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financial constraints and Multilevel Perspective： The Case of the Italian Manufacturing Enterprises

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Journal of Modern Accounting and Auditing 2016年第2期12卷 102-110页

作者： Edgardo Sica University of Foggia Foggia Italy

Following a multi-level perspective （MLP）, a sustainability transition is the consequence of destabilization pressures from the landscape level that are exerted towards the current unsustainable regime contributing thus to the emergence of niche-level eco-innovations （El）. However, the existence of financial barriers to eco-innovative companies may hinder the development and diffusion of EIs at regime level, jeopardising the creation of windows of opportunity that are necessary for niche-level innovations to succeed. In this framework, the present paper investigates to what extent financial constraints are hampering the eco-innovative investments at regime level, by employing an ad hoc designed survey addressed to a sample of Italian manufacturing enterprises. Results reveal the existence of significant financial barriers to eco-innovative companies which are hindering the development and adoption of incremental technological EIs and organizational EIs at regime level, delaying the transition towards a more sustainable regime. Moreover, findings suggest that environmental reputation of companies can positively contribute to reducing asymmetric information in eco-innovative investments, relieving thus the financial constraints faced by eco-innovative enterprises.

关键词： sustainability eco-innovations (EIs) socio-technical transitions financial constraints

financial constraints and Cost of External Financing:Evidence from Seasoned Equity Offers in China

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Financial Constraints and Cost of External Financing:Evidenc...

The Relationship Between financial constraints and Cash-Cash Flow Sensitivity of Chinese Listed Companies

中国会计学会2006年学术年会

作者： Xiang Cai Chao Chen School of Business,Sun Yat-sen University,Xinggang West Road 135,Guangzhou,China Center for China Finance and Business Research,California State University,Northridge,CA 91330-8379

＜正＞In an imperfect capital market,financial constraint may have a strong effect on a firm’s cost of external *** examine the effects of financial constraint on me underpricing of seasoned equity offers（SEOs）.Using the data of Chinese SEOs from 1998 to 2004 and controlling for variables such as risk and price pressure,we show that financial constraint is positively associated with the underpricng of *** underpricing of Chinese SEO has declined significantly since 2000 due to the change of offering *** the offered shares were distributed mostly to new shareholders,the damage of underpricing to the interest of existing shareholders will be *** findings lend some evidence of asymmetric information related to underpricing.

关键词： financial constraints cost of equity underpricing seasoned equity offer

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Journal of Systems Science and Information 2007年第3期5卷 279-288页

作者： Li Jin Yah Zheng Management School University of Electronic Science and Technology of China Chengdu 610054 China Accounting School Southwest University of Finance and Economics Chengdu 610074 China

With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate：（1） the financially constrained firms display significantly positive cash- cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. （2） The cash-cash flow sensitivity is significantly negatively correlated with firms＇ earning profit ability and repaying debt ability, and the degree of the financial constraint changes in opposite directions with firms＇ earning profit ability and repaying debt ability, thus the cash-cash flow sensitivity and the degree of the financial constraint changes in the same direction.

关键词： listed companies cash-cash flow sensitivity financial constraints

Is investment-cashflow sensitivity a good measure of financial constraints?

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China Journal of Accounting Research 2011年第4期4卷 253-270页

作者： Hualin Wan Kai Zhu School of Accounting and Finance Shanghai Lixin University of Commerce School of Accounting Shanghai University of Finance and Economics

Since Fazzari et al.(1988),investment-cashflow sensitivity has been one of the most important indicators for testing and measuring the external financial constraints of *** study analyzes the effect of changes in the relative cost of internal and external financing on investment decisions in response to tax ***'s2004 VAT reform decreased companies' effective tax rates,leading to an increase in operating ***,in turn,reduced the internal cost of financing and the value of the tax shield and increased the cost of debt *** study shows that in the case of the VAT reform,investment-cashflow sensitivity increased significantly,whereas cash holdings-cashflow sensitivity and borrowing-slack sensitivity did not significantly *** conclude that investment-cashflow sensitivity is not an effective measure of financial constraints under information asymmetry,but cash-cashflow sensitivity and borrowing-slack sensitivity may be useful alternatives.

关键词： Investment-cashflow sensitivity financial constraints Tax reform

Do modified audit opinions have economic consequences? Empirical evidence based on financial constraints

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China Journal of Accounting Research 2011年第3期4卷 135-154页

作者： Zhiwei Lin Yihong Jiang Yixuan Xu School of Accountancy Shanghai University of Finance and Economics School of Accounting and Finance Shanghai Lixin University of Commerce

We present a framework and empirical evidence to explain why,on average,11%of listed firms in China received modified audit opinions(MAOs)between 1992 and *** argue that there are two reasons for this phenomenon:strong earnings management incentives lower firms'financial reporting quality and soft budget constraints weaken the information and governance roles of audit *** find that firms'financial constraints eased after receiving MAOs,which suggests that MAOs have limited economic *** analysis shows that this phenomenon predominantly exists in government-controlled firms and firms that receive MAOs for the first *** also find that MAOs have not influenced financial constraints after ***,we find that MAOs did not affect borrowing cash flows from banks until 2005,suggesting that MAOs did not start affecting bank financing until that *** also find that firms receive more related-party financing after receiving *** results indicate that a limited effect on bank financing and increased related-party financing reduce the effect of MAOs on financial constraints.

关键词： Modified audit opinions(MAOs) Economic consequences financial constraints Earnings management Government intervention Political connections

Empirical Analysis on How to Alleviate the financial constraints of Chinese Small and Medium-sized Enterprises

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Empirical Analysis on How to Alleviate the Financial Constra...

Assessment of Barriers and Challenges to the Screening and Linkages of Non-Communicable Diseases by Community Health Volunteers in Nyeri County, Kenya

第26届中国控制与决策会议

作者： Dongmei Wang Ruijie Kang School of Management University of Chinese Academy of Sciences

ISBN: (纸本)9781479937097

This paper uses panel data of listed small and medium-sized enterprises（SMEs） in China from 2004 to 2012 to examine the sensitivity between investment expenditure and internal cash flow. The high investment-cash flow sensitivity reveals that SMEs face severe financial constraints. Some firms can partly solve this problem by alternative ways. One is to improve their efficiency of internal working capital management, and the other is to increase the level of external financing, but in some situation they are substitutive. We also find that the firm which has a higher fixed asset ratio or intangible asset ratio has stronger financing ability.

关键词： financial constraints Efficiency of Working Capital Management External Financing SMEs

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Open Journal of Preventive Medicine 2024年第5期14卷 90-109页

作者： Kenneth Mugambi Jackline Nyaberi Elizabeth Echoka Kemri Graduate School NRB Nairobi Kenya Jomo Kenyatta University of Science & Technology Nairobi Kenya

Non-communicable diseases (NCDs) are a significant global health challenge, contributing to 50% of worldwide morbidity and 63% of mortality. The burden is particularly substantial in low—and middle-income countries (LMICs), where 80% of NCD-related deaths occur. A quasi-experimental study addressed this challenge from May 2022 to March 2023. This study utilized a non-equivalent pre-and post-test design, with 300 participants in the quantitative and 70 in the qualitative. The study employed multistage cluster and random sampling to select ten community units, resulting in 150 community health volunteers (CHVs) in the control unit and 150 in the intervention group. Data collection was facilitated through the KOBO app. Qualitative data analysis involved six homogeneous focus group discussions (FGDs) and ten key informant interviews (KIIs), audio-recorded, transcribed, and analyzed using N-Vivo 12. Despite efforts to implement screening programs and improve linkages to care, significant barriers persist. This article reviews these barriers, drawing on current literature and empirical evidence. Key obstacles identified include limited awareness, inadequate healthcare infrastructure, cultural beliefs, financial constraints, fragmented healthcare systems, and challenges linking individuals to appropriate care services. The article explores strategies to overcome these barriers, emphasizing the importance of collaborative approaches involving stakeholders at various levels. Addressing these challenges aims to strengthen NCD screening and linkages to care, ultimately improving health outcomes for populations globally. Several recommendations emerge from the study’s findings and literature review. Raising awareness about NCDs and preventive measures is crucial and can be achieved through targeted health education campaigns and community outreach programs. Addressing healthcare infrastructure deficiencies, such as inadequate facilities and workforce shortages, is essential to

关键词： Non-Communicable Diseases Barriers Challenges Healthcare Infrastructure Awareness Cultural Beliefs financial constraints

The Impact of Accounting Information Quality on Corporate Labor Investment Efficiency:Evidence from China

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Journal of Systems Science and Systems Engineering 2022年第5期31卷 594-618页

作者： Zhizhu Yuan Lijuan Hou Zuying Zhou Yue Sun School of Business Administration Northeastern UniversityShenyang 110169China

As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment *** a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency ***-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment *** robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor *** study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.

关键词： Accounting information quality labor investment efficiency financial constraints agency conflict property rights labor adjustment costs

Tax credit rating and corporate innovation decisions

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China Journal of Accounting Research 2022年第1期15卷 73-93页

作者： Xuehang Yu Junxiong Fang School of Management Fudan UniversityYangpuShanghaiChina School of Accounting Zhejiang University of Finance&EconomicsHangzhouZhejiangChina

The tax credit rating mechanism was formally implemented in *** an important tax collection and management innovation,it has attracted the attention of regulatory authorities and *** from the literature that directly examines corporate tax compliance,we focus on the impact of tax credit rating implementation on corporate research and development(R&D)investment *** listed companies’data from 2014 to 2019,we find that companies with higher tax credit ratings invest more in innovation,because the system helps managers identify R&D opportunities,alleviates corporate financing constraints and reduces agency *** confirm that tax credit ratings have manifold impacts on corporate information environments and business decisions,with better ratings positively affecting firms’business *** discovery can inform tax policy reform,encourage corporate innovation and construct social credit systems.

关键词： Tax credit rating Innovation financial constraints Principal agent