Talk less and do more: Expected strategic adjustments vs. actual changes in the Chinese firms
Tài liệu tham khảo
Abiodun, 2011, Strategic orientations and technology policy: an empirical test of relationship in developing countries, Manage. Sci. Lett., 1, 215
Agapova, 2019, Guidance on strategic information: investor-management disagreement and firm intrinsic value, J. Bank. Financ., 108, 10.1016/j.jbankfin.2019.105632
Allen, 2005, Law, finance, and economic growth in China, J. Financ. Econ., 77, 57, 10.1016/j.jfineco.2004.06.010
Al-Najjar, 2014, The association between disclosure of forward-looking information and corporate governance mechanisms: evidence from the UK before the financial crisis period, Manag. Audit. J., 29, 578, 10.1108/MAJ-01-2014-0986
Amighini, 2013, Do Chinese state-owned and private enterprises differ in their internationalization strategies?, China Econ. Rev., 27, 312, 10.1016/j.chieco.2013.02.003
Baker, 2016, Measuring economic policy uncertainty, Q. J. Econ., 131, 1593, 10.1093/qje/qjw024
Balakrishnan, 2014, Shaping liquidity: on the causal effects of voluntary disclosure, J. Financ., 69, 2237, 10.1111/jofi.12180
Baumgartner, 2020, How corporate reputation disclosures affect stakeholders’ behavioral intentions: mediating mechanisms of perceived organizational performance and corporate reputation, J. Bus. Ethics, 1
Bentley, 2013, Business strategy, financial reporting irregularities, and audit effort, Contemp. Account. Res., 30, 780, 10.1111/j.1911-3846.2012.01174.x
Beyer, 2010, The financial reporting environment: review of the recent literature, J. Account. Econ., 50, 296, 10.1016/j.jacceco.2010.10.003
Boubaker, 2019, Annual report readability and stock liquidity, Financ. Mark. Inst. Instrum., 28, 159, 10.1111/fmii.12110
Bourgeois, 1981, On the measurement of organizational slack, Acad. Manag. Rev., 6, 29, 10.2307/257138
Bradley, 2016, Policy risk, corporate political strategies, and the cost of debt, J. Corp. Finan., 40, 254, 10.1016/j.jcorpfin.2016.08.001
Brown, 2011, Large-sample evidence on firms’ year-over-year MD&A modifications, J. Account. Res., 49, 309, 10.1111/j.1475-679X.2010.00396.x
Campbell, 2014, The information content of mandatory risk factor disclosures in corporate filings, Rev. Acc. Stud., 19, 396, 10.1007/s11142-013-9258-3
Clance, 2021, The relationship between economic policy uncertainty and corporate tax rates, Ann. Finan. Econ., 16, 2150002, 10.1142/S2010495221500020
Cui, 2011, Strategic change and termination of interfirm partnerships: strategic change and partnership termination, Strategic Manage. J., 32, 402, 10.1002/smj.881
Darrough, 1990, Financial disclosure policy in an entry game, J. Account. Econ., 12, 219, 10.1016/0165-4101(90)90048-9
Datta, 2003, New CEO openness to change and strategic persistence: the moderating role of industry characteristics, British J. Manage., 14, 101, 10.1111/1467-8551.00268
DeFond, 2007, Investor protection and the information content of annual earnings announcements: international evidence, J. Account. Econ., 43, 37, 10.1016/j.jacceco.2006.09.001
Desai, 2016, The behavioral theory of the (governed) firm: corporate board influences on organizations’ responses to performance shortfalls, Acad. Manag. J., 59, 860, 10.5465/amj.2013.0948
Dong, 2020, Ownership structure and real earnings management: evidence from China, J. Account. Public Policy, 39, 10.1016/j.jaccpubpol.2020.106733
Dong, 2022, Investor attention factors and stock returns: evidence from China, J. Int. Financ. Mark. Inst. Money, 77, 10.1016/j.intfin.2021.101499
Dong, 2022, Investor attention factors and stock returns: evidence from China, J. Int. Financ. Mark. Inst. Money, 77, 10.1016/j.intfin.2021.101499
Easton, 2004, PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital, Account. Rev., 79, 73, 10.2308/accr.2004.79.1.73
Espahbodi, 2019, Sustainability priorities, corporate strategy, and investor behavior, Rev. Financ. Econ., 37, 149, 10.1002/rfe.1052
Fan, 2016
Fang, 2020, Listed zombie firms and top executive gender: evidence from an emerging market, Pac. Basin Financ. J., 62, 1, 10.1016/j.pacfin.2020.101357
Fang, 2021, Globalisation, economic uncertainty and labour market regulations: implications for the COVID-19 crisis, World Econ., 00, 1
Fang, 2021, Does globalisation alleviate polarisation?, World Econ., 44, 1031, 10.1111/twec.13048
Fang, 2022, Does policy uncertainty affect economic globalization? An empirical investigation, Appl. Econ., 54, 2510, 10.1080/00036846.2021.1998324
Feltham, 1992, Voluntary financial disclosure in an entry game with continua of types, Contemp. Account. Res., 9, 46, 10.1111/j.1911-3846.1992.tb00869.x
Ferreira, 2007, Corporate strategy and information disclosure, RAND J. Econ., 38, 164, 10.1111/j.1756-2171.2007.tb00050.x
Finkelstein, 1990, Top-management-team tenure and organizational outcomes: the moderating role of managerial discretion, Adm. Sci. Q., 484, 10.2307/2393314
Flammer, 2021, Strategic management during the financial crisis: how firms adjust their strategic investments in response to credit market disruptions, Strateg. Manag. J., 42, 1275, 10.1002/smj.3265
Foroghi, 2012, The relationship between firm value and rate of information disclosure, Finan. Account. Audit. Res., 4, 117
Gruber, 2010, Exploring the origins of organizational paths: empirical evidence from newly founded firms, J. Manag., 36, 1143
Gupta, 2018, Follow the leader (or not): the influence of peer CEOs’ characteristics on interorganizational imitation, Strateg. Manag. J., 39, 1437, 10.1002/smj.2765
Haans, 2019, What’s the value of being different when everyone is? The effects of distinctiveness on performance in homogeneous versus heterogeneous categories, Strateg. Manag. J., 40, 3, 10.1002/smj.2978
Hambrick, 1987, Managerial discretion: a bridge between polar views of organizational outcomes, Res. Organ. Behav., 9, 369
Handley, 2015, Trade and investment under policy uncertainty: theory and firm evidence, Am. Econ. J. Econ. Pol., 7, 189, 10.1257/pol.20140068
Haynes, 2010, The effect of board capital and CEO power on strategic change, Strategic Manage. J., 31, 1145, 10.1002/smj.859
Hope, 2016, The benefits of specific risk-factor disclosures, Rev. Acc. Stud., 21, 1005, 10.1007/s11142-016-9371-1
Huang, 2018, Government ownership and the capital structure of firms: analysis of an institutional context from China, China J. Account. Res., 11, 171, 10.1016/j.cjar.2018.07.001
Jacobson, 1994, Cost and benefits of business information disclosure, Account. Horiz., 8, 80
Jang, 2016, Halo, horn, or dark horse biases: corporate reputation and the earnings announcement puzzle, J. Empir. Financ., 38, 272, 10.1016/j.jempfin.2016.07.005
Jia, 2018, Corporate innovation strategy and stock price crash risk, J. Corp. Finan., 53, 155, 10.1016/j.jcorpfin.2018.10.006
Kent, 2003, Voluntary disclosure of forward-looking earnings information in Australia, Aust. J. Manag., 28, 273, 10.1177/031289620302800303
Kılıç, 2018, Determinants of forward-looking disclosures in integrated reporting, Manag. Audit. J., 33, 115, 10.1108/MAJ-12-2016-1498
Kravet, 2013, Textual risk disclosures and investors’ risk perceptions, Rev. Acc. Stud., 18, 1088, 10.1007/s11142-013-9228-9
Lee, 2017, Balancing similarity with difference: market identity and strategic deviation on firm performance, 1, 15392
Lekan, 2021, Corporate social responsibility, challenges, instigators and SWOT analysis of construction SMES towards strategic development of sustainable enterprises, Acad. Strateg. Manag. J., 20, 1
Li, 2008, Annual report readability, current earnings, and earnings persistence, J. Account. Econ., 45, 221, 10.1016/j.jacceco.2008.02.003
Lim, 2008, Policy burden, privatization and soft budget constraint, J. Comp. Econ., 36, 90, 10.1016/j.jce.2007.11.001
Lim, 2018, The influence of business strategy on annual report readability, J. Account. Public Policy, 37, 65, 10.1016/j.jaccpubpol.2018.01.003
Loughran, 2011, When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks, J. Financ., 66, 35, 10.1111/j.1540-6261.2010.01625.x
Martin, 2019, Examination and implications of experimental research on investor perceptions, J. Account. Lit., 43, 145, 10.1016/j.acclit.2019.11.001
Mousa, 2018, Determinants of forward-looking disclosure: evidence from Bahraini capital market, Afro-Asian J. Finan. Account., 8, 1, 10.1504/AAJFA.2018.089189
Muzumdar, 2013
Naiker, 2008, The agency cost effects of unionization on firm value, J. Manag. Account. Res., 20, 133, 10.2308/jmar.2008.20.1.133
Naranjo-Gil, 2008, Top management team heterogeneity, strategic change and operational performance, Br. J. Manag., 19, 222, 10.1111/j.1467-8551.2007.00545.x
Ndofor, 2015, Utilizing the firm’s resources: how TMT heterogeneity and resulting faultlines affect TMT tasks, Strateg. Manag. J., 36, 1656, 10.1002/smj.2304
Ohlson, 2005, Expected EPS and EPS growth as determinants of value, Rev. Acc. Stud., 10, 349, 10.1007/s11142-005-1535-3
Patel, 2018, Strength of the association between R&D volatility and firm growth: the roles of corporate governance and tangible asset volatility, J. Bus. Res., 88, 282, 10.1016/j.jbusres.2017.12.033
Pickton, 1998, What’s swot in strategic analysis?, Strateg. Chang., 7, 101, 10.1002/(SICI)1099-1697(199803/04)7:2<101::AID-JSC332>3.0.CO;2-6
Porta, 1998, Law and finance, J. Polit. Econ., 106, 1113, 10.1086/250042
Powell, 1995, Cultivating an institutional ecology of organizations: comment on Hannan, Carroll, Dundon, and Torres, Am. Sociol. Rev., 60, 529, 10.2307/2096292
Richardson, 2004, The walk-down to beatable analyst forecasts: the role of equity issuance and insider trading incentives, Contemp. Account. Res., 21, 885, 10.1506/KHNW-PJYL-ADUB-0RP6
Schnatterly, 2021, The effects of board expertise-risk misalignment and subsequent strategic board reconfiguration on firm performance, Strateg. Manag. J., 42, 2162, 10.1002/smj.3291
Shan, 2019, Do corporate governance and disclosure tone drive voluntary disclosure of related-party transactions in China?, J. Int. Account. Audit. Tax., 34, 30, 10.1016/j.intaccaudtax.2019.02.002
Soffer, 2000, Earnings preannouncement strategies, Rev. Acc. Stud., 5, 5, 10.1023/A:1009643517840
Song, 2021, Economic policy uncertainty, outward foreign direct investments, and green total factor productivity: evidence from firm-level data in China, Sustainability, 13, 2339, 10.3390/su13042339
Stocken, 2000, Credibility of voluntary disclosure, RAND J. Econ., 359, 10.2307/2601045
Thakor, 2015, Strategic information disclosure when there is fundamental disagreement, J. Financ. Intermed., 24, 131, 10.1016/j.jfi.2013.12.001
Tugrul, 2016, Importance of corporate governance for energy in sustainable development and evaluation with quantitative SWOT analysis, Acta Phys. Pol. A, 130, 10.12693/APhysPolA.130.87
Wagenhofer, 1990, Voluntary disclosure with a strategic opponen, J. Account. Econ., 12, 341, 10.1016/0165-4101(90)90020-5
Wang, 2013, Voluntary forward-looking statements driven by corporate governance and their value relevance, J. Account. Public Policy, 32, 26, 10.1016/j.jaccpubpol.2013.02.009
Wang, 2017, Identifying R&D partners through subject-action-object semantic analysis in a problem & solution pattern, Technol. Anal. Strategic Manage., 29, 1167, 10.1080/09537325.2016.1277202
Wang, 2020, How does bank ownership affect firm investment? Evidence from China, J. Bank. Financ., 113, 10.1016/j.jbankfin.2020.105741
Weng, 2017, Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance, N. Am. J. Econ. Financ., 39, 223, 10.1016/j.najef.2016.10.008
Weng, 2014, Beyond CEO tenure: the effect of CEO newness on strategic changes, J. Manag., 40, 2009
Wu, 2017, The signal effect of government R&D subsidies in China: does ownership matter?, Technol. Forecast. Soc. Chang., 117, 339, 10.1016/j.techfore.2016.08.033
Xue, 2021
Yan, 2019, Uncertainty and IPO initial returns: evidence from the tone analysis of China’s IPO prospectuses, Pac. Basin Financ. J., 57, 10.1016/j.pacfin.2018.10.004
Ye, 2021, Strategic deviation and stock return synchronicity, J. Account. Audit. Finan., 36, 172
Zamil, 2021, Drivers of corporate voluntary disclosure: a systematic review, J. Finan. Report. Account., ahead-of-print, 1
Zhang, 2006, The presence of a separate COO president and its impact on strategic change and CEO dismissal, Strateg. Manag. J., 27, 283, 10.1002/smj.517