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  1. Kangtao Ye & Ran Zhang (2011). Do Lenders Value Corporate Social Responsibility? Evidence From China. Journal of Business Ethics 104 (2):197-206.
    Drawing on risk mitigation theory, this article examines whether the improvement of firms’ social performance reduces debt financing costs (CDFs) in China, the world’s largest emerging market. Employing both the ordinary least square (OLS) and the two-stage instrumental variable regression methods, we find that improved corporate social responsibility (CSR) reduces the CDF when firms’ CSR investment is lower than an optimal level; however, this relationship is reversed after the CSR investment exceeds the optimal level. Firms with extremely low or extremely (...)
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  2. Wenjing Li & Ran Zhang (2010). Corporate Social Responsibility, Ownership Structure, and Political Interference: Evidence From China. [REVIEW] Journal of Business Ethics 96 (4):631 - 645.
    Prior research suggests that ownership structure is associated to corporate social responsibility (CSR) in developed countries. This article examines whether and how ownership structure affects CSR in emerging markets using Chinese firms' social responsibility ranking. Our empirical evidences show that for non-state-owned firms, corporate ownership dispersion is positively associated to CSR. However, for state-owned firms, whose controlling shareholder is the state, this relation is reversed. We attribute the reversed relationship to political interferences and further test this hypothesis by demonstrating that (...)
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  3. Ran Zhang, Zabihollah Rezaee & Jigao Zhu (2010). Corporate Philanthropic Disaster Response and Ownership Type: Evidence From Chinese Firms' Response to the Sichuan Earthquake. [REVIEW] Journal of Business Ethics 91 (1):51 - 63.
    This article examines whether the charitable giving amount and likelihood of firm response to catastrophic events relate to firms' ownership type using a unique dataset of listed firms in China, where state ownership is still prevalent. Based on the data of Chinese firms' response to the 2008 Sichuan earthquake, we find that the extent of corporate contributions for state-owned firms following this disaster is less than that for private firms. State-owned firms are also less likely to respond in this disaster (...)
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  4. Ran Zhang, Jigao Zhu, Heng Yue & Chunyan Zhu (2010). Corporate Philanthropic Giving, Advertising Intensity, and Industry Competition Level. Journal of Business Ethics 94 (1):39 - 52.
    This article examines whether the likelihood and amount of firm charitable giving in response to catastrophic events are related to firm advertising intensity, and whether industry competition level moderates this relationship. Using data on Chinese firms’ philanthropic response to the 2008 Sichuan earthquake, we find that firm advertising intensity is positively associated with both the probability and the amount of corporate giving. The results also indicate that this positive advertising intensity-philanthropic giving relationship is stronger in competitive industries, and firms in (...)
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  5. Ran Zhang & Zabihollah Rezaee (2009). Do Credible Firms Perform Better in Emerging Markets? Evidence From China. Journal of Business Ethics 90 (2):221 - 237.
    Prior research suggests that corporate credibility is associated with firm financial performance in developed countries. This article examines whether corporate credibility is related to firm performance using Economic Observer's rating of corporate credibility in China, the largest emerging market in the world. Based on a four-stage valuation model, we find that more reputable and credible firms outperform those with low ratings by almost 20% in 3-year stock returns and have better 3-year net profit margins, return on equity, and sales growth. (...)
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