Monetary policy, social capital, and corporate investment

Kwon, Chad; Gong-fu, Zhang; Zhou, Haiyan

doi:10.1007/s12197-019-9469-y

Cited by 5 publications

(2 citation statements)

References 32 publications

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“…On finance and investment, first-best references or scenarios that assume optimal allocation of resources at all times are ill equipped to explore policies that address capital underallocation, a situation in which we are currently living [100][101][102] as indicated by negative interest rates. This was true even before COVID-19 and is relevant for stimulus package discussions.…”

Section: Capturing Real-world Featuresmentioning

confidence: 99%

The cost of mitigation revisited

et al. 2021

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Section: Capturing Real-world Featuresmentioning

confidence: 99%

The cost of mitigation revisited

et al. 2021

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“…Liang et al (2019) used a panel model to study corporate investment e ciency and found that developed regions can use government subsidies more e ciently than developing regions. Kwon et al (2020) revealed that innovations in monetary policy in uence corporate investment ine ciency signi cantly. Liu et al (2021) found that tax incentive policies will effectively improve the economic bene ts of enterprises.…”

Section: Related Literaturementioning

confidence: 99%

Impact of green fiscal policy on the investment efficiency of renewable energy enterprises in China

Meng

Sun

Liu

2022

Environ Sci Pollut Res

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This study focuses on the investment e ciency of renewable energy enterprises and how they respond to government green scal policies. It complements previous research that only examines corporate investment e ciency from government subsidies or tax incentives. Moreover, we extend the impact of green scal policies on the investment ine ciency of renewable energy enterprises from the perspective of property heterogeneity. We choose nancial data of 158 renewable energy enterprises for both state-owned (SOEs) and private (Non-SOEs) listed on the Shanghai and Shenzhen Stock Exchange from 2010-2018 and use the Richardson model to measure the investment e ciency. The xed-effect panel model is applied to explore the impact of green scal policies on the investment e ciency of renewable energy enterprises. The results show that, in general, green nancial subsidies aggravate over-investment, especially for SOEs, while green tax incentives alleviate under-investment considerably, especially for Non-SOEs. We also nd ine cient investment pervasive in China, among which the over-investment problem more serious than underinvestment. But for the Non-SOEs, under-investment is more predominant. Finally, we propose that government subsidies for SOEs should be constrained and supervised, while more exible tax incentives for Non-SOEs should be advocated.

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Is accounting a matter for bookkeepers only? The effects of IFRS adoption on the financialisation of economy

Haldane,

Migliavacca,

Palea

2024

Cambridge Journal of Economics

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The process of financialisation has been extensively studied and several stylised facts identified. Short-termism is one of these. This article analyses the role that changes in accounting rules have played in increasing short-termism in company management. Our study considers the adoption of the International Financial Reporting Standards in the European Union (EU), showing that the new accounting standards have altered companies’ sensitivity to investment opportunities, leading to underinvestment in the real economy. In doing so, our article highlights the public-policy profile of accounting standards setting and possible tensions with EU societal objectives. To the best of our knowledge, this is the first study empirically analysing the role of accounting rules in the financialisation of economy.

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Monetary policy, social capital, and corporate investment

Cited by 5 publications

References 32 publications

The cost of mitigation revisited

The cost of mitigation revisited

Impact of green fiscal policy on the investment efficiency of renewable energy enterprises in China

Is accounting a matter for bookkeepers only? The effects of IFRS adoption on the financialisation of economy

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