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The aim of this study is to investigate the role of Corporate Social Responsibility (CSR) in assisting firms in their response to public emergency crises under the integrated view of government emergency response.

Using event study and survival analysis method, the authors examine whether CSR can act as a stock price stabilizer for companies from China by splitting the stock price fluctuations into two phases – CSR price insurance, which decrease the shock on stock prices during the emergency crisis, and CSR price recovery, which helps stock prices rebound faster during the postcrisis phase.

The authors’ empirical results confirm the stabilizer role of CSR during crisis and that effective government response can strengthen such effect. Furthermore, the authors examine the different aspects of the government’s response and the impact of multiple waves of public emergency.

This study provides empirical evidence on the topic of CSR and the government’s response to public emergency under the emerging context.

This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

We expect to provide a complete theoretical framework and large sample evidence on the impact of corporate social responsibility (CSR) on the efficiency of labor investment. We also hope to provide micro-evidence based on labor investment behavior for the two-sided impact of corporate CSR behavior.

This paper measures labor investment efficiency by estimating the difference between actual and expected net hiring of enterprises. CSR is measured on the basis of the CSR score of Chinese listed companies published by Hexun.com. A regression model is constructed to analyze the relationship between CSR and labor investment efficiency. Possible endogeneity problems are controlled by lagging independent variables, propensity score matching method and difference-in-difference method.

Results show that CSR can improve labor investment efficiency by reducing over-hiring and under-hiring in emerging markets. The existence of the mediating effect of agency cost, information disclosure quality and employment fluctuation confirms that CSR improves labor investment efficiency through two mechanisms of corporate governance and labor market friction. The improvement effect of CSR on labor investment efficiency is more significant in non-state-owned, high CEO shareholding ratio and high-average urban wage enterprises.

In conclusion, our study is an important supplement to the existing research on the factors affecting labor investment efficiency. Our research conclusions will be helpful for enterprises in developing countries or enterprises in labor-intensive industries to improve labor investment inefficiency. The conclusion of the mechanism analysis in this paper provides more complete and reliable microscopic evidence for accurately identifying the specific path of CSR's impact on labor investment efficiency. This paper verifies the positive impact of CSR from the perspective of labor investment efficiency in the context of a developing country, which provides evidence for the theoretical conflicts related to CSR based on the effectiveness of enterprise labor investment decisions.

This paper aims to investigate how emerging market multinational enterprises (EMNEs) are integrating and expanding into other emerging market host countries, focusing on Chinese mining companies in Peru.

Adopting a qualitative approach, an in-depth analysis of two Chinese state-owned enterprises’ strategies was conducted, building on stakeholder theory and the business ecosystem perspective.

This study reveals a reliance on high-level political lobbying rather than localized engagement strategies. However, findings point to increasing grassroots resistance among local stakeholders, undermining EMNEs’ bargaining power.

This paper argues for a paradigm shift toward inclusive, cooperative “translocal governance” approaches as empowered communities gain voice. Key contributions include advancing theoretical understanding of changing stakeholder relationships and power configurations in emerging countries, underscoring the rising significance of microlevel sociocultural embeddedness for MNE success and highlighting practical imperatives for EMNEs to embark on rapid localization strategies in Latin America. By elucidating multilayered integration realities in Peru, this interdisciplinary study yields contextualized insights and enriches perspective on the conditions and pathways for EMNEs to build sustainability in Global South emerging market environments.

This study aims to investigate the impact of board skill diversity (BSD) on corporate environmental responsibility (CER). In addition, this study explores the moderating effects of formal regulatory pressure and informal media pressure.

This study uses Chinese high polluting companies as the sample and uses regression analysis. Robustness checks, including instrumental variable regression, Heckman two-stage model and propensity score matching method, are performed to test the robustness of the results.

The findings suggest that BSD significantly improves CER performance. Both formal regulatory pressure and informal media pressure strengthen the positive impact of BSD on CER. Further channel analyses reveal that BSD improves CER performance by promoting corporate proenvironmental behaviors rather than by restricting environmental violations; skill diversity of executive directors has a more significant effect on CER than that of independent directors. Finally, the moderating effect of regulatory pressure is only significant after the implementation of the Environmental Protection Law, and the moderating effect of media pressure mainly concentrates on negative media coverage.

The involvement of directors with more diverse skills is essential to improve corporate proenvironmental behaviors. Companies should select qualified directors with different skills to further improve their performance on environmental protection and sustainable development.

Regulators and standard-setters should develop efficient guidelines on corporate board governance to enhance the positive role of companies in environmental and sustainable development.

This study broadens the research on the determinants of CER by examining the influence of BSD on CER and the moderating roles of various stakeholder pressures, thereby providing a deeper understanding of corporate environmental performance and sustainable development.

The purpose of this paper is to investigate the relationship between tax avoidance and earnings persistence in the light of a developing economy, with the main focus on China.

In the analysis, the author conducts a survey on the tax avoidance situation of Chinese listed companies from 2012 to 2020. Then, a multivariate regression analysis is performed in order to analyse the relationship between corporate tax avoidance and earnings persistence.

The findings of the present study show that tax avoidance has a significant positive effect on earnings persistence. However, when the degree of tax avoidance is high, the “risk effect” of tax avoidance exceeds the “value effect”, and tax avoidance will reduce the persistence of earnings. This conclusion is even more prominent when the company is non-state-owned. Further research shows the increase of institutional investors’ shareholding ratio can improve “value effect” of tax avoidance, lessen “risk effect” of tax avoidance, and positively affect the relationship between tax avoidance and earnings persistence.

This study provides evidence for investors to understand the dual effect of tax avoidance on earnings persistence. The results may have implications for regulatory bodies. They can provide a better understanding of the corporate governance role of institutional investors in curbing opportunistic tax avoidance.

This study enriches the research on tax avoidance effects by analysing the impact of tax avoidance on earnings persistence. This study also compensates for the shortcomings of analysing earnings persistence mainly from the perspective of tax differences in the past, and promotes the study of the corporate governance effects of institutional investors under different levels of tax avoidance.

This study investigates how the initiatives and controversies related to environmental, social and governance (ESG) explain firm efficiency.

Firstly, this study applies data envelopment analysis with the epsilon-based measure to estimate the firm efficiency of 80 companies in the Chinese energy sector in 2022. This approach accounts for the diversity and relative importance of inputs and outputs from a multidimensional perspective. Secondly, this study regresses the variables of ESG initiatives and controversies on the estimated firm efficiency scores through a generalised additive model, which can capture nonlinear patterns.

This study finds that a) the samples have i) about 49% room for improvement in efficiently optimising their resources and business outcomes and ii) the highest scores in governance initiatives, followed by social initiative. b) 69% of them have controversy scores that are greater than the average value. c) A cluster analysis indicates that companies with higher social initiatives have higher firm efficiency than their counterparts. d) ESG initiatives and controversies are nonlinearly related to firm efficiency.

The findings have practical implications for policy makers and managers who prioritise ESG, particularly regarding (i) the need to examine firm performance from a multidimensional perspective, that is, to measure multiple inputs and outputs simultaneously, (ii) the nonlinearity of the nexus between ESG and efficiency in graphical forms, and (iii) the need to balance ESG initiatives and address ESG controversies.

This study integrates statistical approaches in examining and ensuring sustainable growth and efficiency within the Chinese energy sector and beyond.

The purpose of this study is to examine whether the institutional environment influences auditor reporting.

This study employs China's anti-corruption campaign as an exogenous shock to its institutional environment and compares auditors' issuance of modified audit opinions (MAOs) to small-profit clients before and during the campaign.

This study documents that small-profit clients were more likely to receive MAOs during the anti-corruption campaign period than before, indicating that auditors issued more conservative audit opinions to small-profit clients because of the anti-corruption campaign. Additionally, this study finds that increased auditor conservatism was more pronounced for auditors of large clients.

This study suggests that a weak institutional environment adversely affects auditor conservatism. This offers valuable insights for governments and regulators to improve the audit environment and for audit firms to enhance auditors' integrity and independence.

This study contributes to the research on institutional environments and auditing by observing a unique exogenous event.

This study explores virtual platforms’ capabilities, particularly emphasising the influence of educational movies embedded with lifelike narratives to serve as a potent medium for immersive learning within the auditing discipline. Through this exploration, we aim to discern how cinematic depictions can educate and encapsulate the intricate dynamics of real-world auditing scenarios, thereby enriching the educational experience for budding auditors.

By employing an action research methodology, this study engaged 134 auditing students from China in an experiment, using a questionnaire to assess their grasp of auditing concepts like internal control, corporate governance, and professional ethics.

Preliminary findings underscore the efficacy of movies as pedagogical tools. These movie experiences bridge the gap between theoretical knowledge and its real-world application, particularly highlighting the nuances of professional ethics and corporate governance. Results show that such a method amplifies students’ comprehension of auditor skillsets, practical complications, and ethical insight and nurtures professional scepticism about tangible audit issues.

This study illuminates a novel virtual learning approach using movies that primes students to exercise critical thinking and augments cognitive skillsets, especially when navigating ethical conundrums. The broader implication is the potential enhancement of auditing education quality in China, presenting educators with an innovative teaching modality that bolsters students’ critical analysis and cognitive development.

This study has multiple implications for auditing education policy. It underscores the imperative need for curriculum revision in contemporary auditing education. Our study can significantly change contemporary auditing education by incorporating movie-based experiential learning. Educators and institutions in China and other parts of the world explore this avenue, customising it to fit the unique requirements of their respective courses and the country’s contexts. Our study also highlights the challenges and recommendations for real-world audit simulation for auditing education. While our research highlights the promise of educational movies, it also sheds light on the potential difficulties in their integration. Audit educators need adequate support and training for effective assimilation, ensuring they leverage educational movies to maximise learning outcomes. Careful curation and selection of movies, combined with strategic planning, are paramount to this teaching method’s success. With the continual evolution of video tools, there is an opportunity for a more immersive and holistic education model, shaping the next generation of auditors.

This study offers insights into innovative strategies to imbue real-world experience into traditional curricula, ensuring relevance and applicability across diverse educational landscapes.

This study investigates the relationship between female CEOs and SMEs’ financing decisions. The study also examined the moderating role of ownership structure (female, foreign, and state ownership) in female CEO-SMEs’ financing decisions.

The study has applied Generalized Least Square (GLS) and Binomial Logistic Regression. The study has used firm-level data from 2,700 Small and Medium Enterprises (SMEs) in the Chinese economy.

The results suggest that female CEOs use debt financing. However, the financing decision of female CEOs varies if we account for female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. This study also provides robust evidence that female CEOs utilize debt financing under certain conditions and that female CEOs prefer long-term debt financing to short-term debt financing when considering debt maturity choices.

Recent studies report a negative relationship between female CEOs and financing decisions based on the rationale that females are risk-averse and choose less risky financing compared to their male counterparts. This study posits new evidence that female CEO financing decisions are not always risk averse if we consider female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. Thus, we contribute to the corporate governance literature, and this study implies a corporate financing policy.