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Money talks, green walks: Does financial inclusion promote green sustainability in Africa?
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-12-19 DOI: 10.1016/j.gfj.2024.101070
Samuel Fiifi Eshun , Evžen Kočenda
{"title":"Money talks, green walks: Does financial inclusion promote green sustainability in Africa?","authors":"Samuel Fiifi Eshun ,&nbsp;Evžen Kočenda","doi":"10.1016/j.gfj.2024.101070","DOIUrl":"10.1016/j.gfj.2024.101070","url":null,"abstract":"<div><div>This study explores the dynamic relationship between financial inclusion and green sustainability across 38 African countries. We construct an environmental pollution index and a financial inclusion index covering the period 2000–2021 to account for the several dimensions within both indicators and employ them in the System GMM approach. We also test for intra-regional heterogeneity in Africa. Our empirical results show that financial inclusion, while economically beneficial, poses a significant risk of environmental degradation and has a distinctive inverted U-shaped relationship. A direct link between increases in financial inclusion and pollution alters at a turning point, beyond which further financial inclusion increases enhance green sustainability. The same pattern is observed for aggregate output. The results hold even when we control for a score of macro-level determinants. Our analysis highlights intra-regional heterogeneity, revealing differences in impact across income levels and regional groups within Sub-Saharan Africa. These results remain robust for alternative proxies of green sustainability. We offer valuable insights for policymakers to promote sustainability through inclusive financial practices and policies in Sub-Saharan Africa.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101070"},"PeriodicalIF":5.5,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169328","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 ESG rating disagreement impede corporate green innovation?
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-12-19 DOI: 10.1016/j.gfj.2024.101068
Jialei Zhu, Zhengde Xiong, Xinxin Lu, Zhu Yao
{"title":"Does ESG rating disagreement impede corporate green innovation?","authors":"Jialei Zhu,&nbsp;Zhengde Xiong,&nbsp;Xinxin Lu,&nbsp;Zhu Yao","doi":"10.1016/j.gfj.2024.101068","DOIUrl":"10.1016/j.gfj.2024.101068","url":null,"abstract":"<div><div>This paper investigates the effect of environmental, social, and governance (ESG) rating disagreement between agencies on corporate green innovation. Using a sample of Chinese-listed firms, we find that an increase in ESG rating disagreement causes a reduction in green innovation. Moreover, the negative effect becomes more pronounced when firms face poor information disclosure, higher information asymmetry, and greater information uncertainty. Additional analyses indicate that losing the corporate sustainability signal due to disagreement leads to detrimental economic consequences, which diminishes green innovation motivation. However, digitalization and analyst coverage can mitigate this negative link. Our paper provides new insights into the real effects of ESG rating disagreement on corporate green innovation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101068"},"PeriodicalIF":5.5,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169329","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 impacts of China's ETS on firm competitiveness: Evidence from the power and heat production sector
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-12-16 DOI: 10.1016/j.gfj.2024.101067
Mingming Zhang, Michael O. Wood , Jeffrey Wilson, Tingting Wu
{"title":"The impacts of China's ETS on firm competitiveness: Evidence from the power and heat production sector","authors":"Mingming Zhang,&nbsp;Michael O. Wood ,&nbsp;Jeffrey Wilson,&nbsp;Tingting Wu","doi":"10.1016/j.gfj.2024.101067","DOIUrl":"10.1016/j.gfj.2024.101067","url":null,"abstract":"<div><div>Greenhouse Gas (GHG) emissions are one of the primary causes of climate change. In the coming decades, the economic costs of climate change are estimated to be 10 % of the global GDP. To mitigate threats of the catastrophic consequences of climate change, an Emission Trading Scheme (ETS) is proposed as a cost-efficient carbon pricing approach to reduce the GHG emissions from production activities. Since 2013, the Chinese government has launched seven pilot ETS projects. In the pilot projects, China established the national carbon trading market in 2021. The national ETS project covers more than 2000 power and heat production plants, which account for 40 % to 50 % of China's industrial emissions and 10 % of the worldwide GHG emissions. Despite the rapid expansion of China's ETS is, there is no consensus on the effectiveness or impacts of ETS. This study investigates the impacts of the pilot ETS on the competitiveness of the participating firms, measured by profitability, production investment, and environmental performance with a Difference-in-Differences (DID) method. Our study finds that the pilot ETS had a positive impact on profitability and GHG emissions reduction among the participating firms, and a negative impact on production investments. This study provides evidence that the pilot ETS has been effective in producing incentives for firms to reduce their emissions, which is not only beneficial to the environment, but also enhances firm's profitability.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101067"},"PeriodicalIF":5.5,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169326","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
Pyramidal structure, vertical interlock, and corporate innovation 金字塔结构，垂直联锁，企业创新
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-23 DOI: 10.1016/j.gfj.2024.101065
Shaohua Tian , Lewis H.K. Tam
{"title":"Pyramidal structure, vertical interlock, and corporate innovation","authors":"Shaohua Tian ,&nbsp;Lewis H.K. Tam","doi":"10.1016/j.gfj.2024.101065","DOIUrl":"10.1016/j.gfj.2024.101065","url":null,"abstract":"<div><div>We examine how pyramidal group structure and vertical interlock, i.e. the CEO's or board chair's engagement in an upper-level firm within the group, affect firm innovation. Using a sample of listed firms in Chinese stock markets, we find that firms at lower levels of the group pyramid, i.e., further away from the ultimate parent, are less innovative in terms of research and development (R&amp;D) expense and patent applications than ones closer to the top. Moreover, a firm's innovation activity is influenced by the vertical interlock, whose impact is heterogeneous across the group pyramid. In general, a vertical interlock enhances innovation when the firm is located at a lower level in the group, but it deters innovation when the firm is close to the ultimate parent.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101065"},"PeriodicalIF":5.5,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744719","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
Inhabiting influence of digital finance on stock price synchronicity 数字金融对股价同步性的影响
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-21 DOI: 10.1016/j.gfj.2024.101057
Muhammad Ayaz , Zaheer Anwer , M. Kabir Hassan , Xu Xiaoyang
{"title":"Inhabiting influence of digital finance on stock price synchronicity","authors":"Muhammad Ayaz ,&nbsp;Zaheer Anwer ,&nbsp;M. Kabir Hassan ,&nbsp;Xu Xiaoyang","doi":"10.1016/j.gfj.2024.101057","DOIUrl":"10.1016/j.gfj.2024.101057","url":null,"abstract":"<div><div>We examine how digital finance can influence stock price synchronicity in China for the period of 2011–2021. Results suggest that the digital finance index, coverage breadth, usage depth, and digitalization level can significantly reduce stock price synchronicity. The possible channels of this linkage are information opacity and stock price crash risk. We find that digital finance is effective in reducing stock price synchronicity only in state-owned enterprises and large firms. The results are robust and immune to reverse causality and endogeneity and have important implications for investors and policymakers.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101057"},"PeriodicalIF":5.5,"publicationDate":"2024-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744313","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
Business group heterogeneity and firm outcomes: Evidence from Korean chaebols 企业集团异质性与公司业绩：韩国企业集团的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.gfj.2024.101056
Romain Ducret, Dušan Isakov
{"title":"Business group heterogeneity and firm outcomes: Evidence from Korean chaebols","authors":"Romain Ducret,&nbsp;Dušan Isakov","doi":"10.1016/j.gfj.2024.101056","DOIUrl":"10.1016/j.gfj.2024.101056","url":null,"abstract":"<div><div>This study examines how business group heterogeneity affects firm outcomes using data from Korean chaebols (2007–2019). We employ a three-level empirical strategy considering: 1) market-level average effects, 2) effects across categories of business groups, and 3) group-specific effects capturing unobservable attributes. Our analysis reveals substantial variations in affiliation effects between business groups, often diverging from average market-level effects. We find that group resources significantly impact affiliate performance - investors assign higher valuations to firms affiliated with large, financially sound, and well-performing business groups. While performance effects are primarily market-driven, we document considerable heterogeneity in financial and investment policies across groups, likely influenced by unobservable characteristics such as controlling shareholders' preferences. Our findings highlight the importance of considering business group heterogeneity when analyzing affiliate performance</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101056"},"PeriodicalIF":5.5,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704054","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 determinants of funding liquidity risk in decentralized lending
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-15 DOI: 10.1016/j.gfj.2024.101055
Minh Hong Nguyen , Binh Nguyen Thanh , Huy Pham , Thi Thu Tra Pham
{"title":"The determinants of funding liquidity risk in decentralized lending","authors":"Minh Hong Nguyen ,&nbsp;Binh Nguyen Thanh ,&nbsp;Huy Pham ,&nbsp;Thi Thu Tra Pham","doi":"10.1016/j.gfj.2024.101055","DOIUrl":"10.1016/j.gfj.2024.101055","url":null,"abstract":"<div><div>Decentralized lending in the DeFi ecosystem mirrors traditional financial intermediation but poses significant risks, particularly funding liquidity risk, due to the volatility and composbility of digital assets, high leverage, and the absence of regulatory protections. This study applies traditional financial intermediation theories to DeFi lending and empirically test which internal factors such as interest rates and user market power, as well as external factors like the USD Index, influence funding liquidity risk in DeFi lending. Analyzing high-frequency blockchain data using the ARDL model and a novel dynamic ARDL simulation from major pools such as Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH), the research finds that current algorithmic interest rate models fail to function as effective self-stabilization mechanisms. Additionally, lower deposit concentration in these pools may exacerbate, rather than mitigate, funding liquidity risk.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101055"},"PeriodicalIF":5.5,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429005","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
Under the microscope: Trade initiation activities around earnings and takeover announcements in a market with continuous disclosure 显微镜下：持续披露市场中围绕盈利和收购公告的交易启动活动
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-08 DOI: 10.1016/j.gfj.2024.101054
Priyantha Mudalige , Petko S. Kalev
{"title":"Under the microscope: Trade initiation activities around earnings and takeover announcements in a market with continuous disclosure","authors":"Priyantha Mudalige ,&nbsp;Petko S. Kalev","doi":"10.1016/j.gfj.2024.101054","DOIUrl":"10.1016/j.gfj.2024.101054","url":null,"abstract":"<div><div>We examine the impact of the release time of earnings and takeover announcements on trade initiation motives on the ASX — a market with continuous disclosure. This investigation uses intraday high-frequency data of the constituent stocks of the S&amp;P/ASX50 index and measures market sidedness around the announcements to infer trade initiation motives. We find that during a continuous trading session: (i) in a two-sided market, investors initiate both buy and sell trades just before announcements are released during trading sessions, and (ii) in a one-sided market, investors execute either buy or sell trades just after the announcements. Our results suggest that differential information is the likely motive for trade initiation just before the release of announcements. Finally, our results suggest that announcements released during continuous trading sessions are more effective in controlling information leakage.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101054"},"PeriodicalIF":5.5,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651916","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
Stock, foreign exchange and commodity markets linkages: Implications for risk diversification and portfolio management 股票、外汇和商品市场的联系：对风险分散和投资组合管理的影响
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-11-02 DOI: 10.1016/j.gfj.2024.101053
Jorge A. Muñoz Mendoza , Carmen L. Veloso Ramos , Carlos L. Delgado Fuentealba , Edinson E. Cornejo Saavedra , Sandra M. Sepúlveda Yelpo
{"title":"Stock, foreign exchange and commodity markets linkages: Implications for risk diversification and portfolio management","authors":"Jorge A. Muñoz Mendoza ,&nbsp;Carmen L. Veloso Ramos ,&nbsp;Carlos L. Delgado Fuentealba ,&nbsp;Edinson E. Cornejo Saavedra ,&nbsp;Sandra M. Sepúlveda Yelpo","doi":"10.1016/j.gfj.2024.101053","DOIUrl":"10.1016/j.gfj.2024.101053","url":null,"abstract":"<div><div>We analyze connectedness for a system composed of 111 financial markets from January 3, 2011, to December 29, 2023. Stock, foreign exchange, and commodity markets are included in the sample. Using a two-stage approach based on Principal Component Analysis to remove common global factors affecting financial market returns, we employ a LASSO-VAR model to estimate the global network of financial markets. Our results reveal that financial markets are closely linked. Common global factors intensify spillovers between financial markets. After being removed, financial markets transmit significant idiosyncratic shocks that are not explained by systemic variations. Our results also allow us to accurately identify the markets that are idiosyncratically less vulnerable to liquidity shocks, and those that are most relevant transmitting this kind of disturbances. These findings are relevant for investment decisions, risk management, and financial regulators.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101053"},"PeriodicalIF":5.5,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142593403","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
Value of climate change news: A textual analysis 气候变化新闻的价值：文本分析
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-10-28 DOI: 10.1016/j.gfj.2024.101052
Mohammad R. Allahdadi, Torun Fretheim, Kjetil Vindedal
{"title":"Value of climate change news: A textual analysis","authors":"Mohammad R. Allahdadi,&nbsp;Torun Fretheim,&nbsp;Kjetil Vindedal","doi":"10.1016/j.gfj.2024.101052","DOIUrl":"10.1016/j.gfj.2024.101052","url":null,"abstract":"<div><div>There is a growing consensus that climate change poses a financial material risk to investors. In the face of escalating climate change risks, investors are seeking strategies to safeguard their portfolios. Building on a growing literature that combines textual analysis and dynamic hedging approach, we propose a method to construct portfolios of publicly traded assets that dynamically hedge climate change risk in the Norwegian stock market.</div><div>As climate risk is not directly observable, we apply Latent Dirichlet Allocation to extract news on climate change from more than 400,000 articles published in the Norwegian newspaper <em>Dagens Næringsliv</em> between January 2013 and February 2022. Using these data, we develop the DN Climate Change News Index and use innovations in this index as a hedge target. The hedge portfolios are constructed using third-party environmental scores from MSCI and Sustainalytics, along with firm-level data of equities listed on the Oslo Stock Exchange.</div><div>The DN Climate Change News Index show high correlations with international counterparts, indicating its ability to capture major global climate events and assessing the intensity of climate change–related news coverage. However, despite a positive out-of-sample correlation, the mimicking portfolio approach fails to construct efficient hedge portfolios against innovations in the index. Hedge portfolios based on Sustainalytics <em>E</em>-scores show a 0.21 out-of-sample correlation with innovations in the DN Climate Change News Index, indicating that the index may provide a relevant signal for investors.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101052"},"PeriodicalIF":5.5,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651915","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
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