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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
Executive incentives under common ownership 共同所有制下的高管激励
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-29 DOI: 10.1016/j.jcorpfin.2025.102806
Thomas Schneider
{"title":"Executive incentives under common ownership","authors":"Thomas Schneider","doi":"10.1016/j.jcorpfin.2025.102806","DOIUrl":"10.1016/j.jcorpfin.2025.102806","url":null,"abstract":"<div><div>Relative performance evaluation (RPE) increases competition and limits pay-for-luck by rewarding executives for outperforming rivals. This study tests whether institutional investors reduce RPE use when they own stakes in competing firms. Contrary to this, the Big Three asset managers – BlackRock, Vanguard, and State Street – demonstrate strong preferences for RPE, reflected in portfolio firms' RPE adoptions, say-on-pay vote support, and peer group selections. No evidence suggests that common ownership by these or other institutional investors reduces RPE, as confidence bounds and point estimates are near zero. Overall, the rising prevalence of RPE challenges concerns about anticompetitive effects from common ownership.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102806"},"PeriodicalIF":7.2,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903456","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 entrepreneurs' income: A credit channel 公司税与企业家收入：一个信贷渠道
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-28 DOI: 10.1016/j.jcorpfin.2025.102805
Manthos D. Delis , Emilios Galariotis , Maria Iosifidi , Steven Ongena
{"title":"Corporate taxes and entrepreneurs' income: A credit channel","authors":"Manthos D. Delis ,&nbsp;Emilios Galariotis ,&nbsp;Maria Iosifidi ,&nbsp;Steven Ongena","doi":"10.1016/j.jcorpfin.2025.102805","DOIUrl":"10.1016/j.jcorpfin.2025.102805","url":null,"abstract":"<div><div>Corporate taxation can have redistributive effects on income and wealth. We hypothesize and empirically establish such an effect working via bank credit. We use a unique sample of small majority-owned firms that apply for credit, where only some firms (treated) experience a corporate tax cut. We show that after the decrease in corporate tax rates, the treated poorer business owners get easier access to credit. However, this policy also considerably increases loan amounts and decreases loan spreads for the treated richer. Ultimately, reducing the corporate tax rate predominantly increases the future income and wealth of richer business owners.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102805"},"PeriodicalIF":7.2,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143891347","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
Intercity mentioning: Stock posts, city network, and firms 城际提及：股票帖子、城市网络和公司
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-24 DOI: 10.1016/j.jcorpfin.2025.102803
Dayong Dong , Danling Jiang , Yuelin Peng , Longmin Shen , Hongquan Zhu
{"title":"Intercity mentioning: Stock posts, city network, and firms","authors":"Dayong Dong ,&nbsp;Danling Jiang ,&nbsp;Yuelin Peng ,&nbsp;Longmin Shen ,&nbsp;Hongquan Zhu","doi":"10.1016/j.jcorpfin.2025.102803","DOIUrl":"10.1016/j.jcorpfin.2025.102803","url":null,"abstract":"<div><div>We analyze online stock posts to identify dynamic intercity investment preferences among Chinese investors. By inferring city connections using recent posts on local stocks mentioning other cities, we find that firms in highly connected cities exhibit higher stock valuations, greater turnover, higher idiosyncratic volatility, improved liquidity, and reduced crash risk. The network effects are more pronounced among less visible firms and induce intercity return comovement. Better stock performances in connected cities predict subsequent local stock return reversals as well as elevated intercity retail block trading. Our findings suggest that city connectivity, revealed through social media content, influences firm outcomes, investor behavior, and market efficiency.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102803"},"PeriodicalIF":7.2,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143902224","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
News-driven peer co-movement in crypto markets 加密市场中由新闻驱动的同行联合运动
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-22 DOI: 10.1016/j.jcorpfin.2025.102772
G. Schwenkler , H. Zheng
{"title":"News-driven peer co-movement in crypto markets","authors":"G. Schwenkler ,&nbsp;H. Zheng","doi":"10.1016/j.jcorpfin.2025.102772","DOIUrl":"10.1016/j.jcorpfin.2025.102772","url":null,"abstract":"<div><div>This paper develops a novel methodology to identify peer linkages among cryptocurrencies using natural language processing applied to financial news. We document a distinct pattern of conditional co-movement among peer assets: when a cryptocurrency experiences a large idiosyncratic shock, its peers — identified through news co-mentions — exhibit abnormal returns of the opposite sign. This mis-pricing persists for several weeks and enables profitable trading strategies. Our findings suggest that investor overreaction to news drives these dynamics, highlighting the role of financial media in shaping prices. The proposed methodology extends beyond crypto, offering a generalizable approach to studying peer effects and news-driven pricing distortions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102772"},"PeriodicalIF":7.2,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143911673","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
Soft going-concern capital buffer? CoCo non-calls and revealed bank distress 软持续经营资本缓冲？CoCo没有催缴，并披露了银行的困境
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-22 DOI: 10.1016/j.jcorpfin.2025.102802
Kaihua Deng , Qilong Fu , Dongxia Huang
{"title":"Soft going-concern capital buffer? CoCo non-calls and revealed bank distress","authors":"Kaihua Deng ,&nbsp;Qilong Fu ,&nbsp;Dongxia Huang","doi":"10.1016/j.jcorpfin.2025.102802","DOIUrl":"10.1016/j.jcorpfin.2025.102802","url":null,"abstract":"<div><div>We document a significant widening of trading spreads for contingent convertible capital securities after banks announce non-redemption. The effect is more pronounced in less capitalized and less profitable banks, and spills over to CoCos issued by other banks in the same city, especially when the non-redemption announcements are short-noticed. Non-redemption has further led to higher issuance costs and a substantial drop in new CoCo issues. Troubled banks have shifted towards cutting payouts, paring down risky assets, booking less non-performing loans and decreasing loan loss provisions to repair their risk-based capital ratios, while equity-to-asset remains below the pre-event levels afterwards. Moreover, using loan-level data for listed firms, we find a persistent decline in bank lending to smaller and non-state borrowers following non-calls. These makeshift adjustments are further reflected in a lower <em>Z</em>-score. By contrast, senior debtholders and depositors retain the protection and are largely intact.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102802"},"PeriodicalIF":7.2,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868984","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
Impact from a distance: Emotionally attached-place disasters and corporate risk-taking 远距离影响：情感上的异地灾难和企业的冒险行为
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-19 DOI: 10.1016/j.jcorpfin.2025.102798
Xing Chen , Zhijian (James) Huang , Zhuo Li , Fenghua Wen
{"title":"Impact from a distance: Emotionally attached-place disasters and corporate risk-taking","authors":"Xing Chen ,&nbsp;Zhijian (James) Huang ,&nbsp;Zhuo Li ,&nbsp;Fenghua Wen","doi":"10.1016/j.jcorpfin.2025.102798","DOIUrl":"10.1016/j.jcorpfin.2025.102798","url":null,"abstract":"<div><div>Prior literature examines the impact of geographically close natural disasters on top executives' risk perceptions. Using Chinese data, this study investigates how corporate risk-taking is influenced by psychologically close disasters, which may be geographically distant. Specifically, we focus on major natural disasters that occur in places emotionally attached to CEOs or chairmen, including their hometowns and college locations. We show that top executives increase corporate risk-taking, manifested in higher return volatility and riskier corporate policies, following disasters in their geographically distant places of attachment, while no such effect is observed for close places of attachment. This effect continues into the next four to eight quarters. The increase in risk-taking is amplified when the disaster event is more salient and when the executive has a stronger connection to their distant attached places, and it is weaker for executives with better emotional resilience. Collectively, our study sheds additional light on the important role of affective connections in corporate risk decisions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102798"},"PeriodicalIF":7.2,"publicationDate":"2025-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937772","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
Geopolitical risk and corporate capital structure 地缘政治风险与企业资本结构
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-17 DOI: 10.1016/j.jcorpfin.2025.102796
Md Shahedur R. Chowdhury , Mohsen Aram , Siamak Javadi , Ali Nejadmalayeri
{"title":"Geopolitical risk and corporate capital structure","authors":"Md Shahedur R. Chowdhury ,&nbsp;Mohsen Aram ,&nbsp;Siamak Javadi ,&nbsp;Ali Nejadmalayeri","doi":"10.1016/j.jcorpfin.2025.102796","DOIUrl":"10.1016/j.jcorpfin.2025.102796","url":null,"abstract":"<div><div>Using a news-based index of geopolitical risk (GPR) and over 62 years of data, we find that GPR has a long-lasting negative impact on leverage. Our result is robust to different model specifications, different proxies for leverage, a battery of robustness tests, and survives after addressing endogeneity concerns. Further, we provide evidence that the effect is channeled through declining shifts in both the demand and supply of credit. Cross-sectional tests indicate that the effect is stronger for firms with higher existing leverage, those with more irreversible investment, and those whose stock returns are more sensitive to GPR. Overall, our analysis indicates that GPR is more important than other macro-level determinants of capital structure such as inflation, GDP growth, interest rate variables and other widely used measures of uncertainty.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102796"},"PeriodicalIF":7.2,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143898494","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
Registration system reform, information environment, and market manipulation 注册制改革、信息环境、市场操纵
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-15 DOI: 10.1016/j.jcorpfin.2025.102797
Yangfa Chen , Ji Jiang , Jie Liu , Xiao Liu , Weili Wu
{"title":"Registration system reform, information environment, and market manipulation","authors":"Yangfa Chen ,&nbsp;Ji Jiang ,&nbsp;Jie Liu ,&nbsp;Xiao Liu ,&nbsp;Weili Wu","doi":"10.1016/j.jcorpfin.2025.102797","DOIUrl":"10.1016/j.jcorpfin.2025.102797","url":null,"abstract":"<div><div>In 2019, Chinese stock market regulators launched a comprehensive reform of the IPO regulatory system, transitioning from the approval system to the registration system. Using this reform as a quasi-natural experiment, we investigate the impact of IPO systems on market manipulation. We find that the registration system reform significantly inhibits market manipulation by improving the quality of firms' information supply and reducing stock information asymmetry. In addition, our results indicate that the inhibitory effect of the registration system reform on market manipulation is more pronounced for firms with higher information exposure, greater information complexity, and a greater proportion of investors with better ability to interpret information. Further analyses show that the registration system reform also lowers trading values around manipulation events, and inhibits other types of trade-based manipulation and misconduct. This study sheds light on the crucial role of information transparency in financial markets' effectiveness and investor protection.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102797"},"PeriodicalIF":7.2,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143847296","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
The Long-term effect of social disasters on stock market participation 社会灾难对股市参与的长期影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-04-15 DOI: 10.1016/j.jcorpfin.2025.102799
Yang Cai , Shuo Chen , Dongxu Li
{"title":"The Long-term effect of social disasters on stock market participation","authors":"Yang Cai ,&nbsp;Shuo Chen ,&nbsp;Dongxu Li","doi":"10.1016/j.jcorpfin.2025.102799","DOIUrl":"10.1016/j.jcorpfin.2025.102799","url":null,"abstract":"<div><div>This study examines the long-term impact of social disaster experiences on household finance. Using the Cultural Revolution in China, the country's most pronounced sociopolitical turmoil that completely disrupted millions of people's lives, we show that households are more likely to participate in the stock market if their eldest member was more exposed to the turmoil. The results remain robust to alternative historical events, socioeconomic factors, and household characteristics. Survey results suggest that the more exposed individuals invest in the stock market because they perceive stocks as low risk rather than have altered risk preferences or trust in stock markets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102799"},"PeriodicalIF":7.2,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855783","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
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