We investigate how a broker firm’s initial public offering (IPO) affects its analysts’ fiduciary duty of providing independent and objective recommendations. We find that the analysts of newly listed broker firms issue more positively biased recommendations in the first 2 to 3 years after...

Affected by complicated issues, such as regional conflicts, trade wars, and the COVID-19 pandemic, manufacturing firms face enormous challenges in reconstructing the global supply chain landscape to form new cooperative innovation mechanisms. This study investigates the relationship between...