Journal of International Financial Management & Accounting最新文献

Minority Directors and Firm Sustainability Performance 少数股东董事与公司可持续发展绩效

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12240

Pietro Fera, Paolo Fiorillo, Giorgio Ricciardi, Luana Serino

{"title":"Minority Directors and Firm Sustainability Performance","authors":"Pietro Fera, Paolo Fiorillo, Giorgio Ricciardi, Luana Serino","doi":"10.1111/jifm.12240","DOIUrl":"https://doi.org/10.1111/jifm.12240","url":null,"abstract":"<p>In closely held firms, independent directors tend to be captivated by major shareholders, undermining board independence and, in turn, the effectiveness of monitoring and promoting sustainability-oriented strategies. Thus, minority shareholders' representatives on the board of directors (i.e., minority directors) may represent a mechanism for restoring board independence by limiting blockholders' influence over the boardroom. Using a sample of Italian-listed companies over the period 2017‒2021, we show that minority directors have a positive effect on corporate environmental and social performance (ESP), with results being robust to endogeneity and alternative estimation methods. Furthermore, we observe that their effect in fostering ESP is stronger for higher levels of ownership concentration and firms suffering from higher agency costs, supporting the monitoring argument. Finally, we observe a stronger effect on ESP, whereas corporate carbon risk exposure is more severe. Overall, our findings shed light on the nuanced interplay between ownership concentration, board characteristics, and corporate sustainability performance.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"598-623"},"PeriodicalIF":8.2,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12240","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Green Horizons Beyond Borders: The Impact of Capital Market Globalization on ESG Performance Via A-Shares' MSCI Inclusion 跨境绿色视野：资本市场全球化对a股纳入MSCI对ESG绩效的影响

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12236

Abuduwali Aibai, Jiansuer Julaiti, Tingting Kang, Yuchao Peng

{"title":"Green Horizons Beyond Borders: The Impact of Capital Market Globalization on ESG Performance Via A-Shares' MSCI Inclusion","authors":"Abuduwali Aibai, Jiansuer Julaiti, Tingting Kang, Yuchao Peng","doi":"10.1111/jifm.12236","DOIUrl":"https://doi.org/10.1111/jifm.12236","url":null,"abstract":"<div>\u0000 \u0000 <p>In the context of economic globalization, the impact of capital market internationalization on sustainable enterprise development has attracted considerable attention. The inclusion of Chinese A-shares in the Morgan Stanley Capital International (MSCI) index has a significant impact on environmental, social, and governance (ESG) performance; however, research on this topic is relatively scarce. This study investigates the impact of capital market internationalization on the ESG performance of listed companies by analyzing data from 2015 to 2020 using a difference-in-differences approach. We find significant improvements in ESG performance post-inclusion, especially for environmental protection and social responsibility. The analysis identifies three mechanisms driving these enhancements: enhanced ESG performance in firms with overseas investors and operations, reduced information asymmetry and increased transparency from MSCI inclusion, and greenwashing incentives. Notably, firms in pollution-intensive sectors and small and medium-sized enterprises show marked ESG improvements post-MSCI inclusion. Our findings underscore the positive role of capital market internationalization in advancing corporate ESG outcomes and offer valuable insights for policymakers and corporate managers aiming to achieve sustainable development goals.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"562-580"},"PeriodicalIF":8.2,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

From Risk to Sustainable Opportunity: Does Climate Risk Perception Lead Firm ESG Performance? 从风险到可持续机遇：气候风险感知是否会引领企业的ESG绩效？

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-03-05 DOI: 10.1111/jifm.12238

Lei Yin, Linfang Tan, Ji Wu, Da Gao

引用次数: 0

Board Gender Diversity and Capital Adequacy: The Role of Environmental Responsibility in the Banking Industry 董事会性别多样性和资本充足率：环境责任在银行业中的作用

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-25 DOI: 10.1111/jifm.12235

Francesco Gangi, Nicola Varrone, Mario Mustilli, Lucia Michela Daniele, Maria Coscia

{"title":"Board Gender Diversity and Capital Adequacy: The Role of Environmental Responsibility in the Banking Industry","authors":"Francesco Gangi, Nicola Varrone, Mario Mustilli, Lucia Michela Daniele, Maria Coscia","doi":"10.1111/jifm.12235","DOIUrl":"https://doi.org/10.1111/jifm.12235","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 <p>This study investigates how board gender diversity (BGD) impacts banks' risk-taking and if this effect is mediated through banks' sensitivity toward environmental issues. Indeed, earlier literature recognizes a female risk aversion in financial decision-making and the urgency for banks to manage environmental risks. Using a sample of 132 banks from 21 countries over the 2009‒2020 period, we examine both the direct effect between BGD on risk-taking and the indirect effect of the mediating role of banks' environmental engagement. The results indicate that banks with higher BGD show higher capital adequacy ratios (Tier 1; Total Tier) and lower risk-weighted assets (RWAs), suggesting that the greater the presence of women on the boards, the lower the banks' risk profile. Moreover, the relationship between greater BGD and lower risk-taking is mediated by the impact of the bank's environmental engagement. Hence, BGD lowers banks' riskiness both directly and indirectly through the channel of improved environmental practices.</p>\u0000 </section>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"537-561"},"PeriodicalIF":8.2,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12235","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Social Responsibility (CSR) and Firm Value: International Evidence on the Role of CSR Assurance 企业社会责任与企业价值：关于企业社会责任鉴证作用的国际证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-14 DOI: 10.1111/jifm.12234

Ahrum Choi, Lan Jin, Zabihollah Rezaee, Gaoguang Zhou

引用次数: 0

Recognition Versus Disclosure and Managerial Discretion: Evidence From Japanese Pension Accounting 确认、披露与管理自由裁量权：来自日本养老金会计的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-12 DOI: 10.1111/jifm.12232

Masaki Kusano

引用次数: 0

Social Media Sentiment and Classification Shifting 社交媒体情感与分类转移

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-12 DOI: 10.1111/jifm.12233

Peng Wu, Yiyang Gu, Liya Hou

{"title":"Social Media Sentiment and Classification Shifting","authors":"Peng Wu, Yiyang Gu, Liya Hou","doi":"10.1111/jifm.12233","DOIUrl":"https://doi.org/10.1111/jifm.12233","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the role of social media sentiment in classification shifting. Prior literature finds that social media can either reduce accruals management by reducing information asymmetry or increase it by raising market expectations. Using a sample of 21,635 firm-year observations based on data from Chinese A-share listed firms from 2009 to 2020, we examine how social media sentiment from the stock forum EastMoney affects classification shifting in China. We find that managers increase classification shifting in response to negative social media sentiment, and our channel tests support the market pressure hypothesis. We confirm that negative social media sentiment increases classification shifting by exerting greater market pressure on managers. We also find that, if accruals or real earnings management is constrained, firms resort to classification shifting to address negative social media sentiment. Finally, we show that negative social media sentiment triggers more stock volatility and price drops. Our study contributes to the earnings management literature by providing novel evidence that sheds light on the market pressure exerted by social media in shaping earnings management strategies.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"468-501"},"PeriodicalIF":8.2,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Analyst Responses to Changes in Credit Risk 分析师对信用风险变化的反应

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-02-03 DOI: 10.1111/jifm.12231

Abinzano Isabel, Corredor Pilar, Martinez Beatriz

引用次数: 0

Political Ideology Shapes Reporting Regulation: SEC Commissioners' Views on IFRS for US Issuers 政治意识形态影响报告监管：美国证券交易委员会委员对美国发行人的国际财务报告准则的看法

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-31 DOI: 10.1111/jifm.12230

Kirstin Becker, Holger Daske, Christoph Pelger, Stephen A. Zeff

{"title":"Political Ideology Shapes Reporting Regulation: SEC Commissioners' Views on IFRS for US Issuers","authors":"Kirstin Becker, Holger Daske, Christoph Pelger, Stephen A. Zeff","doi":"10.1111/jifm.12230","DOIUrl":"https://doi.org/10.1111/jifm.12230","url":null,"abstract":"<p>The Securities and Exchange Commission (SEC) initiated rulemaking steps toward adopting International Financial Reporting Standards (IFRS) for US issuers in 2007, but it never issued a final decision. In this paper, we use public material and interviews to examine the links between commissioners' political ideology and their views on IFRS. We find that differences in political ideologies pervaded the debate on IFRS. In line with their belief in the advantages of “free markets,” Republican commissioners supported a move to IFRS, particularly in the form of giving US firms a choice between US GAAP and IFRS. Democratic commissioners were more reluctant to partly or fully replace the well-established system of US GAAP with IFRS, a step that was considered tantamount to deregulation and accompanied by concerns about the International Accounting Standards Board's governance. Our findings highlight the influence of political ideology on the regulatory process related to reporting issues. Thus, bipartisan rulemaking becomes unlikely in times of pronounced political confrontations, as recently evidenced by the SEC's rule on climate-related disclosures.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"404-414"},"PeriodicalIF":8.2,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12230","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Provincial Industrial Policy and Corporate Emissions: Evidence From China 省级产业政策与企业排放：来自中国的证据

IF 8.2 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2025-01-31 DOI: 10.1111/jifm.12229

Nan Lin, Shuping Lin, Pengdong Zhang, Qihao Zhang

{"title":"Provincial Industrial Policy and Corporate Emissions: Evidence From China","authors":"Nan Lin, Shuping Lin, Pengdong Zhang, Qihao Zhang","doi":"10.1111/jifm.12229","DOIUrl":"https://doi.org/10.1111/jifm.12229","url":null,"abstract":"<div>\u0000 \u0000 <p>Industrial policy plays a crucial role in economic development and is gaining increasing attention. While previous literature has demonstrated the positive impact of these policies on economic and industrial growth, their environmental impact remains unclear. Using establishment-level data, we investigate how Chinese provincial industrial policies affect corporate pollution levels. We find that establishments encouraged by provincial industrial policies exhibit significantly higher sulfur dioxide (SO<sub>2</sub>) emissions. This effect is mainly driven by: (1) lower risks of environmental penalties, (2) increased use of cost-effective but polluting energy sources, and (3) reduced investments in environmental technologies. The impact of provincial industrial policies on a firm's emissions is more pronounced under certain conditions: when local governments face substantial economic pressures; when government officials are locally promoted or have a high probability of political promotion; when firms are economically important or state-owned; when firms lack rigorous external oversight; and when firms operate in environments with higher citizen environmental participation. Our findings suggest that industrial policies aimed at rapid economic growth may conflict with environmental goals, providing insights for policymakers on balancing economic development and environmental protection in emerging economies.</p>\u0000 </div>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"36 3","pages":"375-403"},"PeriodicalIF":8.2,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0