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Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions 女性领导者与金融普惠:来自小额信贷机构的证据
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000036
R. Oystein Strøm, Bert D'Espallier, Roy Mersland
{"title":"Female Leaders and Financial Inclusion: Evidence from Microfinance Institutions","authors":"R. Oystein Strøm, Bert D'Espallier, Roy Mersland","doi":"10.1561/114.00000036","DOIUrl":"https://doi.org/10.1561/114.00000036","url":null,"abstract":"This research advances the hypothesis that female leaders – chief executive officers (CEOs), chairs, and directors – of a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters’ reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman’s two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financial inclusion (smaller average loans, more gender bias) with a female leader but not for width financial inclusion (credit client growth). Female leaders exhibit greater altruism and greater competition avoidance but not greater risk aversion than male peers.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136008445","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: 4
The Inequality of Finance 金融的不平等
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000035
Renée Adams, Jing Xu
{"title":"The Inequality of Finance","authors":"Renée Adams, Jing Xu","doi":"10.1561/114.00000035","DOIUrl":"https://doi.org/10.1561/114.00000035","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"32 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84548575","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
Environmental Concern, Regulations and Board Diversity 环境关注、法规和董事会多样性
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000037
Quynh Do, Ngan Duong Cao, D. Gounopoulos, D. Newton
{"title":"Environmental Concern, Regulations and Board Diversity","authors":"Quynh Do, Ngan Duong Cao, D. Gounopoulos, D. Newton","doi":"10.1561/114.00000037","DOIUrl":"https://doi.org/10.1561/114.00000037","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"19 2","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72624766","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: 7
The Effects of the New European Bank Resolution Framework 新欧洲银行处置框架的影响
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000047
A. Maddaloni, Giulia Scardozzi
{"title":"The Effects of the New European Bank Resolution Framework","authors":"A. Maddaloni, Giulia Scardozzi","doi":"10.1561/114.00000047","DOIUrl":"https://doi.org/10.1561/114.00000047","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"26 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89846311","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
Gender Diversity and Beyond in Corporate Finance: Where Do We Stand? 企业融资中的性别多元化及其他问题:我们在哪里?
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000034
Sonia Falconieri, Maimuna Akter
{"title":"Gender Diversity and Beyond in Corporate Finance: Where Do We Stand?","authors":"Sonia Falconieri, Maimuna Akter","doi":"10.1561/114.00000034","DOIUrl":"https://doi.org/10.1561/114.00000034","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135180982","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
Bank Lobbying as a Financial Safety Net: Evidence from the Postcrisis U.S. Banking Sector 银行游说作为金融安全网:来自危机后美国银行业的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2022-12-19 DOI: 10.1093/rcfs/cfac042
Kentaro Asai
{"title":"Bank Lobbying as a Financial Safety Net: Evidence from the Postcrisis U.S. Banking Sector","authors":"Kentaro Asai","doi":"10.1093/rcfs/cfac042","DOIUrl":"https://doi.org/10.1093/rcfs/cfac042","url":null,"abstract":"I argue creditors, plausibly considering the link between bank lobbying and government bailouts, reflect the financial-safety-net aspect of bank lobbying. My structural estimation based on U.S. data suggests bank lobbying is negatively associated with the occurrence of a run-like equilibrium when a bank is subject to multiple equilibria. The estimated effect on bank risk and value is economically significant in the postcrisis U.S. banking sector. This result is consistent with the reduced-form evidence in this paper and has passed multiple robustness checks. Counterfactual simulations suggest the lobbying effect as a financial safety net would vary depending on policy responses to financial crisis.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"148 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509256","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
Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes 公司财务与COVID-19的传播:来自养老院的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2022-12-02 DOI: 10.1093/rcfs/cfac041
Taylor A Begley, Daniel Weagley
{"title":"Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes","authors":"Taylor A Begley, Daniel Weagley","doi":"10.1093/rcfs/cfac041","DOIUrl":"https://doi.org/10.1093/rcfs/cfac041","url":null,"abstract":"We find that firms’ financial resources play an important role in mitigating the spread of COVID-19. We study nursing homes—whose residents account for over one-third of all U.S. COVID-19 deaths—at a time when investment in risk mitigation was costly and critical. Facilities with less liquidity and those experiencing more severe cash flow shocks had more cases of COVID-19. The importance of cash flow is further supported by tests exploiting state-level variation in Medicaid reimbursement expansion. Evidence on personal protective equipment supplies suggests a lack of financial resources leads to lower investment in risk mitigation.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"55 4","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509229","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
Deregulating Innovation Capital: The Effects of the JOBS Act on Biotech Startups 解除对创新资本的管制:《就业法案》对生物技术初创企业的影响
IF 11.3
Review of Corporate Finance Studies Pub Date : 2022-12-01 DOI: 10.1093/rcfs/cfac039
Craig M Lewis, Joshua T White
{"title":"Deregulating Innovation Capital: The Effects of the JOBS Act on Biotech Startups","authors":"Craig M Lewis, Joshua T White","doi":"10.1093/rcfs/cfac039","DOIUrl":"https://doi.org/10.1093/rcfs/cfac039","url":null,"abstract":"We examine real outcomes for biotech startups going public around the Jumpstart Our Business Startups (JOBS) Act. Reduced compliance costs associate with greater innovation capital formation as biotech IPO volume and proceeds increase after the JOBS Act. Biotechs, which conduct over 30% of IPOs since 2012, go public with products earlier in the FDA approval process and more frequently target rare diseases and cancer. Consistent with our survey evidence that managers use compliance savings to invest in R&D, we link the JOBS Act to post-IPO increases in project-level development, such as new patents, clinical trials, and staffing of laboratories. Post-JOBS Act product candidates are more likely to reach key milestones in the FDA approval process and these startups fail at lower rates. Benefits accrue to shareholders without sacrificing financial reporting quality. Our results demonstrate how tailoring regulations for startups can provide economic and societal benefits.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"55 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138543088","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 Nonfinancial Firms Use Financial Assets to Take Risk? 非金融企业是否利用金融资产承担风险?
IF 11.3
Review of Corporate Finance Studies Pub Date : 2022-11-29 DOI: 10.1093/rcfs/cfac040
Zhiyao Chen, Ran Duchin
{"title":"Do Nonfinancial Firms Use Financial Assets to Take Risk?","authors":"Zhiyao Chen, Ran Duchin","doi":"10.1093/rcfs/cfac040","DOIUrl":"https://doi.org/10.1093/rcfs/cfac040","url":null,"abstract":"Using hand-collected data on financial asset portfolios and exploiting the 2014 oil price crisis as an exogenous cash flow shock, we investigate financial risk-taking at distressed firms. We find that distressed firms, with high debt rollover risk proxied for by short-term liabilities, substantially increase their investments in risky financial assets, including corporate debt, equity, and mortgage-backed securities. The effects are stronger for unhedged firms with low collateral assets. Overall, we provide new evidence that distressed firms take risk using financial assets camouflaged as cash reserves, which, compared to real assets, are less visible and carry lower transaction costs and accelerated payoffs.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"28 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138543093","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
Firm Listing Status, Firm Size, and the Financing of Investment 企业上市状况、企业规模与投资融资
IF 11.3
Review of Corporate Finance Studies Pub Date : 2022-11-08 DOI: 10.1093/rcfs/cfac038
Mathias Lé, F. Vinas
{"title":"Firm Listing Status, Firm Size, and the Financing of Investment","authors":"Mathias Lé, F. Vinas","doi":"10.1093/rcfs/cfac038","DOIUrl":"https://doi.org/10.1093/rcfs/cfac038","url":null,"abstract":"\u0000 How do companies finance their investments? We examine the financing of investments according to firms’ listing status, their size, and the nature of the investments. We show that private firms rely more on bank credit than public firms and less on financial debt, equity, and cash flow. We also show that the contribution of financial debt and equity increases with firm size. Considering both dimensions, we always find an increasing contribution of other financial debt and equity with firm size in both populations. Therefore, even in a bank-based economy, equity plays an important role in the investment of larger private firms.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":" ","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42705514","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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