Query：
学者姓名：徐泽林
Refining：
Year
Type
Indexed by
Source
Complex
Former Name
Co-
Language
Clean All
Abstract ：
This research examines the role of blockholders in shaping corporate social responsibility (CSR) practices within A-share listed companies in China over the period of 2006-2019. Our analysis reveals that non-financial blockholders significantly promote CSR initiatives, while the influence of financial blockholders appears negligible. The study also uncovers the pivotal role of stock liquidity as a moderator in the dynamic between blockholders and CSR, suggesting that the exit threat is provital mechanism through which non-financial blockholders exert their influence on CSR activities. These findings are robust, having addressed potential endogeneity issues through a series of rigorous methodologies including the examination of exogenous shocks, the application of the Propensity Score Matching-Difference in Differences (PSM-DID) model, deployment of multi-dimensional fixed effects models, and Change Regression analysis.
Keyword ：
Blockholder Blockholder Corporate social responsibility Corporate social responsibility Exit threats Exit threats
Cite：
Copy from the list or Export to your reference management。
| GB/T 7714 | Ren, Xingzi , Xu, Zelin , Lei, Chengyao . Institutional blockholder, exit threats, and firms CSR performance [J]. | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2025 , 98 . |
| MLA | Ren, Xingzi 等. "Institutional blockholder, exit threats, and firms CSR performance" . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 98 (2025) . |
| APA | Ren, Xingzi , Xu, Zelin , Lei, Chengyao . Institutional blockholder, exit threats, and firms CSR performance . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2025 , 98 . |
| Export to | NoteExpress RIS BibTex |
Version ：
Abstract ：
This article investigates whether the business relationships between brokerage firms and listed companies influence sell-side analysts' stock recommendation ratings. Using the recommendation data of A-share listed companies disclosed by China's domestic brokerage firms from 2004 to 2019, this article finds that sell-side analysts of brokerage firms that have securities underwriting relationships with listed companies are inclined to give those companies investment evaluations that are more-positive than evaluations from non-affiliated analysts. After a series of robustness tests and alleviating endogenous problems, such as the self-selection of underwriting relationships and of the sell-side analysts' coverage samples, the empirical result remains unchanged. Using an event study method to compare differences in the cumulative abnormal returns of stocks during the event window of the recommendation releases, the authors find that it is information advantage rather than collusion of interests that leads affiliated sell-side analysts to issue more aggressive investment recommendations. Further research shows that "client pressure" will enhance the investment rating enthusiasm of analysts of related brokerage firms, whereas "peer pressure" will not weaken the investment rating enthusiasm of them, thus verifying the robustness of causality. The findings in this article enlighten the regulatory authorities and the capital market about the characteristics of stock recommendations of related brokerage firms' analysts and the motives behind these recommendations, which is of great significance in protecting the interests of investors.
Cite：
Copy from the list or Export to your reference management。
| GB/T 7714 | Long, Xuewen , Xu, Zelin . Flattering or Really Understanding? Research on Stock Recommendations by Sell-Side Analysts in China [J]. | JOURNAL OF PORTFOLIO MANAGEMENT , 2023 , 49 (6) : 102-131 . |
| MLA | Long, Xuewen 等. "Flattering or Really Understanding? Research on Stock Recommendations by Sell-Side Analysts in China" . | JOURNAL OF PORTFOLIO MANAGEMENT 49 . 6 (2023) : 102-131 . |
| APA | Long, Xuewen , Xu, Zelin . Flattering or Really Understanding? Research on Stock Recommendations by Sell-Side Analysts in China . | JOURNAL OF PORTFOLIO MANAGEMENT , 2023 , 49 (6) , 102-131 . |
| Export to | NoteExpress RIS BibTex |
Version ：
Export
| Results： |
Selected to |
| Format： |
