We examine the relation between industry specialist auditors and cost of debt financing using a national and city level industry specialist framework. Consistent with the assumption that higher audit quality is associated with lower information risk, which benefits clients in raising debt...

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 examine how the information disclosure quality of mandatory disclosure changes in response to the strength of creditor governance. Creditor governance is more prominent after debt covenant violations when banks use control rights to influence firm policies. We find that the complexity of...

In the context of the digital economy, empowering firm innovation investment through digital transformation is an important strategy for promoting innovation development in China. This study investigates the effects and mechanisms of digital transformation on firm innovation investment from the...