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The internet and product switching: an empirical test and mechanism analysis based on China 互联网与产品转换:基于中国的实证检验与机制分析
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2023-02-15 DOI: 10.1080/16081625.2023.2170892
Yuanru Meng, Suzhen Zhang
{"title":"The internet and product switching: an empirical test and mechanism analysis based on China","authors":"Yuanru Meng, Suzhen Zhang","doi":"10.1080/16081625.2023.2170892","DOIUrl":"https://doi.org/10.1080/16081625.2023.2170892","url":null,"abstract":"ABSTRACT This study examined the influence of Internet use on product switching, as the Internet is an important channel for information acquisition. Using data from China, the study found that: (1) Internet use significantly increased the probability of companies to switch products; and (2) the impact of the internet is heterogeneous with respect to types of product switching. The Internet significantly prompts businesses to add products, but decreases two product-switching categories, i.e. both adding and dropping products, and only dropping products. Business innovation, product similarity and product core values are the keys to understanding the differentiation of internet influence.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"12 1","pages":"1644 - 1658"},"PeriodicalIF":1.1,"publicationDate":"2023-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90619160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does increasing the QFII quota promote Chinese institutional investors to drive ESG? 增加QFII额度是否会促进中国机构投资者推动ESG?
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-12-11 DOI: 10.1080/16081625.2022.2156362
Haozhe Han
{"title":"Does increasing the QFII quota promote Chinese institutional investors to drive ESG?","authors":"Haozhe Han","doi":"10.1080/16081625.2022.2156362","DOIUrl":"https://doi.org/10.1080/16081625.2022.2156362","url":null,"abstract":"ABSTRACT This paper assesses whether qualified foreign institutional investors (QFIIs) and domestic institutional investors in China drive the environmental, social, and governance (ESG) performance of firms. We first show that QFII ownership is positively associated with future ESG performance but that domestic institutional ownership is not. We then examine the effect of the increase in QFII investment funds on the decision of domestic institutional investors to drive ESG. We find that with the increase in QFII investment funds, domestic institutional investors start to promote firms to improve future ESG performance, especially domestic institutional investors who have held shares of one same firm as QFIIs at the same time. In particular, funds and security funds are affected by QFIIs, and the effect of institutional ownership is stronger in the ESG categories of corporate governance, workforce diversity and product quality. Overall, our results suggest that QFIIs motivate Chinese institutional investors to drive ESG.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"13 1","pages":"1627 - 1643"},"PeriodicalIF":1.1,"publicationDate":"2022-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88357342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
How do investors view firm’s customer concentration through bank loan announcements? Evidence from China* 投资者如何通过银行贷款公告来看待公司的客户集中度?来自中国的证据*
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-09-27 DOI: 10.1080/16081625.2022.2127807
M. Liu, Patrick Kuok-Kun Chu, Wenya Zhou
{"title":"How do investors view firm’s customer concentration through bank loan announcements? Evidence from China*","authors":"M. Liu, Patrick Kuok-Kun Chu, Wenya Zhou","doi":"10.1080/16081625.2022.2127807","DOIUrl":"https://doi.org/10.1080/16081625.2022.2127807","url":null,"abstract":"ABSTRACT This study provides evidence on how investors evaluate the value of firms’ customer concentration. This study is the first study that divides the bank loan announcement data into approved loans and rejected loans to investigate investors’ reactions toward the bank loan announcements. We examine the relationship between the borrowing firm’s customer concentration and cumulative abnormal returns upon approved and rejected bank loan announcements for Chinese listed firms between 2002 and 2018. The effect of firm’s customer concentration on the abnormal returns is evaluated by OLS regression model controlled by some firm’s characteristics. The study finds that firms with higher customer concentration incur more negative cumulative abnormal returns upon rejected loan announcements but exhibit no significant difference upon approved loan announcements.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"108 1","pages":"1226 - 1245"},"PeriodicalIF":1.1,"publicationDate":"2022-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88782747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Population mobility and employee social responsibility: evidence from hukou reform in China 人口流动与员工社会责任:来自中国户籍改革的证据
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-09-21 DOI: 10.1080/16081625.2022.2126378
Lidan Li, Xianzhong Song, Yupeng Yang, Xingxing Chen
{"title":"Population mobility and employee social responsibility: evidence from hukou reform in China","authors":"Lidan Li, Xianzhong Song, Yupeng Yang, Xingxing Chen","doi":"10.1080/16081625.2022.2126378","DOIUrl":"https://doi.org/10.1080/16081625.2022.2126378","url":null,"abstract":"ABSTRACT Population mobility may have a profound impact on the labor market, affecting firms’ employment decisions. We consider hukou reform in China as a quasi-natural experiment in identifying the effects of population mobility on employee-related corporate social responsibility (employee social responsibility, or ESR). The empirical results show that hukou reform prompts firms to invest more in ESR activities, particularly in ESR activities with weak externalities and in regions with a smaller labor market size. Cross-sectional tests suggest that the effects of hukou reform on firms’ ESR investment are stronger for more financially constrained firms and those in high-tech industries, and in more competitive regions. The findings have important practical implications for employment strategies that firms should adopt when the labor market becomes more competitive.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"25 1","pages":"1610 - 1626"},"PeriodicalIF":1.1,"publicationDate":"2022-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79689801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Can anti-corruption reforms ease corporate financing constraints?—Empirical evidence from China 反腐改革能否缓解企业融资约束?——来自中国的经验证据
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-08-07 DOI: 10.1080/16081625.2022.2108856
Wei Zhou, Min Jiang, Jiani Zong
{"title":"Can anti-corruption reforms ease corporate financing constraints?—Empirical evidence from China","authors":"Wei Zhou, Min Jiang, Jiani Zong","doi":"10.1080/16081625.2022.2108856","DOIUrl":"https://doi.org/10.1080/16081625.2022.2108856","url":null,"abstract":"ABSTRACT China has implemented its toughest anti-corruption policies in decades since late 2012. This paper empirically tests the economic spillover effect of anti-corruption from the perspective of corporate financing constraints based on the data from listed companies in China between 2010 and 2015. Our research shows that anti-corruption can significantly ease the financing constraints on enterprises. Due to China’s special system, the above relationship between anti-corruption and financing constraints is moderated by the nature of enterprise ownership and political connections. Furthermore, this study suggests that corporate financing constraints can be primarily eased by reducing bribery expenses and external financing frictions.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"17 1","pages":"1477 - 1493"},"PeriodicalIF":1.1,"publicationDate":"2022-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86365063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Stock pledge and media slant: evidence from China 股权质押与媒体倾向性:来自中国的证据
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-07-20 DOI: 10.1080/16081625.2022.2098786
Qian Li, Mengting Guo, Mengxin Tong
{"title":"Stock pledge and media slant: evidence from China","authors":"Qian Li, Mengting Guo, Mengxin Tong","doi":"10.1080/16081625.2022.2098786","DOIUrl":"https://doi.org/10.1080/16081625.2022.2098786","url":null,"abstract":"ABSTRACT This paper explores the relationship between stock pledges and media slants. Using data from China, we find that firms with controlling shareholders that start to pledge shares or increase shares pledging for loans are covered with more positive media tones. The association is more prominent when firms with higher margin call pressure, closer relationships with media, more individual investor holdings, and less analyst coverage. We further investigate the underlying channels through which stock pledges may affect media slant. Our results show that stock-pledging firms promote media slants by releasing positive news in pre-announcements and increasing advertising expenditure. We also find that the optimistic media slant of pledging firms results from increased favorable media reports instead of reducing negative information. Moreover, positive media slants will lead to a higher excess stock return of pledging firms. Compared with negative news, positive media coverage is more likely to affect pledging firms’ stock returns. Our findings prove that share-pledging firms may engage in media management. We also provide evidence for the existence of media bias in emerging markets.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"2 1","pages":"1587 - 1609"},"PeriodicalIF":1.1,"publicationDate":"2022-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73550139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 3
The influence of investment lag on company value in a non-financing constrained region 非融资约束地区投资滞后对公司价值的影响
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-06-03 DOI: 10.1080/16081625.2022.2078380
Liurui Deng, Jiafeng Ke, Dongfang Wang
{"title":"The influence of investment lag on company value in a non-financing constrained region","authors":"Liurui Deng, Jiafeng Ke, Dongfang Wang","doi":"10.1080/16081625.2022.2078380","DOIUrl":"https://doi.org/10.1080/16081625.2022.2078380","url":null,"abstract":"ABSTRACT We focus on the impact of the investment time lag on a company’s value. We set up the original model in the start-up phase and the mature phase, which reflects the effect of investment time lag on the company’s value without financing constraints. Furthermore, based on the model, we obtain the explicit expressions of the company’s value in the start-up phase and the mature phase. In the empirical analysis, considering financing costs, investment opportunities and cash flow, we use PVAR to investigate how investment time lag affects the company’s value.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"114 45","pages":"1542 - 1567"},"PeriodicalIF":1.1,"publicationDate":"2022-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72376178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Play for time when the ship is threatening to sink? Voluntary disclosure choices under going concern uncertainty 在船快要沉没的时候拖延时间?持续经营不确定性下的自愿披露选择
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-06-01 DOI: 10.1080/16081625.2022.2082496
Hrishikesh Desai, Daniel Schaupp
{"title":"Play for time when the ship is threatening to sink? Voluntary disclosure choices under going concern uncertainty","authors":"Hrishikesh Desai, Daniel Schaupp","doi":"10.1080/16081625.2022.2082496","DOIUrl":"https://doi.org/10.1080/16081625.2022.2082496","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>Prior research on voluntary disclosures has long debated whether managers tend to withhold bad news. However, these studies have been conducted in settings in which, ex-ante, the trade-off between the potential benefits and the potential costs of withholding information is obscure. In this paper, we study voluntary disclosure choices using a context-rich setting of distressed firms in which potential benefits from withholding news (particularly bad news) are seemingly high, whereas the potential costs are seemingly low. Specifically, we focus on the question of how ‘going concern’ uncertainty affects management earnings forecasts in financially distressed firms. Our results suggest that as financial distress intensifies, there is a lower likelihood and frequency of management earnings forecasts, indicating that managers may be withholding news, particularly bad news, in distressed firm-years. For comparative purposes, we also present results for ‘safe’ firm-years and find that managers have a tendency to disclose bad news as the financial health of the firm worsens.</p>","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"25 4","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138523835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Robots, factor intensities, and wage inequality 机器人、要素密集度和工资不平等
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-05-23 DOI: 10.1080/16081625.2022.2078379
Jiancai Pi, Yanwei Fan
{"title":"Robots, factor intensities, and wage inequality","authors":"Jiancai Pi, Yanwei Fan","doi":"10.1080/16081625.2022.2078379","DOIUrl":"https://doi.org/10.1080/16081625.2022.2078379","url":null,"abstract":"ABSTRACT This paper investigates how robots affect wage inequality. We consider four cases, i.e. robots replacing skilled labor, robots replacing unskilled labor, robots replacing both skilled and unskilled labor, and robots serving as complements to human labor. Different from the existing literature on artificial intelligence and automation, we find that in all the four cases an increase in the importance of robots can increase or decrease wage inequality under different conditions. When robots are incorporated into the framework of wage inequality, factor intensities should be taken seriously.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"49 1","pages":"1568 - 1586"},"PeriodicalIF":1.1,"publicationDate":"2022-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82611638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Impact of TBT and SPS measures on domestic value-added exports: evidence from the United States 技术性贸易壁垒和SPS措施对国内增值出口的影响:来自美国的证据
IF 1.1 4区 经济学
Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-05-20 DOI: 10.1080/16081625.2022.2077779
Jie Wu, Jacob Wood, Keun-Yeob Oh, Yilin Li, Md. Iqbal Bhuyan
{"title":"Impact of TBT and SPS measures on domestic value-added exports: evidence from the United States","authors":"Jie Wu, Jacob Wood, Keun-Yeob Oh, Yilin Li, Md. Iqbal Bhuyan","doi":"10.1080/16081625.2022.2077779","DOIUrl":"https://doi.org/10.1080/16081625.2022.2077779","url":null,"abstract":"ABSTRACT This study explores the impact that TBT and SPS measures have on 42 countries domestic value-added exports (DVAs) into the US. The results from this empirical analysis show that both TBT and SPS measures have no significant effect on gross exports, however, TBT measures have a significant inhibiting effect on DVAs, indicating that the traditional gross trade estimation approach underestimates the substantial impact of non-tariff measures on trade gains. To be specific, a 1 percentage point increase in TBT measures leads to DVA exports decrease of 2.37%. Moreover, the negative impact is mainly manifested in developing countries and high-technology products.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"23 1","pages":"1150 - 1164"},"PeriodicalIF":1.1,"publicationDate":"2022-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83214747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
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