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Xixiong Xu
School of Economics and Business Administration, Chongqing University, Chongqing, China

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Research article
Published: 24 January 2021 in Asia-Pacific Journal of Accounting & Economics
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Using the survey data from Chinese private firms, this study investigates how the ruling Party affects firms’ treatment to their employees. We document a significant positive relationship between Party branch and employment protection. Specifically, firms with Party branch are more likely to sign labor contracts and provide stable jobs to their employees. Moreover, this effect is more prominent in regions with higher unemployment rate and in firms with labor union. Our findings highlight the Communist Party branch as an important communication bridge between the government and firms, which transfers public governance goals to firms, and then promotes employee-friendly practices.

ACS Style

Youliang Yan; Xixiong Xu. The role of communist party branch in employment protection: evidence from Chinese private firms. Asia-Pacific Journal of Accounting & Economics 2021, 1 -22.

AMA Style

Youliang Yan, Xixiong Xu. The role of communist party branch in employment protection: evidence from Chinese private firms. Asia-Pacific Journal of Accounting & Economics. 2021; ():1-22.

Chicago/Turabian Style

Youliang Yan; Xixiong Xu. 2021. "The role of communist party branch in employment protection: evidence from Chinese private firms." Asia-Pacific Journal of Accounting & Economics , no. : 1-22.

Research article
Published: 25 November 2020 in Emerging Markets Finance and Trade
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This study examines the role of affiliation with the ruling Communist Party in corporate environmental investment. Using a nationwide survey of Chinese private firms, we find that the Party membership of private entrepreneurs has a positive effect on corporate environmental investment, which suggests that Party status severs as a communication bridge and goal coordinator between the government and firms, thus encouraging them to participate more in environmental activities. Furthermore, this effect is more prominent when firms are located in regions with stricter legal supervision and lower levels of corruption, involve in a government-created business association and have better performance in profitability. Mechanism tests show that entrepreneurs with Party membership will promote firms to form a closer government-firm interaction and develop a better sense of social responsibility. Our findings highlight the entrepreneur’s Party status as an important driver of environmentally responsible corporate decision-making.

ACS Style

Youliang Yan; Xixiong Xu. Does Entrepreneur Invest More in Environmental Protection When Joining the Communist Party? Evidence from Chinese Private Firms. Emerging Markets Finance and Trade 2020, 1 -22.

AMA Style

Youliang Yan, Xixiong Xu. Does Entrepreneur Invest More in Environmental Protection When Joining the Communist Party? Evidence from Chinese Private Firms. Emerging Markets Finance and Trade. 2020; ():1-22.

Chicago/Turabian Style

Youliang Yan; Xixiong Xu. 2020. "Does Entrepreneur Invest More in Environmental Protection When Joining the Communist Party? Evidence from Chinese Private Firms." Emerging Markets Finance and Trade , no. : 1-22.

Journal article
Published: 21 April 2020 in Research in International Business and Finance
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This paper examines the effect of cultural factors on the use of trade credit, an important non-formal financial channel. Using a sample of Chinese listed companies from 2007–2017, we find that firms headquartered in regions with a stronger Confucianism atmosphere can obtain more trade credit than their peers elsewhere. Further, the positive association between Confucianism and trade credit is more prominent for non-state-owned enterprises and firms located in regions with underdeveloped financial markets. Overall, our results highlight that Confucian culture—as an implicit value norm and an ethical philosophy—plays an important positive role in fostering honesty, and thus, promoting the use of trade credit. It enriches the literature on the determinants of trade credit and provides insights on the impact of Confucianism on corporate behavior and its underlying mechanism.

ACS Style

Wanli Li; Xixiong Xu; Zhineng Long. Confucian Culture and Trade Credit: Evidence from Chinese Listed Companies. Research in International Business and Finance 2020, 53, 101232 .

AMA Style

Wanli Li, Xixiong Xu, Zhineng Long. Confucian Culture and Trade Credit: Evidence from Chinese Listed Companies. Research in International Business and Finance. 2020; 53 ():101232.

Chicago/Turabian Style

Wanli Li; Xixiong Xu; Zhineng Long. 2020. "Confucian Culture and Trade Credit: Evidence from Chinese Listed Companies." Research in International Business and Finance 53, no. : 101232.

Journal article
Published: 25 October 2019 in Sustainability
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While China’s economic development has made tremendous progress, it has also caused serious environmental pollution problems. This paper uses the date of the Chinese Private Enterprise Survey (CPES) to empirically investigate the impact of Confucianism on corporate environmental investment and its internal mechanism. The results show that: (1) Confucianism plays a significant role in corporate environmental investment. (2) In the areas where environmental regulation is relatively weak, Confucianism has a more significant effect on promoting corporate environmental investment. (3) The positive influence of Confucianism on corporate environmental investment is more obvious in heavy polluting industries. This paper’s conclusions deepen the theoretical cognition of the economic consequences of Confucianism and enrich the relevant literature on the subject of Confucianism. At the same time, this paper also expands the understanding of the determinants of corporate environmental investment from the perspective of the informal institution.

ACS Style

Xixiong Xu; Lingling Duan; Youliang Yan. The Influence of Confucianism on Corporate Environmental Investment: Evidence from Chinese Private Firms. Sustainability 2019, 11, 5941 .

AMA Style

Xixiong Xu, Lingling Duan, Youliang Yan. The Influence of Confucianism on Corporate Environmental Investment: Evidence from Chinese Private Firms. Sustainability. 2019; 11 (21):5941.

Chicago/Turabian Style

Xixiong Xu; Lingling Duan; Youliang Yan. 2019. "The Influence of Confucianism on Corporate Environmental Investment: Evidence from Chinese Private Firms." Sustainability 11, no. 21: 5941.

Journal article
Published: 23 May 2019 in International Review of Economics & Finance
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This paper investigates the impact of CFO gender on corporate cash holdings and its underlying mechanism. Based on both precautionary savings theory and agency theory, we propose two competing hypotheses to investigate the association between CFO gender and corporate cash holdings. Using a sample of Chinese listed firms during the period from 2007 to 2015, we find that firms with female CFOs hold substantially more cash, which favors the precautionary savings-based explanation. Further analyses indicate that this effect is more pronounced in financially constrained firms and non-SOEs. We also find that female CFO-led firms are more likely to hold excess cash, hence damaging the value of cash holdings. Furthermore, we document that the enhancement of the female CFOs’ abilities helps to alleviate the impact of gender differences on cash holdings. Overall, our study highlights the critical role played by CFO gender in shaping corporate cash policy.

ACS Style

Xixiong Xu; Wanli Li; Yaoqin Li; Xing Liu. Female CFOs and corporate cash holdings: Precautionary motive or agency motive? International Review of Economics & Finance 2019, 63, 434 -454.

AMA Style

Xixiong Xu, Wanli Li, Yaoqin Li, Xing Liu. Female CFOs and corporate cash holdings: Precautionary motive or agency motive? International Review of Economics & Finance. 2019; 63 ():434-454.

Chicago/Turabian Style

Xixiong Xu; Wanli Li; Yaoqin Li; Xing Liu. 2019. "Female CFOs and corporate cash holdings: Precautionary motive or agency motive?" International Review of Economics & Finance 63, no. : 434-454.

Journal article
Published: 01 December 2018 in China Journal of Accounting Research
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This study investigates the impact of corruption on corporate cash holdings in China. The political extraction argument predicts that firms might shelter liquid assets to avoid extraction by corrupt officials. Using data on A-shared listed firms between 2007 and 2012, we find that firms located in more corrupt regions hold less cash, supporting this hypothesis. Political resources help to diminish the risk of exploitation, reducing the extent to which liquid assets are sheltered. We find that the negative association between corruption and cash holding is more significant for non-state-owned enterprises (Non-SOEs) than for state-owned enterprises (SOEs). Moreover, the cash holdings of Non-SOEs without political connections are more sensitive to corruption than those of Non-SOEs with political connections. These findings demonstrate that expropriation by corrupt officials is an important factor driving firms to manage liquidity.

ACS Style

Xixiong Xu; Yaoqin Li. Local corruption and corporate cash holdings: Sheltering assets or agency conflict? China Journal of Accounting Research 2018, 11, 307 -324.

AMA Style

Xixiong Xu, Yaoqin Li. Local corruption and corporate cash holdings: Sheltering assets or agency conflict? China Journal of Accounting Research. 2018; 11 (4):307-324.

Chicago/Turabian Style

Xixiong Xu; Yaoqin Li. 2018. "Local corruption and corporate cash holdings: Sheltering assets or agency conflict?" China Journal of Accounting Research 11, no. 4: 307-324.

Journal article
Published: 16 October 2018 in Finance Research Letters
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We investigate the impact of China's anti-corruption campaign on corporate innovation. Our empirical results corroborate a significant positive association between anti-corruption intensity and firm's R&D expenditures, which indicate that firms headquartered in provinces with stronger anti-corruption efforts are less likely to choose relation-orientated strategy, and thus invest more in R&D activities. In addition, compared with SOEs, the positive effect of anti-corruption on R&D spending is more pronounced for Non-SOEs. This paper provides insights for understanding the impact of corrupt environment on firm performance and its underlying path.

ACS Style

Weiyu Gan; Xixiong Xu. Does anti-corruption campaign promote corporate R&D investment? Evidence from China. Finance Research Letters 2018, 30, 292 -296.

AMA Style

Weiyu Gan, Xixiong Xu. Does anti-corruption campaign promote corporate R&D investment? Evidence from China. Finance Research Letters. 2018; 30 ():292-296.

Chicago/Turabian Style

Weiyu Gan; Xixiong Xu. 2018. "Does anti-corruption campaign promote corporate R&D investment? Evidence from China." Finance Research Letters 30, no. : 292-296.

Article
Published: 24 September 2018 in Asian-Pacific Economic Literature
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ACS Style

Yaoqin Li; Xixiong Xu; Weiyu Gan. Political extraction and corporate cash holdings in China. Asian-Pacific Economic Literature 2018, 32, 76 -94.

AMA Style

Yaoqin Li, Xixiong Xu, Weiyu Gan. Political extraction and corporate cash holdings in China. Asian-Pacific Economic Literature. 2018; 32 (2):76-94.

Chicago/Turabian Style

Yaoqin Li; Xixiong Xu; Weiyu Gan. 2018. "Political extraction and corporate cash holdings in China." Asian-Pacific Economic Literature 32, no. 2: 76-94.

Journal article
Published: 01 June 2016 in China Journal of Accounting Research
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Based on signaling and gender discrimination theory, we examine whether chief financial officer (CFO) gender matters to bank–firm relationships and the designing of collateral clauses in bank loan contracting, and explore the potential path of influence. Data taken from Chinese listed companies between 2009 and 2012 indicate that (1) female-CFO-led firms are less likely to obtain credit loans than male-CFO-led firms; (2) female-CFO-led borrowers are more likely to be required to provide collateral for loans than male-CFO-led borrowers; and (3) banks are more inclined to claim mortgaging collateral when lending to female-CFO-led firms and prefer to guarantee collateral when lending to male-CFO-led firms. Female-CFO-led borrowers seem to be granted more unfavorable loan terms than male-CFO-led borrowers, supporting the hypothesis that female CFOs experience credit discrimination. Further analysis reveals that regional financial development helps to alleviate lending discrimination against female CFOs. Furthermore, female CFOs in SOEs are less likely than their non-SOE counterparts to experience gender discrimination in the credit market.

ACS Style

Xixiong Xu; Yaoqin Li; Mengmeng Chang. Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses. China Journal of Accounting Research 2016, 9, 153 -173.

AMA Style

Xixiong Xu, Yaoqin Li, Mengmeng Chang. Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses. China Journal of Accounting Research. 2016; 9 (2):153-173.

Chicago/Turabian Style

Xixiong Xu; Yaoqin Li; Mengmeng Chang. 2016. "Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses." China Journal of Accounting Research 9, no. 2: 153-173.