Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional standard deviation of firm-level innovations in the Solow residual, value added and employment is robust...

This paper examines the impact of corporate environmental, social and governance (ESG) disclosure on cash holdings, specifically during various stages firm life cycle S&P 1500 indexed firms. Using a sample 9811 firm-year observations from 2006 to 2015, we document significantly negative relation between ESG holdings in introduction, growth shake-out/decline stages, those lower are associated wi...

Since the introduction of equity incentives into China, more and domestic listed companies have used as a main incentive mechanism to motivate employees promote stable development company, most them achieved good results. However, are diversified, different effects. From perspective company's long-term development, it is particularly critical select appropriate form according life cycle its own...