In response to the recommendation by the American Assembly of Collegiate Schools of Business(AACSB,2002),which urged business schools to embark on interdisciplinary programs to facilitate boundary-spanning teaching an...In response to the recommendation by the American Assembly of Collegiate Schools of Business(AACSB,2002),which urged business schools to embark on interdisciplinary programs to facilitate boundary-spanning teaching and learning,many colleges have conducted one form of curriculum integration or the other.Many of these team-taught course integrations,however,concentrate on core business courses without reaching out to related courses in other disciplines.Moreover,due to some factors,the informational contents of management disclosures in annual reports and audit unqualified opinions may not align with the future viability of an enterprise.Using a“going concern concept”,this paper demonstrates how the addition of economics in business school curriculum integration could produce well-rounded business graduates.Economics concepts could unambiguously support the tests that cast doubts on firms’ability to continue operations.展开更多
Based on the company's disclosure of key customer information,the impact of corporate customer concentration on analyst forecast was studied,and we further studied the impact of detailed customer names on analyst ...Based on the company's disclosure of key customer information,the impact of corporate customer concentration on analyst forecast was studied,and we further studied the impact of detailed customer names on analyst forecasts. It is found that:(i) customer concentration significantly affects the accuracy of analyst forecasts. The higher the customer concentration is,the lower the accuracy of analyst forecasts is;(ii) Voluntary disclosure of customer names can provide incremental information to analysts and mitigate the negative impact of customer concentration on the accuracy of analyst forests;(iii) further research has found that the incremental information brought by the state-owned enterprises' disclosure of the customer names to analysts is more obvious; disclosure of customer names by companies with high environmental uncertainty is more likely to be of concern to analysts; and star analysts have a higher ability to interpret customer names than non-star analysts.展开更多
Public environmental concern(PEC)is an important bottom-up force in building an environmentally sustainable society.Guided by attitude theory,this paper innovatively constructed a PEC evaluation index system,while int...Public environmental concern(PEC)is an important bottom-up force in building an environmentally sustainable society.Guided by attitude theory,this paper innovatively constructed a PEC evaluation index system,while introducing entropy weighted-TOPSIS(Technique for Order Preference by Similarity to Ideal Solution)to realize the assessment of PEC.Exploratory spatial data analysis was used to portray the spatio-temporal evolution patterns of PEC in 362 Chinese cities at prefecture-level and above from 2011 to 2018.Furthermore,the Geodetector model was performed to identify the multi-dimensional determinants of PEC from the perspective of spatial heterogeneity.The results indicated that:1)PEC in China exhibited a fluctuating upward trend,consistent with the spatial distribution law of‘Heihe-Tengchong Line’and‘Bole-Taipei Line’;2)the driving effect of each factor varied dynamically,but in general,economic development level,population size,industrial wastewater,and education level were the dominant driving factors explaining the spatial variation of PEC;3)risk detection revealed that four factors,government environmental regulations,PM_(2.5),vegetation coverage,and natural resource endowment,had nonlinear effects on PEC;4)the interactions between factors all demonstrated an enhancement in explaining the spatial differentiation of PEC.PEC was driven by the comprehensive interaction of four-dimensional factors of economy,society,pollutant emissions,and ecology.Among them,population agglomeration accompanied by a high level of regional economy and information technology can explain the increase in PEC to the greatest extent.展开更多
This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi...This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.展开更多
文摘In response to the recommendation by the American Assembly of Collegiate Schools of Business(AACSB,2002),which urged business schools to embark on interdisciplinary programs to facilitate boundary-spanning teaching and learning,many colleges have conducted one form of curriculum integration or the other.Many of these team-taught course integrations,however,concentrate on core business courses without reaching out to related courses in other disciplines.Moreover,due to some factors,the informational contents of management disclosures in annual reports and audit unqualified opinions may not align with the future viability of an enterprise.Using a“going concern concept”,this paper demonstrates how the addition of economics in business school curriculum integration could produce well-rounded business graduates.Economics concepts could unambiguously support the tests that cast doubts on firms’ability to continue operations.
文摘Based on the company's disclosure of key customer information,the impact of corporate customer concentration on analyst forecast was studied,and we further studied the impact of detailed customer names on analyst forecasts. It is found that:(i) customer concentration significantly affects the accuracy of analyst forecasts. The higher the customer concentration is,the lower the accuracy of analyst forecasts is;(ii) Voluntary disclosure of customer names can provide incremental information to analysts and mitigate the negative impact of customer concentration on the accuracy of analyst forests;(iii) further research has found that the incremental information brought by the state-owned enterprises' disclosure of the customer names to analysts is more obvious; disclosure of customer names by companies with high environmental uncertainty is more likely to be of concern to analysts; and star analysts have a higher ability to interpret customer names than non-star analysts.
基金Under the auspices of National Social Science Foundation of China(No.21BJY194)Natural Science Foundation of Hainan Province(No.722RC631)。
文摘Public environmental concern(PEC)is an important bottom-up force in building an environmentally sustainable society.Guided by attitude theory,this paper innovatively constructed a PEC evaluation index system,while introducing entropy weighted-TOPSIS(Technique for Order Preference by Similarity to Ideal Solution)to realize the assessment of PEC.Exploratory spatial data analysis was used to portray the spatio-temporal evolution patterns of PEC in 362 Chinese cities at prefecture-level and above from 2011 to 2018.Furthermore,the Geodetector model was performed to identify the multi-dimensional determinants of PEC from the perspective of spatial heterogeneity.The results indicated that:1)PEC in China exhibited a fluctuating upward trend,consistent with the spatial distribution law of‘Heihe-Tengchong Line’and‘Bole-Taipei Line’;2)the driving effect of each factor varied dynamically,but in general,economic development level,population size,industrial wastewater,and education level were the dominant driving factors explaining the spatial variation of PEC;3)risk detection revealed that four factors,government environmental regulations,PM_(2.5),vegetation coverage,and natural resource endowment,had nonlinear effects on PEC;4)the interactions between factors all demonstrated an enhancement in explaining the spatial differentiation of PEC.PEC was driven by the comprehensive interaction of four-dimensional factors of economy,society,pollutant emissions,and ecology.Among them,population agglomeration accompanied by a high level of regional economy and information technology can explain the increase in PEC to the greatest extent.
基金supports from the National Natural Science Foundation of China(under Grants No.72073105,71903002,and 71774122)the Natural Science Foundation of Anhui Province,China(under Grant No.1908085QG309)are greatly acknowledged.
文摘This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.
