Using a sample of Chinese A-share listed companies from 2007 to 2018,this article explores the influence of common owners on corporate social responsibility(CSR).The results show that common owners significantly promo...Using a sample of Chinese A-share listed companies from 2007 to 2018,this article explores the influence of common owners on corporate social responsibility(CSR).The results show that common owners significantly promote CSR investment,indicating that increased CSR represents a bright side to common owners,in contrast to their anticompetitive effect.Further analysis shows that the nature of state ownership significantly weakens the positive relationship between common owners and CSR investment.Prospector firms strengthen the positive influence of common owners on CSR investment,whereas defender firms weaken the effect.Moreover,common owners benefit from increasing CSR investment,and co-owned firms benefit by easing their financial constraints when they invest or increase their investment in social responsibility.The findings enhance the outstanding of how common owners affect corporate behavior and enrich the literature on common ownership and CSR investment.展开更多
In this paper,we examine how bond rating downgrades affect common stock prices in China by using the data of all the bond rating downgrades in China during the period from 1 January 2008 to 30 May 2016.To provide empi...In this paper,we examine how bond rating downgrades affect common stock prices in China by using the data of all the bond rating downgrades in China during the period from 1 January 2008 to 30 May 2016.To provide empirical evidence for the theory in Goh and Ederington(1993),we classify the samples according to the downgrade reasons and the bonds’time to maturity and examine the abnormal returns of each group in different windows.The empirical results show that the downgrades due to deteriorating financial prospects have a negative effect on stock prices and that this effect lags behind.The downgrades due to leverage changes have no significant effect on stock prices.Meanwhile,the variation in the decrease in stock prices due to rating downgrades of bonds that will mature within three years is significantly larger than that of those which will mature after more than three years.展开更多
文摘Using a sample of Chinese A-share listed companies from 2007 to 2018,this article explores the influence of common owners on corporate social responsibility(CSR).The results show that common owners significantly promote CSR investment,indicating that increased CSR represents a bright side to common owners,in contrast to their anticompetitive effect.Further analysis shows that the nature of state ownership significantly weakens the positive relationship between common owners and CSR investment.Prospector firms strengthen the positive influence of common owners on CSR investment,whereas defender firms weaken the effect.Moreover,common owners benefit from increasing CSR investment,and co-owned firms benefit by easing their financial constraints when they invest or increase their investment in social responsibility.The findings enhance the outstanding of how common owners affect corporate behavior and enrich the literature on common ownership and CSR investment.
基金This research was supported by the National Natural Science Foundation of China[Grant Nos.71703162 and 71501178].
文摘In this paper,we examine how bond rating downgrades affect common stock prices in China by using the data of all the bond rating downgrades in China during the period from 1 January 2008 to 30 May 2016.To provide empirical evidence for the theory in Goh and Ederington(1993),we classify the samples according to the downgrade reasons and the bonds’time to maturity and examine the abnormal returns of each group in different windows.The empirical results show that the downgrades due to deteriorating financial prospects have a negative effect on stock prices and that this effect lags behind.The downgrades due to leverage changes have no significant effect on stock prices.Meanwhile,the variation in the decrease in stock prices due to rating downgrades of bonds that will mature within three years is significantly larger than that of those which will mature after more than three years.
