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ESG in the headlines: Media-driven reputational risk and stock performance ESG头条：媒体驱动的声誉风险和股票表现
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-19 DOI: 10.1016/j.gfj.2025.101127
Bole Zhou , Wanjun Ge
{"title":"ESG in the headlines: Media-driven reputational risk and stock performance","authors":"Bole Zhou ,&nbsp;Wanjun Ge","doi":"10.1016/j.gfj.2025.101127","DOIUrl":"10.1016/j.gfj.2025.101127","url":null,"abstract":"<div><div>This study examines the impact of environmental, social, and governance (ESG) reputational risks on stock performance. We use a unique dataset of media-driven ESG reputational risk indicators, covering 4963 Chinese firms from 2009 to 2023. On average, a one-standard-deviation increase in ESG reputational risks is associated with a 4.5 % decrease in simple stock returns, a 14.5 % reduction in excess stock returns relative to the market index, and a 12.2 % decline in excess stock returns compared to peer firms of similar size. These negative effects contradict the traditional risk-return relationship predicted by risk premium theory. Further analysis identifies reduced investor confidence and tighter financing constraints as key mechanisms through which ESG reputational risks negatively affect stock returns. Heterogeneity analyses indicate that the negative impact is more pronounced for firms in non-pollution-intensive industries, those facing financing difficulties, and those exposed to environment-related reputational risks.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101127"},"PeriodicalIF":5.5,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144108238","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
Foreign institutional investors and share pledging: Evidence from China's stock market openness reform 境外机构投资者与股权质押：来自中国股市开放改革的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-16 DOI: 10.1016/j.gfj.2025.101122
Jin Jiang , Baolong Liu , Rui Ye
{"title":"Foreign institutional investors and share pledging: Evidence from China's stock market openness reform","authors":"Jin Jiang ,&nbsp;Baolong Liu ,&nbsp;Rui Ye","doi":"10.1016/j.gfj.2025.101122","DOIUrl":"10.1016/j.gfj.2025.101122","url":null,"abstract":"<div><div>This study explores the governing influence of foreign institutional investors (FIIs) on controlling shareholders' share pledging activities. The Shanghai–Hong Kong and the Shenzhen–Hong Kong Stock Connect programs represent exogenous shocks to Chinese stock market openness by introducing FIIs. Using a staggered difference-in-differences research design, our results demonstrate that stock market openness caused controlling shareholders at connected firms to be less likely to pledge shares and more likely to inject funds from pledging back into the underlying firm compared with controlling shareholders at unconnected firms. Additional analyses validate our conjecture that the monitoring role of FIIs diminishes connected firms' agency problems. Furthermore, the effects of stock market openness are more significant for nonstate-owned enterprises and firms in regions with strong institutional environments. The results of this study imply that FIIs can act as an effective governance mechanism in emerging markets to improve stock market integrity and protect minority investors.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101122"},"PeriodicalIF":5.5,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144135072","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 green bond issuance affect firm value? Evidence from China 绿色债券发行是否影响企业价值？来自中国的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-15 DOI: 10.1016/j.gfj.2025.101124
Nannan Ban , Xinxin Che , Thomas Walker , Yunfei Zhao
{"title":"Does green bond issuance affect firm value? Evidence from China","authors":"Nannan Ban ,&nbsp;Xinxin Che ,&nbsp;Thomas Walker ,&nbsp;Yunfei Zhao","doi":"10.1016/j.gfj.2025.101124","DOIUrl":"10.1016/j.gfj.2025.101124","url":null,"abstract":"<div><div>In this article, we contribute to the theoretical and empirical literature on green finance in China by investigating the impact of green bond issuance on firm value, and exploring the moderating effect of green bond financing costs, as well as various other factors. We find that green bond issuance increases firm value from both a market performance and financial performance perspective. This effect varies with respect to regional green finance policies. Additionally, green bond issuance promotes institutional investor ownership. Finally, we observe that green bond financing cost plays a moderating role – mitigating the positive effect of green bond issuance on firm value.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101124"},"PeriodicalIF":5.5,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124610","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
ESG rating disagreement and the cost of equity capital
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-11 DOI: 10.1016/j.gfj.2025.101123
Zhukun Lou , Sujie Li , Jingyi Tong , Jing Zhao
{"title":"ESG rating disagreement and the cost of equity capital","authors":"Zhukun Lou ,&nbsp;Sujie Li ,&nbsp;Jingyi Tong ,&nbsp;Jing Zhao","doi":"10.1016/j.gfj.2025.101123","DOIUrl":"10.1016/j.gfj.2025.101123","url":null,"abstract":"<div><div>The growing controversy surrounding corporate environmental, social, and governance (ESG) ratings is increasingly drawing the attention of investors and becoming a focal point in academic research. This paper advances two competing hypotheses concerning the impact of ESG rating disagreement on the cost of equity capital: the confidence channel hypothesis and the information channel hypothesis. Utilizing data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2023 as our research sample, this study empirically investigates the effect of ESG rating disagreement on the cost of equity capital and its underlying mechanisms. The findings reveal that ESG rating disagreement increases firms' cost of equity capital, a relationship confirmed through extensive robustness tests. Mechanism analysis indicates that ESG rating disagreement elevates the cost of equity capital by undermining investor confidence (the confidence channel), while there is no evidence to support the notion that it reduces the cost of equity capital by decreasing information asymmetry (the information channel). Further analysis demonstrates that in heavily polluting industries, the adverse impact of ESG rating disagreement on the cost of equity capital is more pronounced. However, institutional investors' site visits and analyst coverage can alleviate the negative effects of ESG rating disagreement on the cost of equity capital.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101123"},"PeriodicalIF":5.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943041","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
Financial inclusion, inequality, and retirement trends among older workers 金融普惠、不平等和老年工人的退休趋势
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.gfj.2025.101121
Isaac Marcelin , Wei Sun
{"title":"Financial inclusion, inequality, and retirement trends among older workers","authors":"Isaac Marcelin ,&nbsp;Wei Sun","doi":"10.1016/j.gfj.2025.101121","DOIUrl":"10.1016/j.gfj.2025.101121","url":null,"abstract":"<div><div>The study develops a financial inclusion index comprising three dimensions: usage, barriers, and access to financial resources. It employs a two-stage Principal Component Analysis to derive each dimension's weight. This index helps assess the impact of financial inclusion on various factors like ethnic groups, minorities, human capital, retirement, wealth outcomes, and mental well-being. The research uncovers new psychological and sociological impacts of accessing financial products. Households in counties with higher financial inclusion scores are likelier to have increased income, home ownership, and real estate wealth. They are also more prone to generating intergenerational wealth and breaking free from poverty. Financial inclusion contributes to long-term enhancements in wealth and retirement outcomes, benefiting minority groups and genders while also enhancing family and work resilience, reducing stress, and alleviating drug-related issues. The findings carry significant policy implications, such as reducing the wealth gap, improving retirement security, and enhancing socioeconomic results.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101121"},"PeriodicalIF":5.5,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144083843","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
Not just the news: Higher moments of macroeconomic variables and sovereign bond returns 不仅仅是新闻：宏观经济变量和主权债券回报率的上升
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-23 DOI: 10.1016/j.gfj.2025.101113
Yulin Li , John K. Wald , Zijun Wang
{"title":"Not just the news: Higher moments of macroeconomic variables and sovereign bond returns","authors":"Yulin Li ,&nbsp;John K. Wald ,&nbsp;Zijun Wang","doi":"10.1016/j.gfj.2025.101113","DOIUrl":"10.1016/j.gfj.2025.101113","url":null,"abstract":"<div><div>Using sovereign debt data from 47 countries, we document that the third moment (skewness) of unemployment changes has a positive and significant relation with sovereign bond returns. Thus, while investors require risk premia for exposure to macroeconomic shocks (Campbell, 1996), we find that the skewness of unemployment changes contains information that helps to explain sovereign bond returns beyond the current shocks to the unemployment rate. This relation holds for both dollar and local currency sovereign debt returns, and after controlling for the information content of news events. The relation is greater in economic expansions than in contractions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101113"},"PeriodicalIF":5.5,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882349","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 green transition and tech firms' financial performance: Insights from patent data 绿色转型与科技公司财务绩效：来自专利数据的洞察
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-09 DOI: 10.1016/j.gfj.2025.101112
Selahattin Murat Sirin
{"title":"The green transition and tech firms' financial performance: Insights from patent data","authors":"Selahattin Murat Sirin","doi":"10.1016/j.gfj.2025.101112","DOIUrl":"10.1016/j.gfj.2025.101112","url":null,"abstract":"<div><div>The green and digital transitions (twin transitions) are reshaping the global business environment, yet academic research exploring the financial implications of the green-digital nexus remains limited. This paper explores the financial implications of a key mechanism within the green-digital nexus, technological connectedness through knowledge creation and spillovers. Quantified through patent data between 2010 and 2022, this study examines how tech firms' financial performance is affected by knowledge creation and spillovers to green (technologies related to clean energy) and brown (technologies related to fossil fuels) domains using portfolio- and firm-level analyses with panel data regression models. The results indicate that financial connectedness is not straightforward, contrary to findings from aggregate level studies in the literature. While firm-level heterogeneity in knowledge creation does affect returns, there is no conclusive evidence that knowledge spillovers affect financial performance.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101112"},"PeriodicalIF":5.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143854592","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
Comovement and S&P 500 membership 运动和标准普尔500会员
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-09 DOI: 10.1016/j.gfj.2025.101110
Joseph DeCoste
{"title":"Comovement and S&P 500 membership","authors":"Joseph DeCoste","doi":"10.1016/j.gfj.2025.101110","DOIUrl":"10.1016/j.gfj.2025.101110","url":null,"abstract":"<div><div>This paper tests the existence of excessive comovement among firms in the S&amp;P 500. Using a fuzzy regression discontinuity approach I show that membership in the S&amp;P 500 leads to significant positive excess comovement in the long term. I evaluate a traditional, liquidity based explanation and a friction based explanation, and find no evidence that liquidity is driving excess comovement in the sample. I show that the previous lack of evidence for excess comovement shown in Chen, Singal, Whitelaw (2016) is due to heterogeneous effects on firms who are newly included versus those that are established members. One potential explanation is that immediately after inclusion, investors take time to rebalance and fully integrate the new stock into the group, reducing observed increases in comovement in the short term. These results constitute new evidence of frictions when exposed to large classes of noise traders with correlated demands, such as those populating the S&amp;P 500.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101110"},"PeriodicalIF":5.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816709","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
Executive stock ownership, debt choice, and the moderating effect of institutional owners 高管持股、债务选择及机构股东的调节效应
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-06 DOI: 10.1016/j.gfj.2025.101111
Vivek Bhargava , Mukesh Chaudhry , Daniel Huerta , Thanh Ngo
{"title":"Executive stock ownership, debt choice, and the moderating effect of institutional owners","authors":"Vivek Bhargava ,&nbsp;Mukesh Chaudhry ,&nbsp;Daniel Huerta ,&nbsp;Thanh Ngo","doi":"10.1016/j.gfj.2025.101111","DOIUrl":"10.1016/j.gfj.2025.101111","url":null,"abstract":"<div><div>This paper examines how executive stock ownership influences the choice of debt structure, investigating whether institutional owners moderate the relationship between the level of executive ownership and the decision to use public versus private debt. Our findings suggest that firms with higher levels of executive ownership tend to employ significantly more public debt financing to potentially reduce the monitoring intensity of their managerial decisions. However, we also find that oversight by motivated and longer-horizon institutional investors prevents firms from avoiding the more stringent monitoring associated with privately held debt. Further tests indicate that the link between CEO and executive ownership levels and the preference for public debt is more pronounced in smaller firms, which typically experience higher levels of information asymmetry. Our findings align with the monitoring avoidance hypothesis and the informational asymmetry hypothesis.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101111"},"PeriodicalIF":5.5,"publicationDate":"2025-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807792","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 executive gender matter for corporate financial policies under uncertainty? 高管性别对不确定性下的公司财务政策有影响吗？
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-03-30 DOI: 10.1016/j.gfj.2025.101108
Yanyan Chen , Liubing Cheng
{"title":"Does executive gender matter for corporate financial policies under uncertainty?","authors":"Yanyan Chen ,&nbsp;Liubing Cheng","doi":"10.1016/j.gfj.2025.101108","DOIUrl":"10.1016/j.gfj.2025.101108","url":null,"abstract":"<div><div>This study investigates the influence of CEO/CFO gender on corporate financial policies under uncertainty, including cash holdings, corporate investment, debt financing, and payout ratio. Using a sample of Chinese firms from 1999 to 2021, we find that during periods of high uncertainty, firms with female CEOs/CFOs do not exhibit greater risk aversion than those with male counterparts in financial activities. These findings persist even in firms with higher financial constraints or lower risk preferences. Our results remain robust when addressing model specification and endogeneity issues, controlling for other corporate financial behaviors and more executive characteristics, using alternative measures of uncertainty and corporate financial policies, and conducting sub-sample analysis. Overall, our findings suggest that gender differences in risk preferences might vanish in top management.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101108"},"PeriodicalIF":5.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747675","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
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