Journal of International Financial Management & Accounting最新文献_第4页

Does ESG Report Tone Influence ESG Rating Divergence? Evidence From China ESG报告基调是否影响ESG评级差异？来自中国的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-04-17 DOI: 10.1111/jifm.12245

Yanmei Luo, Xinyu Zhang, Ruiqian Li

{"title":"Does ESG Report Tone Influence ESG Rating Divergence? Evidence From China","authors":"Yanmei Luo, Xinyu Zhang, Ruiqian Li","doi":"10.1111/jifm.12245","DOIUrl":"https://doi.org/10.1111/jifm.12245","url":null,"abstract":"<div>\u0000 \u0000 <p>Tone, as a key linguistic feature of corporate narrative disclosures, plays a crucial role in shaping information users' evaluation of firm performance. However, whether and how the tone in ESG (Environmental, Social, and Governance) reports influences rating agencies' assessments of firms' ESG performance remains underexplored. Using data from Chinese listed firms between 2018 and 2022, we explore the impact of ESG report tone on ESG rating divergence. Our findings indicate that positive expressions in ESG reports worsen the divergence in ESG ratings, particularly in the environmental ratings. Conversely, negative expressions in ESG reports enhance consistency in rating outcomes. Heterogeneity tests reveal that greater positive expressions in ESG reports exacerbate rating divergence only when firms' ESG reports exhibit low credibility, as indicated by mandatory disclosure, low readability, and high media pressure. In contrast, the impact of negative statements in ESG reports on consistency in rating outcomes is unaffected by the credibility of ESG reports. Our study contributes to the existing literature on the relationship between ESG report textual quality and ESG rating divergence in emerging markets.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"37 1","pages":"122-150"},"PeriodicalIF":8.2,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145969847","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

Climate Change Exposure and Corporate Employment: Evidence From China 气候变化风险与企业就业：来自中国的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-04-15 DOI: 10.1111/jifm.12244

Yuqiang Cao, Xiaoqing Zhou, Huitao Luo, Hongjian Wang

{"title":"Climate Change Exposure and Corporate Employment: Evidence From China","authors":"Yuqiang Cao, Xiaoqing Zhou, Huitao Luo, Hongjian Wang","doi":"10.1111/jifm.12244","DOIUrl":"https://doi.org/10.1111/jifm.12244","url":null,"abstract":"<div>\u0000 \u0000 <p>Climate change can significantly impact firms' employment decisions. Prior literature mainly focuses on this issue from the perspective of regional or industry-level climate change exposure. This paper adopts a text-based method to measure firm-level exposure to climate change and investigates its impact on employment. Using a sample of 1958 publicly traded Chinese firms between 2006 and 2020, we find consistent evidence of a negative correlation between climate change exposure and corporate employment levels. This adverse impact is more pronounced among non-state-owned enterprises, firms with a lower corporate social responsibility performance, entities entrenched in highly competitive industries, and larger corporations. Our mechanism analyses show that climate change exposure exacerbates financing constraints for firms, compelling them toward an increased commitment to green innovation initiatives and thereby reducing their labor demand. Overall, the results demonstrate the importance of climate change exposure to shaping corporate employment strategies, providing substantive insights for policymakers and business leaders navigating the complexities of environmental sustainability and labor dynamics.</p></div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"37 1","pages":"99-121"},"PeriodicalIF":8.2,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145983921","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

Educational Background of Board Secretaries and Corporate Environmental, Social, and Governance Performance: Evidence From China 董事会秘书的教育背景与公司环境、社会和治理绩效：来自中国的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-04-07 DOI: 10.1111/jifm.12243

Wanyi Chen, Xinyi Li, Lanfang Wang, Tao Yu

{"title":"Educational Background of Board Secretaries and Corporate Environmental, Social, and Governance Performance: Evidence From China","authors":"Wanyi Chen, Xinyi Li, Lanfang Wang, Tao Yu","doi":"10.1111/jifm.12243","DOIUrl":"https://doi.org/10.1111/jifm.12243","url":null,"abstract":"<div>\u0000 \u0000 <p>Environmental, social, and governance (ESG) have gradually become important indicators for investors to evaluate enterprises. Researchers have begun to pay attention to the role of board secretaries in enterprise development. This study uses data from A-share listed companies in Shanghai and Shenzhen from 2013 to 2022 to examine the relationship between board secretaries' educational background and corporate ESG performance. The results show that highly educated board secretaries play a significant role in promoting ESG performance by improving green innovation cooperation, reputation, and information disclosure. In addition, the academic background of board secretaries enhances their capacity to interpret and communicate information effectively, while holding additional positions enables them to access greater information and exert broader influence. These factors—academic experience or holding supplementary roles—further reinforce the positive association between board secretaries' educational qualifications and ESG performance. This study expands the research on the economic consequences of board secretaries' educational characteristics, which further enriches the application of the upper echelons theory and the literature on factors influencing ESG development. This provides important practical implications for the selection of enterprises' board secretaries and can inform policies related to board secretaries to improve ESG performance.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"37 1","pages":"80-98"},"PeriodicalIF":8.2,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145963943","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

The State Capital Investing and Operating Company Pilot Reform and the Financialization of the Chinese SOEs 国有资本投资经营公司改革试点与国有企业金融化

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-04-07 DOI: 10.1111/jifm.12241

Mengnan Guo, Na Li, Fei Guo, Xin Li

{"title":"The State Capital Investing and Operating Company Pilot Reform and the Financialization of the Chinese SOEs","authors":"Mengnan Guo, Na Li, Fei Guo, Xin Li","doi":"10.1111/jifm.12241","DOIUrl":"https://doi.org/10.1111/jifm.12241","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of China's State Capital Investing and Operating Company (SCIOC) reform on the financialization of state-owned enterprises (SOEs). While previous studies have explored the influence of institutional innovations on SOEs' investment efficiency, less attention has been paid to the impact of SCIOC reform on SOEs' financial investment. Using data from a sample of 13,294 observations of Chinese A-share listed firms from 2008 to 2022 and a difference-in-differences model, we find that SCIOC reform can significantly suppress SOEs' financialization. Mechanism tests confirm that reducing agency costs, enhancing board governance participation motivation, and strengthening internal control quality are core approaches. Heterogeneity analyses demonstrate that the negative effect of the reform on financialization is more pronounced in central SOEs and those in eastern China. Further discussion reveals that the reform can spur the operational capacity of SOEs. These findings have pivotal implications for continually optimizing SCIOC reform in China, clarifying its micro-governance effect, and restricting SOEs' financialization.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"37 1","pages":"63-79"},"PeriodicalIF":8.2,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145963942","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

Institutional Investors' Site Visits and Corporate Greenwashing: Evidence From China 机构投资者实地考察与企业漂绿：来自中国的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-11 DOI: 10.1111/jifm.12237

Linghong Chen, Hongxing Fang, Jiacai Xiong, Zelin Yang

引用次数: 0

How Does Corporate Social Responsibility Shield Firms From the Adverse Effects of the COVID-19 Pandemic? the Role of Financial Flexibility 企业社会责任如何保护企业免受新冠肺炎疫情的不利影响？财务灵活性的作用

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-10 DOI: 10.1111/jifm.12239

Walid Ben-Amar, Ziyu Kong, Isabelle Martinez

引用次数: 0

Minority Directors and Firm Sustainability Performance 少数股东董事与公司可持续发展绩效

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12240

Pietro Fera, Paolo Fiorillo, Giorgio Ricciardi, Luana Serino

{"title":"Minority Directors and Firm Sustainability Performance","authors":"Pietro Fera, Paolo Fiorillo, Giorgio Ricciardi, Luana Serino","doi":"10.1111/jifm.12240","DOIUrl":"https://doi.org/10.1111/jifm.12240","url":null,"abstract":"<p>In closely held firms, independent directors tend to be captivated by major shareholders, undermining board independence and, in turn, the effectiveness of monitoring and promoting sustainability-oriented strategies. Thus, minority shareholders' representatives on the board of directors (i.e., minority directors) may represent a mechanism for restoring board independence by limiting blockholders' influence over the boardroom. Using a sample of Italian-listed companies over the period 2017‒2021, we show that minority directors have a positive effect on corporate environmental and social performance (ESP), with results being robust to endogeneity and alternative estimation methods. Furthermore, we observe that their effect in fostering ESP is stronger for higher levels of ownership concentration and firms suffering from higher agency costs, supporting the monitoring argument. Finally, we observe a stronger effect on ESP, whereas corporate carbon risk exposure is more severe. Overall, our findings shed light on the nuanced interplay between ownership concentration, board characteristics, and corporate sustainability performance.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"598-623"},"PeriodicalIF":8.2,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12240","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Green Horizons Beyond Borders: The Impact of Capital Market Globalization on ESG Performance Via A-Shares' MSCI Inclusion 跨境绿色视野：资本市场全球化对a股纳入MSCI对ESG绩效的影响

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12236

Abuduwali Aibai, Jiansuer Julaiti, Tingting Kang, Yuchao Peng

{"title":"Green Horizons Beyond Borders: The Impact of Capital Market Globalization on ESG Performance Via A-Shares' MSCI Inclusion","authors":"Abuduwali Aibai, Jiansuer Julaiti, Tingting Kang, Yuchao Peng","doi":"10.1111/jifm.12236","DOIUrl":"https://doi.org/10.1111/jifm.12236","url":null,"abstract":"<div>\u0000 \u0000 <p>In the context of economic globalization, the impact of capital market internationalization on sustainable enterprise development has attracted considerable attention. The inclusion of Chinese A-shares in the Morgan Stanley Capital International (MSCI) index has a significant impact on environmental, social, and governance (ESG) performance; however, research on this topic is relatively scarce. This study investigates the impact of capital market internationalization on the ESG performance of listed companies by analyzing data from 2015 to 2020 using a difference-in-differences approach. We find significant improvements in ESG performance post-inclusion, especially for environmental protection and social responsibility. The analysis identifies three mechanisms driving these enhancements: enhanced ESG performance in firms with overseas investors and operations, reduced information asymmetry and increased transparency from MSCI inclusion, and greenwashing incentives. Notably, firms in pollution-intensive sectors and small and medium-sized enterprises show marked ESG improvements post-MSCI inclusion. Our findings underscore the positive role of capital market internationalization in advancing corporate ESG outcomes and offer valuable insights for policymakers and corporate managers aiming to achieve sustainable development goals.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"562-580"},"PeriodicalIF":8.2,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037657","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

From Risk to Sustainable Opportunity: Does Climate Risk Perception Lead Firm ESG Performance? 从风险到可持续机遇：气候风险感知是否会引领企业的ESG绩效？

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12238

Lei Yin, Linfang Tan, Ji Wu, Da Gao

引用次数: 0

Board Gender Diversity and Capital Adequacy: The Role of Environmental Responsibility in the Banking Industry 董事会性别多样性和资本充足率：环境责任在银行业中的作用

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-25 DOI: 10.1111/jifm.12235

Francesco Gangi, Nicola Varrone, Mario Mustilli, Lucia Michela Daniele, Maria Coscia

{"title":"Board Gender Diversity and Capital Adequacy: The Role of Environmental Responsibility in the Banking Industry","authors":"Francesco Gangi, Nicola Varrone, Mario Mustilli, Lucia Michela Daniele, Maria Coscia","doi":"10.1111/jifm.12235","DOIUrl":"https://doi.org/10.1111/jifm.12235","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 <p>This study investigates how board gender diversity (BGD) impacts banks' risk-taking and if this effect is mediated through banks' sensitivity toward environmental issues. Indeed, earlier literature recognizes a female risk aversion in financial decision-making and the urgency for banks to manage environmental risks. Using a sample of 132 banks from 21 countries over the 2009‒2020 period, we examine both the direct effect between BGD on risk-taking and the indirect effect of the mediating role of banks' environmental engagement. The results indicate that banks with higher BGD show higher capital adequacy ratios (Tier 1; Total Tier) and lower risk-weighted assets (RWAs), suggesting that the greater the presence of women on the boards, the lower the banks' risk profile. Moreover, the relationship between greater BGD and lower risk-taking is mediated by the impact of the bank's environmental engagement. Hence, BGD lowers banks' riskiness both directly and indirectly through the channel of improved environmental practices.</p>\u0000 </section>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"537-561"},"PeriodicalIF":8.2,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12235","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0