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Disclosure of strategic collaborative agreements and the cost of equity capital 披露战略合作协议和股本成本
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-10-11 DOI: 10.1111/jifm.12191
Ya-Guang Du, Ying He, Meng-Nan Guo
{"title":"Disclosure of strategic collaborative agreements and the cost of equity capital","authors":"Ya-Guang Du,&nbsp;Ying He,&nbsp;Meng-Nan Guo","doi":"10.1111/jifm.12191","DOIUrl":"10.1111/jifm.12191","url":null,"abstract":"<p>How corporate strategic disclosure affects investor evaluations is a crucial and widely discussed question. Although prior literature has spent efforts analyzing the information effect of strategic alliances on investor reactions, whether this effect can extend to the cost of equity capital still needs to be explored. Using data from China's A-share listed firms from 2007 to 2021, we examine the impact of disclosing strategic collaborative agreements on equity capital costs. We find that disclosing strategic collaborative agreements relates to lower equity capital costs. These results hold after several robustness checks. The mechanism test reveals that announcing strategic collaborative agreements alleviates equity capital costs mainly through the information effect. Moreover, this effect is more salient in firms with lower agency costs, lower media coverage, positive media sentiment, and higher media quality. These findings suggest that strategic collaborative agreements provide investors with valuable information.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"68-114"},"PeriodicalIF":5.1,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136212980","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
Audit evidence, technology, and judgement: A review of the literature in response to ED-500 审计证据、技术和判断：针对 ED-500 的文献综述
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jifm.12192
Dereck Barr-Pulliam, Christopher G. Calvin, Marc Eulerich, Arpine Maghakyan
{"title":"Audit evidence, technology, and judgement: A review of the literature in response to ED-500","authors":"Dereck Barr-Pulliam,&nbsp;Christopher G. Calvin,&nbsp;Marc Eulerich,&nbsp;Arpine Maghakyan","doi":"10.1111/jifm.12192","DOIUrl":"10.1111/jifm.12192","url":null,"abstract":"<p>In October 2022, the International Auditing and Assurance Standards Board (IAASB) issued Exposure Draft 500 (ED-500). This is focused on revising and integrating the standard auditors use when evaluating audit evidence during an external audit. This study contributes to the ongoing discourse as the IAASB evaluates feedback to ED-500 and executes its standard-setting agenda. We review academic literature published in the past 10 years to synthesize extant knowledge specifically on the use of technology and the application of professional skepticism during audit evidence evaluation. Our review offers factors the IAASB should consider when seeking to modernize and future-proof its standards, suggesting improvements to the proposed ED-500. We also identify fruitful avenues for future academic research.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"36-67"},"PeriodicalIF":5.1,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12192","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482715","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
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
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