PurposeThe authors examine the joint effect of the country-wide legal institutions and product market competition on stock crash risk in a large sample of international firms.Design/methodology/approachIn the study, the authors examine whether the country-level institutional factors affect...

Corporate ESG performance has received widespread attention recently, and how to improve it has become an important academic question. This paper analyses the effect of equity concentration on corporate ESG performance and how it acts by using the data of listed companies in China. The result...

Prior studies (e.g., [McNichols and O'Brien, 1997] and [Diether et al., 2002]) find that analysts are less willing to disclose unfavorable earnings forecasts than to disclose favorable forecasts, and this tendency induces an optimistic bias in disclosed forecasts that increases with the degree...

The Workload Control (WLC) concept is one of few Production Planning and Control (PPC) solutions appropriate for Make-To-Order (MTO) companies yet its successful implementation is an enduring challenge. Most implementations reported are in large organisations yet it has been argued that WLC is...

Purpose – The purpose of this paper is to present a successful implementation of a comprehensive workload control (WLC) concept; and to describe the associated implementation process. Design/methodology/approach – Longitudinal action research using a contingency‐based approach to ensure...

We investigate whether the liquidity premium is better explained by the risk-based model or the characteristic-based model. Based on three widely-used liquidity measures that are supposed to reflect different aspects of liquidity, we find that liquidity as a characteristic carries a significant...

In this paper, we study whether firm intangible information affects analyst behavior. We find direct evidence that when analysts make more judgment-intensive decisions, such as issuing stock recommendations, they overweight intangible information, leading to overreaction to intangible...

Japanese stock returns are even more closely related to their book-to-market ratios than are their U.S. counterparts, and thus provide a good setting for testing whether the return premia associated with these characteristics arise because the characteristics are proxies for covariance with...

The paper investigates whether and how a state's local corruption environment affects firms' financing costs. We find that firms in high-corruption states are associated with significantly higher loan spreads and tighter loan covenants. We use an instrumental variable approach and a...