Global Finance Journal最新文献_第2页

Only attractive women are welcome: Board bias and CEO selection 只欢迎有魅力的女性：董事会偏见和CEO选择

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-03 DOI: 10.1016/j.gfj.2026.101233

Tom Aabo , Viktor Raaby Jensen

{"title":"Only attractive women are welcome: Board bias and CEO selection","authors":"Tom Aabo , Viktor Raaby Jensen","doi":"10.1016/j.gfj.2026.101233","DOIUrl":"10.1016/j.gfj.2026.101233","url":null,"abstract":"<div><div>CEOs matter, and beauty matters. Based on social identity theory, we argue that women and men are likely to be held to different beauty standards by the boards of directors when these boards select the new CEO. Our empirical results support our arguments. Specifically, we investigate 959 CEO turnovers in non-financial S&P 1500 firms in the period from 2008 to 2022. We find that newly appointed female CEOs are significantly more attractive than their male peers. Thus, the median female CEO is more attractive than a male CEO at the 75th percentile level. We find no indication of an economic rationale for such a biased beauty preference. When investors are informed of the new CEO, they value CEO beauty equally across the two genders (i.e., no gender bias). The discrimination by the boards of directors seems to be related to women's minority status (i.e., we get similar results for non-white candidates) rather than the sexualization of women although we cannot rule out that both may coincide. Our findings are robust and economically significant. Thus, they are important in understanding the lack of gender equality and the avenues through which women face (beauty) discrimination in the upper echelons.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101233"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145977096","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

Banking, environmental, digitalization, and gender challenges in the MENA region 中东和北非地区的银行、环境、数字化和性别挑战

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-05-08 DOI: 10.1016/j.gfj.2026.101285

Eliane Badaoui , Etienne Harb , Ibrahim Jamali

引用次数: 0

Responsible investors and green innovation 负责任的投资者和绿色创新

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-05-18 DOI: 10.1016/j.gfj.2026.101291

Baibing Huang , Shaohua Tian , Endong Yang , Yang Zhang

引用次数: 0

Are machines better predictors of insider trading? 机器能更好地预测内幕交易吗？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-17 DOI: 10.1016/j.gfj.2026.101237

Solmaz Batebi, Ahmed Elnahas

{"title":"Are machines better predictors of insider trading?","authors":"Solmaz Batebi, Ahmed Elnahas","doi":"10.1016/j.gfj.2026.101237","DOIUrl":"10.1016/j.gfj.2026.101237","url":null,"abstract":"<div><div>This study examines whether machine learning (ML) techniques can improve the prediction of insider trading behaviour compared with traditional linear approaches. Using a comprehensive sample of U.S. insider trading data from 2000 to 2022, we compare ensemble learning methods—random forest and extreme gradient boosting—to logistic regression and least absolute shrinkage and selection operator (LASSO). We implement Bayesian hyperparameter optimisation to improve model tuning and employ Shapley additive explanations (SHAP) values to maintain interpretability and identify the principal economic determinants of insider trading decisions. Additionally, we apply Gaussian Thompson sampling to evaluate competing hypotheses about insiders' market-timing motives. The results demonstrate that ML methods substantially outperform linear models in predicting both the likelihood and magnitude of insider sales, with predictive gains particularly pronounced among female insiders. SHAP analysis indicates that incentive structures play a stronger role for male insiders, whereas female trading behaviour appears more closely associated with private information about future firm performance.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101237"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023061","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

Information concealment effects or signaling effect of industrial policy: Evidence from stock price crash risk 产业政策的信息隐藏效应或信号效应：来自股价崩盘风险的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-03 DOI: 10.1016/j.gfj.2026.101234

Guangrui Liu , Ying Fang , Jiani Yan , Ming Zhou , Zixin He

{"title":"Information concealment effects or signaling effect of industrial policy: Evidence from stock price crash risk","authors":"Guangrui Liu , Ying Fang , Jiani Yan , Ming Zhou , Zixin He","doi":"10.1016/j.gfj.2026.101234","DOIUrl":"10.1016/j.gfj.2026.101234","url":null,"abstract":"<div><div>Industrial policies generate both positive and negative information effects. Existing research largely emphasizes their signaling benefits while overlooking potential adverse impacts. Using the <em>High-Tech Enterprise Identification Policy</em> (HTEP) as a quasi-natural experiment, this study applies a staggered difference-in-differences model to examine how industrial policy influences stock price crash risk. The findings reveal that HTEP produces an information concealment effect that heightens crash risk. This effect is most pronounced among nonstate-owned and pseudo high-tech enterprises, where controlling shareholders conceal negative information for tax arbitrage and equity transfer, further increasing risk. Channel analysis indicates that HTEP intensifies information asymmetry among external investors, amplifying market instability. Grounded in Type II agency theory, the study identifies research and development information manipulation as a new mechanism linking industrial policy to crash risk, thereby expanding the theoretical framework of stock price dynamics. These results provide empirical evidence on the information effects of industrial policy and offer policy insights to improve the design and execution of innovation-driven industrial strategies worldwide.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101234"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145925163","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

Prolonged Neobroker usage: Analyzing investment behavior and its impact on trading specific financial products 长期使用新经纪商：分析投资行为及其对特定金融产品交易的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-11-24 DOI: 10.1016/j.gfj.2025.101222

Jonas Freibauer , Silja Grawert

引用次数: 0

From corporate responsibility to corporate sustainability: A study of how ESG mitigates corporate default risk using serial mediation analysis 从企业责任到企业可持续性：ESG如何缓解企业违约风险的序列中介分析

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-11-26 DOI: 10.1016/j.gfj.2025.101225

Naresh Chandra Sahu, Abhisek Mahanta, Nihar Ranjan Jena

{"title":"From corporate responsibility to corporate sustainability: A study of how ESG mitigates corporate default risk using serial mediation analysis","authors":"Naresh Chandra Sahu, Abhisek Mahanta, Nihar Ranjan Jena","doi":"10.1016/j.gfj.2025.101225","DOIUrl":"10.1016/j.gfj.2025.101225","url":null,"abstract":"<div><div>This study investigates how Environmental, Social, and Governance (ESG) performance is linked to the corporate default risk. Using listed Indian firms from 2016 to 2024, this study finds that ESG performance and its individual dimensions are negatively related to default risk via improved Altman <em>Z</em>-score. The advanced serial mediation analysis using the PROCESS model 6 suggests that ESG information is transmitted to lower default risk via enhanced corporate efficiency (CEF), improved financial performance indicated by return on assets (ROA), and lowered the cost of borrowing indicated by the cost of debt (COD). Applying the Propensity Score Matching (PSM) and Difference-in-Difference (DID) technique, this study also documents that firms that are part of the NIFTY100ESG index have significantly better financial resilience than companies not part of the index after the COVID-19 crisis. Through ex-post analysis in the case of defaulted firms, this study finds that ESG performance can predict corporate default events if combined with other parameters effectively. The findings supported by the legitimacy theory indicate that firms can increase corporate sustainability and legitimacy not only through improvements in corporate efficiency and profitability but also through external perceptions, responsibility, and ethical practices, which function as an ‘insurance effect’. Thus, policymakers should encourage lenders to integrate ESG factors into business models and promote sustainable business practices to reduce financial risks. This will accelerate the firms' adoption of cleaner technologies, enhance governance standards, and strengthen overall financial stability and corporate sustainability.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101225"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145617100","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 policy uncertainty and stock price crash risk: The role of geographic segment disclosure 贸易政策不确定性与股价崩盘风险：地理区域信息披露的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-30 DOI: 10.1016/j.gfj.2025.101231

Haneen Abedalqader , Shao-Chi Chang

{"title":"Trade policy uncertainty and stock price crash risk: The role of geographic segment disclosure","authors":"Haneen Abedalqader , Shao-Chi Chang","doi":"10.1016/j.gfj.2025.101231","DOIUrl":"10.1016/j.gfj.2025.101231","url":null,"abstract":"<div><div>This paper aims to examine how trade policy uncertainty (TPU) affects firm-specific stock price crash risk and the extent to which corporate disclosures and governance can mitigate this vulnerability. Using a global panel database of publicly listed firms from 17 countries over the period 2010–2023, we find a positive and significant relationship between TPU and stock price crash risk, suggesting that firms exposed to trade policy shocks are more vulnerable to sudden negative price movements. As a result of opacity, firms with less transparent geographical segment disclosure tend to hoard bad news, suggesting that opacity compounds this tendency. Furthermore, we investigate how segment reporting complexity, supply chain concentration, and governance mechanisms serve as moderating factors. We find that high segment reporting complexity and supply chain concentration exacerbate the TPU-crash risk relationship by increasing operational and informational opacity. The TPU-induced crash risk decreases with strong institutional ownership and enhanced analyst coverage, but increases with high information asymmetry. In light of rising global trade policy uncertainty, geographical segment disclosure, operational structure, and governance are crucial to moderating firm-level financial fragility.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101231"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884277","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

Managerial overconfidence and corporate environmental, social, and governance performance: International evidence 管理过度自信与企业环境、社会和治理绩效：国际证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-02-06 DOI: 10.1016/j.gfj.2026.101242

Ayobolawole Adewale Ogundipe , Dan Daugaard , Faisal Khan , Jing Jia

{"title":"Managerial overconfidence and corporate environmental, social, and governance performance: International evidence","authors":"Ayobolawole Adewale Ogundipe , Dan Daugaard , Faisal Khan , Jing Jia","doi":"10.1016/j.gfj.2026.101242","DOIUrl":"10.1016/j.gfj.2026.101242","url":null,"abstract":"<div><div>This study examines the impact of managerial overconfidence on corporate environmental, social, and governance (ESG) performance. We argue that strong ESG performance mitigates firm risk by functioning as moral capital during adverse events—an insurance-like buffer that protects firms during adverse events and controversies. Overconfident managers, however, tend to hold overly optimistic expectations about firm outcomes and may therefore discount this moral insurance effect, undervaluing ESG initiatives and ultimately exhibiting weaker ESG performance. Using a comprehensive sample of firms from 51 countries over the period 2009–2018, we find a robust negative association between managerial overconfidence and ESG performance. Firms led by overconfident CEOs exhibit weaker environmental policies, poorer social outcomes, and a higher likelihood of governance-related controversies. Our findings remain stable across multiple endogeneity checks, including propensity score matching, generalized method of moments, two-stage least squares, alternative variable constructions, and subsample analyses across institutional and economic groupings. This study contributes to the growing literature at the intersection of behavioral finance and corporate ESG by highlighting the role of managerial psychology—an often-overlooked factor—in shaping nonfinancial performance. Additional analyses indicate that heightened corporate risk-taking serves as a key transmission mechanism through which managerial overconfidence undermines ESG performance. Overall, the study provides novel and policy-relevant insights into the behavioral foundations of corporate sustainability, demonstrating that executive psychology is a critical—yet often overlooked—determinant of firms' ESG outcomes in global settings.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101242"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173100","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

Predicting serial credit rating downgrades 预测连续信用评级下调

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-11-24 DOI: 10.1016/j.gfj.2025.101221

Lance Malone, Lee A. Smales, Zhangxin (Frank) Liu (Frank)

引用次数: 0