Journal of Corporate Finance最新文献_第3页

Bitcoin price volatility: Effects of retail traders, illegal users, and sentiment 比特币价格波动：零售交易者、非法用户和市场情绪的影响

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-06-06 DOI: 10.1016/j.jcorpfin.2025.102837

Kose John , Jingrui Li

引用次数: 0

Corporate mergers and acquisitions under lender scrutiny 银行审查下的企业并购

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-06-06 DOI: 10.1016/j.jcorpfin.2025.102812

Buhui Qiu , Teng Wang

引用次数: 0

Political connections and media bias: Evidence from China 政治关系和媒体偏见：来自中国的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-06-02 DOI: 10.1016/j.jcorpfin.2025.102835

Denis Schweizer , Xinjie Wang , Ge Wu , Aoran Zhang

引用次数: 0

Does share pledging affect workplace safety? 股权质押会影响工作场所的安全吗？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-05-31 DOI: 10.1016/j.jcorpfin.2025.102833

Kenuo Li , Lijuan Zhang

{"title":"Does share pledging affect workplace safety?","authors":"Kenuo Li , Lijuan Zhang","doi":"10.1016/j.jcorpfin.2025.102833","DOIUrl":"10.1016/j.jcorpfin.2025.102833","url":null,"abstract":"<div><div>This paper explores the impact of share pledging on workplace safety. Using establishment-level data on workplace safety, we find that firms with executive share pledging exhibit higher workplace injuries/illnesses. Our channel analyses suggest that the higher injury/illness cases in pledging firms are associated with increased employee workloads and poor corporate safety cultures. Further analysis shows that the documented association between share pledging and workplace safety is weaker for firms that have more analyst coverage, face higher levels of pressure from labor unions, and operate in counties that have higher levels of social capital. Conversely, the association is more pronounced when firms meet or just beat analyst earnings forecasts and when CEOs are approaching retirement age. The results are robust to using injury rate as an alternative measure for workplace safety, controlling for accrual-based earnings management and financial constraints, and using firm-level analyses. Overall, our findings suggest a positive association between share pledging and compromised workplace safety, potentially driven by efforts to support short-term stock performance.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102833"},"PeriodicalIF":7.2,"publicationDate":"2025-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144239601","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

Exposures to common shocks along supply chains and relative performance evaluation in CEO compensation contracts 供应链中常见冲击的暴露与CEO薪酬合同中的相对绩效评估

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-05-29 DOI: 10.1016/j.jcorpfin.2025.102827

YiLin Wu , Richard Lok-Si Ieong , Shawn Thomas

引用次数: 0

Transparency as the antidote: Do trade disputes intensify corporate earnings management? 透明度是解药：贸易争端会加剧企业盈余管理吗？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-05-28 DOI: 10.1016/j.jcorpfin.2025.102826

Shouyu Yao , Tianze Li , Jing Liao , Kam C. Chan , Xutang Liu

{"title":"Transparency as the antidote: Do trade disputes intensify corporate earnings management?","authors":"Shouyu Yao , Tianze Li , Jing Liao , Kam C. Chan , Xutang Liu","doi":"10.1016/j.jcorpfin.2025.102826","DOIUrl":"10.1016/j.jcorpfin.2025.102826","url":null,"abstract":"<div><div>Using manually matched data from US-China trade dispute records and Chinese customs trade data, this study assesses the impact of the US-China trade disputes on corporate earnings management (EM) of Chinese listed companies. We find a significant reduction in accrual-based EM in firms affected by the retaliatory tariff changes due to the trade disputes. Furthermore, the impact of this shock goes beyond the directly affected firms and spreads along the supply chain as well as through block shareholding. Importantly, after excluding alternative explanations such as government subsidies, or managerial slack caused by government implicit guarantees, our results remain robust. Our mechanism analysis suggests that in response to the trade disputes, contracting parties seek transparency to alleviate information asymmetry, therefore, the increased demands for high earnings quality from creditors explain the impact of trade disputes on EM. We further find that trade disputes mainly reduce downward earnings manipulations, with no significant impact on upward EM or real EM. Additionally, the trade disputes effect is weaker in firms with political connections and effective monitoring mechanisms. Overall, this study highlights that firms strategically manage the disclosure of accounting information under uncertainties, where contracting demand is a significant factor explaining why firms enhance earnings quality in reaction to trade disputes.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102826"},"PeriodicalIF":7.2,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144185208","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

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

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

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

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 , Xin Pang , 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