This study examines whether top management team (TMT) networks act as an empowering force or as a wall in the corporate digital transformation (DT) process. Results show that TMT network centrality empowers DT by improving access to resources and reducing DT-related risks. This empowering effect is stronger for the DT strategy than for DT technology and DT achievements. Further analysis shows that when firms are led by manager with information technology educational backgrounds (IT manager), the empowering effect on the DT process is particularly strengthened. Conversely, managerial myopia triggers a wall effect of TMT networks on DT technology and DT achievements. This study provides valuable insights into prevalent DT challenges. It also guides firms on how to enhance the empowering effect and reduce the potential wall effect through effective management of interfirm TMT networks.

Since firms struggle to achieve green innovation by merely relying on internal resources, the director network has emerged as a critical channel through which to address this challenge. We explore how network features, specifically bonding and bridging ties, affect green innovation from a meso-level network community perspective. For Chinese Shanghai and Shenzhen A-share listed firms, we discover that bridging ties have a more positive effect on green innovation than do bonding ties. Mechanism tests show that this phenomenon is related to heterogeneous knowledge. Further analysis shows that firms with greater dynamic capability and a strong guanxi culture can better leverage bridging ties rather than bonding ties to enhance green innovation. We provide further empirical evidence on driving green innovation by clarifying the significantly different roles of bonding and bridging ties.

This study employs a quantile-based approach to investigate the interconnectedness among renewable energy tokens, fossil fuels, and conventional renewable energy markets. The objective is to explore the dependence nexus under various market conditions, including the COVID-19 pandemic, cryptocurrency bubble, and Russia-Ukraine conflict. Findings reveal (i) spillovers among renewable energy tokens, fossil fuels, and conventional renewable energy markets are time-varying, intensifying during turbulent periods; (ii) the renewable energy tokens are weakly connected with the energy markets at the mean and median quantiles; (iii) at extreme quantiles, conventional renewable energy markets dominate the fossil fuels and renewable energy token markets, with spillovers from the latter to the fossil fuels. This suggests fossil fuel markets gradually lose dominance as clean energy markets advance. This research discloses the real landscape of financial spillover effects of energy markets, providing valuable insights for investors and policymakers in managing risk exposure and avoiding unexpected losses.

This study examines the influence of managerial network communities (MNCs) on corporate collaborative innovation. Based on the sample of Chinese A-share listed firms, we demonstrate that embedding in dense MNCs benefits corporate collaborative innovation. This is associated with the information and knowledge exchange and trust establishment. Moreover, firms with managers occupying a position more at the core of MNCs benefit more than firms with peripheral members. In regions with high intellectual property rights protection, firms are more inclined to engage in collaborative innovation through MNCs. Mechanism tests show that cross-regional collaborative innovations benefit more from MNCs, and MNCs’ positive effect on collaborative innovation is more outspoken in regions characterized by low social trust. Our findings enrich the understanding of the managers’ social network from the meso-level network community perspective and provide managerial guidelines for more fully releasing MNCs’ positive role in facilitating corporate collaborative innovation.

Purpose As an important corporate governance mechanism, independent directors have the responsibility to promote a high standard of carbon information disclosure (CID) by firms. The purpose of this study is to investigate the effect of independent director network on CID. Design/methodology/approach The authors establish the independent director network of Chinese A-share listed firms and evaluate the extent of CID by using text analysis methods on corporate annual reports and corporate social responsibility reports. Findings The authors discover a positive effect of the independent director network on CID. Mechanism tests show that this effect is associated with the advisory and monitoring roles of independent directors. Further analysis shows that firms with higher adjacent companies’ CID and stricter government environmental regulation can better leverage independent director network to promote CID. Originality/value This study enhances the current research by offering empirical evidence regarding the determinants of CID and social network of independent directors. This study also provides novel insights into the advisory and monitoring roles of independent directors.

Utilizing cross-correlation-based Planar Maximally Filtered Graph, and conditional Value-at-Risk-based extreme risk spillover network approaches, we analyze the structure and dynamics of price contagion and risk transmission between different commodity groups in the global commodity futures market during the Global Financial Crisis (GFC) and different phases of the COVID-19 pandemic. As expected, owing to the fundamental differences between the two crises, we find very divergent commodity network structures and non-identical direction of risk transmission between commodities in these two crises. Gold and silver, however, continued to play their traditional role of risk transmitters in both crises – right at the beginning of the GFC but towards the latter part of the COVID19 crisis.

Climate change shocks pose a threat to the stability of the financial system. This study examines the influence of climate risks on systemic risk in the Chinese market by utilizing extreme risk spillover network. Moreover, we construct climate risk indices for physical risks (abnormal temperature), and transition risks (Climate Policy Uncertainty). We demonstrate a significant increase in systemic risk due to climate risks, which can be attributed, in part, to investor sentiment. Furthermore, institutional investors can mitigate the adverse impact of climate risks. Our findings suggest that policymakers and investors need to exercise greater vigilance in addressing climate-related adverse effects.

This study examines the role of high-order financial network structures in shaping financial market conditions and guiding portfolio optimization. Our analysis reveals that higher-order interactions among financial assets significantly influence the stability and dynamics of financial markets and serve as crucial indicators for market sentiments. Moreover, we apply information on higher-order network structures to guide portfolio optimization and investment strategies, demonstrating its ability to enhance both market timing and asset allocation. The findings emphasize the importance of incorporating high-order asset interactions into market surveillance when predicting market sentiments. By integrating high-order network information into investment practices, investors can effectively manage risk exposure and enhance overall portfolio performance.

PurposeThis paper examines the effect of managerial interlocking networks (MINs) on firm risk spillover by using a sample of Chinese A-share listed firms.Design/methodology/approachApplying the complex network approach, we build managerial interlocking networks (MINs) and leverage degree centrality to quantify a manager’s network position. To gauge firm risk spillover, we utilize the conditional autoregressive value at risk (CAViaR) model to compute the value-at-risk. Subsequently, we employ ordinary least squares to investigate the influence of MINs on firm risk spillover.FindingsOur research uncovers a direct correlation between a firm risk spillover and the status of network positions within managerial interlocking networks; namely, the more central the position, the greater the risk spillover. This increase is believed to be due to central firms in MINs having greater connectedness and influence. This fosters a similarity in decision-making across different firms through interfirm managerial communication, thus amplifying the risk spillover. Economic policy uncertainty (EPU) and Guanxi culture furtherly intensify the effects of MINs. Additional analysis reveals that the impact of MINs on the firm risk spillover is significantly noticeable in non-state-owned enterprises, while good corporate governance diminishes the risk spillover prompted by MINs.Originality/valueOur findings offer fresh insights into the interfirm risk outcome associated with MINs and extend practical guidelines for attenuating firm risk spillover with a view toward mitigating systemic risk.

This paper investigates whether there is ethical or opportunistic motivation behind academic top executives' (ATEs) engagement in corporate social responsibility (CSR) by exploring how ATEs relate to CSR practices and their consequences on corporate misbehavior and performance. We find that firms run by ATEs invest more in CSR. Moreover, CSR firms with ATEs are unlikely to be involved in corporate fraud and aggressive tax avoidance, especially when firms have low institutional ownership and fewer analysts and are located in low law enforcement and socially dishonest environments. We also document that the CSR performance brought by ATEs is positively associated with subsequent firm performance. Overall, our study suggests that academic experience has important implications for understanding executives' ethical leadership and driving firms' ethical CSR.

Based on the green credit policy (GCP) of 2012 in China, we examine how banker directors affect GCP’s motivating effect on corporate green innovation. We find that banker directors facilitate the motivating impact of GCP on corporate green innovation. The prompting effect of banker directors is mainly through improving the information asymmetry related to corporate green innovation and monitoring the green credit usage. Banker directors’ positive impact is primarily found in non-state-owned enterprises and firms located in regions with low guanxi culture, strong environmental regulation, and high intellectual property protection. Our research helps to identify the critical role of banker directors. The findings provide some insights for improving the GCP's positive effect on corporate green innovation by stimulating banker directors’ monitoring roles.

Based on the e-commerce sales data of A-share listed firms in China, we explore how e-commerce sales information affects analyst earnings forecasts. We find that firms' e-commerce sales information is related to firms' value, increases firms' information transparency, broadens analysts' information channels, and thus improves analyst forecast behavior. Further analysis shows that e-commerce sales information's positive effect is more significant in firms with high growth ability, low financial information transparency, and without management earnings forecasting. We also find that the positive effect is more salient in the bull market. The findings provide new insights for improving the analyst earnings forecast and offer evidence for the positive significance of e-commerce sales of alternative data for the capital market in the information era.

With the increasingly devastating impacts of climate change, wind energy demand has surged in recent decades, resulting in fierce competition and a complex trade structure in the wind turbine industry. Understanding the hidden risks for the global wind turbine trade network (GWTTN) is of great significance, but the topic has not yet been explored. This study fills this gap by employing complex network methodologies to investigate the GWTTN's structure and supply risks. Structure analyses featuring metrics including topology quantities, communities, and backbones reveal a core–periphery organization and an unbalanced concentration of exports and imports. The unparalleled influence of Europe, weakening of North America, dissolution of European clusters, and rise of Asia have been the main structural characteristics of the network in recent decades. A country disruption simulation, measured by the giant connected component, further manifests the robust yet fragile peculiarity of the GWTTN which implies the difficulty of risk control. Identified by the linear threshold model, the risk transmission path of supply cutoffs indicates the importance of complex trade links and mutual amplification effects in triggering large-scale contagion and market devastation. A redemption simulation strategy setting anti-risk capacity to vary across countries is also proposed to alleviate the aftermath of large-scale disruptions. The results show that enhancement of core countries and interception of key paths can demonstrably suppress supply risk. The policy suggestions based on these systematic investigations have enormous practical implications for the governance and development of the global sustainable energy industry.

本文基于移动支付在会计管理中的应用,分析了移动支付所引致的会计与审计变革,进一步讨论了移动支付的数据治理和安全性问题,结合移动支付对会计活动产生的适应性冲击,提出了推动移动支付发展与会计管理变革的对策.

Multiple large shareholders （MLS） are a general ownership phenomenon in the global capital market. In the traditional context of corporate governance, non-controlling large shareholders are the key guardians of the interests of small and medium shareholders. They can not only supervise the controlling shareholders, but also enhance the value of companies. However, in recent years, the events that MLS of family companies unite to infringe the interests of small and medium investors are increasing. Therefore, in the special case of the typical nepotism of MLS in family companies, it is worth further testing whether the supervision and balance function of large shareholders still exists. Audit pricing has always been the focus of the audit theory and practice. The principal-agent problem between internal large shareholders and external investors has a crucial impact on audit pricing. Audit pricing also provides a good external perspective for us to explore whether there is any collusion motivation between large shareholders of family companies or not. Under the special circumstances of typical nepotism among the major shareholders of family companies, this paper examines whether the supervision and balance function of MLS still exists from the perspective of audit pricing. Based on the data of Shanghai and Shenzhen A-share family listed companies from 2007 to 2017, we find that the existence of MLS stimulates a significant increase in audit fees. This phenomenon exists only when the controlling shareholders of family companies pledge their shares and the market is undeveloped. Moreover, the equity pledge will significantly enhance the promotion effect of MLS on audit fees in undeveloped areas. The channel effect test shows that MLS stimulates the stock price through earnings management, stock dividends and strategic stock change. These three ways can lead to the increase of audit risk and auditing institutions always choose to charge a premium to compensate the risk. This paper scrutinizes the possible collusion motivation of MLS in family companies from the perspective of audit pricing, which provides a new “puzzle” for the research of economic consequences of MLS. It also provides some empirical evidence for understanding auditors’ dereliction of duty regarding the encroachment on the interests of small and medium shareholders in the capital market. And through the research of whether MLS in family companies contribute to higher audit fees, this paper also provides a supplement for the risk compensation theory of the audit pricing theory. The policy suggestions of this paper are mainly reflected as follows: （1） As for the collusion among MLS in family companies, investors should strengthen the relevant protection consciousness. （2） In China’s capital market, there are so many accidents that large shareholders of family companies empty the wealth of small shareholders. The external independent auditor is indeed responsible for dereliction of duty. The research has certain enlightenment for the regulatory authorities to regulate the professional ethics of auditing institutions and protect the interests of external investors.

Using staggered deregulation of short sales constraints in the Chinese capital market, this study investigates how short selling threat related to corporate environmental disclosure strategies. Our study finds that pilot firms experience a larger increase in hard disclosures, and a larger decrease in soft disclosures after short selling deregulation. Specifically, the increase in hard disclosure is found primarily at good environmental performers, whereas the decrease in soft disclosure is primarily found at poor environmental performers. Further analysis shows that the increase in hard disclosure and the decrease in soft disclosure is significantly more pronounced at firms that are covered by small number of media and analysts, with low institutional ownership and stock liquidity. Overall, our findings suggest that firms might change the type of environmental disclosure to mitigate their exposures to short selling threat, and provide evidence of the disciplining effect of short sales on environmental disclosures. (c) 2021 Elsevier B.V. All rights reserved.

基于可持续发展理论,以经济效益、环境效益和社会效益为准则构建绿色建筑项目遴选阶段的评价指标体系,并采用层次分析法进行综合评价;运用作业成本法将绿色建筑项目作业成本划分为单位级、批次级、环境级、项目级和维持级作业五个层次并考虑资金的时间价值和投资风险,以准确地估算生命周期成本;以资源约束下的经济效益和环境负荷为双目标,运用0-1目标规划法构建绿色建筑项目组合选择模型,对模型求解来选择最优的绿色建筑项目组合,并通过引入万达绿色建筑项目的案例检验模型的可行性与有效性.

In this study, we propose a new multi-objective portfolio optimization with idiosyncratic and systemic risks for financial networks. The two risks are measured by the idiosyncratic variance and the network clustering coefficient derived from the asset correlation networks, respectively. We construct three types of financial networks in which nodes indicate assets and edges are based on three correlation measures. Starting from the multi-objective model, we formulate and solve the asset allocation problem. We find that the optimal portfolios obtained through the multi-objective with networked approach have a significant over-performance in terms of return measures in an out-of-sample framework. This is further supported by the less drawdown during the periods of the stock market fluctuating downward. According to analyzing different datasets, we also show that improvements made to portfolio strategies are robust.

Community detection methods can be used to explore the structure of complex systems. The well-known modular configurations in complex financial systems indicate the existence of community structures. Here we analyze the community properties of correlation-based networks in worldwide stock markets and use community information to construct portfolios. Portfolios constructed using community detection methods perform well. Our results can be used as new portfolio optimization and risk management tools.