Browsing by Author "Wang, P."
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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 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.