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The asset-pricing implications of carbon risk in Korea 韩国碳风险对资产定价的影响
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-10-03 DOI: 10.1111/jifm.12190
Dojoon Park, Jiyoon Lee, Hyejin Park
{"title":"The asset-pricing implications of carbon risk in Korea","authors":"Dojoon Park,&nbsp;Jiyoon Lee,&nbsp;Hyejin Park","doi":"10.1111/jifm.12190","DOIUrl":"10.1111/jifm.12190","url":null,"abstract":"<p>This study examines the relationship between carbon risk and stock returns for listed firms in Korea, where firms are legally obligated to disclose their carbon emissions. While previous research mostly focuses on major markets like the United States and the European Union, demonstrating the impact of climate change on asset prices, there is a scarcity of studies examining emerging markets. Using data from Korean-listed firms from 2011 to 2021, we investigate the association between a firm's exposure to carbon risk and cross-sectional stock returns. We find that stocks with high exposure to carbon risk exhibit higher average returns and the abnormal returns associated with carbon risk are statistically significant and cannot be explained by the Fama-French three- or five-factor models. Furthermore, this phenomenon is more evident among stocks with high foreign ownership. Finally, the carbon factor commands a significantly positive risk premium, suggesting that carbon risk is an important risk factor even in emerging markets like Korea.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"7-35"},"PeriodicalIF":5.1,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135744166","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
National culture and the revenue-expense matching 民族文化与收支匹配
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-09-15 DOI: 10.1111/jifm.12187
Hee-Yeon Sunwoo, Jeong-Hoon Hyun, Seungbin Oh, Seung-Youb Han
{"title":"National culture and the revenue-expense matching","authors":"Hee-Yeon Sunwoo,&nbsp;Jeong-Hoon Hyun,&nbsp;Seungbin Oh,&nbsp;Seung-Youb Han","doi":"10.1111/jifm.12187","DOIUrl":"https://doi.org/10.1111/jifm.12187","url":null,"abstract":"<p>Prior studies on the link between country-level cultural aspects and firms' arbitrary accounting practices are scant, and they show mixed results. To gain more insight about the impact of national culture on earnings characteristics, we exploit the matching concept between revenues and expenses, which well reflects managerial estimation and discretion in earnings quality. Using a large sample of 57 countries over the period 1989–2012, we find that (1) the economic association between revenues and expenses becomes stronger in firms from collectivistic and high uncertainty-avoidant countries, (2) the impact of these dimensions of national culture on the matching is more salient for firms from countries characterized by a higher level of accrual accounting, a greater proportion of special-items, and limited openness, and (3) the cultural impact on matching is mainly driven by the correlation between revenue and discretionary expense (i.e., selling, general, and administrative expense). These findings are consistent with the view that national culture plays an informal governance role to influence firms' discretionary accounting choices.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"414-444"},"PeriodicalIF":5.1,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134006","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
What drives firms' commitment to fighting corruption? Evidence from the UK 是什么促使企业致力于打击腐败？来自英国的证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-09-13 DOI: 10.1111/jifm.12188
Ahmed A. Sarhan, Basil Al-Najjar
{"title":"What drives firms' commitment to fighting corruption? Evidence from the UK","authors":"Ahmed A. Sarhan,&nbsp;Basil Al-Najjar","doi":"10.1111/jifm.12188","DOIUrl":"https://doi.org/10.1111/jifm.12188","url":null,"abstract":"<p>The recent leak of the FinCEN files has highlighted the widespread presence of corruption in developing and developed economies, including the UK. Accordingly, this study aims to investigate the factors that drive companies to implement measures for preventing corruption in developed countries using FTSE 350 nonfinancial firms. Specifically, the research examines the influence of corporate social responsibility (CSR) commitments, board structure, and shareholding structure on adopting strategies, policies, and procedures aimed at countering corruption. Drawing upon agency, stakeholder, and legitimacy theories, our empirical evidence supports that CSR commitments and board independence positively influence firms' engagement in anticorruption measures. Conversely, institutional and managerial shareholdings are found to have a negative association with firms' efforts to combat corruption. In addition, the study shows that the effect of board characteristics became more pronounced following the enactment of the UK Bribery Act 2010, indicating risk-averse behavior. Various models, including cross-sectional and two-stage least squares (2SLS), are employed to analyze the data. Our findings have significant implications for understanding the complex relationship between CSR, corporate governance, and the ethical infrastructure of organizations. Ultimately, our results provide valuable insights for policymakers, companies, and other stakeholders in developing effective strategies, policies, and procedures to combat corruption activities.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"791-825"},"PeriodicalIF":5.1,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12188","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50132077","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
Spillover effects within supply chains: Evidence from Chinese-listed firms 供应链中的溢出效应：来自中国上市公司的证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-08-29 DOI: 10.1111/jifm.12186
Xunxiao Wang, Shibo Bian, Chongfeng Wu
{"title":"Spillover effects within supply chains: Evidence from Chinese-listed firms","authors":"Xunxiao Wang,&nbsp;Shibo Bian,&nbsp;Chongfeng Wu","doi":"10.1111/jifm.12186","DOIUrl":"https://doi.org/10.1111/jifm.12186","url":null,"abstract":"<p>There is increasing attention on information transfers along supply chain partners for firm (extreme) events. This growing literature finds spillover effects following certain types of firm events. Using data from credit rating actions of Chinese-listed firms over the period between March 2007 and May 2020, we examine the spillover effects of supply chains by focusing on the market reactions of event firms to the action announcements. We find strong evidence of spillover effects driven by the market reactions of event firms, which are enhanced through information diffusion channels as supply chain partners receive more investor attention. Moreover, the effects are stronger when event firms' market reactions are negative, event firms are non-stated-owned, the industry concentration of event firms is higher, or the supplier-customer business relationship is closer. Overall, these findings highlight the role of investor attention and network characteristics in supply chain spillovers.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"594-632"},"PeriodicalIF":5.1,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147314","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
IPO performance of portfolio ventures funded by impact investors versus venture capital investors 影响力投资者与风险投资投资者资助的投资组合企业的IPO业绩
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-08-17 DOI: 10.1111/jifm.12184
Mirko Hirschmann, Christian Fisch
{"title":"IPO performance of portfolio ventures funded by impact investors versus venture capital investors","authors":"Mirko Hirschmann,&nbsp;Christian Fisch","doi":"10.1111/jifm.12184","DOIUrl":"https://doi.org/10.1111/jifm.12184","url":null,"abstract":"<p>With the global rise of impact investments to achieve societal goals, an increasing number of new ventures that aim to create societal impact now seek to go public. However, while many conceptual studies suggest that impact investors are less likely to pursue financially oriented exit plans in exchange for generating societal impact, there is little empirical evidence to back up this claim. Using a propensity score matching approach, we draw on data from Crunchbase and empirically compare the initial public offering (IPO) performance of a large sample of 3398 investments by impact investors with 3398 investments by matched venture capital (VC) investors. We find that impact investor investments are less likely to lead to an IPO than VC investments. Besides, our results indicate that syndication by impact investors increases the likelihood of an IPO. This suggests that companies funded by impact investors benefit more from syndication than their VC-funded counterparts. Our findings have practical implications for impact investors, portfolio ventures, and policymakers.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"391-413"},"PeriodicalIF":5.1,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50151587","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
Regulating the banking sector to support credit access: Evidence from small business 监管银行业以支持信贷准入：来自小企业的证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-08-17 DOI: 10.1111/jifm.12185
Pietro Vozzella, Giampaolo Gabbi
{"title":"Regulating the banking sector to support credit access: Evidence from small business","authors":"Pietro Vozzella,&nbsp;Giampaolo Gabbi","doi":"10.1111/jifm.12185","DOIUrl":"https://doi.org/10.1111/jifm.12185","url":null,"abstract":"<p>This study investigated the effectiveness of regulatory interventions in mitigating the harmful effects of financial crises on small firms. We examine the impact of a support factor implemented by European policymakers on Italian micro-, small-, and medium-sized enterprises (MSMEs) between 2007 and 2017. The analysis uses a difference-in-differences approach to assess the credit conditions of these firms. Contrary to expectations, our results show that MSMEs in Italy continue to face credit constraints even after the introduction of the support factor. In contrast, we find that structural factors and portfolio effects play a more important role in promoting favorable credit conditions for small firms. Our results highlight the importance of considering these factors in conjunction with regulatory interventions to achieve better outcomes. This study has implications for policymakers and stakeholders, particularly in assessing the appropriateness of extending support factors for different policy purposes.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"757-790"},"PeriodicalIF":5.1,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12185","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50151586","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
Are institutional investors colluding with manipulators? 机构投资者是否与操纵者勾结？
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-07-18 DOI: 10.1111/jifm.12183
Quang T. Luu
{"title":"Are institutional investors colluding with manipulators?","authors":"Quang T. Luu","doi":"10.1111/jifm.12183","DOIUrl":"https://doi.org/10.1111/jifm.12183","url":null,"abstract":"<p>This paper examines the trading behavior of institutional investors in Taiwan before, during, and after a manipulation event and determines whether institutional investors benefit from their trading behavior during the period from the year 2000 to 2020. We find that stocks with a low turnover and small market capitalization are the main targets of price manipulators. In addition, the stock price of manipulated firms increases from the start date of the manipulation event, peaks at the end of the event, then falls after the event. Foreign institutions collude with manipulators to exaggerate stock prices for self-benefit. In contrast, securities dealers counter the trading behavior of manipulators and act as market stabilizers, causing them to suffer losses. Moreover, foreign institutions earn higher returns on stocks of manipulated firms with a low turnover during and soon after manipulation; however, they earn a higher return on stocks of manipulated firms with a high turnover in the long run after manipulation.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"716-756"},"PeriodicalIF":5.1,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152074","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
Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence 俄乌战争前后金融科技、ESG和可再生能源指数的溢出分析：国际证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-05-26 DOI: 10.1111/jifm.12179
Rim El Khoury, Nohade Nasrallah, Khaled Hussainey, Rima Assaf
{"title":"Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence","authors":"Rim El Khoury,&nbsp;Nohade Nasrallah,&nbsp;Khaled Hussainey,&nbsp;Rima Assaf","doi":"10.1111/jifm.12179","DOIUrl":"https://doi.org/10.1111/jifm.12179","url":null,"abstract":"<p>This study is epicentral to analyze the impact of the Russia–Ukraine war on the financial markets, specifically focusing on the connectedness and spillover dynamics of FinTech, Environmental, Social, and Governance (ESG), renewable energy, gold, and Morgan Stanley Capital International (MSCI) indices in developed and emerging countries. Data are collected from Thomson Reuters, ranging from May 8, 2020, to May 11, 2022, and a time-varying parameter vector autoregression (TVP-VAR) and the dynamic conditional correlation (DCC) generalized autoregressive conditional heteroskedasticity (GARCH) t-Copula (DCC-GARCH t-Copula) are used to analyze the data. The results show that FinTech, ESG, and MSCI are net transmitters in developed countries, whereas gold and renewable energy are net receivers pre- and during war periods. ESG and MSCI are net transmitters in emerging countries, while FinTech, renewable energy, and gold become net receivers in both periods. The hedging ratio sheds light on the costs and weights of efficient pair investments that might change in the context of each region and under the combined scenario. The study has important implications for merchant bankers, policymakers, investors, hedgers, and risk managers.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"279-317"},"PeriodicalIF":5.1,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12179","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50154691","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: 25
An alternative to shareholder capitalism? A review of Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit” 股东资本主义的替代方案？Alex Edmans《做大蛋糕：伟大的公司如何实现目标和利润》述评
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-05-03 DOI: 10.1111/jifm.12178
Hamid Boustanifar
{"title":"An alternative to shareholder capitalism? A review of Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit”","authors":"Hamid Boustanifar","doi":"10.1111/jifm.12178","DOIUrl":"https://doi.org/10.1111/jifm.12178","url":null,"abstract":"<p>Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit” provides an alternative approach to business called Pieconomics. Profits to shareholders play a critical role in Pieconomics (similar as in shareholder capitalism), but the goal of an enterprise is to maximize the <i>social</i> value it creates (somewhat similar as in stakeholder capitalism). This review discusses and critically evaluates this thesis.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"378-383"},"PeriodicalIF":5.1,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119581","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: 13
Industry influence on firms' R&D and innovation 行业对企业研发和创新的影响
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-04-28 DOI: 10.1111/jifm.12177
Asad A. Rind, Wajih Abbassi, Marco Bigelli, Wael Rouatbi
{"title":"Industry influence on firms' R&D and innovation","authors":"Asad A. Rind,&nbsp;Wajih Abbassi,&nbsp;Marco Bigelli,&nbsp;Wael Rouatbi","doi":"10.1111/jifm.12177","DOIUrl":"https://doi.org/10.1111/jifm.12177","url":null,"abstract":"<p>This paper examines the effect of peers on a firm's research and development (R&amp;D) policy. We show that firms do not make R&amp;D decisions in isolation, and that industry dynamics play an important role in defining a firm's R&amp;D intensity. Using a large sample of 54,393 firm-year observations from 1991 to 2015 in the United States, we find that firms' R&amp;D decisions are mainly driven by their industry peers' R&amp;D policies. Moreover, we find that R&amp;D mimicking is significant only in the presence of strong product market competition, whereas we do not find any evidence of information-based herding in R&amp;D investments. Our additional analysis shows that our main conclusions remain valid even in the presence of financial constraints, and regardless of the firms' market positions. Finally, we provide evidence that R&amp;D mimicking increases firms' future values, future patent outputs, and estimated patent dollar values. Our findings are robust to endogeneity concerns, and to using alternative sample compositions, R&amp;D intensity proxies, and different industry classifications.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"162-210"},"PeriodicalIF":5.1,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146499","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
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