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Corporate site visits and the speed of leverage adjustment 企业实地考察和杠杆调整速度
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106638
Zhiling Cao, Meng Chen, Lili Zhao, Guozheng Yang
{"title":"Corporate site visits and the speed of leverage adjustment","authors":"Zhiling Cao, Meng Chen, Lili Zhao, Guozheng Yang","doi":"10.1016/j.frl.2024.106638","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106638","url":null,"abstract":"Our study examines the impact of corporate site visits on the speed of leverage adjustment. We demonstrate that the visits significantly accelerate leverage adjustment, especially in firms with high analyst forecast dispersion and severe financial constraints. Additionally, corporate site visits act as a catalyst, aiding firms in moving toward their target leverage by reducing information asymmetry and easing financial constraints. However, excessive leverage can hinder the speed of adjustment, even when site visits are involved. These findings provide valuable insights for policymakers to formulate effective policy, enhancing the understanding of corporate financial positions and leverage dynamics.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"148 5 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841962","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
Do compensation committees do what they say they do? Evidence from narrative disclosure in proxy statements 薪酬委员会言行一致吗？委托书中叙述性披露的证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106637
Natalie Kyung Won Kim, Sewon Kwon, Jae Yong Shin
{"title":"Do compensation committees do what they say they do? Evidence from narrative disclosure in proxy statements","authors":"Natalie Kyung Won Kim, Sewon Kwon, Jae Yong Shin","doi":"10.1016/j.frl.2024.106637","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106637","url":null,"abstract":"The Compensation Discussion and Analysis section in proxy statements provides narrative data on how Compensation Committees define and apply their Compensation Philosophy. However, the extent to which these philosophies—pay-for-performance and the attraction and retention of talented executives—translate into executive compensation practices remains unclear. To address this, we conduct a textual analysis of proxy statements from 2007 to 2016 to examine whether Compensation Committees align executive compensation with their stated philosophies. The findings show a stronger focus on pay-for-performance is linked to higher excess compensation, especially in firms lacking a general counsel among top officers and not employing a compensation consultant.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"293 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884065","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
How fake news effects spread in an oligopolistic market — Evidence from the insulin market 假新闻效应如何在寡头垄断市场中传播--来自胰岛素市场的证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106644
Aniss Louchez
{"title":"How fake news effects spread in an oligopolistic market — Evidence from the insulin market","authors":"Aniss Louchez","doi":"10.1016/j.frl.2024.106644","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106644","url":null,"abstract":"This study analyzes the impact of an event on November 11, 2022, when a fake “certified” Twitter account falsely claimed that Eli Lilly's insulin would be provided for free. We examine spillover effects on competitors within the insulin market oligopoly. Our findings reveal that while competitors experienced short-term impacts, these were weaker and of shorter duration compared to Eli Lilly. Spillovers within the broader pharmaceutical sector were limited to the immediate aftermath. No anticipatory behavior was detected. The effects were confined to American stock exchanges, suggesting an absence of spillovers in European markets.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"23 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841960","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
Firms’ climate risks and bank lending: Evidence from the COVID-19 crisis 企业气候风险与银行贷款：来自2019冠状病毒病危机的证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106606
Masayo Shikimi
{"title":"Firms’ climate risks and bank lending: Evidence from the COVID-19 crisis","authors":"Masayo Shikimi","doi":"10.1016/j.frl.2024.106606","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106606","url":null,"abstract":"Climate risks influence banks' lending behavior during the COVID-19 pandemic. Our study uses Japanese data to show that banks reduced lending to high CO2 intensity firms at the start of the crisis and the following year. However, banks that previously invested heavily in these firms increased their lending, especially to firms with significant declines in sales. Our results also reveal that banks' lending to high CO2 intensity firms varies according to their capital buffers. These findings hold even when considering zombie lending and bank relationships, indicating that banks took climate risks into account when reallocating funds during a liquidity shock.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"12 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884068","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
Does environmental, social, and governance performance elevate firm value? International evidence 环境、社会和治理绩效会提升公司价值吗？国际证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106639
Adrian Gawęda
{"title":"Does environmental, social, and governance performance elevate firm value? International evidence","authors":"Adrian Gawęda","doi":"10.1016/j.frl.2024.106639","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106639","url":null,"abstract":"The impact of a company's environmental, social, and governance performance (ESGP) on firm value is a widely discussed question; however, findings are not conclusive. Using panel analysis on 5,540 listed companies from 43 countries between 2018 and 2022, we explore the impact of composite ESGP and its pillars on firm value. We investigate how country level of economic and sustainability development moderates this relationship. Our findings reveal (i) negative association between ESGP and firm value, and (ii) it is more pronounced in more developed countries. We contribute by incorporating country development into the debate on ESGP and firm value relationship.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"11 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841961","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
Are employee decisions informative in the stock market? Evidence from employee downsizing in Japan 在股票市场中，员工的决定是否具有信息性？日本裁员的证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-10 DOI: 10.1016/j.frl.2024.106611
Keishi Fujiyama, Yusuke Fukaya, Philip Keejae Hong, Toshio Moriwaki
{"title":"Are employee decisions informative in the stock market? Evidence from employee downsizing in Japan","authors":"Keishi Fujiyama, Yusuke Fukaya, Philip Keejae Hong, Toshio Moriwaki","doi":"10.1016/j.frl.2024.106611","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106611","url":null,"abstract":"This study investigates whether employee decisions on downsizing program applications convey private information in Japan. We find that the stock market reacts negatively to downsizing announcements with both substantial excess and shortfall outcomes. Additional analyses reveal that the negative market reactions for shortfall announcements are driven by those with a positive market reaction to the initial announcement and that firms with a shortfall in downsizing initially propose larger downsizing targets. These findings suggest that employee decisions during downsizing processes convey private information to stock investors and that managers may strategically set higher downsizing expectations to meet a desired downsizing target.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"32 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884067","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
Sustainability labels matter 可持续性标签很重要
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-09 DOI: 10.1016/j.frl.2024.106609
Christopher Kolling, Timo Busch
{"title":"Sustainability labels matter","authors":"Christopher Kolling, Timo Busch","doi":"10.1016/j.frl.2024.106609","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106609","url":null,"abstract":"We investigate whether funds holding a sustainability label, exhibit better sustainability performance compared to unlabeled funds. Using a sample of over 150 public equity funds awarded the FNG-Label, we assess their performance regarding carbon emissions, SDG scores, and ESG ratings. We use matching methods to compare labeled funds with different control groups, namely conventional as well as with sustainable peers without a label. The results show that labeled funds have superior sustainability attributes, particularly in terms of carbon emissions and SDG contributions. However, the differences in classical ESG scores, which in our case focus on financial materiality, are less pronounced.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"28 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884100","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
Corporate social responsibility performance and litigation risk 企业社会责任履行与诉讼风险
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-09 DOI: 10.1016/j.frl.2024.106584
Ou Wang, Hao Wu, Chang Li
{"title":"Corporate social responsibility performance and litigation risk","authors":"Ou Wang, Hao Wu, Chang Li","doi":"10.1016/j.frl.2024.106584","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106584","url":null,"abstract":"Litigation risk not only raises a company's operational costs but also can result in potential losses. This paper investigates the impact of corporate social responsibility (CSR) performance on litigation risk, using non-financial and non-insurance companies listed on the Shanghai and Shenzhen A-share markets as the research sample. The study's findings indicate that higher CSR performance effectively reduces litigation risk. Further analysis suggests that the reduction in litigation risk is achieved through the enhancement of corporate reputation. Group tests reveal that this mitigating effect of CSR performance on litigation risk is more significant in companies with low levels of internal control.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"19 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805324","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 power of cultural governance: The red prescription for corporate excess leverage 文化治理的力量：企业超额杠杆的红色药方
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-09 DOI: 10.1016/j.frl.2024.106626
Mingrui Zhang, Danni Zheng
{"title":"The power of cultural governance: The red prescription for corporate excess leverage","authors":"Mingrui Zhang, Danni Zheng","doi":"10.1016/j.frl.2024.106626","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106626","url":null,"abstract":"This paper introduces the perspective of red culture to examine its governance effect on corporate excess leverage. We robustly find that red culture significantly curbs corporate excess leverage. The primary mechanisms are the enhancement of corporate social responsibility and the strengthening of organizational discipline. Furthermore, the effect is more pronounced in state-owned enterprises and firms located in regions with a higher degree of openness. We provide a new perspective on the role of cultural governance in corporate financial management and offers practical guidance for both corporate management and policy-making.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"20 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841963","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 impact of monetary policy instrument innovation on commercial banks' liquidity creation 货币政策工具创新对商业银行流动性创造的影响
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-12-09 DOI: 10.1016/j.frl.2024.106622
Xuedong Zhang, Jinwei Li
{"title":"The impact of monetary policy instrument innovation on commercial banks' liquidity creation","authors":"Xuedong Zhang, Jinwei Li","doi":"10.1016/j.frl.2024.106622","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106622","url":null,"abstract":"This paper delves into the effects of innovative monetary policy instruments on the liquidity creation capabilities of listed commercial banks, utilizing comprehensive data spanning the years 2014 to 2022. The research uncovers a significant insight: lending facility tools have a positive impact on enhancing the ability of commercial banks to generate liquidity. Furthermore, the provision coverage ratio emerges as a partial mediator in this process, influencing how effectively these tools translate into increased liquidity creation by the banks. This revelation adds depth to our understanding of the intricate relationship between monetary policy and banking liquidity.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"20 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884069","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
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