At present, there is a common overinvestment behavior among listed companies in various countries, which seriously reduces the overall resource allocation efficiency of the market. With the rise of behavioral finance, it has become a new direction to study the influence of managers’ “irrational characteristics” on enterprise overinvestment. With the rapid rise of the media industry, media reporting, as an external governance mechanism, supplements the capital market supervision system and has a huge impact on the investment behavior of enterprises. How media reports affects overinvestment and whether it can curb overinvestment caused by managers’ overconfidence is still worthy of further study. This paper took 6,012 A-share listed companies from 2013 to 2021 as samples, and based on the perspective of “media reports,” studies the impact of managers’ overconfidence on overinvestment; explores whether positive and negative media reports have a moderating effect between overconfidence and overinvestment; studies the moderating effect of media reports under different marketization processes. Empirical conclusions: (1) Managers’ overconfidence will lead to overinvestment of enterprises. (2) Positive media reports will aggravate the overinvestment caused by managers’ overconfidence; negative reports can inhibit the overinvestment caused by managers’ overconfidence. (3) In regions with higher marketization, positive media reports play a more significant role in aggravating overconfidence and leading to overinvestment; in regions with lower marketization, negative reports play a stronger role in restraining overconfidence and overinvestment.
As a topic of interest, the quality of Carbon Accounting Information Disclosure (CAID) provides necessary support to enhance sustainability and investment in Research and Development (R&D). Does improving the quality of CAID have an impact on the R&D investment? Does the sustainability of enterprises play a moderating role in the quality of CAID and R&D investment? These are questions that deserve attention and discussion. This paper extracted 1407 samples from China’s markets from 2019–2021, carried out descriptive statistical analysis, analyzed the impact of CAID on R&D investment using multiple linear regression, verified the moderating effect of sustainability on the role of both, and finally conducted a robustness test. The study showed that the higher the quality of CAID, the greater the R&D investment of listed companies; the stronger the sustainability, the stronger the promotion of CAID quality on R&D investment. The findings were also applicable in State-Owned Enterprises (SOEs), while the effect is not significant in non-State-Owned Enterprises. This paper made several recommendations. First, to enhance the company’s R&D investment, listed companies should enhance their CAID capability. Second, listed companies should improve their sustainability to ensure the effective performance of CAID. Third, the government should strengthen supervision and policy guidance to promote the continuous improvement of the CAID system to guide listed companies on the road to developing a low-carbon economy.
Contemporary organisations in both public and private sector are often examined not only in terms of their core functional business but also in how they have adapted to a knowledge-based and innovation-driven economy. As such, knowledge-based assets are considered as a source of sustainable advantage. The magnitude of change in the proportion of value creation by these intangible investments has caused a paradigm shift and the recognition of an increasingly important role for intellectual capital (IC). There is also a growing interest in developing business reporting models that are more comprehensive than that of traditional accounting-based reporting, which has been shown to be inadequate to report the value of intellectual capital. Researchers and academics have attempted to build models for IC reporting. In this paper, eleven IC measurement models are critically reviewed and a framework of IC valuation and reporting based on capabilities is suggested. The capabilities enhanced by IC could be reported in combination with the tangible assets in an IC capability balance sheet. The IC capability model offers a clear starting point for a new thinking in evaluating intangible assets as a firm business resource.
Intellectual capital (IC) is increasingly seen as an integral part of a firm’s value-creating processes and an essential strategic asset in creating corporate sustainable competitive advantage (Bukh, 2003; Chen, Cheng & Hwang, 2005). Nevertheless, reporting on IC is currently inconsistent, incomparable, and incomplete because of a lack of consistent guidance. This paper presents a normative IC valuation and reporting framework based on the Capability Economic Value of Intangible and Tangible Assets (CEVITA) approach (Ratnatunga, Gray & Balachandran, 2004). The proposed framework enables the application of CEVITA to the valuation of intellectual capital capability and provides a theoretical foundation for future empirical studies in relation to IC valuation and reporting.
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