The digital transformation of firms significantly contributes to the advancement of a digital China, fostering both economic efficiency and high-quality enterprise development. Using annual report data from Chinese manufacturing companies (2011-2019), this study employs text mining to develop...

This paper examines the effect of foreign bank entry on local firms’ social performance. We find that foreign bank entry is associated with better performance of local firms in regard to corporate social responsibility (CSR). The effect is more pronounced when firms face less favorable...

We find a negative relation between abnormal investment and future stock performance. Such a negative relation is mainly driven by under-investment, not over-investment. Our results are robust to various estimation methods and investment models. Both delayed market reaction and agency issues may...