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Burial objects” or “Birds of a feather”: The contagion effect of financial violations in business groups——The evidence from China 埋葬对象 "还是 "物以类聚"?企业集团财务违规的传染效应--来自中国的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-23 DOI: 10.1016/j.ememar.2024.101185
Shuonan Zhang , Yike Cai , Rongda Chen , Shengnan Wang , Xinyu Zhang , He Ren

This study explores the conagion effect of financial violations within Chinese business groups from 2012 to 2021. Findings reveal that violations lead to stock price declines in member companies, with contagion primarily driven by irrational investor sentiment (“burial objects”) over the short term. The financial and governance characteristics of infected companies deteriorate (“birds of a feather”), but do not impact their long-term stock returns. Mitigating investor irrationality in infected companies helps curb contagion. This research contributes to business group governance and risk contagion theories, revealing a unique irrational contagion channel of financial violations within business groups in emerging markets.

本研究探讨了 2012 年至 2021 年中国企业集团内部财务违规行为的传染效应。研究结果表明,违规行为会导致成员公司股价下跌,短期内主要由非理性的投资者情绪("陪葬品")驱动传染。受感染公司的财务和治理特征会恶化("一窝蜂"),但不会影响其长期股票回报。缓解受感染公司的投资者非理性情绪有助于遏制传染。这项研究为企业集团治理和风险传染理论做出了贡献,揭示了新兴市场企业集团内部财务违规行为的独特非理性传染渠道。
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引用次数: 0
Financial fraud detection for Chinese listed firms: Does managers' abnormal tone matter? 中国上市公司的财务欺诈检测:管理者的反常语气重要吗?
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-14 DOI: 10.1016/j.ememar.2024.101170
Jingyu Li , Ce Guo , Sijia Lv , Qiwei Xie , Xiaolong Zheng

This study introduces a novel perspective on financial fraud detection by exploring the utility of managers' abnormal tone. To mitigate bias in indicator selection, we implement a feature selection process involving a comprehensive set of 301 indicators, including financial, non-financial, and textual, and various machine learning algorithms. The dataset contains 6077 pairs of fraudulent and non-fraudulent samples in China. Our findings underscore the significance of abnormal tone in fraud detection, establishing it as a prominent factor in the feature selection process. The accuracy outcomes from eight machine learning models further confirm that incorporating abnormal tone can enhance fraud detection performance.

本研究通过探索管理者异常语气的效用,为财务欺诈检测引入了一个新的视角。为了减少指标选择中的偏差,我们实施了一个特征选择过程,该过程涉及一整套 301 个指标,包括财务、非财务和文本指标,以及各种机器学习算法。数据集包含中国 6077 对欺诈和非欺诈样本。我们的研究结果强调了异常语气在欺诈检测中的重要性,并将其确立为特征选择过程中的一个重要因素。八个机器学习模型的准确率结果进一步证实,加入异常语调可以提高欺诈检测性能。
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引用次数: 0
Does digital innovation help firms navigate the COVID-19 pandemic? Evidence from China 数字创新是否有助于企业应对 COVID-19 大流行?来自中国的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-14 DOI: 10.1016/j.ememar.2024.101171
Hao Huang , Ling Zhao

Using manually collected data, we explore the effects of digital innovation (DI) on firm resilience during the COVID-19 pandemic. The findings show that during the pandemic, firms with high levels of DI performed significantly better than others. This effect was more pronounced for firms with high exposure to COVID-19 or geographically distant supply chains. Further, mechanism analysis finds that DI mitigated the negative impact of COVID-19 by reducing internal coordination costs and improving the speed of external supply chain response. Additional analysis shows that the more firms with strong DI capabilities, the faster the economic recovery after the pandemic.

利用人工收集的数据,我们探讨了数字创新(DI)在 COVID-19 大流行期间对企业复原力的影响。研究结果表明,在大流行病期间,数字创新水平高的企业表现明显优于其他企业。这种效应对于 COVID-19 暴露程度高或供应链地理位置较远的企业更为明显。此外,机制分析发现,直接投资通过降低内部协调成本和提高外部供应链响应速度,减轻了 COVID-19 的负面影响。其他分析表明,具有较强直接投资能力的企业越多,大流行病后的经济复苏就越快。
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引用次数: 0
The Effects of Monetary Policy on Capital Flows: An Emerging Market Survey 货币政策对资本流动的影响:新兴市场调查
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-05 DOI: 10.1016/j.ememar.2024.101167
Mauricio Villamizar-Villegas , Lucía Arango-Lozano , Geraldine Castelblanco , Nicolás Fajardo-Baquero , Maria A. Ruiz-Sanchez

We investigate whether central banks from emerging markets can attract or redirect capital flows, by bringing together the entire empirical literature into the first quan- titative meta-analysis. We dissect policy effects based on the origin of the monetary shock and type of flow. Further, we assess whether policy effects depend on factors that drive investors to either search for yields or fly to safety. Our findings indicate a mean effect size of inflows in the amount of 0.09% of quarterly GDP in response to either a 100-basis point (bp) increase in the domestic policy rate or a 100 bp reduction in the external rate. However, the effect size under a fixed effect specification is much higher (0.2%). Factors that attract inflows include output growth, foreign exchange reserves, and a more flexible exchange rate regime, while factors that deter flows include local and global risks. Finally, we find that banking flows are the most responsive to monetary policy, while foreign direct investments are the least responsive.

我们将所有实证文献汇集在一起,首次进行了量化元分析,从而研究新兴市场的中央银行能否吸引或引导资本流动。我们根据货币冲击的来源和资本流动的类型来分析政策效果。此外,我们还评估了政策效应是否取决于促使投资者寻求收益或飞向安全地带的因素。我们的研究结果表明,在国内政策利率上调 100 个基点或外部利率下调 100 个基点的情况下,流入资金的平均效应规模为季度国内生产总值的 0.09%。然而,固定效应规格下的效应规模要高得多(0.2%)。吸引资金流入的因素包括产出增长、外汇储备和更灵活的汇率制度,而阻碍资金流入的因素包括本地和全球风险。最后,我们发现银行资金流动对货币政策的反应最为灵敏,而外国直接投资的反应最小。
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引用次数: 0
Distribution margins and distribution-oriented FDI: Evidence from China 分销利润和以分销为导向的外国直接投资:来自中国的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-03 DOI: 10.1016/j.ememar.2024.101169
Wei Tian, Xinhong Wu

This paper constructs a new measure of distribution margins that covers more countries than that in the World Input–Output Database. Based on this measure, we develop a set of stylized facts and examine the effect of distribution margins on exporters' distribution-oriented foreign direct investment decision using customs data and foreign direct investment decision data from China. We find that higher distribution margins in destination countries drive exporters to conduct distribution-oriented foreign direct investment. Compared with specialized export intermediaries, manufacturers have a greater incentive to invest in distribution sectors abroad when faced with higher distribution margins.

与世界投入产出数据库相比,本文构建了一个涵盖更多国家的新的分销利润衡量标准。在此基础上,我们提出了一系列典型事实,并利用中国的海关数据和外商直接投资决策数据,研究了分销利润率对出口商以分销为导向的外商直接投资决策的影响。我们发现,目的地国较高的分销利润率会促使出口商进行以分销为导向的对外直接投资。与专业出口中间商相比,制造商在面临较高的分销利润率时更有动力投资海外分销行业。
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引用次数: 0
Corporate structure, partial privatization, and wage inequality: Evidence from China's split share structure reform 公司结构、部分私有化和工资不平等:中国股权分置改革的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-01 DOI: 10.1016/j.ememar.2024.101168
Mong Shan Ee , Hamid Beladi , Chi-Chur Chao

This paper examines the effects of privatizing China's state-owned enterprises (SOEs) on wage distribution and the welfare of the economy. Privatizing profitable SOEs can narrow wage inequality and improve welfare, and it is however accompanied by a business dynamism effect that can widen the skilled-unskilled wage gap. Using China's split share structure reform in 2005 as a quasi-natural experiment, we empirically demonstrate for profitable SOEs a positive relationship between partial privatization and wage gap. Our findings are consistent with the plan to wind down unprofitable SOEs that would not survive without government subsidies.

本文研究了中国国有企业私有化对工资分配和经济福利的影响。将盈利性国有企业私有化可以缩小工资不平等并改善福利,但同时也会产生企业活力效应,从而扩大技术工人与非技术工人之间的工资差距。我们将 2005 年中国的股权结构分置改革作为一个准自然实验,通过实证研究证明了盈利性国有企业部分私有化与工资差距之间的正相关关系。我们的研究结果与关闭无盈利的国有企业的计划是一致的,如果没有政府补贴,这些企业将无法生存。
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引用次数: 0
Financial intermediation around national elections: Evidence of state-owned banks as credit smoothers 国家选举前后的金融中介:国有银行作为信贷平滑器的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-01 DOI: 10.1016/j.ememar.2024.101166
Isaac Marcelin , Gaye-Del Lo , Babacar Sène , Wei Sun , Mussie Teclezion

This study assesses the impact of presidential and parliamentary elections on different aspects of financial intermediation, considering ownership structure as a determining factor. Consistent with the smoothing hypothesis, state-owned banks (SOBs) observed a lending growth rate of 6.67% higher during the presidential election than private sector commercial banks and subsequently experienced a decrease. During the parliamentary election cycle, indications of reciprocal trade between SOBs and peer banks emerge. SOBs step in to address the lending gap created by competing banks' reduced credit offerings, and vice versa, until the electoral uncertainty subsides. Banks implemented a more rigorous policy about their loan practices before the election years. Deposit liabilities of foreign-owned banks grew by 11.49% in the post-parliamentary election year, while SOB witnessed a contraction in deposits in the year following the presidential election. The results have consequences for national savings, investments, and economic growth. The findings align with the level of development a country exhibits, the composition of its banking sector, and its institutional attributes.

本研究评估了总统和议会选举对金融中介不同方面的影响,并将所有权结构视为决定性因素。与平滑假说一致,国有银行在总统选举期间的贷款增长率比私营商业银行高出 6.67%,随后出现下降。在议会选举周期,国有银行与同业银行之间出现了互惠交易的迹象。国有银行介入解决竞争银行减少信贷供应造成的贷款缺口,反之亦然,直到选举的不确定性消退。在选举年之前,银行对其贷款行为实施更严格的政策。外资银行的存款负债在议会选举后一年增长了 11.49%,而国有银行的存款在总统选举后一年出现萎缩。这些结果对国民储蓄、投资和经济增长产生了影响。研究结果与一个国家的发展水平、银行业的构成及其制度属性相一致。
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引用次数: 0
Does fintech matter for financial inclusion and financial stability in BRICS markets? 金融科技对金砖国家市场的金融包容性和金融稳定性有影响吗?
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-06-14 DOI: 10.1016/j.ememar.2024.101164
Darko B. Vuković , M. Kabir Hassan , Bernard Kwakye , Armike Febtinugraini , Mohammed Shakib

We investigate whether fintech development expedites financial inclusion and affects the stability of the financial sector in BRICS economies. We first seek to identify the linkage between Fintech development and financial inclusion in the BRICS economies. We then explore if Fintech poses any threat to financial stability by studying the impact of Fintech on three main factors of financial stability; Country risk, Liquidity, and Price volatility to see any possible threat to financial stability. We apply the robust Global Vector Autoregressive (GVAR) model with Bayesian framework to analyze a monthly dataset ranging from 2015 to 2022. By applying a positive shock to Fintech over financial inclusion and financial stability, we reveal a positive dynamic relationship between fintech development and financial inclusion, with fintech exhibiting a long-term influence on financial inclusion in some BRICS countries than others. However, we found no significant evidence that fintech presents any threat to financial stability; at least not in the short term. We offer several policy implications and future research directions.

我们研究金融科技的发展是否会加快金砖国家经济体的金融包容性并影响其金融部门的稳定性。我们首先试图找出金砖国家经济中金融科技发展与金融包容性之间的联系。然后,我们通过研究金融科技对金融稳定的三个主要因素(国家风险、流动性和价格波动)的影响,探讨金融科技是否会对金融稳定构成威胁。我们采用贝叶斯框架下的稳健全球向量自回归(GVAR)模型,分析了 2015 年至 2022 年的月度数据集。通过应用金融科技对金融包容性和金融稳定性的正向冲击,我们揭示了金融科技发展与金融包容性之间的正向动态关系,在一些金砖国家,金融科技对金融包容性的长期影响大于其他国家。然而,我们没有发现任何重要证据表明金融科技会对金融稳定构成威胁,至少短期内不会。我们提出了若干政策影响和未来研究方向。
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引用次数: 0
Speculative trading, stock returns and asset pricing anomalies 投机交易、股票回报和资产定价异常
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-06-13 DOI: 10.1016/j.ememar.2024.101165
Teng Zhang , Jiaqi Li , Zhiwei Xu

We propose a novel firm-level measure of speculative trading (SPT) for the Chinese stock market. Based on prior studies identifying differences of opinion as the dominant driver of speculative trading, we isolate the trading volume driven by differences of opinion from total trading volume as the speculative trading measure. We verify that SPT effectively reflects speculative trading and significantly and negatively predicts future returns. More importantly, SPT contains incremental information relative to the other speculative trading proxies. Using SPT, we further find that speculative trading plays a key role in explaining and driving the anomaly returns in the Chinese market.

我们为中国股市提出了一种新的公司层面的投机交易(SPT)衡量方法。基于之前的研究发现意见分歧是投机交易的主要驱动因素,我们将意见分歧驱动的交易量从总交易量中分离出来,作为投机交易的衡量指标。我们验证了 SPT 能有效反映投机交易,并能显著负向预测未来回报。更重要的是,相对于其他投机交易指标,SPT 包含了更多的信息。利用 SPT,我们进一步发现,投机交易在解释和驱动中国市场的异常回报方面发挥着关键作用。
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引用次数: 0
The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses 金砖国家的零债务之谜:区分金融灵活性和金融约束假说
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-05-31 DOI: 10.1016/j.ememar.2024.101163
Paolo Saona , Pablo San-Martin , Eleuterio Vallelado

This study analyzes the zero-debt decisions of BRICS firms using a bivariate probit model. The leading hypotheses are financial flexibility and financial constraints. On the demand-side, our findings reveal that managerial debt aversion, early lifecycle stage, growth opportunities, solvency, and concentrated ownership contribute to the lack of debt. Similarly, a country's institutional quality correlates with firms' debt-free status. On the supply-side, creditors fund companies with poor financial records in countries with robust markets and economic freedom. Financial flexibility and restrictions leading to zero debt are linked to firm and institutional characteristics in emerging countries.

本研究采用双变量 probit 模型分析了金砖国家企业的零债务决策。主要假设是财务灵活性和财务约束。在需求方面,我们的研究结果表明,管理者的债务规避、早期生命周期阶段、增长机会、偿付能力和所有权集中都是导致企业不负债的原因。同样,一个国家的制度质量也与企业的无债状况相关。在供给方面,债权人会为市场繁荣、经济自由的国家中财务记录不佳的公司提供资金。导致零债务的金融灵活性和限制与新兴国家的企业和制度特征相关。
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引用次数: 0
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Emerging Markets Review
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