Listed companies in China have provided large numbers of loan guarantees for borrowers in recent years. The loan guarantee size of A-share Main Board listed companies was about RMB 3.85 trillion at the end of 2017. On the one hand, loan guarantees help borrowers access debt financing, which...

We investigate the governance effect of ownership structure on real earnings management (REM). Using a large sample of Chinese listed firms from 2003 to 2010, we provide empirical evidence that ownership structure significantly affects the level of REM. We find that the level of REM is...

This paper documents stock market responses to the arrest of Shanghai's top leader by the Chinese central government in September 2006. The effects of personal-level and organizational-level connections to the local state are found to be negative and insignificant, respectively, on cumulative...

Although ownership structure is fundamental to corporate accounting behaviors, the current literature provides scarce evidence about the governance effect of ownership structure on real earnings management (REM). We seek to address this issue by using a sample of Chinese listed firms which are...

Purpose – The purpose of this paper is to explore whether financial risk management (FRM) can improve enterprise value in China's current economic environment. Design/methodology/approach – A theoretical model is constructed which decomposes firms by different combinations expressed by cash...

Catalytic ozonation is an effective technology widely used in advanced treatment to remove refractory organics from wastewater. Meanwhile, it is also a highly energy-consuming technology, usually accounting for 30%~40% of the total electricity consumption of a wastewater treatment plant (WWTP)....