Air Pollution, Regulatory Reforms, and Impacts on Corporate Policies: Selective Review with Recent Evidence from China
In: The Chinese economy: translations and studies, Volume 54, Issue 5, p. 347-354
ISSN: 1558-0954
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In: The Chinese economy: translations and studies, Volume 54, Issue 5, p. 347-354
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 47, Issue 1, p. 3-4
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 43, Issue 5, p. 3-4
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 41, Issue 2, p. 3-4
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 39, Issue 5, p. 3-4
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 37, Issue 3, p. 3-4
ISSN: 1558-0954
SSRN
In: The Chinese economy: translations and studies, Volume 42, Issue 1, p. 98-128
ISSN: 1558-0954
In: Eastern economic journal: EEJ, Volume 34, Issue 3, p. 347-363
ISSN: 1939-4632
In: Corporate governance: an international review, Volume 16, Issue 1, p. 16-31
ISSN: 1467-8683
ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: We examine the relation between independence of audit committee and firm value with a sample of Fortune 200 companies.Research Findings/Insights: Using a sample of Fortune 200 companies and defining top executives of other publicly traded firms as expert‐independent directors and controlling for firm specifics, board features, and individual director characteristics, we find the presence of expert‐independent directors on board and in the audit committee enhances firm value.Theoretical/Academic Implications: We provide empirical evidence to show that by focusing on this restricted definition of independent directors (expert‐independent directors), we are able to examine independence in both the board and audit committee in a different light.Practitioner/Policy Implications: We offer new insights to relate firm value of the composition of audit committee. When expert‐independent directors are of majority control of audit committee, finance‐trained directors improve firm value almost five times to that of firms with independent audit committee alone.
In: The Chinese economy: translations and studies, Volume 39, Issue 5, p. 87-98
ISSN: 1558-0954
In: FINANA-D-22-00910
SSRN
In: The Chinese economy: translations and studies, Volume 47, Issue 2, p. 27-40
ISSN: 1558-0954
In: The Chinese economy: translations and studies, Volume 41, Issue 2, p. 34-55
ISSN: 1558-0954
In: Corporate social responsibility and environmental management
ISSN: 1535-3966
AbstractWe examine the impact of China's announcements of upcoming government environmental audits (GEAs) on firms' corporate social responsibility (CSR). We hypothesize that firms, especially heavily polluting firms, engage in more CSR to proactively burnish their public image to weather forthcoming adverse outcomes from a GEA. Our baseline findings confirm that firms respond to the government's GEA announcement by engaging in more CSR. Additional analysis suggests that reputation concerns and environmental fines mediate the impact of GEA announcements on CSR. Cross‐sectional analyses show that the effect of GEA announcements on CSR is more salient for firms: (1) in a business environment in which GEAs are more effective, (2) that CSR engagement is critically important, or (3) that CSR can serve some special function. Overall, our findings imply that it is generally a good government policy to implement GEAs.