Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Research on the Impact of BYD Group’s Green Innovation on Corporate Financial Performance under the Background of“Dual Carbon”

With the increasingly severe global climate change problem,the“dual carbon”goals(peak carbon emissions and carbon neutrality)have become a common focus of international attention.The report of the 20th National Congress of the Communist Party of China clearly emphasizes the need to accelerate the green transformation of development models,implement comprehensive strategies for frugal development,support the growth of green and low-carbon industries,and promote the concept of green consumption.At the same time,“Made in China 2025”also elaborates on the strategic concept of innovation-driven and green development centered,and strives for breakthroughs in key industries such as new energy vehicles.In such a macro environment,adopting green innovation measures by enterprises not only contributes to ecological protection but also has an undeniable impact on their economic performance and overall value.This article takes BYD Group as a case study to explore in detail the positive effects of green innovation on its economic performance.We first systematically organized and analyzed BYD’s specific practices in green innovation;Then,by examining three key financial indicators,BYD’s current financial situation was analyzed in depth;On this basis,combined with research data,the positive impact of green innovation on BYD’s financial performance was revealed;Finally,based on the analysis results,relevant suggestions are proposed to provide reference for the sustainable development of enterprises in the context of“dual carbon.”

Gender Equality and the Risk Assessment of Corporate Financialization:An Analysis of the Increase in the Proportion of Female Executives

This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018.Previous studies tend to conclude that female executives are risk averse,preventing firms from participating in high-risk financial investments.However,the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization,with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization.Further tests show that gender inequality is a possible mechanism influencing female executives'financial investment preferences in the unique gender culture context of China.This paper expands the research on the impact of non-institutional factors on corporate financialization,and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization,and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization.Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions.

Analysis of the Effect of Corporate Social Responsibility on Financial Performance With Earnings Management as a Moderating Variable

This study aims to obtain empirical evidence about the effect on the activity of earnings management practices of Corporate Social Responsibility （CSR）, and further examine the impact of these relationships （earnings management and CSR） effect on the financial performance of companies in the future. Samples used in this study were 27 companies listed in Indonesia Stock Exchange during the years 2006-2008. Data collected by puposive sampling method and statistical method used is ordinary least square regression. The study provides empirical evidence that companies that engage in the practice of earnings management have no influence on CSR activities. In addition, the second hypothesis, based CSR explained that the activities associated with earnings management practices negatively affect the company＇s financial performance in the future.

Consequences of Exits from Political Unions on Leverage: The Case of Sudan Split

This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between the two countries presents a challenge to companies in Sudan,especially they have not faced such a situation before in their businesses.This paper studies the impacts of the split on the capital structure during the period before and after the split,between 2008 and 2015,using a database of five different companies from different sectors,from Sudan.A regression model was adopted to study the impact of the split on the variables in order to analyze the variation in the ratios before and after the split.The results show that the political decisions such as split have a lot of consequences on the capital structure.

Consequences of Exits from Political Unions on Dividend Policy: The Case of Ethiopian Split

This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of political tension with Eritrea especially after the secession,that led to the increase in successive political conflicts and dispute over the past years till now.This paper studies the impacts of political conflicts that have been companied with split to this day especially during the period between 2010 and 2019,using a database of six companies from different sectors,from Ethiopia.The results show that the political conflicts such as split have a direct impact on the dividend policy.