This page has only limited features, please log in for full access.
Using manually collected data of Chinese listed non-financial corporations, we find that multiple large shareholders (MLS) inhibit performance sensitivity to forced CEO turnover and are unrelated to forced CEO turnover-integrity sensitivity. The similar identities fail to affect the relationship between MLS and forced turnover-performance sensitivity. The results illustrate that the reduced performance sensitivity to forced turnover stems from the controlling coalition of MLS in emerging economies. The equity balance, large shareholders' size, and the absence of controlling shareholders can escalate the inhibiting effect of MLS. State-owned ownership mitigates the inhibiting role of MLS through political governance.
Ruohan Zhong; Yanxi Li; Yun Wang. Multiple large shareholders, control contests, and forced CEO turnover. Emerging Markets Review 2021, 100816 .
AMA StyleRuohan Zhong, Yanxi Li, Yun Wang. Multiple large shareholders, control contests, and forced CEO turnover. Emerging Markets Review. 2021; ():100816.
Chicago/Turabian StyleRuohan Zhong; Yanxi Li; Yun Wang. 2021. "Multiple large shareholders, control contests, and forced CEO turnover." Emerging Markets Review , no. : 100816.
This study explores the mechanism of how trade openness (TO) affects CO2 emissions via the scale and technique effects in the Asian region over the 1990–2015 period. The results obtained by employing cross-sectional augmented estimators indicate that: (i) trade-induced technology innovation (TI) reduces CO2 emissions; (ii) trade-facilitated economic growth results in higher CO2 emissions; (iii) the positive scale effect outweighs the negative technique effects. Furthermore, TO also produces a rebound effect of TI on emissions for Southern and Western Asia. The Dumitrescu–Hurlin causality test reveals that TO Granger causes economic growth and TI, which in turn cause CO2 emissions. Besides, quadri-directional causality is observed between TO, TI, energy consumption and emissions, suggesting that these variables are mutually reinforcing. The findings suggest that the goals of environmental sustainability can be attained if the pace of national output growth is accompanied by environmental regulations and clean technology improvements when framing comprehensive trade policy.
Usman Ali; Yanxi Li; Verónica Patricia Yánez Morales; Babar Hussain. Dynamics of international trade, technology innovation and environmental sustainability: evidence from Asia by accounting for cross-sectional dependence. Journal of Environmental Planning and Management 2021, 64, 1864 -1885.
AMA StyleUsman Ali, Yanxi Li, Verónica Patricia Yánez Morales, Babar Hussain. Dynamics of international trade, technology innovation and environmental sustainability: evidence from Asia by accounting for cross-sectional dependence. Journal of Environmental Planning and Management. 2021; 64 (10):1864-1885.
Chicago/Turabian StyleUsman Ali; Yanxi Li; Verónica Patricia Yánez Morales; Babar Hussain. 2021. "Dynamics of international trade, technology innovation and environmental sustainability: evidence from Asia by accounting for cross-sectional dependence." Journal of Environmental Planning and Management 64, no. 10: 1864-1885.
We investigate how societal attitudes toward gender moderate the positive effect that gender diversity of a firm's board of governors has on its corporate environmental responsibility (CER). Using a sample of Chinese listed firms, we show that board gender diversity improves CER, particularly when female board members hold positions of authority. However, the positive influence of female board members is attenuated in provinces that have higher male-to-female sex at birth ratios. This finding suggests that gender diversity enhances board effectiveness on CER, and the societal prevalence of gender discrimination hinders the status of women in corporate governance.
Yun Wang; Craig Wilson; Yanxi Li. Gender attitudes and the effect of board gender diversity on corporate environmental responsibility. Emerging Markets Review 2020, 47, 100744 .
AMA StyleYun Wang, Craig Wilson, Yanxi Li. Gender attitudes and the effect of board gender diversity on corporate environmental responsibility. Emerging Markets Review. 2020; 47 ():100744.
Chicago/Turabian StyleYun Wang; Craig Wilson; Yanxi Li. 2020. "Gender attitudes and the effect of board gender diversity on corporate environmental responsibility." Emerging Markets Review 47, no. : 100744.
Based on the multiple regression model, this study examines the potential predictive effect of customer stock returns to firm stock returns and the moderating effect of diverse customer characteristics on the predictability. By using a sample of Chinese A-share manufacturing firms listed on the Shanghai stock exchange and Shenzhen stock exchange between 2009 and 2017, we find that customer stock returns positively predict firm stock returns in the subsequent month. Additional examinations reveal that the positive predictive effect of customer stock returns on firm stock returns is more intense for firm with high proportion of state-owned customers, customer stability, customer bargaining power and customer concentration than for those with low indicators. Overall, this study contributes to the growing literature on supply chain and predictability of stock returns by shedding light on the forecasting effect of customer stock returns on firm stock returns and the predictive heterogeneity owing to customer characteristics.
Jinyan Shi; Conghui Yu; Xiangkun Liu; Yanxi Li. Predicting firm stock returns with customer stock returns: Moderating effects of customer characteristics. Research in International Business and Finance 2020, 54, 101280 .
AMA StyleJinyan Shi, Conghui Yu, Xiangkun Liu, Yanxi Li. Predicting firm stock returns with customer stock returns: Moderating effects of customer characteristics. Research in International Business and Finance. 2020; 54 ():101280.
Chicago/Turabian StyleJinyan Shi; Conghui Yu; Xiangkun Liu; Yanxi Li. 2020. "Predicting firm stock returns with customer stock returns: Moderating effects of customer characteristics." Research in International Business and Finance 54, no. : 101280.
Research has provided empirical evidence for the stock market reaction toward private placement; however, similar research has not been conducted in terms of the bond market. Using the event study method, we empirically examine the explanatory power of the signaling, free cash flow, and wealth transfer hypotheses based on the reaction of the stock market, bond market, and firm abnormal returns to the private placement announcement. The results show that the stock market has a negative reaction toward private placement, whereas the bond market has a positive reaction. The results also show that the scale of private placement is correlated with the severity of the market reaction. Abnormal returns indicate no significant change both before and after the private placement, and they are unaffected by the scale of private placement. These results are consistent with the wealth transfer hypothesis; however, the market reaction is not attributable to the signaling hypothesis and the free cash flow hypothesis. Extensive research shows that the abnormal returns of private placement change dramatically in non-state-owned enterprises and firms with low credit rating bonds, whereas the bond maturity has no significant impact on the abnormal returns—the wealth transfer effect of private placement is stronger in non-state-owned enterprises and firms with low credit rating bond.
Jinyan Shi; Conghui Yu; Sicen Guo; Yanxi Li. Market effects of private equity placement: Evidence from Chinese equity and bond markets. The North American Journal of Economics and Finance 2020, 53, 101214 .
AMA StyleJinyan Shi, Conghui Yu, Sicen Guo, Yanxi Li. Market effects of private equity placement: Evidence from Chinese equity and bond markets. The North American Journal of Economics and Finance. 2020; 53 ():101214.
Chicago/Turabian StyleJinyan Shi; Conghui Yu; Sicen Guo; Yanxi Li. 2020. "Market effects of private equity placement: Evidence from Chinese equity and bond markets." The North American Journal of Economics and Finance 53, no. : 101214.
Using social network analysis, we compute a firm's network position characteristics and then examine their effects on firm investment efficiency. The results show that both supply network centrality and structural holes have no significant impact on corporate overinvestment but can ease corporate underinvestment by alleviating financial constraints. The specific paths are as follows: a firm that has a high level of centrality or rich structural holes in the supply network is more likely to obtain commercial credit and bank loans; however, supply network position has no significant impact on equity financing.
Jinyan Shi; Jianheng Yang; Yanxi Li. Does supply network location affect corporate investment efficiency? Research in International Business and Finance 2019, 51, 101107 .
AMA StyleJinyan Shi, Jianheng Yang, Yanxi Li. Does supply network location affect corporate investment efficiency? Research in International Business and Finance. 2019; 51 ():101107.
Chicago/Turabian StyleJinyan Shi; Jianheng Yang; Yanxi Li. 2019. "Does supply network location affect corporate investment efficiency?" Research in International Business and Finance 51, no. : 101107.
As a global platform for cultural exchange, the Confucius Institute (CI) has effectively promoted sustainable development among countries and regions. However, existing literature has mostly drawn insights from the national macro-level to study the roles played by CIs, whereas the potential of CIs to influence corporate behaviors has not received extensive attention. This study expands the research on CIs from the national macro-level to the enterprise micro-level by exploring the effect of CIs on the likelihood of acquisition completion. Using data from 1695 Chinese cross-border acquisitions from 2006 to 2017, we find that establishment of CIs can significantly increase acquisition completion likelihood. Furthermore, the level of influence of CIs on acquisition completion depends on country- and firm- level factors. At the country level, the positive effect of CIs on completion likelihood intensifies when cultural distance between host countries and China is great. At the firm level, the acquirer’s past cross-border acquisition experience moderates the effects of CIs, which are more beneficial to firms with no previous successes. In addition, we have made some further analyses, and find that the presence of CIs not only helps to increase the likelihood of acquisitions completion, but also helps to shorten the acquisition durations. The role of CIs in cross-border acquisition completion likelihood do not depend on the types of Chinse enterprises, which indicates that CIs, unlike government agencies, do not offer additional help for SOEs.
Shanshan Ouyang; Yanxi Li. Confucius Institute and the Completion of Chinese Cross-Border Acquisitions. Sustainability 2019, 11, 5088 .
AMA StyleShanshan Ouyang, Yanxi Li. Confucius Institute and the Completion of Chinese Cross-Border Acquisitions. Sustainability. 2019; 11 (18):5088.
Chicago/Turabian StyleShanshan Ouyang; Yanxi Li. 2019. "Confucius Institute and the Completion of Chinese Cross-Border Acquisitions." Sustainability 11, no. 18: 5088.
The response to the penalty for an environmental violation on the firm level is a matter of reactive corporate environmental practices, about which the existence of a penalty is critical for environmental public policy. We propose that a penalty acts as a deterrence signal to enhance the perceived threat of legal punishment and the peer effect serves as the path through which peer firms learn from target firms. Based on the peer effect among firms and the deterrence effect in criminal economics, we investigated whether and how the peer firm responds to the penalty for environmental violation of target firms in the same industrial sector. Using samples of Chinese listed firms from 2008 to 2015, this paper finds that the penalty for the target firms can increase the peer firms’ environmental investment, and compared to the sample with low-level environmental regulation, the increase in the sample with high-level environmental regulation is more significant. These findings suggest that a penalty for target firms has a deterrence effect on peer firms and the environmental regulation strengthens the above deterrence effect. This is expected to help both theorists and practitioners achieve a better understanding of the implementation of a penalty for an environmental violation.
Yun Wang; Yanxi Li; Zhuang Ma; Jinbo Song. The Deterrence Effect of a Penalty for Environmental Violation. Sustainability 2019, 11, 4226 .
AMA StyleYun Wang, Yanxi Li, Zhuang Ma, Jinbo Song. The Deterrence Effect of a Penalty for Environmental Violation. Sustainability. 2019; 11 (15):4226.
Chicago/Turabian StyleYun Wang; Yanxi Li; Zhuang Ma; Jinbo Song. 2019. "The Deterrence Effect of a Penalty for Environmental Violation." Sustainability 11, no. 15: 4226.