Journal of International Financial Management & Accounting最新文献

{"title":"Jump volatility and firm-specific investor sentiment","authors":"Chen Wang,&nbsp;Xiong Xiong,&nbsp;Xiao Li","doi":"10.1111/jifm.12209","DOIUrl":"10.1111/jifm.12209","url":null,"abstract":"<p>Literature on investor sentiment has predominantly been conducted at the market level. Recent studies employing firm-level sentiment have increasingly turned to textual analysis; however, the suitability of this type of proxy is still unverified. We utilize the Chinese stock market data from 2015 to 2023, aiming to discern whether the jump component of realized volatility possesses characteristics of investor sentiment. Our analysis reveals a pronounced short-term persistence in jump volatility, particularly, among stocks that are hard to value and those with minimal institutional ownership. Further, we find that stocks exhibiting high monthly jump volatility consistently exhibit underperformance over extended periods, corroborating the hypothesis of sentiment-induced temporary mispricing phenomena. Significantly, our findings advocate for the adoption of the jump component of realized volatility as a proxy for firm-specific investor sentiment, offering a novel perspective in the sentiment analysis literature.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 3","pages":"694-722"},"PeriodicalIF":9.4,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140990871","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}

{"title":"CEO's early-life famine experience and tunneling: Evidence from China","authors":"Shihua Chen,&nbsp;Xu Han,&nbsp;Ali Reda","doi":"10.1111/jifm.12207","DOIUrl":"10.1111/jifm.12207","url":null,"abstract":"<p>The Great Chinese Famine is considered one of the most traumatic events recorded in human history and has a long-lasting influence on the survivors' behaviors. Previous studies have linked the CEOs' early-life experiences to corporate decisions and managerial behaviors, but does experience affect corporate governance? We investigate the impact of the CEO's early-life famine experience on tunneling using a data set consisting of 11,573 firm-year observations from the Chinese manufacturing companies publishing A-shares on the main board from 2006 to 2016. We find that companies run by CEOs who experienced the Great Chinese Famine (1959–1961) in their early life are less likely to collude with controlling shareholders to expropriate minority shareholders than those who did not suffer the hardships of famine. We further make mediation tests to confirm two channels: risk aversion and empathy for poverty. The overall findings align with the view of imprinting theory: CEOs' experiences of adverse events in their early life have a lasting impact on their later-life behaviors.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 3","pages":"651-693"},"PeriodicalIF":9.4,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140751437","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}

{"title":"Stock market liberalization and management earnings forecasts: Evidence from a quasi-experiment in China","authors":"Jianqiao Huang,&nbsp;Yilu Deng,&nbsp;Lili Jiu","doi":"10.1111/jifm.12208","DOIUrl":"10.1111/jifm.12208","url":null,"abstract":"<p>This study examines the impact of Chinese stock market liberalization on the quality of firms' information disclosures. Although previous studies have explored the economic outcomes of stock market liberalization, little is known about its impact on the quality of management earnings forecasts. We treat China's Stock Connect program as a quasi-experiment and draw data from Chinese A-share-listed companies from 2012 to 2017. Using a staggered difference-in-difference model, we find that eligible firms issue more accurate earnings forecasts after implementation of the Connect program compared with ineligible firms. Our mechanism analyses show that the positive effect is more pronounced for firms with initially opaque information environment and higher ex ante agency costs, suggesting that market liberalization facilitates higher-opaque firms to issue more accurate earnings forecasts to meet the information demand from foreign investors, and facilitates monitoring in firms with weak internal governance, thereby improving earnings forecasts quality.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 3","pages":"617-650"},"PeriodicalIF":9.4,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372532","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}

{"title":"Retraction: “Sustainable stakeholder participation planning on the basis of analysis of competing project interest”","authors":"","doi":"10.1111/jifm.12206","DOIUrl":"10.1111/jifm.12206","url":null,"abstract":"<p>The above article, published online on 30 January 2024 in Wiley Online Library (https://onlinelibrary.wiley.com/doi/10.1111/jifm.12198) has been retracted by agreement between the journal's Editors in Chief, Sabri Boubaker and Xiaoqian Zhu, and John Wiley &amp; Sons Ltd.</p><p>The retraction has been agreed due to an editorial office error that led to the publication of the article without peer review.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"610"},"PeriodicalIF":5.1,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12206","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140151403","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}

{"title":"The downside of blockholder exit threats: Increasing excess cash holdings","authors":"Kejing Chen,&nbsp;Xiaolin Li,&nbsp;Yanling Kang,&nbsp;Mo Yang","doi":"10.1111/jifm.12205","DOIUrl":"10.1111/jifm.12205","url":null,"abstract":"<p>This study examines the impact of blockholder exit threats on excess cash holdings following China's split-share structural reform. Previous studies have confirmed the governance role of blockholder exit threats, but their effectiveness is limited to companies with greater private benefits. Using a sample of 2340 firm-year observations of Chinese listed firms between 2002 and 2009, we find that the exit threat of blockholders increases the level of excess cash holdings. These results suggest that blockholders view exit threats as a means of collaborating with controlling shareholders to boost excess cash holdings and diversify corporate resources for private benefits. The collusion effect is more pronounced in firms with poorer investor protections, lower shareholding concentrations, and more severe agency conflicts. Additionally, in terms of economic consequences, blockholder exit threats decrease buy-and-hold abnormal returns and increase the occurrence of corporate scandals. Overall, this study provides empirical evidence of collusion among large shareholders, which harms small shareholders' interests from the perspective of excess cash holdings.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"584-609"},"PeriodicalIF":5.1,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427960","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}

{"title":"Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms","authors":"Dong Chen,&nbsp;Kun Liu,&nbsp;Lerong He","doi":"10.1111/jifm.12202","DOIUrl":"10.1111/jifm.12202","url":null,"abstract":"<p>The paper examines how central bank communication affects the macro information in analyst forecasts. Using quarterly data of Chinese-listed firms from 2007 to 2018, we find that richer and more frequent central bank communication increases the macro information contained in analyst forecasts. This effect is realized through the employment of in-house economists by security firms. In addition, we document that the effect of central bank communication on macroeconomic information in analyst forecasts is more salient under a contractionary monetary policy regime, during a bear market, or when the economic policy is more uncertain. We also show that analyst forecasts are more sensitive to central bank communication when firms that they follow are state-owned enterprises, have larger leverage ratios, or are located in more developed regions. In addition, analyst forecasts are more susceptible to central bank communication when the communication is in an informal oral format, when the public has more trust in the credibility of the central bank communication, and when the central bank pays more attention to expectation management after 2010. Finally, we show that richer and more frequent central bank communication also improves the accuracy of analyst forecasts.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"501-533"},"PeriodicalIF":5.1,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139778201","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}

{"title":"How does ESG performance impact corporate outward foreign direct investment?","authors":"Xiali Wang,&nbsp;Kangjun Ren,&nbsp;Lanhua Li,&nbsp;Yuhao Qiao,&nbsp;Bao Wu","doi":"10.1111/jifm.12204","DOIUrl":"10.1111/jifm.12204","url":null,"abstract":"<p>In recent decades, environmental, social, and governance (ESG) factors have received increasing attention in the literature of corporate internationalization. While prior studies have extensively examined how ESG initiatives implemented in the host country enhance corporate international performance, less attention has been paid to the facilitating role of previously accumulated ESG performance in the internationalization process. Drawing on a sample of 2083 unique publicly listed Chinese firms from 2010 to 2019, we explore whether and how ESG performance promotes corporate outward foreign direct investment (OFDI). Our findings indicate a positive association between corporate ESG performance and both the propensity and scale of OFDI. We also identify financial constraints and corporate reputation as two mechanisms through which ESG performance influences OFDI. Our additional analysis suggests that the reputation-strengthening mechanism of ESG performance is more pronounced for family firms, whereas no significant difference is observed between family and nonfamily firms in terms of the financial mechanism. These findings have important implications for managers and policymakers seeking to promote sustainable development and internationalization.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"534-583"},"PeriodicalIF":5.1,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139779334","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}

{"title":"Tax avoidance and debt maturity in SMEs","authors":"Juan Pedro Sánchez-Ballesta,&nbsp;José Yagüe","doi":"10.1111/jifm.12201","DOIUrl":"10.1111/jifm.12201","url":null,"abstract":"<p>We investigate how tax avoidance affects the maturity structure of debt in firms where tax avoidance costs are presumably low, namely SMEs. Previous research has shown that creditors of listed tax-avoiding companies impose shorter maturities to more frequently reassess the tax avoidance risks in debt contracts. Using a sample of 110,690 firm-year observations of Spanish SMEs over the period 2007–2020, we examine the relationship between tax avoidance and debt maturity and the channels driving this relationship. We find that tax-avoiding SMEs show a longer debt maturity. This effect is stronger for SMEs with higher profitability, lower earnings management incentives, and higher reliability of financial reporting. We also find that tax avoidance reduces leverage and short-term debt, increases future cash flows, and decreases future cash flow volatility. Overall, these findings suggest that, unlike large firms, SMEs use cash tax savings to reduce leverage and short-term debt in their financial structure and that tax avoidance is positively valued by their lenders.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"429-464"},"PeriodicalIF":5.1,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12201","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140481226","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}

{"title":"Enhancing corporate governance quality through mergers and acquisitions","authors":"Tanveer Hussain,&nbsp;Lawrence Kryzanowski,&nbsp;Gilberto Loureiro,&nbsp;Muhammad Sufyan","doi":"10.1111/jifm.12203","DOIUrl":"10.1111/jifm.12203","url":null,"abstract":"<p>This study examines whether the pre-deal target-bidder firm governance gap affects the bidder's postdeal change in governance quality. We estimate cross-sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder's firm-level governance improves for acquisitions where the target's governance quality is better than that of the bidder preacquisition. We attribute the results to reverse portability, suggesting that the predeal governance gap creates space for governance transfer, and bidders can adopt better governance of targets after the acquisition. Board independence, audit committee independence, CEO-Chairman separation, stock compensation, and equal treatment of minority shareholders serve as potential channels to demonstrate the bidder's higher governance after the acquisition. Our findings also reveal that bidders with governance improvement are also associated with higher operating performance. We extend the portability theory of Ellis et al. (2017) and suggest that governance can also travel from targets to bidders through mergers and acquisitions.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":"465-500"},"PeriodicalIF":5.1,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12203","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139762063","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}

{"title":"RETRACTED: Sustainable stakeholder participation planning on the basis of analysis of competing project interest","authors":"Chandhini Sivalingam,&nbsp;Raju Ramaswamy","doi":"10.1111/jifm.12198","DOIUrl":"10.1111/jifm.12198","url":null,"abstract":"<p>Sustainability has become more than just an aspiration in business. It has become an integral part of business strategy and decision-making. Organizations have realized that adhering to sustainability with its impact on multi-facets can drive business success. Long-term growth requires an understanding of the relationships between people and their surroundings. Engagement of stakeholders is essential for planning, designing, implementing, and ensuring the efficacy of programmes. Due to the requirement for sustainability and the engagement of a greater stakeholder range in project planning, the project plan complexity is growing. The lack of or insufficient engagement of stakeholders throughout the project life cycle, particularly in the early phases of implementation and planning, frequently has a detrimental effect on the intended project performance. Effective stakeholder engagement is essential to counterbalance the combined effects of a lack of contextual knowledge by stakeholders and a lack of support in the field. However, this integration encounters difficulties such as resource restrictions and competing stakeholder interests. To encourage stakeholder engagement with the initiatives, project resources may be allocated based on the relative importance of competing areas. This study intends to establish a Stakeholder Engagement Framework (SEF) to increase the effectiveness of stakeholder engagement in projects by systematically evaluating potential conflicts and integrating the perspectives of stakeholders and the project management team. To do this, we use fuzzy logic inputs to account for ambiguities throughout the project life cycle, as well as stakeholder theory, value-based management, matrix-based dependency modeling, and total quality management to provide a framework for stakeholder participation. Then we implement the suggested SEF methodology to organize stakeholder participation for a green building project. The suggested framework will promote stakeholder participation under long-term goals for project managers by identifying potential conflicts of interest.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 2","pages":""},"PeriodicalIF":5.1,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139761981","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}