International Journal of Finance & Economics最新文献_第2页

Market supervisor monetary penalties for non‐compliance with informational requirements: Do investors care? 市场监管者对不遵守信息要求的行为处以罚款：投资者在乎吗？

International Journal of Finance & Economics Pub Date : 2024-05-14 DOI: 10.1002/ijfe.2988

Bartosz Kurek, Ireneusz Górowski

{"title":"Market supervisor monetary penalties for non‐compliance with informational requirements: Do investors care?","authors":"Bartosz Kurek, Ireneusz Górowski","doi":"10.1002/ijfe.2988","DOIUrl":"https://doi.org/10.1002/ijfe.2988","url":null,"abstract":"This study measures and differentiates investors' responses to market supervisors' monetary penalties for non‐compliance with informational requirements for the capital market in Poland, broken down by the type of distorted information and the form of a breach. An event study was conducted to measure the information content of monetary penalties. We used a market model and tested the significance of abnormal daily returns using both parametric and non‐parametric tests. Cross‐sectional analyses were conducted to measure the determinants of market reactions. We employed two novel classifications of non‐compliance: by the type of distorted information (financial reporting information and other information) and by the form of a breach (failing to provide information and providing erroneous information). We contribute to the literature by finding that investors react negatively to monetary penalties imposed on companies for non‐compliance with financial reporting information requirements, whereas they do not react to such penalties for non‐compliance with other information requirements. We incorporate original variables that explain the magnitude of the market reaction and find that (i) the longer the distance between the breach and penalty imposition, the weaker the market reaction, and (ii) the greater the monetary penalty, the stronger the market reaction. We also find that both forms of breach lead to similar negative market reactions.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"53 14","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140980978","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

The impact of inflation on inequality in the CEMAC and UEMOA zones of Sub‐Saharan Africa 通货膨胀对撒哈拉以南非洲中部非洲经济和货币共同体（CEMAC）和西非经济和货币联盟（UEMOA）地区不平等现象的影响

International Journal of Finance & Economics Pub Date : 2024-05-13 DOI: 10.1002/ijfe.2993

M. Mutascu, Albert Lessoua, N. Ianc

引用次数: 0

Financial stability and sustainable development: Perspectives from fiscal and monetary policy 金融稳定与可持续发展：财政和货币政策的视角

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2981

Le Quoc Dinh, Tran Thi Kim Oanh, Nguyen Thi Hong Ha

{"title":"Financial stability and sustainable development: Perspectives from fiscal and monetary policy","authors":"Le Quoc Dinh, Tran Thi Kim Oanh, Nguyen Thi Hong Ha","doi":"10.1002/ijfe.2981","DOIUrl":"https://doi.org/10.1002/ijfe.2981","url":null,"abstract":"This paper studies the relationship between financial stability and sustainable development from the fiscal and monetary policy perspective in 33 developing countries and 7 developed countries in the period 2005–2020. Bayesian regression results show that financial stability positively affects sustainable development in both groups of countries with a low probability of impact. This probability is above 79.3% in developed countries and above 81.5% in developing ones. When considering the role of monetary policy, the direction of impact and probability is different. Specifically, financial stability in the environment of high inflation and increased money supply (ZscoreInf and ZscoreM2) negatively affects sustainable development in both country groups with high probabilities. In contrast, when considering the monetary policy with the foreign exchange reserves tool (ZscoreER), financial stability positively impacts sustainable development with the probability of 89.6% in developed countries and 92.5% in developing one. When considering the role of fiscal policy, financial stability with government spending (ZscoreGE) positively affects sustainable development with a probability of over 99.7% in the two groups of countries. Meanwhile, tax income in a financially stable environment increases the probability of a positive effect at 100% in developed countries, and a negative effect with a probability of 60.9% in developing countries. From the above results, we propose that central banks in both developed and developing countries should aim to stabilize prices and aim to maintain a low inflation rate to help limit shocks to sudden interest rate changes that cause market volatility. This is a premise to help stabilize finance and promote sustainable development. Furthermore, these countries should maintain an adequate foreign exchange reserve to withstand external shocks and ensure they have enough foreign currency to meet macroeconomic needs, which can boost confidence.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"24 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141037508","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

Does e‐commerce infrastructure increase enterprise productivity? Evidence from China's e‐commerce demonstration city 电子商务基础设施能提高企业生产力吗？来自中国电子商务示范城市的证据

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2994

Xiong Zhou, Pengcheng Jiang

{"title":"Does e‐commerce infrastructure increase enterprise productivity? Evidence from China's e‐commerce demonstration city","authors":"Xiong Zhou, Pengcheng Jiang","doi":"10.1002/ijfe.2994","DOIUrl":"https://doi.org/10.1002/ijfe.2994","url":null,"abstract":"This study leverages the National E‐commerce Demonstration City Pilot (NEDC) as a quasi‐natural experiment in e‐commerce infrastructure development. Utilising panel data from non‐financial firms listed on China's A‐share market from 2005 to 2022, we pioneered employ a multi‐period difference‐in‐differences (DID) approach to explore the direct and indirect effects of e‐commerce infrastructure on total factor productivity (TFP). Our findings reveal that: (1) The NEDC initiative significantly enhances firm‐level TFP. This result remains robust after addressing endogeneity issues through IV‐2SLS and propensity score matching and difference in differences methods and undergoing a series of robustness tests. (2) Channels tests indicate that the NEDC policy indirectly boosts firm TFP primarily by fostering technological innovation and augmenting human capital. (3) Heterogeneity analysis demonstrates that the NEDC policy effectively stimulates TFP growth in state‐owned enterprises, firms with high equity concentration, manufacturing and low‐tech industry firms. The policy's impact is more pronounced in cities with high administrative levels, in the eastern and central cities, and in cities with superior traditional infrastructure. The empirical evidence provided by this study not only supports the role of e‐commerce infrastructure in driving economic growth but also offers valuable insights for bridging the income disparity between developing and developed nations, and mitigating income inequality.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"22 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141058307","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

Do creditors care about greening in corporations? Do contingencies matter? 债权人关心企业的绿化吗？突发事件重要吗？

International Journal of Finance & Economics Pub Date : 2024-04-24 DOI: 10.1002/ijfe.2985

Abdullah S. Karaman, A. M. Gerged, Ali Uyar

引用次数: 0

Margin buying activity and stock market trading in China: Is there a connection? 中国的保证金购买活动与股市交易：两者之间有联系吗？

International Journal of Finance & Economics Pub Date : 2024-04-17 DOI: 10.1002/ijfe.2971

Hui Hong, Shitong Wu, Cheng Zhang

引用次数: 0

Political power differential and forced CEO turnover: Evidence from Chinese non‐state‐owned enterprises 政治权力差异与首席执行官被迫离职：来自中国非国有企业的证据

International Journal of Finance & Economics Pub Date : 2024-04-08 DOI: 10.1002/ijfe.2978

Xing Zhang, Qingfeng Wang, Weimin Liu

{"title":"Political power differential and forced CEO turnover: Evidence from Chinese non‐state‐owned enterprises","authors":"Xing Zhang, Qingfeng Wang, Weimin Liu","doi":"10.1002/ijfe.2978","DOIUrl":"https://doi.org/10.1002/ijfe.2978","url":null,"abstract":"In China, the prevalence of strong political connections among a significant number of boards of directors and CEOs highlights the importance of cultivating such relationships. This is particularly relevant when considering the Chinese political system where officers holding higher political ranks wield dominant, or even absolute, power in decision‐making. Our findings reveal that the political power differential (PPD) between a board of directors and its CEO plays a pivotal role in mitigating CEO entrenchment associated with political power. Specifically, when directors possess more political power than their CEOs, they can effectively fulfil their disciplinary role, leading to the dismissal of underperforming CEOs. Our study substantiates a significantly positive relationship between PPD and the probability of a forced CEO turnover, as well as the sensitivity of CEO turnover to performance. Notably, as PPD increases by one standard deviation from its mean level, we observe an approximate 30% increase in CEO turnover‐performance sensitivity. These findings confirm a higher likelihood of replacing underperforming CEOs in firms with a politically powerful board. Our results also highlight that a higher proportion of either independent or female directors alone does not guarantee effective monitoring. The key lies in ensuring that these directors possess stronger political power than the CEO.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"56 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140729893","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

Bank leverage and systemic risk: Impact of bank risk‐taking and inter‐bank business 银行杠杆和系统性风险：银行承担风险和银行间业务的影响

International Journal of Finance & Economics Pub Date : 2024-04-04 DOI: 10.1002/ijfe.2973

Xiaoming Zhang, Wenzhe Zhang, Chien‐Chiang Lee

引用次数: 0

Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN) 揭示金融普惠动态：金融科技在东南亚国家联盟（东盟）的反响

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2963

Dao Ha, Mai Nguyen, Kim Nguyen, A. Şensoy

引用次数: 0

Impacts of cross‐border equity portfolio flow and central bank transparency on financial development: The role of economic freedom and international bonds 跨境股票投资组合流动和中央银行透明度对金融发展的影响：经济自由和国际债券的作用

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2947

Frank Kwabi, Chizindu Wonu, Ernest Ezeani, Andrews Owusu, Vitor Leone