ORCID Profile
0000-0001-5521-0185
Current Organisations
University of South Australia Business School
,
University of South Australia
Does something not look right? The information on this page has been harvested from data sources that may not be up to date. We continue to work with information providers to improve coverage and quality. To report an issue, use the Feedback Form.
Publisher: SAGE Publications
Date: 04-02-2023
DOI: 10.1177/03128962221075366
Abstract: We establish a link between supply chain finance (SCF) and the ersification of core firms through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly reduce ersification with a stronger impact on firms of lower supply chain concentration. Our exploration, from the perspectives of resource occupation, innovation incentive and market power improvement, suggests that SCF may allow the core firms to better focus on their major businesses. Further tests suggest that SCF may significantly reduce the ersification by private and non-manufacturing firms, and those of high executive shareholding. It may also lead to reduced agency costs and enhanced production efficiency with positive economic consequences. Our findings may have such policy implications that SCF may significantly serve the real economy and help sustain high-quality economic growth in the Asian Era. JEL Classification: G11, G32, O12
Publisher: CRC Press
Date: 12-12-2018
Publisher: Edward Elgar Publishing
Date: 14-10-2022
Publisher: Informa UK Limited
Date: 03-07-2019
Publisher: Edward Elgar Publishing
Date: 14-10-2022
Publisher: Wiley
Date: 29-06-2018
Publisher: Emerald
Date: 06-2015
DOI: 10.1108/IJMF-02-2014-0021
Abstract: – The purpose of this paper is to examine the impacts of capital regulation and market discipline when China imposed most of the Basel I requirements between 2004 and 2010. – Following Barrios and Blanco (2003) and Rime (2001), the authors apply disequilibrium and simultaneous measurements to identify the financial safety net underlying capital movements as well as the changes in credit risk levels in China’s banking sector. – The authors discover that capital regulation outweighs market discipline by an average probability of 0.65-0.35 in the contribution to bank capital movements when banks significantly improve their capital buffers. In addition, the banking sector lowered its risk levels in the s le period. – The findings suggest that the largest bank-based economy has consolidated its financial system for future expansion. – China’s banking sector requires closer examination of capital and risks provided by its emerging significance in the financial world. Thus, this study contributes to current literature.
Publisher: Informa UK Limited
Date: 17-12-2018
Publisher: Wiley
Date: 28-09-2023
DOI: 10.1111/ACFI.13181
Publisher: Elsevier BV
Date: 06-2020
Publisher: Springer Science and Business Media LLC
Date: 31-05-2023
Publisher: Wiley
Date: 13-02-2015
DOI: 10.1111/IRFI.12045
Publisher: Emerald (MCB UP )
Date: 2007
Publisher: Edward Elgar Publishing
Date: 14-10-2022
Publisher: Emerald
Date: 18-05-2022
DOI: 10.1108/MEDAR-05-2020-0899
Abstract: Based on institutional theory, this paper aims to examine whether, and if so which, institutional forces influence the quality of China’s listed financial institutions’ (FIs) sustainability disclosures. Using univariate statistical and multiple regression analyses, this study quantitatively examines the impacts of coercive pressure from the government and stock exchanges, imitation within subsectors and normative pressure from industry associations and regulators on the quality of China’s listed FIs’ sustainability disclosures. Assessment of the robustness of regression results uses panel random-effects and generalized methods of moments estimation. Financial sector corporate social responsibility (CSR) disclosure quality did not increase dramatically following issue of the “Guiding Opinions on Establishing a Green Finance System.” However, a convergence in quality is found over time. State ownership concentration and state links to dominant shareholders negatively impact the quality of financial sector sustainability disclosures, whereas stock exchange index listing requirements and industry association reporting guidance have positive influences. First, data availability limits the s le to listed financial firms with RKS quality scores. Thus, results may not be generalizable to the broader listed and unlisted financial sector. Second, this study only examines the influence of external forces based on institutional theory. However, internal institutional forces, such as corporate governance, may require examination. This study’s results indicate that coercive pressure, as represented by issue of the “Green Finance” policy, has not yet prompted the financial sector to improve reporting quality however, normative pressure has had significant influence in influencing FIs’ CSR practices, with China’s banks potentially taking a leading role. The financial sector has a lower direct environmental impact than traditional polluting industries and different operating and reporting structures, features often used to argue for its exclusion in prior studies. However, its indirect environmental impact via lending and investing activities is significant, suggesting evidence on the determinants of sustainability disclosure quality is required. This study uses evidence from China’s financial sector to reduce this gap in the literature.
Publisher: Emerald
Date: 13-06-2016
Abstract: – The purpose of this paper is to link literature on China’s real estate sector and the impact of governance, ownership and political connectedness on firm financial performance. Whether these factors impact listed real estate firms differently to firms in other industry sectors is identified. – The paper uses pooled 2008-2013 data on A-share firms. Tobin’s Q captures firm financial performance. Explanatory variables include corporate governance, ownership, local government political connectedness, accounting data and ultimate control. Two-way interactions are estimated between real estate and ownership, governance, political connectedness and other variables. Three-way interactions are estimated between real estate, ownership, control and political connectedness. Year and industry fixed effects are absorbed. – Industry concentration and proportion of state ownership appear to positively impact performance. Firm size, gearing and greater foreign ownership appear to negatively impact performance. However, differences are identified for real estate firms, in which state control and gearing positively impact performance. Greater state and foreign ownership as well as supervisory board size negatively impact performance. Finally, state control in the presence of local government connections negatively impacts performance, while greater state ownership in the presence of local government connections positively impacts performance. – A lack of empirical evidence on the impact of corporate governance, ownership structures and political connectedness on firm performance in China’s real estate sector is addressed. Importantly, relationships among these factors and the financial performance of China’s listed real estate firms differ to those of firms in other industries.
Publisher: Elsevier
Date: 2017
Publisher: SAGE Publications
Date: 16-09-2020
Abstract: China’s historical mixed-ownership reform (the Reform) has prioritized enhancing the efficiency and financial performance of its large state-owned enterprises (SOEs) through introduction of partial private-sector equity ownership. However, the presence of a significant gap between China’s private enterprises’ corporate social responsibility (CSR) practices and those of its SOEs suggests potential for Reform-related ownership changes to negatively impact economy-wide CSR performance. We therefore examine the Reform’s impact on private acquirer firms’ CSR practices. We use a proprietary data set of firms listed on the Shanghai and Shenzhen Stock Exchanges, covering the 2011–2015 period. Our findings identify that private firms can enhance their economic and political status through acquiring equity in state-controlled or SOEs and, following this, improve their CSR practices. Our findings have policy implications in the context of the world’s largest emerging market and, more generally, for SOE ownership reform in emerging and transition economies.
Publisher: Informa UK Limited
Date: 07-07-2020
Publisher: Wiley
Date: 29-05-2020
DOI: 10.1111/ACFI.12489
Publisher: Emerald
Date: 06-10-2021
DOI: 10.1108/SAMPJ-10-2018-0273
Abstract: This paper aims to provide a longitudinal analysis of influences on China’s financial sector’s sustainability reporting practices, examines “green finance” disclosures and undertakes subsector comparisons. The state’s impact on the quantity and quality of reporting practices is analyzed. Content analysis is used to examine the volumes, frequency and content of sustainability disclosures by China’s financial institutions. Survival analysis is used to identify factors significant in firms’ initiation of these disclosures. In total, 308 firm-year observations on disclosures are examined for 2007–2016. China’s financial sector’s sustainability reporting pieces of evidence an “emerging stage” (2007–2009), “developing stage” (2010) and “greening stage” (2011–2016). The roles of institutional theory and regulatory pressure in explaining Chinese financial firms’ reporting behaviours are supported. This study has several limitations. Firstly, given data restrictions, use of a relatively small s le size. Secondly, it examines different categories of disclosures made by financial firms, not more detailed content. Thirdly, is the potential overlap in disclosure themes under the classification scheme. China’s financial sector’s adoption of sustainability reporting has been institutionalized, mainly in its banking subsector, consistent with general regulatory pressures. “Greening the finance system” is examined in China’s context, as the country transforms from a resource and pollution-intensive to a green economy. The financial sector is normally excluded from in-depth qualitative research. This study examines China’s financial sector’s responses to recent governmental pressures on green finance disclosures.
Publisher: Wiley
Date: 22-05-2022
Abstract: We examine the impact of environmental information disclosure (EID) on heavy polluters' access to bank loans. Through a proprietary dataset of listed heavy polluters in China between 2011 and 2018, we find that the quality of EID positively contributes to their access to bank loans. Furthermore, banks rely more on EID in lending practice to heavy polluters in less‐developed regions, with poor internal control, or with state ownership. Our findings support the effectiveness of EID in China's loan market and may have policy implications for the green management of heavy polluters in emerging markets.
Publisher: Elsevier BV
Date: 2012
DOI: 10.2139/SSRN.2184082
Publisher: Springer Science and Business Media LLC
Date: 02-04-2021
Publisher: Wiley
Date: 12-2012
Publisher: Elsevier BV
Date: 11-2023
Publisher: Wiley
Date: 07-11-2021
DOI: 10.1002/IJFE.1778
Publisher: Wiley
Date: 27-07-2021
DOI: 10.1002/IJFE.1877
Abstract: We examine the impact of tunnelling on financial distress in Chinese stock markets, where the agency problem is common due to the weak legal system protecting minority shareholders' interests. Investigating the widespread financial distress among listed firms during the time period 1999–2015, we find that tunnelling is a determinant of financial distress–tunnelling not only leading to financial distress but also prohibiting distress recovery. Regulatory improvements aiming to reduce tunnelling behaviour contribute to the resolution of financial distress, but there is still room to improve. Our results show that state ownership has limited influence on firm operation before financial distress but tends to benefit recovery from periods of distress, which depicts the market economy mechanism in China. Our findings are robust to the potential endogeneity issue and various measures of financial distress.
Publisher: Emerald
Date: 09-05-2016
DOI: 10.1108/JAAR-03-2014-0030
Abstract: – With its rapid economic expansion and its growing environmental and social issues, China has introduced explicit corporate social responsibility (CSR) regulations since 2006 as part of its social harmony policy. The purpose of this paper is to examine the CSR disclosure practices of the historically unaccountable mining firms in China’s current regulatory context. – The s le covers all 60 listed mining firms on the Shanghai and Shenzhen Stock Exchanges between 2007 and 2012, totalling 360 firm-year observations. The authors adopt the “Chinese CSR Report Preparation Guide” as the benchmark for content analysis. To strengthen the analysis, the authors apply binary logistic regression with the determinants of state government, social responsibility index, and cross-listing overseas status. – The authors discover that mining firms rapidly adopt CSR disclosure in response to the regulatory pressures from the state government and the stock exchanges to maintain legitimacy and survival prospects. However, the quality of CSR disclosures becomes a new concern. – The most environmentally and socially sensitive mining sector can provide good s les of firm CSR practice in the second largest economy. Although mandatory requirements may result in the firms’ passive compliance, strict regulation is still the key to the changes in corporate accountability and transparency. China may need to strengthen its CSR regulation for its sustainable growth in the coming Asian Era. – In the institutional context of China, the imposition of strict regulation seems to be the key to improving CSR practice. However, the mandatory requirements may also result in passive compliance without effective change in corporate accountability and transparency. The sustainable development of the mining sector and advocacy of CSR behaviour require cooperation at national, social and corporate levels. – This study contributes to the evolving CSR literature about China and the literature from an industry perspective where governance and regulation are highly influential. The methodology may also enrich future research in the area with a fairly long s le period.
Publisher: Elsevier BV
Date: 10-2020
Publisher: Emerald
Date: 21-09-2012
DOI: 10.1108/17439131211261260
Abstract: The purpose of this paper is to investigate whether the level of bad debt provisions of financial institutions is affected by internal governance mechanisms (IGMs) from the perspective of the Type II principal‐principal (PP) conflicts between the controlling shareholders and the minority shareholders. The authors’ s le covers all listed financial institutions in China, comprising a panel data set of 139 firm‐year observations covering 1999 to 2009. Within China's two‐tier corporate governance context, the three IGMs – ownership structure, board of directors and supervisory board – are measured to examine the level of bad debt provisions. The findings suggest that state ownership and legal person ownership are negatively related to the level of bad debt provisions, but board size reveals a positive association. Other factors including foreign ownership, independent directors, board meeting, supervisory board size and supervisory board meeting were found to have no impact. The spirit of corporate governance reform has not been transferred to financial institutions sufficiently. The board of directors and supervisory board actually act the roles of “window dressing” or “rubber st ” within the current two‐tier system. From the Type II PP perspective, the controlling shareholders are found to moderate the conflicts between other parties but they still expropriate the interests of minority shareholders and are the real beneficiaries of recent reforms. Thus, further financial reforms seem necessary in China. The paper provides an empirical analysis of factors that underlie IGMs during an important period of regulatory change and organizational reform, and fills a literature gap concerning the effectiveness and efficiency of financial institutions.
Publisher: SAGE Publications
Date: 02-05-2023
DOI: 10.1177/03128962221092179
Abstract: We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets. JEL Classification: G31, G32, O33
Publisher: Wiley
Date: 30-10-2022
DOI: 10.1111/ACFI.13023
Abstract: Firms have widely participated in financial technology (Fintech) in recent years. Through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges, we find that Fintech positively contributes to firm access to bank loans, and such link is stronger among private firms, non‐manufacturing firms or those in regions of better marketisation. Further tests suggest that enhanced trust underlies our primary findings, and that Fintech also positively contributes to loans without collateral, longer maturity and lower costs. In addition, Fintech may effectively curb firm's overinvestment. Our findings may have policy implications for firm investment behaviour and financing activities.
Publisher: Elsevier BV
Date: 02-2023
Publisher: Wiley
Date: 03-02-2020
DOI: 10.1111/ACFI.12597
Publisher: Informa UK Limited
Date: 26-08-2019
Publisher: SAGE Publications
Date: 26-05-2020
Abstract: Despite concerns about misinformation across social media platforms, little attention has been paid to how to correct misinformation on visual platforms like Instagram. This study uses an experimental design on a national s le to test two features of user-based correction strategies on Instagram for a isive issue on which misinformation abounds: the issue of climate change. First, we unite the inoculation and correction literature to test the efficacy of prebunking corrections that come before exposure to the misinformation versus debunking strategies that occur after exposure. Second, we compare fact-focused corrections that provide accurate information to rebut the misinformation against logic-focused corrections that highlight the rhetorical flaw underpinning the misinformation. Our findings suggest that these strategies intersect to reduce misperceptions. Logic-focused corrections effectively reduce misperceptions regardless of their placement before or after the misinformation, and appear to function in part by reducing perceptions of the credibility of the misinformation post. Fact-focused corrections only reduce misperceptions when they occur after the misinformation, but are seen as more credible than logic-focused corrections. We discuss the implications of our findings for understanding the theoretical mechanism by which correction can occur and the practical guidelines to best correct misinformation in visual social media spaces.
Publisher: Elsevier BV
Date: 2020
Publisher: CRC Press
Date: 12-12-2019
Publisher: Elsevier BV
Date: 12-2007
Publisher: Informa UK Limited
Date: 04-2012
No related grants have been discovered for Lei Xu.