Positive Moderating Effect Research Articles

Capital Structure and Financial Performance of Listed Brewery Firms in Nigeria

This study investigated the relationship between Capital Structure and Financial Performance of Listed Breweries Companies in Nigeria with the moderating factor of firm size. The study developed five specific objectives, five research questions as well as five hypotheses and used generalized mean, standard deviation and multiple regression with the aid of Statistical Package for Social Sciences (SPSS) to analyze the secondary data extracted from the annual reports and accounts of the companies studied. Data was gathered from secondary sources. Secondary data were sourced from annual reports of the companies available at the Nigerian Exchange Group (websites). Correlational research design was adopted and population of the study consists of five (5) listed breweries companies on the Nigerian Exchange group December 2021. Using census sampling technique, the five companies were selected to constitute the sample for the study. Capital Structure predictor variables were proxied by Equity Financing and debt financing. While Financial Performance criterion variables were measured by return on asset and return on Investment. The study found that capital structure has a positive and insignificant relationship with financial performance of listed brewery companies in Nigeria. Based on the findings, conclusions were reached that Equity financing has a positive, very weak and insignificant effect on Return on and return on investment. Similarly, Debt financing has a positive, very weak and insignificant relationship with return on asset and return on investment. Finally, Firm size has a positive, very weak and insignificant moderating effect on the relationship between capital structure and financial performance of listed brewery companies in Nigeria. The study recommended amongst others that, there should be a review of the capital structure of the firms so as to ascertain the optimal capital structure that can be used to enhance financial performance, Equity position of the firms should be reviewed as well as this could have a way of increasing their performance in terms of return in investment if used adequately, the size of the firm in terms of its total asset base should be considered by the management of the listed firms so that the right kind of capital structure for the company can be adopted.

Domestic tourism and the effects of behavioral changes, government-media trust and moderation of “maintenance of country image”: theoretical analysis

PurposeContemporary changes have occurred in country-level policies and tourists’ intentions in recent years. The role of maintaining a country’s image is trendy in crisis control but has not yet been discussed in domestic tourism research. Extending the Stimulus Organism Response model, this study aims to focus on “trustable WOM creation” in China. In addition, it aimed to discover how behavioral changes encourage domestic tourism intention (DTI).Design/methodology/approachThis study explored the mediating role of DTI and the moderating role of maintenance of country image (MCI) for trustable word of mouth (WOM) creation. Using the snowball sampling technique, a structural equation modeling analysis (Smart PLS-4) was employed to analyze the data of 487 Chinese tourists.FindingsFindings confirm that behavioral changes positively encourage domestic tourism and discourage international tourism, with significant negative moderation by MCI. MCI has an insignificant positive moderating effect between government-media trust and DTI. Furthermore, DTI positively and directly affects the creation of trustable WOM. In addition, it had a 20% mediation effect (VAF%) between behavioral changes and WOM creation, higher than the rejected mediation effect (12%), in the causal relationship between government-media trust and WOM creation.Practical implicationsWOM creation varies from different behavioral changes, but findings suggest that government-media trust and DTI influenced it significantly. Based on the study findings, the government and media can enhance domestic tourism by maintaining the country’s image. These findings both encourage and control the recovery of tourism.Originality/valueThis study provides a theoretical explanation for tourists' behavioral changes during the pandemic. Moreover, it shows that despite avoiding international tourism due to behavioral changes and government-media trust, MCI moderation with the mediation effect of DTI can create trustable WOM. To the best of the authors’ knowledge, this is the first study to theoretically promote tourism through DTI-induced psychology as a mediator and an organism affect prevailing among Chinese tourists.

Exploring the moderating role of digital finance in the two-way foreign direct investment and green technology innovation nexus: an empirical evidence from China.

Based on the provincial panel data of China from 2011 to 2020, this paper explores the relationship between two-way FDI and green technology innovation and examines the moderating role of digital finance in the impact of two-way FDI on green technology innovation. The results show that (1) two-way FDI can significantly enhance the level of green technology innovation. (2) Digital finance plays a moderating effect in the process of two-way FDI to enhance the level of green technology innovation. The conclusion is still robust by replacing the dependent variable, eliminating special samples and shrinking the tail. (3) The results of sub-dimensional analysis show that the three sub-dimensions indicators of the digital finance also have a positive moderating effect on the relationship between two-way FDI and green technology innovation. (4) The results of sub-regional regression show that the moderating effect in the central and western regions is greater than that in the eastern region. The results of the study can provide reference for governments to formulate policies about digital finance, which is conducive to achieve high-quality opening-up and realize green development.

Enhancing organizational citizenship behaviour: role of collectivism in soft total quality management

PurposeSoft total quality management (STQM) practices are essential for promoting value-added organizational citizenship behaviour (OCB) among employees in quality-focussed manufacturing firms. This study intends to investigate how STQM practices (empowerment, training, teamwork and involvement) affect OCB under the moderating influence of collectivism among employees for excellence in business performance using social exchange and social cognitive theories (SET-SCT).Design/methodology/approachA total of 245 useable surveys were gathered from manufacturers. Given the importance of the two-staged structural equation modelling–partial least squares–artificial neural networks (SEM-PLS-ANN) technique, this study used a two-staged SEM-PLS-ANN analysis to capture both linear and compensatory PLS models and nonlinear and noncompensatory ANN models.FindingsThe findings confirmed that empowerment, involvement and training had a significant impact on OCB. However, teamwork had no impact on OCB. Interestingly, collectivism was found to have a significant and positive moderating effect on training and OCB.Originality/valueThe study contributes significantly to the literature on TQM and human resource management. First, the study broadens researchers’ understanding of how to apply SET by including a collective value from SCT as positive reciprocity to foster positive workplace behaviour. Second, the authors offer a solid management strategy for organizations to assist them in understanding an STQM model that promotes OCB while including collectivism for superior business performance.

Does learning ambidexterity affect the sense of urban integration among new-generation migrant workers in China? An empirical study based on career growth and environmental dynamism

AbstractThe urban integration of new-generation migrant workers is an important part of the process of new urbanization in China, and the acquisition of a sense of urban integration is one of the necessary signs of urban integration for new-generation migrant workers. Based on ambidexterity theory, we used a multiple regression analysis to study the mechanism underlying the effects of learning ambidexterity on the sense of urban integration of new-generation migrant workers. The empirical results showed that learning ambidexterity had significant and positive effects on both sense of urban integration and career growth; career growth had a partial mediating effect on the relationship between learning ambidexterity and sense of urban integration; environmental dynamism had a positive moderating effect on the relationship between exploratory learning and career growth; and environmental dynamism had a positive moderating effect on the relationship between exploitative learning and sense of urban integration. This study responds to previous research on the ambidexterity of migrant workers and further enriches the ambidexterity theory in research on migrant workers from the perspectives of career growth and urban integration. And in contrast to earlier studies, this research introduces environmental dynamism and establishes an analysis framework for migrant worker urban integration in a dynamic environment.

ICT-Based or -Assisted Mathematics Learning and Numerical Literacy: A Systematic Review and Meta-Analysis

Numerous empirical studies related to the use of Information and Communication Technology (ICT) in mathematics learning for enhancing numerical literacy have been increasingly carried out in three last decades. Of those studies, however, it can be stated that ICT-based or -assisted mathematics learning has an inconsistent effect on numerical literacy. Consequently, this recent study aims to examine the effectiveness of ICT-based or -assisted mathematics learning on numerical literacy skills, and several substantial factors in differentiating students’ numerical literacy. A systematic review combined to meta-analysis was performed to carry out this study whereby 53 documents published in the period of 2001–2023 were involved as the data. Overall, those documents generated 64 units of effect size and 6,599 students. Some tests, such as Z, Q Cochrane, fill & trim, and funnel plot were used to analyze the data. The results of this current study reported that ICT-based or -assisted mathematics learning had positive moderate effect (g = 0.527; p < 0.05) on students’ numerical literacy, and significantly enhanced students’ numerical literacy. Additionally, educational level, learning environment, intervention duration, and instrument type were significant factors in differentiating students’ numerical literacy. Meanwhile, there was no sufficient evidence to state that other substantial factors, such class capacity, participant, technology used, mathematical content, and technology role significantly affected students’ heterogeneous numerical literacy. This study suggests mathematics educator, such as teacher and lecturer to integrate ICT in mathematics learning, especially in enhancing numerical literacy. Moreover, they have to consider some factors, such as educational level, learning environment, intervention duration, and instrument type in performing ICT-based or -assisted mathematics lesson, mainly in cultivating students’ numerical literacy.

Understanding the Impact of Demographic Factors and Education Policy on Enrollment Trends: A Study in China

This study addresses the complex interplay between demographic factors and educational enrollment trends in China, with a focus on understanding how population dynamics and education policies influence enrollment patterns. Utilizing a cross-sectional design and time series data from 2010 to 2020, the research examines the effects of population size, structure, distribution, and birth rate on enrollment trends, moderated by education policy assessments. The findings reveal significant correlations between demographic factors and enrollment trends. Specifically, as population size increases, enrollment tends to decrease, while decreasing birth rates are associated with increased enrollment. Urban areas show higher enrollment rates compared to rural areas, reflecting disparities in access to educational resources. However, the study finds mixed evidence regarding the influence of population average age on enrollment trends. Moreover, the research investigates the moderating effect of education policy assessments on demographic factors. While education policies have a positive moderation effect on population size and birth rate, the study suggests limited impact on the relationship between population average age and enrollment trends. This study provides valuable insights for educational planning and policy development, emphasizing the need for strategic adjustments to accommodate changing population dynamics and ensure continued access to quality education. Additionally, the predictive model developed in this study offers a practical tool for understanding enrollment patterns and guiding policy decisions in the educational sector. However, the study acknowledges limitations related to generalizability and the complexity of external factors influencing enrollment trends, highlighting avenues for future research to enhance the predictive model and deepen understanding of enrollment dynamics.

The Moderating Effect of Board characteristics in the Relationship Between ESG Disclosure and Financial Performance: Evidence from KSA

With the increasing shift toward sustainable development and heightened societal scrutiny, companies are placing greater emphasis on environmental, social, and governance (ESG) disclosures. This study investigates the association between ESG disclosures and financial performance among companies listed on the Saudi Stock Exchange, focusing on how board characteristics influence this relationship. By analyzing a sample of Saudi-listed firms, the research assesses the impact of ESG disclosures, as well as their individual environmental, social, and governance components, on key financial performance indicators: Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS). The findings reveal a positive association between overall ESG disclosures and financial performance metrics. Environmental disclosures are particularly effective in enhancing ROA, social disclosures positively affect ROE, and governance disclosures significantly improve EPS. Additionally, the study highlights how board characteristics—such as ownership, size, and independence—moderate the relationship between ESG disclosures and financial performance. Specifically, board ownership has a positive moderating effect, while the impacts of board size and independence vary depending on the financial metric in question. These results emphasize the importance of ESG disclosures in influencing financial performance and underscore the significant role of board governance in strengthening this relationship. The study provides valuable insights from the Saudi context, offering both theoretical and practical implications for policymakers, investors, and corporate managers aiming to optimize ESG practices and enhance financial outcomes.

The impact of banking financial leverage on firm’s performance: The moderating role of artificial intelligence

Exploring the intricate and multifaceted dynamics between financial leverage (LEV), artificial intelligence (AI), and firm performance, this research paper delves into the complex relationship highlighted in the existing literature. To enhance comprehension, the study seeks to investigate the moderating influence of AI on this relationship, aiming to provide insights into how businesses can strategically optimize the interplay of leverage and AI to attain optimal performance levels. The study community consisted of all 13 Jordanian commercial banks listed on the Amman Stock Exchange (ASE) for the period from 2012 to 2021. The study sample consisted of 130 observations collected from the annual reports of the study sample. The method adopted in the study involved conducting a regression analysis to test the hypotheses and determine the strength and direction of the relationship between the variables. The main finding of the study was that there is a negative relationship between financial leverage and firm performance, as indicated by a negative coefficient for return on assets (ROA). Additionally, the study found that the use of AI has a positive moderating effect on the relationship between financial leverage and firm performance, as indicated by a positive coefficient for return on equity (ROE). The generalizability of the findings to other demographics or situations may be constrained by the study sample’s narrow focus, which may not necessarily be indicative of other types of businesses or industries.

Enhancing Spatial Visualization in CABRI 3D-Assisted Geometry Learning: A Systematic Review and Meta-Analysis

Empirical studies related to the enhancement of spatial visualization by implementing CABRI 3D-assisted geometry lesson have been increasingly conducted in two last decade. Nevertheless, from these studies, it can be said that an inconsistent effect of CABRI 3D-assisted geometry lesson toward spatial visualization and a gap of students’ spatial visualization are really existing. The aim of this present study is to examine the effectiveness of CABRI 3D-assisted geometry learning on spatial visualization, and some substantial factors in affecting the difference of students’ spatial visualization skills. A systematic review using meta-analysis was performed to conduct this recent study in which the random effect model was selected to estimate the effect size computed by the Hedges’ equation. 25 eligible documents published between 2008 and 2022 were included as the data whereby these documents generated 36 effect sizes and involved 2,440 students. Several tests, such as Z, Q Cochrane, fill and trim, and funnel plot were performed to analyze the data. Results of this current study showed that the utilization of CABRI 3D software for teaching geometry lesson had positive moderate effect (g = 0.778; p ˂ 0.05), and significantly enhanced students’ spatial visualization. Additionally, the investigation on some substantial factors revealed that intervention duration and class capacity were significant factors affecting the gap of spatial visualization of students while educational level and participant did not differentiate spatial visualization of students. This recent study implies that mathematics practitioners can utilize this software to teach geometry lesson, and consider small class for class capacity and more than 3 months for intervention duration in implementing it to enhance spatial visualization of students.

The impact of quality of investor protection disclosures on credit risk premium

The bond prospectus is an important source of disclosure for bond information, in which the quality of investor protection-related text conveys the issuer’s efforts on investor protection and risk management. We try to find out whether reader-friendly prospectus make investors process information more easily, which finally leads to lower credit premium. This study innovatively explores the impact of investor protection-related text quality on bond credit risk premiums, using a total of 6,025 Chinese listed corporate bonds from 2006 to 2022 as a sample for regression. The results show that the higher the Fog Index of investor protection disclosure, the higher the bond credit risk premium; the higher the boilerplate of investor protection disclosure, the lower the bond credit risk premium. Meanwhile, we further find the positive moderating effect of option-embedded bonds in the above relationships, and conclude that option-embedded bonds have stronger relationships between bond credit risk premiums and boilerplate or Fog Index than normal bonds. This study holds significant reference value for regulators to formulate policies and standardize information disclosure to ensure investors’ rights and interests.

Emotional Exhaustion and Emotional Contagion: Navigating Turnover Intention of Healthcare Personnel.

This study aimed to examine the role of personal emotions and emotional contagion within organizations on the behavior and attitudes of healthcare personnel. This study is expected to provide a theoretical foundation for reducing resignation behaviors and improving healthcare quality. This study adopted a quantitative research method with a cross-sectional survey through an online questionnaire. The bootstrap method with 5000 iterations was used to validate the role of variables within a 95% confidence interval. SPSS 26.0 and Model 5 in Process 3.4 for SPSS were used for the data analysis. This research involved 459 healthcare personnel, whose levels of role overload (3.821±0.925), emotional exhaustion (3.436±1.189), and turnover emotional contagion (3.110±1.099) were notably high. Role overload was positively related to turnover intention, with emotional exhaustion as a mediator. Notably, turnover emotional contagion exerted a positive moderating effect. This study emphasizes the adverse effects of emotional exhaustion and turnover emotional contagion in the Chinese context, offering practical recommendations for medical organizational managers to navigate turnover intention among healthcare personnel. This study suggests paying attention to the emotional state of healthcare personnel and providing adequate support resources. Managers should routinely assess and track turnover emotional contagion within the organization, fostering a positive emotional atmosphere.

The impact of sentiment consistency on bank risk: A dual perspective from bank managers and credit rating experts

The article examines the predictive role of the consistency of tone between credit rating experts and bank managers on bank bankruptcy risk and systemic risk. Firstly, the article collected 716 reports, which are the intersection of credit rating reports and bank annual reports of all US commercial banks from 2006 to 2022. Secondly, the FINBERT model was fine-tuned to calculate the tone scores of all reports and the similarity of tones between parties. Empirical analysis revealed that the more positive the tone of credit rating reports, the lower the bankruptcy risk and systemic risk of banks. Furthermore, integrating the perspective of bank managers, the article used a moderation effect experiment to further explore the moderating effect of the tone of bank annual reports and the consistency of tone between parties on the tone of credit rating reports regarding bank risk. The empirical results indicate that the tone of bank annual reports can effectively moderate the predictive effect of credit rating reports on bank risk. Additionally, the consistency of tone index has a significant positive moderating effect on the impact of the tone of credit rating reports on bank risk. This study provides important insights into the exploration of financial text tones on bank bankruptcy risk and systemic risk, suggesting the use of multidimensional text tones for bank risk measurement. It also demonstrates for the first time the importance of consistency of financial text tones in different dimensions in bank risk warning.

Where Income Becomes Wealth: How Redistribution Moderates the Association between Income and Wealth

The authors study the role of redistributive policy in comparative research on the determinants of wealth. The authors argue that public redistribution affects the level of net wealth by moderating the household-level association of income and wealth. Drawing on microdata for 14 countries from the Luxembourg Wealth Study, and spending and revenue data from the Organisation for Economic Co-operation and Development, the authors use ordinary least squares models with country fixed effects. The authors find a positive moderation effect of social spending and a negative moderation effect of income taxation. Higher and lower labor incomes translate into higher and lower levels of wealth where income taxation is lower or social spending is higher. The authors complement these findings with panel information from the United States, providing further evidence supporting the cross-national results. In summary, public redistribution partially accounts for differences in the association of income and wealth across countries. The authors urge future research on the correlation of income and wealth to take public redistribution into account.

Исследование факторов и механизма удержания сельских учителей

To solve the problem of rural teacher retention, it is necessary to systematically explore its influencing factors from the perspectives of theory, policy and technology, find the realistic starting point for improvement, and put forward the optimization path for the operation of retention strategy. Based on 4746 data collected from 10 regions in Heilongjiang province of China, this paper makes an in-depth study on the influencing factors, and transmission mechanism of rural teacher retention. The results show that: (1) There is a significant correlation between teachers’ professional quality, organizational commitment, matching degree and compensation intensity, and rural teachers’ retention, and organizational commitment is the most influential factor. (2) The professional quality of teachers significantly affects the retention of rural teachers through the mediating effect of organizational commitment, and matching degree. (3) Compensation intensity plays a significant moderating role in the influence of teachers’ professional quality on organizational commitment, matching degree and retention of rural teachers, and the positive moderating effect of low compensation intensity is stronger. In order to retain rural teachers better, it is necessary to provide strong support conditions, and enhance the level of teachers’ organizational commitment. Enhance the matching degree between teachers and rural environment in multiple dimensions. The data system of rural teachers’ human resources should be established, and appropriate compensation policies should be formulated.

How does digital transformation affect the ESG performance of Chinese manufacturing state-owned enterprises?-Based on the mediating mechanism of dynamic capabilities and the moderating mechanism of the institutional environment.

Against the background of sustainable development policies, the ESG performance of Chinese manufacturing enterprises is still generally poor. As the leading enterprises in the manufacturing industry, state-owned enterprises should take the lead in responding to the national call for sustainable development and actively explore the path to improve their ESG performance. This study aims to explore whether and how state-owned manufacturing enterprises can improve their poor ESG performance through digital transformation in the digital economy. This study takes Shanghai and Shenzhen A-share state-owned listed manufacturing enterprises as the research sample and constructs an unbalanced panel. OLS regression analysis is used to empirically test the impact of digital transformation on the ESG performance of the sample firms. Further attempts are made to discuss the influence mechanism of digital transformation from the perspectives of dynamic capabilities and the institutional environment through stepwise and hierarchical regression methods, respectively. The study shows that, firstly, digital transformation is an important influencing factor in promoting the improvement of enterprises' ESG performance, and at the same time, there are significant structural differences in this influence. Second, under the dynamic capability perspective, digital transformation can improve corporate ESG performance through an absorptive feedback mechanism, matching response mechanism, and innovation efficiency enhancement mechanism. Third, from the perspective of the institutional environment, the informal system has a significant positive moderating effect on the relationship between digital transformation and ESG performance, i.e., the informal system and digital transformation have a synergistic governance effect on corporate ESG performance. The moderating effect of the formal institutional environment on digital transformation and ESG performance is not significant. The findings of the study clarify the controversy over the relationship between digital transformation and ESG performance of manufacturing state-owned enterprises and enrich the research on the influencing factors of corporate ESG performance. It also provides a theoretical foundation and empirical evidence for manufacturing SOEs to improve ESG performance and lead to sustainable development.

Senior executive characteristics: Impact on ESG practices and corporate valuation relationship.

In recent years, sustainable development and green growth and performance of companies in environmental, social, and corporate governance (ESG) has received widespread attention from all sectors of society. Based on panel data of A-share listed companies in China from 2009 to 2022, this study employs a two-way fixed effects model to explore the mechanism of the relationship between ESG practices and corporate value, as well as the moderating effect of executive characteristics within this relationship. The results indicate a robust positive relationship between ESG practices and corporate value. ‎However, this relationship is moderated by the academic backgrounds of senior ‎executives, who negatively influence it, and by male executives, who exert a positive ‎moderating effect. Furthermore, this study reveals the variable impacts of ESG practices in different corporate ‎settings, industries, and institutional frameworks. Moreover, it demonstrates how ESG practices ‎boost corporate value through an enhanced reputation and increased government innovation ‎subsidies. It offers new insights on the strategic value of ESG for corporations and ‎policymakers. It also extends the theoretical framework by integrating attention-based and upper ‎echelons perspectives into the ESG discourse. ‎.

Green Innovation, Environmental Certification, and the Sustainable Development of Enterprises in China

Purpose - Achieving sustainable development has always been the most important issue for enterprises. Owing to global warming and environmental deterioration, environmental management is increasingly becoming a major concern for enterprises and the external world, especially stakeholder behavior. This study explores whether enterprise environmental management can contribute to its sustainable development, and how stakeholder behaviors can influence this relationship.
 Design/Methodology/Approach - This study uses a fixed effects regression model to empirically test the data of Chinese A-share listed companies from 2012 to 2020, and investigates the impact of corporate environmental behavior (i.e. green innovation and environmental certification) on the sustainable development of enterprises. It also explores the moderating role of government support and analyst attention in the impact of environmental management on corporate sustainability.
 Findings - The research results showed that enterprise environmental management, namely, green innovation and environmental protection certification, can promote sustainable development capabilities. Simultaneously, government support and proper attention from analysts can have a positive moderating effect on green environmental management and improve sustainable development.
 Research Implications - This study enriches relevant theories on enterprise environmental management and sustainable development, proposes the importance of government support and external institutional supervision, and provides a reference for sustainably developing enterprises from the perspective of stakeholder behaviors.

YENİLİK STRATEJİSİNİN UYGULANMASINDA REKABET YOĞUNLUĞU VE TEKNOLOJİK İŞBİRLİĞİNİN ETKİLERİ

The last half century has been a period in which businesses compete with each other through innovations and inventions. Businesses that make more inventions and innovations can get ahead of their competitors, and those that can't either lag behind in the competition or disappear. In this respect, innovation strategy, which has an important place among competitive strategies, has an important place in the success of businesses. For this reason, understanding the success factors in the implementation of the innovation strategy is gaining more and more importance every day. In this study, designed from this point of view, it is aimed to examine the effects of technological collaboration, which is a source of innovation, and the intensity of competition in the implementation of innovation strategies of enterprises. In the study, the findings obtained from the analysis of the least square structural equation analysis of the data collected with the help of questionnaires from 268 managers working in production enterprises in the provinces of Istanbul, Ankara, Bursa and Kocaeli are included. According to the findings, the intensity of competition is an important determinant that increases the implementation of innovation strategies. In addition, the increasing intensity of competition leads companies to technological collaboration and increases the level of collaboration. It has been observed that the level of implementation of innovation strategies of companies with an increased level of technological collaboration has also increased. In the study, it was also observed that technological collaboration has a positive moderator effect on the relationship between the intensity of competition and the level of innovation strategy implementation.

이익조정과 이사회 독립성이 기업가치에 미치는 영향

[Purpose]This study analyzed the effect of earnings management and the independence of the board of directors on corporate value for listed companies in China, respectively, and further analyzed whether the independence of the board of directors have additional moderating effects in the relationship between earnings management and corporate value. [Methodology]In this study, in order to verify the hypothesis, the corporate value is measured by TobinQ, and the earnings management is measured by the absolute value of the discretionary amount estimated as the modified－Jones model. In addition, the independence of the board of directors is measured by the ratio of outside directors in the board of directors. The samples used for empirical analysis in this study consisted of 13,466 corporate－annual samples from 2014 to 2019, with A－share listed companies on the Shenzhen Stock Exchange and Shanghai Stock Exchange as the objects. [Findings]The analysis results of this study are summarized as follows. First, earnings management showed a statistically significant negative relationship with corporate value. Second, the independence of the board of directors also showed a significant positive relationship with corporate value. Third, the independence of the board of directors had a positive moderating effect on the relationship between financial ratio and corporate value. [Implications]This research studied the relationship between earnings management and corporate value, the relationship between the independence of the board of directors and corporate value, and then analyzes whether the independence of the board of directors will make a difference between the relationship between earnings management and corporate value on Chinese listed companies.