新冠肺炎期间,可持续企业是否更有利可图?发达经济体和新兴经济体企业的最新全球证据

IF 2.3 Q2 BUSINESS, FINANCE
Jing Lu, S. Khan
{"title":"新冠肺炎期间,可持续企业是否更有利可图?发达经济体和新兴经济体企业的最新全球证据","authors":"Jing Lu, S. Khan","doi":"10.1108/ara-04-2022-0102","DOIUrl":null,"url":null,"abstract":"PurposeThis paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced economic downturn.Design/methodology/approachUsing a recent sample of firms in 34 countries between 2003 and 2021, the authors employ ordinary least squares regressions, moderations and the Heckman two-step method to test the hypotheses.FindingsFirms with strong SP have higher FP in developed and emerging economies in the upcoming year. During the COVID-19 crisis in 2020–2021, the impact of sustainability on FP is pronounced in developed but not in emerging economies. Furthermore, cross-listings expose firms in emerging economies to high-standard institutional mechanisms in developed economies. Thus, sustainable firms in emerging economies cross-listed on European stock exchanges are more profitable.Practical implicationsFor regulators and standard setters, the global-level comparative analysis helps them find solutions that may assist firms in improving SP globally (e.g. mandatory reporting) and enduring crises resiliently. For institutional investors, the study reveals the relatively different impact of sustainability risk for firms in developed and emerging economies. For practitioners and private sector firms, this study contributes to the dialogue on what makes firms more resilient in COVID-19. Although COVID-19 might be temporary, the lessons learned could protect firms from future crises.Originality/valueThe authors contribute to the contingency perspective between sustainability and financial performance by providing recent empirical evidence in a global setting during the COVID-19 pandemic. The authors demonstrate how different external institutional mechanisms (rule-based governance and relation-based governance) and cross-listing affect the SP-FP relationship during a crisis. The authors extend the knowledge in crisis management literature with a comparative study and fill the research gap on how SP affects FP for firms in emerging economies compared to developed economies.","PeriodicalId":8562,"journal":{"name":"Asian Review of Accounting","volume":null,"pages":null},"PeriodicalIF":2.3000,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"Are sustainable firms more profitable during COVID-19? Recent global evidence of firms in developed and emerging economies\",\"authors\":\"Jing Lu, S. Khan\",\"doi\":\"10.1108/ara-04-2022-0102\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeThis paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced economic downturn.Design/methodology/approachUsing a recent sample of firms in 34 countries between 2003 and 2021, the authors employ ordinary least squares regressions, moderations and the Heckman two-step method to test the hypotheses.FindingsFirms with strong SP have higher FP in developed and emerging economies in the upcoming year. During the COVID-19 crisis in 2020–2021, the impact of sustainability on FP is pronounced in developed but not in emerging economies. Furthermore, cross-listings expose firms in emerging economies to high-standard institutional mechanisms in developed economies. Thus, sustainable firms in emerging economies cross-listed on European stock exchanges are more profitable.Practical implicationsFor regulators and standard setters, the global-level comparative analysis helps them find solutions that may assist firms in improving SP globally (e.g. mandatory reporting) and enduring crises resiliently. For institutional investors, the study reveals the relatively different impact of sustainability risk for firms in developed and emerging economies. For practitioners and private sector firms, this study contributes to the dialogue on what makes firms more resilient in COVID-19. Although COVID-19 might be temporary, the lessons learned could protect firms from future crises.Originality/valueThe authors contribute to the contingency perspective between sustainability and financial performance by providing recent empirical evidence in a global setting during the COVID-19 pandemic. The authors demonstrate how different external institutional mechanisms (rule-based governance and relation-based governance) and cross-listing affect the SP-FP relationship during a crisis. The authors extend the knowledge in crisis management literature with a comparative study and fill the research gap on how SP affects FP for firms in emerging economies compared to developed economies.\",\"PeriodicalId\":8562,\"journal\":{\"name\":\"Asian Review of Accounting\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.3000,\"publicationDate\":\"2022-12-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Review of Accounting\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ara-04-2022-0102\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Review of Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ara-04-2022-0102","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 3

摘要

目的研究在新冠肺炎引发的经济衰退期间,发达经济体和新兴经济体的可持续性绩效(SP)是否保护了企业的财务绩效(FP)。设计/方法/方法使用2003年至2021年间34个国家的最新企业样本,作者采用普通最小二乘回归、调节和Heckman两步法来检验假设。发现在发达经济体和新兴经济体中,SP较强的公司来年的FP较高。在2020-2021年新冠肺炎危机期间,可持续性对FP的影响在发达经济体中很明显,但在新兴经济体中不明显。此外,交叉上市使新兴经济体的公司面临发达经济体的高标准体制机制。因此,新兴经济体的可持续企业在欧洲证券交易所交叉上市更有利可图。实际含义对于监管机构和标准制定者来说,全球层面的比较分析有助于他们找到可能有助于企业在全球范围内改善SP(例如强制性报告)并弹性地承受危机的解决方案。对于机构投资者来说,这项研究揭示了可持续性风险对发达经济体和新兴经济体企业的影响相对不同。对于从业者和私营企业来说,这项研究有助于就如何使企业在新冠肺炎中更具韧性展开对话。尽管新冠肺炎可能是暂时的,但吸取的教训可以保护企业免受未来危机的影响。原创/价值作者通过在新冠肺炎大流行期间在全球环境中提供最新的经验证据,为可持续性和财务绩效之间的偶然性观点做出了贡献。作者展示了不同的外部制度机制(基于规则的治理和基于关系的治理)和交叉上市如何在危机期间影响SP-FP关系。作者通过比较研究扩展了危机管理文献中的知识,并填补了新兴经济体与发达经济体相比SP如何影响FP的研究空白。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Are sustainable firms more profitable during COVID-19? Recent global evidence of firms in developed and emerging economies
PurposeThis paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced economic downturn.Design/methodology/approachUsing a recent sample of firms in 34 countries between 2003 and 2021, the authors employ ordinary least squares regressions, moderations and the Heckman two-step method to test the hypotheses.FindingsFirms with strong SP have higher FP in developed and emerging economies in the upcoming year. During the COVID-19 crisis in 2020–2021, the impact of sustainability on FP is pronounced in developed but not in emerging economies. Furthermore, cross-listings expose firms in emerging economies to high-standard institutional mechanisms in developed economies. Thus, sustainable firms in emerging economies cross-listed on European stock exchanges are more profitable.Practical implicationsFor regulators and standard setters, the global-level comparative analysis helps them find solutions that may assist firms in improving SP globally (e.g. mandatory reporting) and enduring crises resiliently. For institutional investors, the study reveals the relatively different impact of sustainability risk for firms in developed and emerging economies. For practitioners and private sector firms, this study contributes to the dialogue on what makes firms more resilient in COVID-19. Although COVID-19 might be temporary, the lessons learned could protect firms from future crises.Originality/valueThe authors contribute to the contingency perspective between sustainability and financial performance by providing recent empirical evidence in a global setting during the COVID-19 pandemic. The authors demonstrate how different external institutional mechanisms (rule-based governance and relation-based governance) and cross-listing affect the SP-FP relationship during a crisis. The authors extend the knowledge in crisis management literature with a comparative study and fill the research gap on how SP affects FP for firms in emerging economies compared to developed economies.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Asian Review of Accounting
Asian Review of Accounting BUSINESS, FINANCE-
CiteScore
3.20
自引率
25.00%
发文量
32
期刊介绍: Covering various fields of accounting, Asian Review of Accounting publishes research papers, commentary notes, review papers and practitioner oriented articles that address significant international issues as well as those that focus on Asia Pacific in particular.Coverage includes but is not limited to: -Financial accounting -Managerial accounting -Auditing -Taxation -Accounting information systems -Social and environmental accounting -Accounting education Perspectives or viewpoints arising from regional, national or international focus, a private or public sector information need, or a market-perspective or social and environmental perspective are greatly welcomed. Manuscripts that present viewpoints should address issues of wide interest among accounting scholars internationally and those in Asia Pacific in particular.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信