We find that firms reporting internal control material weakness (ICW) under Section 404 of Sarbanes-Oxley Act have 13% lower valuation than non-ICW firms based on Tobin's q. This valuation difference is mainly driven by stock underperformance of more than 13% during the year before ICW...

Instrumental stakeholder theory seeks to explain how managing stakeholders effectively can yield competitive advantage for incumbent firms. We extend instrumental stakeholder theory to explain and predict future competition operationalized as new entrepreneurial entries. Our study is among the...

The increasingly competitive market environment makes independent innovation the core of the enterprise's and evens the country's competitiveness. In order to solve the problem of its own limited R&D resources, firms need to find access to outside resources. Since the government mainly provides...

The increasingly competitive market environment makes independent innovation the core of the enterprise’s and evens the country's competitiveness. In order to solve the problem of its own limited R&D resources, firms need to find access to outside resources. Since the government mainly...

Since China's capital market is facing the "emerging & transition" development environment, as the share-split structure reform is gradually improving, the confidence of investors of listed companies is slowly restored. Therefore, improving and perfecting the system of information disclosure of...

Urban innovation has become increasingly vital for cities seeking to enhance economic growth, competitiveness, and sustainability. Government engagement has been recognized as a significant driver of innovation, with official site visits emerging as a potentially influential catalyst for urban...

Tunnelling by large shareholders is a problem representative of ownership concentration. Large shareholders may interfere with a firm's information disclosure to support their tunnelling behaviour, causing a high stock price crash risk. Using listed companies in China from 2001 to 2019 as a...

This paper investigates two successive reforms in China -- 2001 board independence and 2005 share structure -- to study their joint effects on corporate performance as ownership concentration declines. We find that both independent directors and ownership concentration ratios are individually...