Browsing by Author "Cui, X."
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Item Embargo Economic policy uncertainty and green innovation: evidence from China(Elsevier, 2022-11-11) Cui, X.; Wang, C.; Şensoy, Ahmet; Liao, J.; Xie, X.Frequent economic policy adjustments lead to significant increases in economic policy uncertainty (EPU). Few studies have investigated whether EPU influences corporate green innovation. Using a sample of Chinese A-share listed firms from 2005 to 2019, we find strong evidence that EPU is significantly and negatively associated with corporate green innovation. Our moderating effect analysis shows that financial constraints exacerbate the negative impact of EPU on green innovation, while government environmental subsidies can significantly mitigate the negative EPU effect. Moreover, the negative relationship between EPU and green innovation is salient in privately owned enterprises, firms with less industry competition, and firms in regions with weak intellectual property protection. This study has important implications for policymakers regarding increasing government expenditure on environmental protection and strengthening intellectual property protection to promote corporate green innovation.Item Open Access Government’s awareness of Environmental protection and corporate green innovation: A natural experiment from the new environmental protection law in China(Economic Society of Australia Inc., 2021-06) Fang, Z.; Kong, X.; Şensoy, Ahmet; Cui, X.; Cheng, F.Based on the impact of the new environmental protection law promulgated by the Chinese government in 2015, we employ the difference-in-differences (DID) approach to investigate the impact of government environmental regulation on corporate green innovation. The evidence shows that government environmental regulation can significantly increase the number of green patents of heavily polluting industries. This result holds after a series of robustness tests. The analysis of the economic mechanism indicates that the new environmental protection law brings supervision pressure to heavily polluting firms, prompting them to improve the quality of information disclosure, thus improving green innovation. In addition, the regional economic development level, government subsidies, and public supervision can significantly affect the positive impact of the new environmental protection law. Meanwhile, the effect is more prominent in non-state-owned enterprises and in firms with small scale, low profitability, and weak internal governance.Item Open Access Green credit policy and corporate productivity: Evidence from a quasi-natural experiment in China(Elsevier Inc., 2022-02-01) Cui, X.; Wang, P.; Şensoy, Ahmet; Nguyen, D. K.; Pan, Y.Taking the implementation of the “Green Credit Guidelines” in China in 2012 as an exogenous shock, we adopt the difference-in-differences (DIDs) method to explore the influence of the green credit policy on total factor productivity (TFP). We show evidence of a significant and positive correlation between green credit and corporate total factor productivity, and this result is robust to a series of robustness tests. In addition, the improvement is particularly evident for non-SOEs, small-scale firms, firms with weak external supervision, and firms in developed areas of eastern China. Moreover, the green credit policy mainly affects corporate total factor productivity through promoting technological innovation and enhancing resource allocation efficiency. Overall, green credit promotes the win-win development of the environment and the economy.Item Embargo Positive information shocks, investor behavior and stock price crash risk(Elsevier BV, 2022-03-31) Cui, X.; Şensoy, Ahmet; Nguyen, D. K.; Yao, S.; Wu, Y.This article explores the impact of positive information shocks on investors’ trading behavior and the related stock price crash risk. We use cumulative positive jump returns to measure the positive information shocks and find that these shocks exacerbate crash risk. Moreover, retail investor attention, over-optimistic investor sentiment, and retail trades are channels for this exacerbation. We also provide evidence that the effect of the information shocks varies across firm characteristics and aggregate states. It is stronger for firms with large-cap, long listing times, and state-owned structures and during over-optimistic aggregate states. Overall, our results shed light on investor trading behavior and market risk related to unexpected information shocks, which helps detect and diagnose potential market instability.Item Embargo Top executives’ great famine experience and stock price crash risk(Elsevier Inc., 2021-10-09) Cui, X.; Sun, M.; Şensoy, Ahmet; Wang, P.; Wang, Y.Using Chinese stock market data, we examine the impact of top executives’ great famine experience on stock price crash risk. We provide insights on the consequences of early-life disaster experience and the underlying mechanisms through which top executives’ famine experience affects crash risk. Evidence shows that, firms led by top executives who experienced the great famine in early-life have lower stock price crash risk. In addition, these firms have higher information transparency and lower information risk, which ultimately reduce the future stock price crash risk. And the effect varies with top executives’ growth stage, firm characteristics, and external monitoring.