Based on a theoretical analysis, we construct a model of managerial overconfidence (MOC) and firm total factor productivity (TFP), as well as a mediating model of credit reallocation. Using annual data on companies listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, we...

This study examines whether firms’ financial fraudulent behavior varies when local firms are led by nonlocal CEOs. Building on the social identity theory, we argue that nonlocal CEOs, due to their different location-based social identities, are perceived as outgroup leaders and face intergroup...

The state council initiated the Regulations on the Administration of Foreign Banks (Reg AFB) in 2015, which significantly lifted the barriers of foreign banks’ operation in RMB business. Employing two-way fixed effect model, we find Reg AFB led to significant decrease in firms’ cost...

The Chinese government distributes enormous government subsidies (GSs) to Chinese companies to achieve high-quality development goals. This study investigates the relationship between GSs and green innovation (GINN) in Chinese listed companies, focusing on the moderating role of marketization....

In recent years, the phenomenon of ‘greenwashing’ of corporate environmental, social and governance (ESG) reports has been on the rise, seriously interfering with normal capital investment behaviour. This paper explores the relationship between investor concerns and the ‘greenwashing’ of...

The practice of carbon emissions trading (CET) has been carried out in China since 2013. Compared to more mature CET market mechanisms such as in Europe, the impact of the policies implemented in China regarding CET on the micro behavior of firms is quite different from that of mature market....

Implicit taxes refer to the reduction in the pre-tax rate of return due to tax preferences on investment, while explicit taxes are the direct taxes paid to the government. The literature suggests that tax accounting research should incorporate implicit taxes in its analyses to estimate the total...

AbstractWe investigate the moderating role of governments’ financial constraints in the relationship between their ownership of publicly listed firms and dividend policy. Using a worldwide sample of 1,906 publicly listed firms that were targets of government investments over the period from...

This study examines the impact of managerial foreign experience on corporate risk-taking using manually collected data from Chinese-listed companies. We find that CEOs' foreign experience is positively associated with corporate risk-taking. Firms with foreign experience CEOs, compared to those...

The popularity of the ESG investment necessitates enterprises to concentrate on sustainability values and governance capabilities. The burgeoning green bond market provides opportunities for a growing number of enterprises to achieve green transformations. Utilizing green bond issuance data from...