Managerial Finance最新文献_第9页

Corporate carbon emissions data for equity and bond portfolios 股票和债券投资组合的企业碳排放数据

Managerial Finance Pub Date : 2023-09-14 DOI: 10.1108/mf-02-2023-0077

Laurens Swinkels, Thijs Markwat

{"title":"Corporate carbon emissions data for equity and bond portfolios","authors":"Laurens Swinkels, Thijs Markwat","doi":"10.1108/mf-02-2023-0077","DOIUrl":"https://doi.org/10.1108/mf-02-2023-0077","url":null,"abstract":"Purpose To better understand the impact of choosing a carbon data provider for the estimated portfolio emissions across four asset classes. This is important, as prior literature has suggested that Environmental, Social and Governance scores across providers have low correlation. Design/methodology/approach The authors compare carbon data from four data providers for developed and emerging equity markets and investment grade and high-yield corporate bond markets. Findings Data on scope 1 and scope 2 is similar across the four data providers, but for scope 3 differences can be substantial. Carbon emissions data has become more consistent across providers over time. Research limitations/implications The authors examine the impact of different carbon data providers at the asset class level. Portfolios that invest only in a subset of the asset class may be affected differently. Because “true” carbon emissions are not known, the authors cannot investigate which provider has the most accurate carbon data. Practical implications The impact of choosing a carbon data provider is limited for scope 1 and scope 2 data for equity markets. Differences are larger for corporate bonds and scope 3 emissions. Originality/value The authors compare carbon accounting metrics on scopes 1, 2 and 3 of corporate greenhouse gas emissions carbon data from multiple providers for developed and emerging equity and investment grade and high yield investment portfolios. Moreover, the authors show the impact of filling missing data points, which is especially relevant for corporate bond markets, where data coverage tends to be lower.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"142 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135490866","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}

引用次数: 0

Managerial incentives for ESG in the financial services industry: direct and indirect association between ESG and executive compensation 金融服务业中ESG的管理激励:ESG与高管薪酬之间的直接和间接关联

Managerial Finance Pub Date : 2023-09-14 DOI: 10.1108/mf-03-2023-0149

Jooh Lee, Kyungyeon (Rachel) Koh, Eunsup Daniel Shim

{"title":"Managerial incentives for ESG in the financial services industry: direct and indirect association between ESG and executive compensation","authors":"Jooh Lee, Kyungyeon (Rachel) Koh, Eunsup Daniel Shim","doi":"10.1108/mf-03-2023-0149","DOIUrl":"https://doi.org/10.1108/mf-03-2023-0149","url":null,"abstract":"Purpose This study investigates the empirical association between environmental, social and corporate governance (ESG) performance and top executive compensation in the US financial services industry. Considering that financial firms can inflict systemic shocks across the economy, it has been argued that they must conduct ethical and sustainable business in accordance with ESG principles. This study examines whether ESG efforts are beneficial to managers. Design/methodology/approach The authors use CEO compensation and ESG performance ratings data for all US financial firms (SIC 6000–6799) from 2015 to 2019. Employing fixed effects regressions, the authors test whether lagged ESG performance is related to CEO compensation, after controlling for other firm characteristics such as size, financial performance, leverage and CEO stock ownership. Findings The authors find that lagged ESG ratings are strongly associated with all forms of compensation. An increase of one standard deviation in the composite ESG rating is associated with a 14%–16% increase in the total pay. Among the three ESG pillars, only S (social) and G (governance) exhibit persistent and significant associations with both short- and long-term executive pay. The authors also document the significant moderating effects of ESG on the relationships among firm performance, size, leverage, ownership and executive pay, identifying how ESG is associated with compensation. Originality/value The authors conclude that managers receive ESG incentives implicitly and explicitly. The novel finding of direct and indirect associations between ESG and top executive compensation contributes to the growing ESG literature on the financial sector and ongoing debate about the explicit inclusion of ESG targets in compensation design.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135490638","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}

引用次数: 0

Performance of ESG SPACs ESG空间的性能

Managerial Finance Pub Date : 2023-09-12 DOI: 10.1108/mf-04-2023-0249

Vinay Datar, Ekaterina E. Emm, Bo Han

{"title":"Performance of ESG SPACs","authors":"Vinay Datar, Ekaterina E. Emm, Bo Han","doi":"10.1108/mf-04-2023-0249","DOIUrl":"https://doi.org/10.1108/mf-04-2023-0249","url":null,"abstract":"Purpose The authors examine one special focus of Special Purpose Acquisition Companies (SPACs), namely environmental, social and governance (ESG) related investments. The authors document the performance of SPACs with and without ESG focus. Design/methodology/approach The authors collect data, from several sources, on 1,737 SPAC IPOs formed between 2003 and 2022. A SPAC's focus on ESG is classified based on declared focus in Securities and Exchange Commission (SEC) filings and in post-merger annual reports. The authors examine operational and financial performance of SPACs with and without ESG focus. Findings In the study's sample, only 50% of SPACs that announced an intention to acquire an ESG target ended up consummating a merger with an ESG private firm. ESG SPACs exhibit worse operating performance than non-ESG SPACs. Furthermore, they experience 11.6% lower 1-year post-merger excess returns than their non-ESG counterparts. Originality/value The study provides an examination of ESG firms that came to market via mergers with SPACs, which is an alternative method to traditional initial public offerings (IPOs). The study also provides a comparison of both operational and stock performance of ESG and non-ESG SPACs.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135936220","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}

引用次数: 0

Multi-level analysis on determinants of sustainability disclosure: a survey of academic literature 可持续性信息披露决定因素的多层次分析——学术文献综述

IF 1.6

Managerial Finance Pub Date : 2023-09-05 DOI: 10.1108/mf-03-2023-0189

Waris Ali, Jeffrey Wilson

{"title":"Multi-level analysis on determinants of sustainability disclosure: a survey of academic literature","authors":"Waris Ali, Jeffrey Wilson","doi":"10.1108/mf-03-2023-0189","DOIUrl":"https://doi.org/10.1108/mf-03-2023-0189","url":null,"abstract":"PurposeThis study uses a multi-level framework to systematically summarize and synthesize the empirical literature on determinants of sustainability disclosure.Design/methodology/approachThis review study is based on 159 empirical studies examining determinants of sustainability disclosure and published in Charted Association of Business Schools (CABS) ranked journals over the last 40 years.FindingsCompanies are experiencing multi-level pressures for sustainability disclosure. Macro-level variables include political, legal, social-cultural and international pressures. Meso-level factors include customers' concerns, shareholders’ and investors' demands, industry-level variables and media coverage. Micro-level factors include the firm-level governance mechanisms, executives' reporting attitude and role of sustainability promoting institutions. Unlike in developed markets, companies in developing markets feel minimal public pressure for sustainability disclosure but rather are influenced by international NGOs, the media and international buyers. Multi-level and multitude of pressures for sustainability disclosure explains the widely observed differences between studies.Originality/valueThis research presents the most extensive systematic review of the extant sustainability disclosure literature and is the first study to group determinants into micro-, meso- and macro-level components using multi-level analysis.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42645604","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}

引用次数: 0

Forecasting the impact of financial stress on hedging between the oil market and GCC financial markets 预测金融压力对石油市场和海湾合作委员会金融市场之间对冲的影响

IF 1.6

Managerial Finance Pub Date : 2023-09-05 DOI: 10.1108/mf-10-2022-0472

Taicir Mezghani, M. Boujelbene, Souha Boutouria

{"title":"Forecasting the impact of financial stress on hedging between the oil market and GCC financial markets","authors":"Taicir Mezghani, M. Boujelbene, Souha Boutouria","doi":"10.1108/mf-10-2022-0472","DOIUrl":"https://doi.org/10.1108/mf-10-2022-0472","url":null,"abstract":"PurposeThis paper investigates the predictive impact of Financial Stress on hedging between the oil market and the GCC stock and bond markets from January 1, 2007, to December 31, 2020. The authors also compare the hedging performance of in-sample and out-of-sample analyses.Design/methodology/approachFor the modeling purpose, the authors combine the GARCH-BEKK model with the machine learning approach to predict the transmission of shocks between the financial markets and the oil market. The authors also examine the hedging performance in order to obtain well-diversified portfolios under both Financial Stress cases, using a One-Dimensional Convolutional Neural Network (1D-CNN) model.FindingsAccording to the results, the in-sample analysis shows that investors can use oil to hedge stock markets under positive Financial Stress. In addition, the authors prove that oil hedging is ineffective in reducing market risks for bond markets. The out-of-sample results demonstrate the ability of hedging effectiveness to minimize portfolio risk during the recent pandemic in both Financial Stress cases. Interestingly, hedgers will have a more efficient hedging performance in the stock and oil market in the case of positive (negative) Financial Stress. The findings seem to be confirmed by the Diebold-Mariano test, suggesting that including the negative (positive) Financial Stress in the hedging strategy displays better out-of-sample performance than the in-sample model.Originality/valueThis study improves the understanding of the whole sample and positive (negative) Financial Stress estimates and forecasts of hedge effectiveness for both the out-of-sample and in-sample estimates. A portfolio strategy based on transmission shock prediction provides diversification benefits.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46867991","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}

引用次数: 0

Predicting customer deposits with machine learning algorithms: evidence from Tunisia 用机器学习算法预测客户存款:来自突尼斯的证据

IF 1.6

Managerial Finance Pub Date : 2023-09-04 DOI: 10.1108/mf-02-2023-0135

Oussama Gafrej

{"title":"Predicting customer deposits with machine learning algorithms: evidence from Tunisia","authors":"Oussama Gafrej","doi":"10.1108/mf-02-2023-0135","DOIUrl":"https://doi.org/10.1108/mf-02-2023-0135","url":null,"abstract":"PurposeThis paper aims to evaluate the performance of the multiple linear regression (MLR) using a fixed-effects model (FE) and artificial neural network (ANN) models to predict the level of customer deposits on a sample of Tunisian commercial banks.Design/methodology/approachTraining and testing datasets are developed to evaluate the level of customer deposits of 15 Tunisian commercial banks over the 2002–2021 period. This study uses two predictive modeling techniques: the MLR using a FE model and ANN. In addition, it uses the mean absolute error (MAE), R-squared and mean square error (MSE) as performance metrics.FindingsThe results prove that both methods have a high ability in predicting customer deposits of 15 Tunisian banks. However, the ANN method has a slightly higher performance compared to the MLR method by considering the MAE, R-squared and MSE.Practical implicationsThe findings of this paper will be very significant for banks to use additional management support to forecast the level of their customers' deposits. It will be also beneficial for investors to have knowledge about the capacity of banks to attract deposits.Originality/valueThis paper contributes to the existing literature on the application of machine learning in the banking industry. To the author's knowledge, this is the first study that predicts the level of customer deposits using banking specific and macroeconomic variables.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43161044","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}

引用次数: 0

Linking consumer compatibility and bank reputation to intention to use mobile banking 将消费者兼容性和银行声誉与使用移动银行的意愿联系起来

IF 1.6

Managerial Finance Pub Date : 2023-09-01 DOI: 10.1108/mf-05-2023-0304

Aslıhan Kıymalıoğlu, S. Akinci, Akzhan Alragig

引用次数: 0

M&A activity and ESG performance: evidence from China 并购活动与ESG绩效:来自中国的证据

IF 1.6

Managerial Finance Pub Date : 2023-08-21 DOI: 10.1108/mf-02-2023-0103

Jahidur Rahman, Jiani Wu

引用次数: 0

Small Bowel Villous Atrophy in a Young Patient: A Challenging Diagnosis. 年轻患者的小肠绒毛萎缩：具有挑战性的诊断

IF 0.9

Managerial Finance Pub Date : 2023-08-10 eCollection Date: 2024-06-01 DOI: 10.1159/000531396

João Correia, Andreia Freitas, António Marinho, Ana Ponte, Edgar Afecto, Manuela Estevinho

引用次数: 0

Funding liquidity risk: does banking market structure matter? 融资流动性风险:银行市场结构重要吗?

IF 1.6

Managerial Finance Pub Date : 2023-08-04 DOI: 10.1108/mf-02-2023-0097

Japan Huynh

{"title":"Funding liquidity risk: does banking market structure matter?","authors":"Japan Huynh","doi":"10.1108/mf-02-2023-0097","DOIUrl":"https://doi.org/10.1108/mf-02-2023-0097","url":null,"abstract":"PurposeThe paper empirically investigates the link between banking market structure and funding liquidity risk.Design/methodology/approachWith a panel of Vietnamese commercial banks from 2007 to 2021, the system generalized method of moments (GMM) estimator is applied as the primary regression method, while the random-effect model and the corrected least square dummy variable (LSDVC) technique are also considered in robustness checks.FindingsCompetition may increase banks' funding liquidity risk. This finding holds for competition measures derived from the Boone index and concentration ratios but not in the case of the Lerner index as a proxy for market power. Further results indicate that the funding liquidity risk of banks that are larger and have better performance (less credit risk and higher return) tends to be less affected by competition. Besides, the overall impact of bank competition on funding liquidity risk is amplified by the financial crisis and the COVID-19 pandemic.Originality/valueThe study extends the empirical literature by exploring the relationship between bank competition and funding liquidity risk. Additionally, the paper also studies how the impact of bank competition on funding liquidity risk depends on the characteristics of the banking sector and the macroeconomic conditions of the economy, including the moderating effect of the COVID-19 pandemic.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48771568","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}

引用次数: 0