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Financial distress, bank branching deregulation, and customer-supplier relationships 金融困境、银行分行管制的放松以及客户与供应商的关系
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-08-10 DOI: 10.1016/j.jcorpfin.2024.102646
Yili Lian
{"title":"Financial distress, bank branching deregulation, and customer-supplier relationships","authors":"Yili Lian","doi":"10.1016/j.jcorpfin.2024.102646","DOIUrl":"10.1016/j.jcorpfin.2024.102646","url":null,"abstract":"<div><p>The paper exploits the deregulation of interstate bank branching laws to examine whether improved access to bank credit for customer firms affects the probability of their suppliers' financial distress. The study provides robust evidence that suppliers' financial distress risk is lower when the states of their major customer firms experience bank branching deregulation. Furthermore, the study shows that customers establish new bank relationships and improve liquidity conditions, while suppliers offer less trade credit to customers, reduce leverage, and increase capital expenditures following customer state's bank branching deregulation. The effect of customers' improved access to credit on suppliers' distress risk is more pronounced for supplier firms with stronger customer-supplier relationships, for financially constrained suppliers, and for suppliers whose customers are financially unconstrained. Overall, the findings highlight the importance of customers' access to credit on the financial distress risk of their suppliers.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102646"},"PeriodicalIF":7.2,"publicationDate":"2024-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924001081/pdfft?md5=92a422bedc542c8174b041ef65ce680e&pid=1-s2.0-S0929119924001081-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141985427","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
Fast tracks to boardrooms: Director supply and board appointments 进入董事会的捷径：董事供应和董事会任命
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-08-08 DOI: 10.1016/j.jcorpfin.2024.102642
Audinga Baltrunaite , Egle Karmaziene
{"title":"Fast tracks to boardrooms: Director supply and board appointments","authors":"Audinga Baltrunaite ,&nbsp;Egle Karmaziene","doi":"10.1016/j.jcorpfin.2024.102642","DOIUrl":"10.1016/j.jcorpfin.2024.102642","url":null,"abstract":"<div><p>We examine how the size of the labor market for corporate directors impacts board appointments in Italian private firms. Using the high-speed railway expansion as an exogenous shock to costs of serving on boards, we find that an increase in the supply of non-local directors leads to a higher degree of positive assortative matching between firms and directors. High-quality firms improve their board quality at the expense of low-quality firms. The director–firm matching effects are muted among companies with owners acting as board directors. This finding highlights the importance of director entrenchment in the corporate governance of private firms.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102642"},"PeriodicalIF":7.2,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142044669","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 regulations, supply chain relationships, and green technological innovation 环境法规、供应链关系和绿色技术创新
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-08-05 DOI: 10.1016/j.jcorpfin.2024.102645
Jing Lin , Xiyang Cao , Xiaoqi Dong , Yunbi An
{"title":"Environmental regulations, supply chain relationships, and green technological innovation","authors":"Jing Lin ,&nbsp;Xiyang Cao ,&nbsp;Xiaoqi Dong ,&nbsp;Yunbi An","doi":"10.1016/j.jcorpfin.2024.102645","DOIUrl":"10.1016/j.jcorpfin.2024.102645","url":null,"abstract":"<div><p>This paper examines the spillover effect of environmental regulatory pressure on firms' green technological innovation, from the perspective of supply chain relationships. Analyzing data from Chinese listed companies, we find that the average environmental regulatory pressure faced by the customer firms of a supplier firm enhances the green patent applications filed by the supplier firm. When the industry of the supplier is more competitive or the proportion of the supplier's sales from its largest customer is higher, the supplier feels more pressured to pursue green innovation, resulting in more green patent filings. Thus, via their negotiation power, customer firms can prompt the supplier firm to innovate to meet their demand for green technologies. Finally, we show that this effect is particularly pronounced when the supplier firm has a strong financial position, is located in a highly marketized region, receives low R&amp;D government subsidies, or enjoys a high ESG rating.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102645"},"PeriodicalIF":7.2,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141963202","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
Retraction notice to “Rising board gender diversity and incentives of female directors” [Journal of Corporate Finance 80 (2023) 102386] 董事会性别多样性上升与女性董事的激励》撤稿通知[《公司金融期刊》80 (2023) 102386]
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-08-01 DOI: 10.1016/j.jcorpfin.2024.102609
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引用次数: 0
Law, politics, and trade credit in China 中国的法律、政治和贸易信贷
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-31 DOI: 10.1016/j.jcorpfin.2024.102643
Senlin Miao , Zhaobo Zhu , Wesley (Xiaohu) Deng , Fenghua Wen
{"title":"Law, politics, and trade credit in China","authors":"Senlin Miao ,&nbsp;Zhaobo Zhu ,&nbsp;Wesley (Xiaohu) Deng ,&nbsp;Fenghua Wen","doi":"10.1016/j.jcorpfin.2024.102643","DOIUrl":"10.1016/j.jcorpfin.2024.102643","url":null,"abstract":"<div><p>This paper explores the interplay between politics and law enforcement in China and its effects on firm financing decisions. By examining a sample of corporate lawsuits involving listed firms in China, we find that politically connected firms are less likely to be defendants, have higher win rates, and experience shorter litigation durations than non-connected firms. Additionally, we observe that firms with higher legal risk extend more accounts receivable and receive less accounts payable, but this relationship holds only for non-connected firms. Our findings support the financing advantage theory for politically connected firms and the legal risk compensation view for non-connected firms. Moreover, reforms in China's judicial system do not appear to mitigate the disadvantages faced by non-connected firms in terms of lawsuit outcomes and trade credit provision. Our findings suggest that well-functioned judicial independence might be still lacking in China, and that political connections continue to negatively impact law enforcement and corporate policies.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102643"},"PeriodicalIF":7.2,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141952296","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
Double standards? The adverse impact of chairperson hometown ties on corporate green innovation 双重标准？董事长同乡关系对企业绿色创新的不利影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-28 DOI: 10.1016/j.jcorpfin.2024.102640
Nianhang Xu , Min Li , Rongrong Xie , Kam C. Chan
{"title":"Double standards? The adverse impact of chairperson hometown ties on corporate green innovation","authors":"Nianhang Xu ,&nbsp;Min Li ,&nbsp;Rongrong Xie ,&nbsp;Kam C. Chan","doi":"10.1016/j.jcorpfin.2024.102640","DOIUrl":"10.1016/j.jcorpfin.2024.102640","url":null,"abstract":"<div><p>Using a sample of Chinese firms from 2000 to 2018, we document that hometown firms (firms with hometown chairpersons) engage in less green innovation than non-hometown firms. Evidence suggests that local stakeholders offer hometown chairpersons more protection from environmental consequences than non-hometown chairpersons. We identify two possible mechanisms: government patronage and accommodation by local supply chain partners. Furthermore, we find that the double standards are alleviated with insignificant difference in corporate green innovation when non-hometown chairpersons marry hometown spouses or build local political relationships. Additional analyses suggest that (1) the double standards drive hometown firms to emit more pollutants than non-hometown firms, (2) when a firm is under government scrutiny for environmental issues, located in the city with severe air pollution, or in heavily polluting industries, the adverse effect of a chairperson's hometown on green innovation is minimal, and (3) our findings on green innovation also extend to a decrease in the number of pollutant treatment facilities and treatment capacity in a firm.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102640"},"PeriodicalIF":7.2,"publicationDate":"2024-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846811","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
Option trading and equity price efficiency 期权交易和股票价格效率
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-24 DOI: 10.1016/j.jcorpfin.2024.102630
Keming Li
{"title":"Option trading and equity price efficiency","authors":"Keming Li","doi":"10.1016/j.jcorpfin.2024.102630","DOIUrl":"10.1016/j.jcorpfin.2024.102630","url":null,"abstract":"<div><p>This paper presents evidence that the reduction in option tick size enhances equity price efficiency. To address the endogeneity issue, I employ an exogenous event, namely the Penny Pilot program. The findings indicate that option trading mitigates equity misvaluation, reduces price delay, accelerates the incorporation of future earnings into equity prices, and eliminates the well-known Post-Earnings Announcement Drift (PEAD). The pilot program significantly increases trading volume and reduces trading costs during the pilot period. Furthermore, the effect of options-to-stock volume on future stock returns is stronger in firms with high short-sale costs. This evidence is consistent with the hypothesis that informed trading boosts trading volume in the options market and integrates information from the options market into equity prices, thereby enhancing equity price efficiency.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102630"},"PeriodicalIF":7.2,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141838833","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
Political uncertainty and institutional herding 政治不确定性和机构羊群效应
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-23 DOI: 10.1016/j.jcorpfin.2024.102627
Konstantinos Gavriilidis , Vasileios Kallinterakis , Maurizio Montone
{"title":"Political uncertainty and institutional herding","authors":"Konstantinos Gavriilidis ,&nbsp;Vasileios Kallinterakis ,&nbsp;Maurizio Montone","doi":"10.1016/j.jcorpfin.2024.102627","DOIUrl":"10.1016/j.jcorpfin.2024.102627","url":null,"abstract":"<div><p>Political uncertainty represents a key determinant of corporate investment decisions. In this paper, we study the relation between political uncertainty and investment from the perspective of institutional investors. Using U.S. equity holdings data from 13F filings, we find that institutional investors herd during politically uncertain times. This trading behavior is stronger when U.S. presidents are unpopular, due to their proclivity for controversial policies, and among riskier stocks. We also find that this mechanism, despite generating some excess trading, helps incorporate a risk premium into stock prices. Overall, the findings unveil a new channel through which political uncertainty affects financial markets.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102627"},"PeriodicalIF":7.2,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141952986","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
IPO price formation and board gender diversity IPO 价格形成与董事会性别多样性
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-22 DOI: 10.1016/j.jcorpfin.2024.102629
P. Raghavendra Rau , Jason Sandvik , Theo Vermaelen
{"title":"IPO price formation and board gender diversity","authors":"P. Raghavendra Rau ,&nbsp;Jason Sandvik ,&nbsp;Theo Vermaelen","doi":"10.1016/j.jcorpfin.2024.102629","DOIUrl":"10.1016/j.jcorpfin.2024.102629","url":null,"abstract":"<div><p>Using a sample of U.S. IPOs from 2000–2019, we show that IPOs with at least one female director experience significantly greater underpricing on the first trading day. The effect is not attributable to the previously documented determinants of underpricing or other firm or director characteristics. The underpricing effect is the strongest after 2010—when pressures were placed on firms to diversify their boards—and the effect is mitigated in the very last years of the sample—where we find that gender-diverse board IPOs realize greater offer price revisions and final offer prices, relative to non-diverse board IPOs. The dynamic relation between board gender diversity and IPO price formation coincides with the timing of the diversity campaigns of BlackRock, State Street, and Vanguard, suggesting that investor demand for board gender diversity was not fully incorporated into IPO offer prices until this demand was widely publicized.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"88 ","pages":"Article 102629"},"PeriodicalIF":7.2,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924000919/pdfft?md5=df0b07f4b16f2c744e7abf6ad9143958&pid=1-s2.0-S0929119924000919-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850252","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
Do CFO career concerns matter? Evidence from IPO financial reporting outcomes 首席财务官的职业顾虑重要吗？来自 IPO 财务报告结果的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-07-18 DOI: 10.1016/j.jcorpfin.2024.102626
Dimitrios Gounopoulos , Georgios Loukopoulos , Panagiotis Loukopoulos , Yu Zhang
{"title":"Do CFO career concerns matter? Evidence from IPO financial reporting outcomes","authors":"Dimitrios Gounopoulos ,&nbsp;Georgios Loukopoulos ,&nbsp;Panagiotis Loukopoulos ,&nbsp;Yu Zhang","doi":"10.1016/j.jcorpfin.2024.102626","DOIUrl":"10.1016/j.jcorpfin.2024.102626","url":null,"abstract":"<div><p>We find that Chief Financial Officers (CFOs) with greater career concerns are more diligent and conservative in preparing financial statements during an Initial Public Offering (IPO). Additional tests exploiting exogenous variation in managerial career concerns suggest that our documented relations are not sensitive to unobservable omitted factors. Furthermore, we document that CFOs who are relatively more concerned about their future job prospects are more sensitive when there is greater scrutiny or higher litigation risk and are less likely to succumb to undue pressures from influential shareholders to exaggerate the firm's prospects. Finally, we show that CFOs with longer decision horizons prefer more transparency during the IPO process, which in turn, translates to superior post-IPO performance and better labor market outcomes than their counterparts. Overall, our findings indicate that career concerns play a disciplining role during IPOs and that CFOs exploit these high-visibility events to accelerate their career trajectory.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"87 ","pages":"Article 102626"},"PeriodicalIF":7.2,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924000889/pdfft?md5=fc6821146a83e6f59c3b15c00692010e&pid=1-s2.0-S0929119924000889-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141636818","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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