Utilising an economics-based approach, this study estimates the cost-based return on investment (ROI) in human resource management (HRM) through the corporate cost of financing channel. Using bond issuance data for Chinese companies, we find that firms with superior employee relations management...

Risk proxies such as beta, volatility or standard deviation are conventionally measured assuming that investors have symmetric risk preferences, with upside and downside deviations from the expectation being equivalently undesirable. Responsible investors, however, have the dual aims of...

This paper studies whether impact financing is associated with financial benefits. By utilising the COVID-19 pandemic as an exogenous shock to China’s stock market, we find that financial institutions that better integrate environmental impact in their financing process experienced positive...

This paper studies the impact financing by lending institutions and examines whether social impact financing practices benefit the lender’s financial performance. By utilising the COVID-19 pandemic as an exogenous shock to China’s stock market, we show that lenders with better integration of...