China Accounting and Finance Review最新文献

{"title":"The effects of political connections on labor investment: evidence from Indonesia","authors":"Sandy Harianto, Janto Haman","doi":"10.1108/cafr-11-2023-0145","DOIUrl":"https://doi.org/10.1108/cafr-11-2023-0145","url":null,"abstract":"PurposeThe purpose of our study is to investigate the effects of politically-connected boards (PCBs) on over-(under-)investment in labor. We also examine the impacts of the supervisory board (SB)’s optimal tenure on the association between PCBs and over-investment in labor.Design/methodology/approachWe constructed the proxy for PCBs using a dummy variable set to 1 (one) if a firm has politically-connected boards and zero (0) otherwise. For the robustness check, we used the number of politically-connected members on the boards as the proxy for PCBs.FindingsWe find that the presence of PCBs reduces over-investment in labor. Consistent with our prediction, we found no significant association between PCBs and under-investment in labor. We also find that the SB with optimal tenure strengthens the negative association between PCBs and over-investment in labor. In our channel analysis, we find that the presence of PCB mitigates over-investment in labor through a higher dividend payout ratio.Research limitations/implicationsDue to the unavailability of data in firms’ annual reports regarding the number of poorly-skilled and highly skilled employees, we were not able to examine the effect of low-skilled and high-skilled employees on over-investment in labor. Also, we were not able to examine over-(under-)investment in labor by drawing a distinction between general (generalist) and firm-specific human capital (specialist) as suggested by Sevcenko, Wu, and Kacperczyk (2022). Generally, it is more difficult for managers to hire highly-skilled employees, specialists in particular, thereby driving the choice of either over- or under-investing in the labor forces. In addition, in the firms’ annual reports, there is no information regarding temporary employees. Therefore, if and when such data become available, this would provide another avenue for future research.Practical implicationsOur study offers several practical implications and insights to stakeholders (e.g. insiders or management, shareholders, investors, analysts and creditors) in the following ways. First, our study highlights significant differences between capital investment and labor investment. For instance, labor investment is considered an expense rather than an asset (Wyatt, 2008) because, although such investment is human capital and is not recognized on the firm’s balance sheet (Boon et al., 2017). In addition, labor investment is characterized by: its flexibility which enables firms to make frequent adjustments (Hamermesh, 1995; Dixit & Pindyck, 2012; Aksin et al., 2015), its non-homogeneity since every employee is unique (Luo et al., 2020), its direct impact on morale and productivity of a firm (Azadegan et al., 2013; Mishina et al., 2004; Tatikonda et al., 2013), and its financial outlay which affects the ongoing cash flows of a firm (Sualihu et al., 2021; Khedmati et al., 2020; Merz & Yashiv, 2007). Second, our findings reveal that the presence of PCBs could help to reduce over-investmen","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"30 46","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141800435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate digital transformation and rank and file employee satisfaction","authors":"Bo Zhang, Sheng-Bin Wang, Ruixue Zhou","doi":"10.1108/cafr-08-2023-0101","DOIUrl":"https://doi.org/10.1108/cafr-08-2023-0101","url":null,"abstract":"PurposeThis paper examines the impact of corporate digital transformation on employee satisfaction. Therefore, this study extends our understanding of the economic consequences of corporate digital transformation from employees’ perspectives.Design/methodology/approachThe data used to construct our main proxy of employee satisfaction are collected from Kanzhun.com, which provides reviews by rank-and-file employees on their employers. This study uses a large sample of Chinese firms and adopts various empirical methods to examine the impact of digital transformation on employee satisfaction.FindingsWe find a significant positive relationship between corporate digital transformation and employee satisfaction. Moreover, we document that the relationship between corporate digital transformation and employee satisfaction is more pronounced in firms with higher labor intensity and in state-owned enterprises (SOE).Research limitations/implicationsOne significant limitation is that corporate digital transformation is constructed based on word frequency analysis. This approach may be influenced by variations in corporate disclosure practices and might not accurately capture the true extent of corporate digital transformation. This limitation is not only present in our research but is also pervasive in many other studies that utilize similar methodologies. Therefore, our results should be interpreted with this caveat in mind.Practical implicationsOur study suggests that corporate digital transformation enhances employee satisfaction, providing direct evidence for managers and regulators to promote corporate digital transformation. Through digital transformation, companies can not only improve operational efficiency but also foster employee satisfaction. This dual benefit underscores the importance of investing in corporate digital transformation for long-term success.Social implicationsOur study suggests that corporate digital transformation enhances employee satisfaction, providing direct evidence for managers and regulators to promote corporate digital transformation. Through digital transformation, companies can not only improve operational efficiency but also foster employee satisfaction. This dual benefit underscores the importance of investing in corporate digital transformation for long-term success.Originality/valueOur study contributes to the literature on the economic consequences of corporate digital transformation and extends existing research on the determinants of employee satisfaction. Additionally, it provides a novel measurement of employee satisfaction for a large sample of Chinese firms.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":" 47","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141826300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Who do you choose? Employees' perceptions of artificial intelligence versus humans in performance feedback","authors":"Mohammad Islam Biswas, Md. Shamim Talukder, Atikur Rahman Khan","doi":"10.1108/cafr-08-2023-0095","DOIUrl":"https://doi.org/10.1108/cafr-08-2023-0095","url":null,"abstract":"PurposeFirms have already begun integrating artificial intelligence (AI) as a replacement for conventional performance management systems owing to its technological superiority. This transition has sparked a growing interest in determining how employees perceive and respond to performance feedback provided by AI as opposed to human supervisors.Design/methodology/approachA 2 x 2 between-subject experimental design was employed that was manipulated into four experimental conditions: AI algorithms, AI data, highly experienced human supervisors and low-experience human supervisor conditions. A one-way ANOVA and Welch t-test were used to analyze data.FindingsOur findings revealed that with a predefined fixed formula employed for performance feedback, employees exhibited higher levels of trust in AI algorithms, had greater performance expectations and showed stronger intentions to seek performance feedback from AI algorithms than highly experienced human supervisors. Conversely, when performance feedback was provided by human supervisors, even those with less experience, in a discretionary manner, employees' perceptions were higher compared to similar feedback provided by AI data. Moreover, additional analysis findings indicated that combined AI-human performance feedback led to higher levels of employees' perceptions compared to performance feedback solely by AI or humans.Practical implicationsThe findings of our study advocate the incorporation of AI in performance management systems and the implementation of AI-human combined feedback approaches as a potential strategy to alleviate the negative perception of employees, thereby increasing firms' return on AI investment.Originality/valueOur study represents one of the initial endeavors exploring the integration of AI in performance management systems and AI-human collaboration in providing performance feedback to employees.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"53 40","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141644674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Robot adoption of family firms: the role of family non-executive directors","authors":"Shanzhong Du, June Cao","doi":"10.1108/cafr-08-2023-0089","DOIUrl":"https://doi.org/10.1108/cafr-08-2023-0089","url":null,"abstract":"PurposeIndustrial robots are of great significance to the long-term development of family firms. Drawing on the lens of the principal–principal conflict, this paper aims to investigate the influence of family non-executive directors on robot adoption in Chinese family firms.Design/methodology/approachThis paper selects the family firms in China from 2011 to 2019 as the sample. Furthermore, the authors manually collected the family non-executive directors and constructed the robot adoption variable utilizing data sourced from the International Federation of Robotics. In brief, this paper constructs a comprehensive framework of the mechanisms and additional tests pertaining to the influence of family non-executive directors on robot adoption.FindingsThis paper finds that family non-executive directors can promote robot adoption in family firms. The underlying mechanism analysis shows that family non-executive directors promote robot adoption by exerting financial and human effects. This paper further finds that the characteristics of family non-executive directors, such as kinship, differential shareholding and excessive directors, affect the role of family non-executive directors. Finally, robot adoption can improve future performance, and the promotional effect is more evident when family members are non-executive directors.Originality/valueThis paper contributes to the related literature from the following two aspects. Firstly, this paper decomposes the types of family directors to understand the role of family non-executive directors, which challenges the assumption that family board members are homogeneous in family firms. Second, this paper expands the research on the factors that influence robot adoption in emerging economies from the micro-enterprise level. In addition, the findings in this paper have managerial implications for family firms to optimize their strategic decisions with the help of the mode of board right allocation.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"76 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141664585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO individualism and corporate innovation","authors":"Fan Zhang","doi":"10.1108/cafr-12-2023-0149","DOIUrl":"https://doi.org/10.1108/cafr-12-2023-0149","url":null,"abstract":"PurposeThis paper aims to study the impact of CEOs' cultural background on corporate innovation. The paper constructs a measure of CEOs' cultural individualism based on their birthplaces and investigates its relationship with firms' patents and citations. The study aims to shed light on the interaction of culture and corporate decisions and focuses on the role of top managers. The paper also investigates the mechanism of how top management can affect corporate innovation output.Design/methodology/approachThe paper constructs the measure of individualism using the westward expansion in US history. To do so, the paper uses the US county-level duration of exposure of the frontier territory in the 19th century and links the counties to CEOs' birthplaces. The paper argues the cultural characteristics of birthplaces can affect a person's later management styles and decisions, hence affecting corporate innovation policies. Using regression and difference-in-differences estimations, the paper explores the relation and causality between cultural individualism and innovation output.FindingsThe paper finds that CEO cultural individualism is positively related with the number of patents produced by the firm and the citations received by the firm. Difference-in-differences tests using CEO turnovers support that the relation is causal. The paper also investigates the economic mechanism of how individualistic CEOs achieve such results. It finds that individualistic CEOs tend to hire more talented employees and improve the workplace environment to attract top inventors.Originality/valueThis paper provides firm-level evidence of culture and innovation. Prior studies in this area focus on cross-country evidence and suffer the limitation of confounding factors. Using a county-level measure of individualism and a sample of firms in USA, the paper alleviates the concern and provides evidence with better granularity. This paper also provides a novel mechanism for attracting top inventors, while existing literature tend to focus on risk-taking activities.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"119 41","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141667492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insider ownership and default risk: What does the data reveal about Japanese firms?","authors":"Humaira Haque, Md. Nurul Kabir, Syeda Humayra Abedin, Mohammad Dulal Miah, Parmendra Sharma","doi":"10.1108/cafr-06-2023-0059","DOIUrl":"https://doi.org/10.1108/cafr-06-2023-0059","url":null,"abstract":"PurposeThe ownership structure in Japanese firms has experienced a significant change recently, fueled primarily by regulatory changes. This has important repercussions on corporate performance and risk. This paper examines the impact of insider ownership on the default risk of Japanese firms.Design/methodology/approachWe collected data from the Nikkei Corporate Governance Evaluation System (CGES) database for the period 2004–2019. Our final dataset yields 36,116 firm-year observations. We apply a firm fixed effect model for baseline regression. Endogeneity was checked by applying propensity score matching (PSM) and two-stage least squares (2SLS) techniques. Furthermore, the robustness of baseline regression results was checked using alternative estimation techniques.FindingsResults show a significant positive influence of insider ownership on default risk. Furthermore, ROA volatility and stock price volatility appear to be the major channels through which insider ownership affects a firm’s default risk. We further document that external monitoring mechanisms, including traditional main bank ties, institutional ownership and analyst coverage, are the key risk-mitigating factors.Research limitations/implicationsOur research deals with Japanese firms only. Future research may attempt to analyze the cases of emerging economies. Furthermore, future research might examine the ownership-default risk relationship for financial institutions to see if this relationship differs between financial and nonfinancial firms.Practical implicationsInsider ownership enhances the probability of default. Hence, policymakers may consider instituting a ceiling for insider ownership in Japanese firms. Moreover, we highlight various risk-mediating channels that would help policymakers adopt guidelines for mitigating corporate risk.Originality/valueOur study is the first to investigate the effect of insider ownership on default risk in Japanese settings. Prior studies identified various determinants that affect firms’ default risk. Our study contributes to this stream of literature by examining the impact of insider ownership on default risk and extending the limited literature related to insider ownership.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"119 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141712857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Enterprise digital development and capacity utilization","authors":"Hui Ma, Shenglan Chen, Xiaoling Liu, Pengcheng Wang","doi":"10.1108/cafr-04-2023-0046","DOIUrl":"https://doi.org/10.1108/cafr-04-2023-0046","url":null,"abstract":"PurposeTo enrich the research on the economic consequences of enterprise digital development from the perspective of capacity utilization.Design/methodology/approachUsing a sample of listed firms from 2010 to 2020, this paper exploits text analysis of annual reports to construct a proxy for enterprise digital development.FindingsResults show that enterprise digital development not only improves their own capacity utilization but also generates a positive spillover effect on the capacity utilization of peer firms and firms in the supply chain. Next, based on the incomplete information about market demand and potential competitors when making capacity-building decisions, the mechanism tests show that improving the accuracy of market forecasts and reducing investment surges are potential channels behind the baseline results. Cross-sectional tests show the baseline result is more pronounced when industries are highly homogeneous and when firms have access to less information.Originality/valueThis paper contributes to the research related to the economic consequences of digital development. With the development of the digital economy, the real effects of enterprise digital development have also triggered extensive interest and exploration. Existing studies mainly examine the impact on physical operations, such as specialization division of labor, innovation activities, business performance or total factor productivity (Huang, Yu, & Zhang, 2019; Yuan, Xiao, Geng, & Sheng, 2021; Wang, Kuang, & Shao, 2017; Li, Liu, & Shao, 2021; Zhao, Wang, & Li, 2021). These studies measure the economic benefits from the perspective of the supply (output) side but neglect the importance of the supply system to adapt to the actual market demand. In contrast, this paper focuses on capacity utilization, aimed at estimating the net economic effect of digital development by considering the supply-demand fit scenario. Thus, our findings enrich the relevant studies on the potential consequences of digital development.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"16 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141106679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The relationship between the accounting standards and the global financial crisis: empirical analysis of mergers and acquisitions in banking industry","authors":"A. Akgün","doi":"10.1108/cafr-05-2023-0050","DOIUrl":"https://doi.org/10.1108/cafr-05-2023-0050","url":null,"abstract":"PurposeThe purpose of this study is to focus on, namely, the international financial reporting standards (IFRS) or local generally accepted accounting principles (GAAP) effects of financial reporting as a corporate governance mechanism on mergers and acquisitions (M&As) for banking institutions during the global financial crisis.Design/methodology/approachI investigate the characteristics of bank financial statements before the start of the global crisis, which helps to explain the relationships between the accounting standards and the global financial crisis. The observations, which are based on 3,178 deals in a sample period, are crucially important for corporate governance and bank performance. The results from our analysis are robust to a wide variety of modifications in our research design and are corroborated by descriptive statistics, one-way ANOVA and a two-sample t-test on a sample of banks that voluntarily adopted IFRS for M&As.FindingsThe find that IFRS-based monitoring of banks M&As in terms of higher quality financial reporting is negatively linked with bank performance, whereas local GAAP-based monitoring of banks’ M&A is positively associated with accounting performance. Finally, our main results for higher quality financial reporting under local GAAP or IFRS generally hold after controlling for various analyses and relationships between account standards and the financial crisis.Practical implicationsFinancial reporting standards setting a corporate governance mechanism are considered since it was impacted recently during the global financial crisis and became a great matter of concern.Originality/valueThe value of this paper is determined by an empirical investigation of the relationships between bank performance and accounting and financial reporting standards in the context of the global economy.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"6 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141106979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Charting the financial odyssey: a literature review on history and evolution of investment strategies in the stock market (1900–2022)","authors":"S. Jagirdar, Pradeep Kumar Gupta","doi":"10.1108/cafr-10-2023-0124","DOIUrl":"https://doi.org/10.1108/cafr-10-2023-0124","url":null,"abstract":"PurposeThe present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships arising from such diverse seminal studies have been identified to address the research gaps.Design/methodology/approachThe studies for this review were identified and screened from electronic databases to compile a comprehensive list of 200 relevant studies for inclusion in this review and summarized for the cognizance of researchers.FindingsThe study finds a coherence to complex theoretical documentation of more than a century of evolution on investment strategy in stock markets, capturing the characteristics of time with a chronological study of events.Research limitations/implicationsThere were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and English language bias.Practical implicationsPractitioners can refine investment strategies by incorporating behavioral finance insights and recognizing the influence of psychological biases. Strategies span value, growth, contrarian, or momentum indicators. Mitigating overconfidence bias supports effective risk management. Social media sentiment analysis facilitates real-time decision-making. Adapting to evolving market liquidity curbs volatility risks. Identifying biases guides investor education initiatives.Originality/valueThis paper is an original attempt to pictorially depict the seminal works in stock market investment strategies of more than a hundred years.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":"47 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140961679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A new method for estimating liquidity and stock returns in Indian stock market","authors":"Tapas Kumar Sethy, N. Tripathy","doi":"10.1108/cafr-05-2023-0052","DOIUrl":"https://doi.org/10.1108/cafr-05-2023-0052","url":null,"abstract":"PurposeThis study aims to explore the impact of systematic liquidity risk on the averaged cross-sectional equity return of the Indian equity market. It also examines the effects of illiquidity and decomposed illiquidity on the conditional volatility of the equity market.Design/methodology/approachThe present study employs the Liquidity Adjusted Capital Asset Pricing Model (LCAPM) for pricing systematic liquidity risk using the Fama & MacBeth cross-sectional regression model in the Indian stock market from January 1, 2012, to March 31, 2021. Further, the study employed an exponential generalized autoregressive conditional heteroscedastic (1,1) model to observe the impact of decomposed illiquidity on the equity market’s conditional volatility. The study also uses the Ordinary Least Square (OLS) model to illuminate the return-volatility-liquidity relationship.FindingsThe study’s findings indicate that the commonality between individual security liquidity and aggregate liquidity is positive, and the covariance of individual security liquidity and the market return negatively affects the expected return. The study’s outcome specifies that illiquidity time series analysis exhibits the asymmetric effect of directional change in return on illiquidity. Further, the study indicates a significant impact of illiquidity and decomposed illiquidity on conditional volatility. This suggests an asymmetric effect of illiquidity shocks on conditional volatility in the Indian stock market.Originality/valueThis study is one of the few studies that used the World Uncertainty Index (WUI) to measure liquidity and market risks as specified in the LCAPM. Further, the findings of the reverse impact of illiquidity and decomposed higher and lower illiquidity on conditional volatility confirm the presence of price informativeness and its immediate effects on illiquidity in the Indian stock market. The study strengthens earlier studies and offers new insights into stock market liquidity to clarify the association between liquidity and stock return for effective policy and strategy formulation that can benefit investors.","PeriodicalId":248971,"journal":{"name":"China Accounting and Finance Review","volume":" 63","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141000305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}