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The aim of this study was to investigate the themes related to the achievement of Sustainable Development Goal (SDG) 12 in relation to tourism, and specifically to explore how the emotional psyche affects tourists’ environmentally responsible behaviors.

Based on the value-belief-norm theory, a research framework was developed to examine the serial mediation effects of environmental emotions in predicting tourists’ environmentally responsible behaviors. A total of 741 responses was collected from an online survey. Data were analyzed by the partial least squares structural equation modeling.

Environmental concern does not directly predict tourists’ environmentally responsible behaviors. Instead, environmental awe and environmental worry serially mediate the relationship between environmental concern and tourists’ environmentally responsible behaviors.

This study extends the value-belief-norm theory by integrating environmental emotions and empirically tests the effect of multiple psyches on responsible consumption, contributing to the achievement of SDG 12 in UN Agenda 2030.

本研究的目的是探究与旅游相关的可持续发展目标12的实现, 特别是探讨环境情感如何影响旅游者的环境责任行为。

基于价值信念-规范理论, 构建了环境情感预测旅游者环境责任行为的链式中介模型。研究共收集741份有效样本, 并采用偏最小二乘结构方程模型进行分析。

环境关心并不能直接预测旅游者的环境责任行为。但是, 环境敬畏和环境忧虑在环境关心与环境责任行为之间起链式中介作用。

本研究将环境情感扩展到价值信念规范理论中, 并实证检验了环境敬畏和环境忧虑两种环境情感对旅游者的负责任消费行为的影响, 呼应了联合国2030年议程中的可持续发展目标12。

el objetivo de este estudio fue investigar los temas relacionados con el logro del Objetivo de Desarrollo Sostenible 12 en relación con el turismo, y específicamente explorar cómo la psique emocional afecta los comportamientos ambientalmente responsables de los turistas.

Basado en la teoría del valor-creencia-norma, se desarrolló un marco de investigación para examinar los efectos de mediación en serie de las emociones ambientales en la predicción de los comportamientos ambientalmente responsables de los turistas. Se recopiló un total de 741 respuestas de una encuesta en línea. Los datos se analizaron mediante el modelo de ecuaciones estructurales de mínimos cuadrados parciales.

la preocupación ambiental no predice directamente los comportamientos ambientalmente responsables de los turistas. En cambio, el temor ambiental y la preocupación ambiental median en serie la relación entre la preocupación ambiental y los comportamientos ambientalmente responsables de los turistas.

este estudio amplía la teoría del valor-creencia-norma al integrar las emociones ambientales y prueba empíricamente el efecto de múltiples psiques en el consumo responsable, contribuyendo al logro del ODS 12 en la Agenda 2030 de la ONU.

The papers in this issue make a significant original contribution which will result in the better understanding of Chinese corporate finance management challenges from both theoretical and practical perspective. The paper aims to discuss these issues.

The papers of this issue have a wide range of coverage related to corporate finance, such as CSR disclosure, organizational structure, earnings management, ownership structure, media impact, corporate accidents, and institution background. Those papers selected are all based on empirical researches with the original designs of their modeling, by the real and fundamental data from the latest Chinese market and enterprises.

The author believes that such in-depth analysis and discussion will enhance the understanding for both researches and practitioners on the behavior of managing corporate finance in China. Those findings will contribute to the establishment of Chinese management theories and to the building of a wide range of Chinese management practices.

Although the angle of each paper varies, they are all trying to have a deep analysis which may unveil the behavior of corporate finance decision. Some of such behaviors will be beneficial to the long-term sustainable growth of the company, while others, though, may have the negative impact on the corporate value creation.

Media-effect refers to the phenomenon that stocks with no or low media coverage earn higher returns than stocks with high coverage. This paper aims to explore the existence of media-effect in China stock market and tests the two competing hypotheses explaining this phenomenon.

The authors construct a research sample based on a media-coverage event: the publications of lists of the most wealthy Chinese individuals; in addition, they identify the stocks of which listed firms are led by a controller who is recognized on the publicized lists. This paper uses event study methodology to test the existence of media effect in China A-share market. The authors employed propensity score matching (PSM) to construct a control group with same number of non-listed stocks. Then compared the returns of the two portfolios to test the risk premium hypothesis, and the abnormal trading volume and price reaction around the event date is explored to test the over-attention underperformance hypothesis.

Sampled stocks show significantly negative abnormal returns within the event period, but the matched control group formed by PSM shows no significant abnormal return, indicating that the risk premium hypothesis is not supported. Covered stocks show significantly magnified trading volume. The portfolio gains significant positive return before the event date but turns significantly negative afterward, which is consistent with the over-attention underperformance hypothesis.

This paper offers insights into media-effect in China stock market and provides empirical evidence explaining its existence.

The purpose of this paper is to provide a theoretical support for managers and investors and help them to identify corporate investment decisions on research and development (R&D) rationally.

Grouping and regression analysis are employed in the research.

The paper finds that managers in firms with medium accounting performance and at the border of profit target are prone to manage earnings by real R&D transactions, namely reducing R&D expenditures.

The conclusions are of great significance for innovation promotion in China.

The aim of this paper is to provide additional insights on the association between real earnings management (REM) and crash risk, particularly from the perspective of an emerging market economy. It also examines the moderation role that internal and external corporate governance may play in this area.

Relying on archival data from the RESSET and CSMAR databases over a timeframe from 2010 to 2018 of China listed company, the authors test the hypotheses by regressing common measures of crash risk on the treatment variable (REM) and crash risk control variables identified in the prior crash risk literature. The authors also introduce monitoring proxies (internal controls as an internal governance and institutional ownership as an external governance) and assess how effective internal and external governance moderate the relation between REM and stock price crash risk.

The results suggest firms with higher REM have a significantly greater stock price crash risk, and that this association is mitigated by external monitoring. That is, greater institutional ownership, particularly pressure insensitive owners, mitigates the impact of REM on stock price crash risk. However, internal control does not mitigate the association between REM and stock price crash risk.

Following the passage of the Sarbanes–Oxley (SOX) Act, prior research has documented an increase in the use of REM and a positive association between REM and cash risk. The authors demonstrate that they persist in one of the largest emerging markets where institutional regulations, market conditions and corporate behaviors are different from those in developed markets. Also, the assessment of the moderation effect of internal and external governance mechanisms could have meaningful implications for investors and regulators in Chinese and other emerging markets.

Here, the paper aims to model major corporate characteristics associated with corporate social responsibility (CSR) reporting (in particular, its quality). Corporations in China are increasingly expected by the public and government to be more socially responsible. As such, it will be intriguing to ask, what are the characteristics associated with higher quality CSR reporting?

CSR report quality scores are hand-gathered from HEXUN (web site) whilst financial and stock market information from the China Stock Market and Accounting Research (CSMAR) database. A total of 613 CSR reports' quality scores were utilized (Rankins CSR ratings) in the process of developing the model. Reports are hand-gathered from corporations listed on both the Shenzhen and Shanghai stock exchanges (SSE).

The results suggest most interestingly, the quality of CSR report (mandatory) to be strongly, positively related with corporate financial characteristics: market capitalization (corporate size), shareholders' concentration of powers, corporate financial leverage (implying bondholders/debtors' influence). Surprisingly, CSR reporting is associated neither with corporate profitability nor by state-ownership. The presence of independent directors (at least in China) seems to have negative influences.

CSR reporting may easily be mandated by government through a regulatory process. However, this does not necessarily lead to reports of a high quality. Instead, orientation towards higher visibility in social responsibility for listed corporations is better explained by financial characteristics: market valuation, ownership and leverage.

This paper utilizes for the first time, in-depth and multi-faceted quality CSR scores (overall, segregated into macro-social, content and technology) for investigating CSR behavior of listed corporations in China. The findings suggest financial characteristics size (market valuation), ownership (shareholders' concentration of powers) and corporate leverage are better predictors of CSR behavior among listed corporations.

This paper aims to investigate the economic consequence of the tax reductive strategy on stock price. The authors’ theory, empirically reinforced, suggests managerial tax aggressiveness endangers the corporation through a heightened risk in stock price crashing. Information opacity worsens the situation by reinforcing the relationship. Policymakers should emphasize two aspects: market openness and tighter institutional monitoring. The evidence shown in this paper demonstrates that these two weaken the tax aggressiveness impact on risk of a crashing stock price.

The sample in this paper consists of 9,702 observations from listed firms from 2008 to 2013 in China. The tax rate is manually collected and all the other original data used in this study are sourced from Wind and China Capital Market and Accounting Research databases. Both logistic regression and ordinary least squares regression methods are used to test the hypothesis in this paper.

One key insight is in tax aggressiveness to be strongly correlated with a greater risk of future stock price crashing. The authors also found information opacity to exert a positive moderating effect. That is, the higher the information opacity, the stronger and more positive the correlation between tax aggression and stock price crash risk. However, the market process and an institutional investor have opposite, negative impacts. An open market environment reduces their correlativeness. Similarly, stronger institutional vigilance leads to an attenuation of such a co-relationship.

The findings of this paper have wide policy implications for management and control by authorities of listed corporations. Aggressiveness in management of corporate taxes accentuates the risks borne by stockholders. If so, internally within the corporation, such aggression shown by management, if not proscribed, could be subject to scrutiny, possibly by an independent committee. Externally, this may be countered by the authority in emphasizing three key factors: openness in information sharing, the market environment and tighter institutional monitoring.

This study provides a consequential theory of aggressive management of tax, rigorously analyzed and strongly, empirically supported. Overall, aggressiveness in tax management is related with assumption of higher risks in the crashing of stock price. The relationship is enhanced through information opacity, but reduced via market environment and institutional monitoring.

The paper aims to identify the relationship between institutional logics and corporate finance in the context of China. It models the institutional logics and outlines why and how they impact the capital structure. The study aims to expand the domain of corporate finance by introducing the institutional effects.

The paper employs the ownership and region to proxy institutional logics, and a time dummy for their evolution and tests how they shape firms' capital structure through panel data regression.

The paper finds that capital structures in firms dominated by state logic are less heterogeneous but the heterogeneities of all firms' increase over time and the capital structures in firms dominated by state logic deviate more from the optimality but those of all firms approach the optimality as time goes by. I also document that the institutional logics affect the corporate financing decisions through the selection of chief executive officers (CEOs).

The paper demonstrates how state and market institutions are embodied in firms and how their evolution requires firms to adapt, and it proposes a brand-new insight into the marketization process of China.

The paper finds that the firms are unable to acquire optimal capital structure because of the institutional pressure and derive some implications on managerial practice of Chinese firms.

The paper analyses and examines the impacts of the institutional logics on corporate financing decisions as well as the potential channel, enhancing the understanding of the institutions and firms' responses.

This study aims to explore the mutual relation of corporate accidents, stock market responses, and media coverage.

This paper empirically investigated 119 listed firms' accidents during the 2005-2012 period using the methods of event study, correlation analysis, and multiple regressions.

The stock market response and media response are independent with each other in the following 30 days after accidents. Corporate accidents have significant negative effects on the stock market responses. As time goes by, the market reaction tapers off. In a mediate term period, accident onset has significantly positive effect and firm's ownership has weakly positive effect in addition to factors of asset and number of shareholders.

This paper first examines the interrelationships among accidents, media coverage, and stock market responses. It is part of the corporate social responsibility to avoid or reduce the stakeholders' nervous behaviors in times of accident. Hence, accident-stricken firms should release sufficient and transparent information to shareholders so that they can trade the share more rationally.

The paper aims to investigate the relationship between social responsibility and equity in China. In the process, the authors utilize data on corporate social responsibility (CSR) reports (in particular, information disclosure) and equity capital (focusing on cost). The overarching hypothesis may be phrased simply as: is CSR reporting rewarded by the capital market in China?

The data of 3,012 list corporations in China securities are used and 1,015 CSR report quality scores (Rankins CSR Ratings) are hand-gathered from HEXUN (Web site) and utilized in the process of developing the model; financial and stock market information is obtained from the Wind database and the China Stock Market and Accounting Research database.

The authors’ results suggest that overall the quality of CSR report is strongly, negatively related with the cost of capital: the higher the quality of social responsibility information disclosure, the lower the cost of equity capital. Most intriguingly, the authors find a sharp contrast between the government-owned corporations (state-owned enterprises) and privately owned, listed corporations. The quality of CSR reporting has a much higher impact in lowering the cost of equity capital for privately owned corporations. In contrasting the results for mandatory versus voluntary CSR disclosure, the quality of CSR reporting for the latter does not have any higher impact in lowering the cost of equity.

Good social responsibility behavior by corporations and their subsequent information disclosure has beneficial financial impacts. In the authors’ research, the authors showed its immediate impact to be in the lowering of the overall corporate cost of equity. In this regard, the authors would recommend that chief executive officers pay more attention to CSR practice and its disclosure. Private firms issuing CSR reports will benefit from much lower financing costs through the capital market.

Due to the structure of capital markets in China, the authors are able to show that CSR reporting of privately owned, listed corporations have much more effective signaling power. On the basis of the authors’ empirical findings in relation to the quality of CSR reporting and its impact on cost of capital, the authors suggest there is greater scope for research which takes a “finance and society” perspective. Based on more extensive research, such a perspective may enable scholars to orientate finance and finance research toward a model of “socio-capitalism”.