作者机构：
[Chen Qiao] School of Economics and Management, Changsha University of Science and Technology, Changsha, China;School of Business, Sun Yat-sen University, China;Center for Accounting, Finance and Institutions, Sun Yat-sen University, China;[Guojian Zheng; Ying Zheng] School of Business, Sun Yat-sen University, China<&wdkj&>Center for Accounting, Finance and Institutions, Sun Yat-sen University, China
通讯机构：
[Ying Zheng] S;School of Business, Sun Yat-sen University, China<&wdkj&>Center for Accounting, Finance and Institutions, Sun Yat-sen University, China
摘要：
We investigate the impact of industry information disclosure (IID) on audit quality in Chinese listed companies from 2010 to 2021, by constructing a staggered difference-in-differences model based on the implementation of the IID guidelines in the Shanghai and Shenzhen stock exchanges in 2013 as an exogenous shock. Audit quality is significantly improved after the implementation of the IID guidelines. We also use a parallel trend test, different measurements of key variables, propensity score matching, a placebo test and different samples, to ensure the validity of our findings. IID enhances audit quality by improving auditor independence, professionalism and audit engagement, particularly in firms with high-quality and numerous IIDs, high auditor rankings, strong auditor industry expertise, IIDs with a negative tone and low R&D investment. We demonstrate the effectiveness of the IID guidelines from the perspective of auditing.
作者机构：
[Mao, Jun; Xie, Jiahao] Hainan Normal Univ, Sch Math & Stat, Haikou, Peoples R China.;[Deng, Lijie; Hu, Zunguo] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.;[Hu, Zunguo] Changsha Univ Sci & Technol, Hunan Modern Serv Ind Res Inst, Changsha, Peoples R China.;[Hao, Yu; Wu, Haitao] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China.;[Hao, Yu; Wu, Haitao] Beijing Inst Technol, Ctr Energy & Environm Policy Res, Beijing, Peoples R China.
通讯机构：
[Haitao Wu; Yu Hao; Haitao Wu Haitao Wu Haitao Wu; Yu Hao Yu Hao Yu Hao] S;School of Management and Economics, Beijing Institute of Technology, Beijing, China<&wdkj&>Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, China<&wdkj&>Sustainable Development Research Institute for Economy and Society of Beijing, Beijing, China<&wdkj&>Collaborative Innovation Center of Electric Vehicles in Beijing, Beijing, China<&wdkj&>Beijing Key Lab of Energy Economics and Environmental Management, Beijing, China<&wdkj&>School of Management and Economics, Beijing Institute of Technology, Beijing, China<&wdkj&>Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, China
关键词：
capital mismatch;causal forest;green innovation;green total factor productivity
摘要：
China has promoted innovation-driven and green development to unprecedented strategic heights. However, compared to the large and rapid innovation investment, total factor productivity's (TFP) growth rate has shown a downward trend. Consequently, this study assesses the inefficiency caused by resource mismatch and discusses the impact of green innovation activities on green total factor productivity (GTFP). We use a causal forest-based machine learning method to solve the endogenous problem. The empirically analyzes the observation samples of 272 prefecture-level cities in China from 2008 to 2018 and obtains the asymptotic normality estimation on the average treatment effect (ATE). Simultaneously, clustering causal forest and ridge expressions, discusses the robustness of related problems. According to the results, (1) the effect of China's green innovation on GTFP is negative for a short time and positive for a long time; (2) the impact of green innovation activities on GTFP is subject to capital mismatch, while the statistical law of the impact of labor mismatch is not obvious but the adverse impact of resource mismatch is gradually improving; and (3), Green innovation has significantly improved China's GTFP, but it did not lead to ideal Growth rate of GTC.
期刊：
Journal of the Asia Pacific Economy,2023年28(3):855-872 ISSN：1354-7860
通讯作者：
Hueng, C. James
作者机构：
[Hueng, C. James] Western Michigan Univ, Dept Econ, Kalamazoo, MI 49008 USA.;[Hueng, C. James] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Hunan, Peoples R China.;[Liu, Ping] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai, Peoples R China.;[Wang, Lirong] Northeast Normal Univ, Sch Econ, Changchun, Jilin, Peoples R China.;[Wang, Lirong] Northeast Normal Univ, Sch Math & Stat, Key Lab Appl Stat, Minist Educ, Changchun, Jilin, Peoples R China.
通讯机构：
[Hueng, C. James] W;[Hueng, C. James] C;Western Michigan Univ, Dept Econ, Kalamazoo, MI 49008 USA.;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Hunan, Peoples R China.
关键词：
Financial stress;Threshold VAR;regime dependence;generalized impulse responses;Chinese real economy;C24;E44
摘要：
This paper uses a multi-regime threshold vector autoregressive model to investigate the asymmetric and nonlinear impacts of financial stress on China’s real economy in high- and low-stress regimes. Special attention is paid to the reliability of the measures of financial stress and real activities in China. We find that the response of China’s real economy to a financial stress shock is bigger in high-stress regimes than in low-stress regimes. The negative response to a positive shock is bigger than the positive response to a negative shock. The response to a positive shock is disproportionately larger when the size of the shock increases, but a negative shock does not have this amplifying effect, indicating the danger of a severe financial crisis and the difficulty to revert its damage to China’s real economy
通讯机构：
[Zhao, H ] C;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Hunan, Peoples R China.
摘要：
Though numerous empirical and theoretical studies have been conducted on the determinants and effects of executive compensation, empirical evidence regarding the bargaining effect on the monetary compensation decisions of executives, especially in a large emerging economy such as China, remains scarce. In this study, a two-tier stochastic frontier and endogenous correction model was developed to quantitatively estimate the bargaining effect on the monetary compensation decisions of investment bank executives. Our study is the first to provide comprehensive empirical evidence that bargaining between investment banks and executives in China significantly affects the compensation decisions of executives. In the bargaining process, investment banks are more proficient than executives, and the comprehensive bargaining effect tends to lower the negotiated compensation of executives. The bargaining effect exhibited obvious heterogeneity in the characteristics of executives and investment banks. When these characteristics tend to augment the bargaining power of executives, the negotiated compensation exhibits a limited decrease; when these characteristics augment the bargaining power of investment banks, the negotiated compensation decreases substantially. Our results provide deep insight into factors that determine executive compensation and help compensation designers of investment banks better understand and design executive pay packages.
期刊：
Finance Research Letters,2023年57:104194 ISSN：1544-6123
通讯作者：
Jie Cao
作者机构：
[Cao, Jie; Wei, Luohan; Deng, Rantian; Huang, Chuangxia] School of Economics and Management, Changsha University of Science and Technology, Changsha, China;[Yang, Xin] School of Mathematics and Statistics, Hunan Provincial Key Laboratory of Mathematical Modeling and Analysis in Engineering, Changsha University of Science and Technology, Changsha, China
通讯机构：
[Jie Cao] S;School of Mathematics and Statistics, Hunan Provincial Key Laboratory of Mathematical Modeling and Analysis in Engineering, Changsha University of Science and Technology, Changsha, China
