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This article selects the listed companies in China’s A-share heavy pollution industry from 2014 to 2018 as samples, uses a random effect model to empirically test the relationship between media attention and corporate environmental performance and examines the impacts of local government environmental protection and property nature on that relationship. Results are as follow: (1) Media attention can significantly affect a company’s environmental performance. The higher the media attention, the greater the company’s supervision and the better its environmental performance. (2) In areas where the government pays less attention to environmental protection, the impact of media on corporate environmental performance is more obvious, but in other areas, the impact of media on environmental performance cannot be reflected; (3) The media attention is very significant for the environmental performance improvement of state-owned enterprises, and it is not obvious in non-state-owned enterprises. (4) A further breakdown of the study found that the role of media attention in corporate environmental performance is only significant in the sample of local governments that have low environmental protection and are state-owned enterprises. This research incorporates the local government’s emphasis on environmental protection into the research field of vision, expands the research scope of media and corporate environmental performance, and also provides new clues and evidence for promoting the active fulfillment of environmental protection responsibilities by companies and local governments.
Zhiru Guo; Chao Lu. Corporate Environmental Performance in China: The Moderating Effects of the Media versus the Approach of Local Governments. International Journal of Environmental Research and Public Health 2020, 18, 150 .
AMA StyleZhiru Guo, Chao Lu. Corporate Environmental Performance in China: The Moderating Effects of the Media versus the Approach of Local Governments. International Journal of Environmental Research and Public Health. 2020; 18 (1):150.
Chicago/Turabian StyleZhiru Guo; Chao Lu. 2020. "Corporate Environmental Performance in China: The Moderating Effects of the Media versus the Approach of Local Governments." International Journal of Environmental Research and Public Health 18, no. 1: 150.
We take Chinese A-share listed companies in years 2010–2015 as a sample to examine the relationship between Corporate Social Responsibility (CSR) information disclosure and stock price crash risk using the fixed effect model. The results show that: (1) There is an inverted U-shaped nonlinear relationship between CSR information disclosure and stock price crash risk. That is, as the CSR information disclosure level increases, the CSR information disclosure first aggravates and then reduces the stock price crash risk; (2) under different disclosure motives, there is a significant difference in the impact of CSR information disclosure on stock price crash risk. There is still an inverted U-shaped relationship between mandatory CSR information disclosure and stock price crash risk, but not for the semi-mandatory and voluntary disclosure; (3) the academic independent director has a positive adjustment effect on the relationship between CSR information disclosure and stock price crash risk, while the institutional investor has a negative adjustment effect on the relationship between CSR information disclosure and stock price crash risk. The research is of great significance for promoting the fulfillment of CSR, improving corporate governance and stabilizing the capital market.
Jingwen Dai; Chao Lu; Jipeng Qi. Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China. Sustainability 2019, 11, 448 .
AMA StyleJingwen Dai, Chao Lu, Jipeng Qi. Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China. Sustainability. 2019; 11 (2):448.
Chicago/Turabian StyleJingwen Dai; Chao Lu; Jipeng Qi. 2019. "Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China." Sustainability 11, no. 2: 448.
Social responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving capital market pricing efficiency, this paper conducted empirical research based on a sample of China Shanghai and Shenzhen A-share listed companies in years 2010–2015. The results showed that: (1) Overall, there is a significant positive correlation between CSR information and stock price synchronicity; (2) under different disclosure motives, there is no significant difference in the impact of CSR on stock price synchronicity; (3) Securities analysts and institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity, while the media will intensify the positive effect of CSR on stock price synchronicity. This research is of great significance in promoting the fulfillment of CSR and improving capital market pricing efficiency.
Jingwen Dai; Chao Lu; Yang Yang; Yanhong Zheng. Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity. Sustainability 2018, 10, 3578 .
AMA StyleJingwen Dai, Chao Lu, Yang Yang, Yanhong Zheng. Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity. Sustainability. 2018; 10 (10):3578.
Chicago/Turabian StyleJingwen Dai; Chao Lu; Yang Yang; Yanhong Zheng. 2018. "Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity." Sustainability 10, no. 10: 3578.
This study investigates the relationship between the analyst forecast dispersion and SEO pricing in auction system of SEOs in China. Leveraging detailed investor bids, our findings show that the analyst forecast dispersion has two opposite information contents, information asymmetry and divergent opinions, both of which affect the investor bidding behavior and SEO pricing. The information asymmetry effect leads to a decrease in weighted average of investor bid prices and the divergent opinions effect leads to an increase in the standard deviation of bid prices. The net effect of the two information contents in analyst forecast dispersion results in an increase in SEO discounts, suggesting the effect of information asymmetry outweighs that of divergent opinions. Furthermore, the transmission mechanism test shows that the investor bidding behavior is a complete transmission channel underling the impact of analyst forecast dispersion and SEO discounts. Our findings contribute to the literature related to SEO discount determinants and how financial analysts affect capital markets.
Mingjing Yang; Xiaoke Cheng; Qian Sun; Chao Lu. How does analyst forecast dispersion affect SEO discounts in uniform-price auction system? Evidence from investor bids in China. International Review of Economics & Finance 2018, 63, 198 -208.
AMA StyleMingjing Yang, Xiaoke Cheng, Qian Sun, Chao Lu. How does analyst forecast dispersion affect SEO discounts in uniform-price auction system? Evidence from investor bids in China. International Review of Economics & Finance. 2018; 63 ():198-208.
Chicago/Turabian StyleMingjing Yang; Xiaoke Cheng; Qian Sun; Chao Lu. 2018. "How does analyst forecast dispersion affect SEO discounts in uniform-price auction system? Evidence from investor bids in China." International Review of Economics & Finance 63, no. : 198-208.
Corporate Social Responsibility (CSR) is the obligation of a company to pursue long-term goals, and is an important part of a sustainable society. It is related not only to the survival and sustainable development of the company, but also to the expectations of the public. CSR is an important way for companies to disclose non-financial information. Information disclosure can alleviate information asymmetry effectively, improve the quality of internal control, and affect the occurrence of insider trading. However, the existing research has paid less attention to the impact of non-financial information on CSR and insider trading, as well as the impact of the corporate nature and disclosure motivation on this relationship. This paper takes China’s 2011–2016 Shanghai and Shenzhen A-share listed companies as a sample to study the relationship between CSR and insider trading. The results show the following. (1) CSR and insider trading have a significant negative correlation. (2) From the perspective of the nature of the enterprise, the CSR of non-state-owned enterprises can significantly suppress the occurrence of insider trading, while the relationship is not significant for state-owned enterprises. (3) From the perspective of disclosure motivation, voluntary disclosure can significantly suppress the occurrence of insider trading. However, mandatory disclosure and semi-mandatory disclosure are not significant. The research in this paper is of great significance to encourage enterprises to fulfill their social responsibilities and improve the supervision of illegal insider trading.
Chao Lu; Xuetong Zhao; Jingwen Dai. Corporate Social Responsibility and Insider Trading: Evidence from China. Sustainability 2018, 10, 3163 .
AMA StyleChao Lu, Xuetong Zhao, Jingwen Dai. Corporate Social Responsibility and Insider Trading: Evidence from China. Sustainability. 2018; 10 (9):3163.
Chicago/Turabian StyleChao Lu; Xuetong Zhao; Jingwen Dai. 2018. "Corporate Social Responsibility and Insider Trading: Evidence from China." Sustainability 10, no. 9: 3163.
Chao Lu -. Analysis of Dynamic Relationship between Fictitious Economy and Real Economy in China. INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences 2013, 5, 1215 -1222.
AMA StyleChao Lu -. Analysis of Dynamic Relationship between Fictitious Economy and Real Economy in China. INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences. 2013; 5 (7):1215-1222.
Chicago/Turabian StyleChao Lu -. 2013. "Analysis of Dynamic Relationship between Fictitious Economy and Real Economy in China." INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences 5, no. 7: 1215-1222.
Chao Lu -. Using Grey Relational Analysis to Evaluate Relationship between Fictitious Economy and Real Economy in China. Journal of Convergence Information Technology 2012, 7, 36 -43.
AMA StyleChao Lu -. Using Grey Relational Analysis to Evaluate Relationship between Fictitious Economy and Real Economy in China. Journal of Convergence Information Technology. 2012; 7 (21):36-43.
Chicago/Turabian StyleChao Lu -. 2012. "Using Grey Relational Analysis to Evaluate Relationship between Fictitious Economy and Real Economy in China." Journal of Convergence Information Technology 7, no. 21: 36-43.
Chao Lu -. Application of Artificial Stock Market in the Stock Market Tradi Mechanism. INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences 2012, 4, 395 -401.
AMA StyleChao Lu -. Application of Artificial Stock Market in the Stock Market Tradi Mechanism. INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences. 2012; 4 (20):395-401.
Chicago/Turabian StyleChao Lu -. 2012. "Application of Artificial Stock Market in the Stock Market Tradi Mechanism." INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences 4, no. 20: 395-401.