This study empirically investigates the impact of energy related public environmental concerns on the pay gap within polluting companies. It uses the extreme environmental event of the PM2.5 surge at the end of 2011, which led to an upsurge in energy related public environmental concerns in...

We investigate the impact of public environmental concern (PEC) on corporate green investments from the perspective of CEO turnover using the extreme event of PM 2.5 surge at the end of 2011 in China as a quasinatural experiment. Compared with non-heavily polluting companies, the probability of...

This study examines whether social capital can enhance financial stability. Specifically, we investigate the effects of societal trust on firm default risk in relation to two primary aspects. First, since lower levels of trust induce higher credit costs, it implies more severe adverse selection...

Although the causes of stock price crashes have been investigated, the examination of their economic consequences has been neglected. In this study, the impacts of stock price crashes on internal governance mechanisms are examined with regard to accounting conservatism in a sample of listed...

Since the financial crisis of 2008, financial flexibility has gradually become a crucial method employed by enterprises worldwide to resist external risks. Based on a sample of Chinese listed companies from 2005 to 2015, this study investigates the impacts of financial flexibility on firm’s...

This study examines the effect of industry cash flow volatility on the risks of stock price crash by investigating Chinese A-share listed companies from 2005 to 2015. Findings reveal that increases in the degree of volatility in industry cash flow significantly increase the risk of a stock price...

This paper examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds...