Purpose
– This paper aims to examines whether Chinese firms’ signals of green governance, including environmental management, green innovation, and greenhouse gas (GHG) and pollution emission, vary significantly with their ownership structure and aim of being environmentally sensitive.
Design/methodology/approach
– From corporate social responsibility (CSR)-China website and CNINFO, a total of 781 CSR reports released during 2008-2010 were collected. The collected data were coded and analyzed using content analysis.
Findings
– In overall disclosure of environmental protection information (TotalEP), no significant difference existed between state-owned enterprises (SOEs) and privately owned enterprises (POEs). Chinese environmentally sensitive industries (ESIs) have a tendency to disclose significantly more information about their actions of environmental protection than their counterparts. Moreover, SOEs and ESIs scored higher than their counterparts on energy saving and carbon reduction and development of circular economy. A steady increase was also observed in the disclosure ratio for CO2 emission. During 2008-2010, SOEs and ESIs were relatively more committed to the disclosure of SO2 emission as compared to other emission items.
Practical implications
– Managers should disclose signals of green governance actively to avoid adverse selection caused by information asymmetry which further lower their financing cost.
Originality/value
– There is still a lack of evidence as to whether Chinese firms are implementing actions to slow down climate change. This paper endeavours to provide an insight into Chinese firms’ compliance with the green governance requirements of the Eleventh Five-Year Plan. The study hopes to fill the current gap in understanding the environmental behaviours of Chinese firms under pressure to alleviate climate change.
Research background: Risk-taking is the basis for sustainable development of enterprise. It was clear that the influence COVID-19 epidemic on the global market economy has increased operational risks for businesses. The semiconductor industry has high operating risks and financial risks. Moderate financial flexibility (FF) can improve the ability of semiconductor enterprises to acquire financial resources in real time, calmly cope with the impact of uncertainties in operation, improve investment opportunities, and enhance sustainable operation. It is therefore interesting to study the influence of FF on enterprise risk-taking (ERT).
Purpose of the article: The aim of the contribution is to explore the effect of FF on ERT within Taiwan?s semiconductor industry amid the COVID-19 pandemic period, and investigate whether ERT varies with semiconductor industry characteristic.
Methods: Data from first three quarters of 2020, from multinational semiconductor firms listed on the Taiwan Stock Exchange (TSE), were collected and analyzed. Fixed effects regression with heteroscedasticity adjustment used to evaluate the influence of FF on the ERT of Taiwan?s semiconductor industry. Furthermore, in order to corroborate and support the reliability of the results, this research also used the different measures of ERT and Quantile regression (median regression) in the research model to check the robustness.
Findings & value added: Empirical results indicate that FF has a U-shaped effect on ERT for multinational semiconductor firms listed on the TSE, particularly within the integrated circuits (IC) manufacturing industry. Additionally, FF also has a U-shaped effect on ERT for the asset-light semiconductor and IC manufacturing industries. This article also suggests that for the asset-light semiconductor and IC manufacturing industries, the optimal inflection points are 1.1397 and 0.9729, respectively. Based on the consequences of this study, it is suggested that Taiwan?s semiconductor industry should reasonably maintain FF and focus on the liquidity risk management for the long term value added, even after the COVID-19 pandemic period.
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AbstractPurpose: This study aims to examine how gender diversity within the CPA partnership team impacts the firm's profit performance.Design/Methodology/approach: We employ the 2SLS method in analyzing the gender-diversity-performance relationship using the pooled sample obtained from the National Survey Reports on Taiwan CPA firms between 1992 and 2008.
Findings:We observe a non-linear relationship between gender diversity at the partner level and profit performance. The relationship curves vary according to firm size. After identifying the point of inflexion for these curves, our findings indicate that the average gender diversity is below the inflexion point for large CPA firms, but exceeds the inflexion point for medium size firms.Practical implications: According to the critical mass theory, increasing gender diversity within the partnership team can have a positive influence on the value of the firm. Hence, we argue that for large CPA firms in Taiwan, the proportion of female partners leaves room for improvement. If the average number of female partners could be increased by 0.95 persons, the critical mass would be attained.
Originality/Values:The study provides the empirical evidence that increasing a CPA firm's proportion of female partners positively impacts the firm's profit performance. Our findings serve a practical value as reference source for any further studies.
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