In the construction of ecological civilization, green innovation has become an important driving force for sustainable development state-owned enterprises (SOEs). This paper uses panel data listed from 2008 to 2019 explore mixed-ownership reform’s influence on transformation SOEs and its specific mechanisms. The results show that diversity mixed shareholders, depth equity, restriction equity si...

Most of the empirical studies on board remuneration have focused finding explanatory performance measures. There are that analyze if compensation contracts directors reward managers in such a way they strive to maximize firm and shareholders’ wealth; however, there few social aspect corporate governance, or agent–employee principal–employee relationships. Thus, this study, our aim is test wheth...

The Sarbanes-Oxley Act (SOX) mandates management evaluation and independent audits of internal control effectiveness. The mandate is costly to firms but may yield benefits through lower information risk that translates into lower cost of equity. We use unaudited pre-SOX 404 disclosures and SOX 404 audit opinions to assess how changes in internal control quality affect firm risk and cost of equi...

This study provides new estimates of systematic risk and the cost of equity capital for the pharmaceutical, biotechnology, and medical device sectors using data for firms with publicly-traded stock on U.S. exchanges during 2001-2005 and 2006-2008. Two frameworks are employed for estimating firms’ risk and the cost of equity capital: (1) the capital asset pricing model, and (2) the Fama-French t...

This paper investigates the preferences of a firm’s current and future shareholders for the quality of mandated public disclosures. In contrast to earlier studies, our analysis takes into account the effect of the quality of public information on the firm’s internal investment decisions. We show that while the firm’s investment is monotonically increasing in the quality of public information, t...

Recent literature (McNulty, Yeh, Schulze, & Lubatkin, 2002) states that the assumptions behind the capital asset pricing model, in particular the irrelevance of time horizon, do not correspond to the characteristics of firms that prefer long-term investment horizons. I show that family firms display a longer time horizon than most of their nonfamily counterparts, since (1) family firms display ...

State-owned enterprises (SOEs) are the leading force in national economy. The main goal of mixed-ownership reform is to enhance SOEs’ independent innovation capability, thereby bringing high-quality development Based on baseline regression and mediation effect model, this study explores impact exploratory SOEs from ownership structure adjustment control rights allocation. results show that dive...