Jianfei Sun is the corresponding author at sunjianfei@sjtu.edu.cn. All errors are our own. 1 The primary greenhouse gases in the Earth's atmosphere are water vapour, carbon dioxide, methane, nitrous oxide and ozone. 2 ISO 14064-1:2006 specifies principles and requirements at the organisation level for quantification and reporting of greenhouse gas emissions and removals. It includes requirements for the design, development, management, reporting and verification of an organisation's greenhouse gas inventory.

In this paper, we employ a firm-level measure of product market competition constructed from the textual analysis of firms' 10-K filings to examine the relationship between managers' perceived competition pressure and earnings management. We find that accounting irregularities and accrual-based earnings management are positively related to product market competition. This finding is consistent with the notion that competition pressure increases managerial incentives to manage earnings, due to their career concerns.We also find that real earnings management is negatively related to product market competition. This finding suggests that real earnings management involves actions that decrease firms' competitiveness and thus is costly for firms confronted with high competition pressure. K E Y W O R D Saccounting irregularities, career concerns, earnings management, product market competition, real activities manipulation, textual analysis 604

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This paper examines the effect of corporate social responsibility (CSR) on the number of bond covenants. We find that a high CSR score has a negative association with the number of bond covenants. Moreover, our results are more pronounced for firms with a high bidask spread and high agency costs. Our analysis highlights the effect of the good stakeholder relationship on the bond contracts.

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