Serhat Konuk, Ömer Tuğsal Doruk, Yıldırım Beyazıt Önal
This paper aims to investigate the relationship between brand value and firm value by using a two-step approach. In the first step, we use the financial-based brand valuation model (FBVEM) to obtain the brand value of firms that operated in the Turkish manufacturing industry during the period between 2014 and 2018. In the second step, we examine the effect of brand value on Tobin's Q. In doing so, we use a novel GMM, with a measurement errors model, which takes into account mismeasurements of the financial variables. We try to get an accurate estimation of the link between brand value and Tobin's Q in our analysis. The obtained findings show that the effect of brand value on firm value is positive in the Turkish manufacturing sector. Our results remain stable after robustness checks. This is the first well-controlled study that considers the endogeneity problem and consequent measurement errors in the relationship between brand value and firm value.
{"title":"An empirical investigation of the relationship between brand value and firm value: Evidence from Turkey","authors":"Serhat Konuk, Ömer Tuğsal Doruk, Yıldırım Beyazıt Önal","doi":"10.1002/ijfe.2915","DOIUrl":"https://doi.org/10.1002/ijfe.2915","url":null,"abstract":"This paper aims to investigate the relationship between brand value and firm value by using a two-step approach. In the first step, we use the financial-based brand valuation model (FBVEM) to obtain the brand value of firms that operated in the Turkish manufacturing industry during the period between 2014 and 2018. In the second step, we examine the effect of brand value on Tobin's Q. In doing so, we use a novel GMM, with a measurement errors model, which takes into account mismeasurements of the financial variables. We try to get an accurate estimation of the link between brand value and Tobin's Q in our analysis. The obtained findings show that the effect of brand value on firm value is positive in the Turkish manufacturing sector. Our results remain stable after robustness checks. This is the first well-controlled study that considers the endogeneity problem and consequent measurement errors in the relationship between brand value and firm value.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"83 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates the effect of both conventional and unconventional monetary policies on loan default of UK personal and business peer-to-peer (P2P) loans. I employ loan book data of Zopa, Lending Works, and MarketFinance, which are three of the most popular UK P2P lending platforms. Survival analysis reveals consistent evidence for the existence of the risk-taking channel of monetary policy. Monetary easing, be it conventional or unconventional, reduces loan survival in the P2P lending market. This finding delivers useful information for policymakers to rebalance the countervailing effects of expansionary monetary policies on financial stability during the era of alternative financing.
{"title":"The impact of conventional and unconventional monetary policies on loan default risk—Evidence from UK peer-to-peer lending platforms","authors":"Anh Nguyet Vu","doi":"10.1002/ijfe.2921","DOIUrl":"https://doi.org/10.1002/ijfe.2921","url":null,"abstract":"This study investigates the effect of both conventional and unconventional monetary policies on loan default of UK personal and business peer-to-peer (P2P) loans. I employ loan book data of Zopa, Lending Works, and MarketFinance, which are three of the most popular UK P2P lending platforms. Survival analysis reveals consistent evidence for the existence of the risk-taking channel of monetary policy. Monetary easing, be it conventional or unconventional, reduces loan survival in the P2P lending market. This finding delivers useful information for policymakers to rebalance the countervailing effects of expansionary monetary policies on financial stability during the era of alternative financing.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"93 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a dataset of bank- and regional-level data, we study the effectiveness and heterogeneity of the transmission mechanism of the ECB's large scale asset purchases (LSAPs) to the real economy. Our results indicate that banks more exposed to government debt securities had higher growth of loans and loans relative to total assets than less exposed banks after the asset purchase programme (APP), but not after the pandemic emergency purchase programme (PEPP). Furthermore, our results demonstrate that regions where banks are more exposed to government securities exhibit more favorable outcomes after the APP in GDP, fixed capital formation, unemployment, and compensation of employees than regions with less exposed banks, via the bank lending channel. We argue that banks' exposure to LSAPs targeted assets and their geographical location is an important factor determining the magnitude and heterogeneity of the portfolio rebalancing transmission mechanism to the real economy.
{"title":"Unconventional monetary policy in the Euro area: Impacts on loans, employment, and investment","authors":"António Afonso, Francisco Gomes Pereira","doi":"10.1002/ijfe.2913","DOIUrl":"https://doi.org/10.1002/ijfe.2913","url":null,"abstract":"Using a dataset of bank- and regional-level data, we study the effectiveness and heterogeneity of the transmission mechanism of the ECB's large scale asset purchases (LSAPs) to the real economy. Our results indicate that banks more exposed to government debt securities had higher growth of loans and loans relative to total assets than less exposed banks after the asset purchase programme (APP), but not after the pandemic emergency purchase programme (PEPP). Furthermore, our results demonstrate that regions where banks are more exposed to government securities exhibit more favorable outcomes after the APP in GDP, fixed capital formation, unemployment, and compensation of employees than regions with less exposed banks, via the bank lending channel. We argue that banks' exposure to LSAPs targeted assets and their geographical location is an important factor determining the magnitude and heterogeneity of the portfolio rebalancing transmission mechanism to the real economy.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"85 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yanwei Lyu, Jinning Zhang, Xinnian Qing, Yangyang Bai
In recent years, the increasing trend of financialization of non-financial enterprises and the improvement of total factor productivity (TFP) have attracted extensive attention. The research sample for this study covers non-financial firms listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2020. Then an econometric regression model is built to examine the impact of financialization of non-financial enterprises on enterprises' TFP. The mediation effect model is used to investigate the mechanisms of non-financial enterprises' financialization (NFEF) on TFP. The heterogeneity in investment efficiency, property rights and political affiliation is further discussed. The findings show that the NFEF has a considerable negative influence on enterprises' TFP, which still stands after endogenous treatment and a series of robustness tests. Moreover, NFEF significantly inhibits TFP by crowding out R&D investment and significantly promotes TFP by alleviating financing restrictions. Both the ‘crowding-out effect’ and ‘reservoir effect’ of financialization of non-financial enterprises are verified, and the former is greater. The influence of NFEF on TFP has the heterogeneity in investment efficiency and political affiliation, but the heterogeneity in property rights is insignificant.
{"title":"The influence of non-financial enterprises' financialization on total factor productivity of enterprises: Promotion or inhibition?","authors":"Yanwei Lyu, Jinning Zhang, Xinnian Qing, Yangyang Bai","doi":"10.1002/ijfe.2912","DOIUrl":"https://doi.org/10.1002/ijfe.2912","url":null,"abstract":"In recent years, the increasing trend of financialization of non-financial enterprises and the improvement of total factor productivity (TFP) have attracted extensive attention. The research sample for this study covers non-financial firms listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2020. Then an econometric regression model is built to examine the impact of financialization of non-financial enterprises on enterprises' TFP. The mediation effect model is used to investigate the mechanisms of non-financial enterprises' financialization (NFEF) on TFP. The heterogeneity in investment efficiency, property rights and political affiliation is further discussed. The findings show that the NFEF has a considerable negative influence on enterprises' TFP, which still stands after endogenous treatment and a series of robustness tests. Moreover, NFEF significantly inhibits TFP by crowding out R&D investment and significantly promotes TFP by alleviating financing restrictions. Both the ‘crowding-out effect’ and ‘reservoir effect’ of financialization of non-financial enterprises are verified, and the former is greater. The influence of NFEF on TFP has the heterogeneity in investment efficiency and political affiliation, but the heterogeneity in property rights is insignificant.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"89 2-3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study how language affects private debt renegotiation. We predict that stronger future time reference (FTR) languages alter the importance of renegotiation risk by lowering the perceived value of loan renegotiation. We test this hypothesis on a sample of 6500 loans issued to European firms between 1999 and 2017. We find that the use of a stronger FTR language decreases the likelihood of renegotiation and the number of renegotiation rounds. These findings are robust to several FTR proxies, various specifications including loan, borrower, and country-level variables, and potential mitigation effects from specific loan, country, or time effects. They suggest that linguistic structure influences the renegotiation process of private debt contracts.
{"title":"Language and private debt renegotiation","authors":"Christophe J. Godlewski","doi":"10.1002/ijfe.2907","DOIUrl":"https://doi.org/10.1002/ijfe.2907","url":null,"abstract":"We study how language affects private debt renegotiation. We predict that stronger future time reference (FTR) languages alter the importance of renegotiation risk by lowering the perceived value of loan renegotiation. We test this hypothesis on a sample of 6500 loans issued to European firms between 1999 and 2017. We find that the use of a stronger FTR language decreases the likelihood of renegotiation and the number of renegotiation rounds. These findings are robust to several FTR proxies, various specifications including loan, borrower, and country-level variables, and potential mitigation effects from specific loan, country, or time effects. They suggest that linguistic structure influences the renegotiation process of private debt contracts.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"91 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：