This paper investigates whether religious traditions influence firm-specific crash risk in China. Using a sample of A-share listed firms from 2003 to 2013, we provide evidence that the more intense environment, lower stock price risk, implying religion plays an important role Chinese corporate governance. Further, find (1) affects by reducing earnings management and perk problem; (2) different religions have effects, Taoism, particular, is unrelated risk; (3) effects are pronounced with...

This paper examines executive compensation in the subsidiaries of business groups China. Analyzing a sample China (the so-called “XiZu JiTuan” Chinese) from 2003 to 2012, we find convincing evidence use Relative Performance Evaluation (RPE) groups. Specifically, when change performance one subsidiary is lower than that other subsidiaries, its significantly lower. Further, group private and level marketization high, subsidiary’s more likely be influenced by subsidiaries. research improves our...

This paper examines the relationship between firm internationalization and cost of equity. We find that firms with a higher degree international operations have significantly lower equity, which is more pronounced for in provinces weak institutional environment or experiencing intense domestic competition. Our results are robust after adopting fixed effect model, propensity score matching, difference-in-difference regressions alternative measurements key variables. Further, help to break...

We examine how institutional investors influence post-earnings announcement drift (PEAD) in China. Our findings suggest that holdings are positively correlated with PEAD China, especially when herd strongly on earnings news. This positive relationship is more salient for shorter investment horizons and firms higher information opacity. also find stock prices reverse the fourth quarter after announcement. In contrast to well-established view exploit accelerate speed of incorporation, our they...

We find that when a major customer has greater market power in its industry, supplier firm exhibits better performance. The effect of the customer's on supplier's performance is more pronounced economic bonding between and stronger, geographically closer to supplier, relationship two firms matures. Furthermore, we document firm's product increases demand stability for reduces cost debt, improves investment efficiency.

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We examine how institutional investors influence post-earnings announcement drift (PEAD) in China. Our findings suggest that holdings are positively correlated with PEAD China, especially when herd strongly on earnings news. This positive relationship is more salient for shorter investment horizons and firms higher information opacity. also find stock prices reverse the fourth quarter after announcement. In contrast to well-established view exploit accelerate speed of incorporation, our they...

The differential compensation distribution of executives is an important direction deepening the reform state-owned enterprises (SOEs). SOEs mainly decided by SASAC according to unified management method, and tends adopt equalitarian mode, leading generally low pay dispersion among non-CEO in SOEs, which greatly frustrates work enthusiasm often leads more serious executive agency problems. However, there are few studies on difference incentives top team, focus vertical gap between CEO...