Research in International Business and Finance最新文献

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The influence of institutional void and socio-cultural factors on the internationalization of emerging multinationals 制度空白和社会文化因素对新兴跨国公司国际化的影响

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102605

Nouhaila Ettalibi , Murugesh Arunachalam , Thao Nguyen , Kashif ur Rehman

The process of firm internationalization involves critical decisions regarding location, entry mode, investment levels, and the management of foreign operations. This paper examines the effects of institutional voids and socio-cultural factors on the internationalization of Emerging Multinationals (EMNCs) from the BRICS and MENA regions. We draw on institutional and internationalization theories to explain how socio-cultural factors influence the internationalization of EMNCs. Using the two-step system GMM over a ten-year period (2012–2021), we find that institutional voids, religious diversity, power distance, and a firm’s ESG practices at home positively impact internationalization. These findings contribute to the literature by quantifying key variables related to internationalization, cultural diversity, institutional voids, power distance, and ESG engagement.

企业国际化的过程涉及有关地点、进入模式、投资水平和国外业务管理的关键决策。本文探讨了制度空白和社会文化因素对金砖国家和中东及北非地区新兴跨国公司国际化的影响。我们借鉴制度和国际化理论来解释社会文化因素如何影响新兴跨国公司的国际化。利用十年期间（2012-2021 年）的两步系统 GMM，我们发现制度空白、宗教多样性、权力距离和公司在国内的环境、社会和公司治理实践对国际化有积极影响。这些发现通过量化与国际化、文化多样性、制度空白、权力距离和环境、社会和公司治理参与相关的关键变量，为相关文献做出了贡献。

引用次数: 0

Going green with digital media attention: Evidence from Chinese A-share listed companies’ environmental performance 借助数字媒体关注实现绿色发展：中国A股上市公司环境绩效的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102617

Xin Liu, Hui Xu

As an important social force, digital media has become significant for constructing an effective modern environmental governance system. This study investigates the impact of digital media attention on corporate environmental performance (CEP) using data from A-share listed companies from 2008 to 2022. We find that digital media attention boosts CEP, which holds following endogeneity and robustness tests. These mechanisms indicate that digital media attention stimulates firms’ leveraging internal incentives and external deterrence through reputation and intervention mechanisms to boost CEP. Through the dual mechanisms of reputation and intervention, firms correct greenwashing behavior and implement green innovation to achieve sustainable green transformation. Heterogeneity analysis reveals that the environmental governance effects of digital media attention are more significant for firms with high digitalization and far-sighted management. The moderating effects analysis indicates that public environmental awareness and government environmental regulation are significant forces for strengthening digital media to advance green governance.

作为一种重要的社会力量，数字媒体对于构建有效的现代环境治理体系具有重要意义。本研究利用 2008 年至 2022 年 A 股上市公司的数据，研究了数字媒体关注度对企业环境绩效（CEP）的影响。我们发现，数字媒体关注度会促进企业环境绩效，这一点在经过内生性和稳健性检验后成立。这些机制表明，数字媒体关注通过声誉机制和干预机制刺激企业利用内部激励和外部威慑来提高 CEP。通过声誉和干预的双重机制，企业纠正了绿色清洗行为，实施了绿色创新，实现了可持续的绿色转型。异质性分析表明，数字媒体关注的环境治理效应对于数字化程度高、管理高瞻远瞩的企业更为显著。调节效应分析表明，公众环境意识和政府环境监管是加强数字媒体推进绿色治理的重要力量。

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引用次数: 0

The effect of ESG divergence on the financial performance of Hong Kong-listed firms: An artificial neural network approach 环境、社会和公司治理分歧对香港上市公司财务状况的影响：人工神经网络方法

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102616

Louis T.W. Cheng , Tsun Se Cheong , Michal Wojewodzki , David Chui

This paper applies an advanced machine learning algorithm, the Artificial Neural Network (ANN), to examine both linear and nonlinear effects between firm-level characteristics and ESG performance of all firms listed on the Hong Kong Stock Exchange (HKEX) with ESG scores during 2019–2021. To mitigate the problem of data-specific findings due to rating bias from a single rating agency, we employ novel iScore (divergence-adjusted ESG measure). The documented findings indicate the unsuitability of traditional linear regression models to capture the nonlinear effects and to detect some linear relationships. Furthermore, the results show the superiority of the self-organising map (SOM) ANN framework in explaining the impact of firm-level factors on ESG performance.

本文采用先进的机器学习算法--人工神经网络（ANN），对2019-2021年期间在香港联合交易所（港交所）上市的所有ESG得分公司的公司层面特征与ESG表现之间的线性和非线性效应进行研究。为减少因单一评级机构的评级偏差而导致的特定数据结果问题，我们采用了新颖的 iScore（经分歧调整的 ESG 指标）。研究结果表明，传统的线性回归模型不适合捕捉非线性效应和检测某些线性关系。此外，研究结果表明，自组织图（SOM）ANN 框架在解释公司层面因素对 ESG 表现的影响方面具有优势。

引用次数: 0

Corporate ESG performance and credit misallocation:Evidence from China 企业环境、社会和治理绩效与信贷错配：来自中国的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102621

Yicheng Kuai , Peiwen Wang , Guanglin Huang

Using data from Chinese-listed companies from 2010 to 2020, this paper investigates the impact of corporate environmental, social, and governance (ESG) performance on credit misallocation. We find that ESG performance significantly reduces credit misallocation, which remains robust to various sensitivity tests. Mechanism analysis reveals that ESG reduces credit misallocation by alleviating information asymmetry. This “information supplementary effect” is primarily evident at the firm rather than the macro level. Further discussion reveals a more pronounced impact of ESG in firms with lower profitability and higher market competition, as well as those located in less financially developed regions. However, this impact becomes less salient during periods of credit expansion. Our research highlights the importance of corporate ESG performance in deterring information asymmetry, and provides insights into improving the resource allocation efficiency in the credit market.

本文利用 2010 年至 2020 年中国上市公司的数据，研究了企业环境、社会和治理（ESG）绩效对信贷错配的影响。我们发现，企业环境、社会和治理绩效大大降低了信贷错配，这一点在各种敏感性测试中都保持稳健。机制分析表明，ESG 通过缓解信息不对称减少了信贷错配。这种 "信息补充效应 "主要体现在企业而非宏观层面。进一步的讨论表明，ESG 对盈利能力较低、市场竞争较激烈以及位于金融欠发达地区的企业的影响更为明显。然而，在信贷扩张时期，这种影响就不那么突出了。我们的研究强调了企业环境、社会和治理绩效在遏制信息不对称方面的重要性，并为提高信贷市场的资源配置效率提供了启示。

引用次数: 0

The multilevel determinants of overlapping membership on board committees: Evidence from Chinese banks 董事会委员会成员重叠的多层次决定因素：来自中国银行的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102612

Feng Wei, Binyan Ding

This study manually collects data on 4090 board committee members from 36 listed banks in 11 regions of China from 2007 to 2020, uses a hierarchical linear model, and integrates institutional and resource dependence theories to examine the multilevel determinants of overlapping membership on board committees. The results show that lower legalization and the absence of chief risk officers promote overlapping membership on board committees. Directors who have financial expertise, are shorter-tenured, and do not have social relationships with senior leaders sit on more board committees. Further analysis shows that information and resource needs are more likely to drive overlapping membership on board monitoring committees, and independent directors with lower information acquisition costs sit on more board committees. The moderating analysis between multilevel factors shows that legalization and the presence of chief risk officers substitute for, while religion and board interlocks complement director-level information and resource needs.

本研究人工收集了中国 11 个地区 36 家上市银行 2007 年至 2020 年 4090 名董事会委员会成员的数据，采用层次线性模型，结合制度理论和资源依赖理论，考察了董事会委员会成员重叠的多层次决定因素。结果表明，较低的法律化程度和首席风险官的缺失会促进董事会委员会成员的重叠。拥有财务专业知识、任期较短、与高层领导没有社交关系的董事会参加更多的董事会委员会。进一步的分析表明，信息和资源需求更有可能导致董事会监督委员会成员的重叠，而信息获取成本较低的独立董事则会加入更多的董事会委员会。多层次因素之间的调节分析表明，合法化和首席风险官的存在替代了董事层面的信息和资源需求，而宗教和董事会互锁则补充了董事层面的信息和资源需求。

引用次数: 0

Impact of fund cliques on corporate cash dividends: Evidence from China 基金小团体对企业现金分红的影响：来自中国的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102619

Yumei Feng , Hongxin Pei , Yuying Pan , Kung-Cheng Ho

Utilizing 2007–2021 data on Chinese A-share listed companies, this study explores how fund cliques affect corporate cash dividends. The results reveal that fund cliques can significantly reduce corporate cash dividends. This conclusion is verified after addressing possible endogeneity concerns and conducting a series of robustness tests. Mechanism tests indicate that ownership concentration and agency cost are the primary channels. The results further show that the negative effect of fund cliques on cash dividends is more significant in larger firms, as well as in firms that have lower regional investor protection and greater media attention. Furthermore, we find that fund cliques can significantly increase corporate stock dividends, and the reduction of cash dividends promotes fund cliques’ share lessening, from which funds can obtain higher share returns. This study has some implications for protecting shareholder rights and maintaining capital market stability.

本研究利用 2007-2021 年中国 A 股上市公司的数据，探讨了基金帮派如何影响企业现金分红。研究结果表明，基金抱团可以显著减少企业现金分红。在解决了可能存在的内生性问题并进行了一系列稳健性检验后，这一结论得到了验证。机制检验表明，所有权集中和代理成本是主要渠道。结果进一步表明，基金小团体对现金分红的负面影响在规模较大的公司以及地区投资者保护程度较低和媒体关注度较高的公司中更为显著。此外，我们还发现，基金小团体可以显著增加公司股票分红，而现金分红的减少会促进基金小团体减持股份，基金可以从中获得更高的股份回报。本研究对保护股东权益、维护资本市场稳定有一定的启示。

引用次数: 0

Carry trade behavior by non-US banks 非美国银行的套利交易行为

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102618

Yasutake Homma , Katsushi Suzuki

Carry trade behavior by banks is considered to lead their solvency and liquidity risks. This study examines the carry trade behavior of non-US banks by testing the dynamics of short-term US dollar bond issuances. We find that non-US banks, particularly those in advanced economies, issue a larger amount of US dollar bonds under favorable carry trade conditions. They also allocate the proceeds to short-term investment assets, suggesting their engagement in carry trade behavior. However, we do not consistently observe the same relationship between US dollar bond issuances and favorable carry trade conditions in emerging economies. This finding aligns with previous studies indicating that banks in emerging economies do not engage in carry trade behavior.

银行的套利交易行为被认为会导致其偿付能力和流动性风险。本研究通过测试短期美元债券发行的动态来研究非美国银行的套利交易行为。我们发现，在有利的利差交易条件下，非美国银行，尤其是发达经济体的非美国银行，会发行更大量的美元债券。它们还将收益分配给短期投资资产，这表明它们参与了利差交易行为。然而，在新兴经济体中，我们并没有持续观察到美元债券发行与有利的套利交易条件之间存在相同的关系。这一发现与之前的研究一致，表明新兴经济体的银行并不参与套利交易行为。

引用次数: 0

Enterprise value and risk taking in the banking industry: Cooperatives vs. corporations 银行业的企业价值和风险承担：合作社与公司

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-09 DOI: 10.1016/j.ribaf.2024.102622

Valter Lazzari , Luigi Vena

This study leverages on a quasi-natural experiment to shed light on the relative merit of the cooperative versus the corporate form. In Italy, a new law forced some cooperative banks to turn into joint stocks banks. This change of ownership structure proves to be Pareto improving for all financial claimholders since it either increases or leaves the value of equity and debt of any seniority unchanged, while reducing the market-based metrics of risks. This evidence challenges the view that the demutualization increases the asset substitution risk, transferring wealth from bondholders to shareholders and heightening the firm risk profile. Therefore, a transition from a cooperative to a corporate form should not cause stability concerns in the banking industry.

本研究利用一个准自然实验来揭示合作社与公司形式的相对优势。在意大利，一项新法律迫使一些合作银行转变为股份制银行。事实证明，这种所有权结构的变化对所有金融债权人来说都是帕累托改进，因为它要么增加了任何优先权的股权和债务的价值，要么使其保持不变，同时降低了基于市场的风险度量。这一证据对以下观点提出了质疑，即股份化会增加资产替代风险，将财富从债券持有人转移到股东手中，并加剧公司的风险状况。因此，从合作社形式向公司形式过渡不应引起银行业稳定性方面的担忧。

引用次数: 0

The Global Financial Cycle and country risk in emerging markets during stress episodes: A Copula-CoVaR approach 全球金融周期与压力事件期间新兴市场的国家风险：Copula-CoVaR方法

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-05 DOI: 10.1016/j.ribaf.2024.102601

Luis Fernando Melo-Velandia , José Vicente Romero , Mahicol Stiben Ramírez-González

This paper investigates the tail-dependence structure of emerging market sovereign credit default swaps (CDS) and the Global Financial Cycle (GFC) across eleven emerging markets. Using Copula-CoVaR estimations, we find significant tail-dependence between the GFC, represented by the VIX Volatility Index, and emerging market CDS. These results are essential in the context of distressed global financial markets. Furthermore, our results help evaluate CDS dynamics and provide a more suitable metric to analyze sovereign risk beyond the traditional CoVaR. Moreover, we present additional evidence supporting the importance of the global financial cycle in sovereign risk dynamics in different episodes from 2004 to 2022.

本文研究了 11 个新兴市场的新兴市场主权信用违约掉期（CDS）和全球金融周期（GFC）的尾部依赖结构。利用 Copula-CoVaR 估计，我们发现以 VIX 波动率指数为代表的全球金融风暴与新兴市场 CDS 之间存在显著的尾部依赖关系。在全球金融市场陷入困境的背景下，这些结果至关重要。此外，我们的结果还有助于评估 CDS 动态，并提供了一个超越传统 CoVaR 的更合适的主权风险分析指标。此外，我们还提出了更多证据，支持全球金融周期在 2004 年至 2022 年不同时期的主权风险动态中的重要性。

引用次数: 0

Impact of green bonds on traditional equity markets 绿色债券对传统股票市场的影响

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2024-10-05 DOI: 10.1016/j.ribaf.2024.102606

Ahmed Bouteska , Faruk Bhuiyan , Taimur Sharif , Badir Miftah , Mohammad Zoynul Abedin

This study examines the broader U.S. green bond market, with focus on its association with the U.S traditional equity market from 2016–2021. For this purpose, we use the S&P Green Bond Index, the S&P U.S. Aggregate Bond Index, and the S&P 500 to build the connection between the markets based on both univariate generalized autoregressive conditional heteroskedasticity (GARCH) and multivariate vector autoregression (VAR) models. Our empirical results show that the patterns of returns and the volatility behavior of green bonds included significant changes over the years of study. The findings highlight the importance of the emergence and evolution of the promising green bonds market, thus providing useful policy implications for portfolio and risk management as well as asset pricing. This study contributes to a deeper understanding of the impact of green bonds on equity markets.

本研究探讨了更广泛的美国绿色债券市场，重点关注其在 2016-2021 年间与美国传统股票市场的关联。为此，我们使用 S&P 绿色债券指数、S&P 美国综合债券指数和 S&P 500 指数，基于单变量广义自回归条件异方差（GARCH）和多变量向量自回归（VAR）模型，建立市场之间的联系。我们的实证结果表明，绿色债券的收益模式和波动行为在研究期间发生了显著变化。研究结果凸显了前景广阔的绿色债券市场出现和演变的重要性，从而为投资组合和风险管理以及资产定价提供了有益的政策启示。本研究有助于加深理解绿色债券对股票市场的影响。

引用次数: 0

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