Global Finance Journal最新文献_第4页

Beyond the green facade: Evidence of a nonlinear link between greenwashing and financing efficiency 超越绿色门面：洗绿与融资效率之间非线性联系的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-09-08 DOI: 10.1016/j.gfj.2025.101183

Morong Xu , Yaopeng Wang

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引用次数: 0

Political turnover and related party transactions in Chinese state-owned enterprises 中国国有企业的政治更替与关联交易

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-09-05 DOI: 10.1016/j.gfj.2025.101182

Mingfa Ding , Yikai Han , Mi Shen , Sandy Suardi

{"title":"Political turnover and related party transactions in Chinese state-owned enterprises","authors":"Mingfa Ding , Yikai Han , Mi Shen , Sandy Suardi","doi":"10.1016/j.gfj.2025.101182","DOIUrl":"10.1016/j.gfj.2025.101182","url":null,"abstract":"<div><div>This paper investigates the dual role of government involvement in Chinese firms, acting as both a “helping hand” and a “grabbing hand”, with a focus on state-owned enterprises (SOEs). We examine how political turnover influences related party transactions (RPTs), which may serve to prop up distressed firms or facilitate tunnelling at the expense of minority shareholders. We find that political turnover is associated with a significant decline in RPTs, a causal relationship supported by multiple analyses addressing endogeneity concerns. Further evidence suggests that SOEs reduce tunnelling when local governments face fiscal constraints and curb propping activities when firms are at risk of delisting or losing rights to issue new shares. The reduction in RPTs is more pronounced in firms with high initial RPTs, weak governance, or exposure to local corruption, and is amplified when new provincial leaders are outsiders. These findings suggest that political turnover acts as an external governance mechanism, disrupting entrenched rent-seeking practices and reshaping firm-level resource allocation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101182"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145011218","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

Female CEOs in turbulent times: The effect of terrorist attacks on executive compensation 动荡时期的女性ceo：恐怖袭击对高管薪酬的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-04 DOI: 10.1016/j.gfj.2025.101198

Yunji Hwang , Jonghan Park , Kevin H. Kim , Seung Hun Han

引用次数: 0

Institutional openness and the labor income share of enterprises - A decade and a half of empirical evidence from China's free trade zones 制度开放与企业劳动收入占比——来自中国自贸区15年的经验证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-11-10 DOI: 10.1016/j.gfj.2025.101210

Tianchen Wang , Xuesong Wu , Qun Mi

引用次数: 0

Friendly press, fading greens: The effect of media connection on firm greenwashing 友好的媒体，褪色的绿色：媒体联系对公司绿色洗白的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-27 DOI: 10.1016/j.gfj.2025.101179

Hao Dong , Chengcheng Li , Xiaoqiong Wang

引用次数: 0

Regret to reward: Investor regret and the cross-sectional stock returns in the Chinese market 后悔回报：投资者后悔与中国市场横截面股票收益

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-17 DOI: 10.1016/j.gfj.2025.101205

Anh Tuan Le , Harvey Nguyen , Cuong Nguyen

{"title":"Regret to reward: Investor regret and the cross-sectional stock returns in the Chinese market","authors":"Anh Tuan Le , Harvey Nguyen , Cuong Nguyen","doi":"10.1016/j.gfj.2025.101205","DOIUrl":"10.1016/j.gfj.2025.101205","url":null,"abstract":"<div><div>This study investigates the cross-sectional asset pricing implications of investor regret in the Chinese stock market. Using a comprehensive sample spanning January 2000 to November 2021, we find that regret is positively related to the cross-section of future equity returns. A strategy that involves longing a portfolio with the highest regret and shorting a portfolio with the lowest regret generates annualized risk-adjusted returns of 11.64 %. In addition, the regret premium is more pronounced for stocks with high arbitrage limits and information frictions. The regret anomaly persists after considering established asset pricing factors through extensive sensitivity analyses. Overall, our findings remain consistent with our hypothesis that regret-averse investors generally avoid stocks that generate high regret as these stocks have reduced overall utility compared with others. Consequently, these high regret stocks tend to deliver higher future returns in equilibrium. Our results provide valuable insights for policymakers and regulators to better understand how investors' emotional behaviors such as regret can affect stock dynamics, particularly in emerging and retail-driven markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101205"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145362531","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 spillover effect of core enterprises' ESG performance on node enterprises' debt financing costs 核心企业ESG绩效对节点企业债务融资成本的溢出效应

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-31 DOI: 10.1016/j.gfj.2025.101208

Qifa Xu , Changyu Ruan , Cuixia Jiang , Li Li

引用次数: 0

How resilient are PE/VC returns to real shocks? PE/VC回报对实际冲击的弹性如何？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-27 DOI: 10.1016/j.gfj.2025.101206

Michelle Xuan Mi, Rumi Masih

引用次数: 0

How does green industrial policy influence institutional investor ownership? Evidence from a quasi-natural experiment 绿色产业政策如何影响机构投资者所有权？来自准自然实验的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-11-02 DOI: 10.1016/j.gfj.2025.101209

William Mbanyele , Ying Liu , Xinwei Qu , Hongyun Huang

引用次数: 0

ESG news spillover and corporate investment efficiency ESG新闻溢出与企业投资效率

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-10-24 DOI: 10.1016/j.gfj.2025.101207

Yehwan Lee, Seung Hun Han

{"title":"ESG news spillover and corporate investment efficiency","authors":"Yehwan Lee, Seung Hun Han","doi":"10.1016/j.gfj.2025.101207","DOIUrl":"10.1016/j.gfj.2025.101207","url":null,"abstract":"<div><div>This study investigates how negative environmental, social, and governance (ESG) news about peer firms affects the investment efficiency of focal firms. Analyzing a panel of U.S. public firms from 2007 to 2020, we find that such news enhances investment efficiency, primarily by reducing underinvestment. Peer controversies appear to signal the focal firm's superior quality to capital providers, easing financing constraints and enabling projects previously delayed by lack of funding. The effect is stronger in highly competitive industries. In response, firms reallocate capital toward research and development and capital expenditures while cutting back on acquisitions. We propose a novel information-based mechanism, termed the “relative quality signal,” through which peer ESG failures highlight the focal firm's stronger governance and risk management. Unlike traditional learning or contagion effects that spread information or sentiment uniformly across firms, this signaling channel highlights heterogeneous investor responses: peer crises enhance the relative reputation of unaffected firms, offering a new perspective on intraindustry information transmission. Robustness tests using dynamic panel GMM and instrumental variable estimations confirm that the results are not driven by endogeneity. Our findings suggest that negative ESG events generate positive externalities for unaffected firms by alleviating information asymmetry and improving capital allocation. The results underscore that ESG news serves as a valuable market signal for investors and regulators, enhancing overall investment efficiency across industries.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"68 ","pages":"Article 101207"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417008","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