Suchergebnisse

AbstractCredit rationing theory suggests that the impact of bank credit allocation on corporate social responsibility (CSR) has the dual effect of adverse selection and moral hazard. In this study, the impact of credit allocation on CSR and its mechanisms are explored in the context of credit rationing theory based on Chinese listed companies from 2010 to 2019. The results show that the impact of bank credit allocation on CSR exhibits an inverted U‐shaped correlation, and there is a critical point (17.9134) at which the increase in credit allocation will promote the level of CSR until the critical point is exceeded, after which the level of CSR will gradually decrease. Credit allocation can influence CSR through information asymmetry (stock price informativeness, analyst tracking) and managerial overconfidence, respectively. Companies with overconfident managers and low transparency in non‐socially responsible weighting systems are more likely to have an inverted U‐shaped relationship between bank credit allocation and CSR. This study provides new empirical evidence to understand the impact of credit allocation on CSR and expands the theory of credit rationing to a certain extent, thereby providing a reference for CSR maximization.

AbstractThis study investigates the mechanisms through which the executive pay gap affects the disclosure of environmental, social, and governance (ESG) information. Utilizing panel data from China's A‐share listed firms between 2012 and 2020, our findings reveal a significant positive correlation between the executive pay gap and ESG disclosure, with real earnings management playing a partial mediating role. Notably, the impact of the executive pay gap on ESG disclosure is more pronounced in voluntary disclosure firms and those with low internal control levels, as compared to mandatory disclosure firms and those with high internal control levels. This study provides international evidence for the strategic disclosure behavior of ESG information and the necessity of ESG disclosure regulation.

AbstractThis study seeks to understand the underlying relationship between water information disclosure and the cost of capital in Chinese high‐water risk firms. With continuous strengthening of the Chinese Government's water regulation policy, water resources have begun to affect the sustainable development of enterprises. Many stakeholders have begun to pay attention to a series of water resources issues that companies face. As an important means of transmitting signals between enterprises and capital markets, water information disclosure can help enterprises achieve more favourable views of stakeholders. Using a sample of 334 listed companies in the Chinese high‐water sensitivity industry from 2010 to 2015, this paper examines the influence of these firms' water information disclosure on the cost of capital, and analyses the function mechanism of political connection on the relationship between water information disclosure and enterprise capital cost by using a panel regression model.