发布求助
文献互助 智能选刊 最新文献

Journal of Corporate Finance最新文献

筛选
英文 中文
Where do angels come from? 天使是从哪里来的？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-19 DOI: 10.1016/j.jcorpfin.2025.102815
Valerio Pelucco , Silvio Vismara
{"title":"Where do angels come from?","authors":"Valerio Pelucco ,&nbsp;Silvio Vismara","doi":"10.1016/j.jcorpfin.2025.102815","DOIUrl":"10.1016/j.jcorpfin.2025.102815","url":null,"abstract":"<div><div>Angel investing offers experienced entrepreneurs an opportunity to contribute to entrepreneurial ecosystems, with prior entrepreneurial experience believed to enhance an individual's ability to evaluate and nurture startups. This has led to expectations that angel investors with entrepreneurial backgrounds possess superior selection and treatment capabilities. However, our research challenges this assumption, documenting that angels with entrepreneurial backgrounds underperform relative to those with other upper echelon backgrounds, such as former venture capitalists. We explain these results through two key channels: the entrepreneurial learning channel, which suggests that former entrepreneurs may struggle to generalize their past experiences across different investment contexts, and the professional networks channel, which highlights the importance of syndication in venture capital.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102815"},"PeriodicalIF":7.2,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144115537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Number of numbers: Does a greater proportion of quantitative textual disclosure reduce information risk? 数量：数量文本披露的比例越大，信息风险就越低吗？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-17 DOI: 10.1016/j.jcorpfin.2025.102813
John L. Campbell , Xin Zheng , Dexin Zhou
{"title":"Number of numbers: Does a greater proportion of quantitative textual disclosure reduce information risk?","authors":"John L. Campbell ,&nbsp;Xin Zheng ,&nbsp;Dexin Zhou","doi":"10.1016/j.jcorpfin.2025.102813","DOIUrl":"10.1016/j.jcorpfin.2025.102813","url":null,"abstract":"<div><div>This study investigates the association between quantitative disclosure and information risk, hypothesizing that a greater proportion of numerical information in earnings conference calls decreases information risk and thus increases firm value. We find that, even after controlling for earnings information, more extensive numerical disclosure correlates positively with earnings announcement returns. This effect concentrates in firms with poorer information environments and during periods of heightened performance uncertainty. Finally, we show that a greater proportion of numerical disclosure reduces implied volatility, bid-ask spread, and implied cost of capital. Our findings highlight numerical disclosure's role in reducing information risk and emphasize its importance in financial disclosures.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102813"},"PeriodicalIF":7.2,"publicationDate":"2025-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate taxes and corporate social responsibility 公司税和企业社会责任
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-13 DOI: 10.1016/j.jcorpfin.2025.102809
Xin Chang , Yaling Jin , Endong Yang , Wenrui Zhang
{"title":"Corporate taxes and corporate social responsibility","authors":"Xin Chang ,&nbsp;Yaling Jin ,&nbsp;Endong Yang ,&nbsp;Wenrui Zhang","doi":"10.1016/j.jcorpfin.2025.102809","DOIUrl":"10.1016/j.jcorpfin.2025.102809","url":null,"abstract":"<div><div>Exploiting staggered changes in state-level corporate income taxes, we document that corporate social responsibility (CSR) performance improves substantially following tax cuts, reflecting firms' reliance on internal funds for CSR investments. However, tax increases do not significantly weaken CSR performance, implying that CSR commitments are sticky on the upside. Tax cuts enhance CSR performance more for firms with greater tax exposure, tighter financial constraints, better corporate governance, stronger prosocial preferences, or higher risk. Additional analysis of the 2017 federal tax reform substantiates the CSR effect of tax cuts. Overall, our findings highlight essential CSR features and illustrate how corporate tax policy drives corporate sustainability.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102809"},"PeriodicalIF":7.2,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Managerial incentives and trade credit: Evidence from China's EVA appraisal reform among CSOEs 管理激励与贸易信用：来自中国中央企业经济增加值评估改革的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-11 DOI: 10.1016/j.jcorpfin.2025.102811
Yang He , Xin Pang , Kemin Wang
{"title":"Managerial incentives and trade credit: Evidence from China's EVA appraisal reform among CSOEs","authors":"Yang He ,&nbsp;Xin Pang ,&nbsp;Kemin Wang","doi":"10.1016/j.jcorpfin.2025.102811","DOIUrl":"10.1016/j.jcorpfin.2025.102811","url":null,"abstract":"<div><div>Exploiting the mandatory implementation of the economic value added (EVA) appraisal reform among central state-owned enterprises (CSOEs) in China in 2010 as a quasi-natural experiment, this study investigates the effect of managerial incentives on firms' use of trade credit financing. Using a sample of CSOEs and non-state-owned enterprises (non-SOEs) listed on China's A-share market, we find that CSOEs use more trade credit than non-SOEs after the adoption of the EVA appraisal reform. This effect is more pronounced for CSOEs in non-strategic industries or in industries with intense competition; for CSOEs with underperforming EVA, with a lower actual cost of debt, or without political connections; and for CSOEs whose managers are in the last year of their assessment tenure. Furthermore, after the mandatory reform, the increased use of trade credit financing significantly improves the EVA performance of CSOEs, thereby further increasing executive compensation. These results suggest that CSOE managers with strong incentives use nominal interest-free trade credit financing to enhance EVA performance. Our study provides a new explanation for the differences in trade credit financing among firms with different property rights and has implications for investigating the role of managerial incentives in informal financing decisions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102811"},"PeriodicalIF":7.2,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144166542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A new lease on firm behavior 坚定行为的新租约
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-10 DOI: 10.1016/j.jcorpfin.2025.102793
Matteo Binfarè , Robert A. Connolly , Fotis Grigoris , Crocker H. Liu
{"title":"A new lease on firm behavior","authors":"Matteo Binfarè ,&nbsp;Robert A. Connolly ,&nbsp;Fotis Grigoris ,&nbsp;Crocker H. Liu","doi":"10.1016/j.jcorpfin.2025.102793","DOIUrl":"10.1016/j.jcorpfin.2025.102793","url":null,"abstract":"<div><div>When firms have discretion in valuing their balance sheet debt, how do they make this valuation decision given its impact on firm value? Firms make extensive use of operating leases, but unlike other types of debt, their balance sheet value is set by the firm. Using novel information on operating leases, we examine firm behavior in valuing these leases. We find that 20% of firms report higher-than-expected rates, reflecting their cost of unsecured rather than collateralized borrowing. These firms have poor information quality, operate in competitive markets, and understate lease and debt ratios by 15%.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102793"},"PeriodicalIF":7.2,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Imbalanced ESG investing? ESG投资失衡？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-08 DOI: 10.1016/j.jcorpfin.2025.102810
Maria-Eleni K. Agoraki , Georgios P. Kouretas , Haoran Wu , Binru Zhao
{"title":"Imbalanced ESG investing?","authors":"Maria-Eleni K. Agoraki ,&nbsp;Georgios P. Kouretas ,&nbsp;Haoran Wu ,&nbsp;Binru Zhao","doi":"10.1016/j.jcorpfin.2025.102810","DOIUrl":"10.1016/j.jcorpfin.2025.102810","url":null,"abstract":"<div><div>This study investigates the imbalance of ESG investing across its environmental (E), social (S), and governance (G) pillars. We find that E plays a more significant role in influencing the imbalance level, and mutual funds prioritize mitigating E risks over S and G risks, which is more pronounced in funds with higher sustainability ratings. Moreover, our findings indicate that investors respond to ESG imbalance, with the level of imbalance showing a negative impact on fund flows, especially for funds with higher sustainability ratings. However, this negative relationship is mitigated as climate change concerns increase. Furthermore, we find that political ideology plays a role in the ESG imbalance, with the imbalance of funds in blue states being more driven by lower environmental considerations compared to those in red states. Additionally, we observe that the ESG imbalance is positively associated with various fund risks. Our study offers implications for policymakers and stakeholders in the asset management industry regarding ESG investing practices.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102810"},"PeriodicalIF":7.2,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143929029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Islamic bonds ratings and the price of risk 伊斯兰债券的评级和价格风险
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-05 DOI: 10.1016/j.jcorpfin.2025.102807
Shee-Yee Khoo , Paul-Olivier Klein
{"title":"Islamic bonds ratings and the price of risk","authors":"Shee-Yee Khoo ,&nbsp;Paul-Olivier Klein","doi":"10.1016/j.jcorpfin.2025.102807","DOIUrl":"10.1016/j.jcorpfin.2025.102807","url":null,"abstract":"<div><div>While Islamic bonds are playing an increasingly important role for companies in emerging markets, the pricing of their risk by investors remains unexplored. We examine the impact of credit ratings on the yield-at-issuance of Islamic bonds and compare it to that of conventional bonds. Analysing 1560 Islamic bonds issued in emerging markets between 1997 and 2018 and comparing them to 837 comparable conventional bonds, we find that Islamic bonds offer lower yields than conventional bonds for a given rating, even after controlling for differences between the two populations. This suggests that investors are pricing in less credit risk in Islamic bonds. We explore several explanations for this phenomenon. We find that periods of relatively lower supply in the Islamic bond market contribute to the under-pricing of risk for a given rating. Religious preferences likely drive the segmentation of the two markets in terms of risk pricing.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102807"},"PeriodicalIF":7.2,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143917523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Collective empathy could leap through time: War heritage and corporate green innovation 集体同理心可以跨越时间：战争遗产和企业绿色创新
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-04 DOI: 10.1016/j.jcorpfin.2025.102808
Huixiang Zeng , Wenjia Lu , Jian Zhou , Dongmin Kong , Xu Cheng , Luqi Huang
{"title":"Collective empathy could leap through time: War heritage and corporate green innovation","authors":"Huixiang Zeng ,&nbsp;Wenjia Lu ,&nbsp;Jian Zhou ,&nbsp;Dongmin Kong ,&nbsp;Xu Cheng ,&nbsp;Luqi Huang","doi":"10.1016/j.jcorpfin.2025.102808","DOIUrl":"10.1016/j.jcorpfin.2025.102808","url":null,"abstract":"<div><div>The study investigates the impact of collective empathy on corporate green innovation from the perspective of war heritage. Drawing on stakeholder theory and empathy theory, we argue that collective empathy fosters corporate green innovation by generating public emotional empathy toward local descendants of war victims and enhance cognitive empathy within firms regarding the environmental needs of local communities. Analyzing data from Chinese-listed firms in heavily polluting industries between 2010 and 2019, we find that collective empathy significantly encourages green innovation efforts. Mechanism analyses indicate that collective emotional and cognitive empathy serve as key pathways in this relationship. Furthermore, state-owned ownership and formal institutions reinforce and complement the positive effect of collective empathy on corporate green innovation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102808"},"PeriodicalIF":7.2,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143922823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stayin' alive: Debt complexity as a bankruptcy-delaying mechanism 生存：债务复杂性作为延缓破产的机制
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-05-02 DOI: 10.1016/j.jcorpfin.2025.102804
Jens Forssbæck , Håkan Jankensgård , Reda Moursli
{"title":"Stayin' alive: Debt complexity as a bankruptcy-delaying mechanism","authors":"Jens Forssbæck ,&nbsp;Håkan Jankensgård ,&nbsp;Reda Moursli","doi":"10.1016/j.jcorpfin.2025.102804","DOIUrl":"10.1016/j.jcorpfin.2025.102804","url":null,"abstract":"<div><div>A complex and multi-layered liability structure with potentially overlapping claims on underlying collateral reduces expected recovery rates for creditors, which increases their incentives to keep otherwise insolvent firms afloat. Financially distressed firms may therefore seek to strategically “toxify” their capital structure to stave off future bankruptcy. In this article, we find evidence indicating that firms generate more debt complexity as they enter financial distress. Consistent with the idea that it operates as a bankruptcy-delaying mechanism, complexity reduces the probability of bankruptcy for any given level of financial distress.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102804"},"PeriodicalIF":7.2,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143917531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does hedge fund activism harm corporate social performance? Evidence from ESG ratings1 对冲基金激进主义会损害企业社会绩效吗？来自ESG评级的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-30 DOI: 10.1016/j.jcorpfin.2025.102801
Jiaying Wei , Shan Zhao
{"title":"Does hedge fund activism harm corporate social performance? Evidence from ESG ratings1","authors":"Jiaying Wei ,&nbsp;Shan Zhao","doi":"10.1016/j.jcorpfin.2025.102801","DOIUrl":"10.1016/j.jcorpfin.2025.102801","url":null,"abstract":"<div><div>We reexamine the impact of hedge fund activism on corporate social performance as measured by ESG ratings. Using a high-quality dataset on hedge fund activism, we find that the impact of hedge fund activism on ESG ratings is neither statistically nor economically significant. In our preferred model, relative to control firms, the ESG ratings of target firms increase by 0.033, about 1.6 % of the sample standard deviation, following activist interventions. In addition, we find no evidence that stock market reactions to the announcement of activist interventions are significantly higher for firms with high ESG ratings, inconsistent with the view that hedge fund activism harms corporate social performance to benefit shareholders.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102801"},"PeriodicalIF":7.2,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信