发布求助
文献互助 智能选刊 最新文献

Global Finance Journal最新文献

筛选
英文 中文
Foreign institutional investors and share pledging: Evidence from China's stock market openness reform 境外机构投资者与股权质押：来自中国股市开放改革的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-16 DOI: 10.1016/j.gfj.2025.101122
Jin Jiang , Baolong Liu , Rui Ye
{"title":"Foreign institutional investors and share pledging: Evidence from China's stock market openness reform","authors":"Jin Jiang ,&nbsp;Baolong Liu ,&nbsp;Rui Ye","doi":"10.1016/j.gfj.2025.101122","DOIUrl":"10.1016/j.gfj.2025.101122","url":null,"abstract":"<div><div>This study explores the governing influence of foreign institutional investors (FIIs) on controlling shareholders' share pledging activities. The Shanghai–Hong Kong and the Shenzhen–Hong Kong Stock Connect programs represent exogenous shocks to Chinese stock market openness by introducing FIIs. Using a staggered difference-in-differences research design, our results demonstrate that stock market openness caused controlling shareholders at connected firms to be less likely to pledge shares and more likely to inject funds from pledging back into the underlying firm compared with controlling shareholders at unconnected firms. Additional analyses validate our conjecture that the monitoring role of FIIs diminishes connected firms' agency problems. Furthermore, the effects of stock market openness are more significant for nonstate-owned enterprises and firms in regions with strong institutional environments. The results of this study imply that FIIs can act as an effective governance mechanism in emerging markets to improve stock market integrity and protect minority investors.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101122"},"PeriodicalIF":5.5,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144135072","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 in the headlines: Media-driven reputational risk and stock performance ESG头条：媒体驱动的声誉风险和股票表现
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-19 DOI: 10.1016/j.gfj.2025.101127
Bole Zhou , Wanjun Ge
{"title":"ESG in the headlines: Media-driven reputational risk and stock performance","authors":"Bole Zhou ,&nbsp;Wanjun Ge","doi":"10.1016/j.gfj.2025.101127","DOIUrl":"10.1016/j.gfj.2025.101127","url":null,"abstract":"<div><div>This study examines the impact of environmental, social, and governance (ESG) reputational risks on stock performance. We use a unique dataset of media-driven ESG reputational risk indicators, covering 4963 Chinese firms from 2009 to 2023. On average, a one-standard-deviation increase in ESG reputational risks is associated with a 4.5 % decrease in simple stock returns, a 14.5 % reduction in excess stock returns relative to the market index, and a 12.2 % decline in excess stock returns compared to peer firms of similar size. These negative effects contradict the traditional risk-return relationship predicted by risk premium theory. Further analysis identifies reduced investor confidence and tighter financing constraints as key mechanisms through which ESG reputational risks negatively affect stock returns. Heterogeneity analyses indicate that the negative impact is more pronounced for firms in non-pollution-intensive industries, those facing financing difficulties, and those exposed to environment-related reputational risks.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101127"},"PeriodicalIF":5.5,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144108238","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
CFO overseas experience and stock price crash risk CFO海外经验和股价崩盘风险
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-20 DOI: 10.1016/j.gfj.2025.101128
Kai Tang , Yuxiang Cheng
{"title":"CFO overseas experience and stock price crash risk","authors":"Kai Tang ,&nbsp;Yuxiang Cheng","doi":"10.1016/j.gfj.2025.101128","DOIUrl":"10.1016/j.gfj.2025.101128","url":null,"abstract":"<div><div>As globalization continues to expand, cross-border personnel exchanges are increasing. This paper uses a two-way fixed effects model to empirically study the influence of CFO overseas experience on stock price crash risk (hereafter, crash risk) on the basis of a sample of 4235 listed firms in China's A-share market between 2003 and 2024. We find that CFOs with overseas experience possess greater expertise and skills, higher-order cognition, more effective cognitive structures, and lower overconfidence, which improve the company's investment returns and prevent the continuous accumulation of poor performance, thereby reducing crash risk. Our study suggests that continuing to implement the policy of attracting talent or managers with overseas experience will facilitate the stable development of the capital market. Furthermore, our study highlights that the CFO also plays a key role in a company's investment decisions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101128"},"PeriodicalIF":5.5,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144166655","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
Comovement and S&P 500 membership 运动和标准普尔500会员
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub Date: 2025-04-09 DOI: 10.1016/j.gfj.2025.101110
Joseph DeCoste
{"title":"Comovement and S&P 500 membership","authors":"Joseph DeCoste","doi":"10.1016/j.gfj.2025.101110","DOIUrl":"10.1016/j.gfj.2025.101110","url":null,"abstract":"<div><div>This paper tests the existence of excessive comovement among firms in the S&amp;P 500. Using a fuzzy regression discontinuity approach I show that membership in the S&amp;P 500 leads to significant positive excess comovement in the long term. I evaluate a traditional, liquidity based explanation and a friction based explanation, and find no evidence that liquidity is driving excess comovement in the sample. I show that the previous lack of evidence for excess comovement shown in Chen, Singal, Whitelaw (2016) is due to heterogeneous effects on firms who are newly included versus those that are established members. One potential explanation is that immediately after inclusion, investors take time to rebalance and fully integrate the new stock into the group, reducing observed increases in comovement in the short term. These results constitute new evidence of frictions when exposed to large classes of noise traders with correlated demands, such as those populating the S&amp;P 500.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101110"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816709","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
The green transition and tech firms' financial performance: Insights from patent data 绿色转型与科技公司财务绩效：来自专利数据的洞察
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub Date: 2025-04-09 DOI: 10.1016/j.gfj.2025.101112
Selahattin Murat Sirin
{"title":"The green transition and tech firms' financial performance: Insights from patent data","authors":"Selahattin Murat Sirin","doi":"10.1016/j.gfj.2025.101112","DOIUrl":"10.1016/j.gfj.2025.101112","url":null,"abstract":"<div><div>The green and digital transitions (twin transitions) are reshaping the global business environment, yet academic research exploring the financial implications of the green-digital nexus remains limited. This paper explores the financial implications of a key mechanism within the green-digital nexus, technological connectedness through knowledge creation and spillovers. Quantified through patent data between 2010 and 2022, this study examines how tech firms' financial performance is affected by knowledge creation and spillovers to green (technologies related to clean energy) and brown (technologies related to fossil fuels) domains using portfolio- and firm-level analyses with panel data regression models. The results indicate that financial connectedness is not straightforward, contrary to findings from aggregate level studies in the literature. While firm-level heterogeneity in knowledge creation does affect returns, there is no conclusive evidence that knowledge spillovers affect financial performance.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101112"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143854592","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 executive gender matter for corporate financial policies under uncertainty? 高管性别对不确定性下的公司财务政策有影响吗？
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub 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":"2025-05-01","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
Understanding drought shocks: Bank financial stability and loan performance 理解干旱冲击：银行财务稳定性和贷款绩效
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub 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":"2025-05-01","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
“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints” ESG披露及其对公司杠杆的影响：财务报告质量和财务约束的调节作用
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub 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":"2025-05-01","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
How does foreign economic policy uncertainty affect domestic analyst earnings forecasts? 国外经济政策的不确定性如何影响国内分析师的盈利预测？
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub Date: 2025-02-12 DOI: 10.1016/j.gfj.2025.101087
Jian Song , Xiaozhou Zhou
{"title":"How does foreign economic policy uncertainty affect domestic analyst earnings forecasts?","authors":"Jian Song ,&nbsp;Xiaozhou Zhou","doi":"10.1016/j.gfj.2025.101087","DOIUrl":"10.1016/j.gfj.2025.101087","url":null,"abstract":"<div><div>This study examines the impact of foreign economic policy uncertainty (EPU) on the performance of domestic analyst earnings forecasts. We separately analyze how U.S. EPU affects the accuracy of analyst earnings forecasts in other markets and the reverse relationship. Our findings indicate that the U.S. EPU (non-U.S. Global EPU) negatively (positively) affects the accuracy of analyst earnings forecasts in other economies (the U.S.). We find that the economic dependency of a given economy on the U.S. (capital flow to the U.S.) is a channel for this negative (positive) impact. Our results remain robust after controlling for a comprehensive set of variables.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101087"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143873752","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 中国经济政策的不确定性与东南亚经济体的企业投资：贸易联系和金融发展的作用
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-01 Epub 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":"2025-05-01","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
首页 上一页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书