Under the UN sustainable development goals (SDGs), the United States (US) and China have ambitious environmental, social, and governance (ESG) investment plans. However, dichotomy is found in the literature about how rising ESG practices affect firm value (FV). This study examines the linear and...

China has been both praised and criticized for using industrial policy to achieve its economic goals. Does industrial policy work for China? Particularly, are these industrial policies making the targeted Chinese firms more productive? Alternatively, are efforts to promote productivity undercut...

In this paper, we use option based measures of financial performance that utilise market information in a binary probit regression to examine their informational context and properties as distress indicators and to estimate default probabilities for listed firms. We then enrich them with...