This study investigates the determinants of trading activity in the U.S. corporate bond market, focusing on the effects of Seasonal Affective Disorder (SAD) and macroeconomic announcements. Employing the General-to-Specific (Gets) Autometrics methodo...
This study examines the interplay between CEO overconfidence, strategic risk-taking, and financial performance within Indonesian digital banks. Grounded in Upper Echelons Theory and behavioral corporate finance, we investigate whether strategic risk-...
This study investigated the impact of investor psychological bias on a firm’s market value. In detail, we examined the effect of investor overconfidence (optimism) and loss aversion (pessimism) on firm market value. We also aimed to investigate...
Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse of modern business. Applying linear regression and comparison of intervals of beta-coefficients, we focused on the mediating role of CS...
This research investigates the influence of national culture, particularly power distance, on firms’ carbon dioxide (CO2) emissions. Drawing on a large international dataset spanning over a decade, we examine how power distance, agency conflict...
Behavioral finance research on public utilities remains limited, particularly studies that use archival organizational data to infer persistent decision patterns. This study examines whether revealed status quo bias (RSQB), defined as the persistence...
In recent years, the model of extensive economic development at the expense of the ecological environment has been gradually abandoned by all countries in the world. Green economic transformation has become the basic consensus of societies worldwide....
As an essential means of reducing environmental stress, corporate innovation faces financial pressure and financial risk; so, whether corporate innovation contributes to environmental performance is related to the firm’s external capital enviro...
Based on the quasi-natural experiment of “the pilot policy of combining science and technology with finance” (Sci-Tech Finance pilot policy) carried out in China in recent years, this paper constructs a multi-stage difference-in-differenc...
Financial innovation vis-à-vis economic policy uncertainty (EPU) without due regards being given to debt financing. This paper fills this gap and unveils the dynamic role of national culture in defining debt financing via EPU. We use a sample of 3831...
Corporate “greenwash” constrains high-quality economic development in China, and its identification and governance constitute a critical step in building a green market and advancing ecological civilization. However, existing studies have...
Using A-share listed companies in Shanghai and Shenzhen from 2015 to 2021 as the research sample, a fixed-effects model was used to examine the effect of the reduction of corporate tax burden on investment efficiency under the tax reduction policy, a...
This study examines whether the external financing anomaly exists in an emerging-market setting. Using data on Korean listed firms from 1994 to 2023, we find that firms with higher net external financing subsequently earn significantly lower stock re...
ESG ratings are closely linked to corporate resource allocation and overarching macroeconomic constituents. Nevertheless, there is a noticeable lack in the literature investigating the interconnected relationship between the growth of local governmen...
Using 522 nonfinancial listed companies on the Chinese A-share Market during 2008–2016 as the sample, this paper studies the discretion of corporations to fulfill their environmental responsibilities in the face of economic policy uncertainty (...
This paper employs a continuous difference-in-differences model to compare environmental sustainability information disclosure with the real environmental investment amount of listed companies in China before and after the implementation of the Green...
Peer-firm strategies are a critical factor for corporate finance, and corporate social responsibility (CSR) is the main trend for evaluating the behavior of firms. On the basis of the connection between peer strategy and CSR, this paper explores the...
This article used China as an example to study how tax reform affects the innovative behavior of companies. Our research showed that value-added tax (VAT) reform can affect corporate innovation behavior. On the basis of patent-application data of Chi...
This study examines how green credit policies, specifically the green credit guidelines (GCGs) implemented in 2012, influence corporate sustainable innovation. This study employs a quasi-natural experiment approach, utilizing data from Chinese listed...
Corporate sustainability is a key concern in today’s world. This research examines the relationship between managerial myopic behavior and corporate sustainability performance in Chinese A-share listed companies from 2013 to 2022. Based on beha...
This study investigates the unintended consequences of China’s Green Finance Reform and Innovation Pilot Zones (GFRI) on corporate financialization (CF). Leveraging a Difference-in-Differences (DID) approach and panel data of listed firms in Ch...
Drawing on a panel dataset of 27,972 firm-year observations from Chinese A-share listed companies spanning 2009 to 2022, this study employs fixed-effects models to examine the nonlinear relationship between firm-level climate policy uncertainty (FCPU...
In spite of a considerable amount of attention being paid to the interaction between tax avoidance and corporate governance across the globe, this study aims to provide a detailed bibliometric evaluation concerning the productivity, performance, and...
Against the backdrop of economic transformation and sustainable development, this paper utilizes listed companies from the Shanghai and Shenzhen A-share markets from 2009 to 2021 as research samples, measures corporate leverage manipulation levels us...
A large body of literature claims that corporate sustainable development is a cross-functional challenge, which requires all functional units to be involved. However, it remains uncertain to what extent and in which way different corporate functions...
This paper uses the difference in difference (DID) model to explore the impact of the “Belt and Road” Initiative (BRI) on the level of corporate debt and its mechanism based on quasi-natural experiment of the promulgation and implementati...
This paper takes A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2011 to 2020 as the research object and empirically tests the impact of fintech development on corporate earnings management and its mechanism. It is found th...
We examine whether investor sentiment affects price discrepancies between preferred and common stocks, based on a sample of Korean firms that issue preferred stocks. While most research has focused on corporate finance features such as voting rights,...
Enhancing corporate green innovation is a critical component of advancing sustainable transformation and addressing escalating climate-related risks. From a cognition-to-behavior perspective, this paper constructs a climate risk perception index base...
Climate risk, as a significant factor affecting human sustainable development, has emerged as a focal topic of concern for governments and all sectors of society. Using a dataset from China’s Shanghai and Shenzhen A-share markets spanning 2007...
The enhancements of tax policies and their coordination have emerged as a significant way to promote corporate sustainability, especially in developing economies worldwide. Using panel data from Chinese non-financial A-share listed companies from 200...
The impact of high-speed railway (HSR) on corporate behavior has recently attracted both practical and theoretical interest. In this paper, based on a sample of A-share listed companies from 2007 to 2020 in China, we use a difference-in-difference mo...
This study examines the intersection of environmental, social, and governance (ESG) disclosure (operationalized through sustainability reporting), corporate financial performance, and the behavioral dynamics of herding in capital structure decisions...
Capital structure decisions are among the most critical financial choices for firms, as they directly influence them. There is an ongoing debate among researchers regarding the optimal capital structure, motivating this study to examine the impact of...
This study examines whether and how ESG rating divergence affects corporate maturity mismatch between investment and financing, using panel data from China’s A-share listed firms over the period 2015–2023. We employ fixed-effects models a...
Forecasting corporate leverage adjustments remains challenging due to persistent financing behavior, firm heterogeneity, and changing macroeconomic conditions. This study investigates whether increasing model complexity improves the forecasting of co...
In this paper, we study the effects of uncertainty shocks in a quantitative framework where firms in the corporate sector are constrained by credit. Specifically, we formulate borrowing constraints as a nested function that features both earnings and...
In the context of green transformation, climate change and its economic implications are attracting increasing attention. Based on the Trade-off Theory framework, this study examines how climate risk affects firms’ shadow banking activities in...
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This article uses the “Green Credit Guidelines” promulgated in 2012 as an example to construct a quasi-natural experiment and uses the double difference method to test the impact of the implementation of the “Green Credit Guidelines...
The persistence of greenwashing as a strategic corporate behavior reflects a financial tradeoff between risk and return. Current literature lacks an integrative framework explaining how these risks and institutional arrangements vary across distinct...
Economic crises significantly restrict corporate access to external financing, and regional differences in recovery capacity deserve close attention. This study examines the financial structure and debt of large enterprises in the Visegrád Fou...
This study examines the relationship between managerial overconfidence and environmental, social, and governance (ESG) performance through firm-level financial policy channels in an emerging-market context. Using panel data from non-financial firms l...
This study investigates whether and how climate and environmental governance policy uncertainty shapes corporate tax avoidance. Using a comprehensive panel of 25,316 firm-year observations from 4700 Chinese listed firms over 2002–2024, we docum...
From the perspective of credit ratings, this paper studies the impact of air pollution on corporate credit costs and the impact mechanism. Based on 2007–2022 data on A-share listed companies in the Chinese capital market, this paper uses a two-...
This study investigates the impact of environmental, social, and governance (ESG) performance on the link between financial reporting quality (FRQ) and corporate risk-taking (CRT). Building upon agency and stakeholder theories, we contend that ESG pr...
In recent years, with the emergence of the “greenwashing” problem caused by asset divestments by enterprises, whether green mergers and acquisitions can significantly curb this greenwashing behavior is a very worthwhile research question...
In sustainable finance practices, greenwashing behavior of listed companies can trigger misallocation and inefficient delivery of financial services. Furthermore, if greenwashing is not promptly contained, it may incentivize firms to carry out enviro...
This study examines the association between the debt tax shield (DTS) and corporate leverage in 61 listed non-financial firms from Chile, Colombia, Mexico, and Peru during 2013–2023, using a perfectly balanced panel of 671 firm-year observation...
The prevalence of zero-leverage firms is a puzzle in corporate finance. We analyze the acquisition behavior of zero-leverage firms and offer a new venue to the studies on zero-leverage puzzle and the interdependence of capital structures and investme...
Enhancing corporate green innovation persistence plays a vital role in shifting economic and social development toward greener, low-carbon models. This study treats the environmental protection tax (EPT) as an external institutional shock to the corp...
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