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ESG performance and cost of debt 环境、社会和公司治理绩效与债务成本
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-21 DOI: 10.1016/j.cjar.2024.100390
Yongdong Shi , Shijie Zheng , Pengsong Xiao , Hongxian Zhen , Tong Wu
{"title":"ESG performance and cost of debt","authors":"Yongdong Shi ,&nbsp;Shijie Zheng ,&nbsp;Pengsong Xiao ,&nbsp;Hongxian Zhen ,&nbsp;Tong Wu","doi":"10.1016/j.cjar.2024.100390","DOIUrl":"10.1016/j.cjar.2024.100390","url":null,"abstract":"<div><div>We analyze China Securities Index Co., Ltd. (CSI) environmental, social and governance (ESG) scoring data, which incorporate Chinese characteristics, to assess the impact of ESG performance on corporate debt financing costs. Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs. Additionally, improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs. However, this effect diminishes with increased internal control quality and marketization. Governance has the greatest impact on reducing debt financing costs, followed by social and environmental factors. Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry. Economic consequence analysis confirms that lower financing costs, driven by improved ESG performance, significantly enhance total factor productivity and firm value. CSI ESG scores also significantly impact bank loans but not corporate bond financing.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100390"},"PeriodicalIF":1.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Personal data security and stock crash risk: Evidence from China’s Cybersecurity Law 个人数据安全与股灾风险：来自中国《网络安全法》的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-18 DOI: 10.1016/j.cjar.2024.100393
Ziwei Song
{"title":"Personal data security and stock crash risk: Evidence from China’s Cybersecurity Law","authors":"Ziwei Song","doi":"10.1016/j.cjar.2024.100393","DOIUrl":"10.1016/j.cjar.2024.100393","url":null,"abstract":"<div><div>Using China’s Cybersecurity Law (CSL) as an exogenous shock, I examine how personal data security affects stock crash risk. I find that the stock crash risk of treatment firms (which collect personal data) significantly decreases after the CSL, and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL. Furthermore, treatment firms increase their investment in personal data protection after the CSL. Finally, enhanced personal data security increases firm value and promotes firms’ social responsibility to stakeholders. Overall, I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability, which may present implications for data security policy worldwide.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100393"},"PeriodicalIF":1.9,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China 经济政策的不确定性与企业对风险投资基金的投资：来自中国的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-09-16 DOI: 10.1016/j.cjar.2024.100389
Liangyong Wan , Xin Sui , Jing Rao , Lai Deng
{"title":"Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China","authors":"Liangyong Wan ,&nbsp;Xin Sui ,&nbsp;Jing Rao ,&nbsp;Lai Deng","doi":"10.1016/j.cjar.2024.100389","DOIUrl":"10.1016/j.cjar.2024.100389","url":null,"abstract":"<div><div>The latest business practice in the Chinese venture capital (VC) market involves the active participation of non-financial firms, as limited partners, in VC funds. Exploiting a unique hand-collected dataset from China, we find that economic policy uncertainty is positively related to the propensity of firms to participate in VC funds. Cross-sectional tests show that the positive effect of policy uncertainty on the likelihood of participating in VC funds is enhanced by industrial growth opportunities. Furthermore, economic consequence tests show that participating in VC funds is conducive to improving investment efficiency, increasing innovation performance and promoting product diversification. This study advances our understanding of firms’ investment decisions and the VC industry development amid economic policy uncertainty.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100389"},"PeriodicalIF":1.9,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Industrial internet technology, resource reallocation and corporate risk-taking capacity: Evidence from the strategic management perspective 工业互联网技术、资源重新分配和企业风险承担能力：来自战略管理视角的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-08-17 DOI: 10.1016/j.cjar.2024.100387
Lili Hui , Huobao Xie
{"title":"Industrial internet technology, resource reallocation and corporate risk-taking capacity: Evidence from the strategic management perspective","authors":"Lili Hui ,&nbsp;Huobao Xie","doi":"10.1016/j.cjar.2024.100387","DOIUrl":"10.1016/j.cjar.2024.100387","url":null,"abstract":"<div><div>By employing machine learning techniques and the Word2Vec model, we quantify the micro-level implementation of Industrial Internet technology in Chinese manufacturing firms from 2010 to 2022. This provides empirical evidence for understanding how the Industrial Internet technology enhances corporate risk-taking capability. Our study shows that adopting this technology increases risk-taking capacity, mainly through resource reallocation. The information layer empowers improvements in organizational structure, the platform layer optimizes labor resources, and the edge/software layers facilitate the integration of supply chain resources. The effect is more pronounced in firms that are technology- and labor-intensive, particularly in environments of high economic policy uncertainty. In conclusion, the Industrial Internet boosts total factor productivity by fostering increased risk-taking.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100387"},"PeriodicalIF":1.9,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Voluntary resignation of independent directors and auditor responses: Empirical evidence from Chinese A-share listed firms 独立董事的自愿辞职与审计师的回应：来自中国 A 股上市公司的经验证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-08-14 DOI: 10.1016/j.cjar.2024.100386
Dongling Li , Yuhong Li , Fei Guo
{"title":"Voluntary resignation of independent directors and auditor responses: Empirical evidence from Chinese A-share listed firms","authors":"Dongling Li ,&nbsp;Yuhong Li ,&nbsp;Fei Guo","doi":"10.1016/j.cjar.2024.100386","DOIUrl":"10.1016/j.cjar.2024.100386","url":null,"abstract":"<div><div>We examine auditor responses to the voluntary resignation of independent directors. We show that auditors respond by increasing audit fees or rescinding engagement with their clients, but not by increasing their audit effort. Mechanism tests reveal that independent directors’ voluntary resignation leads to increased regulatory sanctions and negative media coverage, these relationships are more pronounced after the New Securities Law. Auditor response strategies follow an order of priority: at an acceptable level of perceived risk, auditors increase audit fees; when perceived risk exceeds this level, auditors will discontinue the client relationship. Auditors associate greater risk with firms that have (vs. have not) experienced consecutive voluntary resignations by independent directors. Mandatory resignation has no such effect.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100386"},"PeriodicalIF":1.9,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Overseas operations and corporate financial asset allocation 海外业务和企业金融资产配置
IF 1.9
China Journal of Accounting Research Pub Date : 2024-08-12 DOI: 10.1016/j.cjar.2024.100388
Shangkun Liang , Yuhao Niu , Sichao Wang , Chun Yuan
{"title":"Overseas operations and corporate financial asset allocation","authors":"Shangkun Liang ,&nbsp;Yuhao Niu ,&nbsp;Sichao Wang ,&nbsp;Chun Yuan","doi":"10.1016/j.cjar.2024.100388","DOIUrl":"10.1016/j.cjar.2024.100388","url":null,"abstract":"<div><div>Using data on Chinese listed companies for 2008–2018, we find that firms participating in overseas operations, proxied by overseas subsidiaries, generally have higher financial asset allocations than other firms. At the micro level, the effects are more pronounced when the parent company faces serious financing constraints, has no overseas returned executives, has a business that is inconsistent with that of its overseas subsidiaries and has overseas subsidiaries that experience losses. At the macro level, the effects are more pronounced when overseas operations are in OECD and Belt and Road countries, or in areas with higher economic or political risks and greater investment opportunities. Financial asset allocation helps mitigate cash flow fluctuations and operational risks for multinational firms. This study advances research on the determinants of financial asset allocation and has implications relevant to the Chinese government’s “Go Global” and Belt and Road strategies and its efforts to realize a developed financial sector to service the Chinese economy.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100388"},"PeriodicalIF":1.9,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Media coverage and price reactions to earnings news 盈利新闻的媒体报道和价格反应
IF 1.9
China Journal of Accounting Research Pub Date : 2024-07-18 DOI: 10.1016/j.cjar.2024.100379
Miao Yu , Hangsoo Kyung , Albert Tsang
{"title":"Media coverage and price reactions to earnings news","authors":"Miao Yu ,&nbsp;Hangsoo Kyung ,&nbsp;Albert Tsang","doi":"10.1016/j.cjar.2024.100379","DOIUrl":"10.1016/j.cjar.2024.100379","url":null,"abstract":"<div><p>In this study, we find that relative to firms with less media coverage, stock price sensitivity to positive (negative) earnings surprises in earnings announcements of firms with greater media coverage is stronger (weaker). This asymmetry in the effect of media coverage on stock price sensitivity to positive versus negative earnings surprises suggests that greater media coverage of earnings announcements intensifies stock price reactions to positive earnings surprises but attenuates reactions to negative earnings surprises. Moreover, we find that negative earnings news is less persistent for firms with greater media coverage. Overall, our findings support the conjecture that greater media coverage increases managers’ incentive to avoid future negative news, thereby reducing the persistence of poor financial performance and weakening price reactions to negative earnings news.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100379"},"PeriodicalIF":1.9,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000376/pdfft?md5=10a1b02fe2d111744a248d7f94e26ae3&pid=1-s2.0-S1755309124000376-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of big data tax administration on corporate ESG—A quasi-natural experiment based on Golden Tax Project III 大数据税收管理对企业 ESG 的影响--基于金税工程 III 的准自然实验
IF 1.9
China Journal of Accounting Research Pub Date : 2024-07-16 DOI: 10.1016/j.cjar.2024.100378
Jingbo Luo, Jiayi Xu
{"title":"The impact of big data tax administration on corporate ESG—A quasi-natural experiment based on Golden Tax Project III","authors":"Jingbo Luo,&nbsp;Jiayi Xu","doi":"10.1016/j.cjar.2024.100378","DOIUrl":"10.1016/j.cjar.2024.100378","url":null,"abstract":"<div><p>Environmental, social and governance (ESG) practices are pivotal to global sustainability yet face challenges. Based on the implementation of Golden Tax Project III, we find that big data tax administration decreases corporate ESG performance. Mechanism tests indicate that Golden Tax Project III can reduce tax avoidance, cash flow and green innovation, thereby inhibiting ESG through the “taxation effect.” Conversely, the project can reduce agency costs and improve information transparency, thus promoting ESG performance through the “governance effect.” Overall, however, the project inhibits corporate ESG performance. According to further analysis, the negative effect on ESG performance mainly impacts the environmental responsibility (<em>E</em>) element. This paper provides insights relevant to advancing China’s “dual carbon” policy and formulating a “Chinese approach” to global sustainable development.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100378"},"PeriodicalIF":1.9,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000364/pdfft?md5=40793af6a2fd79fcf9a7c0c9a60e1699&pid=1-s2.0-S1755309124000364-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141694590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Peer effect on climate risk information disclosure 同行对气候风险信息披露的影响
IF 1.9
China Journal of Accounting Research Pub Date : 2024-07-14 DOI: 10.1016/j.cjar.2024.100375
Yanxi Li, Duo Wang, Delin Meng, Yunge Hu
{"title":"Peer effect on climate risk information disclosure","authors":"Yanxi Li,&nbsp;Duo Wang,&nbsp;Delin Meng,&nbsp;Yunge Hu","doi":"10.1016/j.cjar.2024.100375","DOIUrl":"10.1016/j.cjar.2024.100375","url":null,"abstract":"<div><p>In this study, we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China. We find that industry peers influence target firms’ climate risk information disclosure through active (passive) imitation resulting from cost–benefit considerations (institutional pressures). Leader companies are more likely to be emulated by within-industry follower companies and target firms prefer to learn from similar within-industry firms. Executive overconfidence and performance pressure negatively affect target firms’ willingness to emulate their peers. Finally, the peer effect of climate risk information disclosure demonstrates a regional aspect. Our findings have implications for reasonable climate risk information disclosure at the micro level and effective regulation to move toward achieving carbon peak/neutrality at the macro level.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100375"},"PeriodicalIF":1.9,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000339/pdfft?md5=13834dff435e5c04c3a4bdd2de4d5536&pid=1-s2.0-S1755309124000339-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141709601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does big data tax administration expand bank credit loans? 大数据税收管理能否扩大银行信用贷款？
IF 1.9
China Journal of Accounting Research Pub Date : 2024-07-10 DOI: 10.1016/j.cjar.2024.100374
Xinwu Li, Zixi Ling, Zhe Li, Liyi Zhu
{"title":"Does big data tax administration expand bank credit loans?","authors":"Xinwu Li,&nbsp;Zixi Ling,&nbsp;Zhe Li,&nbsp;Liyi Zhu","doi":"10.1016/j.cjar.2024.100374","DOIUrl":"10.1016/j.cjar.2024.100374","url":null,"abstract":"<div><p>The application of big data technology to global tax management is becoming increasingly widespread. China has been implementing increasingly mature technologies for tax governance using big data systems in recent years. By collecting data through web scraping on the earliest implementation times of big data tax administration in various provinces of China, we explore the relationship between big data tax administration and corporate bank credit in emerging markets. Our results show that big data tax administration enhances firms’ ability to obtain bank loans. Mechanism tests indicate that big data tax administration improves the quality of corporate information disclosure, facilitating access to bank credit loans. We find that big data tax administration improves the corporate financing environment, enhancing the efficiency of resource allocation in the credit market.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100374"},"PeriodicalIF":1.9,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000327/pdfft?md5=f0a99d0033b1a89f76fa724dfa33c5c1&pid=1-s2.0-S1755309124000327-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141703477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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