Corporate value creation, stock price synchronicity and firm value in China: implications for beyond
PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of v...
Saved in:
Published in | Journal of accounting in emerging economies Vol. 12; no. 3; pp. 566 - 588 |
---|---|
Main Authors | , , , |
Format | Journal Article |
Language | English |
Published |
Bingley
Emerald Publishing Limited
09.05.2022
Emerald Group Publishing Limited |
Subjects | |
Online Access | Get full text |
Cover
Loading…
Abstract | PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market. |
---|---|
AbstractList | PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market. Purpose>This study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approach>The study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.Findings>This study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implications>This study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/value>The result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market. |
Author | Zhang, Ruopiao Noronha, Carlos Chu, Teresa Guan, Jieqi |
Author_xml | – sequence: 1 givenname: Ruopiao orcidid: 0000-0001-5758-448X surname: Zhang fullname: Zhang, Ruopiao email: yb77001@um.edu.mo – sequence: 2 givenname: Teresa surname: Chu fullname: Chu, Teresa email: tchu@um.edu.mo – sequence: 3 givenname: Carlos orcidid: 0000-0001-7869-8953 surname: Noronha fullname: Noronha, Carlos email: fbacn@um.edu.mo – sequence: 4 givenname: Jieqi orcidid: 0000-0001-9704-1842 surname: Guan fullname: Guan, Jieqi email: jenny@iftm.edu.mo |
BookMark | eNptkUtLxDAQgIOs4LruD_AW8Go1j27aelvK-mLBi55DmkzZrG1Sk67Qf2_riiB4GGYO880w35yjmfMOELqk5IZSkt8-rzebhIiEEUaTMdgJmjOSsoTSTMx-a5GfoWWMe0IIJRmnaT5HpvSh80H1gD9VcwCsA6jeeneNY-_1O-6C1YDj4PQueGe17QesnMG1De0PYh0ud9apO2zbrrH6m4-49gFXMHhnLtBprZoIy5-8QG_3m9fyMdm-PDyV622imSj6RCggZJVVkCqRc54KoSujgIuCam0KJqiqxIoVmhrIalYAE8xAWgnFBaGG8QW6Os7tgv84QOzl3h-CG1dKJlZFnvKCTV302KWDjzFALccbWxUGSYmcfMrJpyRCTj7l5HNkyJGBFoJqzL_InxfwL6n6eLk |
CitedBy_id | crossref_primary_10_1108_SRJ_03_2023_0180 |
Cites_doi | 10.3390/su10124597 10.1093/rfs/1.1.3 10.1007/s10551-008-9982-y 10.1023/B:BUSI.0000004606.29523.db 10.1177/0312896213517894 10.1108/20440831311287673 10.5465/amj.2010.0697 10.1108/JAEE-11-2019-0214 10.1016/j.jembe.2007.06.012 10.1002/smj.1957 10.1002/(SICI)1097-0266(200001)21:1<31::AID-SMJ76>3.0.CO;2-T 10.1108/14691931211248918 10.3390/su11154255 10.1093/rfs/hhp028 10.1007/s10551-010-0496-z 10.1016/j.jbankfin.2013.09.003 10.1108/EUM0000000006264 10.1007/s10551-010-0488-z 10.1108/SAMPJ-10-2016-0078 10.1108/JAEE-10-2018-0109 10.1111/j.1540-6261.1988.tb04591.x 10.1080/0969160X.2018.1489296 10.1108/JAEE-06-2012-0024 10.1016/j.jaccpubpol.2017.03.004 10.1509/jmkg.64.2.66.18000 10.1007/s10551-007-9590-2 10.2307/1911841 10.3390/su10103578 10.1057/palgrave.jibs.8490186 10.2307/258888 10.1108/JAEE-08-2017-0079 10.1007/s10490-007-9043-6 10.1016/j.resourpol.2020.101619 10.3390/su10082611 10.1108/JAEE-12-2017-0127 10.1177/1056492604270799 10.1177/0007650304262962 10.1093/rfs/hhn102 10.2307/258887 10.1016/j.jbankfin.2009.07.019 10.1111/j.1540-6261.2007.01228.x 10.1177/0007650320958762 10.1007/s10551-009-0269-8 10.1002/csr.1410 10.1016/j.jacceco.2017.11.009 10.1007/s10551-005-7444-3 10.1287/orsc.1070.0271 10.1111/j.1475-679X.2008.00289.x 10.1016/j.adiac.2017.11.002 10.1016/j.jbusres.2015.06.003 10.1287/mnsc.1120.1630 10.1016/S0361-3682(97)00008-1 10.1525/cmr.2011.53.2.87 |
ContentType | Journal Article |
Copyright | Emerald Publishing Limited Emerald Publishing Limited. |
Copyright_xml | – notice: Emerald Publishing Limited – notice: Emerald Publishing Limited. |
DBID | AAYXX CITATION 7X1 7XB AFKRA ANIOZ AZQEC BENPR BEZIV CCPQU DWQXO GNUQQ GUQSH K6~ L.- M2O MBDVC PQBIZ PQEST PQQKQ PQUKI Q9U |
DOI | 10.1108/JAEE-06-2021-0212 |
DatabaseName | CrossRef Accounting & Tax Database (Proquest) ProQuest Central (purchase pre-March 2016) ProQuest Central Accounting, Tax & Banking Collection (ProQuest) ProQuest Central Essentials ProQuest Central ProQuest Business Premium Collection ProQuest One Community College ProQuest Central Korea ProQuest Central Student Research Library Prep ProQuest Business Collection ABI/INFORM Professional Advanced Research Library Research Library (Corporate) ProQuest One Business ProQuest One Academic Eastern Edition (DO NOT USE) ProQuest One Academic ProQuest One Academic UKI Edition ProQuest Central Basic |
DatabaseTitle | CrossRef Business Premium Collection ProQuest One Business Research Library Prep ProQuest Central Student ProQuest Central Basic ProQuest Central Essentials ProQuest One Academic Eastern Edition ProQuest One Community College ProQuest Business Collection Accounting & Tax ProQuest Central ABI/INFORM Professional Advanced Accounting, Tax & Banking Collection ProQuest One Academic UKI Edition ProQuest Central Korea ProQuest Research Library ProQuest One Academic |
DatabaseTitleList | Business Premium Collection |
Database_xml | – sequence: 1 dbid: BENPR name: ProQuest Central url: https://www.proquest.com/central sourceTypes: Aggregation Database |
DeliveryMethod | fulltext_linktorsrc |
Discipline | Business |
EISSN | 2042-1176 |
EndPage | 588 |
ExternalDocumentID | 10_1108_JAEE_06_2021_0212 10.1108/JAEE-06-2021-0212 |
GeographicLocations | China |
GeographicLocations_xml | – name: China |
GroupedDBID | 0R 1WG 4.4 9F- AADTA AADXL AAGBP AAMCF AAUDR ABIJV ABRIO ABSDC ACGFS ACMTK ADEUS ADOMW AEBZA AEUCW AFNZV AHQGB AJEBP ALMA_UNASSIGNED_HOLDINGS ANIOZ ASMFL AUCOK AZQEC BENPR EBS FNNZZ GEI GMX GQ. H13 HZ IPNFZ J1Y JL0 KLENG M2O O9- TDD TGG V1G Y9Z Z18 ZYZAG 0R~ 7X1 AAKOT AAXBI AAYXX ABJNI ABYQI ACGFO ACHMN ACTSA ADFRT ADQHX AFKRA AFLPE AGTVX AODMV BEZIV BPHCQ CCPQU CITATION DWQXO GNUQQ GUQSH HZ~ K6~ PQBIZ PQQKQ PROAC RIG 7XB L.- MBDVC PQEST PQUKI Q9U |
ID | FETCH-LOGICAL-c269t-6ae0057be4a6833466cbdae3691ccd9261ab6529c1de7f29e262de4b6a3601d23 |
IEDL.DBID | ZYZAG |
ISSN | 2042-1168 |
IngestDate | Wed Nov 13 03:56:02 EST 2024 Fri Dec 06 03:51:04 EST 2024 Sat May 07 11:38:19 EDT 2022 |
IsPeerReviewed | true |
IsScholarly | true |
Issue | 3 |
Keywords | Emerging economies SCVPS Firm value Corporate value creation Stock price synchronicity |
Language | English |
License | Licensed re-use rights only https://www.emerald.com/insight/site-policies |
LinkModel | DirectLink |
MergedId | FETCHMERGED-LOGICAL-c269t-6ae0057be4a6833466cbdae3691ccd9261ab6529c1de7f29e262de4b6a3601d23 |
ORCID | 0000-0001-5758-448X 0000-0001-7869-8953 0000-0001-9704-1842 |
PQID | 2659843922 |
PQPubID | 566299 |
PageCount | 23 |
ParticipantIDs | proquest_journals_2659843922 crossref_primary_10_1108_JAEE_06_2021_0212 emerald_primary_10_1108_JAEE-06-2021-0212 |
PublicationCentury | 2000 |
PublicationDate | 2022-05-09 |
PublicationDateYYYYMMDD | 2022-05-09 |
PublicationDate_xml | – month: 05 year: 2022 text: 2022-05-09 day: 09 |
PublicationDecade | 2020 |
PublicationPlace | Bingley |
PublicationPlace_xml | – name: Bingley |
PublicationTitle | Journal of accounting in emerging economies |
PublicationYear | 2022 |
Publisher | Emerald Publishing Limited Emerald Group Publishing Limited |
Publisher_xml | – name: Emerald Publishing Limited – name: Emerald Group Publishing Limited |
References | (key2022050605463704200_ref043) 2012; 33 (key2022050605463704200_ref064) 2018 (key2022050605463704200_ref053) 2010; 94 (key2022050605463704200_ref055) 2004; 43 (key2022050605463704200_ref022) 1995; 20 (key2022050605463704200_ref059) 2003; 48 (key2022050605463704200_ref010) 2009; 22 (key2022050605463704200_ref066) 2008; 19 (key2022050605463704200_ref041) 1995; 26 (key2022050605463704200_ref038) 2010; 96 (key2022050605463704200_ref042) 2019; 10 (key2022050605463704200_ref067) 2015; 68 (key2022050605463704200_ref018) 2012; 55 (key2022050605463704200_ref069) 2011; 1 key2022050605463704200_ref026 (key2022050605463704200_ref048) 2005; 61 (key2022050605463704200_ref058) 2000; 21 (key2022050605463704200_ref035) 2010; 93 (key2022050605463704200_ref003) 2019; 9 (key2022050605463704200_ref028) 2008; 46 (key2022050605463704200_ref063) 2012; 13 (key2022050605463704200_ref071) 2020; 17 (key2022050605463704200_ref047) 2007; 24 (key2022050605463704200_ref060) 2020; 66 (key2022050605463704200_ref019) 2018; 10 (key2022050605463704200_ref073) 2009; 88 (key2022050605463704200_ref065) 2010; 34 (key2022050605463704200_ref050) 2013 (key2022050605463704200_ref031) 2016; 133 (key2022050605463704200_ref002) 1988; 1 (key2022050605463704200_ref033) 2015; 5 (key2022050605463704200_ref037) 2017; 36 (key2022050605463704200_ref046) 2018; 9 (key2022050605463704200_ref039) 2020 (key2022050605463704200_ref062) 2018; 38 (key2022050605463704200_ref029) 2018; 10 (key2022050605463704200_ref051) 2011; 53 (key2022050605463704200_ref015) 2018; 65 (key2022050605463704200_ref032) 2018; 40 (key2022050605463704200_ref052) 1988; 43 (key2022050605463704200_ref013) 2011; 11 (key2022050605463704200_ref004) 2017; 24 (key2022050605463704200_ref025) 2009; 89 (key2022050605463704200_ref034) 2000; 64 (key2022050605463704200_ref006) 2010; 97 (key2022050605463704200_ref016) 1995; 20 (key2022050605463704200_ref011) 2006; 80 (key2022050605463704200_ref068) 1988; 56 (key2022050605463704200_ref014) 2013; 37 (key2022050605463704200_ref057) 2013; 3 (key2022050605463704200_ref054) 2013; 59 (key2022050605463704200_ref021) 2020; 10 (key2022050605463704200_ref027) 2016; 4 (key2022050605463704200_ref044) 2000; 58 (key2022050605463704200_ref045) 1998; 23 (key2022050605463704200_ref017) 2001; 14 (key2022050605463704200_ref023) 2007; 62 (key2022050605463704200_ref001) 2018; 8 (key2022050605463704200_ref061) 2018; 38 (key2022050605463704200_ref024) 2007; 76 (key2022050605463704200_ref049) 2011; 6 (key2022050605463704200_ref007) 2019; 11 (key2022050605463704200_ref056) 2007; 350 (key2022050605463704200_ref070) 2015; 40 (key2022050605463704200_ref040) 2005; 14 (key2022050605463704200_ref008) 2015; 24 (key2022050605463704200_ref009) 2009; 22 (key2022050605463704200_ref005) 2018; 10 (key2022050605463704200_ref020) 2010; 14 (key2022050605463704200_ref036) 2007; 96 (key2022050605463704200_ref030) 2010; 94 |
References_xml | – volume: 1 start-page: 5 issue: 1 year: 2011 ident: key2022050605463704200_ref069 article-title: Assessing corporate sustainability through ratings: challenges and their causes publication-title: Journal of Environmental Sustainability – volume: 10 start-page: 4597 issue: 12 year: 2018 ident: key2022050605463704200_ref029 article-title: CSR and firm value: evidence from China publication-title: Sustainability doi: 10.3390/su10124597 – volume: 4 start-page: 39 issue: 1 year: 2016 ident: key2022050605463704200_ref027 article-title: The challenges of corporate social responsibility assessment methodologies publication-title: International Journal of Economics and Business Administration – volume: 93 start-page: 241 issue: 2 year: 2010 ident: key2022050605463704200_ref035 article-title: MNC reporting on CSR and conflict in Central Africa publication-title: Journal of Business Ethics – volume: 1 start-page: 3 issue: 1 year: 1988 ident: key2022050605463704200_ref002 article-title: A theory of intraday patterns: volume and price variability publication-title: The Review of Financial Studies doi: 10.1093/rfs/1.1.3 – volume: 89 start-page: 23 issue: 1 year: 2009 ident: key2022050605463704200_ref025 article-title: Corporate social performance in China: evidence from large companies publication-title: Journal of Business Ethics doi: 10.1007/s10551-008-9982-y – volume: 48 start-page: 175 issue: 2 year: 2003 ident: key2022050605463704200_ref059 article-title: Corporate social responsibility in the 21st century: a view from the world's most successful firms publication-title: Journal of Business Ethics doi: 10.1023/B:BUSI.0000004606.29523.db – volume: 38 start-page: 46 issue: 1 year: 2018 ident: key2022050605463704200_ref061 article-title: Internet public opinions, responses and listed firms' information efficiency publication-title: Systems Engineering - Theory and Practice – volume: 40 start-page: 245 issue: 2 year: 2015 ident: key2022050605463704200_ref070 article-title: Corporate social responsibility, the cost of equity capital and ownership structure: an analysis of Chinese listed firms publication-title: Australian Journal of Management doi: 10.1177/0312896213517894 – volume: 3 start-page: 4 issue: 1 year: 2013 ident: key2022050605463704200_ref057 article-title: Corporate governance, reporting quality, and firm value: evidence from Indonesia publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/20440831311287673 – volume: 80 start-page: 115 issue: 9 year: 2006 ident: key2022050605463704200_ref011 article-title: Stock price synchronicity and analyst coverage in emerging markets publication-title: Journal of Financial Economics – volume: 55 start-page: 1429 issue: 6 year: 2012 ident: key2022050605463704200_ref018 article-title: Faking it or muddling through? Understanding decoupling in response to stakeholder pressures publication-title: Academy of Management Journal doi: 10.5465/amj.2010.0697 – volume: 10 start-page: 655 issue: 4 year: 2020 ident: key2022050605463704200_ref021 article-title: Institutional complexity and CSR practices: evidence from a developing country publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/JAEE-11-2019-0214 – volume: 350 start-page: 3 issue: 1-2 year: 2007 ident: key2022050605463704200_ref056 article-title: Global seagrass distribution and diversity: a bioregional model publication-title: Journal of Experimental Marine Biology and Ecology doi: 10.1016/j.jembe.2007.06.012 – volume: 33 start-page: 1103 issue: 9 year: 2012 ident: key2022050605463704200_ref043 article-title: Using private management standard certification to reduce information asymmetries in corrupt environments publication-title: Strategic Management Journal doi: 10.1002/smj.1957 – volume: 88 start-page: 105 issue: 1 year: 2009 ident: key2022050605463704200_ref073 article-title: Determinants of managerial values on corporate social responsibility: evidence from China publication-title: Journal of Business Ethics – volume: 21 start-page: 31 issue: 1 year: 2000 ident: key2022050605463704200_ref058 article-title: Environmental dynamism, capital structure and performance: a theoretical integration and an empirical test publication-title: Strategic Management Journal doi: 10.1002/(SICI)1097-0266(200001)21:1<31::AID-SMJ76>3.0.CO;2-T – ident: key2022050605463704200_ref026 – volume: 13 start-page: 363 issue: 3 year: 2012 ident: key2022050605463704200_ref063 article-title: Value relevance of voluntary disclosure: evidence from Turkish firms publication-title: Journal of Intellectual Capital doi: 10.1108/14691931211248918 – volume-title: Financial Statement Analysis and Security Valuation year: 2013 ident: key2022050605463704200_ref050 – volume: 96 start-page: 3 year: 2007 ident: key2022050605463704200_ref036 article-title: Information environment, R2 and overconfidence: a test based on the efficiency of asset pricing publication-title: Southern Economics – volume: 6 start-page: 29 year: 2011 ident: key2022050605463704200_ref049 article-title: Social contribution per share and corporate value: an empirical study on A-share listed companies (in Chinese) publication-title: Securities Market Herald – volume: 11 start-page: 4255 issue: 15 year: 2019 ident: key2022050605463704200_ref007 article-title: Does CSR signal the firm value? Evidence from China publication-title: Sustainability doi: 10.3390/su11154255 – volume: 22 start-page: 3563 issue: 9 year: 2009 ident: key2022050605463704200_ref010 article-title: Institutional investors and the informational efficiency of prices publication-title: The Review of Financial Studies doi: 10.1093/rfs/hhp028 – volume: 97 start-page: 71 issue: 1 year: 2010 ident: key2022050605463704200_ref006 article-title: Corporate social responsibility as a conflict between shareholders publication-title: Journal of Business Ethics doi: 10.1007/s10551-010-0496-z – volume: 37 start-page: 4989 issue: 12 year: 2013 ident: key2022050605463704200_ref014 article-title: Loan collateral and financial reporting conservatism: Chinese evidence publication-title: Journal of Banking and Finance doi: 10.1016/j.jbankfin.2013.09.003 – volume: 14 start-page: 587 issue: 5 year: 2001 ident: key2022050605463704200_ref017 article-title: An examination of social and environmental reporting strategies publication-title: Accounting, Auditing and Accountability Journal doi: 10.1108/EUM0000000006264 – volume: 96 start-page: 631 issue: 4 year: 2010 ident: key2022050605463704200_ref038 article-title: Corporate social responsibility, ownership structure, and political interference: evidence from China publication-title: Journal of Business Ethics doi: 10.1007/s10551-010-0488-z – volume: 9 start-page: 165 issue: 2 year: 2018 ident: key2022050605463704200_ref046 article-title: Firm value and social contribution with the interaction of corporate governance publication-title: Sustainability Accounting, Management and Policy Journal doi: 10.1108/SAMPJ-10-2016-0078 – volume: 10 start-page: 1 issue: 1 year: 2019 ident: key2022050605463704200_ref042 article-title: The link between CSR and earnings quality: evidence from Egypt publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/JAEE-10-2018-0109 – volume: 43 start-page: 541 year: 1988 ident: key2022050605463704200_ref052 article-title: R2 publication-title: Journal of Finance doi: 10.1111/j.1540-6261.1988.tb04591.x – volume: 38 start-page: 145 issue: 2 year: 2018 ident: key2022050605463704200_ref062 article-title: Making social and environmental accounting research relevant in developing countries: a matter of context? publication-title: Social and Environmental Accountability Journal doi: 10.1080/0969160X.2018.1489296 – volume: 5 start-page: 51 issue: 1 year: 2015 ident: key2022050605463704200_ref033 article-title: Corporate social and environmental disclosure and corporate performance: evidence from South Africa and Morocco publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/JAEE-06-2012-0024 – volume: 36 start-page: 179 issue: 3 year: 2017 ident: key2022050605463704200_ref037 article-title: Do Chinese state subsidies affect voluntary corporate social responsibility disclosure? publication-title: Journal of Accounting and Public Policy doi: 10.1016/j.jaccpubpol.2017.03.004 – volume: 64 start-page: 66 issue: 2 year: 2000 ident: key2022050605463704200_ref034 article-title: No pain, no gain: a critical review of the literature on signaling unobservable product quality publication-title: Journal of Marketing doi: 10.1509/jmkg.64.2.66.18000 – volume: 76 start-page: 243 issue: 3 year: 2007 ident: key2022050605463704200_ref024 article-title: A critical review of sustainable business indices and their impact publication-title: Journal of Business Ethics doi: 10.1007/s10551-007-9590-2 – volume: 58 start-page: 215 issue: 1 year: 2000 ident: key2022050605463704200_ref044 article-title: The information content of stock markets: why do emerging markets have synchronous stock price movements? publication-title: Journal of Financial Economics – volume: 17 start-page: 613 issue: 5 year: 2020 ident: key2022050605463704200_ref071 article-title: The social value generation perspective of corporate performance measurement publication-title: Social Responsibility Journal – volume: 94 start-page: 69 issue: 7 year: 2010 ident: key2022050605463704200_ref053 article-title: CSR rating agencies: what is their global impact? publication-title: Journal of Business Ethics – volume: 56 start-page: 37 issue: 1 year: 1988 ident: key2022050605463704200_ref068 article-title: Dividend innovations and stock price volatility publication-title: Journal of the Econometric Society doi: 10.2307/1911841 – volume: 10 start-page: 3578 issue: 10 year: 2018 ident: key2022050605463704200_ref019 article-title: Is the social responsibility information disclosed by the companies really valuable?—evidence from Chinese stock price synchronicity publication-title: Sustainability doi: 10.3390/su10103578 – volume: 26 start-page: 555 issue: 3 year: 1995 ident: key2022050605463704200_ref041 article-title: Factors influencing voluntary annual report disclosures by US, UK and continental European multinational corporations publication-title: Journal of International Business Studies doi: 10.1057/palgrave.jibs.8490186 – volume: 20 start-page: 92 issue: 1 year: 1995 ident: key2022050605463704200_ref016 article-title: A stakeholder framework for analyzing and evaluating corporate social performance publication-title: Academy of Management Review doi: 10.2307/258888 – volume: 8 start-page: 442 issue: 4 year: 2018 ident: key2022050605463704200_ref001 article-title: The impact of social, environmental and corporate governance disclosures on firm value publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/JAEE-08-2017-0079 – volume: 24 start-page: 283 issue: 3 year: 2007 ident: key2022050605463704200_ref047 article-title: The influence of firm, industry and network on the corporate social performance of Japanese firms publication-title: Asia Pacific Journal of Management doi: 10.1007/s10490-007-9043-6 – volume: 66 year: 2020 ident: key2022050605463704200_ref060 article-title: How to design corporate governance structures to enhance corporate social responsibility in China's mining state-owned enterprises? publication-title: Resources Policy doi: 10.1016/j.resourpol.2020.101619 – volume: 10 start-page: 2611 issue: 8 year: 2018 ident: key2022050605463704200_ref005 article-title: A cross-country investigation of corporate governance and corporate sustainability disclosure: a signaling theory perspective publication-title: Sustainability doi: 10.3390/su10082611 – volume: 24 start-page: 33 year: 2015 ident: key2022050605463704200_ref008 article-title: Closing the theory gap: how the economic theory of property rights can help bring stakeholders back into theories of the firm publication-title: Journal of Management and Governance – volume: 9 start-page: 268 issue: 2 year: 2019 ident: key2022050605463704200_ref003 article-title: Environmental reporting practices and performance of timber firms in Ghana: perceptions of practitioners publication-title: Journal of Accounting in Emerging Economies doi: 10.1108/JAEE-12-2017-0127 – volume: 14 start-page: 1189 issue: 5 year: 2010 ident: key2022050605463704200_ref020 article-title: Transparency, price informativeness, and stock return synchronicity: theory and evidence publication-title: Journal of Financial and Quantitative Analysis – volume: 14 start-page: 57 issue: 1 year: 2005 ident: key2022050605463704200_ref040 article-title: A names-and-faces approach to stakeholder management: how focusing on stakeholders as individuals can bring ethics and entrepreneurial strategy together publication-title: Journal of Management Inquiry doi: 10.1177/1056492604270799 – volume: 133 start-page: 850 year: 2016 ident: key2022050605463704200_ref031 article-title: Key activity areas of corporate social responsibility (CSR) in the construction industry: a study of China publication-title: Journal of Cleaner Production – volume: 43 start-page: 6 issue: 1 year: 2004 ident: key2022050605463704200_ref055 article-title: A model of the global and institutional antecedents of high-level corporate environmental performance publication-title: Business and Society doi: 10.1177/0007650304262962 – volume: 22 start-page: 2275 issue: 6 year: 2009 ident: key2022050605463704200_ref009 article-title: How noise trading affects markets: an experimental analysis publication-title: The Review of Financial Studies doi: 10.1093/rfs/hhn102 – volume: 20 start-page: 65 issue: 1 year: 1995 ident: key2022050605463704200_ref022 article-title: The stakeholder theory of the corporation: concepts, evidence, and implications publication-title: Academy of Management Review doi: 10.2307/258887 – volume: 34 start-page: 304 issue: 2 year: 2010 ident: key2022050605463704200_ref065 article-title: Informed arbitrage with speculative noise trading publication-title: Journal of Banking and Finance doi: 10.1016/j.jbankfin.2009.07.019 – volume: 62 start-page: 951 issue: 2 year: 2007 ident: key2022050605463704200_ref023 article-title: Corporate governance, idiosyncratic risk, and information flow publication-title: The Journal of Finance doi: 10.1111/j.1540-6261.2007.01228.x – year: 2020 ident: key2022050605463704200_ref039 article-title: Mixed-ownership reform and private firms' corporate social responsibility practices: evidence from China publication-title: Business and Society doi: 10.1177/0007650320958762 – volume: 94 start-page: 371 issue: 3 year: 2010 ident: key2022050605463704200_ref030 article-title: Corporate social responsibility in Western Europe: an institutional mirror or substitute? publication-title: Journal of Business Ethics doi: 10.1007/s10551-009-0269-8 – volume: 24 start-page: 273 issue: 4 year: 2017 ident: key2022050605463704200_ref004 article-title: Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: a literature review publication-title: Corporate Social Responsibility and Environmental Management doi: 10.1002/csr.1410 – volume: 65 start-page: 169 issue: 1 year: 2018 ident: key2022050605463704200_ref015 article-title: The effect of mandatory CSR disclosure on firm profitability and social externalities: evidence from China publication-title: Journal of Accounting and Economics doi: 10.1016/j.jacceco.2017.11.009 – volume: 61 start-page: 387 issue: 4 year: 2005 ident: key2022050605463704200_ref048 article-title: CSR business as usual? The case of the tobacco industry publication-title: Journal of Business Ethics doi: 10.1007/s10551-005-7444-3 – volume: 19 start-page: 143 issue: 1 year: 2008 ident: key2022050605463704200_ref066 article-title: Too little or too much? Untangling the relationship between corporate philanthropy and firm financial performance publication-title: Organization Science doi: 10.1287/orsc.1070.0271 – volume: 46 start-page: 591 issue: 3 year: 2008 ident: key2022050605463704200_ref028 article-title: Managerial empire building and firm disclosure publication-title: Journal of Accounting Research doi: 10.1111/j.1475-679X.2008.00289.x – volume: 40 start-page: 27 year: 2018 ident: key2022050605463704200_ref032 article-title: Corporate social responsibility and CEO compensation structure publication-title: Advances in Accounting doi: 10.1016/j.adiac.2017.11.002 – volume: 68 start-page: 2232 issue: 11 year: 2015 ident: key2022050605463704200_ref067 article-title: The effects of corporate social responsibility on brand equity and firm performance publication-title: Journal of Business Research doi: 10.1016/j.jbusres.2015.06.003 – volume-title: Corporate Social Responsibility in Emerging Economies: Reality and Illusion year: 2018 ident: key2022050605463704200_ref064 – volume: 59 start-page: 1045 issue: 5 year: 2013 ident: key2022050605463704200_ref054 article-title: The impact of corporate social responsibility on firm value: the role of customer awareness publication-title: Management Science doi: 10.1287/mnsc.1120.1630 – volume: 11 start-page: 361 issue: 4 year: 2011 ident: key2022050605463704200_ref013 article-title: Corporate social responsibility and corporate financial performance in China: an empirical research from Chinese firms: corporate Governance publication-title: The International Journal of Business in Society – volume: 23 start-page: 265 issue: 3 year: 1998 ident: key2022050605463704200_ref045 article-title: Managing public impressions: environmental disclosures in annual reports publication-title: Accounting, Organizations and Society doi: 10.1016/S0361-3682(97)00008-1 – volume: 53 start-page: 87 issue: 2 year: 2011 ident: key2022050605463704200_ref051 article-title: ‘First they ignore you…’: the time-context dynamic and corporate responsibility publication-title: California Management Review doi: 10.1525/cmr.2011.53.2.87 |
SSID | ssj0001073148 |
Score | 2.2408388 |
Snippet | PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret... Purpose>This study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret... |
SourceID | proquest crossref emerald |
SourceType | Aggregation Database Publisher |
StartPage | 566 |
SubjectTerms | Annual reports Asymmetry Disclosure Earnings per share Emerging markets Hypotheses Investments Investors Noise Social responsibility Stock exchanges Stock prices Sustainability Sustainability management Sustainable development Value creation |
SummonAdditionalLinks | – databaseName: ProQuest Central dbid: BENPR link: http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV1NSwMxEA3agngRP7FaJQcviou7SZpuvEiVllKwiFjoLeQTiritbT34781ss1RFvOxldy-TZObN5M0bhC6EaYc4xkgiTMoS5gOGU0r7xHGvnDA0VWV_xeOQ90dsMG6NY8FtEWmVlU8sHbWdGqiR3xDeEnmInoTczd4TmBoFt6txhMYmqpOM5nkN1e-7w6fndZUl7OCsHKFFoA8ly3gerzZh_M2g0-0C7YcATwG0zn8Ep18dumsvXYae3i7aiZgRd1aLvIc2XLGPtirK-gGylRyxw6Dd7XCFBK9xgHbmFc9AOQgvPguzksINyBurwmI_mb_FXyYFLkdp3-LJN445DpAW67LJ5RCNet2Xh34SpyckhnCxTLhy0GmqHVM8p5RxbrRVjnKRGWNFyJyU5i0iTGZd2xPhCCfWMc0VDUmaJfQI1Ypp4Y4RFrlLeeo4EZlgPtOaWm2pbYeH8NanDXRVmU3OViIZskwu0lyCjWXKJdhYgo0b6DIa9s9vf6xHAzUr08t4thZyvRNO_n99irYJNCsAPVE0UW05_3BnAUIs9XncJ1_uXMKM priority: 102 providerName: ProQuest |
Title | Corporate value creation, stock price synchronicity and firm value in China: implications for beyond |
URI | https://www.emerald.com/insight/content/doi/10.1108/JAEE-06-2021-0212/full/html https://www.proquest.com/docview/2659843922 |
Volume | 12 |
hasFullText | 1 |
inHoldings | 1 |
isFullTextHit | |
isPrint | |
link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwrV3LSsNAFL2oBXHjW6wvZuFGMTaZTKcZd1WqpWAVUVA3w7yCoTaWNi70653Jw6q4EdxklQzMzc3MuZNzzgXYZ6pl9zGCPaZ84pHYYjghZOwZGgvDVOiLXF9x2afdO9K7b97PwFWlhclplcVxTL5OJ-nEFakNR9y2q_Cn4YDrXtNrdzqOtYMdzcBZlTfckXXjKRs-z0LNYm3fpnnt8eGxfTE9drEpHeQ9tbATpgQBjcp_nb-O-G23-iHZnS7b-V50vgSjahYFBWVw_JrJY_X-w-DxH6e5DIslbkXtItFWYMakqzBf0ebXQFeWyAY5_3CDKjR6hCy8VAM0cu5FaPKWqsKO16J_JFKN4mQ8LB9JUpS38z5ByReeO7KwGslcaLMOd-ed27OuV3Zw8BSmLPOoME7tKg0RNApDQqmSWpiQskApzWz1JiRtYqYCbVoxZgZTrA2RVIS2UNQ43IC59CU1m4BYZHzqG4pZwEgcSBlqqUPdshcW69ivw2H1pvioMOrgeYHjR9xFkPuUuwhyF8E6HJTR__Xeb9Guw071tnn5fU84pk0WWSyH8dYfhtqGBezUE44vyXZgLhu_ml2LaTK5B7XTTv_6Zq_M1w-ax_Ag |
link.rule.ids | 314,780,784,21388,21709,27924,27925,33744,43805,53264,74302 |
linkProvider | Emerald |
linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV1NS8NAEB20BfUifmK16h68KAaTTbLNehGVlFq1iCh4W_YrUMRYbT34791JN1RFvOSS5DK7O_Nmdt4bgAOuOy6OJTTgOkyCpHAYTkpVBJYV0nIdh7LiV9wOWO8x6T-lT77gNvZtlbVPrBy1edVYIz-hLOWZi56Uno3eApwahberfoTGPDRROT1tQPMiH9zdz6osbgdH1QgtijyUKGKZv9rE8Tf98zzHth-KfQqodf4jOP1i6M68dBV6uiuw7DEjOZ8u8irM2XINFuqW9XUwtRyxJajdbUmNBI-Jg3b6mYxQOYiMP0s9lcJ1yJvI0pBi-P7ifxmWpBqlfUqG33rMiYO0RFUklw147OYPl73AT08INGV8EjBpkWmqbCJZFscJY1oZaWPGI60Nd5mTVCylXEfGdgrKLWXU2EQxGbskzdB4Exrla2m3gPDMhiy0jPKIJ0WkVGyUiU3HPXhhirAFR7XZxGgqkiGq5CLMBNpYhEygjQXauAWH3rB_fvtjPVrQrk0v_Nkai9lO2P7_9T4s9h5ub8TN1eB6B5YoEhewVZG3oTF5_7C7Dk5M1J7fM18oMsV0 |
linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV1NTwIxEJ0oJMSL8TOiqD140bhxt7uUrReDCkFUQowk3Jp-JsS4IODBf2-7dIMY42Uvu3uZTmfetG_eAJxR2bB5LMEBlWESJMZiOM6FCTQxXFMZhzzvr3jukc4g6Q7rQ89_mnlaZRET80CtxtKdkV9hUqepzZ4YXxlPi-jft28mH4GbIOVuWv04jXUo26wY4hKUb1u9_svyxMV6c5SP08KuJyWKSOqvOd0onG6z1XIUIOw4C073fCVR_erWXUbsPA21t2DT40fUXCz4NqzpbAcqBX19F1QhTayR0_HWqECFl8jCPPmGJk5FCM2-MrmQxbUoHPFMITOavvtfRhnKx2pfo9EPvjmy8BaJvOFlDwbt1utdJ_CTFAKJCZ0HhGvXdSp0wkkaxwkhUiiuY0IjKRW1VRQXpI6pjJRuGEw1JljpRBAe24JN4XgfStk40weAaKpDEmqCaUQTEwkRK6Fi1bAPapQJq3BRmI1NFoIZLC80wpQ5G7OQMGdj5mxchXNv2D-_XVmPKtQK0zO_z2Zs6RWH_78-hYp1F_b00Hs8gg3sehgca5HWoDSffupjiyzm4sS7zDdhpMmh |
openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Corporate+value+creation%2C+stock+price+synchronicity+and+firm+value+in+China%3A+implications+for+beyond&rft.jtitle=Journal+of+accounting+in+emerging+economies&rft.au=Zhang%2C+Ruopiao&rft.au=Chu%2C+Teresa&rft.au=Noronha%2C+Carlos&rft.au=Guan%2C+Jieqi&rft.date=2022-05-09&rft.pub=Emerald+Publishing+Limited&rft.issn=2042-1168&rft.eissn=2042-1176&rft.volume=12&rft.issue=3&rft.spage=566&rft.epage=588&rft_id=info:doi/10.1108%2FJAEE-06-2021-0212&rft.externalDocID=10.1108%2FJAEE-06-2021-0212 |
thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=2042-1168&client=summon |
thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=2042-1168&client=summon |
thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=2042-1168&client=summon |