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ESG Controversies and Firm Value: Moderating Role of ESG Performance* ESG争议与企业价值：ESG绩效的调节作用*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-02-28 DOI: 10.1111/ajfs.70001
Hyeong Joon Kim, Tae-Wook Ahn, Junesuh Yi
{"title":"ESG Controversies and Firm Value: Moderating Role of ESG Performance*","authors":"Hyeong Joon Kim,&nbsp;Tae-Wook Ahn,&nbsp;Junesuh Yi","doi":"10.1111/ajfs.70001","DOIUrl":"https://doi.org/10.1111/ajfs.70001","url":null,"abstract":"<p>This study investigates the impact of a firm's environmental, social, and governance (ESG) controversies on its value and examines the moderating role of ESG initiatives in mitigating this impact. It further explores how this moderating effect varies based on factors such as reputational risk, external monitoring, agency motivations, and the recurrence of controversies. Using a novel machine learning approach, this study measures ESG controversies among publicly traded Korean firms by analyzing over 20 million news articles from major Korean media outlets. The findings indicate that ESG controversies negatively affect firm value, but this adverse impact is mitigated by stronger ESG performance, underscoring the insurance-like role of ESG. The moderating effect is particularly significant for firms facing high reputation risk, greater external monitoring, or with ESG activities that are less likely to be driven by agency motives. Moreover, non-repetitive ESG controversies exert a more substantial negative effect on firm value compared to repetitive ones, highlighting the crucial role of ESG in these situations. Consistent results are observed using short-term firm value measures, such as cumulative abnormal returns surrounding the release of ESG controversy news. Overall, this study contributes to the ESG literature by demonstrating that ESG can provide shareholders with an insurance-like benefit, supporting stakeholder theory.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"228-269"},"PeriodicalIF":1.8,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852677","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
Big Data and Machine Learning in ESG Research* ESG研究中的大数据和机器学习*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-01-27 DOI: 10.1111/ajfs.12503
Kai Li
{"title":"Big Data and Machine Learning in ESG Research*","authors":"Kai Li","doi":"10.1111/ajfs.12503","DOIUrl":"https://doi.org/10.1111/ajfs.12503","url":null,"abstract":"<p>The wide applications of machine learning techniques to big data allow researchers to dig deep into novel large-scale data sets, such as job postings, earnings calls, and news reports. They also equip researchers with powerful tools to study important but subtle/challenging topics that are impossible to explore before on a large scale, such as corporate culture and climate risk exposure. In this review, I survey various applications of different machine learning techniques in ESG research, beginning with foundational methods such as bag-of-words, progressing through topic modeling, word embedding, and BERT, and culminating with generative artificial intelligence (AI) and other advanced machine learning approaches. I conclude by outlining future directions for using big data and machine learning in ESG research.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"6-21"},"PeriodicalIF":1.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143438866","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
Acknowledgement 确认
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-12-12 DOI: 10.1111/ajfs.12502
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12502","DOIUrl":"https://doi.org/10.1111/ajfs.12502","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 6","pages":"669"},"PeriodicalIF":1.8,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142851282","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
Judicial Effectiveness and Cost of Debt: Evidence From A Quasi-Natural Experiment in China* 司法效力与债务成本：来自中国准自然实验的证据*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-11-24 DOI: 10.1111/ajfs.12501
Yue Li, Min Bai, Yiru Song
{"title":"Judicial Effectiveness and Cost of Debt: Evidence From A Quasi-Natural Experiment in China*","authors":"Yue Li,&nbsp;Min Bai,&nbsp;Yiru Song","doi":"10.1111/ajfs.12501","DOIUrl":"https://doi.org/10.1111/ajfs.12501","url":null,"abstract":"<p>This paper utilizes the implementation of circuit courts in China to identify a causal relationship between judicial effectiveness and corporate debt financing costs. We provide firm-level evidence demonstrating that enhanced judicial effectiveness leads to lower debt costs, with reduced credit discrimination and improved contract enforcement being key mechanisms. Further analyses reveal that the impact of judicial effectiveness on debt costs is more pronounced for firms that initially experienced higher levels of credit discrimination, and firms with lower credit quality, weaker collateral capacity, and higher reliance on bonds. We also find that improved judicial enforcement increases firms' total loans and credit loans, while reducing collateral loans. Additionally, firms reduce operating expenses to strengthen their financial condition and increase R&amp;D investment after securing more debt at lower costs. This paper offers novel evidence highlighting the critical role of judicial reform in shaping the debt market.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"188-227"},"PeriodicalIF":1.8,"publicationDate":"2024-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852932","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
Can the MD&A Tone of Listed Firms’ Annual Reports Predict Their Future Performance? Empirical Evidence Based on Machine Learning Text Analysis* 上市公司年报的并购语气能否预测其未来业绩？基于机器学习文本分析的经验证据*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-11-13 DOI: 10.1111/ajfs.12500
Shuangyan Li, Dan Wang, Lihua Jiang
{"title":"Can the MD&A Tone of Listed Firms’ Annual Reports Predict Their Future Performance? Empirical Evidence Based on Machine Learning Text Analysis*","authors":"Shuangyan Li,&nbsp;Dan Wang,&nbsp;Lihua Jiang","doi":"10.1111/ajfs.12500","DOIUrl":"https://doi.org/10.1111/ajfs.12500","url":null,"abstract":"<p>Based on a sample of listed companies in China's A-share market between 2009 and 2019, we analyze the tone of the Management's Discussion and Analysis (MD&amp;A) section of 15 743 annual reports through machine learning. The MD&amp;A tone displays a significantly positive association with the firm's future financial performance, proving that the textual tone of MD&amp;A includes forward-looking aspects regarding management's intentions for the company's prospects, and investors can use it to forecast the firm's future performance. Additionally, higher levels of internal control quality, stronger analyst following, and higher holdings by institutional investors can enhance the correlation between the MD&amp;A tone and the company's future performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"54-81"},"PeriodicalIF":1.8,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143439008","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
Co-CEO Structure and Earnings Smoothing Incentives 联席ceo结构与收益平滑激励
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-29 DOI: 10.1111/ajfs.12499
Gun Lee, Jae Eun Shin
{"title":"Co-CEO Structure and Earnings Smoothing Incentives","authors":"Gun Lee,&nbsp;Jae Eun Shin","doi":"10.1111/ajfs.12499","DOIUrl":"https://doi.org/10.1111/ajfs.12499","url":null,"abstract":"<p>This paper investigates the effects of a co-CEO structure on earnings smoothing and its implications for the informativeness of earnings. While the consequences of a co-CEO structure have been relatively underexplored in prior research, existing studies suggest potential benefits, such as higher valuations and stronger internal governance. This paper delves into the specific consequences of a co-CEO structure, focusing on earnings smoothing practices. Using data from Korean firms, where co-CEO structures are prevalent, we find that firms with a co-CEO structure exhibit smoother earnings compared to those with a sole-CEO structure. However, the informativeness of these smooth earnings is reduced under a co-CEO structure, suggesting that co-CEOs engage in earnings smoothing primarily for their own benefit, rather than to provide more information to investors. Additional analyses reveal that co-CEOs' earnings smoothing leads to adverse consequences for investors, including lower earnings quality, higher costs of capital, increased financial distress, greater credit risk, and higher stock price crash risk. Our study contributes to the literature by highlighting the potential costs associated with co-CEO structures, particularly in terms of reduced earnings informativeness.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"82-109"},"PeriodicalIF":1.8,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143439157","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
Can Corporate Site Visits Improve ESG Ratings? 企业网站访问能提高ESG评级吗？
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-29 DOI: 10.1111/ajfs.12497
Songlian Tang, Lingfei He, Lei Meng, Chengchi Liu
{"title":"Can Corporate Site Visits Improve ESG Ratings?","authors":"Songlian Tang,&nbsp;Lingfei He,&nbsp;Lei Meng,&nbsp;Chengchi Liu","doi":"10.1111/ajfs.12497","DOIUrl":"https://doi.org/10.1111/ajfs.12497","url":null,"abstract":"<p>As environmental, social, and governance (ESG) becomes an increasingly popular criterion for investment screening, drivers of ESG performance have attracted attention from a wide range of stakeholders. In this study, we test whether corporate site visits can improve ESG ratings using a unique dataset of site visits from Chinese listed firms. We find that corporate site visits can lead to improved ESG performance for listed firms, which is robust even after adding a series of control variables, alternative model specifications, and accounting for endogeneity issues. This effect is attributed to the mediating effects of ESG information disclosure and corporate internal control quality. We also find that the more ESG-related discussion during site visits the better managers learn to improve ESG performance of their firms. Furthermore, there is evidence that the positive effect of site visits on ESG are more pronounced among firms that are not audited by Big Four accounting firms, not cross-listed, and when Qualified Foreign Institutional Investors are involved. Overall, this paper contributes to the literature by providing complementary evidence that site visits are an important platform for communicating between investors and corporate management, which can have profound implications on incentivizing managers to deliver better ESG performance. Our findings also offer practical and policy implications to regulators on the promotion and implementation of ESG in listed firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"22-53"},"PeriodicalIF":1.8,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143439035","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
Acknowledgement 鸣谢
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-13 DOI: 10.1111/ajfs.12498
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12498","DOIUrl":"https://doi.org/10.1111/ajfs.12498","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"531"},"PeriodicalIF":1.8,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142435262","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
Media Attention and Labor Investment Efficiency* 媒体关注度与劳动投资效率*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-04 DOI: 10.1111/ajfs.12496
Sohee Park, Meeok Cho
{"title":"Media Attention and Labor Investment Efficiency*","authors":"Sohee Park,&nbsp;Meeok Cho","doi":"10.1111/ajfs.12496","DOIUrl":"https://doi.org/10.1111/ajfs.12496","url":null,"abstract":"<p>This study investigates whether firms make efficient labor investment decisions in response to media attention. The results show that media attention lowers labor investment efficiency, not through over-firing but through over-hiring, under-firing, or under-hiring. We interpret these findings as firms' intentional adjustment of their labor resources to recover from or preempt reputational damage. Overall, the media's pressure effects on labor investment efficiency suggest that media coverage can serve as friction in firms' labor investment decisions, highlighting the relatively unexplored role of the media compared with its monitoring function.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 6","pages":"670-702"},"PeriodicalIF":1.8,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142860017","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
Does Bold Forecast After Job Change Improve Forecast Accuracy? Evidence From Korean Sell-Side Analysts 工作变动后大胆预测是否能提高预测准确性？来自韩国卖方分析师的证据
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-09-03 DOI: 10.1111/ajfs.12495
Sohee Park
{"title":"Does Bold Forecast After Job Change Improve Forecast Accuracy? Evidence From Korean Sell-Side Analysts","authors":"Sohee Park","doi":"10.1111/ajfs.12495","DOIUrl":"10.1111/ajfs.12495","url":null,"abstract":"<p>This paper investigates how incentives generated by intrafirm tournaments affect the informativeness of bold forecasts issued by sell-side analysts who have recently switched employers. Prior literature suggests that bold forecasts may lose accuracy when they are influenced by tournament-induced incentives. Extending this literature, I find that bold forecasts from transitioning analysts tend to result in decreased forecast accuracy. This negative effect is mitigated when analysts are less concerned about their disadvantages in the new intrafirm tournament—specifically, when they are more experienced, more competent, or have moved to more prosperous brokerage houses. These findings suggest that bold forecasts by transitioning analysts are partly influenced by intrafirm tournament-induced risk-taking, which can deteriorate performance quality.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 6","pages":"754-779"},"PeriodicalIF":1.8,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142204045","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
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