Targeted poverty alleviation initiatives and corporate sustainable value creation: Determining the role of corporate internal governance control in China.

This study examines the impact of firms' targeted poverty alleviation activities on corporate value and how corporate internal governance regulates this relationship. This study uses Fixed Effects and System GMM estimations to test hypotheses by analyzing data from Chinese non-financial listed firms from 2016 to 2021. The results demonstrate that corporate targeted poverty alleviation and internal corporate governance control affect company value and governance. Corporate value increases as a result of effective internal governance. Internal governance control enhances the positive relationship between the firm's targeted poverty reduction and value creation. This study's findings are robust to alternative measures of poverty alleviation initiatives. Furthermore, heterogeneity analysis reveals that non-SOE firms, small and low-leverage firms engaging in anti-poverty activities are in a better position to achieve value creation. This study adds to the literature on poverty reduction, sustainable corporate value creation, and corporate internal governance control. Study results may help policymakers and managers in evaluating their business strategies by focusing more on fulfilling social responsibilities to eradicate poverty from the region by improving governance policies to generate sustainable value for the firm.

Green bonds issuance, innovation performance, and corporate value: Empirical evidence from China.

This study investigates the impact of green bond issuance on corporate performance and further checks the intermediate effect of corporate innovation performance on the primary relationship. This study uses the quarterly panel data of Chinese non-financial listed companies in 11 subdivided industry categories from January 1, 2016, to September 30, 2020. Using the difference-in-difference (DID) model and the parallel trend test, it is found that companies' issuance of green bonds has a significant positive effect on improving corporate innovation performance and corporate value. Furthermore, the improvement of innovation performance assists in enhancing the promotion effect of green bond issuance on corporate value. Despite data limitations, this study's findings can be very helpful for all relevant stakeholders, especially regulators, to introduce conducive policies to support the issuance of green bonds in Chinese. Our findings can be useful for other emerging markets that are dealing with the same green bond-based growth-sustainability conundrum.