International Journal of Finance & Economics最新文献_第3页

CEO cultural heritage and R&D expenditures 首席执行官文化遗产和研发支出

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2970

YuSung Ha, Jangkoo Kang, K. Kwon

引用次数: 0

Defence spending and real growth in an asymmetric environment: Accessing evidence from a developing economy 不对称环境下的国防开支和实际增长：从发展中经济体获取证据

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2966

A. Gbadebo, F. Bekun, J. Akande, A. O. Adekunle

{"title":"Defence spending and real growth in an asymmetric environment: Accessing evidence from a developing economy","authors":"A. Gbadebo, F. Bekun, J. Akande, A. O. Adekunle","doi":"10.1002/ijfe.2966","DOIUrl":"https://doi.org/10.1002/ijfe.2966","url":null,"abstract":"The connection between the defence spending and real growth remains a forefront subject of theoretical and empirical research. Nigeria, like many other developing nations, continues to devote numerous fiscal resources to military spending in ensuring peaceful coexistence and to attain sustainable economic growth after her independence in 1960. Because the interdependence between them has policy implications, this paper studies whether there exists asymmetric causality between them. The dataset, from World Bank database, includes long‐range historical series for military expenditure/GDP ratio and growth rate of GDP, covering 1960–2021. In exploring the empirical relations, the paper shows evidence for the symmetric Granger causality, from Toda–Yamamoto (1995) and asymmetric causality, from Hatemi‐J (2012). The standard (symmetric) identifies unidirectional causality evidence, from defence spending to the GDP per capital growth, with no retained potential feedback from real growth to defence spending. The Hatemi‐J (asymmetric) causality maintains evidence that positive shocks in the defence spending may cause a positive shock in the GDP per capital, supposing that increase perturbations to defence spending would be productive and growth‐enhancing. This causal impact is not evident for positive growth shocks. The findings support the need for policymakers to consider sustained growth targets when redesigning the military budget.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"11 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140374300","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

What drives the return and volatility spillover between DeFis and cryptocurrencies? 是什么驱动了 DeFis 和加密货币之间的回报和波动溢出？

International Journal of Finance & Economics Pub Date : 2024-03-26 DOI: 10.1002/ijfe.2969

A. Assaf, Ender Demir, Oguz Ersan

引用次数: 0

Does environmental credit affect bank loans? Evidence from Chinese A‐share listed firms 环境信贷会影响银行贷款吗？来自中国 A 股上市公司的证据

International Journal of Finance & Economics Pub Date : 2024-03-14 DOI: 10.1002/ijfe.2968

Shihao Yin, Zhongguo Lin, Panni Li, Binbin Peng

{"title":"Does environmental credit affect bank loans? Evidence from Chinese A‐share listed firms","authors":"Shihao Yin, Zhongguo Lin, Panni Li, Binbin Peng","doi":"10.1002/ijfe.2968","DOIUrl":"https://doi.org/10.1002/ijfe.2968","url":null,"abstract":"We investigate the effect of government‐initiated enterprise environmental credit ratings on firms' bank loans. While prior research indicates that companies with superior environmental performance tend to secure more bank loans, it is crucial to acknowledge that these performance metrics predominantly rely on voluntary corporate social responsibility or environmental, social, and governance disclosures made by the firms themselves or evaluated by third‐party agencies. Consequently, the evaluation results could be biased due to incomplete information disclosure, methodologies, or systems, raising concerns among scholars about potential “greenwashing” or symbolic environmental actions. In contrast, we employ a dataset comprising 27,388 observations from 2009 to 2021, applying propensity score matching and a time‐varying difference‐in‐difference model to better discern the relationship between firms' environmental credit ratings and their ability to obtain bank loans. Our findings highlight that firms participating in environmental credit evaluation can secure more bank loans compared to non‐participating firms. This effect is especially pronounced in regions with advanced green finance development. Further analysis shows that non‐state‐owned enterprises with excellent or good environmental credit ratings receive more loans, thus mitigating ownership bias in loan distribution. Overall, our results demonstrate that mandatory government environmental credit ratings mitigate information asymmetry by enabling lenders to better understand firms' environmental information.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"10 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140244419","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 women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China 董事会中的女性会影响外资并购的溢价和结果吗？来自中国的证据

International Journal of Finance & Economics Pub Date : 2024-03-12 DOI: 10.1002/ijfe.2964

Pei Chu, Mohamed Elsayed, Yousry Ahmed

{"title":"Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China","authors":"Pei Chu, Mohamed Elsayed, Yousry Ahmed","doi":"10.1002/ijfe.2964","DOIUrl":"https://doi.org/10.1002/ijfe.2964","url":null,"abstract":"This paper examines whether gender diversity influences foreign merger and acquisition (M&A) premiums and outcomes in China. Consistent with agency and resource dependence theories, we find that female directors significantly reduce the acquisition premium paid for foreign targets. We show that the market responds positively in the short‐term (measured by cumulative abnormal returns) to the announcement of foreign acquisitions by firms with greater female representation in the boardroom. We further find significant evidence that acquirers' boards comprising more female directors experience value creation and better operating synergies (measured by buy‐and‐hold abnormal returns and changes in return on assets) in the long‐term following engagement in foreign M&A deals. Interestingly, after distinguishing between female independent and executive directors, we find that our previous finding on board gender diversity can be attributable to both the monitoring (independent directors) and supervisory (executive directors) roles played by female directors. We also find evidence accords with the argument of the critical mass of female directors' representation in the boardroom. Our results are robust after controlling for endogeneity issues using instrumental variables (IV), propensity score matching (PSM), Heckman, and firm fixed‐effects methods. Overall, our findings offer additional empirical support for the global concern by regulators for improving corporate governance practices by increasing female quotas in the boardroom.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"112 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140250605","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

Directors' and officers' liability insurance and minority shareholders' participation in corporate governance 董事和高级职员责任保险与小股东参与公司治理

International Journal of Finance & Economics Pub Date : 2024-03-07 DOI: 10.1002/ijfe.2961

Ruigang Zhang, Runze Yang, Hanwen Huo

引用次数: 0

The effect of IFRS adoption on bank internationalisation 采用《国际财务报告准则》对银行国际化的影响

International Journal of Finance & Economics Pub Date : 2024-02-11 DOI: 10.1002/ijfe.2932

V. Tawiah, B. Oyewo

{"title":"The effect of IFRS adoption on bank internationalisation","authors":"V. Tawiah, B. Oyewo","doi":"10.1002/ijfe.2932","DOIUrl":"https://doi.org/10.1002/ijfe.2932","url":null,"abstract":"Banking is one of the highly regulated industries, where a single set of global standards is likely to play a significant role in eliminating double reporting and reducing information asymmetry. Accordingly, we use data on 98 countries over 9 years to examine whether the use of International Financial Reporting Standard (IFRS) drives bank internationalisation. The results show that the use of IFRS is positively and significantly associated with an increase in foreign investment in the banking sector by easing regulatory compliance. However, in developing countries, the benefit of IFRS increasing foreign investment banks is associated with both easing regulatory compliance and reducing information asymmetry between banks and their clients. Our results are consistent across different sub‐samplings, including EU versus non‐EU, high versus low absence, and divergence between domestic standard and IFRS. These results provide reassurance and clear evidence of how IFRS facilitates the global flow of capital, even in a highly regulated industry such as banks. The results are robust to alternative measurements of variables and endogeneity tests using the Two‐Stage Least Square, Two‐step System Generalised Method of Moments and Propensity Score Matching.","PeriodicalId":371613,"journal":{"name":"International Journal of Finance & Economics","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139845402","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

Governance, debt service, information technology and access to electricity in Africa 非洲的治理、偿债、信息技术和用电情况

International Journal of Finance & Economics Pub Date : 2024-02-08 DOI: 10.1002/ijfe.2946

Simplice A. Asongu, Sara le Roux

引用次数: 0

On stakeholder theory and corporate investment under financial frictions 论金融摩擦下的利益相关者理论与企业投资

International Journal of Finance & Economics Pub Date : 2024-02-05 DOI: 10.1002/ijfe.2942

Dariya Mykhayliv, Klaus G. Zauner

引用次数: 0

How culture and legal environment affect classification shifting? Global evidence 文化和法律环境如何影响分类的转变？全球证据

International Journal of Finance & Economics Pub Date : 2024-02-04 DOI: 10.1002/ijfe.2933

Eric O. Boahen, Emmanuel C. Mamatzakis