Nondisclosure and analyst behavior: Evidence from redaction of proprietary information from public filings

Fei, Xingyuan

doi:10.1016/j.jcorpfin.2022.102166

Cited by 13 publications

(7 citation statements)

References 42 publications

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“…Second, we employed the entropy balancing method (Hainmueller, 2012), which is commonly used to reduce the potential for self‐selection bias that can be caused by observable characteristics (Fei, 2022; Hainmueller, 2012; Treepongkaruna et al, 2022). We created binary variables with the treatment and control groups based on the top quartiles of the carbon emissions measures as the testing variables of interest.…”

Section: Resultsmentioning

confidence: 99%

Emission targeting and carbon emissions: The moderating effect of female directors

Nimer,

Abdelqader,

Kuzey

et al. 2024

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This study first investigates emission reduction targeting among polluting firms in the basic materials sector. We assess whether firms that produce a greater amount of carbon emissions are more likely to set emission reduction targets in the basic materials sector. Further, we test whether female directors are influential in moderating between emission reduction targeting and carbon emissions. The sample covers publicly traded firms in the basic materials sector listed in the Thomson Reuters Eikon database between 2010 and 2021. We perform country and year fixed effects regression analysis, as the firms in the sample are from diverse countries. We find that firms that produce more carbon emissions are more likely to set emission reduction targets and that female directors negatively moderate the relationship between emission reduction targeting and carbon emissions. Thus, firms with more female directors on their boards are more likely to reduce their carbon emissions via emission reduction targeting.

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Section: Resultsmentioning

confidence: 99%

Emission targeting and carbon emissions: The moderating effect of female directors

Nimer,

Abdelqader,

Kuzey

et al. 2024

Bus Strat Env

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“…Endogeneity check: We examined the potential endogeneity concern, which may be caused by the sample selection bias, by incorporating two crucial analyses, including PSM and entropy balancing methods. Initially, we used the entropy balancing approach to reduce the self-selection bias that may arise from the observable characteristics (Fei, 2022; Hainmueller, 2012; Treepongkaruna et al , 2022), which allowed us to avoid observable selection bias (Treepongkaruna et al , 2022). The entropy balancing approach creates a balanced sample that can translate into a lower approximation error and minimize model dependency in finite samples (Hainmueller, 2012).…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

Public governance, corporate governance and excessive ESG

Kuzey¹,

Al‐Shaer²,

Karaman³

et al. 2023

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Purpose Growing social concerns and ecological issues accelerate firms’ environmental, social and governance (ESG) engagement. Hence, this study aims to advance the existing literature by focusing on the interplay between institutional and firm governance mechanisms for greater ESG engagement. More specifically, the authors investigate whether public governance stimulates excessive ESG engagement and whether corporate governance moderates this relationship. Design/methodology/approach Using a sample of 43,803 firm-year observations affiliated with 41 countries and 9 industries, the authors adopt a country, industry and year fixed-effects regression analysis. Findings The authors find that public governance strength via its six dimensions stimulates excessive ESG engagement. This implies that firms in countries with strong voice and accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption are more motivated for ESG engagement. Furthermore, corporate governance negatively moderates the relationship between all public governance dimensions (except political stability) and excessive ESG engagement. This implies that public governance and corporate governance are substitutes for encouraging firms to commit to ESG. Further tests reveal that whereas these results in the baseline analyses are valid for developed countries, they are not valid in emerging markets. Research limitations/implications The findings support the interplay between institutional and agency theories. In countries with strong (weak) institutional mechanisms, corporate governance becomes weak (strong) in inciting greater stakeholder engagement. This implies that the public governance mechanism alleviates agency costs, rendering internal mechanisms of corporate governance noncompulsory for ESG engagement. Practical implications The findings suggest that emerging countries need to reinforce their institutions for greater accountability, regulatory quality and control of corruption, which will have a domino effect on firms in addressing stakeholder expectations. The results also advise emerging country firms to augment their internal monitoring mechanisms for greater stakeholder engagement, such as structuring boards and establishing corporate social responsibility mechanisms, committees and policies. Originality/value This study contributes to the recent literature investigating the role of corporate governance mechanisms in excessive ESG engagement. The study also explores whether public governance is associated with greater ESG involvement and provides a comprehensive analysis of the association between six indicators of public governance quality and excessive ESG practices in developed and emerging economies.

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“…Alternatively, to address the endogeneity concern, we employ another approach using entropy balancing (Hainmueller, 2012), which creates a balanced sample that can translate into a lower approximation error and reduced model dependency in finite samples. The entropy balancing method can reduce the potential self‐selection bias that may arise from observable characteristics (Fei, 2022; Hainmueller, 2012; Treepongkaruna et al, 2022), ultimately avoiding observable selection bias (Treepongkaruna et al, 2022).…”

Section: Resultsmentioning

confidence: 99%

Do foreign directors reinforce better waste management? The moderating role of eco‐innovation

Uyar,

Al‐Shaer,

Kuzey

et al. 2023

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Prior studies have reported an association between corporate waste management practices and certain board attributes, but none have focused on foreign directors. Therefore, we examine foreign directors' contributions to firms' waste management by exclusively focusing on waste reduction and recycling. Furthermore, we explore an important channel through which foreign directors spur better waste management, namely, eco‐innovation. Drawing on 6891 observations affiliated with 9 sectors and 46 countries, we execute country, industry and year fixed‐effects regression analysis. We find that while foreign directors on the board are negatively associated with waste generation, they are positively associated with waste recycling. Furthermore, while the eco‐innovativeness of firms negatively moderates the association between foreign directors on the board and waste generation, it positively moderates the association between foreign directors on the board and waste recycling. Further channel analyses reveal more insights concerning polluting versus non‐polluting and poor versus strong regulatory environments.

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Nondisclosure and analyst behavior: Evidence from redaction of proprietary information from public filings

Cited by 13 publications

References 42 publications

Emission targeting and carbon emissions: The moderating effect of female directors

Emission targeting and carbon emissions: The moderating effect of female directors

Public governance, corporate governance and excessive ESG

Do foreign directors reinforce better waste management? The moderating role of eco‐innovation

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