Jijun Zhang (4603165), Haowei Wang (821958) · Figshare · 2025
<div> Based on microdata of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as research samples, this paper takes the implementation of Free Trade Zones policy as the starting point and using the difference in differences method to analyze the impact of the establishment of Free Trade Zones on the internationalization level of enterprises. The empirical results indicate that (1) Free Trade Zones policysignificantly improved enterprises’ internationalization level, and the conclusion still holds after a series of endogeneity and robustness tests. (2) Mechanism analysis showedthat digital transformation, resource allocation efficiency, and green innovation are intermediary variables affecting enterprises’ internationalization levels in Free Trade Zones. The establishment of Free Trade Zones can promote digital transformation, resource allocation efficiency, and green innovation of enterprises, thereby enhancing their internationalization level. (3) Heterogeneity analysis found that establishing free trade experiments has a more significant effect on improving the internationalization level of enterprises in low city levels, large-sized companies, capital-intensive and technology-intensive companies, businesses with executives who have overseas experience, and high-tech companies (4) Further research has found that the establishment of Free Trade Zones also has a positive spatial spillover effect on enterprises in surrounding cities. The above conclusion enriched and expanded the research on the impact of the establishment of Free Trade Zones on the internationalization level of enterprises and has important practical significance for enhancing the competitiveness of enterprises. </div>
Cited by 0Open access
Barry J. Everitt · Encyclopedia of Statistics in Behavioral Science · 2005
Cited by 1
Jonas Ngouhouo-Poufoun (18824061), Sabine Chaupain-Guillot (18824064), Youba Ndiaye (10959648) et al. · Figshare · 2024
<p>Estimations with Instrumental variables method to control for endogeneity bias.</p> <p>(ZIP)</p>
Cited by 0Open access
Xin Wang (91924), Yue Sun (197395), Yanlin Li (309835) et al. · Figshare · 2024
<div><p>This paper focuses on firms in which insiders pledge their shares as collateral for loans. By investigating a natural experiment—China’s enactment of provisions on share reductions that restrict pledge creditors’ cashing-out behavior—we find that pledging firms exhibited more conservative financial reporting after the implementation than non-pledging firms. This effect was pronounced in firms with a higher ratio of pledged shares, a longer maturation period of the pledged shares, and more concentrated pledge creditors. Additionally, we show that pledging firms increased their accounting conservatism after the shock, leading to a lower risk of margin calls and stock price crashes. The effect on accounting conservatism was stronger in firms with controlling pledgers or when the pledge creditors were banks. Our results remained consistent after we performed several robustness tests. These behaviors are economically logical because the provisions heighten creditors’ liquidity risk and the potential losses of loan default. Pledging shareholders embrace more accounting conservatism to mitigate creditors’ concerns about agency costs and avoid triggering margin calls. Our findings provide direct support that creditors have a real demand for accounting conservatism and highlight the impact of shareholder-creditor conflicts on the financial reporting policies of pledging firms.</p></div>
Cited by 0Open access
Yaozhi Chen (20685478), Honghong Wei (20685481) · Figshare · 2025
<div> This study selects the quarterly data of all equity and equity-oriented hybrid open-end funds in China from 2007 to 2022 as the research sample, and examines the impact of fund style drift on fund returns through a two-ways fixed effect model. Our results show that overall style drift tends to improve fund performance. However, after differentiating the type of style drift, we find that fund drift based on stock picking abilities enhanced performance, whereas fund drift based on chasing market trends reduced fund performance. This study presents a new measurement method based on industry allocation, providing an empirical foundation for research on industry-specific theme funds. It also offers fund managers insights for optimizing performance evaluation and incentive systems, while serving as a reference for regulators to develop flexible, effective policies for market stability. </div>
Cited by 0Open access
Liguo Zhang (538942), Ying Li (38224), Chih-Chun Kung (8508390) et al. · Figshare · 2023
<div><p>Since 2017, Chinese cities have set off a wave of talent migration, with major cities joining the talent war and issuing new talent settlement policies that might stimulate the real estate market through the inflow and outflow of human capital. However, the effects of new talent settlement policies on housing prices have not been extensively studied. This study used a difference-in-differences model to examine the causal effects of new talent settlement policies on housing prices in China based on data from 70 large and medium-sized cities. The results showed that new talent settlement policies had positive effects on housing prices, and the effects revealed pronounced regional heterogeneity: they were more significant in the eastern region, first-tier, and new first-tier cities, and varied across major migration zones. Further, the varying policy tools in the new talent settlement policies had disparate effects on housing prices. Thus, we recommend that new talent settlement policies must be coordinated with the goals of real estate regulation and reasonable regional standards, and that the policy tools should be tailored according to the actual conditions of cities.</p></div>
Cited by 0Open access
Tingting Song (575707), Aihua Xiong (11187939) · Figshare · 2023
<div><p>Environmental information disclosure is critical avenue for stakeholders to gauge the fulfillment of corporate environmental responsibilities, as well as a key path for companies to gain social reputation and achieve sustainable development. To achieve both economic and social sustainability and improve the environmental information disclosure by private firms, this study delves into the impact mechanism and realization path of mixed ownership reform on environmental information disclosure among Chinese private enterprises listed between 2010 and 2020. Utilizing a panel fixed effect model, we scrutinize the interplay between state capital involvement and the disclosure of environmental information by private enterprises. Our findings reveal that state capital involvement may encourage private enterprises to disclose environmental information through resource allocation and governance improvements. The higher the shareholding ratio of state-owned participating shareholders, the more it helps private firms to disclose environmental information. State-owned shareholders play a pivotal role in the appointment of supervisors, directors, and executives, effectively improving corporate governance mechanisms and positively moderates how private companies with state-owned capital participate in disclosing environmental information. Moreover, the magnitude of media coverage and the public opinion pressure faced by private enterprises further amplify the influence of state-owned capital involvement on environmental information disclosure. Additionally, our research reveals that corporate profitability partially interplays with the effects of state-owned capital disclosure of environmental information by private companies. According to the research results, we recommend that the government proactively promote mixed ownership reform with private enterprises as the main participants, fully leveraging the resource advantages and influence of state-owned capital. At the same time, it is imperative to strengthen the governance effect of internal state-owned shareholders and external public opinion supervision in private enterprises. Enhancing profitability is also identified as a key driver for private enterprises to engage in more robust environmental information disclosure practices.</p></div>
Cited by 0Open access
Vianda S Stel, Friedo W. Dekker, Carmine Zoccali et al. · Nephrology Dialysis Transplantation · 2012
The main advantage of the randomized controlled trial (RCT) is the random assignment of treatment that prevents selection by prognosis. Nevertheless, only few RCTs can be performed given their high cost and the difficulties in conducting such studies. Therefore, several analytical methods for removing the effects of selection bias in observational studies have been proposed. The first aim of this paper is to compare three of those methods: the multivariable risk adjustment method, the propensity score risk adjustment method, and the instrumental variable method. The second aim is to compare the results from observational studies using the instrumental variable method with those from RCTs aiming to answer the same study question.
Cited by 32Open access
Elsevier eBooks · 2021
Cited by 0
Feng Zhu (685) · Figshare · 2024
<div><p>Charitable donations are an important manifestation of corporate social responsibility. Current research focuses on the economic effects of corporate donations while ignoring their legal effects in the litigation field. This paper utilizes litigation and arbitration data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 to investigate the impact and mechanism of charitable donations on the litigation duration of listed companies. The study finds that: (1) Charitable donation behavior can significantly shorten the litigation duration of listed companies. (2) This effect is particularly significant when listed companies are plaintiffs, but not significant when they are defendants. (3) The negative relationship between charitable donations of listed companies and litigation duration is achieved through reputation mechanisms. (4) This effect is more significant for listed companies located in the Northeast region and regions with a lower degree of marketization when facing civil and arbitration cases. (5) Additionally, by constructing panel data on whether companies are involved in litigation and as defendants, it is shown that corporate charitable donations not only have the function of "compensating" reputation but also serve as a kind of "insurance" for reputation. After robustness tests and overcoming endogeneity issues, the above conclusions still hold. This paper clarifies the implicit interaction mechanism between listed companies and judicial departments, enriches research in the field of organizational reputation theory, and is of significant importance for deeply understanding the motivation of corporate charitable donations.</p></div>
Cited by 0Open access
Jun Li (6494), Tiantian Li (53740), Wei Wang (17594) · Figshare · 2024
<div><p>The relative deprivation index can reflect the income inequality faced by different individuals, which is helpful to understand the relationship between income inequality and the variability of fertility intentions. But previous studies have almost focused on the macro indicators of income inequality, ignoring individual heterogeneity in income inequality. In this study, we explore the causal relationship and potential mechanisms between income inequality and fertility intentions from the perspective of relative deprivation in income. The findings are as follows: (1) An increase in income inequality boosts individuals’ fertility intentions, and the results are still robust after using the instrumental variables two-stage least squares (2SLS) model to deal with endogeneity. (2) Mechanism analysis reveals that income inequality improves individuals’ fertility intentions through the channels of “Build hopes on children”, “Allocate more time to families” and “Put less value on children’s education”. (3) Heterogeneity analysis indicates that income inequality has a more pronounced positive impact on fertility intentions of individuals with poor education, low household assets and without pension insurance. (4) Further analysis reveals that an increase in income inequality at macro level also promote individuals’ fertility intentions. Our findings hold significant policy implications for promoting a rebound in fertility rates. When developing policies to adjust income distribution, it is necessary to consider the response of individuals’ fertility decisions to income inequality. Policymakers should ensure that efforts to improve income distribution do not inadvertently reduce the willingness of individuals to have more children.</p></div>
Cited by 0Open access
Shujun Sun (310407), Lin Guo (113004) · Figshare · 2022
Cited by 0Open access
Luzhuang Qi (22032753), Peng Liang (491715) · Figshare · 2025
<div> Addressing population aging has emerged as a paramount national strategic priority. Against the backdrop of a continual rise in population aging and considerable escalation in labor costs within China, this study aims to investigate whether firms, confronted with the burden of labor costs, intensify their tax avoidance motives to generate a “stimulating effect” or whether they are compelled to adapt traditional factors, thereby reducing tax avoidance and exerting a “restraining effect”. To address this inquiry, we empirically examine the impact of population aging on corporate tax avoidance and its underlying mechanisms utilizing a sample of non-financial listed companies in China’s A-share market spanning from 2008 to 2023. Our findings substantiate that the level of population aging significantly diminishes firms’ tax avoidance motives, confirming the presence of a “restraining effect”. Mechanism tests unveil that population aging, through capital-labor substitution, fosters research and development innovation and improves production efficiency, thus curbing firms’ tax avoidance behavior and affirming the existence of the “factor substitution effect” “innovation capacity effect” and “resource allocation effect”. Heterogeneity analysis reveals that the inhibitory impact of population aging on corporate tax avoidance is more pronounced in labor-intensive industries, entities with limited financing capacity, weak financial conditions, and adverse external financial conditions. By examining the economic ramifications of population aging from a micro-level perspective on corporate financial decision-making and enriching the existing literature on corporate tax avoidance through a population economics lens, this study provides valuable insights for firms undergoing transformation and informs policy formulation in response to the challenges posed by population aging. </div>
Cited by 0Open access
Yuanlin Wu (8311203), Cunzhi Tian (17291041), Lifang Li (790738) · Figshare · 2023
<div><p>This study employs a CES production function to construct a theoretical model of labor income share and uses a two-way fixed effects model to test the causal effects of local government debt (LGD) on the labor income share of enterprises. Local government debt governance policies are utilized as exogenous shocks, and a DID (Difference-in-Differences) model is applied for endogeneity testing. The results have passed a series of robustness checks. The findings suggest that LGD decreases the share of firms’ labor income. The mechanism analysis suggests that LGD lowers the labor remuneration of residents, the employment of labor in enterprises, and the size of bank loans mainly; while raising the cost of using funds in enterprises. Moreover, this negative effect is more apparent in non-state-owned enterprises, small and medium-sized enterprises, and enterprises with high financing constraints. This study presents new evidence on how the labor income share of enterprises is affected from the perspective by local governments in China. It has important implications for further deepening local government debt governance and achieving common prosperity.</p></div>
Cited by 0Open access
Chuqiao Tang (21273529), Xiaolong Guo (582898), Xuan Li (137217) · Figshare · 2025
<div> In recent years, the heightened emphasis on sustainable and high-quality economic development has garnered substantial investor interest in corporate ESG performance, significantly influencing the long-term operational stability of firms. This study, based on data from A-share listed companies from 2015 to 2022, explores the relationship between corporate ESG performance and corporate financial performance. This research employed regression analysis to examine this relationship and found that improved ESG performance significantly enhances financial performance, especially in state-owned enterprises and the manufacturing sector. Additional analysis shows that government subsidies positively influence the relationship between ESG performance and corporate financial performance, suggesting that subsidies amplify the positive effects of ESG initiatives on performance. Mechanism tests suggest that increased analyst coverage is a key pathway through which ESG performance boosts corporate financial performance. These findings underscore the importance of ESG initiatives for companies and provide empirical evidence supporting the role of government subsidies and analyst coverage in amplifying the positive impact of ESG performance on financial outcomes. </div>
Cited by 0Open access
Jidong Qin (16436924), Meijia Wang (2705005) · Figshare · 2025
<div><p>Environmental, social, and governance (ESG) ratings are receiving increasing attention in credit markets. However, ESG rating disagreement erects obstacles for companies in obtaining capital resources. This study investigates the impact of ESG rating disagreement on bank loan availability uses data of Chinese listed firms from 2014 to 2022, and employs models with multiple regression analyses and fixed effects. We find that greater ESG rating disagreement leads to a decrease in newly obtained bank loans. The mechanism analysis confirms that ESG rating disagreement amplifies information asymmetry and increases operational uncertainty, thereby raising the information and credit risks faced by banks, leading to a decrease in bank loan availability. Heterogeneity analysis reveals that the negative effect of ESG rating disagreement on bank loan availability is more pronounced in firms with poor financing capabilities, poor information environments, and fierce competitive macro environments. Our findings contribute to the literature on ESG rating disagreement from credit markets, which are important for a more comprehensive and objective understanding of ESG rating disagreement.</p></div>
Cited by 0Open access
Zhibin Zhang (102722), Lishu Zhang (1791322), Aihua Xiong (11187939) · Figshare · 2024
<div><p>With an increasing number of heterogeneous shareholders participating in corporate governance in reality, the assumption of shareholder homogeneity in agency theory is gradually relaxing in the modern field of corporate governance. The policy of mixed ownership reform in China provides empirical evidence for studying heterogeneous shareholder governance. To fully understand the governance effects of non-state shareholders, we employ the ownership proportion held by non-state shareholders among the top ten shareholders and the appointment of directors as measures for non-state shareholder governance. Using a panel fixed-effect model from the perspective of state-owned enterprises (SOEs) party organizations, we examine the impact of non-state shareholder governance on the governance level of SOEs. The study reveals that non-state shareholder governance positively affects the governance level of SOEs, with board resolutions playing a crucial role in this relationship. When party members serve as directors, the governance effect of non-state shareholders is more significant. Based on the aforementioned research findings, we recommend further refining corporate governance measures for SOEs within the context of SOE reforms. It is advisable to optimize the party organizational governance structure and leverage the synergistic effects of non-state shareholder governance and party organizational governance. Advancing reforms along the Pareto improvement path will contribute to establishing a distinctive corporate governance system for Chinese SOEs.</p></div>
Cited by 0Open access
Pattanaporn Chatjuthamard (10090298), Viput Ongsakul (12015174), Pornsit Jiraporn (11547460) · Figshare · 2022
<p>The hostile takeover index is from Cain, McKeown, and Solomon (2017) [<a href="http://www.plosone.org/article/info:doi/10.1371/journal.pone.0260688#pone.0260688.ref009" target="_blank">9</a>]. Credit ratings are from COMPUSTAT. Following Klock, Mansi, and Maxwell (2005), we compute credit ratings using a conversion method, where AAA-rated bonds are assigned a value of 22 and D-rated bonds are assigned a value of 1. Board size is the number of directors on the board. SG&A is selling, administrative, and general expense. Our instrument is the value of the hostile takeover index in the earliest year for each firm.</p>
Cited by 0Open access
Changfu Luo (15085581), Lian Xie (15085584) · Figshare · 2023
<div><p>By stimulating social vitality and improving innovation efficiency, intergenerational mobility plays an essential role in economic development. With the data from China Labor-force Dynamic Survey (CLDS) and A-share listed companies, this paper uses the methodology of intergenerational order correlation to measure regional intergenerational mobility, and examines the impact of regional intergenerational mobility on corporate innovation. The results are as follows: (1) Regional intergenerational mobility promotes corporate innovation both quantitatively and qualitatively, and a series of robustness tests confirm our findings; (2) Two channels identified are government-enterprise human capital allocation and fairness perception; (3) Heterogeneity analysis shows that the innovation effect of regional intergenerational mobility is more significant in the high-tech industry and private enterprises; (4) Multi-dimensional market-oriented policy can be used to get rid of the shackles of low intergenerational mobility on corporate innovation. Our findings provide implications for developing countries on how to address the relationship between inequality and economic development.</p></div>
Cited by 0Open access
Haiyue Liu (3779983), Jianwu Ren (19949992) · Figshare · 2025
<div> Under the global wave of intelligence, intelligent manufacturing has become a crucial means of transforming and upgrading China’s manufacturing industry. Accurate evaluation of the implementation effects of intelligent manufacturing industry policies is an urgent issue. This study uses the introduction of the “Made in China 2025” policy as a quasi-natural experiment and employs the difference-in-differences method to investigate the impact of intelligent manufacturing policies on firms’ total factor productivity (TFP) and its mechanisms. These results indicate that implementing intelligent manufacturing policies significantly enhances firms’ TFP. Mechanism analysis reveals that intelligent manufacturing policies can improve firms’ ESG performance by enhancing green technology innovation capabilities, increasing capital market attention, and reducing internal control costs, thereby enhancing firms’ TFP. Heterogeneity analysis finds that intelligent manufacturing policies have a more pronounced effect on promoting TFP in large-scale enterprises, labor-intensive enterprises, firms with higher technical employee levels, companies in highly competitive industries, and enterprises in regions with higher levels of digital infrastructure development and lower economic development as compared to their counterparts. This study provides evidence of how intelligent manufacturing policies drive the high-quality and sustainable development of enterprises and offers insights for future policy formulation and implementation. </div>
Cited by 0Open access