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Full-Text Articles in Business
Social Capital And Cost Of Debt: Evidence From Chinese Ceo Network Centrality, Yiping Chen, Yuan G. Shan, Jimin Wang, Xinxin Yang, Junru Zhang
Social Capital And Cost Of Debt: Evidence From Chinese Ceo Network Centrality, Yiping Chen, Yuan G. Shan, Jimin Wang, Xinxin Yang, Junru Zhang
Research outputs 2022 to 2026
Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality, mediate the impact of CEO social capital on cost of debt.
When Corporate Culture Matters: The Case Of Stakeholder Violations, Rashid Zaman
When Corporate Culture Matters: The Case Of Stakeholder Violations, Rashid Zaman
Research outputs 2022 to 2026
This study examines whether and how a strong corporate culture influences stakeholder violations. Using a longitudinal sample of monetary penalties imposed on US-listed firms for stakeholder violations, I find evidence that a strong corporate culture is significantly and negatively associated with such violations. This outcome remains robust to a series of robustness and endogeneity tests, including the application of the generalized method of moments (GMM), entropy balancing, and propensity score matching (PSM) estimation. The channel analysis evidence implies that information asymmetry is a possible mechanism through which a strong corporate culture is associated with stakeholder violations. A cross-sectional analysis demonstrates …
Does Corporate Eco-Innovation Affect Stock Price Crash Risk?, Rashid Zaman, Nader Atawnah, Muhammad Haseeb, Muhammad Nadeem, Saadia Irfan
Does Corporate Eco-Innovation Affect Stock Price Crash Risk?, Rashid Zaman, Nader Atawnah, Muhammad Haseeb, Muhammad Nadeem, Saadia Irfan
Research outputs 2014 to 2021
We examine the effect of corporate environmental innovation (hereafter eco-innovation) on stock price crash risk and document a significant negative association. Utilising a large sample of publicly listed U.S. firms for the period 2003 to 2017, we find that an increase in eco-innovation from the 25th to the 75th percentile is associated with 17.62% reduction in stock price crash risk. This outcome remains robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns. Eco-innovative firms attract more institutional investors and equity analyst following and disclose more information leading to lower stock price crash risk. Additional tests …