期刊：
China Journal of Accounting Studies,2023年11(3):465-492 ISSN：2169-7213
作者机构：
[Yunjing Liu; Min Zhang] School of Business, Renmin University of China, Beijing, China;[Bin Wu] School of Economics and Business Administration, Central China Normal University, Wuhan, China
摘要：
Combining the company’s risk of financial fraud predicted by the machine learning method and unique Chinese data of board voting, this study investigates whether independent directors can identify the company’s risk of financial fraud. We find that independent directors are more likely to express dissenting opinions on board’s financial-related proposals when the company has a higher risk of financial fraud; this impact is more pronounced when independent directors have more financial backgrounds or higher reputations. Further study shows that companies with independent directors’ dissension have a lower risk of financial fraud in the future after controlling the risk of financial fraud in the current year. Our findings indicate that independent directors can identify the company’s risk of financial fraud and play as a supervisor, thereby reducing the probability of the company’s future financial fraud. Our findings provide direct empirical evidence for the effectiveness of the independent director system and enhance our understanding of independent directors’ actual voting behaviour.
作者机构：
[Cui, Chunying] Yiwu Ind & Commercial Coll, Sch Econ & Management, Yiwu 322000, Peoples R China.;[Cui, Chunying] Cent China Normal Univ, Sch Econ & Business Management, Wuhan 430079, Peoples R China.;[Yan, Ziwei] Wenhua Coll, Dept Econ & Management, Wuhan 430073, Peoples R China.
关键词：
digital economy;domestic non-tradable sectors;regional economic growth
摘要：
The impact of the digital economy (DE) has become the important faction of the market volume of domestic non-tradable sectors (DNSs). As rising digitalization supersedes traditional market power as a driving force, there is increasing concern about the volume of trade and economy; however, the literature of how the DE procession changed the DNS's are limited, although the Chinese government is eager to enlarge the scale of the domestic market to be consistent with the trend of digitalization. This paper addressed this issue by employing a series of data from prefecture-level cities between 2010 and 2019 in China. Using panel data methods under fixed effect, synthetic difference-in-differences (SDID), and temporal-spatial econometrics, the paper's hypothesis sheds light on the positive impact of the DE on DNSs. The regression results showed a 14.84% of improvement for the effects of DE development on DNS growth. The policy impact effect increased the average treatment effect by 3.9% average treatment effect, accompanied by temporal and spatial correlations. Further analysis illustrated that a possible intermediary mechanism through which the DE promotes the development of DNSs is the enhancement of the local product market development. It was concluded that policy-makers of developing countries should be devoted to breaking down domestic trade barriers among different regions to enhance the benefits of digitalization.
作者机构：
[Lu, Junli; Li, Yanyan; Yu, Xing; Shen, Xilin] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
通讯机构：
[Xing Yu] S;School of Economics and Business Administration, Central China Normal University, Wuhan, 430079, China
关键词：
Futures hedging;Market state dependent;Model driven strategy;Synchronous movement intensity
摘要：
Risk and return are two fundamentals that have an impact on an investor???s or hedger???s investing choices. Based on the proposed synchronous movement intensity index, this paper aims to improve the hedging performance by adjusting the model-driven hedge ratio and realize the trade-off between return and risk in futures hedging. First, without loss of generality, we forecast crude oil spot and futures volatility using 10 GARCH-type models, including three linear models and seven nonlinear models, to obtain the ex-ante hedging ratio under the minimum variance framework. Then, we develop a novel and tractable method to identify the market state based on the index of consistency intensity, in which the index portrays the synchronous degree of stock price movements in the energy sector. Last but not least, we propose the hedge ratio adjustment criteria based on the identified state, and adjust the ratio driven by GARCH-type models of futures in accordance with the market state. Empirical results of crude oil futures markets indicate that the proposed state-dependent hedging model is superior to the commonly used models in terms of three criteria including mean of returns, variance, and ratio of mean to variance of returns for measuring hedging effect. We apply the DM test to make a statistical inference and discover that while the mean and the ratio of mean to variance of returns are increasing, the variance and hedging effectiveness of the hedged portfolio based on the modified methods are not significantly affected. Furthermore, the superiority of the proposed method is robust to different market conditions, including significant rising or falling trends, large basis, and COVID-19 pandemic. We also test the robustness of the proposed method with respect to the baseline model, quantile, and evaluation window. Overall, this paper provides a more realistic approach for crude oil risk managers to hedge crude oil price risk, some corresponding implications are also concluded.
作者机构：
[Liu, Botao; Tu, Zhengge; Cao, Yu] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
通讯机构：
[Botao Liu] S;School of Economics and Business Administration, Central China Normal University, Wuhan 430079, China<&wdkj&>Author to whom correspondence should be addressed.
摘要：
In the context of building a “Beautiful China”, it is imperative to strengthen environmental regulations to restrict industrial pollution emissions. However, there are significant differences of regulations intensity among different regions, which will lead to an increase in the cost of compliance with regulations for polluting industries, so these industries tend to transfer from areas with strong environmental regulations to areas with weak environmental regulations. Based on the panel data of 282 prefecture-level cities and national patent data from 1994 to 2010, this paper constructs a difference in difference model (DID) to empirically study the impact of environmental regulations on regional industrial transfer and its mechanism. We find that, firstly, the “Two-Control Zones” policy has significantly promoted regional industrial transfer, and its effect has gradually increased in the long run. Then, the promotion effect of the “Two-Control Zones” policy on regional industrial transfer is heterogeneous among different regions due to the regional market environment and resource endowment; that is, the promotion effect is the greatest in Central China, then in Eastern China, and finally in Western China. At the same time, the frequency of industrial transfer in areas with high resource dependence is significantly lower than that in areas with low resource dependence. Finally, mechanism studies find that environmental regulation enhances inter-regional industrial liquidity and promotes regional technological innovation, and the role of environmental regulation on technological innovation is more obvious in regions with weak industrial liquidity. This proves that the “Pollution Heaven Hypothesis” and the “Porter Hypothesis” can be established at the same time in the Chinese context, which provides more reliable empirical evidence for the government to formulate environmental regulations, restrict pollution emissions, and balance environmental governance and sustainable economic development.
期刊：
Expert Systems with Applications,2023年219:119652 ISSN：0957-4174
通讯作者：
Wen-Ze Wu
作者机构：
[Xie, Wanli] School of Communication, Qufu Normal University, Rizhao, 276826, China;[Liu, Chong] College of Sciences, Northeastern University, Shenyang, 110819, China;[Wu, Wen-Ze] School of Economics and Business Administration, Central China Normal University, Wuhan, 430079, China
通讯机构：
[Wen-Ze Wu] S;School of Economics and Business Administration, Central China Normal University, Wuhan, 430079, China
关键词：
Enrollments;Fractional derivative;Fractional-order accumulation;Grey system model
摘要：
With the rapid development of the economy, individuals are gradually raising awareness of the impacts of their daily behaviors on the environment. This paper uses household survey data from China Family Panel Studies to investigate the influence of trade liberalization on Chinese residents’ pro-environmental behaviors. The results first reveal that trade liberalization has a significant positive impact on residents’ pro-environmental behaviors, implying that trade liberalization is conducive to promoting residents’ daily behaviors in a less environmentally harmful manner. Second, the impacts of trade liberalization on residents’ pro-environmental behaviors are heterogeneous depending on regions, household sizes, and household incomes per capita. Third, trade liberalization helps residents form environmentally friendly living habits by the mechanisms of improving income, promoting urbanization, and increasing the government’ss investment in waste disposal. Our study provides insights into regulating residents’ pro-environmental behaviors and improving environmental quality in emerging economies.
作者机构：
[Xiang, Jingjie] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China.;[Guo, Gangzheng] China Construct Bank, Beijing, Peoples R China.;[Li, Jiaolong] Zhongnan Univ Econ & Law, Sch Stat & Math, Wuhan, Peoples R China.
通讯机构：
[Jiaolong Li] S;School of Statistics and Mathematics, Zhongnan University of Economics and Law, Wuhan, China
作者机构：
[Wang, Yang] Wuhan Univ, Econ & Management Sch, 299 Bayi Rd, Wuhan 430072, Peoples R China.;[Tian, Chenling] Cent China Normal Univ, Sch Econ & Business Adm, 382 Xiongchu Rd, Wuhan 430079, Peoples R China.;[Jiang, Xia] Nanjing Univ, Business Sch, 22 Hankou Rd, Nanjing 210093, Peoples R China.;[Tong, Yang; Tong, Y] Zhejiang Normal Univ, Coll Econ & Management, China Afr Int Business Sch, 688 Yingbin Rd, Jinhua 321004, Peoples R China.
通讯机构：
[Jiang, X ] N;[Tong, Y ] Z;Nanjing Univ, Business Sch, 22 Hankou Rd, Nanjing 210093, Peoples R China.;Zhejiang Normal Univ, Coll Econ & Management, China Afr Int Business Sch, 688 Yingbin Rd, Jinhua 321004, Peoples R China.
关键词：
executive green leadership;scale development;green manager;green person
摘要：
Drawing on the existing research on green leadership, this paper first examines the concept and structure of executive green leadership and develops a preliminary scale to measure executive green leadership. The confirmatory factor analysis is adopted to verify and revise the scale. The results show that green leadership and green person are the two main structures of executive green leadership, and the scale developed in this paper is of good reliability and validity. After data analysis, this paper then explores the antecedents of executive green leadership. The results show that factors such as corporate executives’ internal moral identity, conscientiousness, pro-environmental intention, command-based environmental regulation, market-based environmental regulation, and corporate green image have a significant positive correlation with executive green leadership, while their short-term orientation has a significant negative correlation with the green leadership. This paper defines the concept and structure of executive green leadership and develops the corresponding scale for measuring it, to improve scholars’ and managers’ understanding of executive green leadership.
作者机构：
[Zhao, Keyun; Xie, Wanli; Xu, Zhenguo] Qufu Normal Univ, Sch Commun, Rizhao 276826, Peoples R China.;[Wu, Wen-Ze; Wu, WZ] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Xu, Zhenguo] Jiangsu Normal Univ, Coll Intelligent Educ, Xuzhou 221008, Peoples R China.
通讯机构：
[Wu, WZ ] C;Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
关键词：
Grey system model;Fractional -order accumulation;Grey neural network;Predictive model
摘要：
Recently, grey system, neural network, and fractional order calculus theory have become popular research areas, and an increasing number of scholars have joined these studies, conducted illuminating research, and produced a number of significant results. Numerous research studies have demonstrated that these three strategies are crucial to solving a wide range of practical problems. In this paper, we present a fractional order neural grey system model with a three-layer structure in which the input of the network is a fractional order cumulative sequence, and the output is a predicted value in order to maximize the bene-fits of each of the three elements. The purpose of this research is to present a strategy for reducing the number of conditions in order to improve the stability of parameter estima-tion by using QR decomposition. The order of the models is determined by an intelligent optimization algorithm. Finally, real-world examples are used to validate the model's va-lidity, and experimental results indicate that the newly presented model is more accurate than previous models. (c) 2023 Elsevier Inc. All rights reserved.
期刊：
INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING,2023年 ISSN：0219-6220
通讯作者：
Yu, X
作者机构：
[Liu, Chenya; Yu, Xing] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Zhang, Weiguo] Shenzhen Univ, Sch Management, Shenzhen 518060, Peoples R China.
通讯机构：
[Yu, X ] C;Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
关键词：
Salmon price risk hedging;fuzzy copula model;Kullback-Leibler divergence;mixture Gaussian model
摘要：
Copula method can explain the dependent function or connection function which connects the joint distribution and the univariate marginal distribution. Therefore, copula has recently become a most significant important tool in the financial field of risk management, portfolio allocation, and derivative asset pricing. However, it leads to a possibilistic uncertainty in estimating the parameters of copulas because of insufficient historical data, imprecise parameter estimation, and uncertain knowledge of future prices. This paper proposes a fuzzy copula model via Kullback-Leibler (KL) divergence to model the fuzzy relations, and further to investigate the hedging issues of salmon futures. We use a new framework of hedging under fuzzy circumstances, consisting of innovative marginal distributions and fuzzy intervals. By synergizing fuzzy copula and simulations, we use the fuzzy copula-GMM to obtain the hedge ratios of salmon futures. The empirical results show that, compared with traditional probabilistic methods, the fuzzy copula-GMM hedges the salmon spot risk measured by variance more successfully.
