Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance
Abstract
:1. Introduction
2. Literature Review
2.1. Short-Selling and the SME Board in China
2.2. Short-Selling and Firm Financial Performance
2.3. Short-Selling, CSR Performance, and Firm Financial Performance
3. Methodology
3.1. Measurements of Variables
3.2. Empirical Models
3.3. The Propensity Score Matching (PSM) Method
3.4. Data and Sample Sources
4. Results and Discussion
4.1. Empirical Results
4.2. Further Analysis of Family Business Effect
4.3. Further Analysis of Real Short-Selling Threats
4.4. Robustness Test
5. Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Variable | Measurement | Source |
---|---|---|
Independent variables | ||
Deregulation of short-selling (SHORT) | A dummy variable (0,1) equals 1 if the firm is shortable and 0 otherwise | Shenzhen Stock Exchange |
Time factor of short-selling (TREAT) | A dummy variable (0,1) equals 1 for the years after the firm is shortable and 0 otherwise. | Shenzhen Stock Exchange |
SHORT * TREAT | Interactive item of SHORT and TREAT | Shenzhen Stock Exchange |
Mediating variable | ||
CSR performance (CSR) | The actual CSR scores of individual stocks | Hexun Net CSR rating data |
Dependent variables | ||
Tobin’s Q | Market value of total assets divided by asset value | CSMAR Database |
ROA | Net income divided by total assets | CSMAR Database |
Control Variables | ||
Firm size (SIZE) | Natural logarithm of market capitalization | CSMAR Database |
Firm growth (GROWTH) | Market-to-book ratio | CSMAR Database |
Firm leverage (LEV) | Total liability divided by total assets | CSMAR Database |
Year effect | ||
Industry effect |
Treatment Group (Shortable) | Control Group (Non-Shortable) | |||||||
---|---|---|---|---|---|---|---|---|
Variables | N | Mean | Std | Median | N | Mean | Std | Median |
Tobin’s Q | 2519 | 2.1173 | 1.0901 | 1.7596 | 2519 | 2.1435 | 1.0057 | 1.8221 |
ROA | 2519 | 0.0596 | 0.0455 | 0.0528 | 2519 | 0.0580 | 0.0461 | 0.0545 |
CSR | 2519 | 24.6204 | 14.1353 | 22.0800 | 2519 | 25.9472 | 15.6520 | 22.8500 |
SIZE | 2519 | 22.8171 | 0.8156 | 22.7828 | 2519 | 22.7885 | 0.7553 | 22.7858 |
GROWTH | 2519 | 0.0501 | 0.0351 | 0.0392 | 2519 | 0.0449 | 0.0302 | 0.0361 |
LEV | 2519 | 0.3717 | 0.1799 | 0.3572 | 2519 | 0.3837 | 0.1725 | 0.3795 |
Industry | Total Firms | Shortable Firms | Non-Shortable Firms |
---|---|---|---|
Manufacturing | 640 | 235 | 405 |
Leasing and commercial services | 14 | 5 | 9 |
Civil engineering | 7 | 1 | 6 |
Real estate | 9 | 4 | 5 |
Wholesale and retail trade | 23 | 14 | 9 |
Infrastructure | 8 | 1 | 7 |
Transport and postal services | 13 | 2 | 11 |
Animal husbandry | 11 | 4 | 7 |
Healthcare | 3 | 1 | 2 |
Construction | 30 | 10 | 20 |
Software and information technology services | 53 | 30 | 23 |
Internet and related services | 10 | 0 | 10 |
Mining and washing of coal | 6 | 3 | 3 |
Hospitality | 1 | 0 | 1 |
Culture, sports and arts | 5 | 0 | 5 |
Education | 3 | 1 | 2 |
Total | 836 | 311 | 525 |
Variables | Samples | Mean | Sd | Min | Max |
---|---|---|---|---|---|
Tobin’s Q | 5038 | 2.1304 | 1.0487 | 0.9905 | 6.8277 |
ROA | 5038 | 0.059 | 0.046 | −0.102 | 0.191 |
SHORT | 5038 | 0.509 | 0.500 | 0.000 | 1.000 |
TREAT | 5038 | 0.326 | 0.463 | 0.000 | 1.000 |
SHORT * TREAT | 5038 | 0.217 | 0.412 | 0.000 | 1.000 |
CSR | 5038 | 25.284 | 14.926 | −16.720 | 89.010 |
SIZE | 5038 | 22.803 | 0.786 | 20.959 | 24.781 |
GROWTH | 5038 | 0.047 | 0.033 | 0.010 | 0.209 |
LEV | 5038 | 0.3777 | 0.1763 | 0.0445 | 0.8017 |
Tobin’s Q | ROA | SHORT | SHORT * TREAT | CSR | SIZE | GROWTH | LEV | |
---|---|---|---|---|---|---|---|---|
Tobin’s Q | 1.0000 | |||||||
ROA | 0.2726 *** | 1.0000 | ||||||
SHORT | 0.0125 ** | 0.0175 ** | 1.0000 | |||||
SHORT * TREAT | 0.0688 *** | 0.0302 ** | 0.5264 *** | 1.0000 | ||||
CSR | 0.0511 *** | 0.3546 *** | 0.0444 *** | 0.0383 *** | 1.0000 | |||
SIZE | 0.2763 *** | 0.3256 *** | −0.0182 * | 0.2382 *** | 0.0943 *** | 1.0000 | ||
GROWTH | 0.5678 *** | 0.3569 *** | −0.0789 *** | −0.1011 *** | 0.0323 ** | 0.4313 *** | 1.0000 | |
LEV | −0.2934 *** | −0.3072 *** | 0.0342 ** | 0.0797 *** | −0.0853 *** | 0.0772 *** | −0.0344 ** | 1.0000 |
Model 1 | Model 2 | Model 3 | |||
---|---|---|---|---|---|
Variables | Tobin’s Q | ROA | CSR | Tobin’s Q | ROA |
Intercept | 1.0552 *** (0.0013) | −0.2591 *** (0.0000) | −16.4354 ** (0.0221) | 1.1684 *** (0.0016) | −0.2608 *** (0.0000) |
SHORT | 0.0098 * | 0.0137 ** | 0.0305 *** | 0.0100 * | 0.0143 ** |
(0.0648) | (0.0251) | (0.0064) | (0.0536) | (0.0261) | |
TREAT | 0.0539 *** | 0.0237 ** | 0.2785 *** | 0.0549 *** | 0.0246 ** |
(0.0055) | (0.0165) | (0.0026) | (0.0056) | (0.0171) | |
SHORT * TREAT | 0.3804 *** (0.0000) | 0.0050 *** (0.0006) | 0.7572 ** (0.0365) | 0.1679 (0.1192) | 0.0048 (0.1105) |
CSR | 0.0010 ** (0.0348) | 0.0009 *** (0.0000) | |||
SIZE | 0.0260 * (0.0873) | 0.0145 *** (0.0000) | 2.0751 *** (0.0000) | 0.0277 * (0.0901) | 0.0133 *** (0.0000) |
GROWTH | 18.9028 *** (0.0000) | 0.3708 *** (0.0000) | −5.5686 (0.4107) | 17.9795 *** (0.0000) | 0.3337 *** (0.0000) |
LEV | −1.6685 *** (0.0000) | −0.0841 *** (0.0000) | −8.8203 *** (0.0000) | −1.6655 *** (0.0000) | −0.0726 *** (0.0000) |
Ind-fixed | yes | yes | yes | yes | yes |
Year-fixed | yes | yes | yes | yes | yes |
R-squared | 0.4236 | 0.2676 | 0.0177 | 0.4185 | 0.3481 |
Adj R-squared | 0.4291 | 0.2632 | 0.0171 | 0.4192 | 0.3513 |
F-statistics | 903.3398 | 463.2897 | 23.3832 | 1031.3358 | 647.0402 |
N | 5038 | 5038 | 5038 | 5038 | 5038 |
Tobin’s Q | ROA | |||||||
---|---|---|---|---|---|---|---|---|
Family Owned | Non-Family Owned | Family Owned | Non-Family Owned | |||||
Variables | Coefficient | Probability | Coefficient | Probability | Coefficient | Probability | Coefficient | Probability |
Intercept | 4.0089 *** | 0.0000 | 3.4903 *** | 0.0026 | −0.5950 *** | 0.0000 | −0.4049 *** | 0.0001 |
SHORT | 0.0097 * | 0.0608 | 0.0096 * | 0.0686 | 0.0142 ** | 0.0259 | 0.0143 ** | 0.0261 |
TREAT | 0.0538 *** | 0.0055 | 0.0530 *** | 0.0054 | 0.0244 ** | 0.0170 | 0.0246 ** | 0.0171 |
SHORT * TREAT | 0.3093 | 0.2337 | 0.1304 | 0.7012 | −0.0037 | 0.8335 | 0.0547 | 0.1296 |
CSR | 0.0015 * | 0.0647 | 0.0008 * | 0.0535 | 0.0010 *** | 0.0000 | 0.0009 *** | 0.0000 |
SIZE | −0.0755 * | 0.0601 | −0.0856 * | 0.0919 | 0.0225 *** | 0.0000 | 0.0130 *** | 0.0001 |
GROWTH | 26.7907 *** | 0.0000 | 33.7172 *** | 0.0000 | 0.2311 *** | 0.0004 | 0.2838 *** | 0.0003 |
LEV | −2.4589 *** | 0.0000 | −2.2797 *** | 0.0000 | −0.0929 *** | 0.0000 | −0.0846 *** | 0.0000 |
Ind-fixed | yes | yes | yes | yes | ||||
Year-fixed | yes | yes | yes | yes | ||||
R-squared | 0.6953 | 0.7690 | 0.4388 | 0.2959 | ||||
Adj R-squared | 0.6617 | 0.7582 | 0.4273 | 0.3002 | ||||
F-statistics | 259.1580 | 0.0000 | 296.0042 | 0.0000 | 96.8428 | 0.0000 | 39.9757 | 0.0000 |
N | 640 | 449 | 640 | 449 |
Tobin’s Q | ROA | |||||||
---|---|---|---|---|---|---|---|---|
High SIR | Low SIR | High SIR | Low SIR | |||||
Variables | Coefficient | Probability | Coefficient | Probability | Coefficient | Probability | Coefficient | Probability |
Intercept | 2.7812 *** | 0.0016 | 4.6826 *** | 0.0001 | −0.3971 *** | 0.0000 | −0.4058 *** | 0.0000 |
SHORT | 0.0099 * | 0.0532 | 0.0097 * | 0.0721 | 0.0144 ** | 0.0263 | 0.0142 ** | 0.0260 |
TREAT | 0.0547 *** | 0.0056 | 0.0543 *** | 0.0055 | 0.0248 ** | 0.0173 | 0.0245 ** | 0.0170 |
SHORT * TREAT | 0.2749 | 0.3168 | 0.1647 | 0.5910 | 0.0145 | 0.4707 | 0.0188 | 0.3146 |
CSR | 0.0012 ** | 0.0322 | 0.0007 * | 0.0620 | 0.0011 *** | 0.0000 | 0.0008 *** | 0.0000 |
SIZE | −0.0542 | 0.1785 | −0.1139 ** | 0.0139 | 0.0204 *** | 0.0000 | 0.0219 *** | 0.0000 |
GROWTH | 26.7180 *** | 0.0000 | 28.8178 *** | 0.0000 | 0.3377 *** | 0.0001 | 0.1828 *** | 0.0053 |
LEV | −2.0198 *** | 0.0000 | −2.4332 *** | 0.0000 | −0.0830 *** | 0.0000 | −0.0891 *** | 0.0000 |
Ind-fixed | yes | yes | yes | yes | ||||
Year-fixed | yes | yes | yes | yes | ||||
R-squared | 0.7425 | 0.6647 | 0.3923 | 0.3493 | ||||
Adj R-squared | 0.7139 | 0.6982 | 0.3980 | 0.3436 | ||||
F-statistics | 281.2179 | 0.0000 | 251.2186 | 0.0000 | 73.5539 | 0.0000 | 58.5682 | 0.0000 |
N | 545 | 545 | 545 | 545 |
Model 4 | Model 5 | Model 6 | |||
---|---|---|---|---|---|
Variables | PB | ROE | CSRr | PB | ROE |
Intercept | −2.6156 *** (0.0000) | −0.6108 *** (0.0000) | 0.7900 *** (0.0014) | −2.6585 *** (0.0000) | −0.5599 *** (0.0000) |
SHORT | 0.0684 *** | 0.0148 ** | 0.0179 * | 0.0664 *** | 0.0144 ** |
(0.0049) | (0.0160) | (0.0879) | (0.0047) | (0.0157) | |
TREAT | 0.0607 *** | 0.0039 * | 0.1152 *** | 0.0588 *** | 0.0038 * |
(0.0040) | (0.0561) | (0.0036) | (0.0039) | (0.0548) | |
SHORT * TREAT | 0.0010 *** (0.0032) | 0.0095 *** (0.0001) | 0.2141 ** (0.0374) | 0.0004 (0.1949) | 0.0099 (0.2313) |
CSRr | 0.0008 ** (0.0431) | 0.0015 *** (0.0000) | |||
SIZE | 0.1606 *** (0.0000) | 0.0241 *** (0.0000) | 0.0135 (0.1923) | 0.1541 *** (0.0000) | 0.0249 *** (0.0000) |
GROWTH | 65.3481 *** (0.0000) | 0.5901 *** (0.0000) | −0.0761 (0.7729) | 67.5807 *** (0.0000) | 0.5890 *** (0.0000) |
LEV | −0.1185 (0.3133) | 0.0120 ** (0.0495) | −0.0021 (0.9562) | −0.0994 (0.3463) | 0.0247 *** (0.0000) |
Ind-fixed | yes | yes | yes | yes | yes |
Year-fixed | yes | yes | yes | yes | yes |
R-squared | 0.7337 | 0.2028 | 0.0324 | 0.7556 | 0.3119 |
Adj R-squared | 0.7712 | 0.2102 | 0.0313 | 0.7675 | 0.3108 |
F-statistics | 3930.2706 | 334.6904 | 1.1477 | 3180.6216 | 452.3354 |
N | 5038 | 5038 | 5038 | 5038 | 5038 |
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Mai, W.; Hamid, N.I.N.b.A. Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance. Int. J. Financial Stud. 2021, 9, 22. https://doi.org/10.3390/ijfs9020022
Mai W, Hamid NINbA. Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance. International Journal of Financial Studies. 2021; 9(2):22. https://doi.org/10.3390/ijfs9020022
Chicago/Turabian StyleMai, Wenzhen, and Nik Intan Norhan binti Abdul Hamid. 2021. "Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance" International Journal of Financial Studies 9, no. 2: 22. https://doi.org/10.3390/ijfs9020022