This study examines the relationship between carbon policy risk and corporate capital structure in China. Using a sample of A-share listed firms from 1997 to 2018, we find that carbon policy risk reduces firms’ financial leverage. The result is robust to the introduction of...

The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual...

We examine the implications of insider trading restrictions on firms’ real activities earnings management in an international setting. Using a sample of 28 countries over the period from 1992 to 2007, we find evidence that is supportive of the substitution hypothesis, in that managers have...