Journal of International Financial Management & Accounting最新文献_第6页

Carbon disclosure: A legitimizing tool or a governance tool? Evidence from listed US companies 碳披露：合法化工具还是治理工具？来自美国上市公司的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-06-17 DOI: 10.1111/jifm.12161

Yan Jiang, Hanlu Fan, Yan Zhu, Jian F. Xu

引用次数: 14

How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds 中小企业如何向市场表明其质量和增长方向？意大利小型企业债券成本分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-03-28 DOI: 10.1111/jifm.12157

Simone Boccaletti, Emanuele Rossi, Monica Rossolini

{"title":"How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds","authors":"Simone Boccaletti, Emanuele Rossi, Monica Rossolini","doi":"10.1111/jifm.12157","DOIUrl":"https://doi.org/10.1111/jifm.12157","url":null,"abstract":"We examine how small and medium-sized enterprises (SMEs) may signal their quality and growth orientation to the market and the effect on the cost of bond funding, which is often high for unlisted firms and SMEs mainly because of their information opacity and higher riskiness. The paper contributes to the growing European debate on market innovations aimed at facilitating funding for smaller and nonlisted firms, breaking from the prior main focus on the cost for large and listed companies of accessing liquid bond markets. We analyze 220 mini-bonds listed in Italy between 2013 and 2017 to examine determinants of yield spreads. Our explanatory variables are size, age, and tangible assets—all indicators of the firm's information opacity—together with the issuer's growth opportunities, rating availability, and the presence of a guarantee. The findings suggest that tangible assets can ease the asymmetric information and associated monitoring costs for investors, thus reducing the bond yield spread. More significantly, the yield spread depends on the type of investment project financed: risky growth projects are associated with a higher cost of funding than other types of projects. Under such circumstances, the rating represents an informative instrument for the market in assessing issuers' growth orientation.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 2","pages":"219-251"},"PeriodicalIF":5.1,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12157","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72167916","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: 4

Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact 欧洲绿色债券市场的信贷息差:COVID - 19大流行影响的每日分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-28 DOI: 10.1111/jifm.12150

Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi

{"title":"Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact","authors":"Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi","doi":"10.1111/jifm.12150","DOIUrl":"10.1111/jifm.12150","url":null,"abstract":"Financial crises and economic downturns provide a unique opportunity to investigate the behavior of investors and financial instruments and shed light in the market's anticipation of future economic growth. In view of the current crisis, we examine how the COVID-19 pandemic affected the European green bond market. Using daily data from Thomson Reuter's Refinitiv, we conducted event studies on corporate credit spread changes over the period from January 1 to December 31, 2020. Our results reveal that green bonds' credit spreads increased significantly after the start of the coronavirus outbreak. However, as the fear of the pandemic eased in response to positive news about the vaccines, green bonds' credit spreads fell below conventional bonds. Overall, green bonds showed a higher risk exposure and lower resilience to distress while profiting during an upside. Our paper provides the first evidence about the impact of the COVID-19 pandemic and the announcement of vaccines' effectiveness on the European corporate green bond market. Our results suggest several key points that are relevant to both investors and issuers under the unprecedented conditions created by the pandemic.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"383-411"},"PeriodicalIF":5.1,"publicationDate":"2022-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12150","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45623951","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: 29

Are firms motivated to greenwash by financial constraints? Evidence from global firms' data 企业是否出于财政约束而进行“洗绿”?来自全球公司数据的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-25 DOI: 10.1111/jifm.12153

Dongyang Zhang

{"title":"Are firms motivated to greenwash by financial constraints? Evidence from global firms' data","authors":"Dongyang Zhang","doi":"10.1111/jifm.12153","DOIUrl":"10.1111/jifm.12153","url":null,"abstract":"Corporate social responsibility is the balance between a firm's economic outcomes and environmental protection. However, investors face increasing difficulties in selecting assets with suitable environmental, social, and governance (ESG) policies because companies may “greenwash” their activities by, for example, make misleading ESG disclosures. Here, we investigate the determinants that lead to companies engaging in ESG greenwashing. By analyzing international large-cap companies across 47 countries and territories, we create a peer-relative greenwashing score to measure the magnitude of ESG greenwashing by companies. First, we measure and evaluate the greenwashing by analyzing ESG disclosures and creating peer-relative performance scores that consider the level of disclosure and the real ESG performance. Second, we show that companies' greenwashing decisions are motivated by financial constraints and thus the financial environment is a determinant of greenwashing behavior. Third, we describe how intermediation can alleviate financial constraints and decrease greenwashing behavior. Moreover, highly leveraged companies may have increased financial pressure and thus may enhance their greenwashing behavior. Our findings are robust according to several different measurements of financial constraint indicators.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"459-479"},"PeriodicalIF":5.1,"publicationDate":"2022-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46607179","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: 46

Environmental violations, refinancing risk, and the corporate bond cost in China 环境违法、再融资风险与中国企业债券成本

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12154

Rufei Ma, Qiang Ji, Pengxiang Zhai, Ruibo Yang

{"title":"Environmental violations, refinancing risk, and the corporate bond cost in China","authors":"Rufei Ma, Qiang Ji, Pengxiang Zhai, Ruibo Yang","doi":"10.1111/jifm.12154","DOIUrl":"https://doi.org/10.1111/jifm.12154","url":null,"abstract":"This paper examines the relationship between environmental violations and the cost of corporate bonds, and further analyzes whether refinancing constraints, the lending restrictions on penalized firms, are an important channel through which environmental violations affect the cost of corporate debt financing in China. Using the manually collected environmental violation events from 2008 to 2020, we find that the bond cost of firms violating environmental regulations increases significantly after being penalized. The finding is robust to potential sample selection bias and endogeneity problems. Furthermore, we find that the effect of environmental violations on the cost of corporate bonds is more profound in short-term debt-dependent firms and can be alleviated by the internal financing dependence. These results confirm that the refinancing risk arising from China's green loan policy on pollution-intensive firms plays a key role in the relation between environmental violations and the cost of capital in the firms. In the context of the growing concerns of global society about climate change, our findings have great implications for pollution-intensive firms, bond investors, and regulatory authorities in emerging economies to manage the increasing environmental risk.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"480-504"},"PeriodicalIF":5.1,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72156549","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

Syndicated green lending and lead bank performance 银团绿色贷款和牵头银行业绩

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12151

Belinda L. Del Gaudio, Daniele Previtali, Gabriele Sampagnaro, Vincenzo Verdoliva, Samuel Vigne

引用次数: 0

Be good to be wise: Environmental, Social, and Governance awareness as a potential credit risk mitigation factor 明智行事：环境、社会和治理意识是潜在的信贷风险缓解因素

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12156

Marina Brogi, Valentina Lagasio, Pasqualina Porretta

引用次数: 0

Sovereign green bond and country value and risk: Evidence from European Union countries 主权绿色债券与国家价值和风险：来自欧盟国家的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12155

Stefano Dell'Atti, Caterina Di Tommaso, Vincenzo Pacelli

引用次数: 7

How does the financial market influence firms' Green innovation? The role of equity analysts 金融市场如何影响企业的绿色创新?股票分析师的角色

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12152

Paolo Fiorillo, Antonio Meles, Mario Mustilli, Dario Salerno

{"title":"How does the financial market influence firms' Green innovation? The role of equity analysts","authors":"Paolo Fiorillo, Antonio Meles, Mario Mustilli, Dario Salerno","doi":"10.1111/jifm.12152","DOIUrl":"10.1111/jifm.12152","url":null,"abstract":"This paper investigates how equity analysts influence firms' green innovation across different financial markets. Using a unique data set consisting of more than 6000 listed firms across 56 different countries, we find that corporate green innovation is positively associated with the number of equity analysts following the firm. We attribute this result to the informational role of analysts, which encourages managers to invest more in eco-innovation. However, when we divide the full sample into two subsamples based on whether covered firms are incorporated in market-oriented or bank-oriented countries, we find that the association between firm's green innovation and analyst coverage becomes negative in the case of market-oriented financial systems. We argue that potential explanations for this result rely on the differences occurring among market-oriented and bank-oriented systems in terms of listed companies' ownership structure and the prevalence of arm's length transaction banking rather than long-term lender–borrower relationships.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"428-458"},"PeriodicalIF":5.1,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12152","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43243783","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: 20

The effects of person-specific, task, and environmental factors on digital transformation and innovation in auditing: A review of the literature 个人、任务和环境因素对审计数字化转型和创新的影响：文献综述

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12148

Dereck Barr-Pulliam, Helen L. Brown-Liburd, Ivy Munoko

{"title":"The effects of person-specific, task, and environmental factors on digital transformation and innovation in auditing: A review of the literature","authors":"Dereck Barr-Pulliam, Helen L. Brown-Liburd, Ivy Munoko","doi":"10.1111/jifm.12148","DOIUrl":"10.1111/jifm.12148","url":null,"abstract":"This study reviews literature examining digital transformation in the external audit setting. Our review will inform the standard-setting initiatives of the International Auditing and Assurance Standards Board (IAASB) related to the use of technology in auditing. We identified 36 articles on digital transformation in the external audit published between 2000 and 2021 across 20 journals ranked A*, A, B, and C on the Australian Business Deans Council (ABDC) 2021 Journal Quality List. We also identified 18 advanced working papers. These articles cover conceptual frameworks and archival, experimental, interviews, case studies, and survey research methods. Fifty percent of the published articles appear in A* or A journals, of which nine were published in one of the premier six accounting research journals (i.e., A*) since 2020. This trend is a promising sign that there appears to be increasing interest in publishing digital transformation-related research in these general interest journals. We use the Bonner judgment and decision-making framework, coupled with the four primary data analytic tools, to organize and evaluate the literature. This study examines descriptive and diagnostic analytics; more complex techniques, such as predictive and prescriptive, are not as prevalent. Further, existing research insufficiently addresses how data analytic tools impact auditor judgment and decision-making, providing multiple future inquiry lines.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 2","pages":"337-374"},"PeriodicalIF":5.1,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43175098","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: 7