Journal of Corporate Finance最新文献_第6页

The double-edged sword of corporate net zero commitment on the carbon risk premium 企业净零承诺对碳风险溢价的双刃剑

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-11-20 DOI: 10.1016/j.jcorpfin.2025.102920

Keith Jin Deng Chan, Wilson Tsz Shing Wan

{"title":"The double-edged sword of corporate net zero commitment on the carbon risk premium","authors":"Keith Jin Deng Chan, Wilson Tsz Shing Wan","doi":"10.1016/j.jcorpfin.2025.102920","DOIUrl":"10.1016/j.jcorpfin.2025.102920","url":null,"abstract":"<div><div>To address climate change, an increasing number of firms have declared net zero commitments. In this article, we theoretically and empirically demonstrate that a firm's net zero commitment may present a double-edged sword on its cost of equity. By modelling a firm's optimal transition pathway, we theoretically elucidate the relationship between transition ambition, transition readiness, and enterprise value. By estimating the carbon risk premium for 1100 listed firms that had declared net zero commitments globally by 2022, we empirically show that such commitments can either increase or decrease a firm's carbon risk premium, depending on its transition readiness. Specifically, among firms with the same greenhouse gas emissions intensity, those with lower transition readiness may experience a higher cost of equity from declaring net zero commitments. These results align with our theoretical analysis and cannot be explained solely by <em>values</em> investors' green preferences nor the discounted transition credibility of high-emitting firms. Additionally, we show that institutional investors effectively channel carbon risk into the stock market by divesting from high-emitting firms that have declared net zero commitments. Our findings have important implications: firms whose transition readiness do not measure up to their transition ambition may paradoxically expose themselves to greater transition risk and, consequently, a higher cost of equity. To alleviate the accumulation of carbon risk premium in the stock market, policymakers should support the transition readiness of firms in their jurisdictions. This involves building transition capacity, raising transition urgency, and lowering investors' discount rates.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102920"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145622142","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

Freedom is not free: Manager disloyalty and bank debt reliance 自由不是免费的：经理不忠和对银行债务的依赖

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-10-24 DOI: 10.1016/j.jcorpfin.2025.102914

Luofan Bu , Jeffrey Ng , Byron Y. Song , Mark Yuzhi Yan

{"title":"Freedom is not free: Manager disloyalty and bank debt reliance","authors":"Luofan Bu , Jeffrey Ng , Byron Y. Song , Mark Yuzhi Yan","doi":"10.1016/j.jcorpfin.2025.102914","DOIUrl":"10.1016/j.jcorpfin.2025.102914","url":null,"abstract":"<div><div>Traditionally, fiduciaries' duty of loyalty requires them not to pursue business opportunities that could benefit their own companies. However, starting with Delaware in 2000, several states began allowing companies to waive this duty. We find that the debt structure of firms in waiver-adopting states shifts from public debt to bank debt, suggesting that these firms rely on more intense bank monitoring to address potential managerial disloyalty. The shift is more pronounced for firms with CEOs who are more likely to appropriate business opportunities and less pronounced for firms with stronger shareholder monitoring. We also find that bank debt mitigates the adverse effect of corporate opportunity waivers on shareholder wealth, the stock market reacts positively to the bank debt issuances of firms affected by these waivers, and corporate opportunity waiver laws increase the total debt market funding costs for affected firms. Collectively, our paper provides novel evidence that firms seek creditor governance to mitigate the loss of internal governance resulting from changes in the legal environment.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102914"},"PeriodicalIF":5.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417377","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

Interest rate uncertainty and the investment/financing decisions 利率不确定性与投资/融资决策

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-10-25 DOI: 10.1016/j.jcorpfin.2025.102912

Xue Cui , Sudipto Sarkar , Chuanqian Zhang

{"title":"Interest rate uncertainty and the investment/financing decisions","authors":"Xue Cui , Sudipto Sarkar , Chuanqian Zhang","doi":"10.1016/j.jcorpfin.2025.102912","DOIUrl":"10.1016/j.jcorpfin.2025.102912","url":null,"abstract":"<div><div>This paper analyzes a company's optimal investment and financing choices when both firm value and interest rates are stochastic, following the lognormal and mean-reverting processes respectively. The major new result is that the effect of interest rate on investment policy is non-monotonic, with optimal investment trigger initially increasing and subsequently decreasing in the interest rate level. This result is very different from an unlevered firm or a constant-interest-rate environment. Further, the degree of non-monotonicity increases with the volatility and long-term mean of the interest rate process. The investment trigger is also increasing in interest rate volatility and long-term mean, and initially increasing and subsequently decreasing in the speed of reversion of the interest rate process. The optimal leverage ratio is increasing in interest rate level and volatility, and decreasing in speed of reversion and long-term mean, while the effect of these parameters on optimal debt maturity period is just the opposite. We also find that the parameters of the interest-rate process (volatility, speed of reversion and long-term mean) have a larger impact on the optimal investment trigger than on the optimal leverage ratio.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102912"},"PeriodicalIF":5.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417379","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

Quantifying the legacy of trauma: The long-term impact of the African slave trade on contemporary firm corruption 量化创伤的遗产：非洲奴隶贸易对当代公司腐败的长期影响

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-09-11 DOI: 10.1016/j.jcorpfin.2025.102884

Yu Liu , Jian Xu , Yifan Zhou

引用次数: 0

National identity and foreign directors' access to private information 国家身份与外国董事获取私人信息的关系

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-10-13 DOI: 10.1016/j.jcorpfin.2025.102907

Shaoyi Wang

{"title":"National identity and foreign directors' access to private information","authors":"Shaoyi Wang","doi":"10.1016/j.jcorpfin.2025.102907","DOIUrl":"10.1016/j.jcorpfin.2025.102907","url":null,"abstract":"<div><div>This study provides the first empirical evidence that directors' nationality significantly influences the profitability of insider trading. Using a large sample of reported stock transactions by directors of U.S.-listed firms between 1996 and 2023, I find that foreign directors earn statistically and economically lower abnormal returns following their trades compared to their domestic counterparts. The informational disadvantage of foreign directors appears only in firms with either a domestic CEO or CFO, lower board-level national diversity, when the directors work in overseas branches, and during the early stages of their tenure at the firm. These findings suggest that foreign directors face disadvantages in accessing private information due to the impact of national identity on information flow. I also find that this informational disadvantage only appears when foreign directors do not serve as top executives or independent directors and in firms with higher levels of information asymmetry. Further analysis suggests that the alternative explanation that foreign directors are less willing to trade on private information due to concerns about legal risks does not explain the findings. Moreover, trades by foreign directors are less likely to be classified as opportunistic or to follow a clustered trading pattern, consistent with the finding that they exploit private information to a lesser extent. Additionally, these trades trigger weaker market reactions compared to those executed by domestic directors. Finally, geographical distance and linguistic barriers are also found to influence foreign directors' ability to access and process information.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102907"},"PeriodicalIF":5.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145462856","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 tick-size adjustments: Evidence from the 2016 tick-size pilot 滴答大小调整的真实影响：来自2016年滴答大小试点的证据

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-09-05 DOI: 10.1016/j.jcorpfin.2025.102890

Chen Lin , Wentao Yao , Hong Zou

引用次数: 0

What data have told us about decentralized finance 关于去中心化金融，数据告诉了我们什么

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-11-10 DOI: 10.1016/j.jcorpfin.2025.102916

Jaime Castillo León, Alfred Lehar

引用次数: 0

Riskier climate, closer ties? How climate risk drives firms towards bank debt financing 更危险的气候，更紧密的关系？气候风险如何推动企业向银行债务融资

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-09-26 DOI: 10.1016/j.jcorpfin.2025.102895

Naser Al-Ayyoub, Hieu V. Phan

引用次数: 0

Strategic flexibility: How rent-seeking behavior enables firms to adapt to uncertainty 战略灵活性：寻租行为如何使企业适应不确定性

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-10-22 DOI: 10.1016/j.jcorpfin.2025.102913

Kyriacos Kyriacou, Siming Liu, Bryan Mase

{"title":"Strategic flexibility: How rent-seeking behavior enables firms to adapt to uncertainty","authors":"Kyriacos Kyriacou, Siming Liu, Bryan Mase","doi":"10.1016/j.jcorpfin.2025.102913","DOIUrl":"10.1016/j.jcorpfin.2025.102913","url":null,"abstract":"<div><div>An important aspect of the conduct of business in China is the need to develop relationships and make facilitation payments in the form of entertainment and gift giving. We use three different methods to extract firms' relationship spending from their reported entertainment and travel costs, and evaluate whether this spending enhances their ability to respond and adapt to changes in the business environment – their strategic flexibility. We employ a real options approach that identifies strategic flexibility as the firm's ability to take advantage of increased uncertainty, measured as its value gain associated with increased asset volatility. We document that relationship spending is positively associated with strategic flexibility in a way that is both significant and economically meaningful, consistent with rent-seeking behavior under institutional voids. This relation is both independent of, and supplemented by, firms' political connections, and is unaffected by the important anti-corruption campaigns implemented in 2013. The relation is nonlinear, strategic flexibility declining at very high levels of spending, implying firms become over-embedded in their relationships consistent with path dependence theory. Our findings are supported by detailed robustness testing, including quasi-exogenous variation, an instrumental variable approach, a decomposition of political connectedness and the estimation of alternative specifications. Thus, we identify a new source of firms' strategic flexibility and, relatedly, an important benefit that firms derive from the associated spending. This might explain why such spending is resilient, persisting despite ongoing attempts by the government to restrict it.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102913"},"PeriodicalIF":5.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417376","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

Competition and the value of innovation 竞争与创新的价值

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2026-01-01 Epub Date: 2025-10-24 DOI: 10.1016/j.jcorpfin.2025.102909

Muhan Hu, Linxiang Ma

引用次数: 0