Journal of International Financial Management & Accounting最新文献_第7页

Does nonperforming loan securitization affect credit default swap spreads? Evidence from European banks 不良贷款证券化会影响信用违约互换利差吗？来自欧洲银行的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-12 DOI: 10.1111/jifm.12147

Caterina Di Tommaso, Vincenzo Pacelli

引用次数: 0

An introduction to the special issue on Green Finance and sustainability 绿色金融与可持续发展特刊简介

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-12 DOI: 10.1111/jifm.12149

Vincenzo Verdoliva, Samuel A. Vigne

引用次数: 0

Do institutions, religion and the economic cycle impact bank stability in dual banking systems? 制度、宗教和经济周期是否会影响二元银行体系中的银行稳定性?

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-12 DOI: 10.1111/jifm.12146

Eralp Bektas, Marei Elbadri, Philip Molyneux

{"title":"Do institutions, religion and the economic cycle impact bank stability in dual banking systems?","authors":"Eralp Bektas, Marei Elbadri, Philip Molyneux","doi":"10.1111/jifm.12146","DOIUrl":"10.1111/jifm.12146","url":null,"abstract":"We investigate the relationship of institutional quality, religion, and economic cycles to bank stability using a sample of 254 banks, including Islamic (IBs) and conventional banks (CBs), located in nine countries (QISMUT+3) that follow dual banking systems. We use a comprehensive model and adopt a stronger econometric methodology compared with previous literature. Our findings reaffirm the significant positive influence of institutional quality on bank stability as proxied by a bank's Z-score. Institutional quality variables including financial freedom, voice and accountability, the rule of law, and political stability positively influence bank stability. On the other hand, other institutional quality variables such as economic freedom, government effectiveness, RQ, and corruption negatively affect bank stability. Overall, our empirical evidence shows that IBs are relatively less stable than CBs, due to banking practices, riskier products, and immature legal frameworks. Our analysis also suggests that IBs operate in a similar manner as CBs. New to this study, results suggest that religious orientation has no significant effect on bank stability in our sample countries with dual banking systems. Importantly, we find that the legal system, in particular the Sharià-based legal system, has no significant effect on stability for IBs. Furthermore, customer religiosity measured as the share of Muslim population does not appear to have a differential impact on stability for IBs compared to CBs except when the Muslim share in population exceeds 85%.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 2","pages":"252-284"},"PeriodicalIF":5.1,"publicationDate":"2022-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44928010","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: 12

Tax enforcement efforts and stock price crash risk: Evidence from China 税务执法力度与股价崩盘风险:来自中国的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-12-29 DOI: 10.1111/jifm.12145

Shihua Chen, Yan Ye, Khalil Jebran

引用次数: 14

Governance in Romania: Exploring the determinants of corporate insider trading 罗马尼亚的治理:探讨公司内幕交易的决定因素

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-12-21 DOI: 10.1111/jifm.12144

Cătălin N. Albu, Nadia Albu, Allan Hodgson, Zhengling Xiong

{"title":"Governance in Romania: Exploring the determinants of corporate insider trading","authors":"Cătălin N. Albu, Nadia Albu, Allan Hodgson, Zhengling Xiong","doi":"10.1111/jifm.12144","DOIUrl":"10.1111/jifm.12144","url":null,"abstract":"Romania ranks at the extreme low end in Eastern Europe in terms of Hofstede cultural insights, rule of law, government effectiveness, and corruption—potentially limiting governance quality for restricting resource channeling. In this paper, we examine whether these shortcomings flow over into the degree of corporate insider trading profitability at the firm level. Consistent with high power distance, low individualism, and voice and accountability, executives and their family members extract higher returns. The conjectured monitoring constraint of equity ownership had little impact on reducing profitable trading. Second, media reporting of firm-related scandals only restrained insider profitability in firms with government ownership—consistent with general forbearance of corruption and sanction from the use of politically controlled assets. Third, the global financial crisis revealed both a crisis of inept trading consistent with high uncertainty avoidance and also highly profitable trades for a limited set of executives who undertook short-term reversal strategies. Our exploratory microanalysis suggests a prototype to highlight areas requiring governance and investor attention in Eastern European countries.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 2","pages":"307-336"},"PeriodicalIF":5.1,"publicationDate":"2021-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12144","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44094124","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: 2

Real earnings smoothing and crash risk: Evidence from Japan 真实收益平滑与崩溃风险:来自日本的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-11-16 DOI: 10.1111/jifm.12143

Wenjun Kuang

{"title":"Real earnings smoothing and crash risk: Evidence from Japan","authors":"Wenjun Kuang","doi":"10.1111/jifm.12143","DOIUrl":"10.1111/jifm.12143","url":null,"abstract":"I focus on the relationship between real earnings smoothing and one-year-ahead firm-specific crash risk in Japan and investigate the effect of financial institutional ownership and the implementation of J-SOX on the above relationship. Specifically, I hypothesize that the garbling real earnings smoothing is positively associated with stock price crash risk, and the informative real earnings smoothing is negatively associated with stock price crash risk. My results show that the crash risk increases as the garbling real earnings smoothing increases due to the managerial concealment of bad news about firms’ prospects. However, there is no significant relationship between the informative real earnings smoothing and crash risk. I further find that the relation between garbling real earnings smoothing and crash risk is constrained by effective external monitoring by stable institutional investors and the implementation of J-SOX. Further evidence indicates that there is a significant and negative relationship between the garbling real earnings smoothing and asymmetric timeliness with respect to bad news. These results suggest that managers undertake the garbling component of real earnings smoothing to withhold the negative private information, resulting in the increase of downside risk of firms’ stock price. Overall, this study investigates the role of real earnings smoothing in the negative information transmission by managers in Japanese firms.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 1","pages":"154-187"},"PeriodicalIF":5.1,"publicationDate":"2021-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12143","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43619741","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: 7

Impact of pay disparities between chief executive officers and chief financial officers on corporate financial and investment policies 首席执行官和首席财务官之间的薪酬差距对公司财务和投资政策的影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-11-12 DOI: 10.1111/jifm.12142

Feng Han, Xin Che, Enya He

引用次数: 2

The impact of catholic religion on earnings management: A case of Poland 天主教对盈余管理的影响:以波兰为例

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-11-01 DOI: 10.1111/jifm.12141

Konrad Grabiński, Piotr Wójtowicz

{"title":"The impact of catholic religion on earnings management: A case of Poland","authors":"Konrad Grabiński, Piotr Wójtowicz","doi":"10.1111/jifm.12141","DOIUrl":"10.1111/jifm.12141","url":null,"abstract":"This paper investigated the impact of religiosity on accrual and real earnings management. Unlike most previous studies which consider this issue in a multi-religious setting, we use a mono-religious setting, specifically Poland where the Roman Catholic Church holds a dominant position. Thus, we are able to study the impact of religiosity on earnings management ignoring the impact of different religious denominations magnified by cultural factors. Our study focuses on the impact the Catholic religion has on earnings management. A novelty of this study is our proxy for religiosity. We use the communicantes ratio applicable only to Catholic and Orthodox denominations. This study contributes to the literature by providing a broader picture of the impact of religiosity on earnings management. Based on a sample of Polish companies, we find that Catholicism positively (negatively) influences the level of accrual (real) earnings management. We carefully examine the issue of differences between religiosity and personal faith and highlight the problems related to selecting a proxy for religiosity. The results indicate that a firm's preferred earnings management strategy depends heavily on the values shared by the national community. The majority of previous studies find that religiosity has a negative (positive) impact on accrual (real) earnings management. We provide empirical evidence that this is not always the case. There exists a setting in which the impact of religiosity is opposite, and the mechanisms through which religiosity influences earnings management are much more complicated than what was previously assumed.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 1","pages":"18-56"},"PeriodicalIF":5.1,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12141","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42332531","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: 13

IFRS 9 and its behavior in the cycle: The evidence on EU countries IFRS 9及其在周期中的行为: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 : 2021-09-09 DOI: 10.1111/jifm.12140

Oľga Pastiranová, Jiří Witzany

{"title":"IFRS 9 and its behavior in the cycle: The evidence on EU countries","authors":"Oľga Pastiranová, Jiří Witzany","doi":"10.1111/jifm.12140","DOIUrl":"10.1111/jifm.12140","url":null,"abstract":"The purpose of this paper is to analyze empirically the behavior of expected loan loss provisions during the economic cycle. The provisioning rules under IFRS 9 require the creation of reserves to cover expected credit losses, were anticipated to act countercyclically, and thus replaced the rules under IAS 39, which are widely presumed to have a procyclical impact. Observing the dynamics of the economic cycle during the economic downturn resulting from the COVID restrictions, a panel regression was performed to test the hypothesis that loan loss provisioning rules under IFRS 9 have a procyclical impact. The hypothesis was not rejected on the basis of a sample of the member countries of the European Union for the period of 1Q 2015 – 3Q 2020. Since the conclusions about procyclicality of loan loss provisions under IFRS 9 might be sensitive to the choice of models applied by the banks or to the assumptions applied to forward-looking information used in the models, there are certain areas that supervisory and regulatory authorities might look into to increase the quality of ECL models and their predictive power and help to eliminate potential triggers of procyclicality.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 1","pages":"5-17"},"PeriodicalIF":5.1,"publicationDate":"2021-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12140","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41698297","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: 6

Voluntary disclosure of Sustainable Development Goals in mandatory non-financial reports: The moderating role of cultural dimension 强制性非财务报告中可持续发展目标的自愿披露:文化维度的调节作用

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-08-16 DOI: 10.1111/jifm.12139

Simone Pizzi, Mara Del Baldo, Fabio Caputo, Andrea Venturelli

{"title":"Voluntary disclosure of Sustainable Development Goals in mandatory non-financial reports: The moderating role of cultural dimension","authors":"Simone Pizzi, Mara Del Baldo, Fabio Caputo, Andrea Venturelli","doi":"10.1111/jifm.12139","DOIUrl":"10.1111/jifm.12139","url":null,"abstract":"The Directive 2014/95/EU represents one of the main innovations introduced by the European Commission to encourage large companies to disclose their contribution to sustainable development. Since its introduction, the Directive 2014/95/EU has put into motion an intense debate about its effectiveness. Academics and policymakers agreed on the need to rethink mandatory non-financial reporting to enhance the contribution to the 2030 Agenda. In fact, despite a quantitative increase in the overall number of non-financial reports published yearly in Europe, only a limited number of companies explicitly disclose information about their contribution to the SDGs. In this sense, the disclosure of information about SDGs is driven by factors related to institutional and organizational dynamics. Building on a sample of 873 Public Interest Entities, an empirical analysis was conducted to fill the theoretical gap about the enabling role covered by cultural factors on SDG reporting. The analysis revealed that companies operating in institutional contexts characterized by long-term orientation and an adequate degree of balance between indulgence and restraints are more oriented to disclose their contributions to the SDGs. Our insights underlined the need to consider cultural dimensions in policymaking and standard-setting to encourage large companies to voluntarily disclose their contribution to 2030 Agenda.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 1","pages":"83-106"},"PeriodicalIF":5.1,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12139","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45759831","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: 71