Corporate sustainability reporting has become increasingly important in recent years.However,conventional approaches reach their limits when it comes to quantifying and measuring the actual sustainability performance ...Corporate sustainability reporting has become increasingly important in recent years.However,conventional approaches reach their limits when it comes to quantifying and measuring the actual sustainability performance of a company.This article presents a new approach:Sustainable Performance Accounting(SPA),which is based on an extension of bookkeeping by including ESG bookkeeping.SPA enables companies to systematically measure and manage their sustainability performance.The article provides an overview of the basics of SPA methodology and uses a comprehensive example showing how SPA can be implemented in practice.The article is aimed at interested readers from science and practice as well as decision-makers who are interested in future-oriented sustainability reporting.展开更多
The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of...The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-展开更多
Following the accession to the WTO of China,bank card industry faces new competition pressure and challenges. At present, the most outstanding problem we face is, how to narrow the gap of development between the inter...Following the accession to the WTO of China,bank card industry faces new competition pressure and challenges. At present, the most outstanding problem we face is, how to narrow the gap of development between the international bank card industry and that of China and keep up with fast-developing paces of international bank card as soon as possible. Objectively speaking, bank card industry of our country is still at the initial stage.展开更多
This article elaborates on the necessity of promoting the integration of business and finance based on financial sharing,analyzes the measures and effects of implementing business and finance integration in enterprise...This article elaborates on the necessity of promoting the integration of business and finance based on financial sharing,analyzes the measures and effects of implementing business and finance integration in enterprises,points out the existing problems,and proposes strategies to optimize the integration from three aspects:building big data platforms,improving talent training plans,and improving financial shared information management platforms.展开更多
In this study,the impact of business and financial information integration(BFⅡ)on the voluntary management earnings forecasts(VMEFs)of listed firms in China between 2008 and 2018 is investigated.Drawing on litigation...In this study,the impact of business and financial information integration(BFⅡ)on the voluntary management earnings forecasts(VMEFs)of listed firms in China between 2008 and 2018 is investigated.Drawing on litigation cost and ability signaling theories,we find that the adoption of BFⅡencourages top managers to disclose VMEFs.BFⅡfirms are identified through the textual analysis of management discussion and analysis(MD&A)reports,and the empirical results indicate that BFⅡfirms have a higher probability and frequency of issuing VMEFs than non-BFⅡfirms.The results remain robust after we identify causality by applying a propensity score matching and difference-in-differences(PSM-DID)test and use an alternate measure of BFⅡ.Further tests show that BFⅡfirms issue more accurate VMEFs and are able to issue them at an earlier stage.We also find that the positive relationship between BFⅡand VMEFs is weakened if the media expresses concern about the uncertainty of BFⅡadoption.展开更多
By virtue of the US markets closing later than Asia-Pacific(AP)markets,returns observed in the US include information not reflected in AP until the next day.Provided there is enough integration among markets,this asym...By virtue of the US markets closing later than Asia-Pacific(AP)markets,returns observed in the US include information not reflected in AP until the next day.Provided there is enough integration among markets,this asymmetry should then generate Granger causality from the US returns towards returns in the AP region.It is thus obvious that when testing for Granger causality among the Western and AP markets,interdependence due to non-synchronicity should be clearly identified and factored out.Our novel method is to measure contagion,usually defined as excessive market integration during crises,as excess interdependence beyond the non-synchronicity induced.We test for contagion of the 2008 Financial Crisis from the US to AP.The unmistakable emergence of a new cointegration relation that intertwines the US and AP markets only during the crisis,but not before,presents evidence of long-run contagion,that is a new channel that transmits crisis-related info.We find strong contagion from US to Korea,no contagion to Hong Kong,and Australia is a mixed case.Our explanation is that the Korean economy is the most vulnerable due to its export orientation,Hong Kong becomes disentangled due to its relation to China,which is consistent with the theory of‘decoupling’of China,and the Australian case is somewhere in the middle,probably due to its close ties to the US but also its strong reliance on natural resources and gold.展开更多
While financial or trade integration between countries may mcrease the size of the market and aid the adoption of more advanced technologies, will it also increase the level of urban unemployment for a developing coun...While financial or trade integration between countries may mcrease the size of the market and aid the adoption of more advanced technologies, will it also increase the level of urban unemployment for a developing country? In this model, there is unemployment in the urban sector. Manufacturing firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Financial firms provide capital to manufacturing firms and they also engage in oligopolistic competition. We show that an increase in the wage rate in the manufacturing sector changes neither the level of technology nor the level of employment in the manufacturing sector. While financial or trade integration between developing countries leads manufacturing firms to adopt more advanced technologies, the level and rate of employment in the manufacturing sector will not deteriorate.展开更多
文摘Corporate sustainability reporting has become increasingly important in recent years.However,conventional approaches reach their limits when it comes to quantifying and measuring the actual sustainability performance of a company.This article presents a new approach:Sustainable Performance Accounting(SPA),which is based on an extension of bookkeeping by including ESG bookkeeping.SPA enables companies to systematically measure and manage their sustainability performance.The article provides an overview of the basics of SPA methodology and uses a comprehensive example showing how SPA can be implemented in practice.The article is aimed at interested readers from science and practice as well as decision-makers who are interested in future-oriented sustainability reporting.
文摘The B20 finance-driven growth taskforce provided four policy recommendations,including the optimization of global financial supervision,supporting stable growth of the world economy,the promotion of the development of green finance,and the pro-
文摘Following the accession to the WTO of China,bank card industry faces new competition pressure and challenges. At present, the most outstanding problem we face is, how to narrow the gap of development between the international bank card industry and that of China and keep up with fast-developing paces of international bank card as soon as possible. Objectively speaking, bank card industry of our country is still at the initial stage.
基金Research on Enterprise Finance Integration Based on Financial Sharing Model,2022 Jiangsu Province Philosophy and Social Science Project(Project No.2022SJYB1560)Research on Transformation of Applied Undergraduate Accounting Talent Training Model in the Digital Era,2022 School Education Reform Project(Project No.SJY20230119)。
文摘This article elaborates on the necessity of promoting the integration of business and finance based on financial sharing,analyzes the measures and effects of implementing business and finance integration in enterprises,points out the existing problems,and proposes strategies to optimize the integration from three aspects:building big data platforms,improving talent training plans,and improving financial shared information management platforms.
基金financial support from the National Natural Science Foundation of China(Grant No.71902210)the Youth Research Fund of the Ministry of Education for Humanities and Social Sciences(Grant No.19YJC630092)+2 种基金the Program for Innovation Research in Central University of Finance and Economics(Grant No.CUFE 20190111)Social Science Foundation of Guangdong Province of China(Grant No.GD19CGL05)Graduate Research and Innovation Fund Project of Central University of Finance and Economics(Grant No.20182Y006)
文摘In this study,the impact of business and financial information integration(BFⅡ)on the voluntary management earnings forecasts(VMEFs)of listed firms in China between 2008 and 2018 is investigated.Drawing on litigation cost and ability signaling theories,we find that the adoption of BFⅡencourages top managers to disclose VMEFs.BFⅡfirms are identified through the textual analysis of management discussion and analysis(MD&A)reports,and the empirical results indicate that BFⅡfirms have a higher probability and frequency of issuing VMEFs than non-BFⅡfirms.The results remain robust after we identify causality by applying a propensity score matching and difference-in-differences(PSM-DID)test and use an alternate measure of BFⅡ.Further tests show that BFⅡfirms issue more accurate VMEFs and are able to issue them at an earlier stage.We also find that the positive relationship between BFⅡand VMEFs is weakened if the media expresses concern about the uncertainty of BFⅡadoption.
文摘By virtue of the US markets closing later than Asia-Pacific(AP)markets,returns observed in the US include information not reflected in AP until the next day.Provided there is enough integration among markets,this asymmetry should then generate Granger causality from the US returns towards returns in the AP region.It is thus obvious that when testing for Granger causality among the Western and AP markets,interdependence due to non-synchronicity should be clearly identified and factored out.Our novel method is to measure contagion,usually defined as excessive market integration during crises,as excess interdependence beyond the non-synchronicity induced.We test for contagion of the 2008 Financial Crisis from the US to AP.The unmistakable emergence of a new cointegration relation that intertwines the US and AP markets only during the crisis,but not before,presents evidence of long-run contagion,that is a new channel that transmits crisis-related info.We find strong contagion from US to Korea,no contagion to Hong Kong,and Australia is a mixed case.Our explanation is that the Korean economy is the most vulnerable due to its export orientation,Hong Kong becomes disentangled due to its relation to China,which is consistent with the theory of‘decoupling’of China,and the Australian case is somewhere in the middle,probably due to its close ties to the US but also its strong reliance on natural resources and gold.
文摘While financial or trade integration between countries may mcrease the size of the market and aid the adoption of more advanced technologies, will it also increase the level of urban unemployment for a developing country? In this model, there is unemployment in the urban sector. Manufacturing firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Financial firms provide capital to manufacturing firms and they also engage in oligopolistic competition. We show that an increase in the wage rate in the manufacturing sector changes neither the level of technology nor the level of employment in the manufacturing sector. While financial or trade integration between developing countries leads manufacturing firms to adopt more advanced technologies, the level and rate of employment in the manufacturing sector will not deteriorate.