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Technological Capacity and Firms' Recovery from COVID-19 技术能力与企业从COVID-19中复苏
FEN: Other International Corporate Finance (Topic) Pub Date : 2021-10-01 DOI: 10.2139/ssrn.3934286
S. Doerr, M. Erdem, G. Franco, A. Illes, L. Gambacorta
{"title":"Technological Capacity and Firms' Recovery from COVID-19","authors":"S. Doerr, M. Erdem, G. Franco, A. Illes, L. Gambacorta","doi":"10.2139/ssrn.3934286","DOIUrl":"https://doi.org/10.2139/ssrn.3934286","url":null,"abstract":"Can higher technological capacity help firms to recover quicker from recessions? Analysing the effects of the Covid-19 pandemic on firm revenues in several countries, we find that firms headquartered in jurisdictions with better digital infrastructure generated relatively higher revenue during the shock period. Improving a country's technological capability by one standard deviation is associated with a relative increase in revenues of the average firm by around 4%. The positive effect of technology is more pronounced among smaller firms, suggesting that it could have helped the recovery of SMEs. © 2021 Elsevier B.V.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126132654","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: 9
Gender and Firm Performance around the World: The Roles of Finance, Technology, and Labor 性别与全球企业绩效:金融、技术和劳动力的角色
FEN: Other International Corporate Finance (Topic) Pub Date : 2021-01-12 DOI: 10.2139/ssrn.3764323
L. Allison, Yu Liu, S. Murtinu, Zuobao Wei
{"title":"Gender and Firm Performance around the World: The Roles of Finance, Technology, and Labor","authors":"L. Allison, Yu Liu, S. Murtinu, Zuobao Wei","doi":"10.2139/ssrn.3764323","DOIUrl":"https://doi.org/10.2139/ssrn.3764323","url":null,"abstract":"Using the World Bank Enterprise Survey (WBES) data from 2006-2017 on 130,000 firms in 130 countries across the globe, we document that women-led firms tend to underperform men-led firms. The main contribution of this work is to shed light on three mechanisms that help explain the underperformance: finance, technology, and labor. First, women-led firms are investing less in fixed assets and obtaining less credit from banks. Second, women-led firms are less likely to use information technology to manage their businesses. Third, women-led firms tend to employ more skilled and educated workers, and are more likely to provide workers with permanent contracts, hence incurring higher labor costs. Interestingly, in our data, women top managers do not perceive themselves facing more business obstacles than their male counterparts do.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129141361","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: 10
Does Foreign Investment Raise Firm Innovation? 外商投资促进企业创新吗?
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-11-19 DOI: 10.2139/ssrn.3733294
Ben Ferrett, B. Gao, Yunshu Gao, S. Yin
{"title":"Does Foreign Investment Raise Firm Innovation?","authors":"Ben Ferrett, B. Gao, Yunshu Gao, S. Yin","doi":"10.2139/ssrn.3733294","DOIUrl":"https://doi.org/10.2139/ssrn.3733294","url":null,"abstract":"This paper studies whether foreign investment deregulation promotes firm innovation. A theoretical framework, in which the spillover and competition effects from more foreign firms induced by foreign investment deregulation, is built to guide the empirical evaluation. Exploiting the data on Chinese firm-level patents in a difference-in-differences setting, this paper finds a significantly positive impact of foreign investment deregulation on firm innovation. Moreover, this paper finds a robust heterogeneity that the impact is prominent in the firms with high productivity while being not significant in the firms with low productivity.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"307 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131427945","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
Islamic Financing Initiatives Stimulating SMEs Creation in Muslim Countries 促进穆斯林国家中小企业创业的伊斯兰融资倡议
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-11-07 DOI: 10.2139/ssrn.3726578
Chokri Kooli
{"title":"Islamic Financing Initiatives Stimulating SMEs Creation in Muslim Countries","authors":"Chokri Kooli","doi":"10.2139/ssrn.3726578","DOIUrl":"https://doi.org/10.2139/ssrn.3726578","url":null,"abstract":"The challenge for Islamic Finance institutions is to find solutions and develop programs helping to invest these funds in supporting projects, SMEs, and entrepreneurship. In this paper, a documental collection, revision, and analysis were performed to catch the best practices and experiences adopted by these institutions to maintain sustainable development and support SMEs and entrepreneurs. Among other things, the findings showed the adoption of a multitude of mechanisms and programs that not only fund entrepreneurs but also offer technical support to their projects and ideas. The research suggests that different Islamic financing institutions adopt the observed best practices and experiences throughout the world. It also highlights the importance of the collaboration between the financial institutions, the government, the private sector, and NGOs to maintain a climate encouraging entrepreneurs and facilitating entrepreneurship. Findings are supported by the development of a new model showing the keys guaranteeing the success of investment and entrepreneurship.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127807329","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: 5
Government Subsidy Dependence and Stock Price Crash Risk 政府补贴依赖与股价崩盘风险
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-10-11 DOI: 10.2139/ssrn.3707986
Xiaoxing Liu, Obaid ur Rehman, Kai Wu, Ziyan Zhu
{"title":"Government Subsidy Dependence and Stock Price Crash Risk","authors":"Xiaoxing Liu, Obaid ur Rehman, Kai Wu, Ziyan Zhu","doi":"10.2139/ssrn.3707986","DOIUrl":"https://doi.org/10.2139/ssrn.3707986","url":null,"abstract":"We evaluate the association between government subsidy dependence and stock price crash risk for a large sample of Chinese non-financial listed firms from 2003 to 2018. The results show that firms with high dependence on government subsidies are associated with great stock price crash risk. The decomposition of government subsidies shows that fiscal subsidies are the driving force of stock price crashes. The decomposition of government subsidies shows that fiscal subsidies are the driving force of stock price crashes. The positive association is more pronounced in state-owned enterprises and firms with strong political connection and weak monitoring. Moreover, we identify financial restatement and valuation uncertainty as the two possible mechanisms through which government subsidy dependence increase crash risk. Our findings highlight the negative consequences of government subsidy on financial risk of firms and provide implications for regulatory agencies and investors.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124598376","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
Fiscal Risks Faced by Moroccan SMEs 摩洛哥中小企业面临的财政风险
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-09-12 DOI: 10.2139/ssrn.3713808
Hind Ben Khayat Zeggari Hassani, L. Benazzou
{"title":"Fiscal Risks Faced by Moroccan SMEs","authors":"Hind Ben Khayat Zeggari Hassani, L. Benazzou","doi":"10.2139/ssrn.3713808","DOIUrl":"https://doi.org/10.2139/ssrn.3713808","url":null,"abstract":"Taxation has become one of the major preoccupations of any company since “Better tax management means better financial management”. To do this, a company must not only have a good knowledge of the legal and tax environment in which it operates but also a good understanding of the fiscal risks it may face. This situation is perhaps even more pronounced in tax matters because of the financial burden that tax imposes on the company and because of the permanent risk of control and, where appropriate, sanctions to which the company is exposed. The concern of the company, in general, and the SME in particular, is above all to be informed of the existence of fiscal risks and to assess the extent and importance of these risks. \u0000 \u0000This article presents fiscal risks as a source of stakes and challenges for Moroccan SMEs (Small and Medium Enterprises). These fiscal risks may have different natures, sources and areas. Our work aims at better understanding the origins of sources of fiscal risks. In order to carry out our research, we conducted a survey of 78 SMEs to find out the real origins of sources of fiscal risks faced by Moroccan SMEs. What are they? Are they of internal or external origin? The results show that fiscal risks have both internal and external origins, which leads Moroccan SMEs to question how to manage these risks in order to increase their results and achieve performance.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120911201","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
International Trade and Corporate Market Power 国际贸易和企业市场力量
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-07-01 DOI: 10.5089/9781513550473.001
Jesus R. Gonzalez-Garcia, Yuanchen Yang
{"title":"International Trade and Corporate Market Power","authors":"Jesus R. Gonzalez-Garcia, Yuanchen Yang","doi":"10.5089/9781513550473.001","DOIUrl":"https://doi.org/10.5089/9781513550473.001","url":null,"abstract":"This paper examines the effect of international trade on corporate market power in emerging market economies and developing countries, with a special focus on sub-Saharan Africa. The analysis is based on a large firm-level dataset, tariff data by sector and agreggate indicators of international trade for the period 2000-17. Greater trade liberalization and trade integration are associated with significant declines in market power, with the effect being more pronounced for firms in the manufacturing and ICT sectors, private sector firms, and firms with higher initial markups. Firms in sub-Saharan Africa tend to experience signficantly lower markups after allowing greater trade integration. The effects of trade liberalization on market power materializes over time, and there are significant complementarities between trade reforms and real sector reforms.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127588522","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: 1
未来现金流ABS风险分析：国外评级方法比较与借鉴 (Risk Analysis of Future Flow Securitization: A Comparative Study of International Rating Methodologies) 未来现金流ABS风险分析：国外评级方法比较与借鉴 (Risk Analysis of Future Flow Securitization: A Comparative Study of International Rating Methodologies)
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-03-09 DOI: 10.2139/ssrn.3472476
Haiyun Zhang, K. Hu, Rui Liu
{"title":"未来现金流ABS风险分析：国外评级方法比较与借鉴 (Risk Analysis of Future Flow Securitization: A Comparative Study of International Rating Methodologies)","authors":"Haiyun Zhang, K. Hu, Rui Liu","doi":"10.2139/ssrn.3472476","DOIUrl":"https://doi.org/10.2139/ssrn.3472476","url":null,"abstract":"Chinese Abstract: 未来现金流证券化产品在国际资产证券化市场是一个市场份额极低的小众型市场分支，与此形成鲜明对比，这类产品在国内资产证券化市场已成为一个有显著市场份额的主流市场分支，且近年来涉及的信用风险事件频发，国内已有文献认为相关产品的信用评级虚高。本文填补了以下三个方面的研究空白：第一，比较多个国际信用评级机构对于未来现金流ABS的评级方法之异同；第二，深入介绍、剖析、解构、梳理国外未来现金流ABS评级方法；第三，从方法论比较研究的角度，识别和阐述国内未来现金流ABS信用评级存在的三个突出偏差。这三个偏差对应于本文梳理归纳出的“四大风险环节”中的前三个环节，因而可以参照相关理念进行纠正。本文详细探讨的风险分析思路，不仅适用于信用评级，对于未来现金流ABS的投资分析亦有借鉴价值。 \u0000 \u0000English Abstract: Future flow securitization is an esoteric segment with a minimal market share in the international securitization market. In contrast, it has become a mainstream segment with a sizable market share in the Chinese securitization market. In recent years, China’s future flow securitization segment has witnessed multiple credit risk events, and some scholarly work have expressed opinions that the products involved in those credit risk events have overrated credit ratings. This paper is the first-ever comparative study of credit rating methodologies for future flow securitization. It also provides the Chinese audience with the first-ever comprehensive survey of international rating methodologies for future flow securitization, complete with deconstruction and synthesis. Furthermore, this paper is the first-ever research endeavor to pinpoint and analyze through a comparative lens the three prominent methodological biases in the credit rating practices of China’s future flow securitization products. Those three biases are associated with the first three modules of the four-risk-module analytical framework we summarized, which would be useful in correcting such biases. The thought process detailed in this paper is useful not only in credit rating but also in investment analysis of future flow securitization.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121788457","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
Political Connection, Corporate Philanthropy and Efficiency: Evidence from China's Anti-Corruption Campaign 政治关系、企业慈善与效率:来自中国反腐运动的证据
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-03-06 DOI: 10.2139/ssrn.3312501
Yu Liu, Jinfan Zhang, Xiaoxue Zhao, Zhuoqun Hao
{"title":"Political Connection, Corporate Philanthropy and Efficiency: Evidence from China's Anti-Corruption Campaign","authors":"Yu Liu, Jinfan Zhang, Xiaoxue Zhao, Zhuoqun Hao","doi":"10.2139/ssrn.3312501","DOIUrl":"https://doi.org/10.2139/ssrn.3312501","url":null,"abstract":"We find that the 2013 Chinese anti-corruption campaign remarkably reduced charitable donations from listed companies with strong political connections, and lessened government subsidies to these companies, implying a reciprocal relationship between companies and the government prior to the campaign. The campaign also improved the productivity of companies with strong connections. The results are consistent with a model in which favor exchanges between firms and the government divert resources away from production in a corrupt environment. These findings highlight a self-serving, and sometimes corrupt, motive of corporate donation, and imply that the centrally-led anti-corruption campaign is highly effective in curbing corrupt collusion between companies and government officials. Moreover, they give empirical support to the negative efficiency implications of corruption.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115942548","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: 3
The Structure of Multinational Firms&Apos; International Activities 跨国公司的结构& apos国际活动
FEN: Other International Corporate Finance (Topic) Pub Date : 2020-03-01 DOI: 10.3386/w26827
Ronald B. Davies, J. Markusen
{"title":"The Structure of Multinational Firms&Apos; International Activities","authors":"Ronald B. Davies, J. Markusen","doi":"10.3386/w26827","DOIUrl":"https://doi.org/10.3386/w26827","url":null,"abstract":"The structure of a multinational firm, that is how its affiliates relate to one another, is critical for understanding where multinationals locate, how policy affects them, and their resilience to localized shocks. Here, we review the two main structures: horizontal investments which replicate activities across borders, and vertical investments which fragment activities across countries. In addition, we use data (primarily from the US) to examine which of these structures seems to dominate the data. This includes a novel use of measures of global value-chain positioning of a country's industries. In each case, the data suggests a dominant role for horizontal investment. We conclude with a discussion of the challenge that intangibles play in multinational data and point towards potentially fertile areas for future research.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116726904","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: 13
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