首页 > 最新文献

Journal of International Financial Markets Institutions & Money最新文献

英文 中文
Exchange rate, distribution, and outward direct investment 汇率、分配和对外直接投资
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-20 DOI: 10.1016/j.intfin.2024.101997
Wei Tian

This paper examines the impact of exchange rate movements on firm outward direct investment (ODI), by taking into account the heterogeneous effects between distribution and production ODI. Overall, homecurrency depreciation tends to increase ODI due, in large part, to the growing emergence of distribution ODI as predicted by a theoretical model. Using rich Chinese firm-level ODI decision data over the period between 2000 and 2008, the intensive empirical search shows strong supports to the model prediction on the complementary relationship between distribution ODI and export. In response to home depreciation, Chinese firms set up more distribution trade affiliates to promote exports. Such results are robust to different econometric methodologies, empirical specifications, and time spans.

本文研究了汇率变动对企业对外直接投资(ODI)的影响,并考虑了分销型和生产型 ODI 之间的异质性影响。总体而言,本币贬值倾向于增加对外直接投资,这在很大程度上是由于理论模型所预测的分销型对外直接投资的日益兴起。利用 2000 年至 2008 年期间丰富的中国企业层面的 ODI 决策数据,深入的实证研究表明,模型预测的分销 ODI 与出口之间的互补关系得到了有力支持。为应对国内贬值,中国企业设立了更多分销贸易子公司以促进出口。这些结果在不同的计量经济学方法、经验规格和时间跨度下都是稳健的。
{"title":"Exchange rate, distribution, and outward direct investment","authors":"Wei Tian","doi":"10.1016/j.intfin.2024.101997","DOIUrl":"10.1016/j.intfin.2024.101997","url":null,"abstract":"<div><p>This paper examines the impact of exchange rate movements on firm outward direct investment (ODI), by taking into account the heterogeneous effects between distribution and production ODI. Overall, homecurrency depreciation tends to increase ODI due, in large part, to the growing emergence of distribution ODI as predicted by a theoretical model. Using rich Chinese firm-level ODI decision data over the period between 2000 and 2008, the intensive empirical search shows strong supports to the model prediction on the complementary relationship between distribution ODI and export. In response to home depreciation, Chinese firms set up more distribution trade affiliates to promote exports. Such results are robust to different econometric methodologies, empirical specifications, and time spans.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140758864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
World ESG performance and economic activity 世界环境、社会和公司治理绩效与经济活动
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-18 DOI: 10.1016/j.intfin.2024.101996
Timotheos Angelidis , Athanasios Michairinas , Athanasios Sakkas

Using data from forty-six developed and emerging markets, we show that a world-based environmental, social, and governance index (ESGI) provides useful information about future economic activity in- and out-of-sample. A relatively high increase in ESGI predicts a decrease (increase) in future economic activity in the short (long) term. We document that the environmental, social, and governance components of ESGI contribute to the predictability of economic activity. Our results have significant implications for policymakers to advise firms to adopt better ESG practices.

利用来自 46 个发达市场和新兴市场的数据,我们表明,基于全球的环境、社会和治理指数(ESGI)提供了有关样本内和样本外未来经济活动的有用信息。环境、社会和治理指数的相对较高增幅可预测未来短期(长期)经济活动的减少(增加)。我们发现,ESGI 中的环境、社会和治理要素有助于预测经济活动。我们的研究结果对政策制定者建议企业采用更好的 ESG 实践具有重要意义。
{"title":"World ESG performance and economic activity","authors":"Timotheos Angelidis ,&nbsp;Athanasios Michairinas ,&nbsp;Athanasios Sakkas","doi":"10.1016/j.intfin.2024.101996","DOIUrl":"10.1016/j.intfin.2024.101996","url":null,"abstract":"<div><p>Using data from forty-six developed and emerging markets, we show that a world-based environmental, social, and governance index (<em>ESGI</em>) provides useful information about future economic activity in- and out-of-sample. A relatively high increase in <em>ESGI</em> predicts a decrease (increase) in future economic activity in the short (long) term. We document that the environmental, social, and governance components of ESGI contribute to the predictability of economic activity. Our results have significant implications for policymakers to advise firms to adopt better ESG practices.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140767593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dividend policy under mandatory ESG reporting 强制性环境、社会和公司治理报告下的股利政策
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-18 DOI: 10.1016/j.intfin.2024.101986
Xiaoqi Chen , Weiping Li , Wouter Torsin , Albert Tsang

Governments and stock exchanges worldwide are increasingly mandating firms to disclose their environmental, social, and governance (ESG) performance. This study examines whether firms adjust their dividend policies following the implementation of mandated ESG reporting. Leveraging the staggered adoption of mandatory ESG reporting using a large international dataset spanning from 1996 to 2019, we find a substantial and negative impact on corporate dividends. Specifically, we observe that firms subject to mandatory ESG reporting, on average, reduce their dividend payout ratios by approximately 25% immediately after its implementation. Further analysis reveals that this response is more pronounced for firms facing higher agency conflicts and operating in environments with greater information asymmetry, as these firms are more difficult to monitor. Additionally, we find that the impact is stronger for firms located in countries with less developed stock markets and higher financial constraints. Exploiting cross-country variations in the regulatory framework of ESG reporting, we find a heightened response in jurisdictions with stricter disclosure requirements.

世界各国政府和证券交易所越来越多地要求企业披露其环境、社会和治理(ESG)绩效。本研究探讨了企业是否会在实施强制 ESG 报告后调整其股利政策。利用从 1996 年到 2019 年的大型国际数据集交错采用强制性环境、社会和治理报告,我们发现这对企业股息产生了实质性的负面影响。具体而言,我们观察到,在强制环境、社会和公司治理报告实施后,受该报告约束的公司平均会立即将股息支付率降低约 25%。进一步的分析表明,对于面临较高代理冲突和在信息不对称程度较高的环境中运营的公司来说,这种反应更为明显,因为这些公司更难受到监督。此外,我们还发现,对于那些股票市场欠发达、金融约束较高的国家的企业来说,这种影响更大。利用环境、社会和公司治理报告监管框架的跨国差异,我们发现在披露要求更严格的司法管辖区,反应会更强烈。
{"title":"Dividend policy under mandatory ESG reporting","authors":"Xiaoqi Chen ,&nbsp;Weiping Li ,&nbsp;Wouter Torsin ,&nbsp;Albert Tsang","doi":"10.1016/j.intfin.2024.101986","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101986","url":null,"abstract":"<div><p>Governments and stock exchanges worldwide are increasingly mandating firms to disclose their environmental, social, and governance (ESG) performance. This study examines whether firms adjust their dividend policies following the implementation of mandated ESG reporting. Leveraging the staggered adoption of mandatory ESG reporting using a large international dataset spanning from 1996 to 2019, we find a substantial and negative impact on corporate dividends. Specifically, we observe that firms subject to mandatory ESG reporting, on average, reduce their dividend payout ratios by approximately 25% immediately after its implementation. Further analysis reveals that this response is more pronounced for firms facing higher agency conflicts and operating in environments with greater information asymmetry, as these firms are more difficult to monitor. Additionally, we find that the impact is stronger for firms located in countries with less developed stock markets and higher financial constraints. Exploiting cross-country variations in the regulatory framework of ESG reporting, we find a heightened response in jurisdictions with stricter disclosure requirements.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Implicit barriers, market integration and asset prices: Evidence from the inclusion of China A-shares in MSCI global indices 隐性壁垒、市场一体化和资产价格:中国 A 股纳入 MSCI 全球指数的证据
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-16 DOI: 10.1016/j.intfin.2024.101998
Bo Li , Qian Sun , Zhihua Wei

We examine the stock price reactions to the mass inclusion of China A-shares in the Morgan Stanley Capital International (MSCI) global indices and find that stocks that would be included in the MSCI global indices earned significantly positive abnormal returns when the inclusion plan was first announced. These unusual stock price changes are proportional to firm-specific conditional market risk, but not to firm-level changes in expected future cash flows or the domestic shareholder base. We also show that better firm transparency and stock liquidity strengthen the positive relationship between conditional market risk and stock price revaluation. Moreover, there is a positive externality effect on the stock prices and risk exposures of stocks that would not be included in the MSCI global indices. Our results demonstrate that MSCI inclusion not only directly integrates index-included stocks with the global market but also indirectly integrates non-index-included stocks with the global market. Since the successful inclusion of A-shares in MSCI global indices implies the reduction in implicit market barriers to international investors, our results provide empirical evidence for the proposition that the reduction in implicit market barriers contributes to market integration from the perspective of stock price revaluation.

我们研究了中国 A 股被大规模纳入摩根士丹利资本国际公司(MSCI)全球指数后的股价反应,发现将被纳入 MSCI 全球指数的股票在纳入计划首次公布时获得了显著的正异常回报。这些异常股价变化与公司特定的条件市场风险成正比,但与公司层面的预期未来现金流变化或国内股东基础无关。我们还发现,更好的公司透明度和股票流动性加强了条件市场风险与股价重估之间的正相关关系。此外,对于未被纳入 MSCI 全球指数的股票,其股价和风险敞口也会产生积极的外部效应。我们的研究结果表明,纳入 MSCI 指数不仅能直接将纳入指数的股票与全球市场结合起来,还能间接将未纳入指数的股票与全球市场结合起来。由于 A 股成功纳入 MSCI 全球指数意味着国际投资者面临的隐性市场壁垒减少,我们的结果为 "从股价重估的角度来看,隐性市场壁垒的减少有助于市场一体化 "这一命题提供了经验证据。
{"title":"Implicit barriers, market integration and asset prices: Evidence from the inclusion of China A-shares in MSCI global indices","authors":"Bo Li ,&nbsp;Qian Sun ,&nbsp;Zhihua Wei","doi":"10.1016/j.intfin.2024.101998","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101998","url":null,"abstract":"<div><p>We examine the stock price reactions to the mass inclusion of China A-shares in the Morgan Stanley Capital International (MSCI) global indices and find that stocks that would be included in the MSCI global indices earned significantly positive abnormal returns when the inclusion plan was first announced. These unusual stock price changes are proportional to firm-specific conditional market risk, but not to firm-level changes in expected future cash flows or the domestic shareholder base. We also show that better firm transparency and stock liquidity strengthen the positive relationship between conditional market risk and stock price revaluation. Moreover, there is a positive externality effect on the stock prices and risk exposures of stocks that would not be included in the MSCI global indices. Our results demonstrate that MSCI inclusion not only directly integrates index-included stocks with the global market but also indirectly integrates non-index-included stocks with the global market. Since the successful inclusion of A-shares in MSCI global indices implies the reduction in implicit market barriers to international investors, our results provide empirical evidence for the proposition that the reduction in implicit market barriers contributes to market integration from the perspective of stock price revaluation.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140604898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diverse investor reactions to the COVID-19 Pandemic: Insights from an emerging market 投资者对 COVID-19 大流行病的不同反应:新兴市场的启示
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-14 DOI: 10.1016/j.intfin.2024.102000
Suman Neupane , Zhebin Fan , Daniel Yanes Sanchez , Biwesh Neupane

We examine the reaction of different investor categories to the COVID-19 pandemic in the Indian market throughout 2020. Using quarterly ownership data, we find significant differences across various investor categories during the crisis and post-crisis periods. We find that domestic institutional investors (DIIs) exhibit 'flight-to-quality' behavior, foreign institutional investors (FIIs) exhibit 'fire-sale' behavior, and retail investors (RIs) act as informed investors who provide liquidity during the crisis period. We observe conservative behavior from DIIs and FIIs throughout 2020, during which RIs initially increase their holdings in high-risk stocks but move to high-quality stocks in the final quarter of 2020. FIIs contribute the most to lower stock returns and higher volatility during the crisis period. Using daily FII trade-level data, we find that long-term FIIs start buying high-quality stocks before other categories in the post-crisis period, with short-term FIIs driving returns and volatility during the crisis period.

我们研究了 2020 年印度市场不同类别投资者对 COVID-19 大流行的反应。利用季度所有权数据,我们发现不同类别的投资者在危机期间和危机后存在显著差异。我们发现,国内机构投资者(DIIs)表现出 "逃离质量 "行为,外国机构投资者(FIIs)表现出 "火售 "行为,而散户投资者(RIs)则作为知情投资者在危机期间提供流动性。在整个 2020 年,我们观察到 DII 和 FII 的保守行为,在此期间,散户投资者最初增持高风险股票,但在 2020 年最后一个季度转向优质股票。在危机期间,FII 对较低的股票回报率和较高的波动性贡献最大。利用每日 FII 交易层面的数据,我们发现长期 FII 在危机后时期开始先于其他类别购买优质股票,而短期 FII 在危机时期推动了回报率和波动率的上升。
{"title":"Diverse investor reactions to the COVID-19 Pandemic: Insights from an emerging market","authors":"Suman Neupane ,&nbsp;Zhebin Fan ,&nbsp;Daniel Yanes Sanchez ,&nbsp;Biwesh Neupane","doi":"10.1016/j.intfin.2024.102000","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102000","url":null,"abstract":"<div><p>We examine the reaction of different investor categories to the COVID-19 pandemic in the Indian market throughout 2020. Using quarterly ownership data, we find significant differences across various investor categories during the crisis and post-crisis periods. We find that domestic institutional investors (DIIs) exhibit 'flight-to-quality' behavior, foreign institutional investors (FIIs) exhibit 'fire-sale' behavior, and retail investors (RIs) act as informed investors who provide liquidity during the crisis period. We observe conservative behavior from DIIs and FIIs throughout 2020, during which RIs initially increase their holdings in high-risk stocks but move to high-quality stocks in the final quarter of 2020. FIIs contribute the most to lower stock returns and higher volatility during the crisis period. Using daily FII trade-level data, we find that long-term FIIs start buying high-quality stocks before other categories in the post-crisis period, with short-term FIIs driving returns and volatility during the crisis period.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000660/pdfft?md5=5184d81b3d1d6f8f0eea00b0524ecd6f&pid=1-s2.0-S1042443124000660-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618121","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
CSR contracting and stock price crash risk: International evidence 企业社会责任契约与股价暴跌风险:国际证据
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-14 DOI: 10.1016/j.intfin.2024.101999
Simeng Liu , Kun Tracy Wang , Sonali Walpola , Nathan Zhenghang Zhu

In this study, we examine whether and how the worldwide integration of corporate social responsibility (CSR) criteria into executive compensation contracts (hereafter, CSR contracting or CSR-based executive compensation) affects a firm’s stock price crash risk. Using a comprehensive sample of 42,049 firm-year observations from 53 countries from 2003 to 2019, we find that CSR contracting firms have greater stock price crash risk. This positive association can be attributed to exacerbated managerial bad news hoarding behavior and overinvestment. We further demonstrate that the positive relationship between CSR contracting and crash risk is more pronounced for firms with powerful CEOs, as well as in countries with inferior investor protection and disclosure transparency. Overall, our findings are consistent with the agency cost and managerial power perspective, suggesting that CSR contracting may be exploited by powerful and opportunistic managers as a means of diverting shareholders’ attention and concealing bad financial news. Our findings have implications for both researchers and business practitioners.

在本研究中,我们考察了在全球范围内将企业社会责任(CSR)标准纳入高管薪酬合同(以下简称 CSR 合同或基于 CSR 的高管薪酬)是否以及如何影响公司的股价暴跌风险。通过对 2003 年至 2019 年 53 个国家的 42,049 个公司年度观测数据进行综合抽样,我们发现,签订企业社会责任合同的公司具有更大的股价暴跌风险。这种正相关关系可归因于管理者囤积坏消息行为和过度投资的加剧。我们进一步证明,企业社会责任契约与股价暴跌风险之间的正相关关系在首席执行官强势的公司以及投资者保护和信息披露透明度较低的国家更为明显。总体而言,我们的研究结果符合代理成本和管理权力的观点,表明企业社会责任契约可能会被有权势和机会主义的管理者利用,作为转移股东注意力和掩盖财务坏消息的一种手段。我们的研究结果对研究人员和商业从业者都有启示意义。
{"title":"CSR contracting and stock price crash risk: International evidence","authors":"Simeng Liu ,&nbsp;Kun Tracy Wang ,&nbsp;Sonali Walpola ,&nbsp;Nathan Zhenghang Zhu","doi":"10.1016/j.intfin.2024.101999","DOIUrl":"10.1016/j.intfin.2024.101999","url":null,"abstract":"<div><p>In this study, we examine whether and how the worldwide integration of corporate social responsibility (CSR) criteria into executive compensation contracts (hereafter, CSR contracting or CSR-based executive compensation) affects a firm’s stock price crash risk. Using a comprehensive sample of 42,049 firm-year observations from 53 countries from 2003 to 2019, we find that CSR contracting firms have greater stock price crash risk. This positive association can be attributed to exacerbated managerial bad news hoarding behavior and overinvestment. We further demonstrate that the positive relationship between CSR contracting and crash risk is more pronounced for firms with powerful CEOs, as well as in countries with inferior investor protection and disclosure transparency. Overall, our findings are consistent with the agency cost and managerial power perspective, suggesting that CSR contracting may be exploited by powerful and opportunistic managers as a means of diverting shareholders’ attention and concealing bad financial news. Our findings have implications for both researchers and business practitioners.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000659/pdfft?md5=2c134fc94f1a3b10d85d5b188c15cf1e&pid=1-s2.0-S1042443124000659-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140795753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does trade openness promote economic growth in developing countries? 贸易开放能否促进发展中国家的经济增长?
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-12 DOI: 10.1016/j.intfin.2024.101985
Hyun-Jung Nam , Doojin Ryu

This study examines the influence of trade openness on economic growth in the Association of Southeast Asian Nations. Trade openness is associated with low levels of trade barriers and high levels of trade volumes. Lower trade barriers may negatively affect GDP in developing economies, implying that excessive trade openness could impede economic growth. Conversely, increased trade volumes positively affect GDP, highlighting the potential advantages of trade openness for economic growth. We identify the moderating role of trade barriers, noting that in countries with high trade barriers, increased trade volumes are associated with stronger economic growth.

本研究探讨了贸易开放对东南亚国家联盟经济增长的影响。贸易开放与贸易壁垒水平低和贸易量大有关。较低的贸易壁垒可能会对发展中经济体的国内生产总值产生负面影响,这意味着过度的贸易开放可能会阻碍经济增长。相反,贸易量的增加会对国内生产总值产生积极影响,从而凸显贸易开放对经济增长的潜在优势。我们确定了贸易壁垒的调节作用,指出在贸易壁垒较高的国家,贸易量的增加与更强劲的经济增长相关联。
{"title":"Does trade openness promote economic growth in developing countries?","authors":"Hyun-Jung Nam ,&nbsp;Doojin Ryu","doi":"10.1016/j.intfin.2024.101985","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101985","url":null,"abstract":"<div><p>This study examines the influence of trade openness on economic growth in the Association of Southeast Asian Nations. Trade openness is associated with low levels of trade barriers and high levels of trade volumes. Lower trade barriers may negatively affect GDP in developing economies, implying that excessive trade openness could impede economic growth. Conversely, increased trade volumes positively affect GDP, highlighting the potential advantages of trade openness for economic growth. We identify the moderating role of trade barriers, noting that in countries with high trade barriers, increased trade volumes are associated with stronger economic growth.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140546344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reputational risk and firm performance: Family versus nonfamily firms in different regulatory environments 声誉风险与公司业绩:不同监管环境下的家族企业与非家族企业
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-08 DOI: 10.1016/j.intfin.2024.101976
Yuying Sun, Zhenyu Wu

This paper explores the relationship between reputational risk and firm financial performance in both family and nonfamily businesses. Relying on an international sample of over 5,000 listed firms from 2007 to 2019, we find that family firms have significantly lower reputational risk, and the impact of reputational risk on financial performance is lower in family firms. However, these findings vary across different macro-regulatory environments. In countries with poor regulatory quality, the effect of reputational risk on performance becomes positive, and family firms strengthen this positive influence. We attribute the findings to socioemotional wealth (SEW) theory and rent-seeking theory.

本文探讨了家族企业和非家族企业的声誉风险与企业财务绩效之间的关系。通过对2007年至2019年超过5000家上市企业的国际样本进行分析,我们发现家族企业的声誉风险明显较低,声誉风险对家族企业财务绩效的影响也较小。然而,这些发现在不同的宏观调控环境下有所不同。在监管质量较差的国家,声誉风险对业绩的影响变为正向,而家族企业则加强了这种正向影响。我们将这些发现归因于社会情感财富(SEW)理论和寻租理论。
{"title":"Reputational risk and firm performance: Family versus nonfamily firms in different regulatory environments","authors":"Yuying Sun,&nbsp;Zhenyu Wu","doi":"10.1016/j.intfin.2024.101976","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101976","url":null,"abstract":"<div><p>This paper explores the relationship between reputational risk and firm financial performance in both family and nonfamily businesses. Relying on an international sample of over 5,000 listed firms from 2007 to 2019, we find that family firms have significantly lower reputational risk, and the impact of reputational risk on financial performance is lower in family firms. However, these findings vary across different macro-regulatory environments. In countries with poor regulatory quality, the effect of reputational risk on performance becomes positive, and family firms strengthen this positive influence. We attribute the findings to socioemotional wealth (SEW) theory and rent-seeking theory.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140535702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The EU prospectus regulation and its impact on SME listings 欧盟招股说明书法规及其对中小企业上市的影响
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-04 DOI: 10.1016/j.intfin.2024.101983
Christoph Kaserer, Victoria Treßel

This study analyses the “regulatory overreach hypothesis”, which asserts regulatory complexity as the cause for the IPO decline in Western countries, by focusing on the novel EU growth prospectus for SMEs introduced by the Prospectus Regulation. Using a hand-collected database of initial offerings at EU exchanges (2016–2022), we find the EU growth prospectus successfully streamlined SME IPOs without jeopardising investor protection. Despite being less complex in terms of word counts, it remains informative. SMEs are more likely to use it unless the offering becomes relatively large. We do not substantiate that fixed listing costs were reduced. Using a triple difference analysis, we do not find robust evidence of an increase in IPO activity. While questioning the regulatory overreach hypothesis, our findings show that IPO regulation can be simplified and made less burdensome without curtailing investor protection.

本研究分析了 "监管过度假说",该假说认为监管的复杂性是西方国家首次公开募股(IPO)下降的原因,研究重点是《招股说明书条例》引入的新颖的欧盟中小企业成长招股说明书。利用手工收集的欧盟交易所首次发行数据库(2016-2022 年),我们发现欧盟成长型招股说明书成功简化了中小企业首次公开发行的程序,同时又不损害投资者保护。尽管在字数上没有那么复杂,但信息量仍然很大。除非发行规模相对较大,否则中小企业更有可能使用它。我们没有证实固定上市成本降低了。通过三重差异分析,我们没有发现 IPO 活动增加的有力证据。在质疑监管过度假说的同时,我们的研究结果表明,IPO 监管可以简化并减轻负担,而不会削弱对投资者的保护。
{"title":"The EU prospectus regulation and its impact on SME listings","authors":"Christoph Kaserer,&nbsp;Victoria Treßel","doi":"10.1016/j.intfin.2024.101983","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101983","url":null,"abstract":"<div><p>This study analyses the “regulatory overreach hypothesis”, which asserts regulatory complexity as the cause for the IPO decline in Western countries, by focusing on the novel EU growth prospectus for SMEs introduced by the Prospectus Regulation. Using a hand-collected database of initial offerings at EU exchanges (2016–2022), we find the EU growth prospectus successfully streamlined SME IPOs without jeopardising investor protection. Despite being less complex in terms of word counts, it remains informative. SMEs are more likely to use it unless the offering becomes relatively large. We do not substantiate that fixed listing costs were reduced. Using a triple difference analysis, we do not find robust evidence of an increase in IPO activity. While questioning the regulatory overreach hypothesis, our findings show that IPO regulation can be simplified and made less burdensome without curtailing investor protection.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000490/pdfft?md5=2dafa036d9840fb64f44c5d533ab3345&pid=1-s2.0-S1042443124000490-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140344811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies 新兴市场经济体的资本流动动态以及金融周期和商业周期的同步性
IF 4 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-04-01 DOI: 10.1016/j.intfin.2024.101980
Solikin M. Juhro , Bernard Njindan Iyke , Paresh Kumar Narayan

This study assesses the dynamics of capital flow, financial cycles, and business cycles in Emerging Market Economies (EMEs). We show that: (a) capital flow cycles tend to be more volatile than financial and business cycles, (b) although significant heterogeneities exist in the dynamics of these cycles across EMEs, financial and business cycles tend to be similar in terms of amplitudes, (c) significant concordance exists between different cycles and between the same cycles across countries, and (d) capital flow cycles tend to lead financial and business cycles. These findings provide clear guidance on the use of central bank policy mix strategy in response to capital flows, financial, and business cycles. Our results also imply strong interconnection between EMEs, in the sense that they appear to simultaneously experience expansions and recessions.

本研究评估了新兴市场经济体(EMEs)的资本流动、金融周期和商业周期的动态。我们发现(a) 与金融和商业周期相比,资本流动周期的波动性往往更大;(b) 尽管新兴市场经济体的这些周期的动态存在显著的异质性,但金融和商业周期的振幅往往相似;(c) 不同周期之间以及国家间相同周期之间存在显著的一致性;(d) 资本流动周期往往领先于金融和商业周期。这些发现为利用中央银行政策组合策略应对资本流动、金融和商业周期提供了明确的指导。我们的研究结果还表明,新兴市场经济体之间存在很强的相互联系,即它们似乎同时经历经济扩张和衰退。
{"title":"Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies","authors":"Solikin M. Juhro ,&nbsp;Bernard Njindan Iyke ,&nbsp;Paresh Kumar Narayan","doi":"10.1016/j.intfin.2024.101980","DOIUrl":"10.1016/j.intfin.2024.101980","url":null,"abstract":"<div><p>This study assesses the dynamics of capital flow, financial cycles, and business cycles in Emerging Market Economies (EMEs). We show that: (a) capital flow cycles tend to be more volatile than financial and business cycles, (b) although significant heterogeneities exist in the dynamics of these cycles across EMEs, financial and business cycles tend to be similar in terms of amplitudes, (c) significant concordance exists between different cycles and between the same cycles across countries, and (d) capital flow cycles tend to lead financial and business cycles. These findings provide clear guidance on the use of central bank policy mix strategy in response to capital flows, financial, and business cycles. Our results also imply strong interconnection between EMEs, in the sense that they appear to simultaneously experience expansions and recessions.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000465/pdfft?md5=2a8a4f4ed933d7350999d1bdf6b21c1a&pid=1-s2.0-S1042443124000465-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140277296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
Journal of International Financial Markets Institutions & Money
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1