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Does culture matter in corporate cash holdings?
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-09-25 DOI: 10.1111/irfi.12473
Yongning Deng, Sipeng Zeng
{"title":"Does culture matter in corporate cash holdings?","authors":"Yongning Deng,&nbsp;Sipeng Zeng","doi":"10.1111/irfi.12473","DOIUrl":"https://doi.org/10.1111/irfi.12473","url":null,"abstract":"<p>This paper identifies culture as an important factor affecting corporate cash holdings by using China and its national culture, Confucianism, as the setting. We find that firms located in regions with stronger Confucian culture hold persistently higher levels of cash. We employ an instrumental variable to draw causal inference. Confucian culture strengthens the effect of cash flow risk on cash holdings of financially-constrained firms, suggesting precautionary motives as the underlying mechanism. We find that the culture effect remains intact after controlling for corporate governance heterogeneity, which rules out the agency motives. Lastly, firms' operating performance indicates that high cash holdings is an efficient outcome.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119435","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
The role of diversification in stabilizing bank credit over the business cycle 多样化在商业周期中稳定银行信贷的作用
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-09-23 DOI: 10.1111/irfi.12474
Mirzet Šeho, Md. Mahmudul Haque, Mohammad Ashraful Ferdous Chowdhury
{"title":"The role of diversification in stabilizing bank credit over the business cycle","authors":"Mirzet Šeho,&nbsp;Md. Mahmudul Haque,&nbsp;Mohammad Ashraful Ferdous Chowdhury","doi":"10.1111/irfi.12474","DOIUrl":"https://doi.org/10.1111/irfi.12474","url":null,"abstract":"<p>We investigate whether diversification stabilizes bank lending cyclicality on a sample of 25 conventional and 18 Islamic banks from Malaysia spanning 2008 to 2021. Our findings reveal that both bank types are nonlinearly procyclical during economic expansions, with Islamic banks also exhibiting countercyclical behavior during economic contractions. Diversification is positively associated with credit growth in conventional banks and Islamic bank subsidiaries, and it amplifies procyclicality across all Islamic bank types. Conversely, loan concentration stabilizes credit in Islamic banks. These results are robust to an alternative credit measure. Further analyses indicate that public and foreign banks are procyclical during booms and countercyclical during busts. At the same time, diversification heightens procyclicality in private, local, and foreign banks, whereas concentration mitigates it in public and local banks.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"793-813"},"PeriodicalIF":1.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12474","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762711","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
The impact of country level investor protection on economic policy uncertainty and corporate investment link 国家层面的投资者保护对经济政策不确定性和企业投资联系的影响
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-09-10 DOI: 10.1111/irfi.12472
Serhat Yildiz, Qun Wu, Ethan D. Watson
{"title":"The impact of country level investor protection on economic policy uncertainty and corporate investment link","authors":"Serhat Yildiz,&nbsp;Qun Wu,&nbsp;Ethan D. Watson","doi":"10.1111/irfi.12472","DOIUrl":"10.1111/irfi.12472","url":null,"abstract":"<p>We examine the relationship between economic policy uncertainty (EPU) and corporate investment in a global setting based on the real options theory and the agency theory. Using a sample of 44,610 firms from 28 countries, we find that the negative relationship between EPU and investment is more pronounced in the countries with stronger investor protection. In the countries with stronger investor protection, the negative impact of EPU on firms' capital investment is significantly stronger for the firms with more irreversible investment. Further evidence shows that the reduction of investment is mainly from overinvestment firms in the countries with stronger investor protection. Our evidence suggests country level investor protection can act as effective governance mechanisms that mitigate agency problems when firms are facing uncertainty.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194105","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
Trust in the retirement system and investment decisions of property investors 对退休制度的信任和房产投资者的投资决策
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-27 DOI: 10.1111/irfi.12471
Reza Tajaddini, Hassan F. Gholipour, Amir Arjomandi
{"title":"Trust in the retirement system and investment decisions of property investors","authors":"Reza Tajaddini,&nbsp;Hassan F. Gholipour,&nbsp;Amir Arjomandi","doi":"10.1111/irfi.12471","DOIUrl":"10.1111/irfi.12471","url":null,"abstract":"<p>Using Australian national-level survey data and applying Poisson regressions, we show that property investors who have more trust in the retirement system tend to own fewer investment properties. This finding is robust to various estimation methods, sample sizes, and periods.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12471","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194106","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
Do passive investors influence corporate social responsibility? A risk-management perspective 被动投资者会影响企业的社会责任吗？风险管理视角
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-22 DOI: 10.1111/irfi.12466
Wenxuan Hou, Xiaoyu Zhang
{"title":"Do passive investors influence corporate social responsibility? A risk-management perspective","authors":"Wenxuan Hou,&nbsp;Xiaoyu Zhang","doi":"10.1111/irfi.12466","DOIUrl":"10.1111/irfi.12466","url":null,"abstract":"<p>This paper examines the impact of passive investors on Corporate Social Responsibility (CSR) through the lens of a risk-management view of CSR, which emphasizes its insurance-like effects in adverse corporate events. Since passive investors have diversified away most idiosyncratic risks, we predict that they demand less CSR as a strategic approach to manage risks. Using the annual Russell 1000/2000 index reconstitution as an instrument for passive investor ownership, we document evidence consistent with our prediction. The negative effect is more pronounced among better-diversified passive investors and firms that are not in CSR-sensitive industries. We further show that passive investors hold back CSR activities through the channel of “voice” by reducing the number of socially responsible investment (SRI) proposals.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12466","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194107","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
Dynamic impact of climate risks on financial systemic risk: Evidence from China
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-21 DOI: 10.1111/irfi.12470
Ruwei Tian, Xin Li
{"title":"Dynamic impact of climate risks on financial systemic risk: Evidence from China","authors":"Ruwei Tian,&nbsp;Xin Li","doi":"10.1111/irfi.12470","DOIUrl":"https://doi.org/10.1111/irfi.12470","url":null,"abstract":"<p>As climate issues gain increasing attention, climate-related risks now appear to have the potential to be transmitted to the financial system. This paper utilizes a bootstrap rolling window Granger causality test to explore the dynamic correlation between climate transition risk (CTR), climate physical risk (CPR), and financial systemic risk. Empirical findings reveal that, during periods of intensive climate policy transformation, CTR exhibits a significant enhancing effect on systemic financial risk. However, no such phenomenon is observed for CPR. This research indicates that the uncertainty brought about by transitions in climate policy can significantly influence financial systemic risk.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117814","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
The impact of democracy on liquidity and information asymmetry for NYSE cross-listed stocks 民主对纽约证券交易所交叉上市股票流动性和信息不对称的影响
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-21 DOI: 10.1111/irfi.12469
Jang-Chul Kim, Qing Su, Teressa Elliott
{"title":"The impact of democracy on liquidity and information asymmetry for NYSE cross-listed stocks","authors":"Jang-Chul Kim,&nbsp;Qing Su,&nbsp;Teressa Elliott","doi":"10.1111/irfi.12469","DOIUrl":"10.1111/irfi.12469","url":null,"abstract":"<p>We investigate the empirical relationship between a country's democracy level, measured using the Democracy Index's five categories (electoral process and pluralism, the functioning of government, political participation, political culture, and civil liberties), and market liquidity for non-US stocks listed on the New York Stock Exchange (NYSE) from 2014 to 2019. Our analysis shows that non-US stocks from countries with stronger democratic institutions have narrower spreads, a higher market quality index, smaller price impacts of trades, and lower probabilities of information-based trading. We also find a significant correlation between changes in our liquidity measures and variations in a country's overall democracy level over time. Our results suggest that improving a country's level of democracy can enhance the market liquidity and quality of non-US stocks, thus benefiting investors and promoting the overall stability and efficiency of financial markets.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194108","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
The bright side of cross ownership: Evidence from the corporate resilience to COVID-19 crisis in China
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-21 DOI: 10.1111/irfi.12468
Yihui Chen, Xin He, Haoyuan Wei
{"title":"The bright side of cross ownership: Evidence from the corporate resilience to COVID-19 crisis in China","authors":"Yihui Chen,&nbsp;Xin He,&nbsp;Haoyuan Wei","doi":"10.1111/irfi.12468","DOIUrl":"https://doi.org/10.1111/irfi.12468","url":null,"abstract":"<p>We investigate the impact of cross ownership on corporate resilience around the COVID-19 pandemic in the Chinese financial market. We show that firms with greater cross ownership experience higher corporate resilience, evidenced by a milder reduction in revenue during the COVID-19 pandemic and a faster recovery in revenue afterwards. This effect is more pronounced for firms in high-tech industries and large firms, firms in regions severely hit by the pandemic, and regions with better commercial credit environments. We argue that cross ownership improves the financing resources, corporate governance, and information acquisition, which enhances corporate resilience in the presence of the pandemic. Consistent with this notion, we find that firms with greater cross ownership have higher financing flexibility, fewer agency problems, and less information asymmetry during the COVID-19 pandemic.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117815","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
Marketization and corporate cash holdings: Role of financial constraint alleviation 市场化与企业现金持有量：缓解资金约束的作用
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-05 DOI: 10.1111/irfi.12467
Lin Lei, Han Zhou, Dingding Wang
{"title":"Marketization and corporate cash holdings: Role of financial constraint alleviation","authors":"Lin Lei,&nbsp;Han Zhou,&nbsp;Dingding Wang","doi":"10.1111/irfi.12467","DOIUrl":"https://doi.org/10.1111/irfi.12467","url":null,"abstract":"<p>This study examines the relationship between marketization and corporate cash holdings. Using a sample of the Chinese stock market spanning from 2007 to 2020, our empirical results show that marketization negatively affects corporate cash holdings. This effect is more pronounced for firms in the eastern and central regions of China and Chinese Growth Enterprise Market (GEM). Additionally, our study finds that investment opportunities and state-owned features of firms play moderating roles in the effect of marketization on firms' cash holdings. State-owned enterprises (SOEs) are less affected by marketization; however, the more investment opportunities a firm has, the greater is the negative impact of marketization on its cash holdings. Finally, we find that marketization can affect corporate cash holdings through firms' financing constraints. These results are robust to various tests and alternative explanations.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"743-771"},"PeriodicalIF":1.8,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762220","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
The information effect versus governance effect of comment letters: Evidence from the cost of equity capital 评论信的信息效应与治理效应：股权资本成本的证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-07-28 DOI: 10.1111/irfi.12465
Yikun Chen, Ning Hu, Yanan Cao, Savannah (Yuanyuan) Guo, Yuhan Wang
{"title":"The information effect versus governance effect of comment letters: Evidence from the cost of equity capital","authors":"Yikun Chen,&nbsp;Ning Hu,&nbsp;Yanan Cao,&nbsp;Savannah (Yuanyuan) Guo,&nbsp;Yuhan Wang","doi":"10.1111/irfi.12465","DOIUrl":"10.1111/irfi.12465","url":null,"abstract":"<p>This paper uses a sample of comment letters issued and disclosed by the Shanghai and Shenzhen Stock Exchanges in China from 2015 to 2019 and empirically investigates the impact of comment letters on the cost of equity capital. The results show that the cost of equity capital raises after firms receive comment letters. However, when repeating the analysis using comment letters issued but undisclosed between 2013 and 2014, the observed effect dissipates, indicating an information disclosure channel. Moreover, the cost of equity capital is higher when the letters include more questions and demand independent opinions from auditors. Cross-sectional tests show that this effect is influenced by investor protection, corporate information environment, and internal control quality. Additional tests show a negative association between the receipt of comment letters and both the likelihood and the amount of seasoned equity offerings, which can be attributed to the elevated cost of equity. Overall, our paper not only underscores the importance of public disclosure of government regulatory information, but also provides empirical evidence supporting the effectiveness of regulation by stock exchanges.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"714-742"},"PeriodicalIF":1.8,"publicationDate":"2024-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141864379","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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