Journal of International Financial Management & Accounting最新文献

Integrated reporting quality and negative ESG media coverage: Empirical evidence from South Africa 综合报告质量与负面 ESG 媒体报道：南非的经验证据

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-06-13 DOI: 10.1111/jifm.12216

Marco Bellucci, Chiara Crovini, Costanza Di Fabio, Lorenzo Simoni

{"title":"Integrated reporting quality and negative ESG media coverage: Empirical evidence from South Africa","authors":"Marco Bellucci, Chiara Crovini, Costanza Di Fabio, Lorenzo Simoni","doi":"10.1111/jifm.12216","DOIUrl":"10.1111/jifm.12216","url":null,"abstract":"This study draws upon media agenda-setting theory to investigate the relationship between negative media coverage around environmental, social, and governance (ESG) issues and the quality of integrated reporting (IR). In particular, we examine the top 100 South African listed companies in the 2013–2018 timeframe for 317 firm-year observations. Our results reveal that IR quality is positively related to negative ESG media coverage. Thus, a company exposed to more media pressure issues higher-quality IR consistent with its need to face scrutiny and potential reputational damage and to restore or maintain its legitimacy. Results are robust to different measures of negative ESG media coverage, controlling for ESG disclosures, and are confirmed by analyses aimed at addressing endogeneity (instrumental variable approach, firm-fixed effects, and matched samples). Subsample analyses show that financial sector reputational concerns do not impact our results. Additional tests show no long-term effects of negative media coverage on IR quality and that sustainability embeddedness alleviates a company's response to negative ESG news in terms of enhanced reporting.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 3","pages":"833-866"},"PeriodicalIF":9.4,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141346868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Employee training and bank stability 员工培训和银行稳定性

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-06-11 DOI: 10.1111/jifm.12215

Antonio D'Amato, Matteo Cotugno, Salvatore Perdichizzi, Valeria Stefanelli

引用次数: 0

The effects of carbon emissions trading on profitability and value: Evidence from Korean listed firms 碳排放交易对盈利能力和价值的影响：韩国上市公司的证据

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-05-31 DOI: 10.1111/jifm.12211

Hyejin Park, Pham Minh Khue, Jiyoon Lee

引用次数: 0

Directors with foreign experience and employee protection 有国外经验的董事和员工保护

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-05-15 DOI: 10.1111/jifm.12210

Chunyu Zu

{"title":"Directors with foreign experience and employee protection","authors":"Chunyu Zu","doi":"10.1111/jifm.12210","DOIUrl":"10.1111/jifm.12210","url":null,"abstract":"This study investigates the impact of managerial foreign experience on corporate employee protection. Using 30,644 firm-year observations from 3972 Chinese listed firms from 2008 to 2020, I find that compared with firms without returnee directors, firms with returnee directors pay more social insurance premiums and implement better employee treatment policies. The positive relationship is stronger when returnee directors acquire foreign work experience (as opposed to educational experience), gain experience in countries with strong labor protection, serve as a CEO or a chairperson in the Chinese firm, and have high media visibility. The cross-sectional analysis shows the effect of directors with foreign experience on employee protection is greater in non-state-owned firms, and returnee directors improve employee protections more when the employees have relatively weak discourse power. Additional analysis finds that returnee directors improve employee training and occupational safety, and they help balance social insurance generosity and employment levels. The results are robust after addressing the potential endogeneity problems. My results suggest a potential way to transfer better labor protection practices from developed to emerging markets.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 3","pages":"723-759"},"PeriodicalIF":9.4,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140977740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Jump volatility and firm-specific investor sentiment 跳跃波动和特定公司的投资者情绪

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-05-10 DOI: 10.1111/jifm.12209

Chen Wang, Xiong Xiong, Xiao Li

引用次数: 0

CEO's early-life famine experience and tunneling: Evidence from China CEO 的早年饥荒经历与隧道效应：来自中国的证据

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-04-02 DOI: 10.1111/jifm.12207

Shihua Chen, Xu Han, Ali Reda

引用次数: 0

Stock market liberalization and management earnings forecasts: Evidence from a quasi-experiment in China 股市自由化与管理层盈利预测：来自中国准实验的证据

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-03-28 DOI: 10.1111/jifm.12208

Jianqiao Huang, Yilu Deng, Lili Jiu

引用次数: 0

Retraction: “Sustainable stakeholder participation planning on the basis of analysis of competing project interest” 撤回："基于项目利益竞争分析的可持续利益相关者参与规划

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-03-12 DOI: 10.1111/jifm.12206

引用次数: 0

The downside of blockholder exit threats: Increasing excess cash holdings 大股东退出威胁的弊端：增加超额现金持有量

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-02-27 DOI: 10.1111/jifm.12205

Kejing Chen, Xiaolin Li, Yanling Kang, Mo Yang

{"title":"The downside of blockholder exit threats: Increasing excess cash holdings","authors":"Kejing Chen, Xiaolin Li, Yanling Kang, Mo Yang","doi":"10.1111/jifm.12205","DOIUrl":"10.1111/jifm.12205","url":null,"abstract":"This study examines the impact of blockholder exit threats on excess cash holdings following China's split-share structural reform. Previous studies have confirmed the governance role of blockholder exit threats, but their effectiveness is limited to companies with greater private benefits. Using a sample of 2340 firm-year observations of Chinese listed firms between 2002 and 2009, we find that the exit threat of blockholders increases the level of excess cash holdings. These results suggest that blockholders view exit threats as a means of collaborating with controlling shareholders to boost excess cash holdings and diversify corporate resources for private benefits. The collusion effect is more pronounced in firms with poorer investor protections, lower shareholding concentrations, and more severe agency conflicts. Additionally, in terms of economic consequences, blockholder exit threats decrease buy-and-hold abnormal returns and increase the occurrence of corporate scandals. Overall, this study provides empirical evidence of collusion among large shareholders, which harms small shareholders' interests from the perspective of excess cash holdings.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"584-609"},"PeriodicalIF":5.1,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms 分析师预测中的央行沟通和宏观信息：来自中国上市公司的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-02-14 DOI: 10.1111/jifm.12202

Dong Chen, Kun Liu, Lerong He

{"title":"Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms","authors":"Dong Chen, Kun Liu, Lerong He","doi":"10.1111/jifm.12202","DOIUrl":"10.1111/jifm.12202","url":null,"abstract":"The paper examines how central bank communication affects the macro information in analyst forecasts. Using quarterly data of Chinese-listed firms from 2007 to 2018, we find that richer and more frequent central bank communication increases the macro information contained in analyst forecasts. This effect is realized through the employment of in-house economists by security firms. In addition, we document that the effect of central bank communication on macroeconomic information in analyst forecasts is more salient under a contractionary monetary policy regime, during a bear market, or when the economic policy is more uncertain. We also show that analyst forecasts are more sensitive to central bank communication when firms that they follow are state-owned enterprises, have larger leverage ratios, or are located in more developed regions. In addition, analyst forecasts are more susceptible to central bank communication when the communication is in an informal oral format, when the public has more trust in the credibility of the central bank communication, and when the central bank pays more attention to expectation management after 2010. Finally, we show that richer and more frequent central bank communication also improves the accuracy of analyst forecasts.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"501-533"},"PeriodicalIF":5.1,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139778201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0