Journal of Corporate Finance最新文献_第3页

Supply chain vertical common ownership and cost of loans 供应链纵向共同所有权和贷款成本

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-02 DOI: 10.1016/j.jcorpfin.2024.102677

Haowen Tian , Junkai Wang , Sirui Wu

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引用次数: 0

Impact of internal governance on investment policy: Evidence from CEO voluntary turnovers 内部治理对投资政策的影响：首席执行官自愿离职的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-30 DOI: 10.1016/j.jcorpfin.2024.102676

Ivan E. Brick , Darius Palia , Yankuo Qiao

{"title":"Impact of internal governance on investment policy: Evidence from CEO voluntary turnovers","authors":"Ivan E. Brick , Darius Palia , Yankuo Qiao","doi":"10.1016/j.jcorpfin.2024.102676","DOIUrl":"10.1016/j.jcorpfin.2024.102676","url":null,"abstract":"<div><div>The theoretical and empirical literature suggests that CEO might not make risky long-term investments if the CEO believes that the benefit of such investments would not materialize or is not recognized by the market until after the CEO has retired. This paper tests the predictions of the Acharya, Myers, and Rajan (2011) internal governance model to counteract the CEO’s tendency to forego such investments on a sample of voluntary CEO turnovers. We find that the optimal level of sharing of tasks between the CEO and her top-management team, the firm’s internal governance, is dependent on the CEO’s career horizon. Additionally, we find the effect of internal governance only matters for older CEOs. We also find that the closer the internal governance is to the optimal level, the smaller is the underinvestment for an older outgoing CEO. We find that the new incoming CEO divests profitably the assets acquired under good internal governance. Finally, we find that optimal internal governance is found to have positive effects on corporate innovation. Our results are robust to continuous matching by generalized propensity score and controlling for the CEO’s explicit pay-performance sensitivity, succession plan, and pay duration.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102676"},"PeriodicalIF":7.2,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445679","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 tax reform affect labor investment efficiency? 税制改革会影响劳动力投资效率吗？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jcorpfin.2024.102673

Steven E. Kaplan , Eugie Y. Lee

引用次数: 0

Corporate social responsibility and external disruptions 企业社会责任和外部干扰

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jcorpfin.2024.102675

Po-Hsuan Hsu , Hsiao-Hui Lee , Long Yi

引用次数: 0

Institutional dual ownership and voluntary greenhouse gas emission disclosure 机构双重所有权与自愿温室气体排放披露

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-19 DOI: 10.1016/j.jcorpfin.2024.102671

Johannes A. Barg , Wolfgang Drobetz , Sadok El Ghoul , Omrane Guedhami , Henning Schröder

引用次数: 0

Family firms and carbon emissions 家族企业与碳排放

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-18 DOI: 10.1016/j.jcorpfin.2024.102672

Marcin Borsuk , Nicolas Eugster , Paul-Olivier Klein , Oskar Kowalewski

引用次数: 0

Digitalization and the performance of non-technological firms: Evidence from the COVID-19 and natural disaster shocks 数字化与非技术企业的绩效：来自 COVID-19 和自然灾害冲击的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-12 DOI: 10.1016/j.jcorpfin.2024.102670

José-Miguel Gaspar , Sumingyue Wang , Liang Xu

引用次数: 0

Does the mandatory disclosure of suppliers' tax uncertainties affect supply chain relations? 强制披露供应商的税务不确定性是否会影响供应链关系？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-05 DOI: 10.1016/j.jcorpfin.2024.102669

Xuedan Tao , Huabing Barbara Wang , Qian Xin , You Xu

{"title":"Does the mandatory disclosure of suppliers' tax uncertainties affect supply chain relations?","authors":"Xuedan Tao , Huabing Barbara Wang , Qian Xin , You Xu","doi":"10.1016/j.jcorpfin.2024.102669","DOIUrl":"10.1016/j.jcorpfin.2024.102669","url":null,"abstract":"<div><p>We investigate whether and how the public revelation of tax uncertainty affects supply chain relations by utilizing an exogenous shock to tax reporting under FIN 48, which mandates the disclosure of uncertain tax benefits (UTBs). Using a difference-in-differences research design, we find that firms disclosing UTBs experience a significant decrease in sales to major customers after FIN 48 relative to firms without tax uncertainty. Further mechanism analyses suggest a risk perception channel that the disclosure heightens customers' risk perception of the suppliers: the adverse effect is more pronounced for suppliers with higher tax uncertainty or <em>ex ante</em> corporate risk. However, we do not find evidence for a tax morale channel that customers are concerned about sourcing from a “bad corporate citizen.” In cross-sectional analyses, we find a stronger adverse effect when customers and suppliers are less likely to engage in private information sharing or tax coordination, when suppliers disclose higher-quality UTBs, or when customers have lower tax risk tolerance or switching costs. Overall, our findings document an externality of tax disclosure from the perspectives of supply chain partners, suggesting that the disclosure of tax uncertainty provides valuable information to corporate customers and affects a firm's trade relations.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102669"},"PeriodicalIF":7.2,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142171870","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

Little emperor CEOs: Firm risk and performance when CEOs grow up without siblings 小皇帝 CEO：没有兄弟姐妹的首席执行官成长过程中的公司风险和绩效

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-08-31 DOI: 10.1016/j.jcorpfin.2024.102658

Tianxi Wang , Angelica Gonzalez , Jens Hagendorff , Vathunyoo Sila

引用次数: 0

The performance of private equity portfolio companies during the COVID-19 pandemic 私募股权投资组合公司在 COVID-19 大流行期间的表现

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-08-30 DOI: 10.1016/j.jcorpfin.2024.102641

Paul Lavery , Nick Wilson

{"title":"The performance of private equity portfolio companies during the COVID-19 pandemic","authors":"Paul Lavery , Nick Wilson","doi":"10.1016/j.jcorpfin.2024.102641","DOIUrl":"10.1016/j.jcorpfin.2024.102641","url":null,"abstract":"<div><p>We study the performance of PE-backed companies during the COVID-19 pandemic. Our findings suggest that, on average, PE-backed firms were more resilient compared to closely matched industry peers during the pandemic. However, this outperformance is of a smaller magnitude than during the pre-pandemic non-crisis period, suggesting that the outperformance is driven by investor selection of target firms ex ante, rather than active support mechanisms. The outperformance during the pandemic is found to be insignificant among firms which were the most vulnerable at the onset of the pandemic, and firms in the most exposed industries. These more vulnerable firms appear to have been less active in obtaining additional financing during the pandemic, and consequently, suffered a significantly higher incidence of distress. However, non-PE-backed firms in distress had a higher incidence of liquidation, while PE-owned firms more often negotiated formally with creditors to continue trading. Our analysis shines light on the role of PE investors during a large, exogenous shock, and suggests that, in the case of the pandemic, their adept target selection may help to explain the outperformance more so than their actions to protect vulnerable firms in a crisis.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102641"},"PeriodicalIF":7.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924001032/pdfft?md5=4a2fd20ca1187e199a06d6e1d820de45&pid=1-s2.0-S0929119924001032-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142096975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0