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The Impact of Directors’ Foreign Experience on Environmental Information Disclosure: Evidence from Heavily Polluting Chinese Firms 国外董事经验对环境信息披露的影响:来自中国重污染企业的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-07-09 DOI: 10.1111/ajfs.12372
Muhammad Jameel Hussain, Gaoliang Tian, Muhammad Ayaz, Xia Zhang
{"title":"The Impact of Directors’ Foreign Experience on Environmental Information Disclosure: Evidence from Heavily Polluting Chinese Firms","authors":"Muhammad Jameel Hussain,&nbsp;Gaoliang Tian,&nbsp;Muhammad Ayaz,&nbsp;Xia Zhang","doi":"10.1111/ajfs.12372","DOIUrl":"10.1111/ajfs.12372","url":null,"abstract":"<p>Based on manually collected data relating to board internationalization, measured as directors' experience gained in developed countries, this paper explores the relationship between directors' foreign experience and the environmental information disclosure of Chinese heavily polluting firms from 2016 to 2019. We find that directors' foreign experience has a significant positive impact on environmental information disclosure. These findings are robust and consistent across various analytical models. In addition, empirical evidence shows that the positive effect of directors' foreign experience on environmental information disclosure is more significant in state-owned enterprises and firms with foreign ownership. Our research has important implications for policy-makers and regulators.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"486-509"},"PeriodicalIF":1.5,"publicationDate":"2022-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85232337","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: 7
Financial Education, and Gender Equity 金融教育和性别平等
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-07-09 DOI: 10.1111/ajfs.12386
Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan
{"title":"Financial Education, and Gender Equity","authors":"Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan","doi":"10.1111/ajfs.12386","DOIUrl":"https://doi.org/10.1111/ajfs.12386","url":null,"abstract":"This study investigates how to promote gender equity in finance through early financial education using the survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"89 6","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138495168","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
Early Financial Education, Financial Literacy, and Gender Equity in Finance* 早期金融教育、金融素养与金融性别平等*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-06-27 DOI: 10.1111/ajfs.12378
Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan
{"title":"Early Financial Education, Financial Literacy, and Gender Equity in Finance*","authors":"Kyounghun Bae,&nbsp;Ga-Young Jang,&nbsp;Hyoung-Goo Kang,&nbsp;Pearleen Tan","doi":"10.1111/ajfs.12378","DOIUrl":"10.1111/ajfs.12378","url":null,"abstract":"<p>This study investigates how to promote gender equity in finance through early financial education using survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"372-400"},"PeriodicalIF":1.5,"publicationDate":"2022-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81010746","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
Political Uncertainty and Corporate Social Responsibility 政治不确定性与企业社会责任
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-06-25 DOI: 10.1111/ajfs.12377
Maoyong Cheng, Yuxuan Dong, J. Jin, K. Kanagaretnam
{"title":"Political Uncertainty and Corporate Social Responsibility","authors":"Maoyong Cheng, Yuxuan Dong, J. Jin, K. Kanagaretnam","doi":"10.1111/ajfs.12377","DOIUrl":"https://doi.org/10.1111/ajfs.12377","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"103 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78466546","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
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
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