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Asia-Pacific Journal of Financial Studies最新文献

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Research and Development Expenditure, Audit Fees, and Corporate Social Responsibility Disclosure: Evidence from Chinese Listed Firms* 研发支出、审计费用与企业社会责任披露:来自中国上市公司的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-06-13 DOI: 10.1111/ajfs.12371
Yi Zhang
{"title":"Research and Development Expenditure, Audit Fees, and Corporate Social Responsibility Disclosure: Evidence from Chinese Listed Firms*","authors":"Yi Zhang","doi":"10.1111/ajfs.12371","DOIUrl":"10.1111/ajfs.12371","url":null,"abstract":"<p>This study of Chinese listed firms from 2008 to 2018 shows that research and development (R&amp;D) expenditure is associated with increased audit fees. However, corporate social responsibility (CSR) disclosure can attenuate this fee increase, especially in firms with an opaque information environment, high risks, and non-high- and new-technology enterprises. These findings are robust to the use of proxies and instrumental variables, propensity score matching, and controlling for firm fixed effects and CSR performance. This study contributes to the understanding of the economic consequences of R&amp;D activities, determinants of audit fees, and CSR disclosure.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"431-458"},"PeriodicalIF":1.5,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88675986","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
Firm Misvaluation and Corporate Social Responsibility* 企业错估与企业社会责任*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12373
Yaling Jin
{"title":"Firm Misvaluation and Corporate Social Responsibility*","authors":"Yaling Jin","doi":"10.1111/ajfs.12373","DOIUrl":"10.1111/ajfs.12373","url":null,"abstract":"<p>This paper shows that overvalued firms have better performance in corporate social responsibility. Using hypothetical mutual fund outflow pressure, I establish causality from misvaluation to corporate social responsibility performance. Further analysis reveals that the effect of firm misvaluation on corporate social responsibility performance is stronger for firms with greater financial strengths, higher socially responsible investor ownership, higher long-term institutional investor ownership, and during high corporate social responsibility sentiment periods. Overall, the results reveal the incentives of firms to engage in corporate social responsibility activities in overvaluation to cater to investors who prefer better corporate social responsibility performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"517-540"},"PeriodicalIF":1.5,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74796448","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
Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage 企业社会不负责任与企业价值:来自媒体报道的国际证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12375
Tracie Frost, Lei Li, Albert Tsang, Miao Yu
{"title":"Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage","authors":"Tracie Frost,&nbsp;Lei Li,&nbsp;Albert Tsang,&nbsp;Miao Yu","doi":"10.1111/ajfs.12375","DOIUrl":"10.1111/ajfs.12375","url":null,"abstract":"<p>Media attention to corporate social irresponsibility (CSiR) is increasing around the world. Using a sample of firms from 43 countries, we find that media coverage of CSiR is negatively associated with firm value. We further find that the negative relation between media coverage of CSiR and firm value is more pronounced for firms with long-term orientations and for firms domiciled in countries where demand for socially responsible corporate activities is high. Our findings support the role that CSiR plays in corporate reputation and explain the heterogeneity of the relation between CSiR and firm value across firms and countries.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"401-430"},"PeriodicalIF":1.5,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80115929","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: 4
How Does Corporate Social Responsibility Affect Credit Default Swap Spreads? 企业社会责任如何影响信用违约互换息差?
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-30 DOI: 10.1111/ajfs.12374
Jongho Kang, Jihun Kim
{"title":"How Does Corporate Social Responsibility Affect Credit Default Swap Spreads?","authors":"Jongho Kang,&nbsp;Jihun Kim","doi":"10.1111/ajfs.12374","DOIUrl":"10.1111/ajfs.12374","url":null,"abstract":"<p>We examine the relationship between corporate social responsibility (CSR) and credit risk. We test how CSR strengths and concerns impact credit default swap (CDS) spreads during the global financial crisis period (2008–2009) and non-crisis periods (2003–2007 and 2010–2013). CSR concerns increase and CSR strengths reduce CDS spreads during the non-crisis period, whereas their effects change during the global financial crisis. CSR strengths during an adverse economic environment can indicate agency problems and overinvestment. The effect of CSR concerns becomes much larger during the global financial crisis, while that of CSR strengths can even increase CDS spreads.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"459-485"},"PeriodicalIF":1.5,"publicationDate":"2022-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85244436","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
Effect of Shadow Banking Activities on Firm Risk and Performance: Entrusted Loan Evidence from Chinese Listed Firms* 影子银行活动对企业风险和绩效的影响:来自中国上市公司委托贷款的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12367
Xiaoyan Wang, Sijia Qiao, Chung-Hua Shen, Meng-Wen Wu, Juan Wang
{"title":"Effect of Shadow Banking Activities on Firm Risk and Performance: Entrusted Loan Evidence from Chinese Listed Firms*","authors":"Xiaoyan Wang,&nbsp;Sijia Qiao,&nbsp;Chung-Hua Shen,&nbsp;Meng-Wen Wu,&nbsp;Juan Wang","doi":"10.1111/ajfs.12367","DOIUrl":"10.1111/ajfs.12367","url":null,"abstract":"<p>This study investigates the effect of non-financial firms' activities in shadow banking on firm risk and performance. Using manually collected data of entrusted loans from Chinese listed firms, we find that lending firms' bankruptcy risk and performance increases from their engagement of entrusted loan businesses in the year the loans are issued and in the following year. Further, firms' risk increases and performance improves significantly when firms are financially healthy, financially constrained, and non-state-owned. Overall, our findings provide policy implications that the risk of shadow banking activities must be cautious.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"256-290"},"PeriodicalIF":1.5,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88360187","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
Female Directors' Foreign Experience and Environmental and Sustainable Performance* 女性董事的海外经验与环境和可持续绩效*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12369
Farid Ullah, Ping Jiang, Collins G. Ntim, Yasir Shahab, Xianling Jiang
{"title":"Female Directors' Foreign Experience and Environmental and Sustainable Performance*","authors":"Farid Ullah,&nbsp;Ping Jiang,&nbsp;Collins G. Ntim,&nbsp;Yasir Shahab,&nbsp;Xianling Jiang","doi":"10.1111/ajfs.12369","DOIUrl":"10.1111/ajfs.12369","url":null,"abstract":"<p>We examine the impact of female directors' foreign experience on environmental and sustainable (ES) performance in Chinese listed firms from 2010 to 2016. We find that female directors' foreign experience, especially work experience, significantly positively impacts firms' ES performance. The results are robust, and self-selection concerns are addressed using the Heckman two-step model and propensity score matching. Also, female directors' foreign experience impacts ES performance more significantly when female directors gain foreign experience from a Scandinavian law country or a civil law country. Overall, our results reveal that female directors with foreign experience transmit ES knowledge and practices to Chinese firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"169-193"},"PeriodicalIF":1.5,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78941426","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: 11
The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance* 内部控制对机构持股对公司财务绩效影响的中介作用*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-31 DOI: 10.1111/ajfs.12368
Xiao Li
{"title":"The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance*","authors":"Xiao Li","doi":"10.1111/ajfs.12368","DOIUrl":"10.1111/ajfs.12368","url":null,"abstract":"<p>This study analyzes the mediating effect of internal control (IC) on corporate financial performance from an information economics perspective. The results show that effective IC has a significant mediating effect for institutional shareholding to improve financial performance. The mediating mechanism of IC is not reflected for institutional holdings other than Pressure-resistant institutions. In addition, the magnitude of the mediating effect of IC for Stable long-term institutional shareholding to improve financial performance is higher than that for Transactional short-term institutional shareholding. Finally, this study provides some recommendations regarding strengthening the synergistic mechanism of external and internal governance on improving financial performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"194-222"},"PeriodicalIF":1.5,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78533552","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: 5
Industry Specialization and Audit Quality: Evidence from Audit Firm Switches in China* 行业专业化与审计质量:来自中国审计事务所转换的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-29 DOI: 10.1111/ajfs.12365
Fangfei Ding, Ziwei Qiao, Mingxia Hu, Minkang Lu
{"title":"Industry Specialization and Audit Quality: Evidence from Audit Firm Switches in China*","authors":"Fangfei Ding,&nbsp;Ziwei Qiao,&nbsp;Mingxia Hu,&nbsp;Minkang Lu","doi":"10.1111/ajfs.12365","DOIUrl":"10.1111/ajfs.12365","url":null,"abstract":"<p>Numerous studies have investigated the consequences of auditor switching. This study contributes to the existing literature by examining the impact of industry specialization on audit quality using audit firm switches in China. We find that changing from a non-specialist to a specialist at the auditor partner level rather than the audit firm level decreases discretionary accruals and increases value relevance and the likelihood of modified audit opinions and going-concern opinions. These results suggest that upward partner-level industry specialization improves audit quality for clients, which attenuates the negative impact of an audit switch.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"657-681"},"PeriodicalIF":1.5,"publicationDate":"2022-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77939451","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 Reform of Information Disclosure by an Exchange Restrain Corporate Fraud? Evidence from China* 交易所信息披露改革能否抑制公司欺诈?来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-22 DOI: 10.1111/ajfs.12364
Meng Wang, Wanlong Zhao, Wei Zhang
{"title":"Can Reform of Information Disclosure by an Exchange Restrain Corporate Fraud? Evidence from China*","authors":"Meng Wang,&nbsp;Wanlong Zhao,&nbsp;Wei Zhang","doi":"10.1111/ajfs.12364","DOIUrl":"10.1111/ajfs.12364","url":null,"abstract":"<p>This study examines the impact of information disclosure system reform (IDSR) on corporate fraud. IDSR includes the internet-based communication platforms and the introduction of assessment methods for information disclosure. The study finds that reform in the Shenzhen Stock Exchange (SZSE) reduces the probability, frequency, and severity of corporate fraud. In contrast, the reform in the Shanghai Stock Exchange (SSE) has no such effect. The negative association between the SZSE reform and corporate fraud is more evident for firms with weak internal controls and modified audit opinions. This study suggests disclosing companies' ranking in information disclosure assessments to the public to improve governance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"223-255"},"PeriodicalIF":1.5,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78317143","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
A Survey of Asian Family Business Research* 亚洲家族企业研究综述*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-02-14 DOI: 10.1111/ajfs.12363
Morten Bennedsen, Yi-Chun Lu, Vikas Mehrotra
{"title":"A Survey of Asian Family Business Research*","authors":"Morten Bennedsen,&nbsp;Yi-Chun Lu,&nbsp;Vikas Mehrotra","doi":"10.1111/ajfs.12363","DOIUrl":"https://doi.org/10.1111/ajfs.12363","url":null,"abstract":"<p>We survey the literature on family firms with a focus on Asian countries. We begin with identifying three key motivational drivers of international research on family business—their dominance, relative performance, and extent of family embeddedness in the business. Second, we provide a brief survey of family firms in eight Asian economies with a focus on the history and current challenges faced by family firms in each country. Third, we document the variety of family firm definitions used in the literature and the resulting difficulty in drawing inferences due to a lack of definitional consistency. Fourth, we discuss the strategic advantages family assets such as legacy and networks bring to family firms in the Asian context. Fifth, we identify some unique challenges family firms face in their countries, and provide examples of how ownership and succession structures mitigate these challenges. We close this survey by suggesting some open research questions relevant for Asian family firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"7-43"},"PeriodicalIF":1.5,"publicationDate":"2022-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12363","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137676327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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