AbstractWe investigate the moderating role of governments’ financial constraints in the relationship between their ownership of publicly listed firms and dividend policy. Using a worldwide sample of 1,906 publicly listed firms that were targets of government investments over the period from...

This study examines the impact of managerial foreign experience on corporate risk-taking using manually collected data from Chinese-listed companies. We find that CEOs' foreign experience is positively associated with corporate risk-taking. Firms with foreign experience CEOs, compared to those...

Tax avoidance is considered as old as taxation itself, and is traditionally viewed as being in the interest of shareholders since its aim is to reduce the firm’s cost structure. However, researchers have empirically found that corporate tax avoidance does not necessarily increase firm value as...

Using listed firms’ data between 2004 to 2011, we find China’s first Antimonopoly Law provokes significant increase in firms’ cash holding efficiency in the sense that cash holding is more aligned with firms’ investment opportunities. We show that the increase in cash holding management...

Environmental, Social and Governance (ESG) ratings are widely recognised methods to assess the sustainability practices of corporations. However, the scores of these ratings are not satisfactory in emerging market economies. This study examines the financial factors that influence ESG ratings...

The accounting treatment of cryptoassets is based on Practical Solution No. 38 Accounting for Virtual Currencies under the Funds Settlement Act ("Practical Solution"), which was published by the Accounting Standards Board of Japan in 2018.The PITF was pioneered before the IFRS and US GAAP...

Based on the natural event of pilot of local officials' accountability audit of natural resources, this paper empirically studies the impact of pilot on total factor productivity of enterprises. The results show that the pilot significantly reduces the total factor productivity of enterprises in...