Journal of Corporate Finance最新文献

M&As and innovation: Evidence from acquiring private firms 并购与创新：来自收购私营企业的证据

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-10-10 DOI: 10.1016/j.jcorpfin.2025.102905

Siti Farida , Jana P. Fidrmuc , Chendi Zhang

引用次数: 0

Beneficiary investor monitoring and asset manager engagement 受益人投资者监督和资产管理人参与

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-10-03 DOI: 10.1016/j.jcorpfin.2025.102892

Masumi Sai , Yasutomo Tsukioka , Kazuo Yamada

引用次数: 0

Riskier climate, closer ties? How climate risk drives firms towards bank debt financing 更危险的气候，更紧密的关系？气候风险如何推动企业向银行债务融资

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-26 DOI: 10.1016/j.jcorpfin.2025.102895

Naser Al-Ayyoub, Hieu V. Phan

引用次数: 0

Withdrawal notice to: “How alternative finance informs central themes in corporate finance” [J. Corp. Finan. 67 (2021) 101879] 退出通知：“另类融资如何影响企业融资的核心主题”[J]。公司财务管理。67 (2021)101879]

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-18 DOI: 10.1016/j.jcorpfin.2025.102888

Hisham Farag , Sofia Johan

引用次数: 0

Institutional voids and business group dynamics: Evidence from judicial reform in China1 制度空白与商业团体动态：来自中国司法改革的证据[j]

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-13 DOI: 10.1016/j.jcorpfin.2025.102894

Xingxing Hu , Bingxuan Lin , Huilong Liu , Xiaowei Xu

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引用次数: 0

Quantifying the legacy of trauma: The long-term impact of the African slave trade on contemporary firm corruption 量化创伤的遗产：非洲奴隶贸易对当代公司腐败的长期影响

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-11 DOI: 10.1016/j.jcorpfin.2025.102884

Yu Liu , Jian Xu , Yifan Zhou

引用次数: 0

New international flight routes and MNCs' investment 新的国际航线和跨国公司的投资

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-11 DOI: 10.1016/j.jcorpfin.2025.102893

Hao Wei, Yuan Liu

{"title":"New international flight routes and MNCs' investment","authors":"Hao Wei, Yuan Liu","doi":"10.1016/j.jcorpfin.2025.102893","DOIUrl":"10.1016/j.jcorpfin.2025.102893","url":null,"abstract":"<div><div>Using global corporate investment data from 2007 to 2022, this study employs a multi-period difference-in-differences methodology to investigate the impact of opening new international passenger flight routes on FDI. The empirical results are as follows: The launch of new international passenger air routes has significantly promotes multinational corporations'(MNCs') investment in China by shortening cross-border travel time. Results from heterogeneity analysis suggest that investment scale expansion in China is primarily concentrated among large-scale MNCs and capital-intensive MNCs. Mechanism analysis reveals that, alleviating information friction, enhancing financing capability, and reducing cultural barriers are crucial channels. Further analysis indicates that the launch of new international passenger flight routes substantially enhances China's market appeal to MNCs and raises MNCs' investment returns. Our research findings not only enrich the theoretical literature on the economic implications of “home bias” effect in international investment, but also offer empirical support for achieving the United Nations World Tourism Organization's sustainable development goal of “Tourism for Economic Growth”.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102893"},"PeriodicalIF":5.9,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145120168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Peer default and EDGAR searches 对等默认和EDGAR搜索

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-10 DOI: 10.1016/j.jcorpfin.2025.102891

Oliver Zhen Li , Yupeng Lin , Jinping Zhang , Zilong Zhang

引用次数: 0

Can government policies tackle maturity mismatches? Evidence from a quasi-natural experiment in China 政府政策能解决期限错配问题吗？来自中国一项准自然实验的证据

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-08 DOI: 10.1016/j.jcorpfin.2025.102889

Xiao Chen , Narisa Tianjing Dai , Ming Liu , Raymond H.Y. So , Zhiyuan Simon Tan

{"title":"Can government policies tackle maturity mismatches? Evidence from a quasi-natural experiment in China","authors":"Xiao Chen , Narisa Tianjing Dai , Ming Liu , Raymond H.Y. So , Zhiyuan Simon Tan","doi":"10.1016/j.jcorpfin.2025.102889","DOIUrl":"10.1016/j.jcorpfin.2025.102889","url":null,"abstract":"<div><div>Investment-financing maturity mismatches are common among firms worldwide, yet little is known about how government interventions can tackle them. This paper investigates China's Industry-Finance Cooperation Pilot Program as a quasi-natural experiment to examine whether, to what extent, and through what mechanisms government policies can address maturity mismatches. Using a multi-period difference-in-differences (DID) model and a sample of publicly listed A-share firms in China from 2014 to 2022, we find that the pilot program significantly reduces maturity mismatches by improving bank-firm information flows, reducing banks' concerns over moral hazard, and narrowing the term spread between short- and long-term interest rates. These findings provide empirical evidence that government policies can simultaneously tackle both supply and demand causes of maturity mismatches. Cross-sectional analyses reveal that the mismatch alleviation effect is strongest among non-state-owned enterprises, firms with low collateral availability, financially constrained firms, and those in highly competitive industries. Further, we find that alleviating maturity mismatches enhances firm stability, lowers financial distress, and improves market valuation, suggesting that these mismatches often reflect firms' “forced choices” rather than strategic preferences. Finally, analysis of bank-level data shows that the pilot program not only benefits firms but also reduces banks' credit and financial risks. Overall, this paper offers novel insights for policymakers by demonstrating how government interventions can improve corporate financing decisions while reducing systemic financial risks. It contributes to the broader corporate finance literature by highlighting the importance of credit availability in fostering financial stability and sustainable growth, particularly in emerging markets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"95 ","pages":"Article 102889"},"PeriodicalIF":5.9,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145044986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Reputation acquisition and abnormal performance in IPO underwriting IPO承销中的声誉获取与异常绩效

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-04 DOI: 10.1016/j.jcorpfin.2025.102883

Walid Y. Busaba , Zheng Liu , Felipe Restrepo

引用次数: 0