Global Finance Journal最新文献_第10页

Outward foreign investment performance, digital transformation, and ESG performance: Evidence from China 对外投资绩效、数字化转型和环境、社会和公司治理绩效：来自中国的证据

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-31 DOI: 10.1016/j.gfj.2024.100963

Muhammad Usman Khurram , Wajih Abbassi , Yifan Chen , Lifeng Chen

{"title":"Outward foreign investment performance, digital transformation, and ESG performance: Evidence from China","authors":"Muhammad Usman Khurram , Wajih Abbassi , Yifan Chen , Lifeng Chen","doi":"10.1016/j.gfj.2024.100963","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100963","url":null,"abstract":"<div><p>This study examines the impact of outward foreign direct investment performance (OFDI/OFIP) on digital transformation (DT) and determines how environmental, social, and governance (ESG) performance mediates this relationship. For this purpose, we employ a panel regression model, mediation effect tests (the Sobel test, a bootstrap test, and variable replacement test), and endogeneity analyses (2SLS and GMM method). We also evaluate China's accelerated depreciation of fixed assets policy (ADP) by using a difference-in-difference (DID) model, parallel trend test, propensity score matching (PSM)-DID model, quantile DID model, and bootstrap test. We use the CSMAR database for Chinese OFIP, and perform text and word frequency analysis to obtain the DT score and the Huazheng ESG ratings index for the ESG Performance during the period 2010–2020. (1) Based on the results, OFIP has a significant positive impact on firms' DT, with ESG performance strengthening this relationship. (2) Meanwhile, the ADP restrains the DT and OFIP of high-tech firms in China. These findings provide practical implications for companies aiming to improve their long-term sustainability and competitiveness and obtain a better understanding of the relationship between OFIP, DT, and ESG performance. It is hoped that the findings will be used as a reference for expanding firms' overseas investments, driving DT, and enhancing ESG performance in emerging economies.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100963"},"PeriodicalIF":5.2,"publicationDate":"2024-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140350973","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

Gold-backed cryptocurrencies: A hedging tool against categorical and regional financial stress 黄金支持的加密货币：应对分类和区域金融压力的对冲工具

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-29 DOI: 10.1016/j.gfj.2024.100964

Mohammad Enamul Hoque , Mabruk Billah , Md Rafayet Alam , Aviral Kumar Tiwari

{"title":"Gold-backed cryptocurrencies: A hedging tool against categorical and regional financial stress","authors":"Mohammad Enamul Hoque , Mabruk Billah , Md Rafayet Alam , Aviral Kumar Tiwari","doi":"10.1016/j.gfj.2024.100964","DOIUrl":"10.1016/j.gfj.2024.100964","url":null,"abstract":"<div><p>This study evaluates the potential of gold-backed cryptocurrencies, such as Tether Gold and PAX Gold, as a hedge and safe haven against global, regional, and categorical financial stresses. Hedge and safe haven properties of gold-backed cryptocurrencies are also compared with those of gold and Bitcoin. For the analyses, dynamic conditional correlation (DCC) and quantile coherency techniques are applied to daily data from February 2020 to March 2023. The results show that Tether Gold and PAX Gold are strong safe havens against the US and equity-valuation-related financial stress but weak safe havens against global financial stress. Tether Gold is a weak safe haven against credit-related financial stress as well. Tether Gold is a strong hedge against US financial stress but a weak hedge against aggregate financial stress of developed economies and that of emerging economies. In our sample, gold-backed cryptocurrencies usually outperform gold and Bitcoin as a hedge and safe haven against financial stresses. The Quantile coherency analysis shows that Tether Gold is a hedge against low to moderate financial stress and a safe haven against extreme financial stresses. These findings have important implications for investors, risk-managers and policy makers.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100964"},"PeriodicalIF":5.2,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140403406","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

U.S. Political corruption and labor investment (in)efficiency 美国政治腐败与劳动力投资（低）效率

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-28 DOI: 10.1016/j.gfj.2024.100962

Hasibul Chowdhury , Timothy Estreich , Ashrafee Hossain , Jiayi Zheng

引用次数: 0

Wealth as a moderating effect on gender differences in portfolio holdings 财富对投资组合中的性别差异具有调节作用

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-28 DOI: 10.1016/j.gfj.2024.100965

Ylva Baeckström , Onur Kemal Tosun , Raul Riefler

引用次数: 0

Synthetic cap rate indices (1991-Covid era) 合成资本利率指数（1991-科维德时代）

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-13 DOI: 10.1016/j.gfj.2024.100961

Andreas D. Christopoulos , Joshua G. Barratt , Daniel C. Ilut

引用次数: 0

Economic policy uncertainty and the inhibitory effect of firms' green technology innovation 经济政策的不确定性与企业绿色技术创新的抑制效应

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-06 DOI: 10.1016/j.gfj.2024.100960

Xiaoxiao Zhou , Mengsi Dai , Xiaowei Ma , Vincent Charles , Umer Shahzad , Xin Zhao

{"title":"Economic policy uncertainty and the inhibitory effect of firms' green technology innovation","authors":"Xiaoxiao Zhou , Mengsi Dai , Xiaowei Ma , Vincent Charles , Umer Shahzad , Xin Zhao","doi":"10.1016/j.gfj.2024.100960","DOIUrl":"10.1016/j.gfj.2024.100960","url":null,"abstract":"<div><p>Given the potential unforeseen impacts of environmental regulation changes on the innovative activities of micro agents, it is crucial to examine the effects of economic policy uncertainty (EPU) on business development. Several studies have shown that uncertainty acts as a hindrance and can hinder business innovation. This study utilizes data from 807 listed companies spanning from 2007 to 2019 and employs a double fixed-effects model to investigate the influence of EPU on enterprises' green technology innovation activities. The results reveal that EPU decreased firms' green technology innovation. Moreover, EPU inhibits corporate green technology innovation by increasing corporate financing constraints. Thus, financing constraints mediate between EPU and enterprises' level of green technology innovation, with increased market competition reducing the inhibiting effect of EPU on innovation. Furthermore, EPU decreases green technology innovation more among nonstate-owned and low-tech businesses than state-owned and high-tech businesses. This paper reveals the intrinsic mechanism of EPU on firms' innovation, clarifies the technological innovation process, and provides insights into governmental environmental governance from the perspective of EPU.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100960"},"PeriodicalIF":5.2,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140088796","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

Trade openness and income inequality: The moderating role of institutional quality 贸易开放与收入不平等：制度质量的调节作用

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-05 DOI: 10.1016/j.gfj.2024.100959

Hyun-Jung Nam , Bart Frijns , Doojin Ryu

引用次数: 0

Corrigendum to “Private placement, share prices, volume and financial crisis: An emerging market study” [Global Finance Journal Volume 24, Issue 3, 2013, Pages 203–221] 更正："私募、股价、交易量与金融危机：新兴市场研究》[《全球金融期刊》第 24 卷第 3 期，2013 年，第 203-221 页］

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-05 DOI: 10.1016/j.gfj.2024.100958

M. Normazia

引用次数: 0

Unlocking the impact of digital technology progress and entry dynamics on firm's total factor productivity in Chinese industries 解读中国产业中数字技术进步和进入动态对企业全要素生产率的影响

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-01 DOI: 10.1016/j.gfj.2024.100957

Junyu Pan , Javier Cifuentes-Faura , Xin Zhao , Xiaoqian Liu

{"title":"Unlocking the impact of digital technology progress and entry dynamics on firm's total factor productivity in Chinese industries","authors":"Junyu Pan , Javier Cifuentes-Faura , Xin Zhao , Xiaoqian Liu","doi":"10.1016/j.gfj.2024.100957","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100957","url":null,"abstract":"<div><p>In today's digital era, technology serves as a fundamental pillar of the digital economy, greatly transforming business models and re-evaluating the enterprises' worth. This theoretical study incorporates digital technology factors into a task-based model to discuss the impact of digital technology advancement and entry price on corporate total factor productivity (TFP) using 2008–2021 data from Chinese-listed companies. The findings show that advances in digital technology considerably help in improving corporate TFP. According to digital technology's pricing strategy, a decrease in the entry price is essential to advancing digital technology and improving TFP. An improvement in corporate management and operational capabilities contributes to incorporating digital technologies at a lower price, thus enhancing corporate TFP. In addition, digital technology advancement generates a heterogeneous TFP effect, which is highlighted in regions with well-protected intellectual property rights, enterprises with high-tech certifications, and nonstate enterprises. These findings demonstrate the empowering effect of emerging technologies on high-quality corporate development and provide strategic insights for companies to achieve digital transformation.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100957"},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140041480","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

Bridging the gap: Uncovering static and dynamic relationships between digital assets and BRICS equity markets 缩小差距：揭示数字资产与金砖国家股票市场之间的静态和动态关系

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-22 DOI: 10.1016/j.gfj.2024.100955

Shoaib Ali , Nassar S. Al-Nassar , Muhammad Naveed

{"title":"Bridging the gap: Uncovering static and dynamic relationships between digital assets and BRICS equity markets","authors":"Shoaib Ali , Nassar S. Al-Nassar , Muhammad Naveed","doi":"10.1016/j.gfj.2024.100955","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100955","url":null,"abstract":"<div><p>This study uniquely explores the link between nonfungible tokens (NFTs) and the stock markets, providing vital insights for investors to optimize portfolios during global uncertainties such as the health crisis and geopolitical conflicts. We employ the quantile vector autoregression (QVAR) model on daily data from March 14, 2018 to December 23, 2022. Subsequently, the statistics for portfolio analysis are computed using the DCC-GARCH model. Our results highlight that total connectedness at both extremes is significantly higher than at the mean and median quantiles suggesting strong impact of extreme events. The findings reveal that the equity markets of the BRICS countries receive shocks from the system, and NFTs act as transmitters of these shocks. Finally, the pre-COVID-19 pandemic optimal weights remained lower than the COVID-19 pandemic weights, proposing that to reduce risk investors should increase investment in BRICS markets. Similarly, the higher hedge ratio during the turmoil period implies a higher hedging cost. Our findings imply that investors should consider adjusting their investment strategies during periods of heightened global uncertainty to minimize risk and maximize returns.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100955"},"PeriodicalIF":5.2,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139942586","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