SSRN Electronic Journal,
Год журнала:
2024,
Номер
unknown
Опубликована: Янв. 1, 2024
In
the
policy
context
of
China's
CTAIS-3
project,
we
study
impact
tax
enforcement
on
corporate
digital
transformation
(CDTM).
We
find
that
enhanced
suppresses
CDTM.
This
effect
is
mainly
realized
through
three
channels:
increasing
burden
enterprises,
reducing
enterprise
investment
and
suppressing
innovation.
And
our
heterogeneity
test
indicates
negative
enhancement
CDTM
more
pronounced
for
corporates
located
in
provinces
with
lower
financial
accessibility,
cities
Internet
penetration
higher
fiscal
pressure.
Distinguished
at
firm
level,
strengthening
has
a
significant
dampening
enterprises
are
industries
levels
concentration,
firms
not
state-owned,
governance.
Our
sheds
light
potential
economic
consequences
micro-firm
level
changes
informs
future
reforms
developing
countries.
International Journal of Finance & Economics,
Год журнала:
2024,
Номер
30(1), С. 522 - 551
Опубликована: Янв. 17, 2024
Abstract
Previous
literature
indicates
that
digitalization
offers
enterprises
competitive
advantages.
However,
its
potential
impact
on
risk
management
remains
uncertain.
Thus,
this
study
explores
the
causality
between
digital
transformation
and
systematic
of
Chinese
public
companies
during
2007–2020.
We
developed
a
digital‐related
keywords
dictionary
using
textual
analysis
to
identify
investments
in
assets
which
serve
as
measure
corporate
digitalization.
Our
findings
suggest
negative
correlation
enterprise
risk.
This
relationship
is
further
supported
by
robustness
tests,
adjustments
for
endogeneity,
random
forest
predictions.
The
risk‐reducing
effect
more
pronounced
non‐state‐owned,
small,
high‐asset‐density,
low‐investor‐attention
enterprises.
Additionally,
we
explore
mechanisms:
financial
leverage
channel,
operating
investor
loyalty
channel.
Empirical
observations
indicate
digitalization:
(1)
lowers
financing
costs,
curbing
an
inclination
towards
excessive
debt;
(2)
enhances
operational
cost
stimulates
sales
growth;
(3)
boosts
long‐term
holdings,
decreases
stock
price
synchronization,
mitigates
crash
risks.
new
insights
into
assessing
sustainability
mitigating
risks
Financial Innovation,
Год журнала:
2025,
Номер
11(1)
Опубликована: Янв. 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.
Humanities and Social Sciences Communications,
Год журнала:
2024,
Номер
11(1)
Опубликована: Май 28, 2024
Abstract
This
study
quantifies
the
impact
of
digital
innovation
on
corporate
performance,
offering
insights
into
sustainability
innovation’s
and
providing
guidance
for
firms
embarking
their
journey.
We
examine
effect
cost
stickiness
using
patent
reports
spanning
from
2007
to
2022.
The
baseline
analysis
results
reveal
that
significantly
mitigates
in
companies.
finding
remains
robust
after
addressing
endogeneity
concerns
conducting
various
robustness
tests.
probe
potential
mechanisms
discover
reduces
by
enhancing
quality
internal
controls,
improving
resource-adjustment
efficiency,
managerial
over-optimism.
Heterogeneity
indicates
a
more
pronounced
reducing
asymmetric
behaviors
larger
firms,
those
beyond
growth
stage,
regions
with
active
procurement,
well-developed
taxation
governance,
sound
judiciary
infrastructures.
Additionally,
our
expanded
confirms
financial
benefits
stickiness.
A
notable
discovery
is
negative
correlation
between
transformation
within
digitally
innovative
underscoring
greater
significance
over
mere
digitization.
Overall,
this
advances
understanding
how
influences
management
strategies.
China Finance Review International,
Год журнала:
2024,
Номер
unknown
Опубликована: Ноя. 22, 2024
Purpose
The
main
purpose
of
this
study
is
to
examine
the
effect
corporate
digital
transformation
on
bond
credit
spreads.
Additionally,
it
also
explores
two
potential
channels,
information
asymmetry
and
default
risk,
through
which
can
influence
Design/methodology/approach
We
use
issuance
data
Chinese
listed
companies
over
period
2008–2020.
Corporate
these
measured
with
textual
analysis
management
discussion
part
annual
reports.
employ
a
panel
regression
model
estimate
Findings
find
robust
evidence
that
higher
experience
lower
further
observe
spread
reduction
for
firms
are
smaller,
non-state-owned,
have
ratings
less
analyst
coverage.
reduces
spreads
by
reducing
between
investors
enhanced
mechanisms
lowering
risk
strengthening
operating
efficiency.
Originality/value
To
best
our
knowledge,
first
attempt
understand
impact
Our
findings
help
firms’
worthiness
access
capital.
