In recent years, the financial investment level of enterprises particularly family firms has increased rapidly. This phenomenon has drawn intense attention from both government regulators and academia. In this study, we argue that the second-generation succession is an important reason for...

We examine whether reputable independent directors improve firm performance and governance quality in emerging markets, using data from China. Firms with such directors, measured as the number of directorships in other listed firms, have higher profitability, operating efficiency and...

Annual reports are the main sources of information for outside investors' investment decisions and enable shareholders to supervise the management. Difficulties with the readability of these reports may therefore have serious consequences. Using 19,221 firm-year observations of Chinese A-share...

Recent studies investigate the impact of air pollution on labor productivity. We extend this literature by showing that air pollution negatively affects equity analysts in their role as information producers for capital markets. Compared to analysts experiencing clean air, analysts exposed to...

Annual reports are the main sources of information for outside investors' investment decisions and enable shareholders to supervise the management. Difficulties with the readability of these reports may therefore have serious consequences. Using 19,221 firm-year observations of Chinese A-share...

One of the consequences of rapid industrialization and urbanization of China has been a significant increase in air pollution, frequently at levels that are hazardous to health. On 2 December, 2013, pollution reached new levels, with the air quality index crossing the threshold from “very...