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Does executive gender matter for corporate financial policies under uncertainty?
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-30 DOI: 10.1016/j.gfj.2025.101108
Yanyan Chen , Liubing Cheng
{"title":"Does executive gender matter for corporate financial policies under uncertainty?","authors":"Yanyan Chen ,&nbsp;Liubing Cheng","doi":"10.1016/j.gfj.2025.101108","DOIUrl":"10.1016/j.gfj.2025.101108","url":null,"abstract":"<div><div>This study investigates the influence of CEO/CFO gender on corporate financial policies under uncertainty, including cash holdings, corporate investment, debt financing, and payout ratio. Using a sample of Chinese firms from 1999 to 2021, we find that during periods of high uncertainty, firms with female CEOs/CFOs do not exhibit greater risk aversion than those with male counterparts in financial activities. These findings persist even in firms with higher financial constraints or lower risk preferences. Our results remain robust when addressing model specification and endogeneity issues, controlling for other corporate financial behaviors and more executive characteristics, using alternative measures of uncertainty and corporate financial policies, and conducting sub-sample analysis. Overall, our findings suggest that gender differences in risk preferences might vanish in top management.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101108"},"PeriodicalIF":5.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
China's economic policy uncertainty and firm-level investment in Southeast Asian economies: The role of trade connection and financial development
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-28 DOI: 10.1016/j.gfj.2025.101106
Ly Thi Hai Tran
{"title":"China's economic policy uncertainty and firm-level investment in Southeast Asian economies: The role of trade connection and financial development","authors":"Ly Thi Hai Tran","doi":"10.1016/j.gfj.2025.101106","DOIUrl":"10.1016/j.gfj.2025.101106","url":null,"abstract":"<div><div>Previous studies primarily focus on the nexus between economic policy uncertainty and corporate investment within that country. This paper examines the impact of China's economic policy uncertainty on firm-level investment in Southeast Asian economies. Using the sample of 3600 firms in Southeast Asia over the period 2020–2021, we find that firms reduce investment when China's economic policy uncertainty increases. We investigate the effect channels and find that trade connection with China exacerbates the negative influence of China's uncertainty on capital expenditures. At the same time, a higher level of a nation's financial development weakens the impact. Our further analysis of firm features representing irreversibility shows that the effect of China's economic policy uncertainty and the mechanisms are more pronounced among firms with higher irreversibility. Our results support the option-to-delay theory and highlight the cross-border influence of policy uncertainty from major countries to smaller ones.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101106"},"PeriodicalIF":5.5,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-18 DOI: 10.1016/j.gfj.2025.101104
Ziwei Wang , Haijun Yang , Zhen Li
{"title":"Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens","authors":"Ziwei Wang ,&nbsp;Haijun Yang ,&nbsp;Zhen Li","doi":"10.1016/j.gfj.2025.101104","DOIUrl":"10.1016/j.gfj.2025.101104","url":null,"abstract":"<div><div>We reveal how technological innovation impacts cryptocurrency network operations and market information structures, using BRC-20 tokens as an example. By collecting on-chain blockchain data and exchange data from March 2023 to March 2024, we find that the introduction of BRC-20 tokens significantly alters Bitcoin transaction activity, manifests as a decrease in unique addresses, increased per-unit transaction fees, and extended confirmation times. Furthermore, we expand the research framework for Bitcoin market price efficiency by identifying market information, public information, private information, and noise in the Bitcoin market. We show that introducing BRC-20 tokens increases the market information share while reducing dependence on public information, with almost no negative impact on the share of private information. Finally, we construct a “technological innovation, blockchain response, market adjustment” dynamic analysis framework to evaluate and reveal that the Bitcoin network has significant self-healing capabilities and can quickly digest the impact of new types of tokens after major technical upgrades such as ORDI listing, announcing and launching the BRC-20 swap, and the Ordinals Jubilee update. This research provides investors with empirical evidence of the Bitcoin network's self-healing capabilities, helping them more accurately assess the short and long-term impacts of technological shocks on the market, thereby formulating more effective investment strategies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101104"},"PeriodicalIF":5.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Does social network connectedness affect acquirer merger performance around the world?
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-17 DOI: 10.1016/j.gfj.2025.101105
Rwan El-Khatib , Dobrina Jandik , Tomas Jandik
{"title":"Does social network connectedness affect acquirer merger performance around the world?","authors":"Rwan El-Khatib ,&nbsp;Dobrina Jandik ,&nbsp;Tomas Jandik","doi":"10.1016/j.gfj.2025.101105","DOIUrl":"10.1016/j.gfj.2025.101105","url":null,"abstract":"<div><div>We examine the effects of bilateral social connections and acquirer CEO network centrality on merger performance using a sample of M&amp;A deals from 30 countries. Our results indicate that board overlaps between acquirers and targets are associated with higher abnormal acquisition returns for bidder shareholders, although the average effect in our full sample is lower than that documented for U.S. bidders. In addition, we document a positive relationship between bidder CEO centrality and acquisition gains—a finding that contrasts with previous research on U.S. firms and may be explained by generally lower CEO centrality in non-U.S. firms, which limits the potential for network-based entrenchment. We further show that the benefits of both bilateral ties and overall CEO connectedness are less pronounced in countries with weak auditing and accounting reporting standards and/or inefficient takeover markets. Ultimately, our findings suggest that efficient formal institutions are crucial for fully realizing the benefits of informal interpersonal social networks in M&amp;A outcomes.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101105"},"PeriodicalIF":5.5,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Understanding drought shocks: Bank financial stability and loan performance
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-04 DOI: 10.1016/j.gfj.2025.101100
S. Mehmet Özsoy, Mehdi Rasteh, Erkan Yönder
{"title":"Understanding drought shocks: Bank financial stability and loan performance","authors":"S. Mehmet Özsoy,&nbsp;Mehdi Rasteh,&nbsp;Erkan Yönder","doi":"10.1016/j.gfj.2025.101100","DOIUrl":"10.1016/j.gfj.2025.101100","url":null,"abstract":"<div><div>Unlike other climate shocks, droughts are slow and silent, and their impacts are not immediate. We define a two-year drought shock at the bank level and quantify the impact of droughts on bank stability and performance. Applying a difference-in-differences methodology, we find drought shocks to significantly worsen <em>Z</em>-Score, return on assets, and stock volatility. Non-performing loans of affected banks are significantly higher compared to unaffected banks. The economic impacts are comparable to those associated with a 1 % decline in unemployment rate. We also document that affected banks close branches in drought-hit regions but do not increase their capital ratios.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101100"},"PeriodicalIF":5.5,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143580505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 financial crises on industrial growth in the Middle East and North Africa
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-04 DOI: 10.1016/j.gfj.2025.101101
Carlos Madeira
{"title":"The impact of financial crises on industrial growth in the Middle East and North Africa","authors":"Carlos Madeira","doi":"10.1016/j.gfj.2025.101101","DOIUrl":"10.1016/j.gfj.2025.101101","url":null,"abstract":"<div><div>Using country-industry panel data between 1980 until 2019, I estimate the causal effects of financial crises, with total impact given by the sum of a direct effect on all industries and an external finance dependence channel. Currency crises have the worst impact of all types of crises across all countries. Financial crises of all types are substantially worse for the MENA economies. For MENA, there is a manufacturing growth reduction of 2.8 %, 6 % and 1.2 % during banking, currency and sovereign debt crises. There is substantial heterogeneity across the MENA, with Morocco, Iraq and Israel experiencing a much stronger impact from all types of financial crises.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101101"},"PeriodicalIF":5.5,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143611381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Intraday impact of macroeconomic and COVID-19 news on Latin American stock indexes
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.gfj.2025.101103
Mohamed A. Ayadi, Walid Ben Omrane, Md Nafeesur R. Khan
{"title":"Intraday impact of macroeconomic and COVID-19 news on Latin American stock indexes","authors":"Mohamed A. Ayadi,&nbsp;Walid Ben Omrane,&nbsp;Md Nafeesur R. Khan","doi":"10.1016/j.gfj.2025.101103","DOIUrl":"10.1016/j.gfj.2025.101103","url":null,"abstract":"<div><div>This study examines the intraday impact of domestic and US macroeconomic news and pandemic-related events on financial markets in Latin and North American countries. We find that U.S. macroeconomic indicators, particularly those related to monetary policy and real activity, have a stronger effect on index returns and volatility than domestic news. The pandemic further altered market responses, with vaccine development news generally increasing volatility across regions, while vaccine administration has contrasting effects in Latin American and North American markets. The study emphasizes the importance of context-specific and sign-switch effects, highlighting the global interconnectedness of financial markets, especially during times of crisis.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101103"},"PeriodicalIF":5.5,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143563307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints”
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-02-24 DOI: 10.1016/j.gfj.2025.101099
Neha Malik , Smita Kashiramka
{"title":"“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints”","authors":"Neha Malik ,&nbsp;Smita Kashiramka","doi":"10.1016/j.gfj.2025.101099","DOIUrl":"10.1016/j.gfj.2025.101099","url":null,"abstract":"<div><div>This paper examines the impact of sustainable practices proxied by environment, social and governance (ESG) disclosures on accounting-based and market-based leverage ratios. Additionally, it explores the moderating effects of financial reporting quality (FRQ) and financial constraints (FC) on the ESG-leverage nexus. Leveraging data from 2700 non-financial firms across 16 emerging nations over 8 years from 2015 to 2022, the findings indicate that firms with higher ESG scores exhibit greater book and market leverage. This implies that ESG disclosures provide additional valuable information that reduces information asymmetry and aligns with lenders' expectations. The positive association between ESG and leverage is more pronounced for firms with lower FRQ and those facing higher FC. Findings are robust to different sensitivity tests, including lagged regressions to mitigate reverse causality, 2SLS and system GMM regression to address endogeneity concerns, and tests with alternate variables, samples and time periods. These findings offer valuable insights for policymakers, managers, lenders and investors, guiding policy development, corporate strategy and investment decisions. Overall, this paper highlights the crucial role of ESG and high-quality financial reporting in shaping the capital structure dynamics of firms in emerging markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101099"},"PeriodicalIF":5.5,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Does stock liquidity matter for corporate cash holdings? Insights from a transition economy
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-02-24 DOI: 10.1016/j.gfj.2025.101102
Thi Huong Giang Vuong , Van Phuc Nguyen , Huu Manh Nguyen
{"title":"Does stock liquidity matter for corporate cash holdings? Insights from a transition economy","authors":"Thi Huong Giang Vuong ,&nbsp;Van Phuc Nguyen ,&nbsp;Huu Manh Nguyen","doi":"10.1016/j.gfj.2025.101102","DOIUrl":"10.1016/j.gfj.2025.101102","url":null,"abstract":"<div><div>This research examined the impact of corporate stock liquidity on cash holdings in Vietnam, spanning 2010 to 2020. Our results reveal that higher stock liquidity engenders lower corporate cash holdings. This effect holds after using diverse measurements of stock liquidity and econometric techniques for endogeneity. Most strikingly, we leveraged an exogenous shock to stock liquidity resulting from a variety of Vietnamese legal adjustments in the fields of finance, accounting, and investment in 2015. Our primary results diverge from preceding findings in developed markets and support the conventional notion that corporate managers tend to reduce cash holdings when they forecast that there is a reduction in external financing costs due to increased stock liquidity. Deeper analyses disclose that the stock liquidity–cash holdings nexus is substantially dominated by firm attributes, namely the firm investment degrees and cash dividend paid levels. Notably, industrial manufacturing firms with high stock liquidity have been less precautionary in cash storage management from 2015 onwards. Furthermore, our findings reveal the modulating role of large foreign block-holders on the stock liquidity–corporate cash holdings relationship from 2015 onwards. In a nutshell, our paper offers valuable insights into the association of stock liquidity and corporate cash holdings in the unique context of a transition economy.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101102"},"PeriodicalIF":5.5,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Restraining bad news hoarding from managerial overconfidence: Evidence from the Sarbanes-Oxley Act
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-02-17 DOI: 10.1016/j.gfj.2025.101098
Hyeong Joon Kim , Seongjae Mun
{"title":"Restraining bad news hoarding from managerial overconfidence: Evidence from the Sarbanes-Oxley Act","authors":"Hyeong Joon Kim ,&nbsp;Seongjae Mun","doi":"10.1016/j.gfj.2025.101098","DOIUrl":"10.1016/j.gfj.2025.101098","url":null,"abstract":"<div><div>This study examines the impact of the Sarbanes-Oxley Act (SOX) on the association between managerial overconfidence and stock price crash risk. The literature posits that overconfident CEOs are more likely to hoard bad news than others, leading to a higher crash risk. Our findings indicate that SOX restrains bad news hoarding from managerial overconfidence. As a result, the difference in crash risk between firms with overconfident and non-overconfident CEOs is significant before SOX but almost disappears after SOX. We provide supportive evidence that SOX reduces crash risk through the bad-news-hoarding channel, using financial restatements and analysts' forecasting. We also find that the effectiveness of SOX is more pronounced for firms with weaker external governance mechanisms and those that are financially constrained. Overall, this study suggests that SOX helps mitigate overconfident managerial behavior, such as bad news hoarding.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101098"},"PeriodicalIF":5.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143478792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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