Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsi...Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsibility(CSR)activities in Korea.Enhancing CG quality and engaging in CSR activities are increasingly important for firms’long-term sustainability.Using the KEJI-CSR index and the KCGS CG score,we find that CG quality positively influences CSR activities.Specifically,if the CG quality score increases by one standard deviation,CSR improves by approximately 1.6–2.3%of the mean CSR score.Furthermore,the relationship between CG and CSR is stronger for business conglomerates(chaebol-affiliated firms),suggesting that sound CG practices can promote CSR activities more effectively when the interests of management and stakeholders are better aligned.This finding supports local legitimacy theory.Our findings are robust under various tests,including difference-in-differences analysis and propensity score matching.An interesting policy implication is that multinational enterprises or foreign investors should prioritize the CG quality of their local subsidiaries or investee firms.Better CG practices can enhance CSR activities,which are essential for long-term survival in local markets.This study,however,is limited to Korea and may not be generalizable to other emerging markets with different governance structures.展开更多
The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Ga...The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Gap Between Technical Power and Human Wisdom,and Financial Markets and Investments,Economic and Policy Analysis,Corporate Governance and Related Market Dynamics.展开更多
Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technolog...Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.展开更多
This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderati...This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.展开更多
This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial res...This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.展开更多
The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper syste...The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.展开更多
With the development of modern educational concepts and technologies,corporate financial audit is facing unprecedented challenges and opportunities.This paper first analyzes the new characteristics of corporate financ...With the development of modern educational concepts and technologies,corporate financial audit is facing unprecedented challenges and opportunities.This paper first analyzes the new characteristics of corporate financial audit in the context of modern education,including the widespread application of digital audit tools,the diversification of audit content,and the increased requirements for audit efficiency.Then,it explores the innovative practices in corporate financial audit,such as the introduction of big data analysis technology,the construction of intelligent audit platforms,and the implementation of continuous audit.The paper also conducts an in-depth study on the impact of these innovative practices on the processes,quality,and risk management of corporate financial audit.Finally,it summarizes the effectiveness of the innovation and practice of corporate financial audit in the context of modern education,and looks forward to future development trends,providing references for theoretical research and practical operations in related fields.展开更多
Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions ...Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions of 22 cross-border money transfer firms headquartered in Canada,the US,and the UK to determine how they supported stakeholders during the pandemic.Using qualitative data analysis software,we analyze textual data from company websites,press releases,and blogs to assess CSR activities.Our findings show that nine of the 22 cross-border money transfer firms engaged in COVID-related CSR efforts and communicated these actions through their controlled channels.Two out of every three firms that publicized their CSR initiatives during the pandemic were not traded in any stock exchange market.This research has two key implications.First,disclosing CSR initiatives through controlled or uncontrolled channels increases the likelihood of attracting socially conscious customers and investors,which could ultimately lead to higher economic profits.Second,economic profit can create a bandwagon effect,encouraging other money transfer firms to integrate CSR activities into their business models,which may enhance the well-being of the communities they serve and rely upon.展开更多
This study focuses on the real-world context where artificial intelligence(AI)deeply permeates corporate operations,systematically exploring the core value,challenges,and optimization paths of corporate culture manage...This study focuses on the real-world context where artificial intelligence(AI)deeply permeates corporate operations,systematically exploring the core value,challenges,and optimization paths of corporate culture management during the process of intelligent transformation.By deeply analyzing the semantic deviations in the digitalization of cultural elements and the potential conflicts between algorithm-based decision-making and humanistic values in human-machine collaboration scenarios,and combining theories of organizational behavior with the characteristics of AI technology,a series of strategies for enhancing effectiveness are proposed,including dynamic cultural modeling and embedding cognitive-collaborative rules.With detailed empirical data and case studies,this research provides a theoretical basis and practical guidance for enterprises to achieve a dynamic balance between technological rationality and humanistic care.展开更多
Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international e...Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international economic and trade situation,commercial banks in China's mainland have entered a stage of low interest rates and narrow interest margins.Coupled with the continuous exposure of risks in retail customer groups and small and micro enterprises,many commercial banks have chosen to phase in expanding and strengthening their corporate business segments to smoothly navigate economic cycles and enhance operational resilience and sustainability.How the corporate business segment optimizes its asset-liability structure through asset allocation to achieve high-quality development is a major issue worthy of consideration by the entire industry.From the perspective of a medium-sized national commercial bank,this paper explores and proposes four key basic customer groups,six asset allocation models,and fourteen key industries for layout,for reference,and research.展开更多
Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services ...Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services to deeply explore the role and significance of the financial shared service model in the digital transformation of corporate finance.It analyzes the existing problems in the current process of digital transformation of corporate finance and proposes corresponding solutions,providing valuable references and guidance for enterprises to achieve digital transformation of finance.展开更多
Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibil...Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.展开更多
Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment effi...Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.展开更多
Effective corporate governance and sound macroprudential policies are crucial to the stability and sustainable development of the banking sector in China.This paper uses panel data sets from 31 listed Chinese commerci...Effective corporate governance and sound macroprudential policies are crucial to the stability and sustainable development of the banking sector in China.This paper uses panel data sets from 31 listed Chinese commercial banks between 2007 and 2023 to examine how corporate governance and macroprudential regulation influence bank risk-taking.To achieve this,we constructed a set of micro-level corporate governance indicators.The findings show that corporate governance significantly reduces bank risk-taking,while macroprudential regulation positively moderates this relationship.Furthermore,business diversification and loan concentration are the key mechanisms through which corporate governance mitigates risk-taking.We confirmed the soundness of these findings by using robust econometric techniques,including difference-in-differences,system GMM,and alternative independent variables.This study provides valuable insights for optimizing bank capital structures,enhancing corporate governance,improving personnel management,and clarifying the roles of regulators in refining the macroprudential regulatory framework.展开更多
The development of artificial intelligence has brought tremendous changes to enterprises and also pose higher demands on financial professionals.Through literature research,this paper explores the viewpoints of domest...The development of artificial intelligence has brought tremendous changes to enterprises and also pose higher demands on financial professionals.Through literature research,this paper explores the viewpoints of domestic and foreign scholars and industry experts on the impact of Artificial Intelligence(AI)on corporate financial management and the role transformation of financial professionals.It analyzes the current application status of AI technology in finance.The results indicate that AI will replace some repetitive and highly procedural tasks,such as simple data entry and bookkeeping.AI can improve the processing speed and accuracy of corporate financial data.With its learning capabilities,AI can assist financial professionals in addressing knowledge gaps.However,AI cannot completely replace human thinking,judgment,and decision-making,especially in areas like emotional communication and aesthetic experience.This requires financial professionals to continuously improve their overall qualities,leverage their strengths,and achieve complementary advantages with machines,jointly promoting innovative financial development in the era of artificial intelligence.展开更多
Corporate image is the external manifestation of a company’s cultural and spiritual essence,as well as the overall impression formed through its interactions with the public.Huawei,as a successful multinational enter...Corporate image is the external manifestation of a company’s cultural and spiritual essence,as well as the overall impression formed through its interactions with the public.Huawei,as a successful multinational enterprise,has established a robust corporate image in the international market through technological innovation and brand building.Moreover,Huawei’s development is closely aligned with national policies and strategies,making it a representative enterprise for showcasing China’s technological independence and national image.This study examines Huawei’s English press releases on product launches published between 2022 and 2024 and conducts a comparative analysis with similar materials from Apple’s official website.Based on Fairclough’s three-dimensional discourse analysis model,this research explores the linguistic features of Huawei’s corporate image construction from the perspectives of text,discourse practice,and social practice.The findings reveal that Huawei has successfully constructed a corporate image that emphasizes technological innovation,prioritizes user needs,and underscores its identity as a national enterprise.This study not only sheds light on Huawei’s strategies for image construction in international competition but also provides a valuable reference for Chinese enterprises in their cultural communication and brand building during the globalization process.展开更多
Against the backdrop of global climate change and tightening resource constraints,sustainable agricultural development has emerged as a central issue for countries worldwide in addressing environmental challenges.As a...Against the backdrop of global climate change and tightening resource constraints,sustainable agricultural development has emerged as a central issue for countries worldwide in addressing environmental challenges.As a major agricultural nation,China’s livestock industry accounts for over 35%of the total agricultural output value,serving as a crucial pillar for ensuring national nutritional security and rural economic development.However,traditional farming models have long relied on high-density rearing,excessive use of chemical inputs,and end-of-pipe pollution control measures.These practices have resulted in greenhouse gas emissions accounting for 45%of the agricultural total,an annual generation of over 3 billion tons of livestock manure,and a resource utilization rate of less than 60%.This“high-input,high-emission,low-efficiency”development path has not only exacerbated ecological issues such as soil degradation and water eutrophication but also undermined the industry’s international competitiveness and consumer trust due to food safety hazards like antibiotic residues and heavy metal contamination.In this context,Muyuan Group has actively pursued green technology innovation to achieve simultaneous enhancement of economic and ecological benefits.展开更多
With the rapid development of the Chinese market economy system,income tax as an economic lever has become more and more prominent in regulating the economy.Since the beginning of the accounting reform,the Ministry of...With the rapid development of the Chinese market economy system,income tax as an economic lever has become more and more prominent in regulating the economy.Since the beginning of the accounting reform,the Ministry of Finance has promulgated the accounting standards for income tax and put forward the corresponding procedures and methods,which is a leap forward in the development process of domestic income tax accounting.The relationship between income tax and accounting,the nature of income tax,and the basic characteristics and the apportionment of income tax accounting are expounded in this paper.Payable tax with impact accounting regulations,deferred with debt regulations,and balance sheet debt with income statement debt regulations are compared given the existing problems in the accounting treatment of domestic income tax,and the choice of applicable treatment methods are discussed.Finally,the accounting treatment of important income tax such as consolidated accounting statements,construction enterprises,tax losses,and discount of income tax liabilities are analyzed,and the treatment methods and corresponding countermeasures are put forward to improve the domestic income tax accounting problems.展开更多
The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention...The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.展开更多
文摘Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsibility(CSR)activities in Korea.Enhancing CG quality and engaging in CSR activities are increasingly important for firms’long-term sustainability.Using the KEJI-CSR index and the KCGS CG score,we find that CG quality positively influences CSR activities.Specifically,if the CG quality score increases by one standard deviation,CSR improves by approximately 1.6–2.3%of the mean CSR score.Furthermore,the relationship between CG and CSR is stronger for business conglomerates(chaebol-affiliated firms),suggesting that sound CG practices can promote CSR activities more effectively when the interests of management and stakeholders are better aligned.This finding supports local legitimacy theory.Our findings are robust under various tests,including difference-in-differences analysis and propensity score matching.An interesting policy implication is that multinational enterprises or foreign investors should prioritize the CG quality of their local subsidiaries or investee firms.Better CG practices can enhance CSR activities,which are essential for long-term survival in local markets.This study,however,is limited to Korea and may not be generalizable to other emerging markets with different governance structures.
文摘The 53rd issue of Financial Innovation(FIN),Volume 11,No.5(2025),features 21 papers that can be classified into four main themes:the Special Issue on The Anomie of Artificial Intelligence(AI)in Finance:Bridging the Gap Between Technical Power and Human Wisdom,and Financial Markets and Investments,Economic and Policy Analysis,Corporate Governance and Related Market Dynamics.
基金supported by the National R&D Program China(No.2021xjkk0405).
文摘Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.
文摘This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.
文摘This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.
文摘The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.
文摘With the development of modern educational concepts and technologies,corporate financial audit is facing unprecedented challenges and opportunities.This paper first analyzes the new characteristics of corporate financial audit in the context of modern education,including the widespread application of digital audit tools,the diversification of audit content,and the increased requirements for audit efficiency.Then,it explores the innovative practices in corporate financial audit,such as the introduction of big data analysis technology,the construction of intelligent audit platforms,and the implementation of continuous audit.The paper also conducts an in-depth study on the impact of these innovative practices on the processes,quality,and risk management of corporate financial audit.Finally,it summarizes the effectiveness of the innovation and practice of corporate financial audit in the context of modern education,and looks forward to future development trends,providing references for theoretical research and practical operations in related fields.
文摘Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions of 22 cross-border money transfer firms headquartered in Canada,the US,and the UK to determine how they supported stakeholders during the pandemic.Using qualitative data analysis software,we analyze textual data from company websites,press releases,and blogs to assess CSR activities.Our findings show that nine of the 22 cross-border money transfer firms engaged in COVID-related CSR efforts and communicated these actions through their controlled channels.Two out of every three firms that publicized their CSR initiatives during the pandemic were not traded in any stock exchange market.This research has two key implications.First,disclosing CSR initiatives through controlled or uncontrolled channels increases the likelihood of attracting socially conscious customers and investors,which could ultimately lead to higher economic profits.Second,economic profit can create a bandwagon effect,encouraging other money transfer firms to integrate CSR activities into their business models,which may enhance the well-being of the communities they serve and rely upon.
文摘This study focuses on the real-world context where artificial intelligence(AI)deeply permeates corporate operations,systematically exploring the core value,challenges,and optimization paths of corporate culture management during the process of intelligent transformation.By deeply analyzing the semantic deviations in the digitalization of cultural elements and the potential conflicts between algorithm-based decision-making and humanistic values in human-machine collaboration scenarios,and combining theories of organizational behavior with the characteristics of AI technology,a series of strategies for enhancing effectiveness are proposed,including dynamic cultural modeling and embedding cognitive-collaborative rules.With detailed empirical data and case studies,this research provides a theoretical basis and practical guidance for enterprises to achieve a dynamic balance between technological rationality and humanistic care.
文摘Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international economic and trade situation,commercial banks in China's mainland have entered a stage of low interest rates and narrow interest margins.Coupled with the continuous exposure of risks in retail customer groups and small and micro enterprises,many commercial banks have chosen to phase in expanding and strengthening their corporate business segments to smoothly navigate economic cycles and enhance operational resilience and sustainability.How the corporate business segment optimizes its asset-liability structure through asset allocation to achieve high-quality development is a major issue worthy of consideration by the entire industry.From the perspective of a medium-sized national commercial bank,this paper explores and proposes four key basic customer groups,six asset allocation models,and fourteen key industries for layout,for reference,and research.
文摘Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services to deeply explore the role and significance of the financial shared service model in the digital transformation of corporate finance.It analyzes the existing problems in the current process of digital transformation of corporate finance and proposes corresponding solutions,providing valuable references and guidance for enterprises to achieve digital transformation of finance.
基金Scientific Research Project of Higher Education Institutions in Hebei Province in 2025“Research on Government Procurement-Driven Green Governance of Hebei’s Manufacturing Industry”(Project No.:QN2025662)Social Science Fund of Hebei Province in 2024“Research on Informal Environmental Regulation Promoting Green Development of Hebei’s Manufacturing Industry”(Project No.:HB24GL036)Hebei Provincial Social Science Development Research Project,“Study on the Constraints and Implementation Paths of the Transformation from Dual Control of Energy Consumption to Dual Control of Carbon Emissions in Hebei Province”(Project No.:HBSKFZ25QN199)。
文摘Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.
基金supported by the following grants:National Natural Science Foundation of China(Grant No.72271147)Natural Science Foundation of Guangdong Province(Grant No.2022A1515010573)+1 种基金STU Scientific Research Initiation(Grant No.STF21005,STF21004)the Philosophy and Social Science Planning Project of Guangdong Province(Grant No.GD21CGL12,GD23XYJ76).
文摘Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.
基金supported by the General Project of the National Social Science Fund,“Research on the Implementation Mechanism and Optimization Path of Multi-level Agricultural Insurance from the Perspective of Heterogeneity”(Project No.19BJY161)the Outstanding Youth Scientific Research Project of the Hunan Provincial Department of Education,“Measurement,Transmission,and Prevention of Systemic Financial Risks in the Context of Low-carbon Transition”(Project No.22B0649)the General Project of the Hunan Provincial Social Science Achievement Evaluation Committee,“Research on the Measurement and Early Warning of Systemic Financial Risks under the Impact of Low-carbon Transition”(Project No.XSP2023JJZ010).
文摘Effective corporate governance and sound macroprudential policies are crucial to the stability and sustainable development of the banking sector in China.This paper uses panel data sets from 31 listed Chinese commercial banks between 2007 and 2023 to examine how corporate governance and macroprudential regulation influence bank risk-taking.To achieve this,we constructed a set of micro-level corporate governance indicators.The findings show that corporate governance significantly reduces bank risk-taking,while macroprudential regulation positively moderates this relationship.Furthermore,business diversification and loan concentration are the key mechanisms through which corporate governance mitigates risk-taking.We confirmed the soundness of these findings by using robust econometric techniques,including difference-in-differences,system GMM,and alternative independent variables.This study provides valuable insights for optimizing bank capital structures,enhancing corporate governance,improving personnel management,and clarifying the roles of regulators in refining the macroprudential regulatory framework.
文摘The development of artificial intelligence has brought tremendous changes to enterprises and also pose higher demands on financial professionals.Through literature research,this paper explores the viewpoints of domestic and foreign scholars and industry experts on the impact of Artificial Intelligence(AI)on corporate financial management and the role transformation of financial professionals.It analyzes the current application status of AI technology in finance.The results indicate that AI will replace some repetitive and highly procedural tasks,such as simple data entry and bookkeeping.AI can improve the processing speed and accuracy of corporate financial data.With its learning capabilities,AI can assist financial professionals in addressing knowledge gaps.However,AI cannot completely replace human thinking,judgment,and decision-making,especially in areas like emotional communication and aesthetic experience.This requires financial professionals to continuously improve their overall qualities,leverage their strengths,and achieve complementary advantages with machines,jointly promoting innovative financial development in the era of artificial intelligence.
文摘Corporate image is the external manifestation of a company’s cultural and spiritual essence,as well as the overall impression formed through its interactions with the public.Huawei,as a successful multinational enterprise,has established a robust corporate image in the international market through technological innovation and brand building.Moreover,Huawei’s development is closely aligned with national policies and strategies,making it a representative enterprise for showcasing China’s technological independence and national image.This study examines Huawei’s English press releases on product launches published between 2022 and 2024 and conducts a comparative analysis with similar materials from Apple’s official website.Based on Fairclough’s three-dimensional discourse analysis model,this research explores the linguistic features of Huawei’s corporate image construction from the perspectives of text,discourse practice,and social practice.The findings reveal that Huawei has successfully constructed a corporate image that emphasizes technological innovation,prioritizes user needs,and underscores its identity as a national enterprise.This study not only sheds light on Huawei’s strategies for image construction in international competition but also provides a valuable reference for Chinese enterprises in their cultural communication and brand building during the globalization process.
文摘Against the backdrop of global climate change and tightening resource constraints,sustainable agricultural development has emerged as a central issue for countries worldwide in addressing environmental challenges.As a major agricultural nation,China’s livestock industry accounts for over 35%of the total agricultural output value,serving as a crucial pillar for ensuring national nutritional security and rural economic development.However,traditional farming models have long relied on high-density rearing,excessive use of chemical inputs,and end-of-pipe pollution control measures.These practices have resulted in greenhouse gas emissions accounting for 45%of the agricultural total,an annual generation of over 3 billion tons of livestock manure,and a resource utilization rate of less than 60%.This“high-input,high-emission,low-efficiency”development path has not only exacerbated ecological issues such as soil degradation and water eutrophication but also undermined the industry’s international competitiveness and consumer trust due to food safety hazards like antibiotic residues and heavy metal contamination.In this context,Muyuan Group has actively pursued green technology innovation to achieve simultaneous enhancement of economic and ecological benefits.
文摘With the rapid development of the Chinese market economy system,income tax as an economic lever has become more and more prominent in regulating the economy.Since the beginning of the accounting reform,the Ministry of Finance has promulgated the accounting standards for income tax and put forward the corresponding procedures and methods,which is a leap forward in the development process of domestic income tax accounting.The relationship between income tax and accounting,the nature of income tax,and the basic characteristics and the apportionment of income tax accounting are expounded in this paper.Payable tax with impact accounting regulations,deferred with debt regulations,and balance sheet debt with income statement debt regulations are compared given the existing problems in the accounting treatment of domestic income tax,and the choice of applicable treatment methods are discussed.Finally,the accounting treatment of important income tax such as consolidated accounting statements,construction enterprises,tax losses,and discount of income tax liabilities are analyzed,and the treatment methods and corresponding countermeasures are put forward to improve the domestic income tax accounting problems.
文摘The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.
