发布求助
文献互助 智能选刊 最新文献

Journal of Corporate Finance最新文献

筛选
英文 中文
Corporate tax cuts for small firms: What do firms do? 小企业减税：企业该怎么做？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-05 DOI: 10.1016/j.jcorpfin.2024.102709
Wei Cui , Mengying Wei , Weisi Xie , Jing Xing
{"title":"Corporate tax cuts for small firms: What do firms do?","authors":"Wei Cui ,&nbsp;Mengying Wei ,&nbsp;Weisi Xie ,&nbsp;Jing Xing","doi":"10.1016/j.jcorpfin.2024.102709","DOIUrl":"10.1016/j.jcorpfin.2024.102709","url":null,"abstract":"<div><div>What do small firms do when given a semi-permanent corporate income tax cut? We examine firm responses to a substantial reduction in the tax rate for small- and micro-profit enterprises (SMPE) in China, using gradual increases in the qualifying threshold during 2010–2016 for identification. Based on confidential tax returns, we find that newly qualified SMPEs with immediate tax savings increased investment and productivity, while there was no change in wages or payout to shareholders. There is some weak evidence the tax cut induced entry of micro-sized firms in financially constrained sectors. Yet its size-based design led to bunching and incentivized firms to slow down growth when they approached the size threshold.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102709"},"PeriodicalIF":7.2,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147513","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
Equity offering following cyberattacks 网络攻击后的股票发行
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-28 DOI: 10.1016/j.jcorpfin.2024.102710
Xiaohui Liu, Juan Luo, Alfred Yawson
{"title":"Equity offering following cyberattacks","authors":"Xiaohui Liu,&nbsp;Juan Luo,&nbsp;Alfred Yawson","doi":"10.1016/j.jcorpfin.2024.102710","DOIUrl":"10.1016/j.jcorpfin.2024.102710","url":null,"abstract":"<div><div>We investigate the impact of cyberattacks on a firm's equity issuance decisions. Our findings indicate that firms targeted by cyberattacks are less likely to pursue seasoned equity offerings (SEOs) afterward. This effect is more pronounced when the target firm has lower external financing needs and operates in a poor information environment. This result remains robust after addressing sample selection bias through propensity score matching and entropy balancing approaches. We attribute this reduction in SEO activities to reputation loss, investors' adverse selection, and the resulting higher equity financing costs. Furthermore, we demonstrate that the negative impact of cyberattacks on SEOs extends to industry peers. This spillover effect is stronger when the target firm suffers significant reputation loss, when the stock prices of peers closely correlate with those of the target firm, when peer firms possess a higher ex-ante cyber risk, and when they are more vulnerable to future cyberattacks.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102710"},"PeriodicalIF":7.2,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147508","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
Rating on a behavioral curve 对行为曲线进行评级
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-26 DOI: 10.1016/j.jcorpfin.2024.102708
Utpal Bhattacharya , Janghoon Shon , Yu Zhang
{"title":"Rating on a behavioral curve","authors":"Utpal Bhattacharya ,&nbsp;Janghoon Shon ,&nbsp;Yu Zhang","doi":"10.1016/j.jcorpfin.2024.102708","DOIUrl":"10.1016/j.jcorpfin.2024.102708","url":null,"abstract":"<div><div>Sell-side analysts rate on a particular type of behavioral curve: recency. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find that, even after controlling for these claims, their recommendations on a particular stock are negatively influenced by their assessment of the quality of the few other stocks they have rated that month. This recency bias has price implications. The next day's alpha of a sophisticated trading strategy that incorporates this bias is about 40 % higher compared to the alpha of an unsophisticated strategy that uses rating information only.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102708"},"PeriodicalIF":7.2,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142757320","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
Environmental enforcement actions and corporate green innovation 环境执法行动和企业绿色创新
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-26 DOI: 10.1016/j.jcorpfin.2024.102711
Qiyang He, Buhui Qiu
{"title":"Environmental enforcement actions and corporate green innovation","authors":"Qiyang He,&nbsp;Buhui Qiu","doi":"10.1016/j.jcorpfin.2024.102711","DOIUrl":"10.1016/j.jcorpfin.2024.102711","url":null,"abstract":"<div><div>This study explores the influence of U.S. Environmental Protection Agency (EPA) enforcement on corporate green innovation, as measured by green patent counts and citations. Our findings show that EPA-enforced firms experience a substantial uptick in green innovation outputs. This boost can be attributed to enhanced green innovation efficiency and increased hiring of green inventors. Moreover, this effect is more pronounced for firms headquartered in states with stronger environmental enforcement intensity, firms with higher institutional ownership, and firms with fewer financial constraints. Finally, we find that green innovations help enforced firms avoid future EPA enforcements and reduce toxic chemical releases. Taken together, these results imply that EPA enforcement actions can indeed foster positive impacts on corporate green innovation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102711"},"PeriodicalIF":7.2,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743620","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
Non-compete agreements, innovation value and efficiency 非竞争协议、创新价值和效率
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-20 DOI: 10.1016/j.jcorpfin.2024.102698
Zhaozhao He
{"title":"Non-compete agreements, innovation value and efficiency","authors":"Zhaozhao He","doi":"10.1016/j.jcorpfin.2024.102698","DOIUrl":"10.1016/j.jcorpfin.2024.102698","url":null,"abstract":"<div><div>Non-compete agreements help protect business investments by restricting worker mobility, thereby increasing firm incentives to invest. Yet, they could damage the efficacy of such investments by reducing employee incentives and hampering knowledge flows. Exploiting staggered reforms of state non-compete enforcement, I find that patents filed after an increased enforceability are less valuable and exploratory despite no less R&amp;D spending. Inventors whose job prospects are more jeopardized, in a weaker bargaining position, and having greater incentives to switch firms produce patents with greater valuation losses. These results imply that labor allocative inefficiency owing to mobility restrictions could compromise value creation from real investments.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102698"},"PeriodicalIF":7.2,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721095","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 impact of CEO political ideology on labor cost reductions and payout decisions during the COVID-19 pandemic 首席执行官的政治意识形态对 COVID-19 大流行期间劳动力成本削减和赔付决策的影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-11-16 DOI: 10.1016/j.jcorpfin.2024.102692
Ali Bayat , Marc Goergen , Panagiotis Koutroumpis , Xingjie Wei
{"title":"The impact of CEO political ideology on labor cost reductions and payout decisions during the COVID-19 pandemic","authors":"Ali Bayat ,&nbsp;Marc Goergen ,&nbsp;Panagiotis Koutroumpis ,&nbsp;Xingjie Wei","doi":"10.1016/j.jcorpfin.2024.102692","DOIUrl":"10.1016/j.jcorpfin.2024.102692","url":null,"abstract":"<div><div>Using a hand-collected dataset, we study whether CEO political ideology affected S&amp;P 500 firms’ reactions to the COVID-19 pandemic in 2020. During the pandemic, CEOs had the option to distribute the pain of the pandemic’s impact onto shareholders by paying lower dividends, onto the workforce by reducing labor costs, or to share the pain. We hypothesize that conservative CEOs were more likely to aggressively reduce labor costs while still meeting dividend expectations. Conversely, other CEOs would have been less likely to meet dividend expectations and less likely to reduce labor costs. Our findings support this hypothesis. We also find that during the pandemic, conservative CEOs used temporary downsizing to avoid earnings losses, enabling them to meet dividend expectations.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102692"},"PeriodicalIF":7.2,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721701","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
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
Polarized corporate boards 两极分化的公司董事会
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
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
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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信