IDEAS home Printed from https://ideas.repec.org/a/eee/ecolet/v241y2024ics0165176524003070.html
   My bibliography  Save this article

Textual similarity between firm and government: Measurement and pricing

Author

Listed:
  • Liu, Yulin
  • Cao, Zhiling
  • Wen, Fenghua

Abstract

Using the BERT large language model and extensive textual data, this paper measures the alignment between firm achievements and government development goals. We prove that firms aligning closely with national goals are more favorably valued in the capital market. Our results offer valuable insights for policymakers and corporate leaders in strategy optimization within complex macroeconomic environments.

Suggested Citation

  • Liu, Yulin & Cao, Zhiling & Wen, Fenghua, 2024. "Textual similarity between firm and government: Measurement and pricing," Economics Letters, Elsevier, vol. 241(C).
  • Handle: RePEc:eee:ecolet:v:241:y:2024:i:c:s0165176524003070
    DOI: 10.1016/j.econlet.2024.111823
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0165176524003070
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.econlet.2024.111823?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Qing Li & Hongyu Shan & Yuehua Tang & Vincent Yao, 2024. "Corporate Climate Risk: Measurements and Responses," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1778-1830.
    2. Apergis, Nicholas, 2024. "Monetary policy shocks and corporate cash holdings: New European evidence," Economics Letters, Elsevier, vol. 237(C).
    3. Lee, Charles M.C. & Zhong, Qinlin, 2022. "Shall we talk? The role of interactive investor platforms in corporate communication," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Yulan & Li, Jinglin & Zhou, Bing & Wang, Jiayi, 2025. "Does having an official internet platform improve firms’ investment efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 98(C).
    2. Zhu, Jing & Zhang, Chen & Sun, Jiaojiao & Ding, Jiajun, 2025. "The impact mechanism of interactive carbon disclosure on firm value moderated by investors’ online social networks," Research in International Business and Finance, Elsevier, vol. 75(C).
    3. Wang, Yanyan & He, Xubiao, 2024. "Competence enhancement from interactive learning: Does attending conferences affect CEO turnover?," International Review of Economics & Finance, Elsevier, vol. 95(C).
    4. Md Lutfur Rahman & Sudipta Bose, 2025. "Firm-level Climate Vulnerability and Corporate Risk-taking: International Evidence," Working Papers DP-2024-36, Economic Research Institute for ASEAN and East Asia (ERIA).
    5. Liu, Jing-Yue & Lei, Quan & Li, Ruojin & Zhang, Yue-Jun, 2024. "Resistance or motivation? Impact of climate risk on corporate greenwashing: An empirical study of Chinese enterprises," Global Finance Journal, Elsevier, vol. 62(C).
    6. Huang, Zhenxing & Liu, Jialiang & Zhang, Xiaojia & Li, WeiWei, 2024. "Does the online interaction between retail investors and firms affect stock price synchronicity?," Finance Research Letters, Elsevier, vol. 69(PB).
    7. Jing Zhu & Chen Zhang & Jingsong Zhao & Yuanpu Ji & Wenjun Wang, 2024. "The impact of declarative and interactive carbon disclosure on firm value: complements or substitutes?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(5), pages 13375-13409, May.
    8. Zhao, Yujie & Zhang, Yichun & Li, Wen & Chan, Kam C., 2024. "Is online interactive media monitoring effective? Evidence from corporate tunneling in China," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    9. Liu, Qingfu & Tang, Ke & Wang, Zi & Zheng, Dechang, 2025. "Does information transmission alleviate the salience bias of fund managers?," International Review of Financial Analysis, Elsevier, vol. 101(C).
    10. Guo, Huimin & Pan, Zheyao & Tian, Gary, 2024. "Shareholders' political hierarchy and regulatory enforcement: Evidence from corporate risk management," The British Accounting Review, Elsevier, vol. 56(6).
    11. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    12. Yin, Lei & Sun, Guanglin & Kong, Tao, 2025. "Regional big data development and corporate financial fraud," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    13. Jiang, Honglan & Jiang, Qing, 2024. "How regulatory media information disclosure affects auditor selection–Empirical evidence based on the interaction platform between investors and listed companies," Finance Research Letters, Elsevier, vol. 67(PB).
    14. Yingying Qin & Yishan Zhang & Yu‐en Lin & Jingbo Hu, 2025. "Organization Capital and Corporate Financialization: Evidence From China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(3), pages 1701-1720, April.
    15. Minsu Ko & Cynthia Yin, 2024. "Socially Responsible Investment and Gender Equality in the United States Census," Working Papers 24-44, Center for Economic Studies, U.S. Census Bureau.
    16. Wong, T.J. & Yu, Gwen & Zhang, Shubo & Zhang, Tianyu, 2024. "Calling for transparency: Evidence from a field experiment," Journal of Accounting and Economics, Elsevier, vol. 77(1).
    17. Hu, Jun & Zhang, Siyu & Wang, Liang & Yao, Daifei, 2024. "Carbon emission trading scheme, investors’ attention, and earnings response coefficients," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 97(C).
    18. Lu, Xinjie & Zeng, Qing & Huang, Yisu & Wu, Hanlin, 2025. "Management climate risk concern and corporate bond credit spread," Journal of International Money and Finance, Elsevier, vol. 153(C).
    19. Zhang, Huajing & Jiang, Fuwei & Liu, Yumin, 2024. "Extrapolative beliefs and return predictability: Evidence from China," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
    20. Yuhui Dang & Jian Sun & Yang Zhao, 2024. "Retail shareholder activism and corporate innovation: evidence from investor interaction platforms in China," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(2), pages 1827-1858, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:241:y:2024:i:c:s0165176524003070. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ecolet .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.