The Power of Ethics: Merchant Culture and Corporate Environmental, Social, and Governance (ESG) Disclosure DOI Open Access

Wang Wei,

HU Guo-liu

Corporate Social Responsibility and Environmental Management, Journal Year: 2024, Volume and Issue: unknown

Published: Dec. 26, 2024

ABSTRACT Environmental, Social, and Governance (ESG) disclosure has emerged as a strategic imperative for sustainable development, yet the full range of its drivers remains unexplored. While formal institutions, such environmental regulations, have been scrutinized, impact informal particularly traditional culture, largely uncharted. We empirically examine Chinese business group culture—referred to merchant culture—on ESG listed companies in China, using sample from 2011 2021. Merchant culture is measured based on proximity company's registered location origins guilds. Our analysis manually collected data reveals robust positive correlation between disclosure. This pronounced among firms without Big four auditors, heavily polluted industries, regions with weaker legal frameworks. Crucially, appears foster corporate integrity mitigate negative social dishonesty environment These findings suggest that, norm, can promote encourage ethical behaviors companies.

Language: Английский

ESG disagreement and corporate debt maturity: evidence from China DOI Creative Commons
Kangqi Jiang,

Jie Zhang,

Mengling Zhou

et al.

Financial Innovation, Journal Year: 2025, Volume and Issue: 11(1)

Published: Jan. 9, 2025

Abstract This study explores the relationship between corporate environmental, social, and governance (ESG) disagreements debt maturity. By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020, we find that ESG negatively influence Even after conducting a series of robustness tests addressing endogeneity concerns, adverse effects persisted. A heterogeneity analysis shows this negative impact is more significant for non-state-owned enterprises, small enterprises with high capital intensity, low analyst attention, in high-tech industries. Through mechanism analysis, discovered can lead information asymmetry heightened default risk, subsequently affecting maturity debt. Further confirms on structure inhibits long-term investment exacerbates mismatch financing terms.

Language: Английский

Citations

1
Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China DOI

Muyan Liu,

Lu Shen,

Yuehan Yan

et al.

Finance research letters, Journal Year: 2025, Volume and Issue: unknown, P. 106870 - 106870

Published: Jan. 1, 2025

Language: Английский

Citations

0
Does Provincial Gambling Intensity Affect Corporate Maturity Mismatch? Evidence from China DOI
Hui Shi

Finance research letters, Journal Year: 2025, Volume and Issue: unknown, P. 107195 - 107195

Published: March 1, 2025

Language: Английский

Citations

0
Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China DOI
Gaoya Song, Yu Wang

International Review of Financial Analysis, Journal Year: 2025, Volume and Issue: unknown, P. 104221 - 104221

Published: April 1, 2025

Language: Английский

Citations

0
Employee pension welfare and corporate risk-taking: Evidence from the enterprise annuity system in China DOI

Xiaoqiu Chen,

Feng Hu

Pacific-Basin Finance Journal, Journal Year: 2025, Volume and Issue: unknown, P. 102768 - 102768

Published: April 1, 2025

Language: Английский

Citations

0
Can implementing the new securities law mitigate corporate financial resource mismatch? DOI
Yihao Li,

Jierong Chen,

Jian Wang

et al.

International Review of Financial Analysis, Journal Year: 2025, Volume and Issue: unknown, P. 104270 - 104270

Published: April 1, 2025

Language: Английский

Citations

0
The Unintended Consequences of Retail Investor Attention: The Case of the Long-Term Use of Short-Term Debt DOI
Cai Liu, Xiaoxiao He

Finance research letters, Journal Year: 2025, Volume and Issue: unknown, P. 107587 - 107587

Published: May 1, 2025

Language: Английский

Citations

0
Private Enterprise Identity and Short-term Debt for Long-term Investment: Evidence from China DOI
Lirong Chen,

Ruirui Mu,

Yanwen Dai

et al.

Finance research letters, Journal Year: 2024, Volume and Issue: 67, P. 105901 - 105901

Published: July 30, 2024

Language: Английский

Citations

3
Top management team stability and maturity mismatch between investment and financing: the moderating effects of state ownership and institutional ownership DOI
Yun Zhan, Jia Liao, Xiaoyang Zhao

et al.

International Journal of Emerging Markets, Journal Year: 2024, Volume and Issue: unknown

Published: Oct. 24, 2024

Purpose According to the resource-based theory, a firm’s unique resources and capabilities are key its competitive advantage. This paper aims investigate effect of top management team (TMT) stability, an important intangible resource firm, on maturity mismatch between investment financing companies. Additionally, we explore moderating effects state ownership institutional in this context. Design/methodology/approach study conducts empirical analysis based ordinary least squares (OLS) model with sample Chinese companies listed Shanghai Shenzhen stock exchanges from 2010 2022. Findings The results show that TMT stability significantly mitigates degree mismatch. Both weaken negative Besides, alleviating constraints is crucial pathway through which influences Practical implications findings help firms effectively retain talents reduce occurrence Originality/value not only helps expand research economic but also provides new ideas how alleviate

Language: Английский

Citations

1
The Power of Ethics: Merchant Culture and Corporate Environmental, Social, and Governance (ESG) Disclosure DOI Open Access

Wang Wei,

HU Guo-liu

Corporate Social Responsibility and Environmental Management, Journal Year: 2024, Volume and Issue: unknown

Published: Dec. 26, 2024

ABSTRACT Environmental, Social, and Governance (ESG) disclosure has emerged as a strategic imperative for sustainable development, yet the full range of its drivers remains unexplored. While formal institutions, such environmental regulations, have been scrutinized, impact informal particularly traditional culture, largely uncharted. We empirically examine Chinese business group culture—referred to merchant culture—on ESG listed companies in China, using sample from 2011 2021. Merchant culture is measured based on proximity company's registered location origins guilds. Our analysis manually collected data reveals robust positive correlation between disclosure. This pronounced among firms without Big four auditors, heavily polluted industries, regions with weaker legal frameworks. Crucially, appears foster corporate integrity mitigate negative social dishonesty environment These findings suggest that, norm, can promote encourage ethical behaviors companies.

Language: Английский

Citations

1