总体而言,研究结果揭示了企业在估值过高的情况下从事企业社会责任活动的动机,以迎合偏好更好的企业社会责任绩效的投资者。
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引用次数: 0
Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage 企业社会不负责任与企业价值:来自媒体报道的国际证据
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12375
Tracie Frost, Lei Li, Albert Tsang, Miao Yu

Media attention to corporate social irresponsibility (CSiR) is increasing around the world. Using a sample of firms from 43 countries, we find that media coverage of CSiR is negatively associated with firm value. We further find that the negative relation between media coverage of CSiR and firm value is more pronounced for firms with long-term orientations and for firms domiciled in countries where demand for socially responsible corporate activities is high. Our findings support the role that CSiR plays in corporate reputation and explain the heterogeneity of the relation between CSiR and firm value across firms and countries.

全球媒体对企业社会不负责任(CSiR)的关注日益增加。使用来自43个国家的公司样本,我们发现媒体对CSiR的报道与公司价值呈负相关。我们进一步发现,媒体对企业社会责任的报道与企业价值之间的负相关关系,对于具有长期导向的企业和位于社会责任企业活动需求高的国家的企业更为明显。我们的研究结果支持了CSiR在企业声誉中的作用,并解释了CSiR与企业价值之间的关系在企业和国家之间的异质性。
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引用次数: 4
How Does Corporate Social Responsibility Affect Credit Default Swap Spreads? 企业社会责任如何影响信用违约互换息差?
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-05-30 DOI: 10.1111/ajfs.12374
Jongho Kang, Jihun Kim

We examine the relationship between corporate social responsibility (CSR) and credit risk. We test how CSR strengths and concerns impact credit default swap (CDS) spreads during the global financial crisis period (2008–2009) and non-crisis periods (2003–2007 and 2010–2013). CSR concerns increase and CSR strengths reduce CDS spreads during the non-crisis period, whereas their effects change during the global financial crisis. CSR strengths during an adverse economic environment can indicate agency problems and overinvestment. The effect of CSR concerns becomes much larger during the global financial crisis, while that of CSR strengths can even increase CDS spreads.

我们研究了企业社会责任(CSR)与信用风险之间的关系。我们测试了企业社会责任的优势和关注点在全球金融危机时期(2008-2009年)和非危机时期(2003-2007年和2010-2013年)对信用违约互换(CDS)利差的影响。在非危机时期,企业社会责任关注增加,企业社会责任优势减少CDS利差,而在全球金融危机期间,它们的影响发生了变化。在不利的经济环境下,企业社会责任的优势可以表明代理问题和过度投资。在全球金融危机中,企业社会责任关注的影响要大得多,而企业社会责任优势的影响甚至会增加CDS利差。
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引用次数: 1
Effect of Shadow Banking Activities on Firm Risk and Performance: Entrusted Loan Evidence from Chinese Listed Firms* 影子银行活动对企业风险和绩效的影响:来自中国上市公司委托贷款的证据*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12367
Xiaoyan Wang, Sijia Qiao, Chung-Hua Shen, Meng-Wen Wu, Juan Wang

This study investigates the effect of non-financial firms' activities in shadow banking on firm risk and performance. Using manually collected data of entrusted loans from Chinese listed firms, we find that lending firms' bankruptcy risk and performance increases from their engagement of entrusted loan businesses in the year the loans are issued and in the following year. Further, firms' risk increases and performance improves significantly when firms are financially healthy, financially constrained, and non-state-owned. Overall, our findings provide policy implications that the risk of shadow banking activities must be cautious.

本研究探讨了非金融企业在影子银行中的活动对企业风险和绩效的影响。利用人工采集的中国上市公司委托贷款数据,我们发现贷款公司从事委托贷款业务在贷款发行当年和次年的破产风险和业绩都有所增加。此外,当企业财务健康、财务受限和非国有时,企业的风险增加,绩效显著提高。总体而言,我们的研究结果提供了政策启示,即影子银行活动的风险必须谨慎。
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引用次数: 0
Female Directors' Foreign Experience and Environmental and Sustainable Performance* 女性董事的海外经验与环境和可持续绩效*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12369
Farid Ullah, Ping Jiang, Collins G. Ntim, Yasir Shahab, Xianling Jiang

We examine the impact of female directors' foreign experience on environmental and sustainable (ES) performance in Chinese listed firms from 2010 to 2016. We find that female directors' foreign experience, especially work experience, significantly positively impacts firms' ES performance. The results are robust, and self-selection concerns are addressed using the Heckman two-step model and propensity score matching. Also, female directors' foreign experience impacts ES performance more significantly when female directors gain foreign experience from a Scandinavian law country or a civil law country. Overall, our results reveal that female directors with foreign experience transmit ES knowledge and practices to Chinese firms.

本文研究了2010 - 2016年中国上市公司女性董事海外经历对环境与可持续绩效的影响。研究发现,女性董事的海外经历,尤其是工作经历,对企业的企业环境绩效有显著的正向影响。结果是稳健的,使用Heckman两步模型和倾向评分匹配来解决自我选择问题。此外,当女性董事在斯堪的纳维亚法系国家或大陆法系国家获得外国经验时,女性董事的外国经验对ES绩效的影响更为显著。总体而言,我们的研究结果表明,具有外国经验的女性董事将ES知识和实践传播给了中国公司。
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引用次数: 11
The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance* 内部控制对机构持股对公司财务绩效影响的中介作用*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-03-31 DOI: 10.1111/ajfs.12368
Xiao Li

This study analyzes the mediating effect of internal control (IC) on corporate financial performance from an information economics perspective. The results show that effective IC has a significant mediating effect for institutional shareholding to improve financial performance. The mediating mechanism of IC is not reflected for institutional holdings other than Pressure-resistant institutions. In addition, the magnitude of the mediating effect of IC for Stable long-term institutional shareholding to improve financial performance is higher than that for Transactional short-term institutional shareholding. Finally, this study provides some recommendations regarding strengthening the synergistic mechanism of external and internal governance on improving financial performance.

本研究从信息经济学的角度分析了内部控制对企业财务绩效的中介作用。结果表明,有效集成电路对机构持股改善财务绩效具有显著的中介作用。除抗压机构外,IC的中介机制并未反映在机构持股中。此外,IC对稳定的长期机构持股改善财务绩效的中介作用幅度高于交易性的短期机构持股。最后,本文提出了加强外部治理和内部治理对财务绩效提升的协同机制的建议。
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引用次数: 5
Industry Specialization and Audit Quality: Evidence from Audit Firm Switches in China* 行业专业化与审计质量:来自中国审计事务所转换的证据*
IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE Pub Date : 2022-03-29 DOI: 10.1111/ajfs.12365
Fangfei Ding, Ziwei Qiao, Mingxia Hu, Minkang Lu

Numerous studies have investigated the consequences of auditor switching. This study contributes to the existing literature by examining the impact of industry specialization on audit quality using audit firm switches in China. We find that changing from a non-specialist to a specialist at the auditor partner level rather than the audit firm level decreases discretionary accruals and increases value relevance and the likelihood of modified audit opinions and going-concern opinions. These results suggest that upward partner-level industry specialization improves audit quality for clients, which attenuates the negative impact of an audit switch.

许多研究调查了审计师转换的后果。本研究通过在中国使用审计事务所转换来考察行业专业化对审计质量的影响,从而对现有文献做出了贡献。我们发现,在审计师合伙人层面而不是审计事务所层面,从非专业人员转变为专业人员会减少可自由支配的应计利润,增加价值相关性以及修改审计意见和持续经营意见的可能性。这些结果表明,向上的合伙人级别行业专业化提高了客户的审计质量,从而减弱了审计转换的负面影响。
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引用次数: 1
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Asia-Pacific Journal of Financial Studies
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