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Hong Yuan,Yongming Zhang,Na Xu,Siting Chen Council on Tall Building and Urban Habitat Korea 2023 International journal of high-rise buildings Vol.12 No.1
The transit-oriented development (TOD) model can effectively help to solve urban problems and promote sustainable urban development. The United States and Japan are widely considered the earliest two countries to start TOD practices; however, the origins of TOD models in the two countries were different. The TOD practices in the two countries formed distinct characteristics, yet their differences have been underexplored. This study aims to grasp the characteristics of the TOD model in the two countries through a systematic comparative analysis of 10 typical cities in the United States and Japan that have adopted the TOD model. This paper compares the case cities' three key aspects of the TOD model: public transit system, spatial form, and land use, and summarizes the characteristics of TOD models in the two countries from a city-level perspective, to help deepen the global understanding of TOD.
Stock Pledge by Controlling Shareholder and Corporate Social Responsibility
Tong Lijing,Wen Wen,Xie Lu,Zhang Siting 한국증권학회 2023 Asia-Pacific Journal of Financial Studies Vol.52 No.5
We examine the influence of stock pledge by controlling shareholders on corporate social responsibility (CSR). Results show that firms exhibit poorer CSR performance when the controlling shareholders have more shares under pledge to financial institutions. Further analyses suggest that the negative relation between stock pledge and CSR only exists in financially constrained firms and non‐state‐owned firms, in which the pledging controlling shareholders have greater incentive to increase stock price and maintain their control rights. Our findings support a margin call hypothesis that firms tend to cut off CSR spending to improve short‐term financial performance and reduce the risk of losing control rights.