Emerging Markets Review最新文献

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Does compliance with screening standards affect the performance of firms?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-21 DOI: 10.1016/j.ememar.2025.101256

Dawood Ashraf , Muhammad Suhail Rizwan , Muhammad Wajid Raza

Thematic investments, such as sustainability and ESG, are often opaque because they have proprietary screening criteria that are not visible to investors. A transparent screening criterion based on publicly available information is desirable to help firms know what investors seek from their business activities. Screening criteria developed for Muslim investors serve this purpose; however, adherence to any such screening criteria requires significant business transformation and may affect the fundamental and market performance of firms. To empirically investigate this hypothesis, this paper examines the changes in screening criteria introduced by the Malaysian Financial Services Act 2013 as a case study. The empirical findings suggest that firms that switch between compliance and non-compliance not only underperform but also experience volatility and loss of shareholder value as compared with those firms that remained Shari'ah-compliant throughout the sample period. This suggests that being Shari'ah-compliant is not simply meeting some objective criteria. It is more about developing a business culture that is long-term oriented as being in and out of Shari'ah compliance in the short term does not serve the purpose of shareholder value maximization. The findings of this paper are important for regulators, firm managers, and investors' confidence in the screening process when transparent, rules-based screening criteria are in place.

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引用次数: 0

The impacts of green bonds on the green innovation: Evidence from the corporate green transformation in China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-20 DOI: 10.1016/j.ememar.2025.101252

Minhua Yang , Linkun Ma , Yan Gu , Wenfeng Wu

This paper investigates the impacts of green bonds on green innovation of 3750 Chinese listed firms from 2016 to 2020. Green bonds positively affect green innovation, which is robust to several robustness checks, by mitigating financial constraints and increasing R&D investments. The effects of green bonds contribute to economic consequences (green transformation) and environmental performance. Only green enterprise bond contributes to green innovation. Such effect is more pronounced for SOEs, firms in environmentally-friendly industries, firms with highly-educated CEOs, and firms with better green development. Moreover, green bonds increase environmental investments and green total factor productivity, which contributes to green transformation.

引用次数: 0

Family-firms cash holdings determinants: Empirical evidence for Chile

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-19 DOI: 10.1016/j.ememar.2025.101254

Carlos P. Maquieira , Orlando Llanos-Contreras , Jose Arias

We examine family firms' cash holdings behavior compared to non-family firms. We study 133 Chilean non-financial listed firms in the period 2005‐2016. Our evidence is consistent with reputational (SEW) and agency theory explanations. Family firms maintain less cash reserves than non-family firms. Family firms with higher ownership concentration show lower cash holdings compared to non-family firms. If the CEO is a family member, results are reinforced. Family firms with higher corporate reputation have lower levels of cash holdings. There is no evidence of significant relationship between free cash flow and cash holdings in family firms. Firm value is negatively related to excess cash holdings, but family firms are less punished by the market than non-family firms. Family firms show a higher speed of adjustment in cash holdings compare to non-family firms, result which confirms main findings.

引用次数: 0

Are Latin American stock markets connected? Exploring spillovers and the impact of risk factors

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-17 DOI: 10.1016/j.ememar.2025.101253

Ata Assaf , Mohammad Al-Shboul , Khaled Mokni , Ender Demir

This paper studies the connectedness among equity markets in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) and the effects of fundamental risk factors on the degree of their connectedness. Both time-varying parameters VAR (TVP-VAR) and quantile VAR (Q-VAR) models are used. Based on daily returns covering the period from February 02, 2016, until May 08, 2023, we find evidence of a low level of total connectedness, which is widely intensified in extreme conditions. Each market substantially contributes to its variation and contributes or receives a mild effect from each element in the system. Moreover, we show that the dynamic spillover effects between Latin American stock markets are driven by different uncertainty measures and are mainly affected by the COVID-19 outbreak and the Russian-Ukraine conflict. Our findings are beneficial to investors aiming at optimizing hedging strategies as well as to policymakers in the appropriate policies to manage equity market sensitivity.

引用次数: 0

Does official media sentiment matter for the stock market? Evidence from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101234

Zhiwei Xu, Xia Hua, Teng Zhang

We develop a novel official media sentiment index (NegGovOp) for China’ stock market using textual analysis combined with BERT. We find that NegGovOp predicts market return reversals. The return-reversal pattern is concentrated among difficult-to-arbitrage stocks, during recession period and the trading days which are not directly following weekends or holidays. We further find that official media sentiment primarily affects the trading activities of retail investors and significantly predicts market trading volume, market volatility and investor sentiment. Our findings are in line with the behavioral model that official media sentiment contributes to shaping irrational investor sentiment and resulting in temporary mispricing.

引用次数: 0

Do corporate environmental violations affect trade credit? Evidence from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101236

Guangming Gong, Ni Yang

Using a large sample of Chinese listed companies from 2007 to 2018, we show that firms with environmental violations receive less trade credit from suppliers than their counterparts. Mutual trust and repayment ability are two plausible mechanisms through which corporate environmental violations affect trade credit. Heterogeneity tests show that this reduction is greater for firms facing fierce market competition, firms in regions with lower bank competition, and firms in regions with lower marketization. Finally, we find that the impact of corporate environmental violations can be influenced by the penalty agency level and can extend further down the supply chain.

引用次数: 0

CEO characteristics and capital structure dynamics: Evidence from a transitional economy

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101231

Ha Trang Le , Thao Nguyen , Ahmed Imran Hunjra , Cameron Truong , Collins Ntim

We investigate the relationship between CEO characteristics and the speed of adjustment (SOA) of capital structure for listed firms in Vietnam over the period 2000–2023. Our findings demonstrate that CEO gender, age, and education increase the SOA, but CEO tenure decreases the SOA. State ownership and firm size are closely associated with adjustment costs of capital structure. Our findings reveal that in State-Owned Enterprises (SOEs), long-tenured CEOs have a positive effect on the SOA, while the impact of CEO qualifications on the SOA is negative. The role of CEO characteristics is more pronounced during the COVID-19 pandemic.

引用次数: 0

Message traffic and short-term illiquidity in high-speed markets

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101251

David Abad , Magdalena Massot , Samarpan Nawn , Roberto Pascual , José Yagüe

We examine which components of message traffic in a high-speed equity market, including orders from traders with varying technological capabilities, signal short-term illiquidity. Our findings show that only the unexpected component of high-frequency traders' (HFTs') net buying pressure — arising from both aggressive and non-aggressive orders — predicts increases in immediacy costs and price impacts. Updates to outstanding limit orders, driven by prior efficient pre returns, strengthen the signaling power of HFTs' order flow. Additionally, market-wide HFTs' net buying pressure improves the ability to forecast short-term illiquidity in individual stocks.

引用次数: 0

Examining the impact of employee-friendly practices on performance volatility in African banks: A textual analysis approach

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101250

David Adeabah , Charles Andoh , Lord Mensah

This study examines the relationship between managerial attention to employee-friendly practices (EFPs) and performance volatility in banks. Using data from 30 public banks in four emerging African economies from 2005 to 2021, we utilize a text-based measure of managerial attention to EFPs based on keywords related to employee relations. We decompose performance volatility into inherent and residual components. The findings reveal a positive relationship between managerial attention to EFPs and inherent cashflow and earnings volatility. We also find a negative association of EFPs with residual cashflow volatility and positive association with earnings volatility. In cross-sectional analysis, we find that the positive link between managerial attention to EFPs and cashflow (earnings) volatility is more pronounced in large (small) banks, and in banks with lower levels of capital. Our results suggest that EFPs may encourage prudent liquidity risk management behavior, but greater uncertainty in equity capital levels, potentially weakening the overall soundness of banks.

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引用次数: 0

How credit constrained are family-owned SMEs in Arab countries?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2024-12-29 DOI: 10.1016/j.ememar.2024.101249

Grakolet Gourène , Zuzana Brixiová Schwidrowski , Jiří Balcar , Lenka Johnson Filipová

Utilizing the World Bank Enterprise Surveys, this paper examines the links between family ownership and credit constraints of SMEs in Egypt, Jordan, Morocco, and Tunisia. We found that while family-owned firms have higher need for credit than nonfamily-owned firms, they are more likely to be discouraged from applying for it. Due to this self-selection out of credit markets, they end up more credit constrained even though their credit application rejection rates are below those of nonfamily firms. Stronger firm governance, formal business strategies and good managerial practices can ease access to credit for family-owned SMEs.

引用次数: 0

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