Can analyst coverage enhance corporate innovation legitimacy? ——Heterogeneity analysis based on different situational mechanisms

Bai, Guiyu; Li, Tinggang; Xu, Peng

doi:10.1016/j.jclepro.2023.137048

Cited by 16 publications

(8 citation statements)

References 76 publications

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“…Both the external environment and the firm's own characteristics affect the way the firm responds to the government environmental concerns and thus affect the firm's green innovation performance (Liu et al, 2022). Therefore, this paper needs to further consider the external environment of firms and their own characteristics for heterogeneity analysis to provide targeted policy recommendations for different firms (Bai et al, 2023). In this paper, the sample firms are grouped into regressions according to external environmental conditions and firm's own characteristics.…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

Government environmental concerns and corporate green innovation: Evidence from heavy‐polluting enterprises in China

Chen,

Zhu,

Ding

et al. 2023

Bus Strat Env

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The objective of this study is to examine the impact of government environmental concerns on green innovation and whether this has a “leverage effect” or a “crowding‐out effect.” This study employs a two‐way fixed‐effects model to conduct an empirical test using panel data from 2010 to 2020 on Chinese firms listed in heavy‐polluting industries. The results suggest that an increase in government environmental concerns can promote corporate green innovation. However, government environmental concerns primarily stimulate strategic innovation rather than substantive innovation. After a series of robustness and endogeneity tests, the conclusions of this paper still hold. Corporate green innovation induced by government environmental concerns is not the “leverage effect” superimposed on existing innovation activities but the “crowding‐out effect” of other technological innovation. The heterogeneity tests in this paper indicate that the impact is more pronounced for firms with poorer environmental conditions, stronger political connections, and richer executive backgrounds.

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Section: Empirical Results and Discussionmentioning

confidence: 99%

Government environmental concerns and corporate green innovation: Evidence from heavy‐polluting enterprises in China

Chen,

Zhu,

Ding

et al. 2023

Bus Strat Env

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“…To address the credibility concerns, an integrated sustainability strategy can be beneficial in terms of analyst assessments. Based on the findings of Bai et al (2023) [ 104 ], we argue that analysts are more optimistic when they have a precise understanding of the company. Thus, analysts perceive sustainability issues better when companies actively take responsibility [ 104 ].…”

Section: Discussionmentioning

confidence: 94%

“…Based on the findings of Bai et al (2023) [ 104 ], we argue that analysts are more optimistic when they have a precise understanding of the company. Thus, analysts perceive sustainability issues better when companies actively take responsibility [ 104 ].…”

Section: Discussionmentioning

confidence: 94%

The role of sustainability integration into the corporate strategy – A perspective on analysts’ perceptions and buy recommendations

Thun,

Schneider,

Kayser

et al. 2024

Heliyon

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“…The innovation capability and efficiency of a company significantly impact its competitive advantage [ 15 ]. From the perspective of the operations of a publicly listed company, analyst optimism can encourage innovation and the pursuit of sustainable innovative practices, contributing to long-term performance [ 16 ]. Simultaneously, these optimistic analyses can create pressure on management to meet or exceed these expectations, leading to more aggressive business strategies and innovation [ 17 ].…”

Section: Literature Reviewmentioning

confidence: 99%

Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China’s A-share market

Li,

Zhang,

et al. 2024

PLoS ONE

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This study selects stock data of listed companies in China’s A-share stock market from 2011 to 2020 as research samples. Using a fixed-effects model, it examines the impact of analyst optimism on stock price collapses and the moderating effect of information disclosure quality. Simultaneously, it conducts additional research to explore the potential transmission mechanisms involved. The main findings are as follows: Firstly, a positive correlation exists between analyst optimism and the risk of stock price collapse. Secondly, improving information disclosure quality of listed companies can enhance the positive impact of analyst optimism on the risk of stock price collapses and expedite the market’s adjustment of overly optimistic valuations of listed companies. Additionally, analyst optimism can increase the risk of stock price collapses by affecting institutional ownership. These findings provide theoretical support for regulatory authorities to revise and improve the "information disclosure evaluation" system, regulate the analyst industry, guide analyst behavior, and encourage listed companies to enhance internal governance and improve information disclosure practices.

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Can analyst coverage enhance corporate innovation legitimacy? ——Heterogeneity analysis based on different situational mechanisms

Cited by 16 publications

References 76 publications

Government environmental concerns and corporate green innovation: Evidence from heavy‐polluting enterprises in China

Government environmental concerns and corporate green innovation: Evidence from heavy‐polluting enterprises in China

The role of sustainability integration into the corporate strategy – A perspective on analysts’ perceptions and buy recommendations

Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China’s A-share market

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