151
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Jia J, Yuan S, Wei L, Tang G. When firms adopt sustainable human resource management: A
fuzzy‐set
analysis. Human Resource Management 2023. [DOI: 10.1002/hrm.22164] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/17/2023]
Affiliation(s)
- Junyun Jia
- School of Management Shandong University Jinan China
| | - Shuo Yuan
- Department of Strategy, Entrepreneurship, and Management, Alberta School of Business University of Alberta Edmonton Alberta Canada
| | - Li‐Qun Wei
- Department of Management Hong Kong Baptist University Kowloon Tong, HKSAR China
| | - Guiyao Tang
- School of Management Shandong University Jinan China
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152
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Li W, Pang W. Digital inclusive finance, financial mismatch and the innovation capacity of small and medium-sized enterprises: Evidence from Chinese listed companies. Heliyon 2023; 9:e13792. [PMID: 36865464 DOI: 10.1016/j.heliyon.2023.e13792] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/27/2022] [Revised: 02/09/2023] [Accepted: 02/10/2023] [Indexed: 02/15/2023] Open
Abstract
As the main driver of innovation, enterprises can effectively promote the level of social innovation. This paper incorporates digital inclusive finance into the research framework of innovation in Small and Medium-sized enterprises, and investigates the impact of digital inclusive finance on the innovation ability of Small and Medium-sized enterprises through theoretical and empirical analyses. The theoretical analysis finds that digital inclusive finance can compensate for the "long-tail effect" in the financing process and help enterprises obtain financing loans. In terms of empirical analysis, this paper has conducted empirical tests by selecting the innovation data of Chinese A-share listed companies from 2010 to 2021, and the results show that: (1) Digital inclusive finance still has a facilitating effect on the technological innovation capability of Small and Medium-sized enterprises after the robustness test. (2)The mechanism evaluation finds that the digital inclusive finance segmentation indicators, i.e., the depth of use, the breadth of coverage and the degree of digitalization, are also important ways to enhance the technological innovation capability of Small and Medium-sized enterprises. (3)The innovative introduction of financial mismatch variables reveals that the financial mismatch problem in the financial market has a suppressive effect on the technological innovation capability of Small and Medium-sized enterprises. (4)Further analysis of the mediation effect of digital inclusive finance reveals that digital inclusive finance can effectively correct the financial mismatch problem in the traditional financial model and promote the technological innovation capability of Small and Medium-sized enterprises. This paper enriches the analysis of the economic effects of digital inclusive finance, while providing Chinese empirical support for digital inclusive finance to promote the innovation ability of Small and Medium-sized enterprises.
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153
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Beal Partyka R, Lana J, Marcon R. Money pills: corporate political activity effect on mergers and acquisitions. MRR 2023. [DOI: 10.1108/mrr-11-2021-0834] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/17/2023]
Abstract
Purpose
This study aims to contribute to the corporate political activities (CPAs) field by suggesting the effect of campaign contributions on the time that firms wait for regulators’ decisions.
Design/methodology/approach
This paper analyzes 358 mergers and acquisitions (M&A) from 2008 to 2017 in Brazil through ordinary least squares regression with robustness control and causal operationalization in a small vote margins treatment.
Findings
Campaign contributions speed up the M&A regulator’s decisions. Campaign contributions amounts proved to be effective in decreasing the waiting time for judgments of M&A deals. Besides, National Development Bank disbursements to companies in M&A deals, served as a moderator to help reduce the waiting time.
Research limitations/implications
The main implication of this paper to the antecedents of CPA research is the estimation of time as an output of the political efforts of firms. Previous research focuses on what firms could get. Here, the authors focus on when. As a limitation, this study analyzes CPA through campaign contributions, as the only reliable source of CPA publicly available. Firms use multiple mechanisms of CPA. It would be expected for new papers to test different CPA mechanisms, such as political connections and lobbying.
Practical implications
This study provides evidence of the use of CPA as a relevant mechanism for firms to avoid institutional risks by getting regulators’ decisions faster. This evidence is useful for firms to grant their competitive advantage in a highly volatile environment, such as an emerging market.
Social implications
What happens in the nonmarket environment interferes within markets. Businesses seek to finance political projects with which they are more aligned, and governments provide capital to businesses in exchange for political support. Whether to expand successfully may also depend on early entrants, who will have acquired enough leadership to dominate the market.
Originality/value
While most of the research on nonmarket strategy focuses on what firms can get as an output for CPA efforts, this study provides here evidence on when firms can get it. As one can cite, in business, time is money.
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154
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Adamba C. Trends in financing of basic education in Ghana – a political economy analysis. IJEM 2023. [DOI: 10.1108/ijem-01-2022-0036] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/14/2023]
Abstract
PurposeUsing a political economy framework, this paper examines the financing trend, by investigating three systematic spikes occurring between 2004 and 2016. The study aims to provide a useful review of the interaction of politics, financial decisions and educational outcomes. Additionally it provides a useful guide, especially to academics, to identify political and economic conceptualizations that will predict expenditure decision-making of political actors and to be able to provide policy advice on the future effect of such decisions on availability and accessibility of public goods.Design/methodology/approachThe paper adopts a secondary data analysis approach, drawing upon secondary data sources such as from the Ministry of Education, budget statements from the Ministry of Finance, as well as relevant policy documents. Additional information for the study was also extracted from the manifestos of the two leading political parties in Ghana – the New Patriotic Party and the National Democratic Congress and their viewpoints on financing of education in Ghana.FindingsUsing two epochal years when financing of education peaked (2008 and 2012), which coincided with election years, the trend lends itself to being interpreted as opportunistic spending. It appears to give credence to a conclusion that the increases in spending are more politically directed and nonneutral.Originality/valueThis paper fulfills an identified need to study the trend of basic education financing in Ghana, which will help policy actors make better-informed decisions with the introduction of the novel “adaptive opportunism” framework analysis tool.
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155
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Gao Y, Tang Y, Zhang J. CEO financial background, managerial ownership, and corporate innovation: Insights from imprinting theory. Front Psychol 2023; 14:1126853. [PMID: 36865362 PMCID: PMC9971491 DOI: 10.3389/fpsyg.2023.1126853] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/18/2022] [Accepted: 01/30/2023] [Indexed: 02/16/2023] Open
Abstract
The global ecological environment is facing increasingly severe challenges; therefore, it is crucial to implement sustainable development policies and promote corporate innovation. Based on imprinting theory, we examine the relationship between CEO financial background and corporate innovation within the Chinese context. The results confirm that CEOs with a financial background negatively impact corporate innovation, while managerial ownership mitigates this effect. Existing literature has considered the impact of CEO background on corporate innovation; however, it mainly takes up corporate innovation from the perspective of upper-echelon theory. In addition, the mechanism of CEO financial background on corporate innovation is ambiguous in the Chinese cultural context. This study enriches the literature on the relationship between the characteristics of CEO background and corporate behavior, thereby offering guidance for corporate innovation practices.
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Affiliation(s)
| | | | - Jiruo Zhang
- Department of Accounting, Qingdao University, Qingdao, China
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156
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Chen H, Deng W. Interpretable patent recommendation with knowledge graph and deep learning. Sci Rep 2023; 13:2586. [PMID: 36788243 PMCID: PMC9929065 DOI: 10.1038/s41598-023-28766-y] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 11/02/2022] [Accepted: 01/24/2023] [Indexed: 02/16/2023] Open
Abstract
Patent transfer is a common practice for companies to obtain competitive advantages. However, they encounter the difficulty of selecting suitable patents because the number of patents is increasingly large. Many patent recommendation methods have been proposed to ease the difficulty, but they ignore patent quality and cannot explain why certain patents are recommended. Patent quality and recommendation explanations affect companies' decision-making in the patent transfer context. Failing to consider them in the recommendation process leads to less effective recommendation results. To fill these gaps, this paper proposes an interpretable patent recommendation method based on knowledge graph and deep learning. The proposed method organizes heterogeneous patent information as a knowledge graph. Then it extracts connectivity and quality features from the knowledge graph for pairs of patents and companies. The former features indicate the relevance of the pairs while the latter features reflect the quality of the patents. Based on the features, we design an interpretable recommendation model by combining a deep neural network with a relevance propagation technique. We conduct experiments with real-world data to evaluate the proposed method. Recommendation lists with varying lengths show that the average precision, recall, and mean average precision of the proposed method are 0.596, 0.636, and 0.584, which improve corresponding performance of best baselines by 7.28%, 18.35%, and 8.60%, respectively. Besides, our method interprets recommendation results by identifying important features leading to the results.
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Affiliation(s)
- Han Chen
- grid.263785.d0000 0004 0368 7397College of Teacher Education, South China Normal University, Guangzhou, China
| | - Weiwei Deng
- School of Economics and Management, South China Normal University, Guangzhou, China.
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157
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La Rocca M, Fasano F, La Rocca T, Neha N. Women in CEO duality and firm performance in Europe. J Manag Gov 2023. [DOI: 10.1007/s10997-023-09669-6] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/15/2023]
Abstract
AbstractThis paper investigates gender dimensions in the relationship between CEO duality and firm performance, combining feminist theories and stewardship arguments. Using a large sample of listed firms from 23 European countries in the 2014–2020 period, we have found that CEO duality has a positive effect on corporate performance when a woman holds both the roles of CEO and board chair. These findings highlight the ‘bright side’ of women in governance, suggesting the presence of women in double leadership positions can amplify benefits and/or limits costs related to CEO duality. Having a woman in CEO-chair leadership could optimize a firm’s use of its resources and more effectively contribute to improving performance. Directions for future research could include a better understanding of women in leadership in the organizational domain. Our results have a number of managerial and political implications.
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158
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Ghafoor S, Zulfiqar M, Wang M, Wang C, Islam MR. Behavioural Phenomena of Family Firm Control Diversity and R&D Investment with Moderating Role CEO Compensation. Psychol Res Behav Manag 2023; 16:397-417. [PMID: 36819007 PMCID: PMC9936884 DOI: 10.2147/prbm.s383279] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 07/21/2022] [Accepted: 12/23/2022] [Indexed: 02/16/2023] Open
Abstract
Purpose The novel study describes the behXavioural phenomena of family firm types and explores the relationship between the family firm types of control diversity and Research and Development (R&D) investments. Acquiring controlling rights is a psychological phenomenon for family firm owners. The moderating effect of CEO compensations on R&D investments is investigated. Methodology We collected data of listed A-share family firms in China from 2011 to 2020 in the China Stock Market and Accounting Research database. We used Tobit regression for data analysis. Results/Finding The study concludes that lone-controller family firms (LCFFs) are less willing to invest in R&D and multi-controller family firms (MCFFs) have positive behaviour towards R&D. The moderating role of CEO compensation deviates the willingness and behaviour to invest in R&D. Conclusion/Originality To the best of our knowledge, this study is the first to outline the paradoxical empirical evidence on family firms and R&D investments by analysing control diversity and how the moderating role of CEO compensation nexus can alter willingness towards R&D. The study is a novel attempt following De Massis et al's framework to test the willingness and ability of LCFFs and MCFFs. Previous studies based on agency theory have tacitly assumed that ability and willingness exist in family-controlled firms. However, this study challenges this implicit assumption.
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Affiliation(s)
- Sadeen Ghafoor
- School of Accounting, Dongbei University of Finance and Economics, China and China Internal Control Research Center, Dalian, Liaoning, People’s Republic of China
| | - Muhammad Zulfiqar
- Department of Management Sciences, Khwaja Fareed University of Engineering and Information Technology, Rahim Yar Khan, Pakistan
| | - Man Wang
- School of Accounting, Dongbei University of Finance and Economics, China and China Internal Control Research Center, Dalian, Liaoning, People’s Republic of China
| | - Chunlin Wang
- School of Economics, Management & Law, Shenyang Institute of Engineering, Shenyang, Liaoning, People’s Republic of China,Correspondence: Chunlin Wang, Email
| | - Md Rashidul Islam
- Department of Business Administration, East West University, Dhaka, Bangladesh
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159
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Zhang W, Tian Z, Chen Z. The Golden Tax Project III and green innovation: evidence from heavily polluting enterprises in China. Environ Sci Pollut Res Int 2023; 30:49618-49631. [PMID: 36780074 DOI: 10.1007/s11356-023-25733-y] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Subscribe] [Scholar Register] [Received: 08/25/2022] [Accepted: 02/01/2023] [Indexed: 02/14/2023]
Abstract
Using Golden Tax Project III in China as a quasi-natural experiment, we investigate the influence of tax enforcement on green innovation based on the panel data of China's heavily polluting enterprises from 2012 to 2020. Our baseline results show that the Golden Tax Project III negatively affects green innovation, and the impact still exists after a battery of robustness and endogeneity tests. Mechanism analyses reveal that increasing financial constraints contributes to less green innovation. Furthermore, heterogeneity analyses show that the negative relationship is more prominent in non-state-owned enterprises, enterprises with fewer analyst coverage, enterprises with lower institutional shareholding, non-high-tech enterprises, and enterprises located in eastern region. Our research reveals a previously under-explored adverse consequence of the Golden Tax Project III, its hindrance to green innovation. Some implications are put forward to mitigate the negative effect of Golden Tax Project III on corporate green innovation.
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Affiliation(s)
- Weiwei Zhang
- School of Economics and Management, Southeast University, Nanjing, 211189, China
| | - Zongtao Tian
- School of Economics and Management, Southeast University, Nanjing, 211189, China.
| | - Zhibin Chen
- School of Economics and Management, Southeast University, Nanjing, 211189, China
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160
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Garg J, Jha S, Singh AK. Investigating the reorientation in manufacturing firms through a dynamic of strategic shift: An exploratory study. HSM 2023. [DOI: 10.3233/hsm-220157] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/16/2023]
Abstract
BACKGROUND: In order to gain a competitive advantage or survive, organizations need to reorient themselves once in a while, and in distress tend to rely on turnaround strategies. The organization must ensure that the turnaround strategy implemented is effective. OBJECTIVE: This study explores and investigates the implementation of turnaround strategies during a crisis by manufacturing firms with the help of a conceptual model combining turnaround strategies and McKinsey’s 7s framework as the mediating variables. METHODS: A questionnaire comprising 35 questions was circulated amongst the employees of various manufacturing firms operating in India and 230 data samples were collected. RESULTS: The findings of this study indicate that manufacturing firms tend to implement turnaround strategies in the form of Operational, Financial, Leadership, Structural and Strategic methods for their survival and reorientation. Additionally, turnaround strategies and strategic reorientation variables of the McKinsey 7s framework showed a significant relationship through a set of Hard S and Soft S.
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Affiliation(s)
| | - Sonika Jha
- FORE School of Management, New Delhi, India
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161
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Narsa NPDRH, Afifa LME, Wardhaningrum OA. Fraud triangle and earnings management based on the modified M-score: A study on manufacturing company in Indonesia. Heliyon 2023; 9:e13649. [PMID: 36865466 PMCID: PMC9970902 DOI: 10.1016/j.heliyon.2023.e13649] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/14/2021] [Revised: 02/04/2023] [Accepted: 02/06/2023] [Indexed: 02/13/2023] Open
Abstract
This study combines the concept of a fraud triangle and a modified Beneish M-score to detect factors that trigger earnings management. The modified M-score formula used in this study contains five original and four additional ratios. A sample of 284 manufacturing companies listed on the Indonesia Stock Exchange in the period 2017-2019 is used. Based on the logistic regression test and t-test, the results show that asset growth, changes in receivables to sales, and auditor changes have a negative relationship and debt ratio has a positive relationship with earnings management. In addition, return on assets has no relationship with earnings management. In other words, manipulator firms are subject to greater pressure on leverage and have fewer independent commissioners. This study is the first to utilise the modified Beneish M-score model to detect earnings management in manufacturing companies in Indonesia. The effectiveness of this model makes it a valuable tool in detecting fraud and is expected to be useful for future research.
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Affiliation(s)
| | - Lesta Mega Evi Afifa
- Department of Accounting, Faculty of Economics and Business, Universitas Airlangga, Jl. Airlangga 4-6, Surabaya, Indonesia
| | - Oktaviani Ari Wardhaningrum
- Department of Accounting, Faculty of Economics and Business, Universitas Jember, Jl. Kalimantan Tegalboto 37, Jember, Indonesia
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162
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Pellegrino R, Gaudenzi B, Zsidisin GA. Mitigating foreign exchange risk exposure with supply chain flexibility: A real option analysis. J of Business Logistics 2023. [DOI: 10.1111/jbl.12338] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/12/2023]
Affiliation(s)
- Roberta Pellegrino
- Department of Mechanics Mathematics and Management Polytechnic University of Bari Bari Italy
| | - Barbara Gaudenzi
- Department of Business Administration University of Verona Verona Italy
| | - George A. Zsidisin
- Department of Supply Chain and Analytics, College of Business Administration University of Missouri – St. Louis Saint Louis Missouri USA
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163
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Guffler M, Bertschi-michel A, Hack A, Kellermanns FW. Family firm ambidexterity: the influence of paradoxical tensions and the Entrepreneurial Family’s cohesion. J Technol Transf 2023. [DOI: 10.1007/s10961-022-09986-2] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/12/2023]
Abstract
AbstractThis study presents paradoxical tensions as the ‘missing link’ at the intersection of the entrepreneurial family and family firm management: a link that crucially affects innovation-related decisions such as ambidexterity. Specifically, the study argues that the relationship between family cohesion and organizational ambidexterity within entrepreneurial family firms is mediated by paradoxical tensions (latent and salient). Drawing on survey data from 206 German family firms, support is found for the hypotheses advanced. Building on cognitive resource theory, this study demonstrates that differently perceived paradoxical tensions in entrepreneurial family firms have different meaningful effects on organizational ambidexterity. Implications for theory and future research are discussed.
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164
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Zhao S, Peng L, Zhou H, Hu F. Government-Enterprise Collusion and the Effectiveness of Environmental Regulations: Implications for Public Health. J Environ Public Health 2023; 2023:3958944. [PMID: 36816820 DOI: 10.1155/2023/3958944] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 07/30/2022] [Revised: 09/04/2022] [Accepted: 01/23/2023] [Indexed: 02/12/2023]
Abstract
Effective environmental management will create a win-win situation for building an ecological civilization with the potential to control the COVID-19 pandemic. From the perspective of government-enterprise collusion (GEC), this study analyzes the moderating effects of the officials' promotion incentives and turnover on the effectiveness of environmental regulations utilizing a panel dataset on 276 cities in China from 2003 to 2019. The study reveals the following empirical results: First, promotion incentives positively moderate the relationship between environmental regulations and environmental pollution, mainly air pollution; results for water pollution are not significant. Compared with general cities, the positive moderating effect of promotion incentives in high-level cities is weaker and the negative moderating effect is more potent. Additionally, the moderating effect of promotion incentives is predominantly positive in the new developmental stage from 2013 to 2019. Second, the negative moderating effect of officials' turnover on the effectiveness of environmental regulations is mainly observed for water pollution but not evident for air pollution. Compared with high-level cities, officials' turnover in general cities is more conducive to the effectiveness of environmental regulations. These findings provide beneficial insights for promoting green growth by improving official governance and destroying GEC.
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165
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Ichev R. Reported corporate misconducts: The impact on the financial markets. PLoS One 2023; 18:e0276637. [PMID: 36758041 PMCID: PMC9910724 DOI: 10.1371/journal.pone.0276637] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 01/14/2022] [Accepted: 10/11/2022] [Indexed: 02/10/2023] Open
Abstract
This study empirically examines how reported corporate misconducts affect the stock returns of US firms. As the reported misconducts are broadcasted in the newspaper outlets, the cumulative abnormal return (CAR) is -4.1%. Involvement in a reported corporate misconduct gets punished by market participants especially when the act of reported misconduct is blamed on the level of the corporation rather than in involvement of a specific individual, when reported misconducts take place in the home market, and when the linguistic tone used in the newspaper article is negative. Financial penalties imposed, firm size, leverage, revenue growth, and the level of firm foreign exposure are found to have significant impact on the returns during the period of observation. The results suggest that investors recognize the importance to penalize firms in the financial markets when firms act unethically.
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Affiliation(s)
- Riste Ichev
- Faculty of Economics, University of Ljubljana, Ljubljana, Slovenia
- * E-mail:
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166
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Iman N. Idiosyncrasies, isomorphic pressures and decoupling in technology platform business. JSTPM 2023. [DOI: 10.1108/jstpm-12-2021-0190] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/11/2023]
Abstract
Purpose
This study aims to explore the ways and contexts in which fintech firms are being developed, operated in the market and responds to competitive pressures and technological changes through isomorphism and decoupling mechanism.
Design/methodology/approach
How can new technology platform business successfully distinguish themselves from competitors while also ensuring that they are seen as legitimate and appropriate? This paper draws on a case study of fintech start-ups in Indonesia.
Findings
This study shows that managing market pressures for distinctiveness (customer-appealing) versus business pressures for profits (investor returns) drives firms’ quest for optimal distinctiveness. It is evident that fintech firms increase their control by consolidating themselves through their industrial association and by forming a close relationship with regulators. However, to escape the iron cage of the field, they increasingly control the coupling of profitability and compliance.
Originality/value
Through a qualitative-inductive approach, this study provides insights into technological development of platform business in the context of financial services and responsive movement towards cashless society.
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167
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Wang Y, He Z, Huang Y, Li C. Does the CFO serving as the secretary of the board affect the financial statement comparability?-evidence from China. Heliyon 2023; 9:e13609. [PMID: 36851957 PMCID: PMC9958439 DOI: 10.1016/j.heliyon.2023.e13609] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Journal Information] [Subscribe] [Scholar Register] [Received: 11/03/2022] [Revised: 02/07/2023] [Accepted: 02/07/2023] [Indexed: 02/11/2023] Open
Abstract
One person serving as both CFO and board secretary is a unique institutional feature in China. Individuals in this senior executive role are responsible for not only the preparation of financial statements but also the coordination of information disclosure. We investigate the relation between a CFO serving as board secretary and financial statement comparability. We find that a CFO serving as board secretary improves the comparability of a firm's financial statements in additional analysis. This positive effect is more significant when the CFO is female or middle-aged, or has a Bachelor's degree or higher or a financial background. This paper enriches the theoretical research on CFO's employment characteristics and the quality of financial reports, and provides reference value for improving the quality of financial reports.
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Affiliation(s)
- Yueyun Wang
- Department of School of Economics and Management, Shanghai Maritime University, China,Department of School of Economics and Management, Xinhua College of Ningxia University, China
| | - Zhenhua He
- Department of School of Economics and Management, Xinhua College of Ningxia University, China,Department of School of Economics and Management, Ningxia University, China,Corresponding author. Department of School of Economics and Management, Ningxia University, China.
| | - Yihan Huang
- Department of School of Economics and Management, Shanghai Maritime University, China
| | - Chenhang Li
- Department of School of Economics and Management, Shanghai Maritime University, China
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168
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Sarhan AA. Corporate social responsibility and tax avoidance: the effect of shareholding structure—evidence from the UK. Int J Discl Gov 2023. [DOI: 10.1057/s41310-023-00172-w] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/12/2023]
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169
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Guimarães SF, da Silva ALC. Top management team turnover in Brazil: the role of corporate governance in family-controlled companies. Int J Discl Gov 2023. [DOI: 10.1057/s41310-023-00170-y] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/10/2023]
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170
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Breton JC, El-Khatib Y, Fan J, Privault N. A q-binomial extension of the CRR asset pricing model. STOCH MODELS 2023. [DOI: 10.1080/15326349.2023.2173231] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Submit a Manuscript] [Subscribe] [Scholar Register] [Indexed: 02/10/2023]
Affiliation(s)
| | | | - Jun Fan
- University of Nottingham Ningbo, China
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171
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Li Z, Mirko C, D’Agostino MT, Jin J. Comparative analysis of the influence of Chinese urban and rural family cultures on household financial asset allocation. Front Psychol 2023; 14:1119258. [PMID: 36844357 PMCID: PMC9945532 DOI: 10.3389/fpsyg.2023.1119258] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/08/2022] [Accepted: 01/18/2023] [Indexed: 02/10/2023] Open
Abstract
Despite the national strategic priority to achieve common prosperity, there still exist prominent discrepancies in financial asset allocation between Chinese urban and rural families, which requires a deeper, more comprehensive investigation. To fill this gap, the present research adopted a cultural perspective to investigate relevant issues by addressing the cognitive differences of residents between urban and rural families. Under the analytical framework of Hofstede's cultural values, this paper discusses the cognitive differences between urban and rural families in terms of financial asset allocation in the cultural dimensions of collectivism, individualism and uncertainty avoidance; hypotheses are accordingly developed. In terms of research methods, the data of the China Family Panel Studies (CFPS) were used in the probit model to investigate the influence of urban and rural family cultural differences on household financial asset allocation. The results of this paper are as follows: (1) family cultural values have a positive impact on family financial asset allocation; (2) knowledge acquisition plays an intermediary role in family cultural values and family financial asset allocation; (3) and for rural families with high collectivism and uncertainty avoidance, the mediating effect is more prominent. This paper provides a new perspective for exploring the possibility of household asset allocation from the perspective of cultural psychology. The contribution of this paper have theoretical and practical reference significance to narrow the wealth gap between urban and rural areas and achieve common prosperity.
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Affiliation(s)
- Zhisheng Li
- School of Business, Hunan Agricultural University, Changsha, China
| | - Cucci Mirko
- Department of Computer Sciences, University of Turin, Turin, Italy
| | | | - Jiyang Jin
- College of Innovative Business and Accountancy, Dhurakij Pundit University, Bangkok, Thailand,*Correspondence: Jiyang Jin, ✉
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172
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Al-Dhamari R, Al-Wesabi H, Farooque OA, Tabash MI, El Refae GA. Does investment committee mitigate the risk of financial distress in GCC? The role of investment inefficiency. IJAIM 2023. [DOI: 10.1108/ijaim-08-2022-0180] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/10/2023]
Abstract
Purpose
The purpose of this study is to empirically examine how the voluntary formation of a specialised investment committee (IC) and IC characteristics affect financial distress risk (FDR) and whether such impact is influenced by the level of investment inefficiency.
Design/methodology/approach
The authors use a large sample of Gulf Cooperation Council (GCC) non-financial companies during 2006–2016. A principal component analysis is done to aggregate and derive a factor score for IC characteristics (i.e. independence, size and meeting) as a proxy for the effectiveness of IC. This study also uses three measurements of FDR to corroborate the findings and partitions sample firms into overinvesting and underinvesting companies to examine the potential impact of investment inefficiency on the IC–FDR nexus.
Findings
Using feasible generalised least square estimation method, the authors document that the likelihood of financial distress occurrence decreases for firms with separate ICs. The authors also find that firms with effective ICs enjoy lower FDR. In other words, the probability of financial distress minimises if the IC is large, meets frequently and has a high number of independent directors. However, the authors find neither any moderation nor any mediation effect of investment inefficiency for the impact of IC and IC attributes on FDR. The additional analysis indicates the expected benefits of an actively performing IC are amplified for firms with risk of both over- and underinvestment. These findings are robust to alternative measures of FDR and investment inefficiency, sub-sample analysis and endogeneity concerns.
Originality/value
This study, to the best of researchers’ knowledge, is the first to provide evidence in GCC firms’ perspective, suggesting that the existence of an effective IC is associated with a lower risk of financial distress, and to some extent, the economic benefits of IC are aggrandised for companies with a high probability of over- and underinvestment problems. These results are unique and contribute to a small but growing body of literature documenting the need for effective ICs and their economic consequences on investment efficiency in the FDR environment. The findings of this study carry valuable practical implications for regulatory bodies, policymakers, investors and other interested parties in the GCC region.
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173
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Farooq M, Noor A, Maqbool N. How does corporate social responsibility affect financial distress? The moderating role of corporate governance. SRJ 2023. [DOI: 10.1108/srj-08-2021-0353] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/10/2023]
Abstract
Purpose
This study aims to investigate the impact of corporate social responsibility (CSR) on the financial distress (FD) of firms listed on the Pakistan Stock Exchange (PSX). Furthermore, the moderating effect of corporate governance (CG) on the CSR–distress relationship is investigated in this study.
Design/methodology/approach
The final sample of the study includes 117 companies from 2008 to 2021. The sample firms' CSR engagement is assessed using a multidimensional financial approach, and the likelihood of FD is determined using Altman's Z-score. The governance level is measured using the governance index, which includes 29 governance provisions. To achieve the research objectives, the system generalized method of moments estimator is used. Furthermore, several tests are performed to assess the robustness of the study's findings. The analysis was carried out using STATA software version 15.
Findings
The authors find that CSR is significantly inversely related to FD. The governance mechanism was discovered to be inversely related to FD. Furthermore, corporate governance strengthens the negative relationship between CSR and FD. In addition, the authors find that CSR is significantly inversely related to FD in firms with strong CG mechanisms but has no effect on FD in firms with weak CG mechanisms.
Practical implications
The findings of this study provide policymakers, business managers, regulators and investors with a better understanding of the relationship between the quality of CSR investments and the likelihood of FD in Pakistani firms, as well as the role of CG in this context.
Originality/value
This study contributes to our understanding of the role of CG in the CSR-distress relationship in an emerging market. This suggests that policymakers should prioritize CG quality while anticipating the impact of CSR on corporate FD.
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174
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Sunardi S, Noviolla C, Supramono S, Hermanto YB. Stock market reaction to government policy on determining coal selling price. Heliyon 2023; 9:e13454. [PMID: 36846662 PMCID: PMC9947261 DOI: 10.1016/j.heliyon.2023.e13454] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 01/02/2022] [Revised: 01/14/2023] [Accepted: 01/30/2023] [Indexed: 02/11/2023] Open
Abstract
The objectives of this study are to analyze the market response by: (a) examining the consequences of the domestic market obligation (DMO) on coal prices policy on the difference in abnormal return (AR) prior to and after the announcement; (b) determine the effect of DMO policy announcements on coal prices on trading volume activity (TVA). This research examined daily stock returns on the shares of 19 coal companies listed on the Stock Exchange in 2018, ten days before and after the DMO announcement (February 23 to March 23, 2018). Statistical analysis was used to calculate the average abnormal return (AAR) and trading volume activity (TVA). The results showed that the announcement of domestic market obligation (DMO) received a negative response from the market. This study also found that the abnormal return was negative eight days before the DMO announcement. This study also finds the cause of overreaction in the short term, namely a significant price reversal process immediately after the announcement of the DMO. The paired sample t-test found an insignificant difference in abnormal returns after or before the announcement of the DMO on coal prices policy on companies listed on the IDX for the 2018 period. While testing the TVA, a significant difference was found before and after the announcement of the coal DMO selling price policy.
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Affiliation(s)
- Sunardi Sunardi
- Department of Management, Faculty of Economics and Business, Universitas Merdeka Malang, Indonesia
| | | | - Supramono Supramono
- Department of Management, Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia
| | - Yustinus Budi Hermanto
- Economic Faculty of Darma Cendika Catholic University. Management Department, Darma Cendika Catholic University, Jl. Dr. Ir. H. Soekarno No. 201, Surabaya, 60117, East Java, Indonesia,Corresponding author.
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175
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Andersen TG, Su T, Todorov V, Zhang Z. Intraday Periodic Volatility Curves. J Am Stat Assoc 2023. [DOI: 10.1080/01621459.2023.2177546] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/10/2023]
Affiliation(s)
- Torben G. Andersen
- Kellogg School of Management, Northwestern University, NBER, and CREATES
| | - Tao Su
- School of Statistics and Mathematics, Zhejiang Gongshang University
| | | | - Zhiyuan Zhang
- School of Statistics and Management, Shanghai University of Finance and Economics
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176
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Thakurta R, Guha Deb S. Limited Effectiveness of IT/IS Investments in an Emerging Economy. SIGMIS Database 2023. [DOI: 10.1145/3583581.3583587] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/09/2023]
Abstract
The business value of investments in information technology/information system (IT/IS) has been the subject of active research over several decades. Even though a plethora of similar studies analyzing the impact of promised IT/IS investments on firm performance exists, the results, largely inconclusive, mostly concentrate on the developed countries. In this backdrop, and with an expected manifold rise in IT/IS investments in India in the coming years, an assessment of the relationship between investments and firm performance can be noteworthy. The study explores this important issue by analyzing the impact of IT/IS investments on the firm's performance in India based on data of around 6500 IT/IS investments during 2000-2016. We deploy a series of univariate and multivariate analyses and complement those with several robustness tests. Our principal findings indicate that IT/IS investments on the average in India have been mostly unsuccessful in impacting firm performance positively, in line with "productivity paradox" phenomenon previously documented in the U.S. and other markets. We substantiate our principal results using several robustness tests. We offer several possible explanations of our results spanning across both IS as well as finance literature and discuss the implications of future investment prospects for firms. The results highlight the need for adoption of caution by firms operating in emerging economies like India while considering future IT/IS investment decisions. These suggestions are likely to serve as a good reference point in other emerging economies as well.
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177
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Almustafa H, Nguyen QK, Liu J, Dang VC. The impact of COVID-19 on firm risk and performance in MENA countries: Does national governance quality matter? PLoS One 2023; 18:e0281148. [PMID: 36745655 DOI: 10.1371/journal.pone.0281148] [Citation(s) in RCA: 2] [Impact Index Per Article: 2.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 04/19/2022] [Accepted: 01/16/2023] [Indexed: 02/07/2023] Open
Abstract
This study investigated the impact of the COVID-19 crisis on firm risk and performance in different country-level governance qualities in the MENA region. Analyzing a sample of 739 non-financial listed firms in 12 MENA countries for the period 2011-2020, we found that the COVID-19 crisis negatively impacted the performance of firms, especially low-performance firms, in most industries, and increased firm risk in general. Moreover, we found that national governance quality plays an important role in mitigating the negative impact of the COVID-19 crisis on firm operations. Specifically, national governance quality reduces the negative impact of the COVID-19 crisis on firm performance and the positive impact of the crisis on firm risk. The results are consistent with our contention that national governance quality contributes to creating a positive environment for businesses activities and reducing economic shocks.
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178
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Sun SL, Ko YJ. The Zone of Conformity: A Comparison of Private and State-Controlled Enterprises in M&As. Manag Int Rev 2023; 63:247-284. [PMID: 36776758 PMCID: PMC9901405 DOI: 10.1007/s11575-023-00501-9] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/25/2021] [Revised: 11/06/2022] [Accepted: 01/09/2023] [Indexed: 02/09/2023]
Abstract
Drawing from the literature on institutional pressure, we argue that firms with different ownership types have different strategic options in domestic and overseas markets, namely the zone of conformity. State-controlled enterprises (SCEs) have a broader range of acceptable actions than do private-controlled enterprises (PCEs) in a domestic market but face more sanctions and stricter conformity requests in an overseas market. The concept of the zone of conformity predicts SCEs have a higher probability of deal failure overseas than in domestic markets and strategically seek less equity ownership of target firms in cross-border deals. The autocracy level of target country moderates the M&A behaviors difference between SCEs and PCEs. Our analysis of 12,497 Chinese mergers and acquisitions supports the study hypotheses. Supplementary Information The online version contains supplementary material available at 10.1007/s11575-023-00501-9.
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Affiliation(s)
- Sunny Li Sun
- grid.225262.30000 0000 9620 1122Robert J. Manning School of Business, University of Massachusetts Lowell, 72 University Ave, 01854 Lowell, MA USA
| | - Young Jin Ko
- grid.264381.a0000 0001 2181 989XSungkyunkwan University, 25-2, Seonggyungwan-ro, Seoul, South Korea
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179
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Liu F, Liu C, Wang X, Park K, Fang M. Keep concentrated and carry on: redesigning supply chain concentration in the face of COVID-19. International Journal of Logistics Research and Applications 2023. [DOI: 10.1080/13675567.2023.2175803] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/09/2023]
Affiliation(s)
- Feng Liu
- Business School, Shandong University, Weihai, People’s Republic of China
| | - Caixia Liu
- Business School, Shandong University, Weihai, People’s Republic of China
| | - Xueqin Wang
- Department of International Logistics, Chung-Ang University, Seoul, South Korea
| | - Kwangtae Park
- Department of Logistics, Service & Operations Management, Korea University Business School, Seoul, South Korea
| | - Mingjie Fang
- Department of Logistics, Service & Operations Management, Korea University Business School, Seoul, South Korea
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180
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Guo X, Wang J. Outward foreign direct investment, green financial development, and green total factor productivity: evidence from China. Environ Sci Pollut Res Int 2023. [PMID: 36746857 DOI: 10.1007/s11356-023-25651-z] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 11/30/2022] [Accepted: 01/27/2023] [Indexed: 02/08/2023]
Abstract
Prevailing research suggests reverse green technology spillovers from outward foreign direct investment (OFDI) significantly impact the green total factor productivity (GTFP) of the home country. However, the contribution of OFDI may depend on the home country's absorptive capacity. Based on panel data of 30 provinces in China from 2005 to 2019, this study constructs a generalized method of moments (GMM) model and a dynamic threshold panel model to empirically investigate how green financial development influences the impact of OFDI on the GTFP of the home country. We found that green financial development plays a positive moderating role in the impact of OFDI on GTFP in home country. The results also show the impact of OFDI on GTFP has a significant single-threshold effect on green financial development. Only when green financial development reaches a certain level can OFDI significantly promote GTFP of the home country. Moreover, regional heterogeneity exists in the moderating effect of green financial development. Given the ongoing growth of China's OFDI, it is vital to decide on a proper green financial development policy to improve the reverse spillover effect of OFDI firms on the nation's GTFP. The empirical analysis suggests that policymakers should build a multilevel green financial system to allocate financial resources and maximize the reverse spillover effect of OFDI.
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181
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Qiao M, Chen S, Xu S. Equity incentive contract characteristics and company operational performance-An empirical study of Chinese listed companies. PLoS One 2023; 18:e0281244. [PMID: 36745604 PMCID: PMC9901763 DOI: 10.1371/journal.pone.0281244] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [MESH Headings] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/01/2022] [Accepted: 01/18/2023] [Indexed: 02/07/2023] Open
Abstract
Equity incentive, as an institutional arrangement for the coordination of the interests of shareholders and managers, has been widely implemented by public companies in developed capital markets throughout Europe and America. However, does it work and/or when might it be more effective in emerging market economies such as China? We aimed to understand the effects of equity incentive plans implemented by listed companies in China and the potential influence of the general characteristics of contracts on the effectiveness of equity incentive plans. Based on behavioral decision theory, this paper adopts a multivariate linear regression model to analyze the 1695 equity incentive plans implemented in Chinese listed companies between 2010 and 2018 with their two-year lagged performance data. The empirical results show that the operational performance of companies after implementing equity incentive plans shows a trend of polarization. In the 95% confidence interval, the effect of restrictive stock incentive and exercise-constrained variables is not significant, while the validity period has a significant positive correlation and incentive intensity has a significantly negative correlation with the company's operational performance. Furthermore, the negative effects mentioned above become more obvious with a longer plan implementation period. Based on these conclusions, we suggest that companies could adopt equity incentive plans with a relatively longer validity period and more reasonable incentive intensity. Additionally, it would be better for companies to select non-restricted stocks as incentive tools if there is no obvious preference.
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Affiliation(s)
- Mingzhe Qiao
- School of Finance & Management, Shanghai University of International Business and Economics, Shanghai, China
| | - Saihong Chen
- School of Finance & Management, Shanghai University of International Business and Economics, Shanghai, China
| | - Shiwei Xu
- College of Business, Shanghai University of Finance and Economics, Shanghai, China
- School of Economics and Management, Shanghai Ocean University, Shanghai, China
- * E-mail:
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182
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Wang W, Chen F, Long Z, Chen F, Tsai FS. A Text-Based Competition Network. J ORGAN END USER COM 2023. [DOI: 10.4018/joeuc.317138] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/05/2023]
Abstract
This paper utilizes nonfinancial information disclosure to develop a measure of text-based competition network. Using the data of China's listed firms, the authors adopt the textual analysis method to identify a unique group of competitors for the focal firm and construct the text-based competition network. In the whole network, leading firms receive increasing attention from competitors, and they play a vital role for the dynamic changes in the whole market. Moreover, the interactions between the focal firm and competitors in the text-based competition network are shown by some financial indicators. The characteristics of the text-based competition network have a significant impact on the future performance of the focal firm. Finally, economic links in the competition network are discussed by varying the number of competitors, which shows the impact of various competitors on economic similarities. The text-based competition network shows the relative importance of competitors for the focal firm and explains firms' decision-making from the perspective of dynamic competition.
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Affiliation(s)
| | | | | | | | - Fu-Sheng Tsai
- North China University of Water Resources and Electric Power, China & Department of Business Administration, Center for Environmental Toxin and Emerging-Contaminant Research, China & Super Micro Mass Research and Technology Center, Cheng Shiu University (CSU), Taiwan
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183
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Ding Z, Li W, Zhou X. Is the establishment of city commercial banks more efficient in promoting green innovation? Environ Sci Pollut Res Int 2023. [PMID: 36735121 DOI: 10.1007/s11356-023-25351-8] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 11/22/2022] [Accepted: 01/12/2023] [Indexed: 02/04/2023]
Abstract
Green innovation is an important way to realize the "double carbon" target, but financial support is necessary and important. This paper uses the multi-period difference-in-difference method to estimate the impact of city commercial banks on city green innovation. The data sample is the panel data of 285 prefecture-level cities in China from 2003 to 2019. Based on the empirical results, it can be concluded that city commercial banks can significantly promote green innovation, but have no significant contribution to the unbiased technological progress expressed by total factor productivity, i.e., overall innovation, while indicating that they are more efficient in promoting green innovation than overall innovation. This finding is still valid after a series of robustness, placebo, and parallel trend tests. After considering the moderating effect of environmental regulations, we find that market-incentive environmental regulation has a significant moderating effect on green innovation promotion, whereas command-control environmental regulation does not. On this basis, we propose policy recommendations to promote the development of city commercial banks; strengthen green innovation in central and western China, be both rigid and flexible in their approach to environmental regulation; and improve legal regulations.
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184
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Ungpakorn S, Chatjuthamard P, Jiraporn P, Phiromswad P. Infectious diseases, dividend policy, and independent directors: Evidence from textual analysis. PLoS One 2023; 18:e0281109. [PMID: 36730357 PMCID: PMC9894484 DOI: 10.1371/journal.pone.0281109] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [MESH Headings] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 01/09/2022] [Accepted: 01/17/2023] [Indexed: 02/03/2023] Open
Abstract
We investigated the effect of uncertainty associated with infectious diseases on corporate dividend policy. We used a unique text-based measure of infectious diseases that includes not only the Covid-19, but also other important diseases, such as SARs, MERs, and Ebola. Based on a sample of 287,151 firm-year observations across four decades (from 1985 to 2021), our results show that a higher level of uncertainty associated with infectious diseases significantly reduce dividends. Interestingly, we also found that having more independent directors on the board mitigates the negative effect of uncertainty associated with infectious diseases on dividends which implies that the reduction in dividends was partly driven by agency conflicts. We performed several robustness checks which confirm that our findings are unlikely to be affected by endogeneity issues.
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Affiliation(s)
- Saranyu Ungpakorn
- Sasin School of Management, Chulalongkorn University, Bangkok, Thailand
| | - Pattanaporn Chatjuthamard
- Center of Excellence in Management Research for Corporate Governance & Behavioral Finance, Sasin School of Management, Chulalongkorn University, Bangkok, Thailand
| | - Pornsit Jiraporn
- Great Valley School of Graduate Professional Studies, Pennsylvania State University, Malvern, PA, United States of America
| | - Piyachart Phiromswad
- Research Unit in Finance and Sustainability in Disruption Era, Sasin School of Management, Chulalongkorn University, Bangkok, Thailand
- * E-mail:
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185
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Ozili PK. Central bank digital currency and bank earnings management using loan loss provisions. DPRG 2023. [DOI: 10.1108/dprg-11-2022-0139] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/04/2023]
Abstract
Purpose
This paper aims to analyse the role of central bank digital currency (CBDC) in bank earnings management and focus on how CBDC activity might influence banks to engage in accrual earnings management using loan loss provisions (LLPs) and the implications for earnings quality.
Design/methodology/approach
The paper used conceptual discourse analysis to explain the role of CBDC in bank earnings management.
Findings
Banks will use accruals, such as LLPs, to manage earnings when CBDC-induced bank disintermediation leads to a reduction in bank deposits, a reduction in bank lending and a likely reduction in reported earnings. Bank managers will mitigate the reduction in reported earnings by lowering discretionary LLPs to increase reported earnings.
Originality/value
The recent emergence of CBDC in the digital currency universe has led to increased research interest on the role of CBDC in corporations and society. This study contributes to the literature by focusing on banks, and examining the effect of CBDC on bank earnings management.
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186
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Telg S, Dubinova A, Lucas A. Covid-19, credit risk management modeling, and government support. J Bank Financ 2023; 147:106638. [PMID: 36033649 PMCID: PMC9394100 DOI: 10.1016/j.jbankfin.2022.106638] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 05/31/2021] [Accepted: 08/06/2022] [Indexed: 06/15/2023]
Abstract
We investigate rating and default risk dynamics over the covid-19 crisis from a credit risk modeling perspective. We find that growth dynamics remain a stable and sufficient predictor of credit risk incidence over the pandemic period, despite its large, short-lived swings due to government intervention and lockdown. Unobserved component models as used in the recent credit risk literature appear mainly helpful for explaining the high-default wave in the early 2000s, but less so for default prediction above and beyond growth dynamics during the 2008 financial crisis or the early 2020 covid default peak. Government support variables do not reduce the impact of either growth proxies or unobserved components. Correlations between government support and credit risk are different, however, during the financial and the covid crisis. Using the empirical models in this paper as credit risk management tools, we show that growth factors also suffice to predict credit risk quantiles out-of-sample during covid times.
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Affiliation(s)
- Sean Telg
- Vrije Universiteit Amsterdam, Netherlands
- Tinbergen Institute, Netherlands
| | | | - Andre Lucas
- Vrije Universiteit Amsterdam, Netherlands
- Tinbergen Institute, Netherlands
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187
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Ozili PK, Arun TG. What drives bank income smoothing? Evidence from Africa. Int J Discl Gov 2023. [DOI: 10.1057/s41310-023-00171-x] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/04/2023]
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188
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Bastardoz N, Matthews MJ, Sajons GB, Ransom T, Kelemen TK, Matthews SH. Instrumental variables estimation: Assumptions, pitfalls, and guidelines. The Leadership Quarterly 2023. [DOI: 10.1016/j.leaqua.2022.101673] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/05/2023]
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189
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Adhikari B, Kavanagh M, Hampson B. Analysis of the pre-post-merger and acquisition financial performance of selected banks in Nepal. Asia Pacific Management Review 2023. [DOI: 10.1016/j.apmrv.2023.02.001] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/20/2023]
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190
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Hasan I, Marra M, To TY, Wu E, Zhang G. COVID-19 Pandemic and Global Corporate CDS Spreads. J Bank Financ 2023; 147:106618. [PMID: 35873083 PMCID: PMC9287578 DOI: 10.1016/j.jbankfin.2022.106618] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 06/01/2021] [Accepted: 07/12/2022] [Indexed: 06/01/2023]
Abstract
We examine the impact of the COVID-19 pandemic on the credit risk of companies around the world. We find that increased infection rates affect firms more adversely as reflected by the wider increase in their credit default swap (CDS) spreads if they are larger, more leveraged, closer to default, have worse governance and more limited stakeholder engagement, and operate in more highly exposed industries. We observe that country-level determinants such as GDP, political stability, foreign direct investment, and commitment to crisis management (income support, health and lockdown policies) also affect the sensitivity of CDS spreads to COVID-19 infection rates. A negative amplification effect exists for firms with high default probability in countries with fiscal constraints. A direct comparison between global CDS and stock markets reveals that the CDS market prices in a distinct set of corporate traits and government policies in pandemic times.
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191
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Tang W, Tang F. The Poisson Binomial Distribution— Old & New. Stat Sci 2023. [DOI: 10.1214/22-sts852] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 01/19/2023]
Affiliation(s)
- Wenpin Tang
- Wenpin Tang is Assistant Professor, Department of Industrial Engineering and Operations Research, Columbia University, New York, New York 10027, USA
| | - Fengmin Tang
- Fengmin Tang is Graduate student, Institute for Computational & Mathematical Engineering, Stanford University, Stanford, California 94305, USA
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192
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Van Doorn S, Heyden ML, Reimer M. The private life of CEOs; A strategic leadership perspective. The Leadership Quarterly 2023. [DOI: 10.1016/j.leaqua.2023.101679] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/23/2023]
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193
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Liu Q, Xu M, Xiong J. Will a boom be followed by crash? A new systemic risk measure based on right-tail risk. Front Psychol 2023; 13:1104618. [PMID: 36817390 PMCID: PMC9928960 DOI: 10.3389/fpsyg.2022.1104618] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 11/21/2022] [Accepted: 12/26/2022] [Indexed: 02/04/2023] Open
Abstract
In this study, we demonstrate that high short-term gains on the A-share market may lead to significant losses in the future and potentially cause a market catastrophe. To study the accumulation, outbreak, and cross-sector spillover process of systemic risk in the Chinese stock market, we define right-tail risk as a large rally process that may lead to left-tail losses in the future and construct a tail volatility spillover network by distinguishing between left-tail and right-tail risk. In the risk accumulation process, the market expectation bias of common shocks considerably magnifies heterogeneity risk, and in the risk outbreak and spillover processes, the greatest systemically important and systemically susceptible sectors are banking and information technology, respectively. In addition, the level of risk spillover is extremely sensitive to tail shocks and increases as tail shocks intensify. Moreover, right-tail risk has more forward-looking predictive power for left-tail risk. Apart from achieving immediate regulatory objectives, Chinese authorities must consider market expectation bias when implementing rules. Additionally, authorities want to be wary of right-tail risk, which has the potential to create serious and pervasive damage in the future if the market is allowed to be unregulated during short-term spikes.
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Affiliation(s)
- Qing Liu
- Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China
| | - Mengxia Xu
- Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, Shanghai, China
| | - Jinwu Xiong
- Entrepreneur Research Center, School of Business, China University of Political Science and Law, Beijing, China,*Correspondence: Jinwu Xiong, ✉
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194
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Keshavarzi M, Ghaffary HR. An ontology-driven framework for knowledge representation of digital extortion attacks. Comput Human Behav 2023; 139:107520. [PMID: 36268220 PMCID: PMC9557090 DOI: 10.1016/j.chb.2022.107520] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/06/2022] [Revised: 10/02/2022] [Accepted: 10/07/2022] [Indexed: 11/22/2022]
Abstract
With the COVID-19 pandemic and the growing influence of the Internet in critical sectors of industry and society, cyberattacks have not only not declined, but have risen sharply. In the meantime, ransomware is at the forefront of the most devastating threats that have launched the lucrative illegal business. Due to the proliferation and variety of ransomware forays, there is a need for a new theory of categories. The intricacy and multiplicity of components involved in digital extortions entails the construction of a knowledge representation system that is able to organize large volumes of information from heterogeneous sources in a formal structured format and infer new knowledge from it. This paper suggests and develops a dedicated ontology of digital blackmails, called Rantology, with a particular focus on ransomware assaults. The logic coded in this ontology allows to assess the maliciousness of programs based on various factors, including called API functions and their behaviors. The proposed framework can be used to facilitate interoperability between cybersecurity experts and knowledge-based systems, and identify sensitive points for surveillance. The evaluation results based on several criteria confirm the adequacy of the suggested ontology in terms of clarity, modularity, consistency, coverage and inheritance richness.
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195
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Zandberg J, Waller R, Visoki E, Barzilay R. Association Between State-Level Access to Reproductive Care and Suicide Rates Among Women of Reproductive Age in the United States. JAMA Psychiatry 2023; 80:127-134. [PMID: 36576746 PMCID: PMC9857811 DOI: 10.1001/jamapsychiatry.2022.4394] [Citation(s) in RCA: 3] [Impact Index Per Article: 3.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [MESH Headings] [Grants] [Track Full Text] [Journal Information] [Submit a Manuscript] [Subscribe] [Scholar Register] [Received: 05/29/2022] [Accepted: 09/07/2022] [Indexed: 12/29/2022]
Abstract
Importance Many states in the United States enforce restrictions to reproductive care, with access to abortion remaining a highly divisive issue. Denial of abortion is linked with heightened stress and anxiety among reproductive-aged women. However, no studies have tested whether access to reproductive care is linked to suicide. Objective To evaluate whether state-level restrictions in access to reproductive care in the United States were associated with suicide rates among reproductive-aged women from 1974 to 2016. Design, Setting, and Participants A longitudinal ecologic study with a difference-in-differences analysis assessed whether annual changes in the enforcement of state-level restrictions to reproductive care were related to annual state-level suicide rates vs rates of death due to motor vehicle crashes. Duration of follow-up varied between different states (range, 4-40 years), contingent on the first year that restrictions were implemented. Models controlled for year and state fixed effects and other relevant demographic and economic factors. Analyses were conducted between December 2021 and January 2022. Exposures Targeted Regulation of Abortion Providers (TRAP) laws index measuring state-year-level restrictions to reproductive care. Main Outcomes and Measures Annual state-level suicide rates and motor vehicle crash death rates among reproductive-aged women (ages 20-34 years; target group) vs women of postreproductive age (ages 45-64 years; control group). Results Twenty-one US states enforced at least 1 TRAP law between 1974 and 2016. Annual rates of death by suicide ranged from 1.4 to 25.6 per 100 000 women of reproductive age to 2.7 to 33.2 per 100 000 women of postreproductive age during the study period (1974-2016). Annual motor vehicle crash death rates among women of reproductive age ranged from 2.4 to 42.9 per 100 000. Enforcement of TRAP laws was associated with higher suicide rates among reproductive-aged women (β = 0.17; 95% CI, 0.03 to 0.32; P = .02) but not women of postreproductive age (β = 0.06; 95% CI, -0.11 to 0.24; P = .47) nor to deaths due to motor vehicle crashes (β = 0.03, 95% CI, -0.04 to 0.11; P = .36). Among reproductive-aged women, the weighted average annual-state level suicide death rate when no TRAP laws were enforced was 5.5 per 100 000. Enforcement of a TRAP law was associated with a 5.81% higher annual rate of suicide than in pre-enforcement years. Findings remained significant when using alternative, broader indices of reproductive care access and different age categorizations. Conclusions and Relevance In this study with a difference-in-differences analysis of US women, restrictions on access to reproductive care from 1974 to 2016 were associated with suicide rates among reproductive-aged women. Given the limitations of the ecologic design of this study, further research is needed to assess whether current factors affecting access to reproductive care services are related to suicide risk among women of reproductive age and to inform suicide prevention strategies.
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Affiliation(s)
| | - Rebecca Waller
- Department of Psychology, University of Pennsylvania, Philadelphia
| | - Elina Visoki
- Children’s Hospital of Philadelphia, Department of Child and Adolescent Psychiatry and Behavioral Sciences, Philadelphia, Pennsylvania
- Lifespan Brain Institute of the Children’s Hospital of Philadelphia and Penn Medicine, Philadelphia, Pennsylvania
| | - Ran Barzilay
- Children’s Hospital of Philadelphia, Department of Child and Adolescent Psychiatry and Behavioral Sciences, Philadelphia, Pennsylvania
- Lifespan Brain Institute of the Children’s Hospital of Philadelphia and Penn Medicine, Philadelphia, Pennsylvania
- University of Pennsylvania Perelman School of Medicine, Department of Psychiatry, Philadelphia
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196
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Borgholthaus CJ, White JV, Harms PD. CEO dark personality: A critical review, bibliometric analysis, and research agenda. Personality and Individual Differences 2023. [DOI: 10.1016/j.paid.2022.111951] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Submit a Manuscript] [Subscribe] [Scholar Register] [Indexed: 11/06/2022]
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197
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Neukirchen D, Engelhardt N, Krause M, Posch PN. The value of (private) investor relations during the COVID-19 crisis. J Bank Financ 2023; 147:106450. [PMID: 36568843 PMCID: PMC9758879 DOI: 10.1016/j.jbankfin.2022.106450] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 03/09/2021] [Accepted: 02/24/2022] [Indexed: 06/17/2023]
Abstract
We investigate the value of investor relations (IR) and find firms with strong IR to experience between five and eight percentage points higher stock returns than those with weak IR during the COVID-19 crisis. Firms with better-quality IR are also associated with higher investor loyalty and appear to have attracted significantly more institutional investors over the crisis period. This suggests that a firm's IR contributes to value generation by enhancing credibility with shareholders and by diversifying its shareholder base. After decomposing IR into public and private transmission channels, we find the private IR function to be the main driver of our results.
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Affiliation(s)
- Daniel Neukirchen
- TU Dortmund University, Faculty of Business and Economics, Chair of Finance, Otto-Hahn-Str. 6, Dortmund 44227, Germany
| | - Nils Engelhardt
- TU Dortmund University, Faculty of Business and Economics, Chair of Finance, Otto-Hahn-Str. 6, Dortmund 44227, Germany
| | - Miguel Krause
- TU Dortmund University, Faculty of Business and Economics, Chair of Finance, Otto-Hahn-Str. 6, Dortmund 44227, Germany
| | - Peter N Posch
- TU Dortmund University, Faculty of Business and Economics, Chair of Finance, Otto-Hahn-Str. 6, Dortmund 44227, Germany
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198
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Greppmair S, Jank S, Smajlbegovic E. On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic. J Bank Financ 2023; 147:106652. [PMID: 36119141 PMCID: PMC9464317 DOI: 10.1016/j.jbankfin.2022.106652] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 05/18/2021] [Accepted: 08/26/2022] [Indexed: 06/15/2023]
Abstract
Using the exogenous shock of the COVID-19 pandemic, we study how informed market participants incorporate fiscal space into their trading decisions. At the onset of the pandemic, short-selling activity shifted towards companies with low financial flexibility but only in countries with limited fiscal space. Among such companies, short sellers specifically targeted those that generate their revenues mainly in the domestic market. These short sellers entered their positions before the market crash, thereby generating significant abnormal returns. We find no evidence of either herding behavior prior to the market crash or a long-run performance reversal of short sellers. These findings support the notion that short sellers help to promote price efficiency in times of crisis, where governments with budgetary constraints are unable to provide sufficient stimuli to their economies.
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199
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Sidki M, Boerger L, Boll D. The effect of board members’ education and experience on the financial performance of German state-owned enterprises. J Manag Gov 2023. [DOI: 10.1007/s10997-022-09663-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/04/2023]
Abstract
AbstractWithin state-owned enterprises (SOEs), supervisory board mandates are often given to politicians, many of whom are selected through political processes in which competence is not necessarily the decisive factor. This paper analyzes the impact of this form of governance, examining the business competence level of supervisory board members and their influence on the financial performance of 58 state-owned utility companies in Germany from 2011 to 2016 by applying OLS regression. For this purpose, the biographical backgrounds of 3350 supervisory board members were compiled to discern their education, management, and industry experience. Contrary to our hypotheses, the empirical analyses show no effects for any of the competence dimensions on companies’ profitability. In a more detailed analysis, we find that board members with management experience from outside the energy sector seem detrimental to the company, which may indicate self-overestimation bias. This result is robust across different specifications and opens up an interesting new approach to analyzing the impact of board member competence on firm performance. The insignificance of the other competence areas indicates a rather low impact of supervisory boards on SOEs based on their unique institutional setting and in comparison to private sector corporate governance. Overall, this study contributes to both scholars and practitioners by providing new insights in the field of public corporate governance, focusing on the unique situation of the competence of politically connected boards and their influence on SOEs.
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200
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Liao Z, Huang C, Yu Y, Xiao S(S, Zhang JZ, Behl A, Pereira V, Ishizaka A. Linking experimental culture, improvisation capability and firm’s performance: a theoretical view. JKM 2023. [DOI: 10.1108/jkm-07-2022-0506] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 01/31/2023]
Abstract
Purpose
This study aims to investigate the causal relationships within an experimental culture of improvisation capability and firm performance, following the logic of “culture-capability-performance” and building on informal institution theory and dynamic capability theory.
Design/methodology/approach
Data was mainly collected via on-site questionnaires from firm managers, and 196 valid questionnaires were analyzed using structural equation modeling to test the relationship among experimental culture, improvisation capability and firms’ performance.
Findings
Trust and support had a positive impact on firm spontaneity, while the effect of action promotion and error tolerance was not significant. Action promotion, trust and support demonstrate substantial positive effects on the creativity of a firm. Both dimensions of improvisation capability positively and significantly influence a firm’s performance.
Research limitations/implications
The research respondents were firm managers. Cross-sectional data were used to analyze the model, which may cause common method variance. The research context was limited to China, and the generalizability of the results needs to be considered.
Practical implications
Firms can cultivate a culture of trust and support to enhance their spontaneity and improvisation capability. They can encourage cross-departmental communication, empower employees with autonomy in decision-making, provide appropriate resource support for employees’ decisions and use praise and reward incentives to spur further innovation achievements.
Originality/value
This study addresses the gaps in a firm’s improvisation capability within a Chinese market context by theoretically and empirically examining the role of experimental culture and assessing the relationship among each of the dimensions of improvisation capability in relation to firm performance identified in this study.
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