The Impact of ESG Disclosure on Future Stock Price Crash Risk：The Role of Institutional Investors and Political Connections in Chinese Non－SOEs

키워드

참고문헌 (54)

1. Bai, X., "ESG Performance, Institutional Investors’Preference and Financing Constraints : Empirical Evidence from China", Borsa Istanbul Review (2022)
2. Ball, R., "Market and political", regulatory perspectives on the recent accounting scandals, 2009, pp.47(2), 277~323
3. Balsam, S., "Accruals management, investor sophistication, and equity valuation：Evidence from 10－Q filings", Journal of Accounting Research, 40(4), pp.987~1012 (2002)
4. Boubakri, N., "Political connections and the cost of equity capital", Journal of Corporate Finance, 18(3), pp.541~559 (2012)
5. Broadstock, D. C., "The role of ESG performance during times of financial crisis：Evidence from COVID－19 in China", Finance Research Letters, 38, pp.101716~ (2021)
6. Bushee, B. J., "Institutional investor preferences for corporate governance mechanisms", Journal of Management Accounting Research, 26(2), pp.123~149 (2014)
7. Cahan, S. F., "Corporate social responsibility and media coverage", Journal of Banking & Finance, 59, pp.409~422 (2015)
8. Carroll, A. B., "A three－dimensional conceptual model of corporate performance", Academy of Management Review, 4(4), pp.497~505 (1979)
9. Chen, C. J., "Rent－seeking incentives, corporate political connections, and the control structure of private firms：Chinese evidence", Journal of Corporate Finance, 17(2), pp.229~243 (2011)
10. Chen, J., "Forecasting crashes：Trading volume, past returns, and conditional skewness in stock prices", Journal of Financial Economics, 61(3), pp.345~381 (2001)
11. Cheng, B., "Corporate social responsibility and access to finance", Strategic Management Journal, 35(1), pp.1~23 (2014)
12. Cheng, C. A., "Institutional monitoring through shareholder litigation", Journal of Financial Economics, 95(3), pp.356~383 (2010)
13. Core, J. E., "Price versus non－price performance measures in optimal CEO compensation contracts", The Accounting Review, 78(4), pp.957~981 (2003)
14. Dangelico, R. M., "Being ‘green and competitive’：The impact of environmental actions and collaborations on firm performance", Business Strategy and the Environment, 24(6), pp.413~430 (2015)
15. Dhaliwal, D. S., "Voluntary nonfinancial disclosure and the cost of equity capital：The initiation of corporate social responsibility reporting", The Accounting Review, 86(1), pp.59~100 (2011)
16. Dhaliwal, D. S., "Nonfinancial disclosure and analyst forecast accuracy：International evidence on corporate social responsibility disclosure", The Accounting Review, 87(3), pp.723~759 (2012)
17. Estrin, S., "The role of informal institutions in corporate governance：Brazil, Russia, India, and China compared", Asia Pacific Journal of Management, 28, pp.41~67 (2011)
18. Faccio, M., "Political connections and corporate bailouts", The Journal of Finance, 61(6), pp.2597~2635 (2006)
19. Fanani, Z., "Effect of Board Gender, Political Connection, Military Experience, and Board Activity Toward Company Reputation", Jurnal Reviu Akuntansi Dan Keuangan, 10(2), pp.271~284 (2020)
20. Fatemi, A., "ESG performance and firm value：The moderating role of disclosure", Global Finance Journal, 38, pp.45~64 (2018)
21. Ferreira, M. A., "The colors of investors’ money：The role of institutional investors around the world", Journal of Financial Economics, 88(3), pp.499~533 (2008)
22. Friede, G., "ESG and financial performance：aggregated evidence from more than 2000 empirical studies", Journal of Sustainable Finance &Investment, 5(4), pp.210~233 (2015)
23. Gaspar, J. －M., "Shareholder investment horizons and the market for corporate control", Journal of Financial Economics, 76(1), pp.135~165 (2005)
24. Graham, J. R., "The economic implications of corporate financial reporting", Journal of Accounting and Economics, 40(1－3), pp.3~73 (2005)
25. Graves, S. B., "Institutional ownership and control：Implications for long－term corporate strategy", Academy of Management Perspectives, 4(1), pp.75~83 (1990)
26. Hu, G., "Political connections and stock price crash risk : The role of intermediary information disclosure", China Finance Review International (2018)
27. Hutton, A. P., "Opaque financial reports, R2, and crash risk", Journal of financial Economics, 94(1), pp.67~86 (2009)
28. Jin, L., "R2 around the world：New theory and new tests", Journal of Financial Economics, 79(2), pp.257~292 (2006)
29. Khan, M., "Estimation and empirical properties of a firm－year measure of accounting conservatism", Journal of Accounting and Economics, 48(2－3), pp.132~150 (2009)
30. Kim, J. B., "CFOs versus CEOs：Equity incentives and crashes", Journal of Financial Economics, 101(3), pp.713~730 (2011)
31. Kim, J. B., "Corporate tax avoidance and stock price crash risk ：Firm－level analysis", Journal of Financial Economics, 100(3), pp.639~662 (2011)
32. Kim, J. B., "Financial reporting opacity and expected crash risk：Evidence from implied volatility smirks", Contemporary Accounting Research, 31(3), pp.851~875 (2014)
33. Kim, J. B., "Accounting conservatism and stock price crash risk：Firmlevel evidence", Contemporary Accounting Research, 33(1), pp.412~441 (2016)
34. Kim, S., "Understanding the impact of ESG practices in corporate finance", Sustainability, 13(7), pp.3746~ (2021)
35. Kim, Y., "Corporate social responsibility and stock price crash risk", Journal of Banking and Finance, 43, pp.1~13 (2014)
36. Kim, Y., "Is earnings quality associated with corporate social responsibility?", The Accounting Review, 87(3), pp.761~796 (2012)
37. Kothari, S. P., "Do managers withhold bad news?", Journal of Accounting Research, 47(1), pp.241~276 (2009)
38. Li, X., "Communist party control and stock price crash risk：Evidence from China", Economics Letters, 141, pp.5~7 (2016)
39. Li, Y., "The impact of environmental, social, and governance disclosure on firm value：The role of CEO power", The British Accounting Review, 50(1), pp.60~75 (2018)
40. Li, Y., "The impact of top executive gender on asset prices：Evidence from stock price crash risk", Journal of Corporate Finance, 58, pp.528~550 (2019)
41. McCahery, J. A., "Behind the scenes：The corporate governance preferences of institutional investors", The Journal of Finance, 71(6), pp.2905~2932 (2016)
42. Pang, C., "Political connections, legal environments and firm performance around the world", International Journal of Finance & Economics, 26(3), pp.4393~4409 (2021)
43. Piotroski, J. D., "Political incentives to suppress negative information：Evidence from Chinese listed firms", Journal of Accounting Research, 53(2), pp.405~459 (2015)
44. Porter, M. E., "America’s failing capital investment system", Harvard Business Review, 70(5), pp.65~82 (1992)
45. Schoenherr, D., "Political connections and allocative distortions", The Journal of Finance, 74(2), pp.543~586 (2019)
46. Shleifer, A., "A survey of corporate governance", The Journal of Finance, 52(2), pp.737~783 (1997)
47. Tihanyi, L., "State ownership and political connections", Journal of Management, 45(6), pp.2293~2321 (2019)
48. Turban, D. B., "Corporate social performance and organizational attractiveness to prospective employees", Academy of Management Journal, 40(3), pp.658~672 (1997)
49. Verrecchia, R. E., "Essays on disclosure", Journal of Accounting and Economics, 32(1－3), pp.97~180 (2001)
50. Wahal, S., "Do institutional investors exacerbate managerial myopia?", Journal of Corporate Finance, 6(3), pp.307~329 (2000)
51. Weber, O., "Environmental, social and governance reporting in China", Business Strategy and the Environment, 23(5), pp.303~317 (2014)
52. Xu, N., "Excess perks and stock price crash risk：Evidence from China", Journal of Corporate Finance, 25, pp.419~434 (2014)
53. Yan, X., "Institutional investors and equity returns：Are short－term institutions better informed?", The Review of Financial Studies, 22(2), pp.893~924 (2009)
54. Yoon, B., "Does ESG performance enhance firm value? Evidence from Korea", Sustainability, 10(10), pp.3635~ (2018)

관련 논문AI추천