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The Effect of Firm-Level Investment on Income Inequality and Poverty Around the World 企业层面投资对全球收入不平等和贫困的影响
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-06-25 DOI: 10.1111/irfi.70084
Mehmet S. Tosun, Ethan D. Watson, Serhat Yildiz
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引用次数: 0
Does Paying More Taxes Mean Less Volatile Stock Returns? 交更多的税意味着股票回报的波动性更小吗？
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-06-22 DOI: 10.1111/irfi.70088
Deepanshi Arora, Neeru Chaudhry
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引用次数: 0
Share Pledge and Corporate Debt Financing 股份质押及公司债务融资
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-06-22 DOI: 10.1111/irfi.70086
Yi-Wen Chen, Meng-Na Huang, Chu-Bin Lin, Yan-Lin Yu
{"title":"Share Pledge and Corporate Debt Financing","authors":"Yi-Wen Chen,&nbsp;Meng-Na Huang,&nbsp;Chu-Bin Lin,&nbsp;Yan-Lin Yu","doi":"10.1111/irfi.70086","DOIUrl":"https://doi.org/10.1111/irfi.70086","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between controlling shareholders’ share pledging and (a) firms’ financial leverage and (b) the cost of debt. The evidence shows that controlling shareholders’ pledging activity is positively associated with firms’ total debt ratios and cost of debt. Further analyses show that better corporate governance and greater transparency can mitigate the increase in debt costs. The results remain robust after addressing endogeneity concerns using an instrumental variable approach and propensity score matching. We also conduct additional tests suggesting that information asymmetry may be an important driver of our findings while partially ruling out two alternative explanations. Overall, this study provides support for the pecking order theory and suggests that controlling shareholders’ share pledging is an additional determinant associated with firms’ capital structure and cost of capital.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148300142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Common Suppliers and Stock Return co-Movement: Evidence From China 共同供应商与股票回报共同运动：来自中国的证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-06-20 DOI: 10.1111/irfi.70087
Xianhang Qian, Le Zhang, Kunzhu Zhao
{"title":"Common Suppliers and Stock Return co-Movement: Evidence From China","authors":"Xianhang Qian,&nbsp;Le Zhang,&nbsp;Kunzhu Zhao","doi":"10.1111/irfi.70087","DOIUrl":"https://doi.org/10.1111/irfi.70087","url":null,"abstract":"<div>\u0000 \u0000 <p>This article investigates the impact of common suppliers on the stock return co-movement of firms using a sample of Chinese listed firms. We find that firms with common suppliers show a higher stock return co-movement. Common suppliers are an additional determinant of the correlation in future operating performance between paired firms. The effect of common suppliers is more pronounced in the period of worse market performance as well as for firms with closer size and geographical distance relative to their common supplier, higher purchasing proportions from common supplier, and no overseas common supplier. Finally, the channel analyses show that common suppliers can improve the common stock informativeness of firms and the consistency of investor attitudes and trading behaviors, which then increases the firms' stock return co-movement. Overall, our results shed light on the role of supply chain in stock market performance.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148282439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Common Suppliers and Stock Return co-Movement: Evidence From China 共同供应商与股票回报共同运动：来自中国的证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-06-20 DOI: 10.1111/irfi.70087
Xianhang Qian, Le Zhang, Kunzhu Zhao
{"title":"Common Suppliers and Stock Return co-Movement: Evidence From China","authors":"Xianhang Qian,&nbsp;Le Zhang,&nbsp;Kunzhu Zhao","doi":"10.1111/irfi.70087","DOIUrl":"https://doi.org/10.1111/irfi.70087","url":null,"abstract":"<div>\u0000 \u0000 <p>This article investigates the impact of common suppliers on the stock return co-movement of firms using a sample of Chinese listed firms. We find that firms with common suppliers show a higher stock return co-movement. Common suppliers are an additional determinant of the correlation in future operating performance between paired firms. The effect of common suppliers is more pronounced in the period of worse market performance as well as for firms with closer size and geographical distance relative to their common supplier, higher purchasing proportions from common supplier, and no overseas common supplier. Finally, the channel analyses show that common suppliers can improve the common stock informativeness of firms and the consistency of investor attitudes and trading behaviors, which then increases the firms' stock return co-movement. Overall, our results shed light on the role of supply chain in stock market performance.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148282451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of Corporate Governance Code on Corporate Governance Practices and Firm Performance in Vietnam 越南公司治理规范对公司治理实践和公司绩效的影响
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-05-29 DOI: 10.1111/irfi.70081
Hanh Minh Thai, Thanh Thi Phuong Nguyen, Rezaul Kabir
{"title":"Effects of Corporate Governance Code on Corporate Governance Practices and Firm Performance in Vietnam","authors":"Hanh Minh Thai,&nbsp;Thanh Thi Phuong Nguyen,&nbsp;Rezaul Kabir","doi":"10.1111/irfi.70081","DOIUrl":"https://doi.org/10.1111/irfi.70081","url":null,"abstract":"<p>This article investigates the impact of Vietnam's Corporate Governance Code (CGC) on corporate governance practices and firm performance from 2016 to 2023. We find that the CGC enhances board independence and gender diversity. Tobin's <i>Q</i> has improved for firms that have increased the number of independent and female directors and for firms with external monitoring exposure. There was no empirical evidence for an increase in the accounting measure of operating performance, except for firms having Big 4 auditors and high state ownership. These findings suggest the capital market's appreciation of corporate governance reforms, but limited operating performance benefits. The study highlights the CGC's role in shaping corporate behavior in emerging markets and offers implications for policymakers and business leaders seeking to strengthen governance frameworks.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148167046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of Corporate Governance Code on Corporate Governance Practices and Firm Performance in Vietnam 越南公司治理规范对公司治理实践和公司绩效的影响
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-05-29 DOI: 10.1111/irfi.70081
Hanh Minh Thai, Thanh Thi Phuong Nguyen, Rezaul Kabir
{"title":"Effects of Corporate Governance Code on Corporate Governance Practices and Firm Performance in Vietnam","authors":"Hanh Minh Thai,&nbsp;Thanh Thi Phuong Nguyen,&nbsp;Rezaul Kabir","doi":"10.1111/irfi.70081","DOIUrl":"https://doi.org/10.1111/irfi.70081","url":null,"abstract":"<p>This article investigates the impact of Vietnam's Corporate Governance Code (CGC) on corporate governance practices and firm performance from 2016 to 2023. We find that the CGC enhances board independence and gender diversity. Tobin's <i>Q</i> has improved for firms that have increased the number of independent and female directors and for firms with external monitoring exposure. There was no empirical evidence for an increase in the accounting measure of operating performance, except for firms having Big 4 auditors and high state ownership. These findings suggest the capital market's appreciation of corporate governance reforms, but limited operating performance benefits. The study highlights the CGC's role in shaping corporate behavior in emerging markets and offers implications for policymakers and business leaders seeking to strengthen governance frameworks.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148167045","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-05-15
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148080393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-05-15
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148080394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-04-27
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148094760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","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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