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Could more innovation output bring better financial performance?The role of financial constraints

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financial Innovation 2022年第1期8卷 115-140页

作者： Benlu Hai Ximing Yin Jie Xiong Jin Chen Henan Normal University XinxiangChina Beijing Institute of Technology 5 South Zhongguancun StreetHaidian DistrictBeijing 100081China ESSCA School of Management 1 Rue Joseph LakanalAngers 49000France Tsinghua University BeijingChina

Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain *** this study,we develop the profiting from innovation(PFI)framework and address the crucial role of financial constraints in the relationship between innovation output and financial *** argue that the liability of newness differentiates firms’financial performance during the commercialization of innovation,leading to a U-shaped relationship between firms’innovation output and financial *** further document the moderating impact of individual financial constraints(IFC)and market-based financial constraints(MFC)on this curvilinear *** tests based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999–2009 support our *** additional analysis shows that non-state-owned enterprises and small and medium enterprises benefit more from the synergistic effect of reductions of IFC and MFC than state-owned enterprises and large *** study enriches the literature of the PFI framework by uncovering the mechanism between innovation output and economic returns where financial constraints play an essential *** the best of our knowledge,we are among the first to investigate the processes and mechanisms between innovation output and financial performance,generating novel insights for business practitioners and policymakers.

关键词： Innovation output financial performance Individual financial constraints Market-based financial constraints PFI framework

Innovation and financial performance of companies doing business in Brazil

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International Journal of Innovation Studies 2018年第4期2卷 153-164页

作者： Juliana Albuquerquer Saliba de Oliveira Leonardo Fernando Cruz Basso Herbert Kimura Vinicius Amorim Sobreiro Mackenzie Presbyterian University Sao PauloSao Paulo01302-907Brazil Department of Management Campus Darcy RibeiroUniversity of BrasiliaFederal DistrictBrasilia70910-900Brazil

In this paper,we analyze the relationships among innovation efforts,the impacts of these innovations,and the financial performance of Brazilian *** hypothesize that innovation efforts do not directly translate into financial *** to the inherent uncertainty of innovative projects,such efforts must first lead to effective innovation results or impacts before they are capable of contributing to a company's financial *** the Brazilian Institute of Geography and Statistics'(IBGE)comprehensive official databases on innovation and performance,we study 5,025 firms using exploratory factor analysis and structural equation *** results suggest that efforts in innovation possibly generate impacts;however,these impacts do not necessarily imply better financial ***,although firms'efforts may lead to new products,they will not contribute to financial gains in the short term,reflecting the risky and costly nature of *** study aims to contribute to the discussion on firm-level impacts of innovation from the context of a large developing country,since empirical results of the literature are mixed.

关键词： Innovation Efforts in innovation Impacts of innovation financial performance PINTEC PIA

Impact of CEO attributes on corporate reputation,financial performance,and corporate sustainable growth:evidence from India

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financial Innovation 2022年第1期8卷 1132-1181页

作者： Tutun Mukherjee Som Sankar Sen Xavier Law School St.Xavier’s University Action Area IIIBNewtownKolkataWest Bengal 700160India Department of Commerce Burdwan University GolapbagBardhamanWest Bengal 713104India

This article investigates the impact of CEO attributes on corporate reputation,financial performance,and corporate sustainable growth in *** static panel data methodology for a sample of NSE listed leading 138 non-financial companies over the time-frame 2011 to 2018,we find that CEO remuneration and tenure maintains significant positive associations with corporate reputation,while duality and CEO busyness are found to be associated with corporate reputation *** results also show that female CEOs and CEO remuneration are associated with corporate financial performance positively,whereas CEO busyness,as expected,holds a significant negative relationship with corporate financial ***,the results demonstrate that CEO age is associated with corporate sustainable growth negatively,while tenure appears to have a significant and positive association with corporate sustainable *** results are robust to various tests and suggest that in the Indian context,demographic and job-specific attributes of CEOs exert significant influence on corpo-rate reputation,financial performance,and corporate sustainable *** empirical findings would provide a basis for the shareholders and companies to identify areas of consideration when appointing CEOs and determining their roles and responsibilities.

关键词： CEO attributes Corporate reputation financial performance Corporate sustainable growth Panel data methodology

The impact of ESG on financial performance:a revisit with a regression discontinuity approach

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碳中和(英文) 2022年第1期1卷 184-202页

作者： Ziwei Xu Wenxuan Hou Brian G.M.Main Rong Ding Edinburgh University Business School 29 Buccleuch PlaceEdinburgh EH89JSUK School of Finance Shanghai Lixin University of Accounting and FinanceShanghaiChina Neoma Business School Department of AccountingControl and Legal affairs1 Rue du Maréchal Juin76130 Mont‑Saint‑AignanFrance.

This study revisits the question of“whether firms are doing well by doing good?”.We examine shareholders-sponsored corporate socially responsible(CSR)proposals related to Environmental,Social,and Governance(ESG)that are voted to pass or fail by a small *** adoption of those“close call”proposals is regarded as equivalent to a random assignment of CSR policies and,therefore,provides a quasi-experimental setting to capture the causal influence of CSR on firm *** apply the regression discontinuity design(RDD)and find that CSR proposals’passage leads to a significant positive abnormal return on the voting *** results are robust with both parametric and nonparametric approaches of RDD and different polynomial ***,we fail to identify a significant change in financial performance in the *** possible reason is that passing a CSR proposal could be symbolic,rather than substantial.

关键词： Corporate social responsibility Regression discontinuity financial performance

Examining the Effects of financial performance Feedback on Corporate Social Responsibility

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Examining the Effects of Financial Performance Feedback on C...

作者： Sandy Wongwaiwate 上海交通大学

学位级别：硕士

Corporate social responsibility(CSR)has been a highly debated topic in these past years,as businesses are looking to move towards more “sociallyresponsible” business ***,CSR has been viewed as a multidimensional *** example,Aguinis and Glavas(2012)define CSR as “context-specific organizational actions and policies that take into account stakeholder's expectations and the triple bottom line of economic,social and environmental performance”.One main stream of CSR research focuses on investigating the antecedents of *** is,scholars have examined the factors that are able to influence whether and why firms initiate CSR *** studies have largely highlighted external *** from the organizational field,which includes groups of organizations to which the firm is aligned,is a key determinant of CSR(Hoffman 1999).In the realm of philanthropic giving,firms take cues from their institutional peers(Marquis and Tilcsik 2016).In addition,the context/climate of the firm's surroundings is identified as a critical factor for determining the firm's CSR activities,particularly in country-specific corporate governance structures(Williams and Aguilera2009),country context(Brammer,Pavelin,and Porter 2009)and sociocultural environment(Victor and Cullen 1988).Many of these predictors are found in institutional environments and operate *** these external factors have been demonstrated to influence CSR engagement,the decision-making process of a firm to initiate and engage in CSR practices has not been thoroughly *** order to both understand actual decision-making processes and extend the research on CSR,this study places CSR in the context of firm *** from the behavioral theory of the firm(BTOF),which is a theory particularly relevant to firm decision-making,this study aims to explore how financial performance feedback can play a role in determining CSR of a *** this way,a behavioral-theory-bas

关键词： corporate social responsibility behavioral theory of a firm aspirations performance feedback search financial performance

Relationships Between Corporate Governance and Perceived financial performance of Firms： A Study

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Journal of Modern Accounting and Auditing 2016年第2期12卷 111-118页

作者： Dervis Boztosun Semra Aksoylu Erciyes University Kayseri Turkey

Corporations should have strong capital to sustain their operations. Investors should feel safe and be able to have access to accurate information about firms to invest their capital in those firms. These two factors are vital issues for the sustainability of corporations in the 21st century business. With the proper establishment of corporate governance practices, investors will be protected and feel safe and then a trust will develop, capital inflow will be facilitated and ultimately corporations with stronger financial foundations will emerge. A questionnaire was applied in this study to investigate the relationships between the corporate governance and perceived financial performance of the top 100 manufacturing firms operating in the Kayseri Organized Industrial Region. The results revealed that the number of employees had significant effects on the corporate governance and perceived financial performance scores of the firms and institutionalization level also affected perceived financial performance. The other independent variables （sectoral distribution, finn age, and export/revenue ratio） did not have any significant effects on corporate governance and perceived financial performance scores of the firms.

关键词： corporate governance perceived performance financial performance

The Role of financial performance as a Moderator on the Relationship Between financial Leverage and Shareholders Return

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Journal of Modern Accounting and Auditing 2016年第7期12卷 379-387页

作者： M. Kannadhasan Vinay Goyal Parikshit Charan Indian Institute of Management Raipur GEC Campus India

The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.

关键词： financial performance financial leverage (FL) shareholders return (SR)

Separating Municipalities Regarding Their financial performance Evidence From Greece

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Economics World 2017年第2期5卷 164-173页

作者： Christos Pallis Petros Pallis Panteion University Athens Greece University ofPiraeus Piraeus Greece

Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Additionally, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. This investigation is substantial because it is very interesting in-depth observation of current situation of the financial management capabilities of Municipalities, and additionally because it is crucial to extract the differences in specific characteristics between economical efficient and inefficient Municipalities. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness or not of Greek Municipalities. In this study, it investigated the existence of differences between the characteristics of these two categories. The features are ＂how Municipalities are working with specialist consultants＂ and ＂how Municipalities are using modem technologies＂. The main objective is to investigate the influence of these two characteristics in the efficiency of managing financial resources.

关键词： Greek Municipalities local development financial performance financial management empirical investigation

Executive remuneration and financial performance in Brazilian companies

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Chinese Business Review 2010年第9期9卷 31-45页

作者： Elizabeth Krauter Altair Ferreira de Sousa Faculdade de Economia Administracao e Contabilidade de Ribeirao Preto University of Sao Paulo Sao Paulo 14040-905 Brazil Faculdade de Economia Administragao e Contabilidade University of Sao Paulo Sao Paulo 05508-100 Brazil

The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been selected among those companies elected as ＂The Best Companies to Work for in Brazil＂. In order to operationalize the remuneration variable, the authors use the monthly salary, the variable salary and three indexes--of benefits, career and professional development--which have been created especially for this survey. To measure financial performance, the authors use three accounting measures： sales growth, return on equity （ROE） and return on sales （ROS）. The results point the existence of a relationship between executive remuneration and financial performance.

关键词： financial performance Brazilian companies executive remuneration industrial sector