The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China

We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO₂ emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.     

The provision of long-term credit and firm growth in developing countries

Do small and young firms benefit from an increase in the provision of long-term loans? By combining firm-level data from 62 countries (over the period 2006–2016) with a new database on short-term and long-term credit provided to the private sector, this article shows a higher provision of long-term credit does not stimulate growth of small and young firms. On the contrary, an increase in the availability of short-term credit spurs firm growth. The main explanation of this (counter-intuitive) result is the differential impact of short-term and long-term credit provision on small and young firms’ access to credit. Young and small firms are able to take advantage of an increase of short-term loans, which allow them to switch from informal finance to bank loans. However, a higher level of long-term credit does not alleviate credit constraints faced by opaque firms because these funds are allocated towards transparent borrowers.     

Operating cash flow asymmetric timeliness in Australia

Operating cash flow (CFO) asymmetric timeliness occurs when CFO reflects bad news more quickly than good news. We examine the presence and determinants of CFO asymmetric timeliness in Australia, where substantial differences in reporting requirements of cash flow components, in characteristics of listed companies and in the degree of conservative financial reporting produce contrasting findings to those in the United States. We find supportive evidence for the novel ‘sticky cost behaviour’ explanation and also the product-pricing strategy, but not the life cycle hypothesis. These findings are useful for investors and analysts concerned with forecasting the future values of companies.     

Institutional ownership,cross-shareholdings and corporate cash reserves in Japan

Cross-country studies document a negative relation between corporate governance and cash holdings. In contrast, this relation is found to be positive in the United States. In this paper, we examine the case of Japanese firms. Using institutional ownership and cross-shareholdings as the main governance variables, we show that better governance is associated with higher cash balances as in the United States. The reason is that better-governed firms make better investment decisions. Their investments are not driven by excess liquidity and result in higher profitability and higher firm valuation. Overall, our findings indicate that management profligacy is a bigger concern to shareholders than management propensity to hoard cash because of risk aversion.     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Beta and firm age

We document a robust pattern of beta declining over the age of a firm. We find that changes in systematic risk via firm characteristics and life-cycle stages are insufficient to explain this pattern. Moreover, standard proxies for the quantity and quality of information also explain this pattern only partially. To fully explain this pattern we rely on the increasingly important role of familiarity in financial decision making: familiarity is a determinant of beta and firm age is a proxy for the degree of familiarity that investors feel toward individual stocks. To illustrate the implication of our findings, we document that when we control for firm age there is support for the CAPM and its use as an input for the cost of equity capital calculation.     

淮扬饮食文化的特点及发展路径探究

淮扬历史文化悠久,塑造了独特的饮食文化,其"精""雅""养"的饮食文化特质,成为中国饮食文化中的独特元素.在新的时代环境之下实现新的发展,这是淮扬饮食文化发展的内在需求.本文立足淮扬饮食文化特点,分析了其发展中面临的问题,并在此基础之上,从推动饮食文化创新、推动饮食产业发展、打造市场品牌影响力、实施"饮食+"措施等方面,阐述了淮扬饮食文化发展的路径.     

Are firms ready to use big data analytics to create value? The role of structural and psychological readiness

In this study, we leverage Information Technology (IT) readiness literature and resource-based view (RBV) to investigate the impact of firm structural and psychological readiness on firm value creation, as mediated by big data analytics usage. The proposed research model is empirically validated using survey data from 179 senior IT managers. The findings demonstrate the importance of both structural (i.e. IT infrastructure capability, tools functionality, employee analytical capability, and bigness of data) and psychological readiness (i.e. IT proactive climate) in enhancing firm value creation through big data analytics usage. These results provide interesting theoretical and practical insights.     

Individual stock sentiment beta and stock returns

Using the data in Chinese stock market, we measure the individual stock sentiment beta, which is defined as the sensitivity of individual stock returns to the individual stock sentiment changes. We demonstrate that stocks in the highest individual stock sentiment beta portfolio have significantly higher excess returns, CAPM alpha, Fama-French three-factor alpha and Fama-French five-factor alpha. Besides, we find that the high individual stock sentiment beta stocks are smaller, younger, more volatile stocks with higher price and higher market beta. After controlling for firm characteristic, the returns of High-Low individual stock sentiment beta portfolios are still significantly positive. Moreover, we show the effect of the individual stock sentiment beta on stock returns is positive and significant in different stock markets, in different sample periods, and in bull and bear market. Besides, the results of the Bayes-Stein individual stock sentiment beta are still stable.     

NVC龙企功能升级模式演进及机理纵向案例研究——技术自主性视角

国内龙头企业核心技术自主可控成为制约NVC（国内价值链）功能升级的关键问题。通过文献归纳，以能力自主与产权自主解构技术自主性内涵，并根据产品平台与技术轨道双维度划分NVC龙企功能升级模式。基于“能力—战略—行为—绩效（RSCP）”分析框架，选取华为海思公司作为纵向案例研究对象，探索技术自主性视角下NVC龙企功能升级模式及演进机理。结果发现，模块创新与知识产权创造能力通过产品渐进升级模式提升供应链；架构创新与知识产权布局能力可以调整技术轨道，通过产品突破升级模式I打通创新链；架构创新、模块创新和知识产权运营能力可以变革技术轨道，通过产品突破升级模式II主导价值链。