Journal of Corporate Finance最新文献_第9页

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 : 2025-09-01 Epub 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":"2025-09-01","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

Do firms benefit from carbon risk management? Evidence from the credit default swaps market 企业能从碳风险管理中获益吗？来自信用违约互换市场的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-30 DOI: 10.1016/j.jcorpfin.2025.102843

Huu Nhan Duong , Petko S. Kalev , Madhu Kalimipalli , Saurabh Trivedi

引用次数: 0

Firm-level climate sentiments, climate politics and implied cost of equity capital 企业层面的气候情绪、气候政治和隐含的权益资本成本

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102846

Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé

{"title":"Firm-level climate sentiments, climate politics and implied cost of equity capital","authors":"Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé","doi":"10.1016/j.jcorpfin.2025.102846","DOIUrl":"10.1016/j.jcorpfin.2025.102846","url":null,"abstract":"<div><div>In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered in RED and SWING states, supporting “boomerang hypothesis” that green firms are hedged against potential changes in local climate standards and thus enjoy considerably cheaper financing in the localities marred with greenhouse gas emission concerns, climate related physical disasters, and climate unfriendly political environment. We utilize the variation in regionwide and statewide public beliefs about scientists' beliefs regarding the occurrence of global warming as an instrument to address endogeneity issues, among other tests.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102846"},"PeriodicalIF":7.2,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523184","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

Special issue on non-significant results 关于非显著结果的特刊

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-25 DOI: 10.1016/j.jcorpfin.2025.102842

Matthew C. Ringgenberg

引用次数: 0

Tightening monetary policy and investment dynamics in the European Monetary Union: Firm- and country-level heterogeneity 紧缩的货币政策和欧洲货币联盟的投资动态：企业和国家层面的异质性

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jcorpfin.2025.102853

Paolo Canofari , Marco Cucculelli , Alessandro Piergallini , Matteo Renghini

{"title":"Tightening monetary policy and investment dynamics in the European Monetary Union: Firm- and country-level heterogeneity","authors":"Paolo Canofari , Marco Cucculelli , Alessandro Piergallini , Matteo Renghini","doi":"10.1016/j.jcorpfin.2025.102853","DOIUrl":"10.1016/j.jcorpfin.2025.102853","url":null,"abstract":"<div><div>We employ firm-macro matched data on small and medium-size enterprises in the European Monetary Union to study the investment response to tight monetary policy shocks. We show that firms with higher leverage and longer debt maturity are more negatively responsive to monetary restrictions. Capital structure significantly interacts with monetary policy transmission: a leverage ratio one percentage point larger than average is associated with a semi-elasticity of investment to a nominal interest rate hike approximately 8 % higher two years following the monetary shock. Firm-level heterogeneity proves to be more pronounced in the presence of long-term—rather than short-term—indebtedness. We further argue that the investment response to monetary contractions is heterogeneous not only with respect to the firm-level financial structure but also in relation to the country-specific financial and productive conditions. Specifically, we show that the investment semi-elasticity to rate hikes significantly increases in countries characterized by higher frictions in accessing the credit market and in countries featured by either a larger share of small-size firms or a larger share of intangible assets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102853"},"PeriodicalIF":5.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723824","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

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 : 2025-09-01 Epub 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":"2025-09-01","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

The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis 算法的善与恶：投资对价格的敏感性和学习假设

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.jcorpfin.2025.102834

Nihad Aliyev , Fariz Huseynov , Khaladdin Rzayev

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 : 2025-09-01 Epub Date: 2025-05-29 DOI: 10.1016/j.jcorpfin.2025.102827

YiLin Wu , Richard Lok-Si Ieong , Shawn Thomas

引用次数: 0

A new lease on firm behavior 坚定行为的新租约