This paper explores the effect of China’s staggered rollout of social credit reform (hereafter “the reform”), designed to improve credit information and credit market efficiency, on firm-level trade credit financing. The reform improves firms’ access to trade credit financing in...

We conducted an assessment of the impact of Property Rights on the toxic emissions of Chinese industrial firms. Specifically, we focused on the 2007 enactment of the Property Law in China and utilized difference-in-difference estimations to analyze firms' pollutant emissions. Our findings reveal...

We conducted an assessment of the impact of Property Rights on the toxic emissions of Chinese industrial firms. Specifically, we focused on the 2007 enactment of the Property Law in China and utilized difference-in-difference estimations to analyze firms’ pollutant emissions. Our findings...

This paper explores the effect of judicial quality on corporate innovation by taking advantage of the staggered establishment of Circuit Courts in China. We find that the introduction of Circuit Courts increases corporate innovation, particularly for central SOEs and private firms. Channel...

Using the geographic location data of 218,554 commercial bank branches in China, we find that an increasing number of bank branches in the vicinity of enterprises, namely bank competition, leads to higher corporate employment, particularly for non-SOEs. Channel analyses reveal that better access...

This article examines the propensity to pay dividends in the U.S banking sector during 1973-2014. Although the propensity to pay dividends has been declining over the 52 years of our sample period, banks are consistently more likely to pay dividends than non-financial firms. Using the...