We prove that the model with physical and human capital adjustment costs has optimal solution when the production function is increasing return and the structure of vetor fields of the model changes substantially when...We prove that the model with physical and human capital adjustment costs has optimal solution when the production function is increasing return and the structure of vetor fields of the model changes substantially when the prodution function from decreasing return turns to increasing return. And it is shown that the economy is improved when the coefficients of adjustment costs become small. Key words optimal solution - nonzero equilibrium - adjustment costs CLC number O 29 Foundation item: Supported by the National Natural Science Foundation of China (79970104)Biography: RAO Lan-lan (1978-), female, Master candidate, research direction: mathematical economy.展开更多
The informativeness of environmental,social,and governance(ESG)scores and their actual impact on firms remains understudied.To address this gap in the literature,we make theoretical predictions and conduct empirical r...The informativeness of environmental,social,and governance(ESG)scores and their actual impact on firms remains understudied.To address this gap in the literature,we make theoretical predictions and conduct empirical research revealing that a high ESG score is associated with a lower probability of ESG scandals and lower stock returns during a scandal event.Our results suggest that ESG scores are heterogeneous but informative,and that a strong ESG reputation may have both positive and negative consequences for firms.Drawing on our findings,we develop a model and showcase that firms face an optimization problem when determining optimal ESG investment levels.Two equilibria may exist based on the trade-off between ESG scandal losses and ESG adjustment costs.Our model explains why certain firms make heterogeneous ESG decisions.展开更多
As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality o...As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.展开更多
文摘We prove that the model with physical and human capital adjustment costs has optimal solution when the production function is increasing return and the structure of vetor fields of the model changes substantially when the prodution function from decreasing return turns to increasing return. And it is shown that the economy is improved when the coefficients of adjustment costs become small. Key words optimal solution - nonzero equilibrium - adjustment costs CLC number O 29 Foundation item: Supported by the National Natural Science Foundation of China (79970104)Biography: RAO Lan-lan (1978-), female, Master candidate, research direction: mathematical economy.
基金funded by Hong Kong Polytechnic University under grand number P0047740.
文摘The informativeness of environmental,social,and governance(ESG)scores and their actual impact on firms remains understudied.To address this gap in the literature,we make theoretical predictions and conduct empirical research revealing that a high ESG score is associated with a lower probability of ESG scandals and lower stock returns during a scandal event.Our results suggest that ESG scores are heterogeneous but informative,and that a strong ESG reputation may have both positive and negative consequences for firms.Drawing on our findings,we develop a model and showcase that firms face an optimization problem when determining optimal ESG investment levels.Two equilibria may exist based on the trade-off between ESG scandal losses and ESG adjustment costs.Our model explains why certain firms make heterogeneous ESG decisions.
基金The authors thank the Editor and the anonymous reviewers for their constructive comments,which significantly improve the quality of this paper.This work is supported by the National Social Science Fund of China under Grant No.19BGL074.
文摘As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.
