Global Finance Journal最新文献

Female CEOs in turbulent times: The effect of terrorist attacks on executive compensation 动荡时期的女性ceo：恐怖袭击对高管薪酬的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-10-04 DOI: 10.1016/j.gfj.2025.101198

Yunji Hwang , Jonghan Park , Kevin H. Kim , Seung Hun Han

引用次数: 0

Sovereign fiscal capacity, implicit subsidies, and bank value 主权财政能力、隐性补贴和银行价值

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-26 DOI: 10.1016/j.gfj.2025.101197

Lucas N.C. Vasconcelos, Rafael Schiozer

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引用次数: 0

Walking quietly: Fiduciary waivers and blockholder exit 悄无声息地走着：受托人豁免和大股东退出

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-23 DOI: 10.1016/j.gfj.2025.101196

Pouyan Foroughi

引用次数: 0

Beyond the green facade: Evidence of a nonlinear link between greenwashing and financing efficiency 超越绿色门面：洗绿与融资效率之间非线性联系的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-08 DOI: 10.1016/j.gfj.2025.101183

Morong Xu , Yaopeng Wang

{"title":"Beyond the green facade: Evidence of a nonlinear link between greenwashing and financing efficiency","authors":"Morong Xu , Yaopeng Wang","doi":"10.1016/j.gfj.2025.101183","DOIUrl":"10.1016/j.gfj.2025.101183","url":null,"abstract":"<div><div>This study examines the nonlinear relationship between corporate greenwashing and financing efficiency using panel data from Chinese listed firms between 2009 and 2023. We identify an inverted U-shaped relationship grounded in signaling theory and the peer effect perspective. At low levels, greenwashing allows firms to gain legitimacy by signaling environmental responsibility and encouraging peer imitation, thereby improving financing efficiency. However, as greenwashing intensifies, stakeholder skepticism increases, leading to higher financing costs and reduced efficiency. We also explore contextual factors that moderate this relationship. Media coverage amplifies stakeholder reactions to both credible and exaggerated environmental, social, and governance (ESG) claims, while board interlocks facilitate the spread of greenwashing practices and heighten reputational risks within corporate networks. Collectively, these elements reinforce the nonlinear connection between greenwashing and financing efficiency. The results highlight the complex dynamics linking greenwashing with financing conditions and demonstrate the contingent roles of media visibility and governance networks in shaping market perceptions of ESG behavior.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101183"},"PeriodicalIF":5.5,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106991","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

Political turnover and related party transactions in Chinese state-owned enterprises 中国国有企业的政治更替与关联交易

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-05 DOI: 10.1016/j.gfj.2025.101182

Mingfa Ding , Yikai Han , Mi Shen , Sandy Suardi

{"title":"Political turnover and related party transactions in Chinese state-owned enterprises","authors":"Mingfa Ding , Yikai Han , Mi Shen , Sandy Suardi","doi":"10.1016/j.gfj.2025.101182","DOIUrl":"10.1016/j.gfj.2025.101182","url":null,"abstract":"<div><div>This paper investigates the dual role of government involvement in Chinese firms, acting as both a “helping hand” and a “grabbing hand”, with a focus on state-owned enterprises (SOEs). We examine how political turnover influences related party transactions (RPTs), which may serve to prop up distressed firms or facilitate tunnelling at the expense of minority shareholders. We find that political turnover is associated with a significant decline in RPTs, a causal relationship supported by multiple analyses addressing endogeneity concerns. Further evidence suggests that SOEs reduce tunnelling when local governments face fiscal constraints and curb propping activities when firms are at risk of delisting or losing rights to issue new shares. The reduction in RPTs is more pronounced in firms with high initial RPTs, weak governance, or exposure to local corruption, and is amplified when new provincial leaders are outsiders. These findings suggest that political turnover acts as an external governance mechanism, disrupting entrenched rent-seeking practices and reshaping firm-level resource allocation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101182"},"PeriodicalIF":5.5,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145011218","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

Seeing is believing: Forecasting oil market returns with artificial intelligence-powered visual climate change perception 眼见为实：利用人工智能驱动的视觉气候变化感知预测石油市场回报

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-04 DOI: 10.1016/j.gfj.2025.101174

Dan Liu

引用次数: 0

Nonparametric identification of factors for the cross-section of Latin American stock returns 拉丁美洲股票收益横截面因素的非参数识别

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-03 DOI: 10.1016/j.gfj.2025.101172

Simón Zuluaga-Rendón , Diego A. Agudelo

引用次数: 0

Watchdogs of greenwashing: The role of long-term institutional cross-ownership 漂绿的监督者：长期机构交叉所有制的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 DOI: 10.1016/j.gfj.2025.101177

Wenjing Yin, Gaomiao Wang, Yumiao Yu

{"title":"Watchdogs of greenwashing: The role of long-term institutional cross-ownership","authors":"Wenjing Yin, Gaomiao Wang, Yumiao Yu","doi":"10.1016/j.gfj.2025.101177","DOIUrl":"10.1016/j.gfj.2025.101177","url":null,"abstract":"<div><div>A growing number of institutional investors are showing interest in “green” firms, highlighting the increasing importance of environmental, social, and governance (ESG) information. However, as the use of mainstream ESG data expands, the prevalence of greenwashing is also rising. This paper investigates how long-term institutional cross-ownership influences corporate responses to this critical stakeholder concern. We hypothesize that long-term institutional cross-ownership mitigates corporate greenwashing by enabling investors to acquire in-depth information and directly monitor firms in the context of systematic risk management. Our findings indicate that firms with long-term cross-ownership exhibit significantly lower levels of greenwashing. Supporting the information-gathering hypothesis, the effect is more pronounced in firms operating in hard-to-value industries. Supporting the direct monitoring hypothesis, the effect is less evident among firms subject to heightened external scrutiny. Overall, our study suggests that longer investment horizons lead institutional cross-owners to enhance the transparency of stakeholder-related activities, driven primarily by financial motivations.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101177"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144921756","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

Do ESG rating changes matter? Evidence from Chinese stock market ESG评级的变化重要吗？证据来自中国股市

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 DOI: 10.1016/j.gfj.2025.101180

Dianhao Liu, Jun Zhou

引用次数: 0

Effects of domestic and foreign financial stress on stock returns in Asia-Pacific countries 国内外金融压力对亚太国家股票收益的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 DOI: 10.1016/j.gfj.2025.101178

Oguzhan Ozcelebi , Rim El Khoury , R. Gopinathan , Seong-Min Yoon

{"title":"Effects of domestic and foreign financial stress on stock returns in Asia-Pacific countries","authors":"Oguzhan Ozcelebi , Rim El Khoury , R. Gopinathan , Seong-Min Yoon","doi":"10.1016/j.gfj.2025.101178","DOIUrl":"10.1016/j.gfj.2025.101178","url":null,"abstract":"<div><div>This study employs advanced quantile-based methodologies to investigate the effects of domestic and foreign financial stress on stock market performance across 10 Asia–Pacific countries. Using wavelet quantile correlation and multivariate quantile-on-quantile regression models, we analyze the nonlinear, asymmetric, and time–frequency-dependent relationships under varying market conditions. Results show that foreign financial stress exerts a more consistent and pronounced negative impact on stock returns, particularly in export-dependent economies such as Thailand and Korea. In contrast, the effects of domestic financial stress vary by country. Persistent negative impacts are observed in structurally weaker economies like the Philippines, whereas markets such as China, India, and Australia display adaptability, with correlations shifting to neutral or positive under certain conditions. These findings underscore the significant heterogeneity shaped by differences in economic structure, trade exposure, and financial market characteristics. By comparing the effects of both global and domestic financial stress, this study fills an important gap in the literature. The results provide actionable insights for policymakers working to strengthen financial stability and for investors pursuing effective portfolio diversification strategies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101178"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988301","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