Pub Date : 2023-09-04DOI: 10.1080/1540496X.2023.2250907
Chao Yan, Ziyi Zhang, Yi Feng
ABSTRACT The outbreak of COVID-19 has a huge negative impact on the firms’ business activities. This paper investigates the effects of COVID-19 pandemic on corporate investment and firm value from the real option perspective. Based on the real options-based model (ROM) proposed by Zhang (2000), we find that COVID-19 crisis accelerates low-profitability firms to reduce investment and exercise put options timely, thereby increasing the value of put options. This finding mainly exists in areas where the COVID-19 pandemic was worse and firms that did not receive government subsidies related to COVID-19. We also find that the value of put options is more pronounced for non-state-owned enterprises and firms with higher internal control quality. However, we do not find the change of growth option value of high-profitability firms during the COVID-19, which indicates that it is difficult for high-profitability firms to grasp the investment expansion opportunities under the pandemic. Our study sheds light on the applicability of ROM and the importance of real option in firm valuation under the major public emergencies.
{"title":"COVID-19 Pandemic, Corporate Investment and the Real Option Value","authors":"Chao Yan, Ziyi Zhang, Yi Feng","doi":"10.1080/1540496X.2023.2250907","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2250907","url":null,"abstract":"ABSTRACT The outbreak of COVID-19 has a huge negative impact on the firms’ business activities. This paper investigates the effects of COVID-19 pandemic on corporate investment and firm value from the real option perspective. Based on the real options-based model (ROM) proposed by Zhang (2000), we find that COVID-19 crisis accelerates low-profitability firms to reduce investment and exercise put options timely, thereby increasing the value of put options. This finding mainly exists in areas where the COVID-19 pandemic was worse and firms that did not receive government subsidies related to COVID-19. We also find that the value of put options is more pronounced for non-state-owned enterprises and firms with higher internal control quality. However, we do not find the change of growth option value of high-profitability firms during the COVID-19, which indicates that it is difficult for high-profitability firms to grasp the investment expansion opportunities under the pandemic. Our study sheds light on the applicability of ROM and the importance of real option in firm valuation under the major public emergencies.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"112 1","pages":"3842 - 3865"},"PeriodicalIF":4.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74832814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-04DOI: 10.1080/1540496x.2023.2253979
Haijie Wang, Jingxue Zhang
{"title":"Spatio-Temporal Patterns and Driving Factors of Green Development Level of Urban Agglomerations in the Yellow River Basin","authors":"Haijie Wang, Jingxue Zhang","doi":"10.1080/1540496x.2023.2253979","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2253979","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"4 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82074867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1080/1540496x.2023.2250903
Guanglin Sun, Ting Li, Jingyi Su, Dan Shi
{"title":"Digital Economy, Institutional Environment, and the Credit Risks of Commercial Banks","authors":"Guanglin Sun, Ting Li, Jingyi Su, Dan Shi","doi":"10.1080/1540496x.2023.2250903","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2250903","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"1 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77305236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1080/1540496x.2023.2250902
Jian Liu, Xin Kang, W. Wang
{"title":"Fintech’s Impact on Green Total Factor Productivity of High Carbon Enterprises","authors":"Jian Liu, Xin Kang, W. Wang","doi":"10.1080/1540496x.2023.2250902","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2250902","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"1 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85667659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1080/1540496X.2023.2250904
Jun Ren, Shengxian Gao, Dongliang Pan
ABSTRACT We explored the default risk of small and medium-sized financial leasing businesses in China based on real transactions of a Chinese financial leasing company from 2018 to 2021. The results show that there is a negative relationship between the financing scale and the default risk of lessee companies. The management cost of financial leasing business moderates the relationship between the business scale and the risk of overdue default. In addition, the improvement of industry competition is expected to select financially sound MSMEs for lessees. These enterprises have demonstrated higher risk resistance in obtaining large-scale financial leasing services. We provide novel insights into the risk management of Chinese financial leasing companies and offer policy recommendations for regulation and development.
{"title":"Revealing the Default Risks in MSMEs Financial Leasing: Identification and Underlying Mechanism","authors":"Jun Ren, Shengxian Gao, Dongliang Pan","doi":"10.1080/1540496X.2023.2250904","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2250904","url":null,"abstract":"ABSTRACT We explored the default risk of small and medium-sized financial leasing businesses in China based on real transactions of a Chinese financial leasing company from 2018 to 2021. The results show that there is a negative relationship between the financing scale and the default risk of lessee companies. The management cost of financial leasing business moderates the relationship between the business scale and the risk of overdue default. In addition, the improvement of industry competition is expected to select financially sound MSMEs for lessees. These enterprises have demonstrated higher risk resistance in obtaining large-scale financial leasing services. We provide novel insights into the risk management of Chinese financial leasing companies and offer policy recommendations for regulation and development.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"384 1","pages":"3828 - 3841"},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81275437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-28DOI: 10.1080/1540496x.2023.2242568
Weng Yue
{"title":"Human Capital and Firm Innovation: Evidence from China’s Higher Education Expansion in the Late 1990s","authors":"Weng Yue","doi":"10.1080/1540496x.2023.2242568","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2242568","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"71 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80887153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-28DOI: 10.1080/1540496X.2023.2247139
Moau Yong Toh, Ali Albada, S. Ng
ABSTRACT This study investigates the effect of country governance on climate actions, specifically climate-change mitigation and adaptation, through cross-border renewable energy investment (CB-REI). Using data from 74 emerging countries from 2008 to 2019, we find that the control of corruption, regulatory quality, citizens’ voices and accountability are the key governance pillars that attract CB-REI, which enhances climate actions. Heterogeneity analyses reveal that the CB-REI channel effect is more evident in countries with higher governance quality and carbon emission levels. This study offers policy implications pertaining to governance-related obstacles for CB-REI in emerging countries and their transition toward low-emissions, climate-resilient pathways.
{"title":"Effect of Country Governance on Cross-Border Renewable Energy Investment and Climate Actions in Emerging Countries","authors":"Moau Yong Toh, Ali Albada, S. Ng","doi":"10.1080/1540496X.2023.2247139","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2247139","url":null,"abstract":"ABSTRACT This study investigates the effect of country governance on climate actions, specifically climate-change mitigation and adaptation, through cross-border renewable energy investment (CB-REI). Using data from 74 emerging countries from 2008 to 2019, we find that the control of corruption, regulatory quality, citizens’ voices and accountability are the key governance pillars that attract CB-REI, which enhances climate actions. Heterogeneity analyses reveal that the CB-REI channel effect is more evident in countries with higher governance quality and carbon emission levels. This study offers policy implications pertaining to governance-related obstacles for CB-REI in emerging countries and their transition toward low-emissions, climate-resilient pathways.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"85 1","pages":"3813 - 3827"},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83930771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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