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Financial regulation and corporate social responsibility: Evidence from China 金融监管与企业社会责任：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-23 DOI: 10.1016/j.pacfin.2024.102599
Qi Liu , Jiejie Wu
{"title":"Financial regulation and corporate social responsibility: Evidence from China","authors":"Qi Liu ,&nbsp;Jiejie Wu","doi":"10.1016/j.pacfin.2024.102599","DOIUrl":"10.1016/j.pacfin.2024.102599","url":null,"abstract":"<div><div>Corporate social responsibility (CSR) is a crucial force driving sustainable economic development. Against the backdrop of China's market transformation, scientifically studying CSR from the perspective of the capital market is crucial for promoting high-quality economic development. We investigate the impact of financial regulation on CSR through the difference-in-differences method. We discover that financial regulation significantly improves CSR. We further uncover that the mechanisms of reduced corporate financial assets and managerial myopia explain the increase in CSR, and analyze the heterogeneous effects on firms with different characteristics.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102599"},"PeriodicalIF":4.8,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Navigating cash management: The role of board co-option 现金管理导航：董事会增选的作用
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-23 DOI: 10.1016/j.pacfin.2024.102594
Wenqiong Liu, Ziqi Li, Ho-Chuan Huang
{"title":"Navigating cash management: The role of board co-option","authors":"Wenqiong Liu,&nbsp;Ziqi Li,&nbsp;Ho-Chuan Huang","doi":"10.1016/j.pacfin.2024.102594","DOIUrl":"10.1016/j.pacfin.2024.102594","url":null,"abstract":"<div><div>This study examines the impact of board co-option on cash holdings in Chinese listed firms. The results show that co-opted directors significantly increase corporate cash reserves. This effect is particularly strong in state-owned enterprises (SOEs), where co-opted boards further amplify cash accumulation. However, financial constraints attenuate this relationship. Moreover, the increase in cash reserves associated with board co-option is partially driven by enhanced firm profitability, highlighting its mediating role. These findings offer new insights into the governance mechanisms influencing cash management in China.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102594"},"PeriodicalIF":4.8,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Ownership concentration and corporate greenwashing in China's capital markets: Based on a multi-actors perspective
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-22 DOI: 10.1016/j.pacfin.2024.102600
Xinyue Fan , Zishen Tang , Wenjie Huang , Kai Yang
{"title":"Ownership concentration and corporate greenwashing in China's capital markets: Based on a multi-actors perspective","authors":"Xinyue Fan ,&nbsp;Zishen Tang ,&nbsp;Wenjie Huang ,&nbsp;Kai Yang","doi":"10.1016/j.pacfin.2024.102600","DOIUrl":"10.1016/j.pacfin.2024.102600","url":null,"abstract":"<div><div>This research employs the Word Vector Technique to construct a greenwashing index and examine a subset of Chinese A-share listed firms spanning from 2011 to 2021. The study indicates that a substantial equity stake owned by the primary largest shareholder is associated with the phenomenon of greenwashing within a company. This study also suggests that this relationship can be attributed to executives engaging in opportunistic share selling subsequent to the company's greenwashing activities. Retail investors may fail to detect companies' deceptive environmental disclosures. In contrast, external professional monitoring has the capacity to mitigate greenwashing resulting from ownership concentration. Government interventions, such as political affiliations, investigations, and fair competition assessments, have the potential to effectively mitigate firms' greenwashing practices. The primary findings exhibit consistency even following the mitigation of substantial endogeneity concerns and the completion of robustness assessments.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102600"},"PeriodicalIF":4.8,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Market responses to the China's transaction cost changes: An analysis of volatility dynamics 市场对中国交易成本变化的反应：波动动态分析
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-22 DOI: 10.1016/j.pacfin.2024.102598
Zailin Xu , Xiaoyijing Chen , Mei Yu
{"title":"Market responses to the China's transaction cost changes: An analysis of volatility dynamics","authors":"Zailin Xu ,&nbsp;Xiaoyijing Chen ,&nbsp;Mei Yu","doi":"10.1016/j.pacfin.2024.102598","DOIUrl":"10.1016/j.pacfin.2024.102598","url":null,"abstract":"<div><div>This paper analyzes the effects of China's fiscal tax policy changes. By exploring the immediate market responses and subsequent volatility, the study highlights the unanticipated nature of the tax hike and its significant impact on market dynamics. Using high-frequency trading data, the analysis demonstrates increased market volatility and reduced trading volumes following the tax adjustment. Comparative analysis with later adjustments in 2008 and 2023 further explains the differential impacts of such fiscal measures on various types of stocks. The findings emphasize the necessity for policymakers to consider market expectations and the specific characteristics of securities when implementing transaction taxes, suggesting approaches to reducing adverse market reactions and enhancing market stability.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102598"},"PeriodicalIF":4.8,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 non-punitive regulation increase the demand for D&O insurance?
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-22 DOI: 10.1016/j.pacfin.2024.102597
Qiankun Gu , Conggang Li , Yanyin Li , Rong Xu , Yize Xu
{"title":"Does non-punitive regulation increase the demand for D&O insurance?","authors":"Qiankun Gu ,&nbsp;Conggang Li ,&nbsp;Yanyin Li ,&nbsp;Rong Xu ,&nbsp;Yize Xu","doi":"10.1016/j.pacfin.2024.102597","DOIUrl":"10.1016/j.pacfin.2024.102597","url":null,"abstract":"<div><div>As a pivotal element in the evolution of government regulation, the economic consequences of inquiry letters have received significant attention from policymakers and academics. This study examines the impact of inquiry letters issued by stock exchanges on the demand for corporate directors' and officers' liability insurance (D&amp;O insurance). Our findings indicate a significant positive relationship between inquiry letters and future D&amp;O insurance demand, with main conclusions remaining robust across various robustness tests such as difference-in-differences estimation, propensity score matching, and instrumental variables. In addition, both regulatory inquiry pressure and corporate attention significantly increase D&amp;O insurance demand, with notable variations across inquiry types. Channel tests show that inquiry letters function as effective risk warning signals, alerting companies to litigation, governance, and reputation risks. Further analysis reveals that corporate governance mechanisms and political connections dampen the facilitating effect of inquiry letters on firms' D&amp;O insurance demand. Our study provides valuable practical insights for policymakers and corporate managers in emerging markets based on a non-punitive regulation perspective.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102597"},"PeriodicalIF":4.8,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Explaining the diversity in findings on derivatives uses and firm value: Insights from firms' commodity futures use 解释衍生品使用和公司价值研究结果的多样性：从公司使用商品期货中获得的启示
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-20 DOI: 10.1016/j.pacfin.2024.102595
Yiyun Chu , Lili Shao , Li Yang
{"title":"Explaining the diversity in findings on derivatives uses and firm value: Insights from firms' commodity futures use","authors":"Yiyun Chu ,&nbsp;Lili Shao ,&nbsp;Li Yang","doi":"10.1016/j.pacfin.2024.102595","DOIUrl":"10.1016/j.pacfin.2024.102595","url":null,"abstract":"<div><div>Empirical studies show mixed and inconclusive findings on the relationship between derivatives uses and firm value, with reasons remaining unclear. This paper addresses this issue by applying the enterprise discounted cash flow (DCF) model. Based on commodity futures uses in China's non-financial publicly listed companies, this paper shows that the use of commodity futures, either for the purpose of hedging or speculation, diminishes the firm value. Specifically, the hedging ones damage the operational portion of firm value through a modest decline in free cash flow—primarily attributable to a substantial increase in capital expenditure—and a relatively stable cost of capital. Conversely, the speculation ones harm the non-operating portion of firm value via a steep rise in the cost of capital and the investment gains. Our findings show that hedging and speculation derivatives impact different aspects of firm value through cash flow and cost of capital channels. These findings help to explain the diverse empirical findings on the relationship between derivatives and firm value.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102595"},"PeriodicalIF":4.8,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
How creditor protection stimulates corporate R&D: Insights from internet judicial auctions in China 债权人保护如何促进企业研发：中国互联网司法拍卖的启示
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-19 DOI: 10.1016/j.pacfin.2024.102592
Yunqing Tao , Qiaochu Wang , Jinqiang Yang , Yongwei Ye
{"title":"How creditor protection stimulates corporate R&D: Insights from internet judicial auctions in China","authors":"Yunqing Tao ,&nbsp;Qiaochu Wang ,&nbsp;Jinqiang Yang ,&nbsp;Yongwei Ye","doi":"10.1016/j.pacfin.2024.102592","DOIUrl":"10.1016/j.pacfin.2024.102592","url":null,"abstract":"<div><div>This paper investigates whether strengthened creditor protection affects corporate R&amp;D. Our identification strategy treats China's Internet judicial auction (<em>IJA</em>) as an exogenous shock to creditor protection and then adopts a staggered difference-in-differences (DID) estimation. The results show that <em>IJA</em> significantly increase corporate R&amp;D. Mechanism analysis indicates that <em>IJA</em> increase loan availability of firms by lowering loan costs and improving loan scale, finally leading to an enhancement in R&amp;D investment. In addition, this promotion effect is more pronounced among non-state-owned firms, firms in capital-intensive industries, and firms in highly competitive industries. Further analysis suggests that <em>IJA</em> can improve firms' patent output, productivity, and operational efficiency. Overall, our findings show that strengthening creditor protection through <em>IJA</em> can enhance corporate R&amp;D investment.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102592"},"PeriodicalIF":4.8,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Environmental violations and financial distress risk: Evidence from Chinese listed heavily polluting companies 环境违法与财务困境风险：来自中国重污染上市公司的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-19 DOI: 10.1016/j.pacfin.2024.102583
Kai Xing , Fang Yang , Ping Liu , Jue Wang , Junchuan Wu
{"title":"Environmental violations and financial distress risk: Evidence from Chinese listed heavily polluting companies","authors":"Kai Xing ,&nbsp;Fang Yang ,&nbsp;Ping Liu ,&nbsp;Jue Wang ,&nbsp;Junchuan Wu","doi":"10.1016/j.pacfin.2024.102583","DOIUrl":"10.1016/j.pacfin.2024.102583","url":null,"abstract":"<div><div>This study uses data from Chinese A-share listed companies in heavily polluting industries from 2012 to 2021 to investigate the influence of environmental violations on the risk of financial distress. Empirical results show that if a company is involved in environmental violations, the probability of experiencing financial distress increases. This finding is validated through a series of robustness tests. Mechanism analysis reveals that environmental violations exacerbate financial distress through two channels: increased financing constraints and decreased internal control quality. Heterogeneity analysis indicates that the aggravating effect of environmental violations on financial distress is stronger in firms with high levels of information asymmetry and low female representation on the board of directors. Further analysis finds that the new Environmental Protection Law has a negative moderating effect on the relationship between environmental violations and financial distress. These findings provide important insights into how corporate governance and legislation can protect the environment and achieve sustainable development.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102583"},"PeriodicalIF":4.8,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Post-compulsory education of children and household asset allocation 儿童义务教育后教育与家庭资产分配
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-19 DOI: 10.1016/j.pacfin.2024.102593
Xiaomeng Lu , Zehui He , Yaling Li , Ronghua Luo
{"title":"Post-compulsory education of children and household asset allocation","authors":"Xiaomeng Lu ,&nbsp;Zehui He ,&nbsp;Yaling Li ,&nbsp;Ronghua Luo","doi":"10.1016/j.pacfin.2024.102593","DOIUrl":"10.1016/j.pacfin.2024.102593","url":null,"abstract":"<div><div>We investigate the impact of Post-compulsory Education (PCE) on household asset allocation in this paper. As an investment in children's development, families face a trade-off between PCE and other assets. Based on the data from six representative rounds of the China Household Finance Survey (CHFS), we conduct extensive empirical analyses and find that households with children in the PCE stage, such as senior high schools or universities, exhibit lower proportions of illiquid assets and high-risk assets. We further show that liquidity constraints and expectations of future income are two basic mechanisms through which PCE affects household asset allocation, and the former is relatively stronger. In the heterogeneity analyses, we find that the impact of PCE on family asset allocation is more pronounced in families where parents have educational attainment below the university degree, in families with male children, in rural households, and in families that value education.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102593"},"PeriodicalIF":4.8,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Stock fire sale risks and the effect of China connect 股票大甩卖风险与中国通的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-11-19 DOI: 10.1016/j.pacfin.2024.102591
Jiangze Bian , Qilin Qin , Wenjing Song , Jun Wang , Ge Zhang
{"title":"Stock fire sale risks and the effect of China connect","authors":"Jiangze Bian ,&nbsp;Qilin Qin ,&nbsp;Wenjing Song ,&nbsp;Jun Wang ,&nbsp;Ge Zhang","doi":"10.1016/j.pacfin.2024.102591","DOIUrl":"10.1016/j.pacfin.2024.102591","url":null,"abstract":"<div><div>We use granular account-level data from margin trading during the 2015 stock market crash in China to compute each stock's exposure to fire sale risks during the market turmoil. When we form the treatment group of stocks with low exposures and the control group of stocks with high exposures, we find that the diff-in-diff regression using this setting generates results qualitatively similar to the regression based on treatment/control groups setting according to whether the stock was in the STOCK-CONNECT list after 2015. When we re-run the regressions to examine the effects of the introduction of STOCK-CONNECT program in a subsample of stocks with similar exposures to fire sale risks, the difference between impact of stock market liberalization on stocks tradable by foreign investors and on stocks not tradable by foreign investors become insignificant. Our empirical results provide evidence supporting the conjecture that the effects of two salient events (the introduction of the STOCK-CONNECT and the stock bubble formation and burst) mix together.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102591"},"PeriodicalIF":4.8,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
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