Journal of International Financial Management & Accounting最新文献

How Does State-Controlling Shareholders Affect Corporate Tax Avoidance? 国有控股股东如何影响企业避税？

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-21 DOI: 10.1111/jifm.12228

Huiting Lin, Yurun He, Maolin Wang, Jiazheng Zhang

{"title":"How Does State-Controlling Shareholders Affect Corporate Tax Avoidance?","authors":"Huiting Lin, Yurun He, Maolin Wang, Jiazheng Zhang","doi":"10.1111/jifm.12228","DOIUrl":"https://doi.org/10.1111/jifm.12228","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the influence of state-controlling shareholders on the tax avoidance behavior of listed Chinese state-owned enterprises (CSOEs). Using a data set comprising 14,645 firm-year observations from 2003 to 2022, we find that subsidiaries significantly reduce tax avoidance when state-controlling shareholders are required to remit gains to the government under the State-owned Capital Gains Handover System. Following the reform, these subsidiaries also experience declines in cash holdings and financial performance. We attribute these outcomes to increased shifting pressure from controlling shareholders and motivation to meet performance evaluations. Additional analyses reveal that this effect is more pronounced in firms with lower separation between ownership and control, weaker financing constraints, higher operational risks, and stronger internal controls. Furthermore, we observe that most cash flows are diverted through connected transactions. Finally, our findings indicate that subsidiaries that fail to adjust their aggressive tax practices after the reform face declines in firm value. By highlighting the pivotal role of state-controlling shareholders in shaping corporate tax strategies, this study contributes to the literature on state ownership, corporate governance, and tax avoidance.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 2","pages":"346-367"},"PeriodicalIF":9.4,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944962","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

Local Happiness and Executive Compensation 地方幸福感与高管薪酬

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-17 DOI: 10.1111/jifm.12225

Zilong Song, Wenwen Zhang, Rixin Liang, Xu Sun

{"title":"Local Happiness and Executive Compensation","authors":"Zilong Song, Wenwen Zhang, Rixin Liang, Xu Sun","doi":"10.1111/jifm.12225","DOIUrl":"https://doi.org/10.1111/jifm.12225","url":null,"abstract":"<div>\u0000 \u0000 <p>How does happiness—an important nonmonetary benefit—affect executives' monetary compensation? Although previous studies have shown that some nonmonetary benefits—such as living quality, air pollution, and corporate social recognition—significantly affect managerial compensation, little is known about the impact of happiness on executive pay. Using a sample of Chinese companies from the year 2008 to 2021, we analyze happiness data at the city level to explore the relationship between happiness and corporate executive compensation. The results show that local happiness is significantly and negatively related to executive compensation. This finding remains robust when analyzed using alternative measures of variables and different estimation methods and when controlled for endogeneity concerns. We also document that executive needs and talent migration are channels through which happiness affects executive compensation. The additional heterogeneity analyses reveal that the negative relationship between happiness and executive compensation is more pronounced if a firm has strong bargaining power or is not state-owned. The findings in this study highlight the importance of nonmonetary incentives in designing executive compensation packages and motivating executives.</p>\u0000 <p>Clinical trial registration: This article does not address clinical trials.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 2","pages":"323-345"},"PeriodicalIF":9.4,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944979","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

ESG Performance, Environmental Uncertainty, and Firm Risk

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-14 DOI: 10.1111/jifm.12227

Ethan Xin Liu, Yuan Song

{"title":"ESG Performance, Environmental Uncertainty, and Firm Risk","authors":"Ethan Xin Liu, Yuan Song","doi":"10.1111/jifm.12227","DOIUrl":"https://doi.org/10.1111/jifm.12227","url":null,"abstract":"<div>\u0000 \u0000 <p>The growing concern over sustainable development has raised critical questions about the role of environmental, social, and governance (ESG) performance in shaping organizational outcomes. While prior research underscores the importance of ESG, there is limited understanding of its impact on firm risk, particularly under varying levels of environmental uncertainty. Using a data set of 9201 observations from Chinese listed companies on the Shanghai and Shenzhen Stock Exchanges from 2006 to 2022, this study investigates how ESG performance influences firm risk and the moderating effect of environmental uncertainty. Our findings reveal that ESG performance reduces firm risk by lowering environmental penalties, easing financing constraints, enhancing corporate reputation, and improving access to government subsidies. Additionally, environmental uncertainty strengthens the negative impact of ESG performance on firm risk. These results highlight the critical role of ESG performance in mitigating corporate risk and offer practical implications for firms, investors, and policymakers seeking to align corporate strategies with sustainable economic development goals.</p></div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 2","pages":"292-322"},"PeriodicalIF":9.4,"publicationDate":"2025-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944582","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

CEOs With a Financial Background and Corporate Risk-Taking

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-10 DOI: 10.1111/jifm.12226

Dianlong Wei, Chunhua Luo, Jinjing Lu

{"title":"CEOs With a Financial Background and Corporate Risk-Taking","authors":"Dianlong Wei, Chunhua Luo, Jinjing Lu","doi":"10.1111/jifm.12226","DOIUrl":"https://doi.org/10.1111/jifm.12226","url":null,"abstract":"<div>\u0000 \u0000 <p>This study assesses the effect of CEOs' financial background characteristics on corporate risk-taking. Although previous studies have extensively examined how CEOs' financial background characteristics influence firm behavior, few have focused on their effects on corporate risk-taking. Using a sample of 26,084 firm-year observations of 3468 listed firms in China between 2008 and 2020, we examine whether CEOs' background characteristics, particularly having a financial background, affect corporate risk-taking. We find that a CEO with a financial background tends to adopt higher levels of corporate risk-taking. Moreover, our findings suggest that these CEOs increase corporate risk-taking by alleviating financing constraints, fostering the integration of industrial and financial capital, and promoting the financialization of enterprises. Overall, our findings contribute to the literature on the relationship between executives' financial backgrounds and corporate risk-taking by offering insights from the perspective of CEOs' experience. These results have important implications for firms in terms of executive selection, management team optimization, and fostering greater integration between industry and finance.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 2","pages":"266-291"},"PeriodicalIF":9.4,"publicationDate":"2025-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944740","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

Firm-Specific Economic Policy Uncertainty and Stock Price Crash Risk

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-12-16 DOI: 10.1111/jifm.12224

Danwen Song, Wei Zhao

引用次数: 0

Institutional Trading and Managers' Complex Disclosure: Evidence From Conference Calls

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-11-14 DOI: 10.1111/jifm.12223

Ying (Julie) Huang

{"title":"Institutional Trading and Managers' Complex Disclosure: Evidence From Conference Calls","authors":"Ying (Julie) Huang","doi":"10.1111/jifm.12223","DOIUrl":"https://doi.org/10.1111/jifm.12223","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of managerial linguistic disclosures on institutional trading behaviors during earnings conference calls from 2006 to 2016. Utilizing the linguistic Fog decomposition methodology on textual analysis, it analyzes how the linguistic complexity of managerial communication influences institutional ownership changes. Findings indicate that both obfuscation and informativeness of managerial discourse significantly affect institutional trading, with effects varying based on the informativeness of post-call analyst reports. This impact is more pronounced under conditions of earnings quality uncertainty, suggesting a heightened reliance on managerial cues by institutional investors during such periods. Additionally, the study differentiates responses among investor types: transient investors are more sensitive to linguistic cues, while dedicated and quasi-indexer investors focus on the informational content of disclosures. These insights enhance understanding of how managerial communication and analyst report informativeness shape institutional trading behaviors through linguistic complexity's influence on institutional ownership.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 2","pages":"221-247"},"PeriodicalIF":9.4,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944710","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

Managerial myopia and corporate financialization: Evidence from China 管理短视与企业金融化：来自中国的证据

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-09-25 DOI: 10.1111/jifm.12222

Cheng Zhang, Cheng Liu, Yaoying Ma, Chunhong Yang

引用次数: 0

Cross-border cooperation and tax avoidance of U.S. cross-listed firms 美国交叉上市公司的跨境合作与避税

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-09-17 DOI: 10.1111/jifm.12221

Donghe Yang, Gaoguang (Stephen) Zhou, Xindong (Kevin) Zhu

{"title":"Cross-border cooperation and tax avoidance of U.S. cross-listed firms","authors":"Donghe Yang, Gaoguang (Stephen) Zhou, Xindong (Kevin) Zhu","doi":"10.1111/jifm.12221","DOIUrl":"10.1111/jifm.12221","url":null,"abstract":"<p>We investigate how cross-border cooperation formed by the Multilateral Memorandum of Understanding (MMoU) affects tax avoidance of foreign firms cross-listed in the U.S. Prior studies show that the MMoU enhances U.S. SEC's regulatory oversight of foreign firms and increases such firms' corporate governance. We utilize data from 27 jurisdictions from 2000 to 2009 and find that U.S. cross-listed firms mitigate tax avoidance more than do their home-listed peers after their home jurisdictions become signatories of the MMoU. Our further analyses reveal that improved information environment and enhanced foreign institutional investor monitoring are two possible underlying mechanisms, consistent with the complementarity theory of tax avoidance that self-serving managers can employ tax avoidance to divert assets when corporate governance is ineffective. We also show that the effect of the MMoU increases with U.S. IRS monitoring and the strength of institutional regimes in foreign firms' home jurisdictions. Collectively, our findings elucidate unintended consequences of the MMoU and provide implications for practitioners and regulators.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 1","pages":"144-183"},"PeriodicalIF":9.4,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142268928","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

Noncontrolling large shareholders and short-term debt for long-term investment 非控股大股东和用于长期投资的短期债务

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-08-08 DOI: 10.1111/jifm.12220

Jia Liao, Yun Zhan, Liping Zheng

引用次数: 0

Go green: How does Green Credit Policy promote corporate green transformation in China 走向绿色绿色信贷政策如何促进中国企业的绿色转型

IF 9.4 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2024-07-17 DOI: 10.1111/jifm.12218

Weijie Tan, Edward Hengzhou Yan, Wai Sze Yip

{"title":"Go green: How does Green Credit Policy promote corporate green transformation in China","authors":"Weijie Tan, Edward Hengzhou Yan, Wai Sze Yip","doi":"10.1111/jifm.12218","DOIUrl":"10.1111/jifm.12218","url":null,"abstract":"<p>Our study explores the relationship between Green Credit Policy (GCP), bank competition, and corporate green transformation. Previous research mainly focused on the impact of GCP on corporate green practices from a single dimension, with limited attention to bank competition and the overall process of corporate green transformation. Using machine learning methods and Baidu Maps API, we innovatively construct indicators for the green transformation of Chinese A-share-listed companies and bank competition from 2007 to 2020. We treat China's Green Credit Guidelines as a quasi-experiment and find that GCP has a positive impact on corporate green transformation, with bank competition strengthening this effect. Notably, the influence of state-owned banks and foreign banks is more pronounced. Mechanism analysis indicates that alleviating financing constraints and promoting green behavior are critical mechanisms through which GCP affects green transformation. Furthermore, this effect is more pronounced in state-owned enterprises, companies with high environmental transparency, regulated industries, and regions with stronger environmental regulations.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 1","pages":"38-67"},"PeriodicalIF":9.4,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141828490","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