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Impact of professor-directors on Chinese firms' environmental performance 教授-董事对中国企业环境绩效的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-24 DOI: 10.1111/irfi.12416
Liqiang Chen, Hong Fan, Xiaofei Song
{"title":"Impact of professor-directors on Chinese firms' environmental performance","authors":"Liqiang Chen,&nbsp;Hong Fan,&nbsp;Xiaofei Song","doi":"10.1111/irfi.12416","DOIUrl":"10.1111/irfi.12416","url":null,"abstract":"<p>This study investigates the impact of academic professor-directors on Chinese firms' environmental performance. We find that the presence of board directors who are also professors has a positive impact on firms' environmental protection performance, and the result is robust after controlling for the potential endogeneity of professor-directors. This is consistent with the notion that professor board directors are perceived to take more social responsibility and are more likely to advocate for sustainability. However, this positive impact is mitigated significantly by the presence of professor board directors with administrative titles. Moreover, the above results are mainly driven by non-state-owned enterprises, firms with less powerful CEOs, firms with better analyst coverage, and firms with less financial distress. Our study highlights the importance of academic directors for firms' environmental performance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"696-720"},"PeriodicalIF":1.7,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12416","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43287266","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
Economic growth and labor investment efficiency 经济增长与劳动力投资效率
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-09 DOI: 10.1111/irfi.12415
Amanjot Singh
{"title":"Economic growth and labor investment efficiency","authors":"Amanjot Singh","doi":"10.1111/irfi.12415","DOIUrl":"10.1111/irfi.12415","url":null,"abstract":"<p>We examine the relationship between economic growth and labor investment efficiency. Using a sample of US firms from 1991 to 2019, our findings suggest that labor investment inefficiency increases with the expansion of economic activities. Although economic growth increases labor overinvestment, it also decreases labor underinvestment. The magnitude effect of economic growth is more pronounced for labor overinvestment. Labor investment inefficiency is noticeable during low economic policy uncertainty. Economic growth-induced labor investment inefficiency is pronounced for (1) large firms, (2) high labor intensity firms, and (3) firms with overinvestment in non-labor investments. Further, economic growth negatively (positively) influences the firm's future performance for labor overinvested (underinvested) firms. Our findings remain robust to alternative specifications.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"886-902"},"PeriodicalIF":1.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48313744","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: 2
Trade dependence and stock market reaction to the Russia-Ukraine war 俄乌战争的贸易依赖和股市反应
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-07 DOI: 10.1111/irfi.12414
Reza Tajaddini, Hassan F. Gholipour
{"title":"Trade dependence and stock market reaction to the Russia-Ukraine war","authors":"Reza Tajaddini,&nbsp;Hassan F. Gholipour","doi":"10.1111/irfi.12414","DOIUrl":"10.1111/irfi.12414","url":null,"abstract":"<p>Using data from 83 countries, we show that the decline in the value of stock market indices in response to the Russia-Ukraine war was sharper in countries that have stronger trade ties (both exports and imports) with Russia and Ukraine. We also find the relationship between trade dependency and market drop is weaker in countries with more trade openness.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"680-691"},"PeriodicalIF":1.7,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12414","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43961584","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: 2
Institutional investors and cross-border mergers and acquisitions: The 2000–2018 period 机构投资者与跨境并购：2000-2008年
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-06 DOI: 10.1111/irfi.12409
Jinsuk Yang, Qing Hao, Mahmut Yaşar
{"title":"Institutional investors and cross-border mergers and acquisitions: The 2000–2018 period","authors":"Jinsuk Yang,&nbsp;Qing Hao,&nbsp;Mahmut Yaşar","doi":"10.1111/irfi.12409","DOIUrl":"10.1111/irfi.12409","url":null,"abstract":"<p>Using a sample of mergers and acquisitions (M&amp;As) from 26 countries over 2000–2018, we find that domestic institutional investors facilitate both domestic and cross-border M&amp;As. The facilitation effect is more pronounced for domestic than cross-border M&amp;As. When the acquirer country has greater financial freedom or better investor protection than the target country, domestic institutional investors facilitate cross-border M&amp;As more effectively. As Ordinary Least Squares regressions are not the best approach regarding cross-border M&amp;As, we confirm that the main results are robust to Zero-inflated Poisson regressions. Foreign institutional investors' influence on cross-border M&amp;As is stronger when the sample excludes the United States.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"553-583"},"PeriodicalIF":1.7,"publicationDate":"2023-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49385211","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
Robust irreversible investment strategy with ambiguity to jump and diffusion risk 具有跳跃和扩散风险模糊性的稳健不可逆投资策略
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-28 DOI: 10.1111/irfi.12413
Shuang Li, Haijun Wang
{"title":"Robust irreversible investment strategy with ambiguity to jump and diffusion risk","authors":"Shuang Li,&nbsp;Haijun Wang","doi":"10.1111/irfi.12413","DOIUrl":"10.1111/irfi.12413","url":null,"abstract":"<p>This paper constructs a robust and irreversible investment rule applicable to a series of adjacent models. The project value follows a jump-diffusion process and the investor exhibits complete ambiguity aversion or partial ambiguity aversion to the diffusion, jump amplitude, and jump frequency components. The impact of ambiguity aversion with respect to different components on the optimal investment strategy is examined. The investment decision is mainly driven by ambiguity aversion to the jump amplitude rather than frequency, and an increase in jump intensity leads to the greater importance of ambiguity aversion to jumps. We further show that ambiguity aversion regarding jumps plays a dominant role in determining the investment boundary for low volatility values, and the influence of ambiguity aversion to the diffusion part gradually outweighs that of ambiguity aversion to jumps as volatility grows.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"645-665"},"PeriodicalIF":1.7,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46991902","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: 2
Environmental performance and employee welfare: Evidence from health benefit costs 环境绩效与员工福利:来自健康福利成本的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-19 DOI: 10.1111/irfi.12412
Yuqi Gu
{"title":"Environmental performance and employee welfare: Evidence from health benefit costs","authors":"Yuqi Gu","doi":"10.1111/irfi.12412","DOIUrl":"10.1111/irfi.12412","url":null,"abstract":"<p>This article studies whether corporate environmental performance affects its health benefit costs. I find a firm's environmental performance is negatively associated with its employee health benefit costs. Cross-sectional tests also show the effect is stronger for companies with improving employee health or located in a region with higher population health risks. In addition, the correlation only exists for chemicals released onsite as opposed to offsite release, indicating the effect is driven by the pricing of health risks, rather than pure ethical reasons. These results suggest that insurance companies promote corporate policyholders' green behavior indirectly by rationally pricing corporate environmental efforts.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"484-501"},"PeriodicalIF":1.7,"publicationDate":"2023-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43923047","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
Influence of dividend tax policy tied to investment horizon on stock price stability: Evidence from the 2015 dividend tax reform in China 与投资期限挂钩的股息税政策对股价稳定的影响——来自2015年中国股息税改革的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-16 DOI: 10.1111/irfi.12408
Nianzhi Guo, Ping-Wen Sun, Huiqin Xiao
{"title":"Influence of dividend tax policy tied to investment horizon on stock price stability: Evidence from the 2015 dividend tax reform in China","authors":"Nianzhi Guo,&nbsp;Ping-Wen Sun,&nbsp;Huiqin Xiao","doi":"10.1111/irfi.12408","DOIUrl":"10.1111/irfi.12408","url":null,"abstract":"<p>We examine how the dividend tax cut policy tied to the investment horizon enforced on September 8, 2015, influences stock price stability in China's A-share market. As the new dividend tax policy waives the tax on cash dividends for investors holding a stock for more than a year, it encourages long-term investment behavior. From 2013 to 2017, we find that stock turnover, return volatility, and turnover volatility decrease after the policy enforcement, especially for stocks with high dividend yields. This result shows that dividend tax reforms increase investors' stock investment horizons and help stabilize the market. However, our findings demonstrate that stock crash risk increases after policy enforcement. Further analysis shows that earnings management through real activities manipulation for stocks with a higher dividend yield contributes to an increase in stock crash risk. Therefore, one externality of the dividend tax cut policy tied to the investment horizon is that top managers of firms with a higher dividend yield may take advantage of investors' passive longer-term investment behavior and engage in more earnings management. This result suggests that regulatory agencies should pay attention to top managers' earnings management behavior after enacting policies that encourage long-term investment.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"524-552"},"PeriodicalIF":1.7,"publicationDate":"2023-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42492673","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
Political uncertainty and investments by private and state-owned enterprises 政治不确定性与私营和国有企业的投资
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-14 DOI: 10.1111/irfi.12410
Neeru Chaudhry, Chris Veld
{"title":"Political uncertainty and investments by private and state-owned enterprises","authors":"Neeru Chaudhry,&nbsp;Chris Veld","doi":"10.1111/irfi.12410","DOIUrl":"10.1111/irfi.12410","url":null,"abstract":"<p>We study corporate investments around national elections in India. Investment rates drop by a nonsignificant 2.2% for state-owned enterprises (SOEs) in election years. The decrease is significantly larger for private firms, which record an investment drop of 7.4%. The decrease in investment for private firms is likely attributable to political uncertainty. SOEs balance political uncertainty with the desire to woo voters who want government investments. Investments in election years are perceived positively for both private firms and for SOEs. Increased investment by SOEs and reduction in investment by private firms during election years are associated with improved investment efficiency.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"584-614"},"PeriodicalIF":1.7,"publicationDate":"2023-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49364906","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
Firm‐level political risk and implied cost of equity capital 公司层面的政治风险和隐含的权益资本成本
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-13 DOI: 10.1111/irfi.12411
Dev R. Mishra
{"title":"Firm‐level political risk and implied cost of equity capital","authors":"Dev R. Mishra","doi":"10.1111/irfi.12411","DOIUrl":"https://doi.org/10.1111/irfi.12411","url":null,"abstract":"","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62716096","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: 3
Firm-level political risk and implied cost of equity capital 企业层面的政治风险与隐含股本成本
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-02-13 DOI: 10.1111/irfi.12411
Dev R. Mishra
{"title":"Firm-level political risk and implied cost of equity capital","authors":"Dev R. Mishra","doi":"10.1111/irfi.12411","DOIUrl":"https://doi.org/10.1111/irfi.12411","url":null,"abstract":"<p>I find a strong positive association between firms' implied cost of equity capital and firm-level political risk. This effect is above and beyond the firm-level cost of equity implications of economywide political risk. Firm-level political risk contributes to elevating stock illiquidity, increases dispersion of analyst forecasts and dampens analyst coverage and these attributes, in turn, have positive cost of equity capital implications. Overall, the findings of this study suggest firm-level political risk has a non-trivial effect on increasing equity market illiquidity, increasing dispersion of earnings forecasts and decreasing analyst coverage thus increasing financing costs.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"615-644"},"PeriodicalIF":1.7,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50150313","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: 4
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