Global Finance Journal最新文献_第3页

Relationship between firm value, environment, social, and governance – Strengths and controversies 企业价值、环境、社会与治理的关系——优势与争议

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-24 DOI: 10.1016/j.gfj.2026.101238

Anita Mendiratta , Shveta Singh , Surendra S. Yadav , Arvind Mahajan

{"title":"Relationship between firm value, environment, social, and governance – Strengths and controversies","authors":"Anita Mendiratta , Shveta Singh , Surendra S. Yadav , Arvind Mahajan","doi":"10.1016/j.gfj.2026.101238","DOIUrl":"10.1016/j.gfj.2026.101238","url":null,"abstract":"<div><div>Previous studies only examined one or two two-way relationships among firm value (FV), environmental, social, and governance strengths (ESG), and ESG controversies (ESG contro). We analyze all three: 1) ESG and FV, 2) ESG contro and FV, and 3) ESG and ESG contro. Using 688 observations from 2008 to 2018 of Indian firms, we determine the optimal lag order, cross-sectional dependence (CD), and stationarity for a panel vector autoregressive (panel VAR) model with system generalized method of moments (GMM). We confirm results with Instrumental Variables - Two-Stage Least Squares (IV-2SLS). First, we examine a bi-directional relationship between ESG and FV; however, we find a unidirectional association that supports good management. Second, we confirm the bidirectionality of ESG contro and FV, suggesting a virtuous circle. A decrease in prior ESG contro enhances FV; then, FV surge lessens ESG contro. Our results also reflect that the firms either augment ESG or diminish ESG contro to enhance their FV eventually. Finally, we confirm the bidirectionality of ESG contro–ESG. We confirm that ESG is not invested until earlier ESG contro has increased, supporting the moral cleansing. Regarding past ESG influencing ESG contro, we highlight the unsolved licensing-consistency puzzle in the literature. Initially, our paper also finds contradictory results. Our panel VAR estimates support moral consistency, while IV-2SLS supports moral licensing. Therefore, we investigate the critical conditions under which firms exhibit moral consistency or moral licensing. We find that firms that do not receive CR awards exhibit moral consistency, while those that do receive CR awards exhibit moral licensing. Thus, it is the first study to examine all three kinds of bidirectional links between ESG, ESG contro, and FV, as well as the role of CR awards in resolving the moral licensing-consistency puzzle.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101238"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173098","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

Multivariate crash risk and worldwide stock returns 多元崩盘风险与全球股票收益

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-20 DOI: 10.1016/j.gfj.2025.101230

Emawtee Bissoondoyal-Bheenick, Vuong Thao Tran, Angel Zhong

引用次数: 0

Green interactions and corporate climate risk exposure: Evidence from China's investor-firm digital interactive platforms 绿色互动与企业气候风险暴露：来自中国投资者-公司数字互动平台的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-21 DOI: 10.1016/j.gfj.2025.101229

Silu Pang, Chunlin Cheng, Yihan Han, Guihong Hua

{"title":"Green interactions and corporate climate risk exposure: Evidence from China's investor-firm digital interactive platforms","authors":"Silu Pang, Chunlin Cheng, Yihan Han, Guihong Hua","doi":"10.1016/j.gfj.2025.101229","DOIUrl":"10.1016/j.gfj.2025.101229","url":null,"abstract":"<div><div>Retail investors' green interactions—their oversight and recommendations on corporate climate risks through official interactive platforms—have become a growing informal governance mechanism as climate change gains global prominence. Drawing on social exchange theory, this study examines how such interactions between retail investors and listed firms influence corporate climate risk exposure (CRE). Using data from China's investor-firm interactive platforms covering 1798 firms from 2014 to 2022, we find that green interactions significantly reduce CRE, with stronger effects among firms exhibiting higher social responsibility conformity and larger retail investor bases. Advocacy-oriented and information-oriented messages are most effective, and their impact is amplified by firms' response quality. We identify three mechanisms behind this relationship: heightened climate risk perception, lower information transmission costs, and strengthened investor trust. These findings deepen understanding of retail investor activism in corporate climate governance and offer insights for integrating grassroots engagement into climate policy and financial regulation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101229"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840172","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

Equity premium prediction: A constraint-based predictor decomposition approach 股票溢价预测：一种基于约束的预测因子分解方法

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-10 DOI: 10.1016/j.gfj.2025.101199

Ying Yuan , Yong Qu , Sijia Qiao

引用次数: 0

AI strategies for financial inclusion and gender equality in MENAT: Evidence from Egypt, Turkey, and the UAE 中东和北非地区促进金融包容性和性别平等的人工智能战略：来自埃及、土耳其和阿联酋的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-09-24 DOI: 10.1016/j.gfj.2025.101181

Merih Angın, Eylem Güner, Pelin Kılınçarslan

{"title":"AI strategies for financial inclusion and gender equality in MENAT: Evidence from Egypt, Turkey, and the UAE","authors":"Merih Angın, Eylem Güner, Pelin Kılınçarslan","doi":"10.1016/j.gfj.2025.101181","DOIUrl":"10.1016/j.gfj.2025.101181","url":null,"abstract":"<div><div>Despite widespread artificial intelligence (AI) and financial-inclusion strategies across Middle East, North Africa, and Turkey (MENAT) countries, their implications for gender equality remain underexplored. This study bridges this gap by employing natural language processing techniques, specifically a RoBERTa model fine-tuned for Sustainable Development Goal 5 (Gender Equality), to analyze publicly available national AI strategy documents from MENAT countries. Our high-accuracy thematic classification reveals substantial variation in countries' approaches to gender-focused financial inclusion. Through an in-depth comparative assessment of Egypt, Turkey, and the United Arab Emirates (UAE), we find distinct approaches: the UAE demonstrates strong AI readiness yet limited focus on socio-economic inclusivity, Turkey shows moderate attention to integrating gender in financial inclusion, and Egypt, despite ambitious goals, faces significant implementation challenges. These findings underscore the diverse challenges and opportunities in leveraging AI to enhance financial inclusion and empower women, reflecting varied socio-economic priorities and execution capacities across the MENAT region.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101181"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325003","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

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 : 2025-12-01 Epub Date: 2025-09-03 DOI: 10.1016/j.gfj.2025.101172

Simón Zuluaga-Rendón , Diego A. Agudelo

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 : 2025-12-01 Epub Date: 2025-09-23 DOI: 10.1016/j.gfj.2025.101196

Pouyan Foroughi

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 : 2025-12-01 Epub Date: 2025-09-04 DOI: 10.1016/j.gfj.2025.101174

Dan Liu

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 : 2025-12-01 Epub Date: 2025-09-26 DOI: 10.1016/j.gfj.2025.101197

Lucas N.C. Vasconcelos, Rafael Schiozer

{"title":"Sovereign fiscal capacity, implicit subsidies, and bank value","authors":"Lucas N.C. Vasconcelos, Rafael Schiozer","doi":"10.1016/j.gfj.2025.101197","DOIUrl":"10.1016/j.gfj.2025.101197","url":null,"abstract":"<div><div>This study examines how fiscal constraints affect banks' market value in a cross-country sample, using exogenous variations in fiscal constraints based on abnormal military spending. Increased fiscal constraints arising from exogenous spending shocks can affect bank valuation through two different channels with opposing expected effects: spending shocks weaken governments' ability to stabilize the financial system during crises, resulting in lower bank valuation; however, when fiscal constraints are heightened because of positive sector-specific spending shocks (increased military expenditure), corporate earnings—particularly in sectors that are heavily dependent on government contracts—become more predictable, which subsequently reduces banks' earnings volatility, thereby increasing their valuation. We find that fiscal constraints negatively impact banks' valuation, which is consistent with the first channel (i.e., owing to the reduced proportion of banks' value composed by implicit or explicit governmental guarantees). In addition, bank resolution reforms adopted after the global financial crisis attenuate this relationship, but do not completely eliminate it. The sovereign–bank nexus remains relevant and concentrated in large banks. Our inferences provide insights in favor of strengthening bank resolution frameworks, to reduce banks' reliance on governmental funds and ensure bailouts occur only when welfare-enhancing. By limiting expectations of unconditional government support, these regulations may mitigate too-big-to-fail perceptions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101197"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267632","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 climate risk influence exchange rates? 气候风险会影响汇率吗？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-15 DOI: 10.1016/j.gfj.2025.101203

Yu Ma , Wenxia Zhao , Zijun Ding

{"title":"Does climate risk influence exchange rates?","authors":"Yu Ma , Wenxia Zhao , Zijun Ding","doi":"10.1016/j.gfj.2025.101203","DOIUrl":"10.1016/j.gfj.2025.101203","url":null,"abstract":"<div><div>Climate risk has emerged as a major global challenge with significant implications for the dynamics of exchange rates. By constructing a Climate Physical Risk Index based on extreme weather events across 77 countries from 1993 to 2022, this study examines whether climate shocks affect exchange rates. Fixed-effects models for panel data are employed to assess the cross-national impact of climate risk. The results indicate that climate shocks contribute to currency depreciation, with pronounced effects observed in developing countries, economies characterized by floating exchange rate regimes and those with lower levels of openness, and nations situated in the Northern Hemisphere. An analysis of the mechanisms reveals that climate risk affects exchange rates through various channels, such as deteriorating current accounts, widening fiscal deficits, hindering economic growth, and reducing total factor productivity. By introducing a cross-national risk index into the process of determining exchange rates, this study expands the intersection of climate economics and international finance. This study highlights significant policy implications for designing change rate regimes, fiscal planning, and enhancing resilience through investment strategies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101203"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325004","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