Using a large sample of A-share firms listed in China from 2013 to 2019, we show a positive relation between supplier concentration and firms' leverage adjustment speed. One possible mechanism of this positive relation is the monitoring role imposed by suppliers, which could mitigate agency...

Investor sentiment affects stock market liquidity by affecting noise trading and irrational market makers. Previous studies have focused on this effect with the time-series variation in sentiment and liquidity. This paper utilizes firm-specific news sentiment (FSNS) to examine its effect on...

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019. Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion, which can be attributed to the...

We evaluate whether the adoption of performance commitment clauses in M&A deals affects the corporate liquidity of acquirers. Using a sample of Chinese M&A deals from 2007 to 2020, we find that firms signing performance commitment clauses in acquisitions are associated with lower liquidity,...

We examine the role of political uncertainty in executive compensation for Chinese listed firms from 2005 to 2018. Using detailed disclosure of turnover of chief officials at the municipal level, we find that political uncertainty reduces executive compensation-performance sensitivity. The...

This study examines firm-level political risk and its role in influencing corporate innovation. We analyze four dimensions of innovation: patent output, quality, radicalness, and efficiency, based on a sample of US-listed firms from 2001 to 2020. We find a negative effect on patent output and...

The growing localization of the judicial system has been a critical concern in China's justice reform, and its consequence on entrepreneurship receives little attention. We evaluate the effects of judicial reform on the innovation of private-controlled listed firms in China using the...

Using a large sample of firms across 35 countries from 2001 to 2021, we show a significantly positive association between a firm's climate risk exposure and speed of leverage adjustment. A plausible explanation is that climate risk exposure mitigates agency conflicts and improves information...

In the original version of the article published in <em>Energies</em> [1], insufficient acknowledgement was given for the contributors Mr. Li Guo and Prof. Kai Wu in Xi’an Jiaotong University. The main work was completed by the research group in Xi’an Jiaotong University led by Prof. Kai Wu. Mr. Li...