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Philanthropic forms of corporate social responsibility practices in a multinational company: Colonial and post‐colonial perspectives 一家跨国公司企业社会责任实践的慈善形式：殖民地和后殖民视角
Accounting & Finance Pub Date : 2024-08-08 DOI: 10.1111/acfi.13322
Mahmood Momin, Mohammad Nurunnabi, Tareq Hossain, Zahirul Hoque
{"title":"Philanthropic forms of corporate social responsibility practices in a multinational company: Colonial and post‐colonial perspectives","authors":"Mahmood Momin, Mohammad Nurunnabi, Tareq Hossain, Zahirul Hoque","doi":"10.1111/acfi.13322","DOIUrl":"https://doi.org/10.1111/acfi.13322","url":null,"abstract":"This paper explores how colonial and post‐colonial philanthropic ideals shape a multinational shoe manufacturing company's corporate social responsibility (CSR) practices. We conducted a qualitative field study in Bangladesh, analysing semi‐structured interviews and archival documents. The findings revealed significant and distinct variations in social, institutional, and political relationships across three historical periods: colonisation, state despotism, and capital imperialism. Notably, benevolence, elitism, socialist enterprise paternalism, and institutionalised strategic philanthropy ideals were found to dominate firm‐level CSR practices. These findings suggest that colonial and post‐colonial contexts can shape and ideologically frame philanthropic forms of CSR practices in organisations over time.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"48 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141929449","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}
引用次数: 0
The effect of government‐guided funds on target industries in development zones – Evidence from China 政府引导基金对开发区目标产业的影响--来自中国的证据
Accounting & Finance Pub Date : 2024-08-08 DOI: 10.1111/acfi.13318
Fulong Xiao, Zini Liang, Yongbin Lv, Wei Wang
{"title":"The effect of government‐guided funds on target industries in development zones – Evidence from China","authors":"Fulong Xiao, Zini Liang, Yongbin Lv, Wei Wang","doi":"10.1111/acfi.13318","DOIUrl":"https://doi.org/10.1111/acfi.13318","url":null,"abstract":"The interplay between state‐led interventions and market‐driven forces has gained unparalleled prominence. This paper examines China's strategic use of government‐guided funds (GGFs) and their consequential impact on its national high‐tech zones (NHZs). Through an analysis of 1599 annual observations from 123 NHZs spanning 2007–2019, we reveal a compelling correlation between GGF investments and augmented industrial activity. Our findings indicate that NHZs benefitting from GGF allocations evidenced a significant 5.5% surge in industrial activity. Two underlying mechanisms drive this relationship. The leverage mechanism portrays GGFs as attractors of private social capital to tech‐centric ventures within NHZs. Meanwhile, the guidance mechanism underscores NHZs' strategic clustering of high‐tech sectors, amplifying benefits from shared resources and knowledge. Empirical analysis affirms both mechanisms, showing NHZs with robust social capital magnetism and tech clustering derive pronounced gains from GGF interventions. Our results carry practical implications for both policymakers and academicians, offering a nuanced understanding of the symbiotic relationship between fiscal strategies and industrial growth.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"43 22","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141929397","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}
引用次数: 0
Keju tradition and major litigation cases: The persistent impact of Confucian norm standard 科举传统与重大诉讼案件：儒家规范标准的持续影响
Accounting & Finance Pub Date : 2024-08-08 DOI: 10.1111/acfi.13300
Xuefeng Hu, Wenlan Wang, Rong Xu, Fulong Xiao
{"title":"Keju tradition and major litigation cases: The persistent impact of Confucian norm standard","authors":"Xuefeng Hu, Wenlan Wang, Rong Xu, Fulong Xiao","doi":"10.1111/acfi.13300","DOIUrl":"https://doi.org/10.1111/acfi.13300","url":null,"abstract":"Using the variation in China's civil examination system (keju) achievements across prefecture‐level cities in the Ming–Qing period (c.1368–1905), we find that keju tradition has a persistent impact on the norm of business ethics today. With one standard deviation increase of keju tradition intensity, the probability of major litigation cases for local listed firms decreases by nearly 12% of the sample mean. The persistent effect of keju tradition can be attributed to two channels, the social value of fair competition and the excess cost of misconduct. Further analysis shows that our result is not driven by conservatism.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"2 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141929000","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}
引用次数: 0
Rent‐seeking or value‐creating? The impact of managerial autonomy from state‐built corporate pyramids on M&A performance 寻租还是创造价值？国有企业金字塔式的管理自主权对并购绩效的影响
Accounting & Finance Pub Date : 2024-07-24 DOI: 10.1111/acfi.13309
Jiachun Chen, Qingsong Hou, Shanmin Li
{"title":"Rent‐seeking or value‐creating? The impact of managerial autonomy from state‐built corporate pyramids on M&A performance","authors":"Jiachun Chen, Qingsong Hou, Shanmin Li","doi":"10.1111/acfi.13309","DOIUrl":"https://doi.org/10.1111/acfi.13309","url":null,"abstract":"How to give managers autonomy to improve organisational performance has long been a focus of business practice. In this paper, we use a unique Chinese context to investigate the effect of managerial autonomy arising from state‐built corporate pyramids on mergers and acquisitions (M&A) performance. We find that the number of pyramidal layers between the government and the state‐owned enterprise (SOE) is positively associated with M&A performance. This relationship is stronger when the SOE managers possess professional M&A abilities but weaker when the SOE management team and the government are politically connected. We attribute the positive association to the career path incentives of SOE managers. Additionally, we address the role of managerial autonomy in the M&A process and integration. We also analyse this effect in contexts where managerial autonomy is crucial in some investment decisions. Taken together, our study fills a critical gap on managerial discretion within internal organisational contexts.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"52 21","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141806891","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}
引用次数: 0
Storylines: A science‐based method for assessing and measuring future physical climate‐related financial risk 故事情节：评估和衡量未来实际气候相关金融风险的科学方法
Accounting & Finance Pub Date : 2024-07-16 DOI: 10.1111/acfi.13295
Tanya Fiedler, Nick Wood, Michael R Grose, Andy J Pitman
{"title":"Storylines: A science‐based method for assessing and measuring future physical climate‐related financial risk","authors":"Tanya Fiedler, Nick Wood, Michael R Grose, Andy J Pitman","doi":"10.1111/acfi.13295","DOIUrl":"https://doi.org/10.1111/acfi.13295","url":null,"abstract":"Regulators increasingly require organisations to disclose their climate‐related financial risks. Most future physical climate risks present unique challenges, however, as their likely occurrence and consequence cannot be quantified with veracity at business‐relevant scales. Quantitative measurement thus renders preparers vulnerable to false precision, maladaptation, and litigation. We present an alternative method for assessing future physical climate‐related financial risk developed in the climate sciences, namely “storylines” (Shepherd et al., 2018). Storylines emphasise plausibility over probability, illustrate legally defensible and auditable futures, and allow the full expression of uncertainty. We conclude with recommendations and implications for integrating storylines into existing standards, frameworks and practice.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"80 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141642941","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}
引用次数: 0
Government procurement and zombie firms' productivity: Evidence from China 政府采购与僵尸企业的生产率：来自中国的证据
Accounting & Finance Pub Date : 2024-07-16 DOI: 10.1111/acfi.13307
Xiaoyue Yu, Su Yu, Fulong Xiao, Zhuquan Wang
{"title":"Government procurement and zombie firms' productivity: Evidence from China","authors":"Xiaoyue Yu, Su Yu, Fulong Xiao, Zhuquan Wang","doi":"10.1111/acfi.13307","DOIUrl":"https://doi.org/10.1111/acfi.13307","url":null,"abstract":"The growing number of zombie firms has severely hampered economic growth in most countries, especially after the COVID‐19 pandemic when zombie firms increased dramatically. Improving the productivity of zombie firms has become a major concern around the world. This paper, using Chinese government procurement contract data and listed firm data, empirically investigates the relationship between government procurement and zombie firms' productivity. The research findings indicate that government procurement can improve zombie firms' productivity and narrow the production efficiency gap with non‐zombie firms. This impact is more pronounced for local and low‐level government clients. Our research further investigates the channels through which government procurement improves zombie firms' productivity. The results demonstrate that government procurement promotes productivity by enhancing technological innovation, improving sales performance, and increasing market supervision. Additionally, this study identifies that government procurement exhibits a spillover effect, which enhances the productivity of non‐zombie firms within the same city. These findings contribute significantly to bridging the existing knowledge gap regarding the impact of government procurement on the productivity of zombie firms. Furthermore, the results offer innovative strategies for policy makers to address the challenges posed by zombie firms.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"2 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141642477","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}
引用次数: 0
Tax authority governance and corporate internal control quality 税务机关治理和企业内部控制质量
Accounting & Finance Pub Date : 2024-07-11 DOI: 10.1111/acfi.13306
Xiaojian Tang, Dongying Du, Ying Chen, Stephanie Tsui
{"title":"Tax authority governance and corporate internal control quality","authors":"Xiaojian Tang, Dongying Du, Ying Chen, Stephanie Tsui","doi":"10.1111/acfi.13306","DOIUrl":"https://doi.org/10.1111/acfi.13306","url":null,"abstract":"Prior studies of tax enforcement neglect the effect of tax enforcement officers' discretion on corporate internal control quality. This study exploits a unique quasi‐natural experimental setting of the reform of Chinese province‐level tax administrative penalty discretion standards since 2016 to examine the effect of tax authority governance on corporate internal control quality. We show that tax authority governance can improve corporate internal control quality. And this positive effect is more pronounced in firms with more tax avoidance and more collusion with tax supervisors. Furthermore, further analysis shows that legal enforcement and financial reporting environment can strengthen the positive relationship between tax authority governance and corporate internal control quality. Therefore, the above results show that tax authority governance not only increases the predictability of tax violation and its consequential penalties, but also restricts tax enforcement personnel's discretionary power, thereby reducing opportunities for tax avoidance and rent‐seeking behaviour.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"62 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141658232","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}
引用次数: 0
Prediction of corporate financial distress based on corporate social responsibility: New evidence from DANP, VWP and MEOWA weights methodologies 基于企业社会责任的企业财务困境预测：来自 DANP、VWP 和 MEOWA 权重方法的新证据
Accounting & Finance Pub Date : 2024-06-13 DOI: 10.1111/acfi.13282
Hui Li, Ting Sun, Jinquan Zhang
{"title":"Prediction of corporate financial distress based on corporate social responsibility: New evidence from DANP, VWP and MEOWA weights methodologies","authors":"Hui Li, Ting Sun, Jinquan Zhang","doi":"10.1111/acfi.13282","DOIUrl":"https://doi.org/10.1111/acfi.13282","url":null,"abstract":"This study investigates the determinants of financial distress from the corporate social responsibility (CSR) perspective and examines how poor CSR performance leads to financial distress in enterprises. Based on theoretical analysis, we select predictive indicators and construct an early warning indicator system for predicting financial distress from a CSR standpoint. Additionally, we develop a novel dynamic financial distress prediction (FDP) model using decision‐making trial and evaluation laboratory (DEMATEL)‐based analytic network process (DANP), variable weights with penalty (VWP), and maximal entropy ordered weighted average (MEOWA) weight methods to assess corporate financial status. Furthermore, to evaluate the accuracy of our model, we apply it to Chinese listed companies for empirical analysis using a sample of 1142 listed Chinese companies spanning 2011–2023. The results demonstrate that our developed FDP model exhibits higher predictive accuracy compared to previous models, suggesting that poor CSR practices can contribute to corporate financial distress while significantly enhancing FDP performance.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"52 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141344969","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}
引用次数: 0
Manager‐specific manipulation of tone and stock price synchronicity 经理人对基调和股价同步性的特定操纵
Accounting & Finance Pub Date : 2024-06-12 DOI: 10.1111/acfi.13283
Miao Jiang, Bo Zhu, Luxi Li
{"title":"Manager‐specific manipulation of tone and stock price synchronicity","authors":"Miao Jiang, Bo Zhu, Luxi Li","doi":"10.1111/acfi.13283","DOIUrl":"https://doi.org/10.1111/acfi.13283","url":null,"abstract":"Using a sample of Chinese listed firms from 2008 to 2020, we find that manager‐specific upward manipulation of tone in the Management Discussion and Analysis (MD&A) section is associated with greater stock price synchronicity. This suggests that upward tone manipulation decreases the stock's idiosyncratic information content. This relationship between abnormally positive tone and stock price synchronicity is negatively moderated by the firm's revenue growth rate, while investor irrational sentiment positively moderates this relationship. Additionally, positive tone manipulation significantly increases audit aggressiveness and decreases analyst optimism bias.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"79 20","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141352676","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}
引用次数: 0
Corporate fraud and independent director's re‐appointment: Information hypothesis or favouritism hypothesis? 公司欺诈与独立董事连任：信息假说还是偏袒假说？
Accounting & Finance Pub Date : 2024-06-12 DOI: 10.1111/acfi.13286
Xiaoliang Lyu, Xiaochen Zhang
{"title":"Corporate fraud and independent director's re‐appointment: Information hypothesis or favouritism hypothesis?","authors":"Xiaoliang Lyu, Xiaochen Zhang","doi":"10.1111/acfi.13286","DOIUrl":"https://doi.org/10.1111/acfi.13286","url":null,"abstract":"Using the analytical framework of social identity theory, this paper explores how a special corporate governance arrangement in the Chinese capital market, i.e., independent directors' re‐appointment, affects corporate ethical behaviours. Using the bivariate probit model, we find that independent directors’ re‐appointment significantly increases corporate fraud propensity, indicating that the favouritism towards re‐appointed independent directors by firms generated from social identity plays a dominant role in the corporate governance outcome in a relationship‐based society. Our results remain consistent after using an exogenous shock to alleviate the endogenous problems. The policy implication of this paper is that the corporate arrangement of re‐appointed independent directors in the Chinese capital market may impair stakeholders’ benefit and weaken business ethics. Top‐level institutional design should be improved and consider thoroughly the effects of social identity on corporate governance outcomes.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"89 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141352772","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}
引用次数: 0
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