Accounting and Finance

Abstract This study investigates the effect of labour marketisation level on corporate labour investment efficiency. Using a sample of Chinese listed firms, we provide evidence that higher labour marketisation level is associated with higher corporate labour investment efficiency. Firms with higher labour marketisation level reduce over‐investment and under‐investment in labour. In the cross‐sectional tests, we discover that this effect is more prominent for private enterprises and firms with stronger product market competition, more financing constraints, and higher labour adjustment costs. We eliminate the impact of other non‐labour investments and ensure that our results are not driven by these investments.

Zhizhu Yuan

Ye Yang

Bai Liu

Labour marketisation level and corporate labour investment efficiency: Evidence from China

劳动力市场化水平与企业劳动力投资效率：来自中国的证据

Abstract Exploring the staggered short sale deregulation on the Chinese stock market as quasi‐exogenous shocks, we find that the introduction of short selling is associated with higher deviations of labor investment from the level justified by economic fundamentals, i.e., lower labor investment efficiency. The main effect is more pronounced for firms that are more opaque, younger, and worse governed. Further evidence indicates that short sale deregulation mainly induces firms to overinvest in labor. Our overall findings suggest that faced with downward price pressures, firms may overinvest in labor to convey favorable information to stakeholders, resulting in less efficient labor investments.

Hui Ding

Xiaoran Ni

Hongmei Xu

Short selling and labor investment efficiency: evidence from the Chinese stock market

卖空与劳动力投资效率：来自中国股市的证据

Abstract Financial illiteracy is widespread amongst the elderly. Financially illiterate people are more likely to experience asset loss and outlive their savings after retirement. This paper measures financial literacy of elderly Australians using Item Responses Theory. Using a Lasso regression, we find that younger, married males with higher income and greater net wealth are more likely to be financially literate. Better financial literacy is also associated with good health, higher educational attainment, better occupation and outright home ownership. Our findings suggest policy‐makers take action and we make informed and practicable policy recommendations.

Rui Xue

Adrian Gepp

Terry J. O'Neill

Steven Stern

Bruce J. Vanstone

Financial literacy amongst elderly Australians

澳大利亚老年人的金融知识

Abstract We extend behavioural research in investment and retirement savings to insurance, by investigating factors that may influence individuals’ insurance decision making. These factors include financial literacy, specialist insurance education and some behavioural biases. Based on a definition of insurance literacy that requires both having, and applying insurance knowledge, we find from a survey of postgraduate students that financial literacy does not necessarily translate to insurance literacy, whereas more specialised education can improve insurance literacy. Results also indicate specialist education potentially reduces susceptibility to anchoring effects.

Xi Lin

Aaron Bruhn

Jananie William

Extending financial literacy to insurance literacy: a survey approach

将金融知识扩展到保险知识：一种调查方法

Abstract Although financial literacy is important for participating in financial markets, the level of financial literacy of Chinese consumers is low compared with those in developed countries. Using data from the 2014 China Survey of Consumer Finances, we examine the relation between financial literacy and the risky asset holding behaviour of Chinese households, in the context of an emerging financial market with a distinct institutional background. The findings reveal that consumers with higher levels of financial literacy are more likely to hold risky financial assets than those with lower levels. The potential impacts are derived mainly from advanced financial literacy.

Li Liao

Jing Jian Xiao

Weiqiang Zhang

Congyi Zhou

Account Finance

Financial literacy and risky asset holdings: evidence from China

金融素养与风险资产持有：来自中国的证据

Abstract This paper explores the relationship between investor sentiment and flow performance sensitivity of mutual funds in China. We first find that fund flow is positively related to performance in the past quarter and negatively associated with performance in the current quarter. Using a machine learning technique to establish proxies for investor sentiment, we show that positive sentiment mitigates this negative correlation by relieving investors' anxiety about risk and decreasing redemption. The effect is more pronounced in retail dominated funds, volatile markets and growth style funds. This finding is robust after controlling for investor attention, sentiment divergence and percentile return rankings.

Yuling Wu

Xueyong Zhang

Investor sentiment and mutual fund flow‐performance sensitivity: Evidence from China

投资者情绪与共同基金流量-业绩敏感性：来自中国的证据

Abstract This study examines the impact of corporate governance mechanisms and ownership structure on financial distress for 23 developed and 27 emerging countries across different markets and legal systems and during the crisis period. In developed markets, CEO duality increases distress, which can be mitigated through independent boards and majority blockholders. Independent boards, specifically in common‐law countries, alleviate distress, yet, may escalate the adverse impact of blockholders as independent boards may not be effective monitors. In emerging markets (EM), independent boards increase distress, potentially reflecting political appointments. Institutional blockholders hurt firm financial health, though, strategic blockholders may substitute for board monitoring in weak governance environments. During the crisis period, a larger and independent board has the potential to decrease financial distress.

Mehmet Celiktas

Mine Ugurlu

Neslihan Yilmaz

Corporate governance, blockholders, and financial distress: Global evidence

公司治理、大股东与财务困境：全球证据

Abstract Regulators seek to balance investor protection with the costs of that protection. This often leads to a distinction between “accredited” and “retail” investors. Only “accredited” investors can invest in certain “risky” or “illiquid” assets, including start‐ups and wholesale funds. But what should be the “bar” to be classified as “accredited”? Should people be able to qualify via income, wealth, or education? Should they be able to self‐certify? Thus, this article considers the situation in the US, UK, and Australia and argues in favour of letting people qualify via wealth, income, and education and being able to self‐certify.

Mark Humphery‐Jenner

Accredited investor tests: How to balance, access, entrepreneurial funding, and investor protection?

认证投资者测试：如何平衡、获取、创业融资与投资者保护？

Abstract Although an extensive body of research examines the impact of banking competition on the overall economy, less is known about how banking competition affects corporate risk. Using a sample of more than 12,909 firm‐year observations covering the period from 2001 to 2019, we find that increased banking competition significantly elevates corporate risk. The mechanism analysis indicates that bank competition promotes increased corporate risk‐taking by easing financing constraints. The observed effects are particularly strong among firms in their startup and growth stages, those operating in high‐interest rate environments, regions with lower levels of financial competition and industries characterised by intense product market competition. This paper sheds light on the understanding of the relationship between corporate risk and banking competition in one of the most important emerging economies. The take‐away lesson for policy‐makers here is to provide guidance for carefully considering the trade‐offs between increased banking competition and potential risks to financial stability. Also, banks need to strike a balance between fostering healthy competition and maintaining prudent risk management practices.

Xianjun Cai

Subin Wen

Jiaming Huang

Banking competition and corporate risk: Micro evidence from China

银行业竞争与企业风险：来自中国的微观证据

Abstract This paper investigates how multiple large shareholders (MLS) influence firms' environmental, social and governance (ESG) performance. Based on Chinese data, we find that firms with MLS perform better on ESG compared to firms with a single blockholder. This impact is stronger in firms with a more balanced ownership structure and in the pandemic period, which supports the cost‐sharing of other large shareholders in motivating ESG activities. Such impact is also intensified in firms with different types of large shareholders and with foreign shareholders, aligning the resource provision mechanism. This study reveals a novel role of other large shareholders in driving ESG.

Fuxiu Jiang

Jia Ma

Xiaojia Zheng

Multiple large shareholders and <scp>ESG</scp> performance: Evidence from the cost‐sharing and resource‐provision view

多个大股东与<scp>ESG</scp>表现：基于成本分担与资源供给视角的证据

短名	Account Finance
Journal Impact	3.19
国际分区	BUSINESS, FINANCE(Q2)
期刊索引	SCI Q3中科院 4 区

ISSN	0810-5391, 1467-629X
h-index	64
国内分区	管理学(4区)管理学商业财政与金融(4区)

涉及主题	业务经济财务会计政治学法学数学计算机科学管理货币经济学地理哲学历史考古金融经济学生物计量经济学宏观经济学统计
出版信息	出版商: Wiley-Blackwell，出版周期: ，期刊类型: journal，开源期刊: 否
基本数据	创刊年份: 1979，原创研究文献占比: 94.66%，自引率:6.50%， Gold OA占比: 25.32%

Accounting and Finance

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