Accounting Commons^™

Internal Control And Urban Investment Bond Issuance, Feixiong Zhu

Dissertations and Theses Collection (Open Access)

With the rapid growth of China's economy, the financing needs of local governments are increasing, and municipal investment bonds, as animportant financing tool for local governments, play a pivotal role in the capital market. However, the rapid development of the municipal investment bond market has also brought about problems such as inadequate informationdisclosure and accumulation of market risks, which has aroused widespreadconcern about potential financial risks. Against this background, the state has strengthened the regulation of municipal bonds, emphasized the importance of compliance management, and introduced a series of policies and measures toimprove the transparency and standardization of the market. …

Institutional Cross-Ownership Of Peer Firms And Revelatory Price Efficiency, Young Jun Cho, Holly I. Yang, Yue Zhao

Research Collection School Of Accountancy

We argue that cross-ownership increases the amount of private information in stock price, enhancing the ability of stock price to provide feedback to managers. Consistent with this argument, we find greater cross-ownership heightens a firm’s investment-q sensitivity. This effect is stronger for firms with a lower propensity for voluntary disclosure and for firms whose managers hold less private information. Furthermore, we find that cross-ownership is negatively associated with the sensitivity of a firm’s investment to its peers’ stock prices. Additionally, cross-ownership has a stronger impact on the investment-q sensitivity when measured among investors who trade more actively the …

Research On Dual Performance Of Industrial Parks Driven By Big Data: Fsqca Analysis Using Resource-Based View, Xionghong Jiang

Dissertations and Theses Collection (Open Access)

Digital economic industrial parks serve as significant vehicles for the development of the digital economy, as highlighted in the national 14th FiveYear Plan for Digital Economy Development (hereinafter referred to as "the Plan"). The Plan identifies the digital transformation of industrial parks and clusters as a key task in the broader industrial digital transformation. Intelligent parks represent the future trend of park development. Current data reveals that there are over 80,000 industrial parks across China, with revenues of the top 100 parks in 2023 reaching RMB 37.9 trillion. In 2022 alone, investment in intelligent parks exceeded RMB 300 billion, a …

The Impact Of Ai Usage On Employee Work Outcomes: The Mediating Roles Of Personal Control And Job Insecurity And The Moderating Role Of Ai Trust, Tiantian Wang

Dissertations and Theses Collection (Open Access)

The widespread application of artificial intelligence (AI) technology in the workplace offers significant potential for process optimization andperformance improvement. However, the psychological mechanisms throughwhich AI usage affects employee outcomes remain underexplored. To address this gap, the present study investigated a sample of 170 employees froma media company in China, utilizing a three-wave longitudinal survey design. Specifically, this study examined how AI usage influenced employee creativity and task performance improvement through two mediatingmechanisms: the enhancement of personal control in problem-solving and the elicitation of job insecurity. Furthermore, the moderating role of trust in AI inthe relationship between AI usage and job …

The Impact Of Sustainable Urban Development On The Issuance Of Urban Investment Bonds, Xinglin Shou

Dissertations and Theses Collection (Open Access)

Investment, export, and consumption have been viewed as the three driving forces behind economic development in China. Among these, investment has remarkably contributed to the urbanization in the context of China's sustained growth and development. Urbanization involves the mergingof large and medium-sized cities with surrounding areas, renovation of shantytowns and aging urban neighborhoods, and transformation of rural regions into urban areas, culminating in the establishment of a unified market. Such advancements have promoted infrastructure projects that are spearheadedby local governments and aligned with urbanization, thus catalyzing the growth of China's real estate industry, stimulating the Chinese economy, andextending the urbanization-related …

How Industrial Clusters Affect Technological Innovation: Evidence From Vanyang Small & Micro Industrial Park, Jianming Wu

Dissertations and Theses Collection (Open Access)

This study focuses on the mechanism through which industrial clusters enhance technological innovation among micro and small enterprises. Using the VanYang Micro-Enterprise Park in Zhejiang Province as a representative case, the research integrates perspectives from industrial cluster theory, innovation theory, and spatial economics to explore how clustered environments influence enterprise innovation performance through resource integration, knowledge spillovers, and organizational collaboration. Departing from traditional static comparative methods, this study adopts an event study approach to dynamically capture the impact trajectory and temporal structure of enterprise innovation performance, with "entry into the park" serving as the key event.

Based on panel data …

The Impact Of Awards And Honors On Project Bidding, Ren Wang

Dissertations and Theses Collection (Open Access)

This dissertation conducts a systematic study on the successful transformation and upgrading of China's automotive industry over the past decade, especially the remarkable progress made in the field of Electric and Intelligent Vehicles, and examines how China's automotive industry chain has seized the historical opportunity of the great transformation of the global automotive industry by “Four Modernizations”—electrification, intelligentization, lightweighting and modularization along the path of "Independent Innovation", and realized the overall improvement of both corporate performance and industrial strength under the synergy of strategic investors.

China has newly become the world's largest automotive exporter and successfully built up an advantageous …

A Study On The Impact Of Second-Generation Involvement On Digital Transformation In Family Firms And Its Contingency Effects, Wenwu Shao

Dissertations and Theses Collection (Open Access)

Family firms, as a vital component of the global economy, dominate China's private sector. However, amid the global digital wave, they face dual challenges of generational transition and digital transformation. The involvement of second-generation successors profoundly influences strategic decision-making and digital transformation in family firms. Yet, existing research lacks a systematic theoretical framework and empirical evidence on the relationship between second-generation involvement and digital transformation in family firms, as well as its underlying mechanisms. The study thus examines the impact of second-generation involvement on digital transformation in family firms and its contingency effects.

Focusing on China's A-share listed family firms, …

Digital Capabilities And Customer Service Levels Of Small And Medium Sized Manufacturing Enterprises, Yuegang Niu

Dissertations and Theses Collection (Open Access)

The level of customer service, as an important tool for the differentiatedcompetition of small and medium-sized manufacturing enterprises, has reshaped the value creation model of these enterprises. With the rise of service-oriented manufacturing enterprises under the "manufacturing service- oriented" model, this is a business model that combines manufacturing andservices. It not only provides physical products but also offers related value- added services. This indicates that small and medium-sized manufacturingenterprises urgently need to enhance their digital capabilities in the digital age to achieve dynamic upgrades and further improve their customer service capabilities. High-quality customer service capabilities have put forward newrequirements for …

The Message Framing Effects In The Process Of Health Behavior Change, Zixia Fang

Dissertations and Theses Collection (Open Access)

As a key means to promote health behavior change, information intervention has gradually attracted widespread attention from all walks of life. The same information presented in different ways may lead to different decision-making judgments, especially in the process of transmitting and receiving health information, which affects individual behavioral intentions and health consumption decisions. This information framing effect is considered by most scholars to be an important factor in health behavior intervention, but its specific mechanism of action in health behavior change has not been fully discussed. This paper constructs a theoretical model of information framing effect to explore the specific …

The Influence Of Digitization Degree On The Internationalization Performance Of Family Firms, Hao Zhang

Dissertations and Theses Collection (Open Access)

In the report of the 20th National Congress of the Communist Party of China, it was clearly stated that efforts should be made to accelerate the development of thedigital economy, deepen the integration of the digital economy with the real economy, and strive to build a digital industrial cluster with international competitiveness. This grand blueprint not only highlights China's high regard for the future development of the digital economy but also points out the direction for China's economictransformation and upgrading. Meanwhile, the "Overall Layout Plan for Digital ChinaConstruction" further elaborates on this strategy and sets the ambitious goal of basically …

Unexpected Defaults: The Role Of Information Opacity, Aytekin Ertan, Yun Lee, Regina Wittenberg-Moerman

Research Collection School Of Accountancy

Bond defaults are undesirable yet natural outcomes of risky investments. What is also crucial but hitherto underexplored is the unexpectedness of defaults. We develop a parsimonious measure of default unexpectedness and highlight its economic importance by demonstrating that unexpected defaults are associated with unfavorable recovery outcomes and adverse price changes in peer firm bonds. We then examine how default unexpectedness relates to information opacity. We find that firms with opaque financial reporting and weak voluntary disclosure experience more unexpected defaults. Defaults also occur more unexpectedly when the external information environment is opaque—when rating agencies disagree on a firm’s credit risk …

The Spillover Effects Of Environmental Lawsuits On Industry Peers, Xia Chen, Qiang Cheng, Xuefan Peng, Ziliang Zhan

Research Collection School Of Accountancy

We examine the spillover effects of high-profile environmental lawsuits on industry peers. We find that compared with control firms, industry peers experience a decrease in chemical releases and an increase in pollution-related disclosures after the lawsuits. These results are more pronounced for the industry peers who have higher levels of chemical releases in the pre-lawsuit period and who are the peers of firms sued for damage to human health. Lastly, we provide confirmatory evidence that industry peers increase abatement activities after the lawsuits and experience a decline in financial performance, likely due to the increase in abatement costs.

Beyond The Disaster Zone: How Disruptive Climate Event Shape Epa Oversight And Firm Behavior, Grace Fan

Research Collection School Of Accountancy

We examine how experiences with disruptive climate events impact the Environmental Protection Agency’s (EPA) monitoring activities and subsequent firm behaviors. Using plausibly exogenous variation in the exposure of EPA regional offices to major hurricanes, we find that exposed EPA regulators increase their monitoring efforts, measured by both inspection frequency and length, at facilities located in their jurisdictions but outside the disaster zone. This effect diminishes over time and is stronger for regulators located closer to the disaster area or experiencing the disaster for the first time. Importantly, the heightened regulatory monitoring following disasters has real effects on regulated facilities–they face …

Research On The Impact Of Factors For Successful Digital Transformation On Performance: A Case Study Of The Clothing Industry, Xiaoyun Qian

Dissertations and Theses Collection (Open Access)

In recent years, enterprises in the clothing industry have experiencedvarying degrees of performance decline, primarily influenced bymacroeconomic cyclical factors and intrinsic industry issues. Firstly, under the influence of macroeconomic cycles, the clothing industry has demonstratedstrong cyclical characteristics. Since 2019, weakened global macroeconomic conditions have negatively impacted both clothing exports and domestic sales, coupled with a slowdown in China's macroeconomic growth, puttingsignificant pressure on the overall growth of the clothing sector. Secondly, the industry faces several internal challenges, including rising labor costs, severe supply-demand mismatches, overcapacity on the production side, and longinventory cycles. Digital transformation has emerged as an important optionfor …

From The Accounting Graduate’S And The Employer’S Perspectives: Exploring The Key Roles In Making Skill Acquisition And Transfer Happen, Gary Pan, Poh Sun Seow, Clarence Goh, Duan Ning, Magdeleine Lew

Research Collection School Of Accountancy

While extant research has discussed how a teacher’s role may have to change when facilitating accounting students’ learning in today’s fast-moving accounting landscape, nevertheless, little is known about the roles played by the accounting graduate and the employer in a similar process. To plug this knowledge gap in the accounting education literature, this study aims to address the following research question: What are the key roles played by the accounting graduate and the employer in the process of skill acquisition and transfer from the university to the workplace? By applying Fitts and Posner’s (1967) three stages of learning and adopting …

How Strategic Investors Drive The Transformation And Upgrading Of China's Automotive Industry, Gongwei Wang

Dissertations and Theses Collection (Open Access)

This dissertation conducts a systematic study on the successful transformation and upgrading of China's automotive industry over the past decade, especially the remarkable progress made in the field of Electric and Intelligent Vehicles, and examines how China's automotive industry chain has seized the historical opportunity of the great transformation of the global automotive industry by “Four Modernizations”—electrification, intelligentization, lightweighting and modularization along the path of "Independent Innovation", and realized the overall improvement of both corporate performance and industrial strength under the synergy of strategic investors.

China has newly become the world's largest automotive exporter and successfully built up an advantageous …

Industry Peer Information And The Equity Valuation Accuracy Of Firms Emerging From Chapter 11, Bingxu Fang, Sasan Saiy, Dushyantkumar Vyas

Research Collection School Of Accountancy

Valuation plays a central role in determining Chapter 11 reorganization outcomes. However, obtaining accurate valuation estimates of reorganized firms is challenging because of limited firm-specific market-based information and the oft-conflicting incentives of claimholders. We examine the role of industry peer information in reducing misvaluations and its implications for unintended interclaimant wealth transfers and postreorganization performance. First, we find that the availability of relevant industry peer information is negatively associated with equity valuation errors for firms emerging from Chapter 11. Cross-sectional results suggest that the relation between industry peer information and valuation errors varies substantially with debtors’ information environment and case …

Green Innovation And Firms’ Financial And Environmental Performance: The Roles Of Pollution Prevention Versus Control, Qiang Cheng, An-Ping Lin, Mengjie Yang

Research Collection School Of Accountancy

This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to capture firms' investments in these two types of technologies, we find that the value of a firm's pollution prevention patents is positively associated with its future financial and environmental performance, and that the positive impact …

Does Social Capital Mitigate Managerial Self-Dealing? Evidence From Insider Trading, Sung Gon Chung, Jimmy Lee, Sang Hyun Park

Research Collection School Of Accountancy

In this study, we examine whether the social capital surrounding the firm’s corporate headquarters mitigates managerial self-dealing in the form of opportunistic insider trading. We find strong evidence that the level of social capital in the region surrounding the firm’s headquarters is negatively and significantly associated with insider trading profitability. We also find that the negative association between social capital and insider trading profitability is more pronounced when governance is weaker and corporate opacity is higher, instances where insiders have greater opportunities to trade on their private information. Further analyses on the potential mechanisms suggest that the negative association is …

Breaking The Language Barriers? Machine Translation Technology And Analysts’ Forecasts For Firms With Foreign Operations, Bingxu Fang, Pengkai Lin

Research Collection School Of Accountancy

We study the impact of machine translation technology on analysts’ forecasts for firms with foreign operations. Exploiting the staggered rollout of Google Translate’s support for translating foreign languages into English, we find that U.S. analysts improve their forecast accuracy for firms with substantial business exposure to the corresponding foreign countries. We obtain similar evidence using an international sample of analysts covering firms outside their home countries. The improvement in forecast accuracy is greater for analysts with limited language skills or brokerage resources to process foreign information. Further analysis suggests that analysts raise more questions about firms’ foreign exposure during conference …

Bogging Down Investors: An Unintended Consequence Of Litigation Risk, Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng

Research Collection School Of Accountancy

Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court’s jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial reports generally declines over the sample period, treated firms in the Ninth Circuit experience a comparatively smaller decline in readability than control firms in other states after the ruling. Put differently, treated …

Merchant Guild Culture And Companies’ Sustainable Development: An Empirical Investigation Based On Esg Performance, Yi Wang

Dissertations and Theses Collection (Open Access)

In the context of global economic growth and growing emphasis on sustainable development, this study focuses on the impact of merchant guild culture, an important part of traditional Chinese culture, on the sustainable development of enterprises. Through an in-depth exploration of the historical evolution and cultural connotations of merchant guild culture, this paper systematically analyzes its potential influence on corporate behavior and sustainable development. Using a sample of A-share listed companies and applying regression analysis and other empirical research methods, this study finds that merchant guild culture facilitates the sustainable development of enterprises. Mechanism analysis reveals that merchant guild culture …

Audit Firms' Entry Into H-Share Audit Market And Mainland Audit Pricing: Evidence From China, Rui Zhang, Gaoliang Tian, Zichen Tian, Liuchuang Li

Research Collection School Of Accountancy

Purpose: This study aims to investigate whether mainland Chinese audit firms’ entry into the H-share market to provide audit services affects their mainland audit pricing. Design/methodology/approach: Using data on A-share listed companies in China from 2008 to 2018, a difference-in-differences model to test the research question is designed. Robustness tests are conducted to rule out alternative explanations and additional tests to shed light on the extent and inner workings of the main effect. Findings: The entry of mainland audit firms into the H-share audit market leads to a significant decrease in mainland audit pricing. Moreover, this main effect is (i) …

Do Commercial Ties Influence Esg Ratings? Evidence From Moody's And S&P, Xuanbo Li, Yun Lou, Liandong Zhang

Research Collection School Of Accountancy

We provide the first evidence that conflicts of interest arising from commercial ties lead to bias in environmental, social, and governance (ESG) ratings. Using the acquisitions of Vigeo Eiris and RobecoSAM by Moody's and S&P as shocks to the commercial ties between ESG rating agencies and their rated firms, we show that, after their acquisitions by the credit rating agencies (CRAs), ESG rating agencies issue higher ratings to existing paying clients of the CRAs. This effect is greater for firms that have more intensive business relationships with the CRAs, but weaker for firms with more transparent ESG disclosures or higher …

Corporate Disclosures For Green Supply Chains: Evidence From Scope 3 Emissions Disclosure, Young Jun Cho, Jungbae Kim, Holly I. Yang, Mengjie Yang

Research Collection School Of Accountancy

A firm's decision to initiate Scope 3 emissions disclosure not only reflects their sustainability efforts but also signals their commitment to decarbonizing its value chain, fostering collaboration among suppliers in promoting greener supply chains. Using a generalized difference-in-differences research design, we find that suppliers reduced greenhouse gas emissions following their customers’ initiation of Scope 3 emissions disclosures. This reduction in emissions is more pronounced when the supplier poses greater climate risk and when the customer has a greater need to restore public trust for its climate-related behavior. We also find that this effect varies with the strength of the customer-supplier …

The Effect Of Private Placement On Investment Efficiency: Empirical Evidence From The New Refinancing Regulations, Zhiyong Han

Dissertations and Theses Collection (Open Access)

Compared with public offerings, private placements are more attractive to investors due to a lower threshold, a simpler procedure, and a higher success rate of issuance. These advantages make private placements the preferred choice for listed companies seeking to issue additional shares in many capital markets. With the increased prevalence of private placements as a refinancing method, how to effectively leverage raised funds and improve investment efficiency has emerged as a topic under discussion within the academic community. However, whether private placements can affect investment efficiency remains controversial. Moreover, previous studies lack systematic empirical evidence, and endogeneity issues hinder an …

Competency Model For General Managers Of Chain Independent Clinical Laboratory (Icl) Subsidiaries, Haiyan Wen

Dissertations and Theses Collection (Open Access)

An independent clinical laboratory (ICL) is a medical institution that has received approval from health authorities, holds independent legal status, and specializes in medical testing or pathological diagnostics, assuming responsibility independently. It is also referred to as a third-party medical testing laboratory. During in-depth research on the enterprises, it was found that while the chain ICL industry is rapidly growing, the issues of uncertainty and difficulty in selecting subsidiary general managers have become a common concern and pain point among senior managers.

The study combines theoretical and data analysis to identify distinct and important competency characteristics of general managers of …

Research On The Impact Of Firms' Perception Of Economic Policy Uncertainty On Their Digital Transformation, Fanwei Meng

Dissertations and Theses Collection (Open Access)

In an era characterized by globalization and digital advancement, economic policies play a critical role in the governmental regulation of economic activities. These policies are characterized by uncertainty due to a variety of internal and external factors, including international politics, economic cycles, and market fluctuations. The way firms, as microeconomic entities, perceive economic policy uncertainty (EPU) has a direct impact on their investment decisions and innovation activities. Nowadays, digital transformation has emerged as a vital strategy for firms seeking to enhance their competitiveness and adapt to evolving markets. However, digital transformation often comes with challenges, such as high input costs …

Impact Of Project Simulation Shareholding Incentive On Team Performance: Research Based On The Construction Industry, Jian Zhou

Dissertations and Theses Collection (Open Access)

China's construction industry is vast and possesses a wide market; however, it faces challenges such as unclear stratification and low concentration levels. Construction enterprises face significant constraints in key areas such as financial strength, team stability, and technological advancement, while also bearing substantial costs related to supervision and accountability. The project simulation shareholding mode enhances employees' sense of belonging and responsibility through a collaborative approach characterized by joint management, shared risks, and shared benefits. This improves project execution efficiency and quality, ultimately strengthening the core competitiveness of the enterprise. In the construction industry, projects often involve substantial investments and long-term …