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Corporate social responsibility and insider horizon 企业社会责任和内部人视野
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-15 DOI: 10.1016/j.jcorpfin.2024.102696
Mark Shackleton, Yaqiong Yao, Ziran Zuo
{"title":"Corporate social responsibility and insider horizon","authors":"Mark Shackleton,&nbsp;Yaqiong Yao,&nbsp;Ziran Zuo","doi":"10.1016/j.jcorpfin.2024.102696","DOIUrl":"10.1016/j.jcorpfin.2024.102696","url":null,"abstract":"<div><div>We show a positive relation between insider horizon and a firm's corporate social responsibility (CSR) performance. This positive relation is likely driven by good internal governance rather than agency problems. To support a causal interpretation, we adopt managerial career horizon reductions and the rejection of inevitable disclosure doctrine as exogenous shocks to insider horizon. We find that the observed positive effects are stronger when firms have higher ownership of long-term and socially responsible institutional investors, when insiders sign long-term compensation contracts, and when firms face less takeover pressure. We document the real effects of long-horizon insiders using various raw CSR metrics. Overall, our results indicate that insiders' long-term orientation can promote CSR.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102696"},"PeriodicalIF":7.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721147","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
CEOs' narcissism and opportunistic insider trading 首席执行官的自恋和机会主义的内幕交易
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-15 DOI: 10.1016/j.jcorpfin.2024.102695
Cheng Jiang , Kose John , J.H. John Kim , Jingyu Zhang
{"title":"CEOs' narcissism and opportunistic insider trading","authors":"Cheng Jiang ,&nbsp;Kose John ,&nbsp;J.H. John Kim ,&nbsp;Jingyu Zhang","doi":"10.1016/j.jcorpfin.2024.102695","DOIUrl":"10.1016/j.jcorpfin.2024.102695","url":null,"abstract":"<div><div>Narcissism is a multifaceted personality trait that profoundly influences individuals' cognition, emotions, and actions. This study investigates the relationship between narcissistic CEOs and their engagement in opportunistic insider trading. Utilizing a quantitative measure of CEOs' narcissism derived from textual analysis, we find that CEOs with a higher level of narcissism engage in opportunistic insider trading more intensely. To mitigate endogeneity concerns, we employ various rigorous approaches, including matching, instrumental variable, Heckman's two-step sample selection model, and falsification tests. Through cross-sectional analysis, we find that the impact of CEOs' narcissism on opportunistic insider trading is more pronounced among CEOs with limited legal knowledge, facing weaker external and internal monitoring pressure, working at larger firms, and being male. In addition, we demonstrate that the insider trades of narcissistic CEOs are less profitable and less informative than those of non-narcissistic CEOs, as evidenced by subsequent stock performance.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102695"},"PeriodicalIF":7.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743619","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
Polarized corporate boards
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-15 DOI: 10.1016/j.jcorpfin.2024.102697
Thao Hoang , Phong T.H. Ngo, Le Zhang
{"title":"Polarized corporate boards","authors":"Thao Hoang ,&nbsp;Phong T.H. Ngo,&nbsp;Le Zhang","doi":"10.1016/j.jcorpfin.2024.102697","DOIUrl":"10.1016/j.jcorpfin.2024.102697","url":null,"abstract":"<div><div>We show that political polarization among directors negatively affects corporate board effectiveness by <em>reducing</em> forced CEO turnover-performance sensitivity. Our results are more pronounced in presidential election years and for firms with more monitoring and advising needs. Polarization also increases the departure likelihood for directors who are ideologically distant from the rest of the board, making boards more politically homogeneous over time. Finally, we show that polarization in the boardroom lowers firms' investment-<em>Q</em> sensitivity and Environmental, Social and Governance (ESG) performance. Our findings highlight the real economic cost of political polarization.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102697"},"PeriodicalIF":7.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148551","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
The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market 第三方认证对绿色债券发行的实际影响：来自中国绿色债券市场的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-08 DOI: 10.1016/j.jcorpfin.2024.102694
Qing Yu , Eddie Chi-Man Hui , Jianfu Shen
{"title":"The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market","authors":"Qing Yu ,&nbsp;Eddie Chi-Man Hui ,&nbsp;Jianfu Shen","doi":"10.1016/j.jcorpfin.2024.102694","DOIUrl":"10.1016/j.jcorpfin.2024.102694","url":null,"abstract":"<div><div>This study examines the real effects of third-party certification on green bond issuance by Chinese listed firms over the period 2016–2022. Our findings reveal that the issuance of certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification adds value for stock investors. In addition, we analyse the underlying mechanisms that drive the value creation of third-party certification in green bond issuance. We find that third-party certification effectively reduces information asymmetries between firms and investors, induces firms to genuinely prioritise sustainable practices and improves firms' environmental performance, leading to increases in investor demand and firm value. Our further analysis reveals that third-party certification helps green bond issuers attract long-term investors, increases analyst coverage and induces positive opinions from the regulator on firm disclosure. Overall, this study documents that third-party certification of green bond issuers can generate real economic and environmental benefits for issuers.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102694"},"PeriodicalIF":7.2,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142652155","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
Anti-collusion leniency legislations and IPO activity: Worldwide evidence 反合谋宽大处理法与 IPO 活动：全球证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-29 DOI: 10.1016/j.jcorpfin.2024.102691
Huu Nhan Duong , Abhinav Goyal , Leon Zolotoy
{"title":"Anti-collusion leniency legislations and IPO activity: Worldwide evidence","authors":"Huu Nhan Duong ,&nbsp;Abhinav Goyal ,&nbsp;Leon Zolotoy","doi":"10.1016/j.jcorpfin.2024.102691","DOIUrl":"10.1016/j.jcorpfin.2024.102691","url":null,"abstract":"<div><div>We study the impact of the staggered adoption of anti-collusion leniency legislations around the world on IPO activity. We document that the passage of leniency legislations prompts IPO activity. The effect is amplified in more concentrated industries, while it is mitigated in countries with more stringent competition laws in place and countries in which investors have a lower ability to diversify risk in the financial market. Collectively, these findings are consistent with the view that, by enhancing product market competition, leniency legislations increase the benefits for firms from going public, resulting in higher IPO activity. The results of supplemental analyses suggest that the passage of leniency legislations leads to less underpriced IPOs and a more efficient use of IPO proceeds, and prompts firms with less proprietary information to go public.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102691"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592923","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
Reserves regulation and the risk-taking channel 储备金监管与风险承担渠道
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-29 DOI: 10.1016/j.jcorpfin.2024.102689
Manthos Delis , Sotirios Kokas , Alexandros Kontonikas
{"title":"Reserves regulation and the risk-taking channel","authors":"Manthos Delis ,&nbsp;Sotirios Kokas ,&nbsp;Alexandros Kontonikas","doi":"10.1016/j.jcorpfin.2024.102689","DOIUrl":"10.1016/j.jcorpfin.2024.102689","url":null,"abstract":"<div><div>We examine how a policy change by the FDIC, which unexpectedly exempted some banks, affects corporate lending via changes in reserves during the Quantitative Easing (QE) era. To address the endogeneity of reserves, we use a unique hand-collected dataset on the bank’s share of exemption from the policy shift, and differentiate between loan demand and loan supply. We find important differences in loan-level outcomes, attributed to the heterogeneous impact of the new regulation on the net return on holding reserves. The effectiveness of the risk-taking channel is significantly weaker for banks with larger exemption shares and this has real effects in terms of borrowers’ leverage, growth, and return on assets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102689"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586514","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
Private equity buyouts & firm exporting in crisis periods: Exploring a new channel 危机时期的私募股权收购与企业出口：探索新渠道
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-29 DOI: 10.1016/j.jcorpfin.2024.102686
Paul Lavery , Marina-Eliza Spaliara , Holger Görg
{"title":"Private equity buyouts & firm exporting in crisis periods: Exploring a new channel","authors":"Paul Lavery ,&nbsp;Marina-Eliza Spaliara ,&nbsp;Holger Görg","doi":"10.1016/j.jcorpfin.2024.102686","DOIUrl":"10.1016/j.jcorpfin.2024.102686","url":null,"abstract":"<div><div>This paper examines whether private equity (PE)-backed companies are better able to remain active on export markets compared to similar non-PE firms, when hit by a negative shock. We look at two such recent shocks, namely the global financial crisis (GFC) and COVID-19 pandemic. We construct two matched samples, one for each crisis period, to assess the resilience of exporting under PE ownership in recessionary periods. We then explore how improvements in working capital management allow PE-backed firms to engage in international activities and maintain their export relationships relative to similar, non-PE-backed firms. Our results show that the export activities of PE-backed firms are significantly more resilient to the effects of the GFC but less pronounced following COVID-19. PE investment enhances working capital management, which in turn improves the persistence in export markets at the onset of the crises.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102686"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572505","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
Sibling co-management and cost of capital: Evidence from Chinese listed family firms 兄弟姐妹共同管理与资本成本：来自中国上市家族企业的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-28 DOI: 10.1016/j.jcorpfin.2024.102690
Nianhang Xu , Danwen Song , Rongrong Xie , Kam C. Chan
{"title":"Sibling co-management and cost of capital: Evidence from Chinese listed family firms","authors":"Nianhang Xu ,&nbsp;Danwen Song ,&nbsp;Rongrong Xie ,&nbsp;Kam C. Chan","doi":"10.1016/j.jcorpfin.2024.102690","DOIUrl":"10.1016/j.jcorpfin.2024.102690","url":null,"abstract":"<div><div>We study whether sibling co-management affects the cost of capital for family firms in China. We find that sibling co-management strongly correlates with a lower cost of capital. We identify three mechanisms through which sibling co-managers (including directors) influence the cost of capital: providing coinsurance, enhancing corporate governance, and facilitating communication with investors. Furthermore, the effect is more pronounced for firms operating in regions with weaker legal environments and firms with auditors from non-Big 4 accounting firms. However, sibling co-management may also hinder external financing due to higher uncertainty during family power transfer periods. In addition, the value of sibling co-management is more salient for financially constrained firms and those in which at least one of the co-manager siblings has a finance background. Overall, the findings suggest that family firms benefit from sibling co-management, resulting in a lower cost of capital, despite the challenges that arise during family power transfer.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102690"},"PeriodicalIF":7.2,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572504","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
Long-term institutional investors and climate change news Beta 长期机构投资者与气候变化新闻贝塔
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-28 DOI: 10.1016/j.jcorpfin.2024.102693
Ashrafee Hossain , Abdullah-Al Masum , Ramzi Benkraiem
{"title":"Long-term institutional investors and climate change news Beta","authors":"Ashrafee Hossain ,&nbsp;Abdullah-Al Masum ,&nbsp;Ramzi Benkraiem","doi":"10.1016/j.jcorpfin.2024.102693","DOIUrl":"10.1016/j.jcorpfin.2024.102693","url":null,"abstract":"<div><div>We predict and confirm that long-term institutional investors (LTIOs) play an important role in mitigating the negative market perceptions of US stocks following mainstream print media coverage of climate change. We observe a stronger effect of LTIOs for companies that lack corporate social responsibility and have less diverse and more co-opted boards. Overall, these findings indicate that the US equity market views LTIOs as effective monitors who can help guide companies facing climate risks toward a more sustainable trajectory.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102693"},"PeriodicalIF":7.2,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572619","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 real effects of distressed bank mergers 不良银行兼并的实际影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-10-24 DOI: 10.1016/j.jcorpfin.2024.102674
Valeriya Dinger , Christian Schmidt , Erik Theissen
{"title":"The real effects of distressed bank mergers","authors":"Valeriya Dinger ,&nbsp;Christian Schmidt ,&nbsp;Erik Theissen","doi":"10.1016/j.jcorpfin.2024.102674","DOIUrl":"10.1016/j.jcorpfin.2024.102674","url":null,"abstract":"<div><div>We show that distressed bank mergers that are a widely used instrument for bank resolution have the potential to generate adverse real economic effects. We analyze distressed mergers of German savings banks and show that they represent exogenous shocks to the (initially non-distressed) acquiring bank. In the years after a distressed merger: (i) the performance of the acquiring savings bank deteriorates; (ii) the shock is transmitted to firms in the acquirer’s region which cut back their investments and reduce employment and (iii) the overall macroeconomic dynamics in the region of the acquirer deteriorates, leading to reductions in investment and employment growth. To support a causal interpretation of our results we perform several tests that confirm that local economic dynamics is affected by the shock to the acquiring bank and not by real economic contagion.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102674"},"PeriodicalIF":7.2,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592924","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
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