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Journal of Emerging Market Finance最新文献

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Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender 价值观能预测对社会负责的投资决策吗？衡量性别的调节作用
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-05-01 DOI: 10.1177/09726527231160861
R. Raut, R. Kumar
{"title":"Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender","authors":"R. Raut, R. Kumar","doi":"10.1177/09726527231160861","DOIUrl":"https://doi.org/10.1177/09726527231160861","url":null,"abstract":"This study examines investors’ pro-environmental investment intentions by measuring the effect of economic concern (egoistic value) and environmental concern (altruistic value) on attitudes toward socially responsible investment (SRI). A self-administered structured questionnaire was used to collect data from 469 investors using a purposive sampling technique and analyzed using two-step structural equation modeling. Results show that both altruistic and egoistic values were significant predictors of a positive attitude toward SRI, portraying the greater environmental concern of investors. Additionally, male investors motivated to invest in SRI are more concerned about environmental well-being than their counterparts, that is, female investors. By analyzing values as antecedents of attitudes toward SRI, the findings of this study add a new dimension to the belief system of young investors. JEL Codes: A13; D19; G1; G4","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48808888","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
Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets 2019冠状病毒病期间的可持续性、弹性和回报:来自美国和印度股市的经验证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-03-25 DOI: 10.1177/09726527231158555
Neetu Yadav, Vandana Bhama
{"title":"Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets","authors":"Neetu Yadav, Vandana Bhama","doi":"10.1177/09726527231158555","DOIUrl":"https://doi.org/10.1177/09726527231158555","url":null,"abstract":"The growing number of consulting reports published globally show mixed evidence of higher returns for environmental, social, and governance (ESG) indices as compared to equity indices. The present study analyzes whether or not sustainability provided resilience, during turbulent times, to the US and India, who were worst hit by the COVID-19 pandemic. The study tests whether higher ESG scores led to higher stock returns during and after the COVID-19 pandemic. The findings revealed little and negative associations of sustainability with stock returns for sample firms during the COVID-19 crisis. There is no empirical evidence indicating that sustainability guarantees resilience during crisis times. Investors have their own preference channels and taste for sustainability that are beyond their financial motives. JEL Codes: Q01, G120","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48478981","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
Better to Give than to Receive: A Study of BRICS Countries Stock Markets 给予胜于接受：金砖国家股市研究
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-03-12 DOI: 10.1177/09726527231154100
Pradiptarathi Panda, W. Ahmad, M. Thiripalraju
{"title":"Better to Give than to Receive: A Study of BRICS Countries Stock Markets","authors":"Pradiptarathi Panda, W. Ahmad, M. Thiripalraju","doi":"10.1177/09726527231154100","DOIUrl":"https://doi.org/10.1177/09726527231154100","url":null,"abstract":"This study uses the MGARCH-BEKK model and Diebold–Yilmaz (DY) volatility spillover index to examine volatility spillovers among BRICS countries’ stock markets. The study finds that the own volatility spillover is more than the cross-markets and has increased during the financial crisis. In contrast, the cross-markets volatility spillovers have decreased after the financial crisis. The total net return spillover increased during the crisis period (27.30%) and the pre-crisis period (25.50%) in comparison with the post-crisis period (6.30%) and the whole sample period (10.70%). Brazil is the highest net volatility transmitter among the BRICS countries’ stock markets, and China is the highest net volatility receiver. We learned from the volatility network connectedness that China is highly connected with India regarding volatility. Foreign institutional investors may use this study’s result to find diversification opportunities across the BRICS stock markets. JEL Codes: F3, G11, G12, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48680746","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
Investor Attention and Global Stock Market Volatility: Evidence from COVID-19 投资者关注与全球股市波动:来自COVID-19的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-02-08 DOI: 10.1177/09726527221148579
Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna
{"title":"Investor Attention and Global Stock Market Volatility: Evidence from COVID-19","authors":"Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna","doi":"10.1177/09726527221148579","DOIUrl":"https://doi.org/10.1177/09726527221148579","url":null,"abstract":"This paper utilizes intraday five-minute stock market indices to investigate the causal relation between global stock market volatility and investor attention measured by the Google search volume index during the COVID-19 pandemic. Using the bi-power variation method proposed by Barndorff-Nielsen and Shephard (2004), we separate the realized volatility into two components: Continuous and Jump. Based on 5,583 stock indices-day observations, we find that investor attention is positively related to the realized volatility and its continuous component, but to a lesser extent to jumps. A growth in confirmed cases is positive to all measures of market volatility. Moreover, when the number of confirmed cases increases, more attentive investors reduce market volatility. Our findings are robust regarding various estimation approaches and are less likely to suffer from omitted variable biases and endogeneity concerns. Understanding the findings revealed in this paper is crucial to regulators and policymakers as warnings of additional risks facing retail investors around the globe over the extremely volatile periods. JEL Codes: G14; G15; G40; G41","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44492614","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: 2
Systemic Risk Transmission from the United States to Asian Economies During the COVID-19 Period 新冠肺炎期间美国向亚洲经济体的系统性风险传播
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-02-05 DOI: 10.1177/09726527221150539
Shivani Narayan, Dilip Kumar
{"title":"Systemic Risk Transmission from the United States to Asian Economies During the COVID-19 Period","authors":"Shivani Narayan, Dilip Kumar","doi":"10.1177/09726527221150539","DOIUrl":"https://doi.org/10.1177/09726527221150539","url":null,"abstract":"The study investigates the systemic risk transmission from the US banking sector and the US market to the five most economically impacted Asian nations (Thailand, Malaysia, the Philippines, India, and Singapore) during the COVID-19 period of 2020. We consider the conditional value-at-risk (CoVaR) approach to estimate the systemic risk of the given economies at 5% quantile (for severe downturn risk) and 20% quantile (for moderate downturn risk). Our findings demonstrate a rise in systemic risk for these Asian countries in 2020, particularly in the first half of the year. The findings also provide evidence of the significant systemic risk transmission from the US banking sector and the US stock market to the majority of the given Asian economies at both quantiles. The study further highlights the significant contribution of the US financial market in increasing the systemic risk of the given Asian economies in 2020. We find similar results for systemic risk transmission from the UK, the European Union, and Japan to the given Asian economies. The findings have implications for market participants, risk managers, and regulators who are concerned with risk diversification and tracking the routes of risk shock transmission. JEL Codes: G10; G18; G20","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43174379","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
Auditor Exits and Firm Performance: Is There a Link? 审计师退出与公司绩效：有联系吗？
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-02-05 DOI: 10.1177/09726527221144486
Saibal Ghosh
{"title":"Auditor Exits and Firm Performance: Is There a Link?","authors":"Saibal Ghosh","doi":"10.1177/09726527221144486","DOIUrl":"https://doi.org/10.1177/09726527221144486","url":null,"abstract":"Employing firm-level data for 2011–2020, we explore the impact of auditor exit on firm performance. Using profitability and growth as outcome variables, the findings suggest that auditor exit leads to a dampening of profit, but growth prospects are not adversely affected. However, firms’ stock returns are adversely impacted over the immediate to medium term. This impact differs across ownership, especially when interactive effects are taken on board. Among the reasons, resignations and noncooperation by management are most detrimental to firm behavior. JEL Codes: G 32; M 42","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42752793","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 Affects Startup Acquisition in Emerging Economy? Evidence from India 新兴经济体中影响初创企业收购的因素?来自印度的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-01-27 DOI: 10.1177/09726527221141787
K. Das
{"title":"What Affects Startup Acquisition in Emerging Economy? Evidence from India","authors":"K. Das","doi":"10.1177/09726527221141787","DOIUrl":"https://doi.org/10.1177/09726527221141787","url":null,"abstract":"Acquisitions of startup concern investors, cofounders, consumers, and competition watchdogs. With the rapid emergence of the startup ecosystem in India, the phenomenon of startup acquisitions has become noteworthy. In this article, startup exit through acquisition is examined using startup-specific data relating to funding, funding rounds, cofounders, brand name length, and gender of the cofounder. Startup exit is modelled through choice models on a sample of 903 startups. Cox proportional hazard regression was used for the robustness check. The results suggest that venture capital funding increases the probability of acquisition. However, the number of funding rounds reduced the likelihood of acquisition significantly indicating that repeat funding has a positive impact on new venture continuity. There is a trade-off between the quantity and consistency of venture capital funding in affecting the likelihood of acquisition. The number of cofounders is associated with higher acquisition likelihood, and the brand name length had a negative impact on the probability of acquisition. Furthermore, there is a lower acquisition likelihood if the startup had a female cofounder. The findings bear implications for the quality of fundraising, startup team formation, branding, and women entrepreneurship. JEL Codes: G24, G34","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2023-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41454235","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
What Explains Excess Liquidity of Banks? Empirical Evidence from India 银行流动性过剩的原因是什么？来自印度的经验证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-07-22 DOI: 10.1177/09726527221101134
Md Gyasuddin Ansari, Rudra Sensarma
{"title":"What Explains Excess Liquidity of Banks? Empirical Evidence from India","authors":"Md Gyasuddin Ansari, Rudra Sensarma","doi":"10.1177/09726527221101134","DOIUrl":"https://doi.org/10.1177/09726527221101134","url":null,"abstract":"We study excess liquidity in the banking system using data for India during 2005–2020. We apply Autoregressive Distributed Lag model and panel regressions to identify the factors determining excess liquidity at both aggregate and bank levels. We find that required reserves, private sector credit, and government securities held by banks have negative, positive, and negative effects on excess liquidity, respectively. Other factors such as exchange rate and inter-bank call rate have varying effects at the two levels. Our results suggest that banks can chalk out mechanisms to optimize their liquidity management and avoid the cost of excess liquidity. JEL Classifications: C23, E50, E58, G00, G21","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2022-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43331031","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
The Decision to Go Public and Business Group Affiliation: Evidence from India 上市决定与商业集团关联:来自印度的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-06-21 DOI: 10.1177/09726527221102391
C. Sekhar, P. J. Lukose
{"title":"The Decision to Go Public and Business Group Affiliation: Evidence from India","authors":"C. Sekhar, P. J. Lukose","doi":"10.1177/09726527221102391","DOIUrl":"https://doi.org/10.1177/09726527221102391","url":null,"abstract":"Using a comprehensive sample of Indian stock market listings from 2000 to 2014, we examine the effect of business group (BG) affiliation on the decision to go public. Supporting the internal capital markets hypothesis, we find that BG firms are less likely to go for initial public offerings (IPOs). Compared to stand-alone firms, BG firms that go public are older and less profitable. Further, this article elucidates the dynamics of the decision to go public within BGs (with multiple unlisted eligible affiliates in their portfolio) as extant models fail to explain the same adequately. We examine the relative importance of reputation, capital raising, and control considerations on the decision to go public. We find that the affiliate that invests in other group affiliates’ financial assets is more likely to be taken public. Affiliates that are net receivers of intragroup support are less likely to list. BG’s reputation has a positive impact on the choice of the affiliate to list. JEL Classifications: G30, G32","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41252200","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: 2
Return and Volatility Spillover Effects between Rupee–Dollar Exchange Rate and Asian Stock Indices 卢比-美元汇率与亚洲股指之间的回报和波动溢出效应
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-05-30 DOI: 10.1177/09726527221100467
S. Mahalakshmi, S. Thiyagarajan, Gopala K. Vasudevan, G. Naresh
{"title":"Return and Volatility Spillover Effects between Rupee–Dollar Exchange Rate and Asian Stock Indices","authors":"S. Mahalakshmi, S. Thiyagarajan, Gopala K. Vasudevan, G. Naresh","doi":"10.1177/09726527221100467","DOIUrl":"https://doi.org/10.1177/09726527221100467","url":null,"abstract":"India is a major Asian economy that has attracted global investment due to its economic stability and relatively open financial markets. We investigate the return and volatility spillover effects between the Indian rupee against US dollar and stock index volatility in neighboring (Asian) nations. Consistent with the uncovered equity parity, we find that when the rupee depreciates against US dollar, the foreign institutional investors pull back their portfolio investments from other Asian markets and invest in Indian stock market, similarly if rupee appreciates they may divest their investments to gain profits. The unidirectional causality from the exchange rate to all stock indices is indicated by the causality in the mean approach. Our study shows a strong linkage between the currency value of a stable economy and the economies with which it has strong trade ties. Further, the results also show that investors adjust their position in the related markets during periods of currency appreciation and depreciation in an economy with significant growth prospects. JEL Codes: F31, D53, B23","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2022-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44497819","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: 2
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